Document:

Exhibit
10.1

 

SERVICES
AGREEMENT

 

THIS
AGREEMENT is made effective the 7th day of March, 2022

 

BETWEEN:

 

VOLTH2
OPERATING B.V., incorporated under the laws of

the
Netherlands with registration number 81874766, Groot

Arsenaal,
Rijtuigweg 44, 4611 EL Bergen op Zoom,

Netherlands

 

(hereinafter
called the “Company”)

 

OF
THE FIRST PART,AND:

 

VOLT
ENERGY B.V., incorporated under the laws of the

Netherlands,
President Kennedylaan I, 6269 CA Margraten.

 

(hereinafter
called the “Contractor”)

 

OF
THE SECOND PART.

 

WHEREAS
the Company is engaged m the business of developing hydrogen production facilities and related activities;

 

AND
WHEREAS the Contractor is experienced in providing consulting services to companies such as the Company;

 

AND
WHEREAS the Company desires to engage the Contractor to provide to the Company the Services and otherwise perform the duties and
responsibilities set out in Schedule “A” of this Agreement, and the Contractor agrees to accept that engagement;

 

NOW
THEREFORE IT IS HEREBY AGREED AS FOLLOWS:

 

	1.	DEFINITIONS

 

	1.1	Definitions.
                                            In this Agreement the following terms shall have the following meanings:

 

	 	(a)	“Affiliate”
    means a Person that is controls, is controlled by, or is under common control with, another Person;
	 	 	 
	 	(b)	“Agreement”
    means this agreement as it may be amended or supplemented from time to time; and the expressions “hereof’, “herein”,
    “hereto”, “hereunder”, “hereby” and similar expressions refer to this agreement and unless otherwise
    indicated, references to “Sections” or “Parts” are references to sections or parts in this Agreement;
	 	 	 
	 	(c)	“Appointed
    Contractor” means Andre Jurres, whom the Contractor has chosen to perform the Services on its behalf and which Contractor
    the Company has approved for that purpose, or such other personnel as may be approved by the Company in writing from time to time;

 

    	 

    	2

    

 

	 	(d)	“Board”
    means the board of directors of the Company (and, where required, its parent company), but excluding the Contractor or any related
    parties to the Contractor;
	 	 	 
	 	(e)	“Business
    Day” means business days in the Netherlands, exclusive of statutory holidays and weekends;
	 	 	 
	 	(f)	“Cause”
    means

 

	 	 	(i)	the
    failure or refusal of the Contractor or the Appointed Contractor to perform the Duties at level or standard acceptable to the Company,
	 	 	 	 
	 	 	(ii)	the
    failure or refusal of the Contractor or the Appointed Contractor to comply with the Company’s policies and procedures as instituted
    from time to time,
	 	 	 	 
	 	 	(iii)	any
    dishonesty on the part of the Contractor affecting the Company,
	 	 	 	 
	 	 	(iv)	the
    charge with or conviction of the Contractor or the Appointed Contractor for any crime involving moral turpitude, fraud or misrepresentation,
	 	 	 	 
	 	 	(v)	excessive
    use of alcohol or illegal drugs by the Appointed Contractor interfering with the performance of the obligations under this Agreement
    and the failure by the Appointed Contractor to participate fully in any employee assistance program offered by the Company,
	 	 	 	 
	 	 	(vi)	any
    wilful and intentional act on the part of the Contractor or the Appointed Contractor having the effect of materially injuring the
    reputation, business or business relationships of the Company,
	 	 	 	 
	 	 	(vii)	any
    material breach (not covered by any of the above (i) through (vi) above) of any of the provisions of this Agreement, and
	 	 	 	 
	 	 	(viii)	any
    other act or omission which at law would entitle the Company to terminate this Agreement;

 

	 	(g)	“Company”
    means VoltH2 Operating BY, a Company governed by the laws of the Netherlands with registration number 78307570;
	 	 	 
	 	(h)	“Compensation
    Committee” means the Compensation Committee of the Board, as constituted from time to time, and, in the event that there
    is no Compensation Committee, the Board;
	 	 	 
	 	(i)	“Confidential
    Information” means information of a sensitive nature related to the Company or its business including, but not limited
    to information pertaining to the Company’s costs, sales, income, profit, profitability, pricing, salaries or wages, marketing
    information, corporate information and intellectual property. Confidential Information does not include any information that, through
    no fault of the receiving party

 

    	 

    	3

    

 

	 	 	(i)	is
    within the Public Domain at the date of its disclosure to the receiving party, or subsequently enters the Public Domain (but only
    after it enters the Public Domain), or
	 	 	 	 
	 	 	(ii)	is
    or becomes (but only after it becomes)

 

	 	 	 	(A)	independently
    developed by or on behalf of the receiving party as shown by documentary evidence, or
	 	 	 	 	 
	 	 	 	(B)	disclosed
    to the receiving party by a third party not having an obligation of confidence to the proprietor of the information as shown by the
    documentary evidence, or

 

	 	 	(iii)	is
    Residual Information.

 

	 	(G)	No
    combination of information shall be deemed to be within any of the above exceptions, whether or not the component parts of the combination
    are within one or more of the exceptions in Sections 1.1(h)(i) and (ii), unless the combination itself and its economic value and
    principles of operation are themselves so excepted;
	 	 	 
	 	(k)	“Contractor”
    means Volt Energy BY, a Company governed by the laws of the Netherlands with registration number 67334695;
	 	 	 
	 	(I)	“Duties”
    means the duties and responsibilities set out in Schedule “ A” of this Agreement;
	 	 	 
	 	(m)	“Person”
    means any individual , partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or Company with
    or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal representative,
    regulatory body or agency, government or governmental agency, authority or entity however designated or constituted;
	 	 	 
	 	(n)	“Public
    Domain” means readily accessible to the public in a written publication, and does not include information that is only
    available by substantial searching of the published literature, and information the substance of which must be pieced together from
    a number of different publications and/or sources;
	 	 	 
	 	(o)	“Residual
    Information” means general information not specified as being confidential in nature by the Company that is in tangible
    form and is retained in memory by the Contractor or the Appointed Contractor who has had access to Confidential Information including
    ideas, concepts, know-how and techniques or business opportunities that have been considered by the Company but rejected or unsuccessfully
    pursued by the Company;
	 	 	 
	 	(p)	“Services”
    means those services to be provided by the Contractor to the Company during the Term of this Agreement; and
	 	 	 
	 	(q)	“Term”
    shall have the meaning set forth in Part 2 below; and

 

    	 

    	4

    

 

	2.	TERMS
    OF ENGAGEMENT
	 	 
	2.1	Engagement.
    The Company engages the Contractor to provide and the Contractor will provide the Services by means of the personal performance
    of the same by the Appointed Contractor with effect from the date of this Agreement until the termination hereof pursuant to Parts
    9 or 10 hereof (the “Term”).
	 	 
	2.2	Appointed
    Contractor. The parties agree that the Services must, unless otherwise agreed in writing, be performed by the Appointed Contractor
    in accordance with the provisions of Part 4 hereof.

 

2.3 Reporting.
In providing the Services, the Appointed Contractor shall report to the Board of Directors of the Company or such other person or
persons determined by the Board from time-to-time, as follows:

 

	 	 	(a)	Monthly.
    The Contractor shall submit a monthly written status report on the fifth Business Day of each month during the Term, which report
    shall include a narrative description of activities during the preceding month as well as a monthly internal cash flow statement
    and a reconciliation of progress against the yearly budget as approved by the Board.

 

	3.	INDEPENDENT
    CONTRACTOR

 

3.1 Relationship. The parties to this Agreement are independent businesses and it is intended that both parties shall retain their independence. In the performance of the Duties the Contractor shall be and shall act solely as an independent contractor. Nothing contained in this Agreement or in the relationship of the Company and the Contractor or, for the avoidance of doubt, in the relationship between the Company and the Appointed Contractor shall be regarded or construed as creating any relationship (employer/employee, joint venture, association, or partnership) between the parties other than as expressly set forth herein.

 

3.3
Liability. The Contractor acknowledges and agrees that it is and shall be liable for the full amount of any payment of funds which
may be demanded, in relation to the Contractor or the Appointed Contractor, pursuant to any laws, legislation, rules or regulations promulgated
by any government having jurisdiction over the Company or the Contractor as a result of this Agreement, or any payment which may, in
future, be found to be payable in respect of the Contractor or the Appointed Contractor, and the Contractor hereby covenants and agree
to indemnify and save harmless the Company from any actions, causes of action, claims, demands or other proceedings (including all legal
costs) made against the Company by any regulatory authority under such statutes and grants the Company a right of set-off against any
securities of the Company or its Affiliates held by the Contractor or its Affiliates as far as this relates to events which are under
control of the Contractor or Appointed Contractor.

 

    	 

    	5

    

 

	4.	CONTRACTOR’S
    SERVICES

 

4.
t Services. The Contractor shall make available the attendance and services of the Appointed Contractor to provide the Services
as President and Managing Director of the Company (and as requested senior positions with its Affiliates) or such other position as agreed
by the Company and the Contactor. The Contractor agrees that the Contractor and the Appointed Contractor will devote substantially all
of their working time as well as well as their best efforts, abilities, knowledge and experience to the faithful performance of the Duties
and such other responsibilities and authorities as are required from the Appointed Contractor in the position of President and Managing
Director. Neither the Contractor nor the Appointed Contractor shall engage in any business which is in direct competition with
the Company or which interferes with or prevents the Contractor or the Appointed Contractor from fulfilling the obligations to the Company
hereunder. Notwithstanding the preceding, the Contractor and the Appointed Contractor may, without being in violation of their obligations
hereunder serve on corporate, civic or charitable boards, or committees which are not engaged in business in competition with the Company
or any subsidiary provided the Appointed Contractor shall use his best efforts to pursue such activities in such a manner so that such
activities shall not prevent the Appointed Contractor from fulfilling his obligations to the Company hereunder. The Contractor and the
Appointed Contractor shall at all times well and faithfully serve the Company and use their best efforts to promote the interests of
the Company.

 

4. lA
Board Seat. The Contractor agrees that the Appointed Contractor will serve as a Director of the Company and/or its Affiliates
during the Term, if and as duly nominated and elected by the shareholders or appointed by the Board.

 

4.1 B
Days Off. The Contractor shall be entitled to designate thirty (30) Business Days during each year of the Term as days with respect
to which it will not be required to provide the Services to the Company. These Days Off shall be taken at times to be mutually agreed
upon by the parties and in accordance with the Company’s vacation plans, policies and practices as then in effect and with a view
to the business requirements of the Company. The Contractor shall not be entitled to additional compensation in respect of any days not
so designated.

 

4.4 Compliance
with Company Policies, Applicable Laws, etc. The Contractor shall, and will ensure that the Appointed Contractor shall, comply with
all of the Company’s internal policies (as adopted and amended from time to time), as well as all policies, practices , laws and
regulations applicable to the Company.

 

4.5 Full
Responsibility. The Contractor assumes full responsibility for the actions of the Appointed Contractor while performing this Agreement,
and shall be solely responsible for the supervision, daily direction and control, provision of employment benefits (if any) and payment
of salary (including all required withholding of taxes).

 

 4.6 Location of Service. The Contractor acknowledges and agrees that the Appointed Contractor will be required to provide the Services primarily at the Company’s offices, the Company’s current or prospective project sites or such other place as required to perform the Duties.

 

	5.	REMUNERATION
    AND BENEFITS

 

5.2
Annual Fee. The Company shall pay to the Contractor a fee (the “Annual Fee”) of TWO HUNDRED TWENTY-FIVE THOUSAND
EUROS (€225,000.00) per calendar year, plus applicable value added taxes, payable monthly in arrears. After one year, and at
the request of the Contractor, within a reasonable time (not to exceed 90 days) following the filing of the Company’s annual financial
results the Compensation Committee will review the Annual Fee for upward adjustment.

 

    	 

    	6

    

 

5.2 Discretionary
Bonus. In addition to the Annual Fee the Company may also pay the Contractor discretionary an annual bonus compensation up to 50%
of the Annual Fee (the “Annual Bonus Compensation”), in the form of cash or shares of the common stock of the Company
in such amount, if any, determined by the Compensation Committee to be proper and appropriate for each fiscal year of the Company during
the term of this Agreement. Such Annual Bonus Compensation shall be based upon such factors as the Compensation Committee shall deem
appropriate in its sole discretion and which A. will include whether or not the Outstanding Obligations set forth in Schedule “
A” have been met and B. may also include (i) the Appointed Contractor’s contributions to the success of the Company
for each fiscal year of the Company during the term hereof; (ii) the Company’s share price performance viewed objectively as well
as against its peer group within the industry; (iii) the success of the Company’s development activities; (iv) the consolidated
revenues, expenses and profits of the Company, its divisions and its subsidiaries for each fiscal year of the Company during the term
hereof, as determined in accordance with generally accepted accounting principles; and (v) the general overall economic performance of
the Company.

 

5.3 Expenses.
The Company shall reimburse the Contractor for any reasonable out-of pocket expenses incurred by the Contractor in accordance with
the Company’ s standard expense practices as they exist from time-to-time. Prior to the reimbursement of such expenses, the Company
shall require the Contractor to prepare a summary of the expenses incurred and submit it to the Company together with appropriate supporting
receipts, invoices , or other documentation acceptable to the Company. Any individual expenses over €5,000, or in the aggregate
over €5,000 in any thirty-day period, must be approved in advance in writing by a representative of the Company other than the Appointed
Contractor.

 

 5.4 Insurance. The
Company will extend any directors liability insurance in place to provide reasonable coverage to the Contractor, valid for the term
of this Agreement , provided that the Company shall not be required to obtain any specific insurance for the Contractor.

 

	6.	CONFIDENTIAL
    INFORMATION AND PROPERTY OF THE COMPANY

 

 6.1 The Contractor’s Obligations as to Confidential Information and Materials. Confidential Information, whether in written, oral, magnetic, photographic, optical, or other form and whether now existing or developed or created during the period of the Contractor’s relationship with or engagement by the Company, excepting information obtained from general or public sources, is proprietary to the Company and is highly confidential in nature. In this regard, the Contractor acknowledges that damages pursued by an action at law may not be an adequate remedy for the Contractor’s breach of its obligations under this Part 4, and the Contractor agrees that the Company shall be entitled to equitable remedies including but not limited to interlocutory or permanent injunct io ns, which the Contractor agrees not to oppose.

 

 6.2 Use of Company Communication and Documents Storage Systems. The Contractor shall send and receive all electronic communications through, and shall store copies of all documents material to the business and affairs of the Company on, the Company’ s server in accordance with the Company’ s information technology policies and procedures as established from time to time.

 

 6.3 General Skills. The general skills and Residual Information and other experience gained by the Contractor during the Contractor’s relationship with the Company, and information within the Public Domain or generally known within the industries or trades in which the Company competes, is not considered Confidential Information.

 

    	 

    	7

    

 

6.4 Preservation of Confidential Information. During the Contractor’s relationship with the Company, the Contractor and the Appointed Contractor may have access to all or a portion of the Confidential Information and, as such, will occupy a position of trust and confidence with respect to the Company’s affairs and business. The Contractor will take the following steps to preserve the confidential and proprietary nature of the Confidential Information:

 

	 	(a)	The
    Contractor will not at any time disclose or otherwise permit any person or entity access to any of the Confidential Information other
    than as required in the performance of the Contractor’s duties to the Company.
	 	 	 
	 	(b)	The
    Contractor will take all reasonable precautions to prevent disclosure of the Confidential Information and will follow all the Company’s
    reasonable instructions to the Contractor in respect of the same.
	 	 	 
	 	(c)	The
    Contractor will not use at any time, or otherwise permit any person or entity to use, any of the Confidential Information other than
    as required in the performance of the Duties.
	 	 	 
	 	(d)	Within
    two business days after the termination of the Contractor’s relationship with the Company, for any reason whatsoever, the Contractor
    will deliver to the Company all keys and access cards as well as all tangible materials embodying the Confidential Information, including,
    without limitation, any documentation, records, listings , notes, data, sketches, drawings, memoranda, models, accounts, reference
    materials, samples, machine-readable media and equipment which in any way relate to the Confidential Information.

 

	6.5	Continuation
                                            of Confidentiality Obligations. The Contractor acknowledges and agrees that the obligations
                                            set out in this Part 4 are to remain in effect for a period of five (5) years following termination
                                            of the Contractor’s relationship with the Company. The Contractor further acknowledges
                                            that the obligations set out in this Part are not in substitution for any obligations which
                                            the Contractor may now or hereafter owe to the Company and which exist apart from this Part
                                            4 and do not replace any rights of the Company with respect to any such obligations.

 

	6.6	Communication
                                            of Confidential Information. The Contractor agrees to communicate to the Company all
                                            Confidential Information obtained in the course of performing the services.

 

	6.7	Confidentiality
                                            and Non-Competition. The Contractor hereby agrees that he will not at any time during
                                            the Term and for a period of one year thereafter:

 

	 	(a)	knowingly
    interfere with or endeavour to entice away from the Company any of the financiers who were active financiers or participated in private
    placements of the Company or its securities during the three-year period immediately prior to the termination of the Contactor’s
    relationship with the Company;
	 	 	 
	 	(b)	interfere
    with or knowingly entice away any employee of the Company who was an employee of the Company within 365 calendar days of the termination
    of the Contractor’s relationship with the Company..

 

    	 

    	8

    

 

	6.8	Notice.
    If the Contractor or any officer, employee or representative thereof is required by law, rule, regulation, subpoena or regulatory
    agency or stock exchange rule (“Legal Process”) to disclose any Confidential Information, the Contractor will
    provide the Company with prompt notice of such requirement, if legally practicable, and will use reasonable efforts to obtain confidential
    treatment for any Confidential Information that is required to be disclosed prior to making any such disclosure. If , provided that
    the Contractor has used reasonable efforts to obtain assurances that confidential treatment will be afforded such information, the
    Contractor or any officer, employee or representative thereof is nonetheless required by Legal Process to disclose any Confidential
    Information, the Contractor may only disclose such Confidential Information that it is required by law to be disclosed.
	 	 
	6.9	Limitation.
    The provision of this Part 6 shall not prevent the Contractor, following the termination of this Agreement, from providing its
    services to other companies, including companies working in the same general area of the Company’ s development projects.

 

	7.	INTELLECTUAL
    PROPERTY OF THE COMPANY

 

	7.1	Company’s
    Rights. The Contractor agrees that all right, title, and interest in or to any and all of the work product of the Contractor
    or any officer, employee or representative thereof (including the Appointed Contractor)shall be the property of the Company.
	 	 
	7.2	Disclosure.
    The Contractor agrees to promptly disclose to the Company all of the products of the services hereunder and to provide all assistance
    reasonably requested by the Company in the preservation of its interests in the same, such as by executing documents or testifying.
    Regardless of whether this Agreement has been terminated, the Contractor agrees to execute, acknowledge, and deliver any instruments,
    and to provide whatever other assistance is required to confirm the ownership by the Company of such rights. Reasonable out-of-pocket
    expenses incurred for such assistance shall be paid by the Company. However no additional compensation shall be paid to the Contractor
    in respect of any of the matters referred to in this Section 7.2.
	 	 
	7.3	No
    Rights. Nothing in this Agreement shall be construed to grant to the Contractor any express or implied option, license or other
    rights, title or interest in or to the Confidential Information or, or obligate The Company to enter into any agreement granting
    any such right.

 

	8.	TERMINATION

 

	8.1	Term
                                            . This Agreement will be for a term of one year and two months ending February 28, 2023
                                            (the “Term”) and shall renew by agreement of the Parties for additional
                                            periods by agreement not less than 90 calendar days prior to the end of the Term.
	 	 
	8.2	Termination.
                                            Notwithstanding section 8.1 this Agreement will terminate in the following circumstances:

 

	 	(a)	For
    Cause. At any time by the Company notifying the Consultant of Cause;
	 	 	 
	 	(b)	De
    at h. Automatically upon the death of the Appointed Contractor;

 

    	 

    	9

    

 

	 	(c)	Bankruptcy.
    Automatically in the event the Contractor or the Appointed Contractor is subject to any bankruptcy, insolvency or other similar
    proceeding;
	 	 	 
	 	(d)	Disability.
    At any time by notice in writing from the Company to the Contractor if the Appointed Contractor shall become permanently disabled;
    for the purposes hereof, the Appointed Contractor shall be deemed to be permanently disabled immediately following any period of
    60 consecutive calendar days during which the Appointed Contractor is prevented from performing the Duties for more than 45 calendar
    days in the aggregate by reason of illness or mental or physical disability despite reasonable accommodation efforts of the Company;
	 	 	 
	 	(e)	Without
    Cause. By the Company at any time upon payment by the Company to the Contractor in a lump sum equal to one quarter of the Annual
    Fee, in cash one half on termination and one half on delivery of all Company property and records to the Company ; and
	 	 	 
	 	(f)	By
    the Contractor. By the Contractor providing no less than thirty (30) calendar days’ notice in writing to the Company. In
    the event the Contractor provides such notice to the Company, this Agreement shall terminate on the date the period of such notice
    expires. In such circumstance, the Company may request that the Contractor cease the Duties prior to the expiry of the notice period.

 

8.2
Effect of Termination. Upon the termination of this Agreement pursuant to Sections 8.1(a) through (d), the parties agree that
the Company’s liability to the Contractor shall be limited to all accrued and unpaid portions of the Annual Fee due up to the date
of termination as well as any Expenses properly incurred prior to the date of termination, less any advances against Expenses not accounted
for.

 

	9.	NOTICE

 

Unless
otherwise permitted by this Agreement, all notices, requests, demands and other communications hereunder shall be in writing and shall
be deemed to have been fully given if personally delivered to the appropriate party strictly as follows:

 

Notice
to the Company:

 

VOLTH2
Operating B.V.

Rijtuigweg
44, 4611 EL Bergen op Zoom, Ritthem

The
Netherlands

Attention:
Board of Directors (with a copy by email to: in fof@,vo1t H2.com )

 

Copied
to:

 

VOLT
H2 HOLDINGS AG

c/o
Levi Laurenti Anwaltskanzlei · Notariat

Neuhofstrasse
21

CH-6340
Baar, Switzerland

Attention:
Board of Directors (with a copy by email to: la w@le vilaurenti.com )

 

    	 

    	10

    

 

Notice
to the Contractor:

 

VOLT
ENERGY B.V.

President
Kennedylaan 1

6269
CA Margraten

The
Netherlands

 

Attention:
Andre Jorres (with a copy by email to: andre. jurres’a’, voltenergv.eu)

 

or
to such other address as each party may from time to time notify the other of in writing. Notices may not be given by regular mail, or
by facsimile.

 

	10.	MISCELLANEOUS

 

	I0.1	Entire
    Agreement. This Agreement contains the entire understanding and agreement between the parties and supersedes all prior communications,
    representations and agreements whether verbal or written between the parties or their Affiliates with respect to the subject matter
    hereof. This Agreement may be amended or modified only by written instrument signed by all parties hereto.
	 	 
	10.2	Survival.
    The rights and obligations of the parties set out under Parts 3, 6 and 7 of this Agreement survive the termination of this Agreement
    insofar as is necessary to give full effect to the terms hereof.
	 	 
	12.3	Governing
    Law. The provisions of this Agreement shall be governed by and interpreted exclusively in accordance with the laws of the Netherlands.
    The parties irrevocably attorn to the exclusive jurisdiction of the Court of the Netherlands, sitting in Middelburg, with respect
    to any legal proceedings arising here from.
	 	 
	12.4	Independent
    Legal Advice. The Company has obtained legal advice concerning this Agreement and has requested that the Contractor obtain independent
    legal advice with respect to this Agreement. The Contractor hereby represents and warrants to the Company that it has been advised
    to obtain independent legal advice, and that prior to the execution of this Agreement he has obtained independent legal advice or
    has, in its discretion, knowingly and willingly elected not to do so.
	 	 
	12.5	Severability.
    The invalidity or unenforceability of any particular provision of this Agreement shall not affect any other provision thereof,
    and this Agreement shall be construed as though such invalid or unenforceable provision were omitted.
	 	 
	12.6	Assignment.
    The Company may assign this Agreement to an Affiliate upon providing written notice thereof to the Contractor.

 

    	 

    	11

    

 

IN
WITNESS WHEREOF the parties have executed this Agreement with effect from the date first written above.

 

	 	VOLTH2
    OPERATING B.V.
	 	 	 
	 	Per:	/s/
    Arron Smyth,
	 	 	Arron
    Smyth, Director
	 	 	 
	 	VOLT
                                            ENERGY B.V.

	 	 	 
	 	Per:
    	/s/
    Andre Jurres
	 	 	Andre
    Jurres, Director

 

    	 

    	12

    

 

Schedule
“A”

 

Duties
of the Contractor

 

	1.	Outstanding
                                            Responsibilities

 

By
September 30, 2022 the Appointed Contractor will:

 

	 	●	secure
    land under an MOU, option, concession or lease for four additional hydrogen electrolyser sites suitable to facilitate construction
    of up to a minimum of 10-25MW capacity per site in either the Netherlands, Belgium and/or Germany;
	 	●	negotiate
    and enter into MOUs or JDAs of co-development or in cooperation with a strategic partner for a minimum of three hydrogen electrolysers
    on the Company’s sites;
	 	●	commence
    pre-development and permitting process under board-approved development schedules for at least 2 hydrogen electrolyser sites
    secured under bullet point one with a minimum capacity of 20MW per site; and
	 	●	continue
    the build up & development of the Company’s technical & management team for the Company’s projects.

 

	2.	General
                                            Duties

 

The
Contractor and the Appointed Contractor shall have such duties and responsibilities, and authorities as are designated for the office
of President and Managing Director by the Deed of Incorporation of the Company as well as such further duties, responsibilities, and
authorities as may be reasonably assigned to the Appointed Contractor from time to time by the Board, PROVIDED THAT the Contractor
will not have any authority to bind the Company without the written agreement of at least one other of the Company’s directors,
unless the subject matter if the agreement is in the normal and regular course of business with a total value of less than €50,000.

 

Subject
to the discretion of the Board, the Contractor and the Appointed Contractor shall:

 

	 	●	formulate,
    maintain and as directed by the Board implement the yearly budget as approved by the Board;
	 	●	as
    requested by the Board, act in the role of a public relations officer of the Company and its Affiliates;
	 	●	secure,
    negotiate and document key industry relationships including locations, suppliers and buyers as well as other key inputs and outputs
	 	●	identify
    and seek the approval of the Board for the addition, elimination and/or modification of key human resources assets for the Company
    and its divisions and subsidiaries;
	 	●	prepare
    for the approval of the Board corporate policies, mandates, and salary and wage structures; and

 

perform
such other duties as the Contractor shall deem necessary or appropriate for the efficient management and operation of the Company’s
business and the preservation of its assets.Document

EXHIBIT 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES AND EXCHANGE ACT OF 1934

Thoughtworks Holding, Inc. (the “Company,” “we,” “our,” and “us”) has one class of securities, its common stock, par value $0.001 per share (“common stock”), registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 
The following summary of terms of our common stock is based upon our Fourth Amended and Restated Certificate of Incorporation (the “certificate of incorporation” and “charter”) and Third Amended and Restated Bylaws (the “bylaws”) currently effective under Delaware Law. This summary is not complete and is subject to and qualified in its entirety by reference to, the charter and bylaws, which are filed as Exhibits 3.1 and 3.2 to our Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read these documents and the applicable portion of the Delaware General Corporation Law, as amended (the “DGCL”) carefully.
General 
We are authorized to issue 1,000,000,000 shares of common stock, par value $0.001 per share and 100,000,000 shares of preferred stock, par value $0.001 per share.
Common Stock 
Dividend Rights 
Subject to preferences that may apply to shares of preferred stock outstanding at the time, holders of outstanding shares of common stock are entitled to receive dividends out of assets legally available at the times and in the amounts as our board of directors (the “Board”) may determine from time to time. 
Voting Rights 
Each outstanding share of common stock is entitled to one vote on all matters submitted to a vote of shareholders. Holders of shares of our common stock have no cumulative voting rights. 
Preemptive Rights 
Our common stock is not entitled to preemptive or other similar subscription rights to purchase any of our securities. 
Conversion or Redemption Rights 
Our common stock is neither convertible nor redeemable. There are no sinking fund provisions applicable to our common stock. Our common stock is not subject to future calls or assessments by us.
Liquidation Rights 
Upon our liquidation, the holders of our common stock will be entitled to receive pro rata our assets that are legally available for distribution, after payment of all debts and other liabilities and subject to the prior rights of any holders of preferred stock then outstanding. 
Preferred Stock
No shares of preferred stock are currently outstanding. However, our Board may, without further action by our shareholders, from time to time, direct the issuance of shares of preferred stock in series and may, at the time of issuance, determine the designations, powers, preferences, privileges, and relative participating, optional or special rights, as well as the qualifications, limitations or restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, and liquidation preferences, any or all of which may be greater than the rights of the common stock. Satisfaction of any dividend preferences of outstanding 
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shares of preferred stock would reduce the amount of funds available for the payment of dividends on shares of our common stock. Holders of shares of preferred stock may be entitled to receive a preference payment in the event of our liquidation before any payment is made to the holders of shares of our common stock. Under certain circumstances, the issuance of shares of preferred stock may render more difficult or tend to discourage a merger, tender offer, or proxy contest, the assumption of control by a holder of a large block of our securities or the removal of incumbent management. Upon the affirmative vote of a majority of the total number of directors then in office, our Board, without shareholder approval, may issue shares of preferred stock with voting and conversion rights which could adversely affect the holders of shares of our common stock and the market value of our common stock. 
Anti-Takeover Effects of Our Certificate of Incorporation and Our Bylaws 
Our certificate of incorporation, bylaws and the DGCL contain provisions, which are summarized in the following paragraphs, that are intended to enhance the likelihood of continuity and stability in the composition of our Board. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to a hostile change of control, and enhance the ability of our Board to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these provisions may have an anti-takeover effect and may delay, deter, or prevent a merger or acquisition of the Company by means of a tender offer, a proxy contest or other takeover attempt that a shareholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market price for the shares of common stock held by shareholders. 
These provisions include the following: 
Classified Board 
Our certificate of incorporation provides that our Board is divided into three classes of directors, with the classes as nearly equal in number as possible, and with the directors serving three-year terms. As a result, approximately one-third of our Board will be elected each year. The classification of directors has the effect of making it more difficult for shareholders to change the composition of our Board. Our certificate of incorporation also provides that, subject to any rights of holders of preferred stock to elect additional directors under specified circumstances, the number of directors will be fixed exclusively pursuant to a resolution adopted by our Board. Our Board currently has nine (9) members. 
Shareholder Action by Written Consent 
Our certificate of incorporation precludes shareholder action by written consent at any time when Apax L.L.P. and its affiliates (collectively, the “Apax Funds”) beneficially own, in the aggregate, less than 50% in voting power of the stock of the Company entitled to vote generally in the election of directors. 
Special Meetings of Shareholders 
Our certificate of incorporation and bylaws provides that, except as required by law, special meetings of our shareholders may be called at any time only by or at the direction of our Board or the chairperson of our Board; provided, however, at any time when the Apax Funds beneficially own, in the aggregate, at least 50% in voting power of the stock of the Company entitled to vote generally in the election of directors, special meetings of our shareholders shall also be called by our Board or the chairperson of our Board at the request of the Apax Funds. Our bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deferring, delaying, or discouraging hostile takeovers, or changes in control or management of the Company. 
Advance Notice Procedures 
Our bylaws contain an advance notice procedure for shareholder proposals to be brought before an annual meeting of our shareholders, including proposed nominations of persons for election to our Board. Shareholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our Board or by a shareholder who was a shareholder of record on the record date for the meeting, who is entitled to vote at the meeting, and who has given our Secretary timely written notice, in proper form, of the shareholder’s intention to bring that business before the meeting. Although the bylaws do not give our Board the power to approve or disapprove 
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shareholder nominations of candidates or proposals regarding other business to be conducted at a special or annual meeting, the bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of the Company. These provisions do not apply to nominations by the Apax Funds pursuant to the Director Nomination Agreement, dated September 17, 2021 (the “Director Nomination Agreement”). 
Removal of Directors; Vacancies 
Our certificate of incorporation provides that directors may be removed with or without cause upon the affirmative vote of a majority in voting power of all outstanding shares of stock entitled to vote thereon, voting together as a single class; provided, however, at any time when the Apax Funds beneficially own, in the aggregate, (i) more than 50% in voting power of the stock of the Company entitled to vote generally in the election of directors, (A) any director nominated or designated for nomination by the Apax Funds may be removed with or without cause upon the affirmative vote of stockholders representing at least a majority of the voting power of the then outstanding shares of of the Company entitled to vote thereon, voting together as a single class and (B) any director who was not nominated or designated for nomination by the Apax Funds may only be removed for cause and only upon the affirmative vote of stockholders representing at at least 662⁄3% in voting power of all the then-outstanding shares of stock of the Company entitled to vote thereon, at a meeting of the Corporation’s stockholders called for that purpose or (ii) less than 50% in voting power of the stock of the Company entitled to vote generally in the election of directors, directors may only be removed for cause and only upon the affirmative vote of stockholders representing at least 662⁄3% in voting power of all the then-outstanding shares of stock of the Company entitled to vote thereon, voting together as a single class. In addition, our certificate of incorporation provides that, subject to the rights granted to one or more series of preferred stock then outstanding, any newly created directorship on our Board that results from an increase in the number of directors and any vacancies on our Board will be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum, by a sole remaining director, or by the shareholders.
Supermajority Approval Requirements 
Our certificate of incorporation and bylaws provide that our Board is expressly authorized to make, alter, amend, change, add to, rescind, or repeal, in whole or in part, our bylaws without a shareholder vote in any matter not inconsistent with the laws of the State of Delaware and our certificate of incorporation. For as long as the Apax Funds beneficially own, in the aggregate, at least 50% in voting power of the stock of the Company entitled to vote generally in the election of directors, any amendment, alteration, rescission, or repeal of our bylaws by our shareholders requires the affirmative vote of a majority in voting power of the outstanding shares of our stock entitled to vote on such amendment, alteration, change, addition, rescission, or repeal. At any time when the Apax Funds beneficially own, in the aggregate, less than 50% in voting power of all outstanding shares of the stock of the Company entitled to vote generally in the election of directors, any amendment, alteration, rescission, or repeal of our bylaws by our shareholders requires the affirmative vote of the holders of at least 662⁄3% in voting power of all the then-outstanding shares of stock of the Company entitled to vote thereon, voting together as a single class. 
The DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together as a single class, is required to amend a corporation’s certificate of incorporation, unless the certificate of incorporation requires a greater percentage. 
Our certificate of incorporation provides that at any time when the Apax Funds beneficially own, in the aggregate, less than 50% in voting power of the stock of the Company entitled to vote generally in the election of directors, the following provisions in our certificate of incorporation may be amended, altered, repealed, or rescinded only by the affirmative vote of the holders of at least 662⁄3% (as opposed to a majority threshold that would apply if the Apax Funds beneficially own, in the aggregate, 50% or more) in voting power of all the then-outstanding shares of stock of the Company entitled to vote thereon, voting together as a single class: 
•The provision requiring a 662⁄3% supermajority vote for shareholders to amend our bylaws. 
•The provisions providing for a classified Board (the election and term of our directors). 
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•The provisions regarding resignation and removal of directors. 
•The provisions regarding entering into business combinations with interested shareholders. 
•The provisions regarding shareholder action by written consent. 
•The provisions regarding calling special meetings of shareholders. 
•The provisions regarding filling vacancies on our Board and newly created directorships. 
•The provisions eliminating monetary damages for breaches of fiduciary duty by a director. 
•The amendment provision requiring that the above provisions be amended only with a 662⁄3% supermajority vote.
The combination of the classification of our Board, the lack of cumulative voting, and the supermajority voting requirements makes it more difficult for our existing shareholders to replace our Board as well as for another party to obtain control of us by replacing our Board. Because our Board has the power to retain and discharge our officers, these provisions may also make it more difficult for existing shareholders or another party to effect a change in management. 
Authorized but Unissued Shares 
Our authorized but unissued shares of common stock and preferred stock are available for future issuance without shareholder approval, subject to stock exchange rules. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions, and employee benefit plans. One of the effects of the existence of authorized but unissued common stock or preferred stock may be to enable our Board to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest, or otherwise, and thereby protect the continuity of our management and possibly deprive our shareholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices. 
Business Combinations 
We are not subject to the provisions of Section 203 of the DGCL (“Section 203”). In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested shareholder” for a three-year period following the time that the person becomes an interested shareholder, unless the business combination is approved in a prescribed manner. A “business combination” includes, among other things, a merger, asset, or stock sale or other transaction resulting in a financial benefit to the interested shareholder. An “interested shareholder” is a person who, together with affiliates and associates, owns, or did own within three years prior to the determination of interested shareholder status, 15% or more of the corporation’s voting stock. 
Under Section 203, a business combination between a corporation and an interested shareholder is prohibited unless it satisfies one of the following conditions: (i) before the shareholder became an interested shareholder, the board of directors approved either the business combination or the transaction which resulted in the shareholder becoming an interested shareholder; (ii) upon consummation of the transaction which resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances; or (iii) at or after the time the shareholder became an interested shareholder, the business combination was approved by the board of directors and authorized at an annual or special meeting of the shareholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested shareholder. 
A Delaware corporation may “opt out” of these provisions with an express provision in its original certificate of incorporation or an express provision in its certificate of incorporation or bylaws resulting from a shareholders’ amendment approved by at least a majority of the outstanding voting shares. 
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We opted out of Section 203; however, our certificate of incorporation  contains similar provisions providing that we may not engage in certain “business combinations” with any “interested shareholder” for a three-year period following the time that the shareholder became an interested shareholder, unless: 
•Prior to such time, our Board approved either the business combination or the transaction which resulted in the shareholder becoming an interested shareholder. 
•Upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares. 
•At or subsequent to that time, the business combination is approved by our Board and by the affirmative vote of holders of at least 662⁄3% of our outstanding voting stock that is not owned by the interested shareholder.
Under certain circumstances, this provision will make it more difficult for a person who would be an “interested shareholder” to effect various business combinations with the Company for a three-year period. This provision may encourage companies interested in acquiring the Company to negotiate in advance with our Board because the shareholder approval requirement would be avoided if our Board approves either the business combination or the transaction which results in the shareholder becoming an interested shareholder. These provisions also may have the effect of preventing changes in our Board and may make it more difficult to accomplish transactions which shareholders may otherwise deem to be in their best interests. 
Our certificate of incorporation provides that the Apax Funds, and any of their direct or indirect transferees and any group as to which such persons are a party, do not constitute “interested shareholders” for purposes of this provision. 
Dissenters’ Rights of Appraisal and Payment 
Under the DGCL, with certain exceptions, our shareholders have appraisal rights in connection with a merger or consolidation of us. Pursuant to the DGCL, shareholders who properly request and perfect appraisal rights in connection with such merger or consolidation have the right to receive payment of the fair value of their shares as determined by the Delaware Court of Chancery. 
Shareholders’ Derivative Actions 
Under the DGCL, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such shareholder’s stock thereafter devolved by operation of law. 
Exclusive Forum 
Our certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, the United States District Court for the District of Delaware) will be the sole and exclusive forum for (1) any derivative action or proceeding brought on our behalf, (2) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, or other employees to us or our shareholders, (3) any action asserting a claim against the Company or any director or officer of the Company arising pursuant to any provision of the DGCL, our certificate of incorporation, or our bylaws or (4) any other action asserting a claim against the Company or any director or officer of the Company that is governed by the internal affairs doctrine; provided that for the avoidance of doubt, the forum selection provision that identifies the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation, including any “derivative action,” does not apply to suits to enforce a duty or liability created by the Securities Act, the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Our certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of and to have consented to the provisions of our certificate of incorporation described above. Although we believe these provisions benefit us by providing 
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increased consistency in the application of Delaware law or the Securities Act, as applicable, for the specified types of actions and proceedings, the provisions may have the effect of discouraging lawsuits against us or our directors and officers. Alternatively, if a court were to find any of the forum selection provisions contained in our certificate of incorporation to be inapplicable or unenforceable, we may incur additional costs associated with having to litigate such action in other jurisdictions, which could have an adverse effect on our business, financial condition, results of operations, cash flows, and prospects and result in a diversion of the time and resources of our employees, management, and Board. 
Conflicts of Interest 
Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors, or shareholders. To the maximum extent permitted from time to time by Delaware law, under our certificate of incorporation, we renounce any interest or expectancy that we have in, or right to be offered an opportunity to participate in, specified business opportunities that are from time to time presented to certain of our officers, directors, or shareholders or their respective affiliates, other than those officers, directors, shareholders, or affiliates who are our or our subsidiaries’ employees. Our certificate of incorporation provides that, to the fullest extent permitted by law, none of the Apax Funds or any director who is not employed by us (including any non-employee director who serves as one of our officers in both his director and officer capacities) or his or her affiliates have any duty to refrain from (i) engaging in a corporate opportunity in the same or similar lines of business in which we or our affiliates now engage or propose to engage or (ii) otherwise competing with us or our affiliates. In addition, to the fullest extent permitted by law, in the event that Apax Partners, the Apax Funds or any non-employee director acquires knowledge of a potential transaction or other business opportunity which may be a corporate opportunity for itself or himself or its or his affiliates or for us or our affiliates, such person will have no duty to communicate or offer such transaction or business opportunity to us or any of our affiliates and they may take any such opportunity for themselves or offer it to another person or entity. Under our certificate of incorporation, we do not renounce our interest in any business opportunity that is expressly offered to a non-employee director solely in his or her capacity as a director or officer of the Company. To the fullest extent permitted by law, no business opportunity will be deemed to be a potential corporate opportunity for us unless we would be permitted to undertake the opportunity under our certificate of incorporation, we have sufficient financial resources to undertake the opportunity, and the opportunity would be in line with our business. 
Limitations on Liability and Indemnification of Officers and Directors 
The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their shareholders for monetary damages for breaches of directors’ fiduciary duties, subject to certain exceptions. Our certificate of incorporation includes a provision that eliminates the personal liability of directors for monetary damages for any breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions is to eliminate the rights of us and our shareholders, through shareholders’ derivative suits on our behalf, to recover monetary damages from a director for breach of fiduciary duty as a director, including breaches resulting from grossly negligent behavior. However, exculpation will not apply to any director if the director has acted in bad faith, knowingly or intentionally violated the law, authorized illegal dividends or redemptions, or derived an improper benefit from his or her actions as a director. 
Our bylaws provides that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the DGCL. We also are expressly authorized to carry directors’ and officers’ liability insurance providing indemnification for our directors, officers, and certain employees for some liabilities. We believe that these indemnification and advancement provisions and insurance will be useful to attract and retain qualified directors and officers. 
The limitation of liability, indemnification, and advancement provisions that are included in our certificate of incorporation and bylaws may discourage shareholders from bringing a lawsuit against directors for breaches of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. 
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Transfer Agent and Registrar 
The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC. The transfer agent’s address is 6201 15th Avenue, Brooklyn, NY 11219, and its phone number is (718) 921-8200. 
Listing 
Our common stock is listed on Nasdaq under the symbol “TWKS.” 
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