Document:

EX-4.14

 Exhibit 4.14 
  

					
	CUSIP NO.: 875127BL5	 	                    	  	PRINCIPAL AMOUNT: $300,000,000.00
	REGISTERED NO. R-1	 		  	

 TAMPA ELECTRIC COMPANY 

5.00% Notes Due 2052 
  

	☒	 Check this box if the Note is a Global Note. 

Applicable if the Note is a Global Note: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 This Note is a Global Security within the meaning of
the Indenture hereinafter referred to and is registered in the name of Cede & Co., or such other nominee of The Depository Trust Company, a New York corporation, or any successor depositary (“Depositary”), as requested by
an authorized representative of the Depositary. This Note is exchangeable for Notes registered in the name of a person other than the Depositary or its nominee only in the limited circumstances described in the Indenture and may not be transferred
except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary. 
  

					
	 ORIGINAL ISSUE DATE: July 12, 2022

ISSUE PRICE: 99.876% (as a percentage of principal amount)

STATED MATURITY: July 15, 2052
 PAR CALL DATE:
January 15, 2052
 INTEREST RATE: 5.00% per annum.
	  	 INTEREST PAYMENT DATES: January 15 and July 15 of each year commencing January 15, 2023.

SPECIFIED CURRENCY: U.S. dollars
 AUTHORIZED
DENOMINATIONS: N/A (Only applicable if specified currency is other than U.S. dollars)
	  	 SINKING FUND: None
 YIELD TO
MATURITY: N/A
 REDEMPTION: Redeemable in whole or in part, at the Company’s option, from time to time at the redemption prices described on
the reverse of this Note.
 DEPOSITARY: The Depository Trust Company, or any successor depository.

  
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 TAMPA ELECTRIC COMPANY, a corporation duly organized and existing under the laws of the
State of Florida (herein called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum set forth on the face of this Note on the Stated Maturity, upon the presentation and surrender hereof at the principal corporate trust office of The Bank of New York Mellon, or its successor in trust (the “Trustee”),
or such other office as the Trustee has designated in writing, and to pay interest on the unpaid principal balance hereof at a rate per annum (computed based on a 360-day year consisting of twelve 30-day months) equal to the Interest Rate set forth on the face of this Note for the period from the Original Issue Date to, but excluding, the Stated Maturity. 

Interest will be payable on the Interest Payment Dates to the Person in whose name this Note is registered at the close of business on the
related Record Date, which is the fifteenth calendar day (whether or not a Business Day) immediately preceding the related Interest Payment Date, provided, however, as long as this Note is registered in the name of the Depositary, its nominee or a
successor depositary, the Record Date shall be the close of business on the Business Day immediately preceding the Interest Payment Date. In each case, payments shall be made in accordance with the provisions hereof, until the principal hereof is
paid or duly made available for payment. 
 Payment of the principal of (and premium, if any) and any such interest on this Note shall be
made in immediately available funds at the office or agency of the Company maintained for that purpose in the City of New York in the State of New York, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual or electronic signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, TAMPA ELECTRIC COMPANY has caused this instrument to be duly executed.

  

			
	TAMPA ELECTRIC COMPANY
		
	By:	 	 /s/ Gregory W. Blunden

		 	Name: Gregory W. Blunden
		 	Title:   Chief Financial Officer and Treasurer
		
	By:	 	 /s/ Jeffrey S. Chronister

		 	Name: Jeffrey S. Chronister
		 	Title:   Vice President – Finance and Controller

  
 [Signature Page of
2052 Note] 

 Dated: July 12, 2022 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the
series designated therein referred 
 to in the within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	 /s/ Francine Kincaid

		 	    Authorized signatory

  
 [Signature Page of
2052 Note] 

 (REVERSE OF NOTE) 

TAMPA ELECTRIC COMPANY 

5.00% Notes Due 2052 
 This Note
is one of a duly authorized series of securities of the Company (herein called the “Notes”), issued and to be issued under an Indenture dated as of July 1, 1998, as amended, and as supplemented by the Seventeenth Supplemental
Indenture, dated as of July 12, 2022 (as such has been or shall be amended or supplemented, the “Indenture”), between the Company and The Bank of New York Mellon, as trustee (the “Trustee”, which term includes
any successor Trustee under the Indenture), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of
the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the securities of the series designated on the face hereof. 

DEFINITIONS 
 The
following terms, as used herein, have the following meanings unless the context or use clearly indicates another or different meaning or intent: 

“Business Day” means any day other than (i) a Saturday or Sunday that is neither a legal holiday nor a day on which
banking institutions are authorized or required by law or regulations to close in the City of New York, or (ii) a day on which the Corporate Trust Office of the Trustee is closed for business. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term (as measured from the date of redemption) of the Notes to be redeemed calculated as if the maturity date of such series of Notes were the Par Call Date (the “Remaining Life”) that would be
used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of the Notes. 

“Comparable Treasury Price” means with respect to any redemption date (1) the average of five Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if an Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Depositary” shall mean The Depository Trust Company or any successor depositary. 

“Independent Investment Banker” means J.P. Morgan Securities LLC or Wells Fargo Securities, LLC, or any of their respective
successors, as designated by the Company, or if all of those firms are unwilling or unable to serve as such, an independent investment and banking institution of national standing selected by the Company. 

“Interest Payment Date” means each of the dates on which interest on this Note is payable, which dates are set forth on the
face of this Note. 

  
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 “Par Call Date” means the date set forth on the face of this Note
identified as the Par Call Date. 
 “Person” means any individual, corporation, partnership, limited liability company,
joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision of any government. 

“Record Date” means the fifteenth calendar day (whether or not a Business Day) immediately preceding the related Interest
Payment Date, provided, however, as long as the Notes are registered in the name of the Depositary, its nominee or a successor depositary, the Record Date shall be the close of business on the Business Day immediately preceding the Interest Payment
Date. The Record Date shall constitute the Regular Record Date for purposes of the Original Indenture. 
 “Reference Treasury
Dealer” means (i) a primary treasury dealer selected by J.P. Morgan Securities LLC or Wells Fargo Securities, LLC, or each of their respective affiliates and successors; provided that if any such Reference Treasury Dealer ceases to be
a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer; and (ii) up to three Primary Treasury Dealers selected by the Company.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date,
the average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to an Independent Investment Banker at
3:30 p.m., New York City time, on the third Business Day preceding such redemption date. 
 “Treasury Rate” means, with
respect to any redemption date, the yield determined by the Company as follows: 
 (i) The Treasury Rate shall be determined
by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based
upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates
(Daily)—H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In
determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”);
or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to
the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal
places; or (3) if there is 

  
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no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes
of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

 (ii) If on the third business day preceding the redemption date H.15 or any successor designation or publication is no
longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the
United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury
securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with
a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall
select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New
York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices
(expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

INTEREST RATE 
 This Note
will bear interest at the rate per annum (computed based on a 360-day year consisting of twelve 30-day months) identified on the face of this Note. Except for the effect
of any adjustment in the Interest Payment Date as provided in the following sentence, the amount of interest payable for any period shorter than a full six-month period for which interest is computed, will be
computed on the basis of the actual number of days elapsed in such a 180-day period. If any Interest Payment Date would otherwise be a day that is not a Business Day, the payment required to be made on such
Interest Payment Date will be postponed to the next succeeding Business Day, and no interest will accrue on such payment for the period from and after such Interest Payment Date to the date of such payment on the next succeeding Business Day. 

OPTIONAL REDEMPTION 

Prior to the Par Call Date, the Notes are subject to redemption, in whole or in part, at any time, at the option of the Company, at a
redemption price equal to the greater of: 
 (i) (a) the sum of the present values of the remaining scheduled payments
of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points (0.30%), less (b) interest accrued to the date of redemption, and 

  
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 (ii) 100% of the principal amount of the 2052 Notes to be redeemed, 

plus, in either of the above cases, accrued and unpaid interest thereon to the redemption date. 

On or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price
equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date. 
 The
Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. 

Notice of any redemption will be mailed (or delivered by electronic transmission in accordance with the applicable procedures of the Depositary) at least 10
days but not more than 60 days before the redemption date to each holder of Notes to be redeemed. 
 In the case of a partial redemption,
selection of the Notes for redemption will be made in accordance with the applicable procedures of the Depositary. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of
redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed. The Note shall be reduced by the Trustee in an amount equal to the principal amount of such Note being redeemed in accordance with the
applicable procedures of the Depositary. For so long as the Notes are held by the Depositary, the redemption of the Notes shall be done in accordance with the policies and procedures of the Depositary. 

Unless the Company defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Notes or
portions thereof called for redemption. 
 The Notes are not entitled to the benefit of any sinking fund or analogous provision. 

TRANSFER OR EXCHANGE 
 As
provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the
Company in any place where the principal of (and premium, if any) and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees. 

  
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 The Notes are issuable only in registered form without coupons and, except for such Notes
issued in book-entry form, only in denominations of $2,000 and any integral multiple of $1,000. As provided in the Indenture and subject to certain limitations herein and therein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of
transfer, the Company or the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 OTHER PROVISIONS 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected and of the Holders of 66 2/3% in principal amount of the Securities at the time Outstanding of all series to be affected. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. To the extent permitted by law, any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

This Note shall be governed by and construed in accordance with the laws of the State of New York. 

  
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 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according
to applicable laws or regulations: 
  

							
	TEN COM	 	—	 	as tenants in common        	 	UNIF GIFT MIN ACT--______ CUSTODIAN_____
	TEN ENT	 	—	 	as tenants by the entireties	 	(Cust)                     (Minor)        
	JT TEN	 	—	 	 as joint tenants with right of survivorship Under Uniform Gifts to Minors Act

and not as tenants in common ___________________________

		 		 	(State)                                 
               

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

Please Insert Social Security or 
 Other Identifying Number of
Assignee 

					
	        	  		  	

 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

 
  
  

 
 the within Security of TAMPA ELECTRIC COMPANY and does
hereby irrevocably constitute and appoint __________________________________________________ attorney to transfer said Security on the books of the Company, with full power of substitution in the premises. 

Dated:                     
    
  

                          
                       
 NOTICE: The
signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever. 

  
 10Exhibit 4.1

 

RESTRICTED STOCK UNIT AGREEMENT

 

This Restricted Stock Unit Agreement (this “Agreement”)
is made and entered into as of July 13, 2022 (the “Grant Date”) by and between Applied Energetics, Inc., a Delaware
corporation (the “Company”) and Christopher Donaghey (the “Grantee”).

 

WHEREAS, the Company has determined that
it is in the best interests of the Company and its stockholders to grant Restricted Stock Units to its newly engaged Chief Financial and
Operating Officer as a signing bonus and incentive compensation for his services to be performed for the Company over the term of his
Executive Employment Agreement (“Continuous Service”);

 

NOW, THEREFORE, the parties hereto, intending
to be legally bound, agree as follows:

 

1.
Grant of Restricted Stock Units.

 

1.1 The Company hereby issues to the
Grantee on the Grant Date an Award consisting of, in the aggregate, 400,000 Restricted Stock Units (the “Restricted Stock Units”).
Each Restricted Stock Unit represents the right to receive one share of Common Stock, subject to the terms and conditions set forth in
this Agreement.

 

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

 

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

 

3.
Vesting.

 

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

	
    Vesting Date
	 	Number of Restricted Stock Units That Vest
	July 13. 2023	 	100,000
	July 13, 2024	 	100,000
	July 13, 2025	 	100,000
	July 13, 2026	 	100,000

 

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

 

3.2 The foregoing vesting schedule notwithstanding,
if the Grantee’s Continuous Service terminates for any reason at any time before all of his or her Restricted Stock Units have vested,
the Grantee’s unvested Restricted Stock Units shall be automatically forfeited upon such termination of Continuous Service and neither
the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement.

 

     

     

    

 

3.3 The foregoing vesting schedule notwithstanding,
upon the occurrence of a Change in Control, 100% of the unvested Restricted Stock Units shall vest as of the date of the Change in Control.
For purposes of this Section 3.3, a Change in Control shall mean the sale or disposition of more than 50% of the voting stock of the Company;
a merger, consolidation, share exchange or other reorganization that results in less than 50% of the voting stock remaining with the current
owners; or a sale of all or substantially all of the assets of the Company.

 

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

 

5.
Rights as Stockholder; Dividend Equivalents.

 

5.1 The Grantee shall not have any rights
of a stockholder with respect to the shares of Common Stock underlying the Restricted Stock Units unless and until the Restricted Stock
Units vest and are settled by the issuance of such shares of Common Stock.

 

5.2 Upon and following the settlement
of the Restricted Stock Units, the Grantee shall be the record owner of the shares of Common Stock underlying the Restricted Stock Units
unless and until such shares are sold or otherwise disposed of, and as record owner, shall be entitled to all rights of a stockholder
of the Company (including voting rights).

 

5.3 The Grantee shall not be entitled
to any dividend equivalents with respect to the Restricted Stock Units to reflect any dividends payable on shares of Common Stock.

 

6.
Settlement of Restricted Stock Units.

 

6.1 Subject to Section 9 hereof, promptly
following the vesting date, and in any event no later than March 15 of the calendar year following the calendar year in which such vesting
occurs, the Company shall (a) issue and deliver to the Grantee the number of shares of Common Stock equal to the number of Vested Units;
and (b) enter the Grantee’s name on the books of the Company as the stockholder of record with respect to the shares of Common Stock
delivered to the Grantee.

 

6.2 To the extent that the Grantee does
not vest in any Restricted Stock Units, all interest in such Restricted Stock Units shall be forfeited. The Grantee has no right or interest
in any Restricted Stock Units that are forfeited.

 

    2

     

    

 

7.
No Right to Continued Service. This Agreement shall not confer upon the Grantee
any right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in this Agreement shall
be construed to limit the discretion of the Company to terminate the Grantee’s Continuous Service at any time, with or without Cause.

 

8.
Adjustments. In the event of changes in the outstanding Common Stock or in the
capital structure of the Company by reason of any stock or extraordinary cash dividend, stock split, reverse stock split, an extraordinary
corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change
in capitalization occurring after the Grant Date, the maximum number of shares of Common Stock subject to this Agreement shall be equitably
adjusted or substituted, as to the number, price or kind of a share of Common Stock to the extent necessary to preserve the economic intent
hereof. Any adjustments made under this Section 8 shall be made in a manner which does not adversely affect the exemption provided pursuant
to Rule 16b-3 under the Exchange Act. The Company shall give the Grantee notice of an adjustment hereunder and, upon notice, such adjustment
shall be conclusive and binding for all purposes.

 

9.
Tax Liability and Withholding.

 

9.1 The Grantee shall be required to
pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Grantee pursuant to this Agreement,
the amount of any required withholding taxes in respect of the Restricted Stock Units and to take all such other action as the Board of
Directors deems necessary to satisfy all obligations for the payment of such withholding taxes. The Board of Directors may permit the
Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means:

 

(a) tendering a cash payment.

 

(b) authorizing the Company to withhold
shares of Common Stock from the shares of Common Stock otherwise issuable or deliverable to the Grantee as a result of the vesting of
the Restricted Stock Units; provided, however, that no shares of Common Stock shall be withheld with a value exceeding the amount
of tax required to be withheld by law.

 

(c) delivering to the Company previously
owned and unencumbered shares of Common Stock.

 

9.2 Notwithstanding any action the Company
takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”),
the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and the Company (a) makes no representation
or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting or settlement of the Restricted
Stock Units or the subsequent sale of any shares; and (b) does not commit to structure the Restricted Stock Units to reduce or eliminate
the Grantee’s liability for Tax-Related Items.

 

    3

     

    

 

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

 

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

 

12.
Governing Law. This Agreement will be construed and interpreted in accordance
with the laws of the State of Delaware without regard to conflict of law principles.

 

13.
Successors and Assigns. The Company may assign any of its rights under this Agreement.
This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions
on transfer set forth herein, this Agreement will be binding upon the Grantee and the Grantee’s beneficiaries, executors, administrators
and the person(s) to whom the Restricted Stock Units may be transferred by will or the laws of descent or distribution.

 

14.
Severability. The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, and each provision of this Agreement shall be
severable and enforceable to the extent permitted by law.

 

15.
Amendment. The Committee has the right to amend, alter, suspend, discontinue or
cancel the Restricted Stock Units, prospectively or retroactively; provided, that, no such amendment shall adversely affect the Grantee’s
material rights under this Agreement without the Grantee’s consent.

 

16.
Section 409A. This Agreement is intended to comply with Section 409A of the Code
or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional
taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments
and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or
any portion of any taxes, penalties, interest or other expenses that may be incurred by the Grantee on account of non-compliance with
Section 409A of the Code.

 

17.
No Impact on Other Benefits. The value of the Grantee’s Restricted Stock
Units is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance
or similar employee benefit.

 

    4

     

    

 

18.
Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement
transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended
to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document
bearing an original signature.

 

19.
Acceptance. The Grantee hereby acknowledges receipt of a copy of this Agreement.
The Grantee has read and understands the terms and provisions hereof and accepts the Restricted Stock Units subject to all of the terms
and conditions of this Agreement. The Grantee acknowledges that there may be adverse tax consequences upon the vesting or settlement of
the Restricted Stock Units or disposition of the underlying shares and that the Grantee has been advised to consult a tax advisor prior
to such vesting, settlement or disposition.

 

[Signature
page follows]

 

    5

     

    

 

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

 

	 	APPLIED ENERGETICS, INC.
	 	 	 
	 	By:	 /s/
    Gregory J. Quarles
	 	 	Gregory J. Quarles
	 	 	President and CEO
	 	 
	 	GRANTEE:
	 	 
	 	/s/
    Christopher Donaghey
	 	Name:  	Christopher Donaghey

 

 

6

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