Document:

Exhibit

RETENTION AND OWNERSHIP 
CHANGE EVENT AGREEMENT
This Retention and Ownership Change Event Agreement (“Agreement”) is made effective as of the last date set forth below by and between Immersion Corporation (together with its affiliates, the “Company”) and Aaron Akerman (“Executive”). 
RECITALS
Executive and the Board of Directors of the Company (the “Board”) have determined that it is in the best interests of the Company and Executive to enter into this Retention and Ownership Change Event Agreement. Except for the Company’s responsibility to withhold applicable income and employment taxes from compensation paid or provided to Executive, the Company shall not be responsible for the payment of any applicable taxes on compensation paid or provided to Executive pursuant to this Agreement. 
     The Board has determined that it is in the best interests of the Company to assure that the Company will have the continued dedication and service of the Executive, notwithstanding the possibility or occurrence of a Change in Control (as defined below) of the Company.
AGREEMENT
In recognition thereof, the parties now agree as follows:
1.Definitions.  For purposes of this Agreement:
(a)    “Change in Control” means the occurrence of any of the following:
(i)    any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes the “beneficial owner” (as defined in Rule 13d‐3 promulgated under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total combined voting power of the Company’s then‐outstanding securities entitled to vote generally in the election of the Company’s Board of Directors; provided, however, that the following acquisitions shall not constitute a Change in Control: (1) an acquisition by any such person who on the effective date of such transaction is the beneficial owner of more than fifty percent (50%) of such voting power, (2) any acquisition directly from the Company, including, without limitation, a public offering of securities, (3) any acquisition by the Company, (4) any acquisition by a trustee or other fiduciary under an employee benefit plan of the Company or (5) any acquisition by an entity owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the voting securities of the Company; or
(ii)    an Ownership Change Event or series of related Ownership Change Events (collectively, a “Transaction”) in which the stockholders of the Company immediately before the Transaction do not retain immediately after the Transaction direct or indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding securities entitled to vote generally in the election of Directors or, in the case of an Ownership Change Event described in Section 1(c)(iii), the entity to which the assets of the Company were transferred (the “Transferee”), as the case may be; or
(iii)    a liquidation or dissolution of the Company;
provided, however, that a Change in Control shall be deemed not to include a transaction described in subsections (i) or (ii) of this Section 1(a) in which a majority of the members of the Board of Directors of the continuing, surviving or successor entity, or parent thereof, immediately after such transaction is comprised of incumbent members.
(b)    “Good Reason” means any of the following conditions, which condition(s) remain(s) in effect thirty (30) days after written notice to the Board or the Company’s Chief Executive Officer from Executive of such condition(s):
(i)    a material decrease in Executive’s base salary; 
(ii)    a material, adverse change in the Executive’s title, authority, responsibilities, or duties; or
(iii)    the relocation of the Executive’s work place for the Company to a location that is more than forty (40) miles distant from Executive’s present work location for the Company;
provided, that such written notice must be given within thirty (30) days following the first occurrence of any of the good reason conditions set forth in this subsection (b) and the Executive’s resignation must occur within six (6) months following the first occurrence of the good reason condition.
(c)    “Ownership Change Event” means the occurrence of any of the following with respect to the Company:  (i) the direct or indirect sale or exchange in a single or series of related transactions by the stockholders of the Company of more than fifty percent (50%) of the voting stock of the Company; (ii) a merger or consolidation in which the Company is a party; or (iii) the sale, exchange, or transfer of all or substantially all of the assets of the Company (other than a sale, exchange or transfer to one or more subsidiaries of the Company).
(d)    a termination for “Cause” means Executive’s termination based upon (1) Executive’s theft, dishonesty, misconduct, breach of fiduciary duty, or falsification of any Company documents or records; (2) Executive’s material failure to abide by the Company’s code of conduct or other policies (including, without limitation, policies relating to confidentiality and reasonable workplace conduct), after written notice from the Company of, and a reasonable opportunity to cure, such failure; (3) Executive’s unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate opportunity of the Company (including, without limitation, Executive’s improper use or disclosure of the Company’s confidential or proprietary information); (4) any intentional act by the Executive that has a material detrimental effect on the Company’s reputation or business; (5) Executive’s repeated failure or inability to perform any reasonable assigned duties after written notice from the Company of, and a reasonable opportunity to cure, such failure or inability; (6) Executive’s conviction (including any plea of guilty or nolo contendere) for any criminal act that impairs  Executive’s ability to perform his duties for the Company.
2.    Termination Without Cause or Resignation for Good Reason.  In the event that the Company or its successor terminates Executive’s employment without Cause or Executive resigns for Good Reason and Executive is not entitled to receive the severance pay and benefits described in Section 3 below, Executive will be entitled to receive the following payment and benefits, provided that prior to the thirtieth (30th) day following the date of such termination Executive has signed a general release of known and unknown claims in a form satisfactory to the Company: 
(a)    payment in a lump sum on the thirtieth (30th) day following Executive’s termination of employment of an amount equal to twelve (12) months’ base salary at Executive’s final base salary rate, subject to applicable withholding; and
(b)    commencing on the thirtieth (30th) day following Executive’s termination of employment, payment of the premiums (including reimbursement to Executive of any such premiums paid by Executive during such thirty (30) day period) necessary to continue Executive’s and Executive’s dependents group health insurance coverage until the earlier of (i) twelve (12) months following Executive’s termination date, or (ii) the date on which Executive first becomes eligible to obtain other group health insurance coverage.  Thereafter, Executive may elect to purchase continued group health insurance coverage at his own expense in accordance with regulations governing health insurance coverage.  
3.    Termination Without Cause or Resignation for Good Reason Due to a Change in Control.  In the event that, within one (1) year following a Change in Control, the Company or its successor terminates Executive’s employment without Cause or Executive resigns for Good Reason, Executive will be entitled to receive the following payment and benefits, provided that prior to the thirtieth (30th) day following the date of such termination Executive has signed a general release of known and unknown claims in a form satisfactory to the Company:
(a)    payment in a lump sum on the thirtieth (30th) day following Executive’s termination of employment of an amount equal to twelve (12) months’ base salary at Executive’s final base salary rate, subject to applicable withholding; 
(b)    commencing on the thirtieth (30th) day following Executive’s termination of employment, payment of the premiums (including reimbursement to Executive of any such premiums paid by Executive during such thirtieth (30) day period) necessary to continue Executive’s and Executive’s dependents group health insurance coverage until the earlier of (i) twelve (12) months following Executive’s termination date, or (ii) the date on which Executive first becomes eligible to obtain other group health insurance coverage.  Thereafter, Executive may elect to purchase continued group health insurance coverage at his own expense in accordance with regulations governing health insurance; and
(c)Immediate vesting in one-hundred percent (100%) of his then-unvested Company equity awards (including those subject to options and RSUs).  
4.    Voluntary Termination.  In the event that Executive resigns from his employment with the Company at any time (other than a resignation for Good Reason during the period covered by Section 2 or Section 3), or in the event that Executive’s employment terminates at any time as a result of his death or disability (meaning Executive is unable to perform his duties for any consecutive six (6) month period, with or without reasonable accommodation, as a result of a physical and/or mental impairment), Executive will be entitled to no compensation or benefits from the Company other than those earned through the date of Executive’s termination.  Executive agrees that if he resigns from his employment with the Company, he will provide the Company with 20 calendar days’ written notice of such resignation.  The Company may, in its sole discretion, elect to waive all or any part of such notice period and accept the Executive’s resignation at an earlier date.  
5.    Termination for Cause.  If Executive’s employment is terminated by the Company at any time for Cause as defined above in paragraph 1, Executive will be entitled to no compensation or benefits from the Company other than those earned through the date of his termination for Cause.  
6.    Indefinite-Term Employment.  While we look forward to a long and profitable relationship, should you decide to accept our offer, you will be an employee of the Company for an indefinite term, which means that our employment relationship can be terminated by either of us for any reason at any time in accordance with law, and subject to the terms of this Agreement.  
7.    Notices.  Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when received if mailed by U.S. registered or certified mail, return receipt requested and postage prepaid.  In the case of the Executive, mailed notices shall be addressed to the Executive at the home address which the Executive most recently communicated to the Company in writing.  In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Chief Executive Officer.
8.    Successors.
(a)    Company’s Successors.  Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or purchase of all or substantially all of the Company’s business and/or assets) shall assume the Company’s obligations under this Agreement in writing and agree expressly to perform the Company’s obligations under this Agreement in the same manner and to the same extent that the Company would be required to perform such obligations in the absence of a succession.  For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this subsection (a) or which becomes bound by the terms of this Agreement by operation of law.
(b)    Executive’s Successors.  Without the written consent of the Company, the Executive shall not assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity. Notwithstanding the foregoing, the terms of this Agreement and all rights of the Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
9.    Termination.  This Agreement shall terminate in the event that Executive is no longer part of the executive team of the Company as determined by the Board of Directors and does not terminate service for Good Reason.
10.    Miscellaneous Provisions.
(a)    No Duty to Mitigate.  The Executive shall not be required to mitigate the amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that the Executive may receive from any other source.
(b)    Modification/Waiver.  No provision of this Agreement may be amended, modified, waived or discharged unless the amendment, modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than Executive).  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.
(c)    Integration.  This Agreement constitutes the entire agreement and understanding between the parties regarding Executive’s retention and severance benefits, and it supersedes all prior or contemporaneous agreements, whether written or oral, regarding that subject matter.
(d)    Choice of Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the province of Quebec and the laws Canada applicable therein without recourse to rules on conflict of laws.
(e)    Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.
(f)    Employment Taxes.  All payments made pursuant to this Agreement shall be subject to withholding of applicable income and employment taxes.
(g)    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument.
(h)    The parties hereto have requested that this Agreement be drafted in English. Les parties soussignées ont requis que le présent document soit rédigé en anglais.

THE PARTIES SIGNING BELOW HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND AND AGREE TO EACH AND EVERY PROVISION CONTAINED HEREIN. 

Dated: 12/5/2019        /s/ Aaron Akerman    
Aaron Akerman

Immersion Corporation

Dated: 12/11/2019        By: /s/ Ramzi Haidamus    
Its: President and CEO     

    

Page 1Exhibit 10.1

 

FORM OF EXECUTIVE NONQUALIFIED STOCK
OPTION AWARD AGREEMENT

 

This Nonqualified Stock
Option Award Agreement (this “Agreement”) is made and entered into as of [DATE] (the “Grant Date”)
by and between Target Hospitality Corp., a Delaware corporation (the “Company”), and [NAME] (the “Participant”).
This Agreement is being entered into pursuant to the Target Hospitality Corp. 2019 Incentive Award Plan (the “Plan”).
Capitalized terms used in this Agreement but not defined herein will have the meaning ascribed to them in the Plan.

 

1.            Grant
of Option. The Company hereby grants to the Participant an option (the “Option”) to purchase a total
of [NUMBER OF SHARES] Common Shares of the Company, at an exercise price of [$AMOUNT] per Common Share (“Exercise Price”),
subject to the terms and conditions of the Plan and this Agreement. The Option is intended to be a Nonqualified Stock Option and
not an Incentive Stock Option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).

 

2.           
Exercise Period; Vesting.

 

2.1          Vesting
Schedule. On each vesting date set forth below, the Participant’s rights with respect to the number of Common Shares
that corresponds to such vesting date, as specified in the chart below, shall become vested and may be exercised, provided that
the Participant remains in continuous service through the relevant vesting date, and except as otherwise determined by the Committee
in its sole discretion or as otherwise provided in this Agreement or the Plan.

 

	Vesting Date	 	Percentage of Common Shares Vested	 	[Number of Common Shares Vested]
	[First anniversary of the Grant Date]	 	25%	 	 
	[Second anniversary of the Grant Date]	 	25%	 	 
	[Third anniversary of the Grant Date]	 	25%	 	 
	[Fourth anniversary of the Grant Date]	 	25%	 	 

 

2.2         
Expiration. The Option shall vest and become exercisable on the vesting dates set forth above and shall expire as
of the tenth anniversary of the Grant Date (the “Expiration Date”).

 

3.           
Termination of Employment/Service. Except as otherwise provided in the
employment agreement entered in between the Participant and Target Logistics Management, LLC, dated [DATE] (the “Employment
Agreement”), upon any termination of the Participant’s employment or service, the Option shall be treated as provided
in this Section 3. In accordance with the Employment Agreement, if the Participant’s employment is terminated without Cause
or by the Executive for Good Reason at any time prior to the first anniversary of the Grant Date, a minimum of 12.5% of the Option
shall become vested and exercisable as of the date of such termination of employment.

 

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3.1        
Termination due to Death or Disability. If the Participant’s employment or service is terminated as a result
of such Participant’s death or disability (as determined by the Committee), the unvested portion of the Option shall expire
upon such termination of employment or service, and the Participant may exercise the vested portion of the Option, but only within
such period of time ending on the earlier of (a) two years following such termination of employment or service, or (b) the Expiration
Date.

 

3.2         
‎Termination due to Retirement. If the Participant’s employment or service is ‎terminated as a result
of such Participant’s Retirement, then (a) if the Participant has been ‎continuously employed by the Company for at
least twelve (12) ‎months following the Grant ‎Date, then any portion of the Participant’s Options ‎scheduled
to become vested within twelve ‎‎(12) months after the Participant’s termination date ‎shall be vested on his
or her termination date; ‎‎(b) following the application of clause (a), the unvested portion of the Option shall expire
upon ‎such termination of employment or service, and (c) the Participant may exercise the vested ‎portion of the Option,
but only within such period of time ending on the earlier of (i) two years ‎following such termination of employment or service,
or (ii) the Expiration Date.‎

 

3.3         
Termination for Reasons Other Than Retirement, Death, Disability or Cause. If the Participant’s employment
or service is terminated for any reason other than such Participant’s Retirement, death or disability, and other than such
Participant’s termination of employment or service for Cause, the unvested portion of the Option shall expire upon such termination
of employment or service, and the Participant may exercise the vested portion of the Option, but only within such period of time
ending on the earlier of (a) 90 days following such termination of employment or service, or (b) the Expiration Date.

 

3.4        
Termination for Cause. If the Participant’s employment or service is terminated for Cause, the Option (whether
vested or unvested) shall immediately terminate and cease to be exercisable.

 

3.5         
Extension of Termination Date. If following the Participant’s termination of employment or service for any
reason the exercise of the Option is prohibited because the exercise of the Option would violate applicable securities laws, then
the expiration of the Option shall be extended to a date that is thirty (30) calendar days following the date such exercise would
no longer violate applicable securities laws (so long as such extension shall not violate Section 409A of the Code); provided,
that, in no event shall such expiration date be extended beyond the Expiration Date.

 

3.6        
Qualifying Termination. Notwithstanding the foregoing, if a Change in Control occurs and the Participant experiences
a Qualifying Termination, 100% of the Common Shares subject to the Option shall become immediately vested and exercisable as of
the date of such Qualifying Termination.

 

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4.          
Manner of Exercise.

 

4.1       
Method of Exercise. To exercise the Option, the Participant (or in the case of exercise after the Participant’s
death or incapacity, the Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the
Company a written or electronic notice of exercise in the manner designated by the Committee for such purpose. Any such notice
of exercise shall be accompanied by payment of the Exercise Price.

 

4.2        
Payment of Exercise Price. The Exercise Price shall be payable (a) in cash, check, cash equivalent and/or Common
Shares valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee,
by means of attestation of ownership of a sufficient number of Common Shares in lieu of actual delivery of such shares to the Company),
provided that such Common Shares are not subject to any pledge or other security interest and are Mature Shares; or (b) by one
of the following methods: (i) if the Committee has adopted a formal procedure allowing any participant to deliver other property
having a Fair Market Value on the date of exercise equal to the Exercise Price, through the delivery of such property, (ii) if
there is a public market for the Common Shares at such time, by means of a broker-assisted “cashless exercise” pursuant
to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the Common Shares otherwise deliverable
upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price, or (iii) by a “net
exercise” method whereby the Company withholds from the delivery of the Common Shares for which the Option was exercised
that number of Common Shares having a Fair Market Value equal to the aggregate Exercise Price for the Common Shares for which the
Option was exercised.

 

4.3        
Withholding. Prior to the issuance of shares upon the exercise of the Option, the Participant must make arrangements
satisfactory to the Company to pay or provide for any applicable federal, state and local withholding obligations of the Company.
The Company or an Affiliate has the right to withhold from any compensation paid to the Participant the amount of any required
withholding taxes and to take any other such actions as may be necessary in the opinion of the Company or the Committee to satisfy
all obligations for the payment of such withholding taxes. The Participant may satisfy any federal, state or local tax withholding
obligation by any of the following means, or by a combination of such means, in accordance with Section 16(c) of the Plan, (a)
tendering a cash payment, (b) if the Committee has adopted a formal procedure allowing any participant to‎ authorize the Company
to withhold Common Shares from the Common Shares otherwise issuable or deliverable to the Participant as a result of the vesting
of the Option (provided, however, that no Common Shares shall be withheld with a value exceeding the maximum amount of tax required
to be withheld by law), issuing such authorization,‎ or (c) delivering to the Company previously owned and unencumbered Common
Shares. Notwithstanding the foregoing, in the event the Participant fails to provide timely payment of all sums required to satisfy
any applicable federal, state and local withholding obligations in respect of the Option, the Company shall treat such failure
as an election by the Participant to satisfy all or any portion of the Participant’s required payment obligation pursuant
to Section 4.3(b) above.

 

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4.4         
Issuance of Shares. Provided that the exercise notice and payment are in form and substance satisfactory to the Company,
the Company shall issue the Common Shares registered in the name of the Participant, the Participant’s authorized assignee,
or the Participant’s legal representative, and shall deliver certificates representing the shares with the appropriate legends
affixed thereto.

 

5.           
No Rights to Continued Employment/Service; No Rights as Shareholder.
Neither the Plan nor this Agreement shall confer upon the Participant any right to be retained in any position, as an employee,
consultant or director of the Company or an Affiliate. Further, nothing in the Plan or this Agreement shall be construed to limit
the discretion of the Company or an Affiliate to terminate the Participant’s employment or service with the Company or Affiliate
at any time, with or without Cause. The Participant shall not have any rights as a shareholder with respect to any Common Shares
subject to the Option prior to the date of exercise of the Option.

 

6.           
Adjustments. In the event of any change to the outstanding Common Shares
or the capital structure of the Company (including, without limitation, a Change in Control), if required, the Option shall be
adjusted or terminated in any manner as contemplated by Section 12 of the Plan.

 

7.           
Transferability. Unless otherwise provided by the Committee in its discretion,
in accordance with Section 16(b) of the Plan, the Option may not be sold, assigned, alienated, transferred, pledged, attached or
otherwise encumbered.

 

8.           
Beneficiary Designation. The Participant may file with the Committee a written designation of one or more persons
as the beneficiary(ies) who shall be entitled to exercise his or her rights under this Agreement and the Plan, if any, in case
of his or her death, in accordance with Section 16(f) of the Plan.

 

9.           
Tax Liability and Withholding. Notwithstanding any action the Company
takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related
Items”), the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and the
Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant,
vesting, or exercise of the Option or the subsequent sale of any shares acquired on exercise; and (b) does not commit to structure
the Option to reduce or eliminate the Participant’s liability for Tax-Related Items.

 

10.         
Compliance with Law. The exercise of the Option and the issuance and
transfer of Common Shares shall be subject to compliance by the Company and the Participant with all applicable requirements of
federal and state securities laws and with all applicable requirements of any stock exchange on which the Common Shares may be
listed. No Common Shares shall be issued pursuant to the Option unless and until any then applicable requirements of state or federal
laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Participant
understands that the Company is under no obligation to register the Common Shares with the Securities and Exchange Commission,
any state securities commission or any stock exchange to effect such compliance.

 

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11.         
Notices. Any notice required to be delivered to the Company under this
Agreement shall be in writing and addressed to the General Counsel & Secretary of the Company at the Company’s principal
corporate offices. Any notice required to be delivered to the Participant under this Agreement shall be in writing and addressed
to the Participant at the Participant’s address as shown in the records of the Company. Either party may designate another
address in writing (or by such other method approved by the Company) from time to time.

 

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

 

13.         
Interpretation. Any dispute regarding the interpretation of this Agreement
shall be submitted by the Participant or the Company to the Committee for review. The resolution of such dispute by the Committee
shall be final and binding on the Participant and the Company.

 

14.         
Participant Bound By Plan. This Agreement is subject to all terms and
conditions of the Plan as approved by the Company’s shareholders. The terms and provisions of the Plan as it may be amended
from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained
herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

 

15.         
Successors and Assigns. The Company may assign any of its rights under
this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject
to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s
beneficiaries, executors, administrators and the person(s) to whom the Option may be transferred by will or the laws of descent
or distribution.

 

16.         
Severability. The invalidity or unenforceability of any provision of
the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement,
and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

 

17.         
Discretionary Nature of Plan. The Plan is discretionary and may be amended,
cancelled or terminated by the Company at any time, in its discretion. The grant of the Option in this Agreement does not create
any contractual right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the
sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment
of the terms and conditions of the Participant’s employment with the Company.

 

18.         
Amendment. The Committee has the right to amend, alter, suspend, discontinue
or cancel the Option, prospectively or retroactively; provided, that, no such amendment shall adversely affect the Participant’s
material rights under this Agreement without the Participant’s consent.

 

19.         
No Impact on Other Benefits. The value of the Participant’s Option
is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance
or similar employee benefit.

 

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20.         
Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature
pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any
other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect
as physical delivery of the paper document bearing an original signature.

 

21.        
Acceptance. The Participant hereby acknowledges receipt of a copy of
the Plan and this Agreement. The Participant has read and understands the terms and provisions thereof, and accepts the Option
subject to all of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may be adverse
tax consequences upon exercise of the Option or disposition of the underlying shares and that the Participant should consult a
tax advisor prior to such exercise or disposition.

 

[SIGNATURE PAGE FOLLOWS]

 

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

 

		TARGET HOSPITALITY Corp.
	 	 
	 	By:	                                              
	 	Name:	 
	 	Title:	 
	 	 
	 	[PARTICIPANT NAME]
	 	 
	 	By:	 

 

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