Document:

EX-10.1

 Exhibit 10.1 

5E Advanced Materials, Inc. 

2022 Equity Compensation Plan 
  

	1.	 PURPOSE 

The Board of Directors (the “Board”) of 5E Advanced Materials Inc., a Delaware corporation (the “Company”), has adopted this
2022 Equity Compensation Plan (the “Plan”) to promote the financial interests of the Company by providing a means by which current and prospective directors, officers, key employees and consultants of the Company can be retained and
motivated through acquiring an equity interest in the Company or be paid incentive compensation in the form of the Company’s Common Stock. 
  

	2.	 AWARDS UNDER THE PLAN 

The Plan provides for the grant of any of the following Awards: 
  

	 	a.	 Stock Options (“Options”) – the right, but not the obligation, to purchase Common Stock
at a specified price, subject to certain conditions, 

  

	 	b.	 Restricted Share Units (“RSU”) – an unfunded and unsecured promise to deliver shares of
Common Stock upon attainment of certain service-based conditions, 

  

	 	c.	 Performance Share Units (“PSU”) – an unfunded and unsecured promise to deliver shares of
Common Stock that vest through attainment of certain service-based and performance-based conditions, 

  

	 	d.	 Director Share Units (“DSU”) – an unfunded and unsecured promise to deliver shares of
Common Stock as payment for Board service subject to certain restrictions, and 

  

	 	e.	 Performance Cash Units (“PCU”) – an unfunded and unsecured
promise to deliver a specified monetary amount that vest through attainment of certain service-based and performance-based conditions. 

  

	 	f.	 Other Equity-Based Awards – an award that is not an Option, RSU, PSU, or DSU, that is granted under
the Plan and is (i) payable by delivery of Common Stock, and/or (ii) measured by reference to the value of Common Stock. 

  

	3.	 SHARES SUBJECT TO THE PLAN 

 

	 	a.	 Subject to Section 14 of the Plan, the maximum number of shares of Common Stock available for issuance
pursuant to Awards granted under the Plan is 2,500,000 (the “Plan Share Reserve”), being 5.95% of the Company’s issued and outstanding Common Stock as of January 12, 2022. The Company cannot increase such number
without shareholder approval. 

  

	 	b.	 Each Award granted under the Plan will reduce the Plan Share Reserve by the number of Shares underlying the
Award. Other than with respect to Substitute Awards, to the extent that an Award expires or is canceled, forfeited, or terminated without issuance to the Participant of the full number of Shares to which the Award related, the unissued shares will
be returned for future grant under the Plan. Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for issuance under the Plan. Shares withheld in payment of the exercise
price or Tax-Related Items with respect to Awards will be returned to the Plan Share Reserve for future grants of Awards under the Plan and shall not reduce the Plan Share Reserve. To the extent an award under
the Plan is paid out in cash rather than Shares, such cash payment shall not reduce the number of Shares available for issuance under the Plan Share Reserve. 

  

	 	c.	 Shares of Common Stock delivered by the Company in settlement of Awards may be issued by the Company from:

	 	i.	 authorized and unissued shares, 

 

	 	ii.	 shares held in treasury by the Company, 

 

	 	iii.	 shares purchased by the Company on the open market or by private purchase, or 

 

	 	iv.	 any combination of the foregoing. 

 

	 	d.	 Awards may, in the sole discretion of the Board, be granted under the Plan in assumption of, or in substitution
for, outstanding awards previously granted by an entity acquired by the Company or with which the Company combines (“Substitute Awards”). If the Board determines that Substitute Awards are to be granted under the Plan, the number of
shares of Common Stock underlying any Substitute Awards shall not be counted against the aggregate number of shares of Common Stock available for Awards under the Plan. 

 

	4.	 ELIGIBILITY & PARTICIPATION 

 

	 	a.	 Participation in the Plan is by invitation of and at the sole discretion of the Board. The Board may grant
Awards to Eligible Participants. 

  

	 	b.	 Individual grants are determined by an assessment of an individual’s current and expected future
performance, level of responsibilities and the impact of the position, and contribution to the Company. 

  

	 	c.	 An “Eligible Participant” may be granted more than one Award under the Plan, and Awards may be
granted at any time or times prior to the termination of the Plan. Vesting periods and designated Performance Periods may overlap, and Participants may participate simultaneously with respect to Options or other Awards that are subject to different
Performance Periods and different performance goals and other criteria. 

  

	 	d.	 In no circumstance will the number of shares of Common Stock that may be issued to any individual under the
Plan (when combined with all the Company’s other security-based compensation arrangements, as applicable) exceed 2% of the Company’s outstanding issue from time to time. 

 

	 	e.	 The maximum number of Shares subject to Awards granted during a single Fiscal Year to any Non-Employee Director, taken together with any cash fees paid to such Non-Employee Director during the Fiscal Year, may not exceed USD 750,000 in total value
(calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes). 

  

	5.	 ADMINISTRATION 

 

	 	a.	 The Board, acting upon recommendations from the Compensation Committee (Committee), shall administer the Plan.
Unless otherwise expressly provided in the applicable governing documents of the Company, the acts of a majority of the members present at any meeting of the Board at which a quorum is present, or acts approved in writing by all of the members of
the Board, shall be deemed the acts of the Board. 

  

	 	b.	 The Board may, at its sole discretion, at any time, grant Awards and administer the Plan with respect to such
Awards. In any such case, the Board shall have all the authority granted to the Board under the Plan, including but not limited to: 

  

	 	i.	 designate Eligible Participants, 

 

	 	ii.	 determine the type or types of Awards to be granted to Eligible Participants, 

 

	 	iii.	 determine the number of shares of Common Stock to be covered by, or with respect to which payments, rights or
other matters are to be calculated in connection with Awards, 

  

	 	iv.	 determine the terms and conditions of any Award, 

  
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	 	v.	 determine whether, to what extent and under what circumstances Awards may be settled or exercised in cash,
shares of Common Stock, CDIs, other securities, other Awards or other property, 

  

	 	vi.	 interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the
Plan and any instrument or agreement relating to, or Award granted under, the Plan, 

  

	 	vii.	 establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Board shall deem
appropriate for the proper administration of the Plan, 

  

	 	viii.	 accelerate or extend the vesting or exercisability of, payment for, or lapse of restrictions on Awards,

  

	 	ix.	 adjust Performance Factors to account for changes in law and accounting or tax rules as the Committee deems
necessary or appropriate to reflect the impact of extraordinary or unusual items, events, or circumstances to avoid windfalls or hardships, and 

  

	 	x.	 make any other determination and take any other action that the Board deems necessary or desirable for the
administration of the Plan and to protect the interests of the Company. 

  

	 	c.	 The Board may delegate to the Committee, and/or one or more officers of the Company or of any Affiliate, the
authority to act on behalf of the Board with respect to any matter, right, obligation or election that is the responsibility of, or that is allocated to, the Board in the Plan and that may be so delegated as a matter of law. References to Committee
in this Plan shall mean the Board to the extent the Board has not delegated its authority hereunder to a Committee. To the extent the Board has delegated its authority hereunder to a Committee and the intent is to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act, it is intended that each member of the Committee shall, at the time such member takes any action with respect to an Award under the Plan that is intended to qualify for the
exemptions provided by Rule 16b-3 promulgated under the Exchange Act be a Qualifying Director. However, the fact that a Committee member shall fail to qualify as a Qualifying Director shall not invalidate any
Award granted by the Committee that is otherwise validly granted under the Plan. 

  

	 	d.	 The Award Agreement for a given Award, the Plan, and any other documents may be delivered to, and accepted by,
an Eligible Participant or any other person in any manner (including electronic distribution or posting) that meets applicable legal requirements. 

  

	 	e.	 To comply with the laws and practices in other countries in which the Company, its Affiliates operate or have
employees or other individuals eligible for Awards, the Board in its sole discretion will have the power and authority to: 

  

	 	i.	 determine which Affiliates will be covered by the Plan, 

 

	 	ii.	 determine which individuals outside the United States are eligible to participate in the Plan, which may
include individuals who provide services to the Company or Affiliate under an agreement with a foreign nation or agency, 

  

	 	iii.	 modify the terms and conditions of any Award granted to individuals outside the United States or foreign
nationals to comply with applicable foreign laws, policies, customs, and practices, 

  

	 	iv.	 establish subplans and modify exercise procedures, vesting conditions, and other terms and procedures to the
extent the Committee determines such actions to be necessary or advisable (and such subplans and/or modifications will be attached to this Plan as appendices, if necessary), and 

 

	 	v.	 take any action, before or after an Award is made, that the Committee determines to be necessary or advisable
to obtain approval or comply with any local governmental regulatory exemptions or approvals, provided, however, that no action taken under 

  
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this provision will increase the Share limitations contained in Section 3.a. of this Plan. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards
will be granted, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing statute or law. 

 

	6.	 STOCK OPTIONS 

 

	 	a.	 Option Grants. The Board may grant Options to Eligible Participants. Each grant will specify the number
of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may vest and be exercised, and all other terms and conditions of the Option, subject to the following terms of this section. 

 

	 	b.	 Type of Option. All Options granted under this Plan will be deemed Nonqualified Stock Options.

  

	 	c.	 Date of Grant. The date of grant of an Option will be the date on which the Board makes the
determination to grant such Option, or a specified future date. The Award Agreement and a copy of this Plan will be delivered to the Participant within a reasonable time after the granting of the Option. 

 

	 	d.	 Vesting Period. Unless otherwise prescribed in the Award Agreement, forty percent (40%) of the Options
will vest on the second anniversary of the date the Option is granted, and the remaining sixty percent (60%) will vest on the third anniversary of the date the Option is granted. 

 

	 	e.	 Exercise Period. Vested Options are exercisable within the times or upon the conditions as set forth in
the Award Agreement governing such Option, provided, however, that no Option will be exercisable after the expiration of ten (10) years from the date the Option is granted. Should the expiry date should be determined to occur either during a
blackout period or within ten business days following the expiry of a blackout period, the expiry date of such Option shall be deemed to be the date that is the tenth business day following the expiry of the Blackout Period or, in the case of
Participants who are U.S. taxpayers, such earlier date that may be required to avoid the application of adverse tax consequences under Section 409A of the Code. 

 

	 	f.	 Exercise Price. The exercise price of an Option will be set by the Board when the Option is granted.
Except as otherwise provided by the Board in the case of Substitute Awards, the exercise price will be not less than one hundred percent (100%) of the Fair Market Value of the Shares. Payment for the Shares purchased may be made in accordance with
the Award Agreement and any procedures established by the Company. 

  

	 	g.	 Method of Exercise. Any Option granted hereunder will be vested and exercisable according to the terms
of the Plan and at such times and under such conditions as determined by the Committee and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option will be deemed exercised when the Company receives:

  

	 	i.	 notice of exercise (in such form as the Committee may specify from time to time) from the person entitled to
exercise the Option (and/or via electronic execution through the authorized third-party administrator), and 

  

	 	ii.	 full payment for the Shares with respect to which the Option is exercised (together with applicable withholding
taxes). Full payment may consist of any consideration and method of payment authorized by the Board and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant. Until the
Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the
Shares, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is
prior to the date the Shares are issued. Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is
exercised. 

  
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	 	h.	 Limitations on Exercise. The Committee may specify a minimum number of Shares that may be purchased on
any exercise of an Option, provided that such minimum number will not prevent any Participant from exercising the Option for the full number of Shares for which it is then exercisable. 

 

	 	i.	 Separation from Service. In the event a Participant’s service with the Company ceases during the
vesting period, any unvested Options held by the Participant shall expire and be forfeited immediately, provided however that the Board shall have the absolute discretion to accelerate the vesting date. Except as otherwise provided in an Award
Agreement, vested Options must be exercised in accordance with the terms of this Plan by the earlier of the first anniversary date of the termination of service or the expiry date of the Option. 

 

	7.	 RESTRICTED SHARE UNITS 

 

	 	a.	 RSU Grants. The Plan authorizes the Board to grant RSUs. Each RSU provides the recipient with the
right to receive Common Stock as a discretionary payment in consideration of past services or as an incentive for future services, subject to the Plan and with such additional provisions and restrictions as the Board may determine. Each RSU grant
shall be evidenced by an Award Agreement stating the number of RSUs granted, the vesting requirements, any other restrictions or conditions associated, and the method of exercise. 

 

	 	b.	 Date of Grant. The date of grant of an RSU will be the date on which the Board makes the determination
to grant such RSU or a specified future date. Unless specified otherwise by the Board, RSUs are granted after the financial results for each fiscal year have been approved by the Board. The Award Agreement and a copy of this Plan will be delivered
to the Participant within a reasonable time after the granting of the RSU. 

  

	 	c.	 Vesting. Concurrent with the granting of the RSU, the Board shall determine the period during which the
RSU is not vested and the holder of such RSU remains ineligible to receive Common Stock. Such period may be reduced or eliminated from time to time for any reason as determined by the Board. Unless specified otherwise, forty percent (40%) of the
RSUs granted vest at the expiry of the Company’s first Fiscal Year immediately following the Fiscal Year in which the RSUs were granted, and the remaining sixty percent (60%) vest at the expiry of the second Fiscal Year following the Fiscal
Year in which the RSUs were granted. 

  

	 	d.	 Expiration. Unless specified otherwise by the Board at the time of grant, RSUs have a notional term of
three years, and expire at the end of the second Fiscal Year following the Fiscal Year in which they were granted. 

  

	 	e.	 Form and Timing of Settlement. The Board, at its sole discretion, may settle vested RSUs in Shares,
cash, or a combination of both, and will determine at the time of grant the timing of settlement of vested RSUs (consistent with the requirements of Section 409A of the Code to avoid adverse tax consequences thereunder, if applicable), in each
case, as set forth in the Award Agreement.

  

	 	f.	 Separation from Service. In the event a Participant’s service with the Company ceases during the
vesting period, any unvested RSUs held by the Participant shall expire and be forfeited immediately, provided however that the Board shall have the absolute discretion to accelerate the vesting date. 

  
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	 	g.	 Dividend Equivalent Rights. The Board may, in its sole discretion, grant Dividend Equivalent Rights,
payable in cash, Shares, other securities, other Awards or other property, on such terms and conditions as may be determined by the Board in its sole discretion, including, without limitation, payment directly to the Participant, withholding of such
amounts by the Company subject to vesting of the Award or reinvestment in additional Shares. 

  

	8.	 PERFORMANCE SHARE UNITS 

 

	 	a.	 PSU Grants. The Plan authorizes the Board to grant PSUs. Each PSU provides the recipient with the right
to receive a share of Common Stock as a discretionary incentive, subject to the Plan and with such additional provisions and restrictions as the Board may determine. Each PSU grant shall be evidenced by an Award Agreement stating the number of PSUs
granted, the service-based vesting requirements, the performance-based vesting condition(s), and any other associated restrictions or conditions. 

  

	 	b.	 Date of Grant. The date of grant of a PSU will be the date on which the Board makes the determination to
grant such PSU or a specified future date. Unless determined otherwise by the Board, PSUs are granted after the financial results for each Fiscal Year have been approved by the Board. The Award Agreement and a copy of this Plan will be delivered to
the Participant within a reasonable time after the granting of the PSU. 

  

	 	c.	 Vesting. Unless provided otherwise in the Award Agreement each PSU is subject to two or more vesting
conditions. Concurrent with the granting of the PSU, the Board shall determine the: 

  

	 	i.	 Service-based Requirement. The period the Participant must be in continuous service to the Company to be
eligible to receive PSU Awards subject to achievement of performance-based criteria. Unless specified otherwise by the Board, one hundred percent (100%) of the PSUs granted vest upon expiry of the Company’s second Fiscal Year following the
Fiscal Year in which the PSUs were granted. 

  

	 	ii.	 Performance-based Requirement(s). The performance condition(s) to be met for the Participant to vest in PSU
Awards after satisfying the service-based vesting requirement. Actual performance realized relative to the goals or criteria established at the date of grant will be measured over a three-year Performance Period ending on the expiry date of the PSU.

  

	 	iii.	 Performance Modifier(s). A modifier for each applicable performance condition to determine the number of PSU
Awards that are earned relative to the performance level(s) achieved. The formula for determining the Performance Modifier is set out by the Board for each grant. This Modifier will range from 0.0x to a maximum of 1.5x unless specified otherwise by
the Board and is applied to the original number of PSUs granted to calculate the number of PSU Awards vested and earned. 

  

	 	d.	 Term. Unless specified otherwise by the Board at the time of grant, PSUs have a notional term of three
years, and expire at the end of the second Fiscal Year following the Fiscal Year in which they were granted. 

  

	 	e.	 Form and Timing of Settlement. The Board, at its sole discretion, may settle vested PSUs in Shares,
cash, or a combination of both, and will determine at the time of grant the timing of settlement of vested PSUs (consistent with the requirements of Section 409A of the Code to avoid adverse tax consequences thereunder, if applicable), in each
case, as set forth in the Award Agreement.

  
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	 	f.	 Separation from Service. In the event a Participant’s service with the Company ceases prior to
completion of the vesting period, unvested PSUs granted to the Participant shall expire and be forfeited immediately; provided. however, that the Board shall have the absolute discretion to accelerate the vesting date. Should the Board choose to
accelerate vesting on PSUs granted, performance vesting conditions will be waived. 

  

	9.	 DIRECTOR SHARE UNITS 

 

	 	a.	 DSU Grants. The Plan authorizes the Board to grant DSUs to eligible,
Non-Employee Directors to deliver a designated portion of Director compensation in the form of Common Stock. Each DSU provides the recipient with the right to receive one share of Common Stock as payment in
consideration of services rendered, subject to the Plan and with such additional provisions and restrictions as the Board may deem appropriate. 

  

	 	b.	 Date and Amount of Grants. Grants are made upon commencement of Board service with a value equivalent to
fifty percent (50%) of the projected Board fees payable for the following year, unless the proportion is otherwise specified by the Board. The number of DSUs granted shall be calculated by dividing the monetary value to be delivered by the average
closing price of Common Stock for the ten trading days prior to the date of grant and rounding up to the nearest whole unit. 

  

	 	c.	 Dividend Equivalents. In the event any dividend is declared on the Common Stock, holders of DSUs that
have been granted but on which the underlying Common Stock has not yet been issued shall be entitled to receive an additional number of DSUs equivalent to the amount of the dividend such Participant would have received based on the closing NASDAQ
Share price on the day the dividend is declared, rounded up to the nearest whole unit. 

  

	 	d.	 Vesting. Unless the Award Agreement provides otherwise, one hundred percent (100%) of DSUs vest on the
first anniversary of the date of grant. 

  

	 	e.	 Term. DSUs have a term of one year. 

 

	 	f.	 Form and Timing of Settlement. The Board, at its sole discretion, may settle vested DSUs in Shares,
cash, or a combination of both, and will determine at the time of grant the timing of settlement of vested DSUs (consistent with the requirements of Section 409A of the Code to avoid adverse tax consequences thereunder, if applicable), in each
case, as set forth in the Award Agreement.

  

	 	g.	 Separation from Service. All unvested DSUs will automatically vest on the first business day following
the date the individual ceases to hold any directorship with the Company or Affiliate. 

  

	10.	 PERFORMANCE CASH UNITS 

 

	 	a.	 PCU Grants. The Plan authorizes the Board to grant PCUs. Each PCU carries a notional monetary value
designated by the Board at the date of grant and offers the Participant the opportunity to receive a specified monetary Award upon successfully attaining certain future service-based and performance-based conditions set out by the Board at the date
of grant, plus any additional provisions and restrictions as the Board may determine. 

  

	 	b.	 Award Agreement. Each PCU grant shall be evidenced by an Award Agreement stating the number of PCUs
granted, the designated value of each PCU, the service-based vesting requirements, the performance-based vesting requirement(s) and any other associated restrictions or conditions, and the method of settlement. 

 

	 	c.	 Date of Grant. The date of grant of a PCU will be the date on which the Board makes the determination to
grant such PCU. Unless specified otherwise by the Board, PCUs are granted after the financial results for each fiscal year have been approved by the Board. The Award Agreement and a copy of this Plan will be delivered to the Participant within a
reasonable time after the granting of the PCU. 

  
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	 	d.	 Vesting. Unless otherwise provided in the Award Agreement, each PCU is subject to two or more vesting
conditions. Upon granting of PCUs, the Board shall determine: 

  

	 	i.	 Service-based Requirement. The period the Participant must be in continuous service to the Company to be
eligible to receive PCU Awards subject to achievement of performance-based criteria. Unless specified otherwise by the Board, one hundred percent (100%) of the PCUs granted vest upon expiry of the Company’s second fiscal year following the
fiscal year in which the PCUs were granted. 

  

	 	ii.	 Performance-based Requirement(s). The performance condition(s) to be met for the Participant to vest in PCU
Awards upon fulfilling the service-based vesting requirement. Actual performance realized relative to the goals or criteria established at the date of grant will be measured over a three-year Performance Period expiring at the end of the second
fiscal year following the year in which the PCUs were granted. 

  

	 	iii.	 Performance Modifier(s). A modifier for each applicable performance condition to determine the number of PCU
Awards that are earned relative to the performance level(s) achieved. The formula for determining the Performance Modifier is set out by the Board for each grant. This Modifier, which will range from 0.0x to a maximum of 1.5x unless specified
otherwise by the Board, is applied to the original number of PCUs granted to calculate the number of PCUs vested and earned. 

  

	 	e.	 Term. Unless specified otherwise by the Board at the time of grant, PCUs have a notional term of three
years, and expire at the end of the second Fiscal Year following the fiscal year in which they were granted. 

  

	 	f.	 Form and Timing of Settlement. The Board, at its sole discretion, may settle vested PCUs in Shares,
cash, or a combination of both, and will determine at the time of grant the timing of settlement of vested PCUs (consistent with the requirements of Section 409A of the Code to avoid adverse tax consequences thereunder, if applicable), in each
case, as set forth in the Award Agreement.

  

	 	g.	 Separation from Service. In the event a Participant’s service with the Company ceases prior to
completion of the vesting period, PCUs granted to the Participant shall expire and be forfeited immediately; provided, however, that the Board shall have the absolute discretion to accelerate the vesting date. Should the Board choose to accelerate
vesting on PCUs granted, performance vesting conditions will be waived. 

  

	11.	 OTHER EQUITY AWARDS 

 

	 	a.	 The Board may grant Other Equity-Based Awards under the Plan, denominated in Shares or based upon the value or
otherwise related to the Shares, to Eligible Participants, alone or in tandem with other Awards, in such amounts and, dependent on such other conditions as the Board shall from time to time in its sole discretion determine. Each Other Equity-Based
Award granted under the Plan shall be evidenced by an Award Agreement and shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

 

	12.	 GENERAL TERMS APPLICABLE TO ALL AWARDS 

 

	 	a.	 Withholding Taxes. The Company and its Subsidiaries and Affiliates shall be entitled to withhold, or
require the Participant to remit to the Company or one or more of its Subsidiaries or Affiliates, as applicable, an amount sufficient to satisfy Tax-Related Items attributable to any Awards. The Company may
defer making payment or delivery of Shares under an Award if any such Tax-Related Items may be pending unless and until indemnified to its satisfaction, and the Company shall have no liability to any
Participant for exercising the foregoing right. The Board may, in its sole discretion and subject to such rules as it may adopt, permit or require a Participant to pay all or a portion of the Tax-Related Items
arising in connection with an Award by, without limitation: (i) having the Participant pay an amount in cash (by check or wire transfer), (ii) having the Company withhold Shares otherwise issuable pursuant to the Award that have an aggregate
Fair Market Value approximately equal to the amount to be withheld, (iii) the delivery of Shares (which are not subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six
(6) months (or such other period as established from time to time by the Board to avoid adverse accounting treatment under applicable accounting standards) having an aggregate Fair Market Value approximately equal to the amount to be withheld,
(iii) selling Shares issued pursuant to such Award and having the Company withhold from the proceeds of the sale of such Shares, (v) having the Company or a Subsidiary or Affiliate, as applicable, withhold from any cash compensation
payable to the Participant, (vi) requiring the Participant to repay the Company or Subsidiary or Affiliate, as applicable, in cash or in Shares, for Tax-Related Items paid on the Participant’s
behalf, or (vii) any other method of withholding determined by the Board that is permissible under Applicable Laws. 

  
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	 	b.	 No Transferability. No Award may be assigned, alienated, pledged, attached, sold or otherwise
transferred or encumbered by a Participant, except by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer, or encumbrance shall be void and unenforceable against the
Company of any Subsidiary or Affiliate 

  

	 	c.	 Voting and Dividends. No Participant will have any of the rights of a stockholder with respect to any
Shares until the Shares are issued to the Participant. 

  

	 	d.	 Standards of Conduct. All Awards granted under this Plan, in accordance with applicable law and Board
determination of behaviour by Participants to be fraudulent, unethical, or in any other way detrimental to the financial or reputational interests of the Company, will be subject to cancellation or forfeiture, and the recoupment of any gains
realized with respect to exercised Awards subject to the provisions of any claw-back policy implemented by the Company, including, without limitation, any claw-back policy adopted to comply with the requirements of Applicable Law, including, without
limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, whether or not such claw-back policy was in place at the time of grant of an Award, to the extent set forth in such
claw-back policy and/or in the applicable Award Agreement. 

  

	 	e.	 No Obligation to Employ. Nothing in this Plan or any Award granted under this Plan will confer or be
deemed to confer on any Participant any right to continue in the employ of, or service to, or to continue any other relationship with, the Company or limit in any way the right of the Company to terminate Participant’s employment or service or
other relationship at any time. 

  

	 	f.	 No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust
or separate fund of any kind or a fiduciary relationship between any member of the Company Group, on the one hand, and a Participant or other person, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose
of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company be obligated to maintain separate bank
accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company,
except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other service providers under general law. 

  
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	 	g.	 Waiver. A waiver by the Company of breach of any provision of the Plan shall not operate or be construed
as a waiver of any other provision of the Plan, or of any subsequent breach by any Participant. 

  

	13.	 AMENDMENT OR TERMINATION OF THE PLAN 

 

	 	a.	 The Board may amend, suspend, or terminate the Plan or any Award granted under the Plan without shareholder
approval provided that: 

  

	 	i.	 such amendment, suspension or termination is in accordance with applicable laws and the rules of any stock
exchange on which the Company’s shares are listed, and 

  

	 	ii.	 no amendment to, suspension of, or termination of the Plan or to an Award granted thereunder will have the
effect of impairing, derogating from or otherwise materially adversely affecting the terms of an Award which is outstanding at the time of such amendment without the written consent of the holder of such Award, except to the extent the Board
determines, in its sole discretion, that any such action is necessary or desirable to facilitate compliance with applicable laws. 

  

	 	b.	 The Board shall obtain shareholder approval if such approval is necessary to comply with applicable law and/or
the rules of the stock exchange on which the Common Stock is listed, and of: 

  

	 	i.	 any amendment to the aggregate number of shares of Common Stock issuable under the Plan, 

 

	 	ii.	 any amendment to the limitations on shares that may be reserved for issuance, or issued, to insiders,

  

	 	iii.	 any amendment that would reduce the exercise price of an outstanding Option other than pursuant to a
declaration of stock dividends of shares or consolidations, sub-divisions or reclassification of shares, or otherwise, and 

 

	 	iv.	 any amendment that would extend the expiry date of any Option granted under the Plan. 

 

	 	c.	 If the Plan is terminated, the provisions of the Plan and any administrative guidelines and other rules and
regulations adopted by the Board and in force on the date of termination will continue in effect as long as any Award pursuant thereto remains outstanding. 

  

	14.	 CHANGES IN CAPITAL STRUCTURE 

 

	 	a.	 No Effect on Authority of the Board or Stockholders. The existence of this Plan and any Awards granted
hereunder shall not affect in any way the right or power of the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business,
any merger or consolidation of the Company, any issue of debt or equity securities ahead of or affecting Common Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or
any part of its assets or business or any other corporate act or proceeding. 

  

	 	b.	 Adjustments. In the event of any equity restructuring (within the meaning of Financial Accounting
Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation or any successor or replacement accounting standard) that causes the per share value of shares of Common Stock to change, such as a stock dividend,
stock split, spinoff, rights offering or recapitalization through an extraordinary cash dividend, the number, class 

  
 10 

	 	
and type of securities available under this Plan shall be adjusted and all outstanding Awards shall be adjusted by the Committee in accordance with Section 409A of the Code. In the event of
any other change in corporate capitalization, including a merger, consolidation, reorganization, or partial or complete liquidation of the Company, such equitable adjustments described in the foregoing sentence may be made as determined to be
appropriate and equitable by the Committee to prevent dilution or enlargement of rights of Participants. 

  

	 	c.	 Change in Control. The effect, if any, of a Change in Control on any Awards outstanding at the time
immediately prior to such Change in Control will be as specifically set forth in the corresponding Award agreement, or if no such treatment is specified, then such outstanding Awards shall be subject to any agreement of purchase, merger or
reorganization that effects such Change in Control, which agreement shall provide for treatment of such Awards. 

  

	15.	 COMPLIANCE WITH APPLICABLE LAWS 

 

	 	a.	 Governing Law. Unless earlier terminated as provided herein, this Plan will become effective on the
Effective Date and will remain in force until terminated through a resolution by the Board, provided that the termination the Plan will not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply to such
Awards. This Plan and all Awards granted hereunder will be governed by and construed in accordance with the laws of the State of Delaware. 

  

	 	b.	 Securities Law and Other Regulatory Compliance. An Award will not be effective unless such Award is in
compliance with all applicable U.S. and foreign federal and state securities and exchange control and other laws, rules, and regulations of any governmental body, and the requirements of any stock exchange or automated quotation system upon which
the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or
deliver certificates for Shares under this Plan prior to: (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable and/or (b) completion of any registration or other qualification of
such Shares under any state, federal, or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or to effect compliance
with the registration, qualification, or listing requirements of any foreign or state securities laws, exchange control laws, stock exchange, or automated quotation system, and the Company will have no liability for any inability or failure to do
so. 

  

	 	c.	 Severability. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to
be invalid, illegal, or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to the
applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, person
or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

  

	 	d.	 Section 409A of the Code. 

 

	 	i.	 Notwithstanding any provision of the Plan or any Award Agreement to the contrary, it is intended that the
provisions of the Plan comply with, or be exempt from, Section 409A of the Code, and all provisions of the Plan and Award Agreements shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties
under Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the Plan and Award Agreements
(including any taxes and penalties under Section 409A of the Code), and neither the Service Recipient nor any other member of the Company Group shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary)
harmless from any or all of such taxes or penalties. With respect to any Award that is considered “deferred compensation” subject to Section 409A of the Code, references in the Plan to “termination of employment” (and
substantially similar phrases) shall mean “separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted
under the Plan is designated as a separate payment. 

  
 11 

	 	ii.	 Notwithstanding anything in the Plan or any Award Agreement to the contrary, if a Participant is a
“specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code and which would otherwise be
payable on the date of or a date or period that is by reference to the Participant’s “separation from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six
(6) months after the date of such Participant’s “separation from service” or, if earlier, the date of the Participant’s death. Unless the Award Agreement provides otherwise, following any applicable six (6) month delay,
all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day. 

  

	 	iii.	 Unless otherwise provided by the Board in an Award Agreement or otherwise, in the event that the timing of
payments in respect of any Award (that would otherwise be considered “deferred compensation” subject to Section 409A of the Code) would be accelerated upon the occurrence of (A) a Change in Control, no such acceleration shall be
permitted unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation
pursuant to Section 409A of the Code; or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of “Disability” pursuant to Section 409A of the Code.

  

	16.	 DEFINITIONS 

In addition to the capitalized terms defined throughout the Plan, the following capitalized terms shall have the corresponding meanings set forth in this
Section: 
  

	 	a.	 “Affiliate” means any Person that directly or indirectly controls, is controlled by or is
under common control with the Company. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise. 

 

	 	b.	 “Award” means any Nonqualified Stock Option, Restricted Share Unit, Performance Share Unit,
Director Share Unit, Performance Cash Unit or Other Equity-Based Awards granted under the Plan. 

  

	 	c.	 “Award Agreement” means the written or electronic agreement between the Company and the
Participant setting forth the terms and conditions of each Award, and country-specific appendix thereto for grants to non-U.S. Participants, which will be in substantially a form that the Committee has from
time to time approved and will comply with and be subject to the terms and conditions of this Plan. 

  
 12 

	 	d.	 “Blackout Period” means a period in which the trading of Shares or other securities of the
Company is restricted under the Company’s Corporate Disclosure, Confidentiality and Securities Trading Policy, or under any similar policy of the Company then in effect. 

 

	 	e.	 “CDI” means CHESS depositary interests (or any successor securities) over Common Stock, as
defined by the operating rules of the settlement facility provided by ASX Settlement Pty Limited ACN 008 504 532. 

  

	 	f.	 “Change in Control” means: 

 

	 	i.	 the sale, lease, transfer, conveyance or other disposition, in one transaction or a series of related
transactions, of all or substantially all of the assets of the Company, 

  

	 	ii.	 the sale, transfer, conveyance or other disposition, in one transaction or a series of related transactions, of
the outstanding equity securities of the Company, 

  

	 	iii.	 the merger or consolidation of the Company with another Person, 

in each case in clauses (ii) and (iii) above under circumstances in which the holders of the voting power of outstanding equity securities
of the Company, immediately prior to such transaction, are no longer, in the aggregate, the Beneficial Owners, directly or indirectly through one or more intermediaries, of more than fifty percent (50%) of the voting power of the outstanding equity
securities of the surviving or resulting corporation or acquirer, as the case may be, immediately following such transaction. A sale (or multiple related sales) of one or more Subsidiaries (whether by way of merger, consolidation, reorganization or
sale of all or substantially all of the assets or securities) which constitutes all or substantially all of the consolidated assets of the Company shall be deemed a Change in Control. 

 

	 	g.	 “Code” means the United States Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder. 

  

	 	h.	 “Committee” means the Compensation Committee of the Board, or if no such committee shall be in
existence at any relevant time, the term “Committee” for purposes of the Plan shall mean the Board. 

  

	 	i.	 “Common Stock” means the common stock of the Company, par value USD 0.01 per share (and any
stock or other securities into which such Common Stock may be converted or into which it may be exchanged). 

  

	 	j.	 “Dividend Equivalent Right” means a right to receive the equivalent value of dividends paid on
the Shares with respect to Shares underlying an Award that is a full-value award prior to settlement of the Award. 

  

	 	k.	 “Effective Date” means the date of the admission of the Company to, and the quotation of
Common Stock for trading on, the NASDAQ Stock Exchange. 

  

	 	l.	 “Eligible Participant” means any person who has been designated by the Board to participate in
the Plan and is eligible to receive an Award by virtue of their status as: 

  

	 	i.	 An employee of the Company or any Affiliate, 

 

	 	ii.	 An officer or Board member of the Company or any Affiliate, or 

 

	 	iv.	 A consultant or advisor providing services to the Company or any Affiliate who may be offered securities
registrable pursuant to a registration statement on Form S-8 under the United States Securities Act of 1933, as amended. 

  
 13 

	 	m.	 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and any
reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions to such
section, rules, regulations or guidance. 

  

	 	n.	 “Fair Market Value” means, as of any date, the fair market value of a share of Common Stock,
as determined by the Board; provided that for purposes of setting an exercise price or strike price, as applicable, Fair Market Value will be determined in accordance with Code Section 409A and Treasury Regulation
Section 1.409A-1(b)(5). 

  

	 	o.	 “Fiscal Year” means the twelve-month period commencing July 1st and ending June 30th of the following calendar year 

  

	 	p.	 “Non-Employee Director” means a director who is not
also an Employee of the Company or Affiliate. 

  

	 	q.	 “Nonqualified Stock Option” means an Option that is not designated by the Board as an
“incentive stock option” within the meaning of Section 422 of the Code. 

  

	 	r.	 “Participant” means an Eligible Participant who has been selected to participate in the Plan
and has been granted an Award pursuant to the Plan. 

  

	 	s.	 “Performance Period” means one or more periods of time, which may be of varying and
overlapping durations, as the Committee may select, over which the attainment of one or more performance conditions will be measured for the purpose of determining a Participant’s right to, and the payment of, a PSU or PCU Award.

  

	 	t.	 “Person” means any individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act). 

  

	 	u.	 “Qualifying Director” means a person who is with respect to actions intended to obtain an
exemption from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 under the Exchange Act, a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act. 

  

	 	v.	 “Separation from Service” means the cessation of a Participant’s employment or service,
as applicable, for any reason, including death of the Participant. 

  

	 	w.	 “Subsidiary” means, with respect to any specified Person, any corporation, association or
other business entity of which more than 50% of the total voting power of shares of such entity’s voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’
agreement that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof). 

 

	 	x.	 “Tax-Related Items” means any U.S. federal, state,
and/or local taxes and/or any non-U.S. taxes (including, without limitation, income tax, social insurance contributions (or similar contributions), payroll tax, fringe benefits tax, payment on account,
employment tax, stamp tax and any other tax or tax-related item related to participation in the Plan and legally applicable to a Participant, including any employer liability for which the Participant is
liable pursuant to applicable laws or the applicable Award Agreement. 

  
 14EX-10.2

 Exhibit 10.2 

FORM OF INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) dated as of ___________, 2022, is by and between 5E Advanced Materials,
Inc., a Delaware corporation (the “Company”), and ____________ (the “Indemnitee”). 
 WHEREAS, the
Indemnitee is [a director] [an officer] [a director and officer] of the Company; 
 WHEREAS, both the Company and the Indemnitee recognize
the increased risk of litigation and other claims being asserted against directors and officers of public companies; 
 WHEREAS, the board
of directors of the Company (the “Board”) has determined that enhancing the ability of the Company to retain and attract as directors and officers the most capable persons is in the best interests of the Company and that the Company
therefore should seek to assure such persons that indemnification and insurance coverage is available; and 
 WHEREAS, in recognition of the
need to provide the Indemnitee with substantial protection against personal liability, in order to procure the Indemnitee’s [continued] service as a [director] [officer] [director and officer] of the Company and to enhance the Indemnitee’s
ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights intended to be enforceable irrespective of, among other things, any amendment to the Company’s certificate of
incorporation or bylaws (collectively, the “Constituent Documents”), any change in the composition of the Board or any change in control or business combination transaction relating to the Company, the Company wishes to provide in
this Agreement for the indemnification of, and the advancement of Expenses (as defined in Section 1(e)) to, the Indemnitee as set forth in this Agreement and to the extent insurance is maintained for the coverage of the
Indemnitee under the Company’s directors’ and officers’ liability insurance policies. 
 NOW, THEREFORE, in consideration of
the foregoing and the Indemnitee’s agreement to [continue to] provide services to the Company, the parties agree as follows: 
 1.
Definitions. For purposes of this Agreement, the following terms have the respective meanings indicated below: 
 (a)
“Beneficial Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 (b) “Change in Control” means the occurrence after the date of this Agreement of any of the following
events: 
 (i) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company
representing [25]% or more of the Company’s then outstanding Voting Securities, unless the change in relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of
outstanding shares of securities entitled to vote generally in the election of directors; 
 (ii) the consummation of a
reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the Beneficial Owners of the Voting Securities of the Company immediately prior to such transaction beneficially own, directly
or indirectly, more than [25]% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction; 

 (iii) during any period of two consecutive years, not including any period
prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company’s stockholders
was approved by a vote of at least 66 2/3% of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute a
majority of the Board; or 
 (iv) the stockholders of the Company approve a plan of complete liquidation or dissolution of
the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 

(c) “Claim” means (i) any threatened, pending or completed action, suit, proceeding or alternative
dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law, or (ii) any inquiry, hearing or investigation that the Indemnitee determines
might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism. 
 (d)
“Disinterested Director” means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by the Indemnitee. 

(e) “Expenses” means any and all expenses, including attorneys’ and experts’ fees, court costs,
transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or
preparing to defend, be a witness or participate in, any Claim. Expenses also will include (i) expenses incurred in connection with any appeal resulting from any Claim, including the premium, security for and other costs relating to any cost
bond, supersedeas bond or other appeal bond or its equivalent, and (ii) for purposes of Section 5 only, expenses incurred by the Indemnitee in connection with the interpretation, enforcement or defense of the
Indemnitee’s rights under this Agreement, by litigation or otherwise. Expenses, however, will not include amounts paid in settlement by the Indemnitee or the amount of judgments or fines against the Indemnitee. The parties agree that for the
purposes of any advancement of Expenses for which the Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of the Indemnitee’s counsel as being
reasonable will be presumed conclusively to be reasonable. 
 (f) “Expense Advance” means any payment of
Expenses advanced to the Indemnitee by the Company pursuant to Section 4 or Section 5. 

(g) “Indemnifiable Event” means any event or occurrence, whether occurring [before,] on or after the date of
this Agreement, related to the fact that the Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member,
manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (collectively with the Company, an “Enterprise”) or by reason of an action or inaction by
the Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement). 

  
 2 

 (h) “Independent Counsel” means a law firm, or a member of
a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past three years has performed, services for either (i) the Company or the Indemnitee (other than in connection with matters concerning the
Indemnitee under this Agreement or of other the Indemnitees under similar agreements) or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” will not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the
Indemnitee’s rights under this Agreement. 
 (i) “Losses” means any and all Expenses, damages, losses,
liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual
or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or
participate in, any Claim. 
 (j) “Person” means any individual, corporation, firm, partnership, joint
venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act. 

(k) “Voting Securities” means any securities of the Company that vote generally in the election of directors.

 2. Services to the Company. The Indemnitee agrees to [serve] [continue to serve] as a director or officer of the Company for so
long as the Indemnitee is duly elected or appointed or until the Indemnitee tenders the Indemnitee’s resignation or is no longer serving in such capacity. This Agreement will not be deemed an employment agreement between the Company (or any of
its subsidiaries or Enterprise) and the Indemnitee. The Indemnitee specifically acknowledges that the Indemnitee’s employment with the Company or any of its subsidiaries or Enterprise is at will and the Indemnitee may be discharged at any time
for any reason, with or without cause, except as may be otherwise provided in any written employment agreement between the Indemnitee and the Company (or any of its subsidiaries or Enterprise), other applicable formal severance policies duly adopted
by the Board or, with respect to service as a director or officer of the Company, by the Company’s Constituent Documents or Delaware law. This Agreement will continue in force after the Indemnitee has ceased to serve as a director or officer of
the Company or, at the request of the Company, of any of its subsidiaries or Enterprise, as provided in Section 12. 

3. Indemnification. Subject to Section 9 and Section 10, the Company will indemnify
the Indemnitee, to the fullest extent permitted by the laws of the State of Delaware in effect on the date of this Agreement, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against
any and all Losses if the Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including Claims brought by or
in the right of the Company, Claims brought by third parties and Claims in which the Indemnitee is solely a witness. 

  
 3 

 4. Advancement of Expenses. The Indemnitee will have the right to advancement by the
Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by the Indemnitee in connection with any Claim arising out of
an Indemnifiable Event. The Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within 30 days after any request by the Indemnitee,
the Company will, in accordance with such request, (a) pay such Expenses on behalf of the Indemnitee, (b) advance to the Indemnitee funds in an amount sufficient to pay such Expenses or (c) reimburse the Indemnitee for such Expenses.
In connection with any request for Expense Advances, the Indemnitee will not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. In
connection with any request for Expense Advances, the Indemnitee will execute and deliver to the Company an undertaking (which will be accepted without reference to the Indemnitee’s ability to repay the Expense Advances) to repay any amounts
paid, advanced or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that the Indemnitee is not entitled to indemnification hereunder. The Indemnitee’s
obligation to reimburse the Company for Expense Advances will be unsecured and no interest will be charged thereon. 
 5. Indemnification
for Expenses in Enforcing Rights. To the fullest extent allowable under applicable law, the Company will also indemnify against and, if requested by the Indemnitee, will advance to the Indemnitee subject to and in accordance with
Section 4, any Expenses actually and reasonably paid or incurred by the Indemnitee in connection with any action or proceeding by the Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses
by the Company under any provision of this Agreement or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events or (b) recovery under any directors’
and officers’ liability insurance policies maintained by the Company. The Indemnitee will be required to reimburse the Company in the event that a final judicial determination is made that such action brought by the Indemnitee was frivolous or
not made in good faith. 
 6. Partial Indemnity. If the Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company will nevertheless indemnify the Indemnitee for the portion thereof to which the
Indemnitee is entitled. 
 7. Notification and Defense of Claims. 

(a) The Indemnitee will notify the Company in writing as soon as practicable of any Claim which could relate to an
Indemnifiable Event or for which the Indemnitee could seek Expense Advances, including a brief description (based upon information then available to the Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by the
Indemnitee to timely notify the Company hereunder will not relieve the Company from any liability under this Agreement unless and to the extent that the Company’s ability to participate in the defense of such claim was materially and adversely
affected by such failure. If at the time of the receipt of such notice, the Company has directors’ and officers’ liability insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the
Company will give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies. The Company will provide to the Indemnitee a copy of such notice delivered to the applicable insurers, and
copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company. 

  
 4 

 (b) The Company will be entitled to participate in the defense of any Claim
relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to the Indemnitee. After notice from the
Company to the Indemnitee of its election to assume the defense of any such Claim, the Company will not be liable to the Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by the Indemnitee in connection
with the Indemnitee’s defense of such Claim, other than reasonable costs of investigation or as otherwise provided below. The Indemnitee will have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel
incurred after notice from the Company of its assumption of the defense will be at the Indemnitee’s own expense; provided that if (i) the Indemnitee’s employment of its own legal counsel has been authorized by the Company,
(ii) the Indemnitee has reasonably determined that there may be a conflict of interest between the Indemnitee and the Company in the defense of such Claim, (iii) after a Change in Control, the Indemnitee’s employment of its own
counsel has been approved by the Independent Counsel or (iv) the Company will not in fact have employed counsel to assume the defense of such Claim, then the Indemnitee will be entitled to retain its own separate counsel (but not more than one
law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel will be borne by the Company. 

8. Procedure upon Application for Indemnification. In order to obtain indemnification pursuant to this Agreement, the Indemnitee will
submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is
entitled to indemnification following the final disposition of the Claim, provided that documentation and information need not be so provided to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege.
Indemnification will be made insofar as the Company determines the Indemnitee is entitled to indemnification in accordance with Section 9. 

9. Determination of Right to Indemnification. 

(a) To the extent that the Indemnitee has been successful on the merits or otherwise in defense of any Claim relating to an
Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including dismissal without prejudice, the Indemnitee will be indemnified against all Losses relating to such Claim in accordance with
Section 3 to the fullest extent allowable by law, and no Standard of Conduct Determination (as defined in Section 9(b)) will be required. To the extent that the Indemnitee’s involvement
in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, the Indemnitee will be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law, and no
Standard of Conduct Determination (as defined in Section 9(b)) will be required. 
 (b) To the
extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event that has been finally disposed of, any determination of whether the Indemnitee has satisfied any applicable standard
of conduct under Delaware law that is a legally required condition to indemnification of the Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a “Standard of
Conduct Determination”) will be made as follows: 
 (i) if no Change in Control has occurred, (A) by a majority
vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, or (C) if there are
no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board, a copy of which will be delivered to the Indemnitee; and 

  
 5 

 (ii) if a Change in Control has occurred, (A) if the Indemnitee so
requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the Board, or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which will be delivered to the
Indemnitee. 
 The Company will indemnify and hold harmless the Indemnitee against and, if requested by the Indemnitee, will
reimburse the Indemnitee for, or advance to the Indemnitee, within 30 days after such request, any and all Expenses incurred by the Indemnitee in cooperating with the person or persons making such Standard of Conduct Determination. 

(c) The Company will use its reasonable best efforts to cause any Standard of Conduct Determination required under
Section 9(b) to be made as promptly as practicable. If the person or persons designated to make the Standard of Conduct Determination under Section 9(b) has not made a determination within 30 days
after the later of (i) receipt by the Company of a written request from the Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the “Notification Date”) and
(ii) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then the Indemnitee will be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the person or persons making such determination in good faith requires such additional time to obtain or evaluate
information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of the Indemnitee to indemnification under this Agreement will be required to be made prior to the final disposition of any
Claim. 
 (d) If, in regard to any Losses: 

(i) the Indemnitee is entitled to indemnification pursuant to Section 9(a); 

(ii) no Standard of Conduct Determination is legally required as a condition to indemnification of the Indemnitee hereunder; or

 (iii) the Indemnitee has been determined or deemed pursuant to Section (b) or
Section 9(c) to have satisfied the Standard of Conduct Determination; 
 then the Company will pay
to the Indemnitee, within five business days after the later of the Notification Date or the earliest date on which the applicable criterion specified in clause (i), (ii) or (iii) is satisfied, an amount equal to such Losses. 

(e) If a Standard of Conduct Determination is to be made by Independent Counsel pursuant to
Section 9(b)(i), the Independent Counsel will be selected by the Board of Directors, and the Company will give written notice advising the Indemnitee of the identity of the Independent Counsel so selected. If a Standard of
Conduct Determination is to be made by Independent Counsel pursuant to Section 9(b)(ii), the Independent Counsel will be selected by the Indemnitee, and the Indemnitee will give written notice to the Company advising it of
the identity of the Independent Counsel so selected. In either case, the Indemnitee or the Company, as applicable, may, within five business days after receiving written notice of selection from the other, deliver to the other a written objection to
such selection; provided that such objection may 

  
 6 

 
be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of “Independent Counsel” in
Section 1(h), and the objection will set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person or firm so selected will act as Independent Counsel. If such written
objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit
and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative
Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and numbered clause (i) of this sentence will apply to such subsequent selection and notice. If
applicable, the provisions of clause (ii) of the immediately preceding sentence will apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this
Section 9(e) to make the Standard of Conduct Determination has been selected within 30 days after the Company gives its initial notice pursuant to the first sentence of this Section 9(e) or the
Indemnitee gives its initial notice pursuant to the second sentence of this Section 9(e), as the case may be, either the Company or the Indemnitee may petition the Court of Chancery of the State of Delaware (the
“Delaware Court”) to resolve any objection which has been made by the Company or the Indemnitee to the other’s selection of Independent Counsel and/or to appoint as Independent Counsel a person to be selected by the Delaware
Court or such other person as the Delaware Court designates, and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel. In all events, the Company will pay all of
the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 9(b). 

(f) For purposes of this Agreement: 

(i) in making any Standard of Conduct Determination, the person or persons making such determination will presume that the
Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company will have the burden of proof to overcome that presumption and establish that the Indemnitee is not so entitled. Any Standard of Conduct
Determination that is adverse to the Indemnitee may be challenged by the Indemnitee in the Delaware Court. No determination by the Company (including by its directors or any Independent Counsel) that the Indemnitee has not satisfied any applicable
standard of conduct may be used as a defense to any legal proceedings brought by the Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that the Indemnitee has not
met any applicable standard of conduct; 
 (ii) without creating any presumption as to a lack of good faith if the following
circumstances do not exist, the Indemnitee will be deemed to have acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company if the Indemnitee’s actions or omissions to
act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to the Indemnitee by the officers or employees of the Company or any of its
subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters the Indemnitee reasonably believes are within such other Person’s
professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company will not be
imputed to the Indemnitee for purposes of determining the right to indemnity hereunder; 

  
 7 

 (iii) the termination of any Claim by judgment, order, settlement (whether
with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that the Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that
indemnification hereunder is otherwise not permitted; 
 (iv) it will be a defense to any action brought by the Indemnitee
against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under
applicable law for the Company to indemnify the Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that the Indemnitee did not satisfy the
applicable standard of conduct will be on the Company; and 
 (v) a settlement or other disposition short of final judgment
may be successful on the merits or otherwise for purposes of Section 9(a) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable
Event to which the Indemnitee is a party is resolved in any manner other than by adverse judgment against the Indemnitee (including settlement of such action, claim or proceeding with our without payment of money or other consideration) it will be
presumed that the Indemnitee has been successful on the merits or otherwise for purposes of Section 9(a). The Company will have the burden of proof to overcome this presumption. 

10. Exclusions from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Company will not be obligated to:

 (a) indemnify or advance funds to the Indemnitee for Expenses or Losses with respect to proceedings initiated by the
Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except: 

(i) proceedings referenced in Section 5 (unless a court of competent jurisdiction determines that
each of the material assertions made by the Indemnitee in such proceeding was not made in good faith or was frivolous); or 

(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings; 

(b) indemnify the Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is
prohibited by applicable law; 
 (c) indemnify the Indemnitee for the disgorgement of profits arising from the purchase or
sale by the Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute; or 

  
 8 

 (d) indemnify or advance funds to the Indemnitee for the Indemnitee’s
reimbursement to the Company of any bonus or other incentive-based or equity-based compensation previously received by the Indemnitee or payment of any profits realized by the Indemnitee from the sale of securities of the Company, as required in
each case under the Exchange Act (including any such reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of profits arising from the
purchase or sale by the Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act). 
 11. Settlement of
Claims. The Company will not be liable to the Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company’s prior written consent,
which will not be unreasonably withheld, delayed or conditioned; provided that if a Change in Control has occurred, the Company will be liable for indemnification of the Indemnitee for amounts paid in settlement if an Independent Counsel has
approved the settlement. The Company will not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on the Indemnitee without the Indemnitee’s prior written consent. 

12. Duration. All agreements and obligations of the Company contained herein will continue during the period that the Indemnitee is a
director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and will continue thereafter (a) so long as the Indemnitee may be subject to any
possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (b) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by the Indemnitee to enforce or interpret the
Indemnitee’s rights under this Agreement, even if, in either case, the Indemnitee has ceased to serve in such capacity at the time of any such Claim or proceeding. 

13. Non-Exclusivity. The rights of the Indemnitee under this Agreement will be in addition to
any other rights the Indemnitee may have under the Constituent Documents, the General Corporation Law of the State of Delaware, any other contract or otherwise (collectively, “Other Indemnity Provisions”); provided that
(a) to the extent that the Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, the Indemnitee will be deemed to have such greater right hereunder, and (b) to the extent that any change
is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, the Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt
any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber the Indemnitee’s right to indemnification under this Agreement or any Other Indemnity Provision. 

14. Liability Insurance. For the duration of the Indemnitee’s service as a director or officer of the Company, and thereafter for
so long as the Indemnitee is subject to any pending Claim relating to an Indemnifiable Event, the Company will use its reasonable best efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue
to maintain in effect policies of directors’ and officers’ liability insurance providing coverage that is at least substantially comparable in scope and amount to that provided by the Company’s current policies of directors’ and
officers’ liability insurance. In all policies of directors’ and officers’ liability insurance maintained by the Company, the Indemnitee will be named as an insured in such a manner as to provide the Indemnitee the same rights and
benefits as are provided to the most favorably insured of the Company’s directors, if the Indemnitee is a director, or of the Company’s officers, if the Indemnitee is an officer and not a director, by such policy. Upon request, the Company
will provide to the Indemnitee copies of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials. 

  
 9 

 15. No Duplication of Payments. The Company will not be liable under this Agreement
to make any payment to the Indemnitee in respect of any Losses to the extent the Indemnitee has otherwise received payment under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise
indemnifiable by the Company hereunder. 
 16. Subrogation. In the event of payment to the Indemnitee under this Agreement, the
Company will be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee. The Indemnitee will execute all papers required and will do everything that may be necessary to secure such rights, including the execution
of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 
 17. Amendments. No supplement,
modification or amendment of this Agreement will be binding unless executed in writing by both of the parties. No waiver of any of the provisions of this Agreement will be binding unless in the form of a writing signed by the party against whom
enforcement of the waiver is sought, and no such waiver will operate as a waiver of any other provisions hereof (whether or not similar), nor will such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to
exercise or any delay in exercising any right or remedy hereunder will constitute a waiver thereof. 
 18. Binding Effect. This
Agreement will be binding upon and inure to the benefit of and be enforceable by the parties and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of
the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company will require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all or a substantial part of the business or assets of the Company, by written agreement in form and substances satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform if no such succession had taken place. 
 19. Severability. The provisions of
this Agreement will be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions will
remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties will negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

20. Notices. All notices, requests, demands and other communications in connection with this Agreement will be in writing and will be
deemed to have been duly given if delivered by hand, against receipt or mailed, by postage prepaid, certified or registered mail: 

(a) if to the Indemnitee, to the address set forth on the signature page of this Agreement. 

(b) if to the Company, to: _____________. 

Notice of change of address will be effective only when given in accordance with this Section. All notices complying with this Section will be
deemed to have been received on the date of hand delivery or on the third business day after mailing. 

  
 10 

 21. Governing Law and Forum. This Agreement will be governed by and construed and
enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts of laws. The Company and the Indemnitee hereby irrevocably and
unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement will be brought only in the Delaware Court and not in any other state or federal court in the United States, (b) consent to submit
to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement and (c) waive, and agree not to plead or make, any claim that the Delaware Court lacks venue or
that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 
 22.
Headings. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and will not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof. 

23. Counterparts. This Agreement may be executed in one or more counterparts, each of which will for all purposes be deemed to be an
original, but all of which together will constitute one and the same Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 11 

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

			
	5E Advanced Materials, Inc.
		
	By:	 	
                     

	 Name:
 Title:

	
	INDEMNITEE
	
	  

	
	Name:

 
			
	Address:	 	
                     

	  
  

	  
  

  
 12

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