Document:

Exhibit 10.1

 

	To:	
    Ormat Technologies, Inc.

    6140 Plumas Street

    Reno, NV 89519

    Attention: General Counsel; Chief Financial Officer

    Telephone No.: [__________]

    Facsimile No.:[__________]

	 	 
	From:	
    [Dealer]

    [__________]

    [__________]

    [__________]

	 	 
	Re:	
    [Base][Additional] Capped Call Transaction

	 	 
	Date:	
    June [__], 2022

 

Dear Ladies and Gentlemen:

 

The purpose of this communication
(this “Confirmation”) is to set forth the terms and conditions of the above-referenced transaction (the “Transaction”)
entered into on the Trade Date specified below between [_________] (“Dealer”) and Ormat Technologies, Inc., a Delaware
corporation (“Counterparty”). This communication constitutes a “Confirmation” as referred to in the ISDA
Master Agreement specified below. Each party hereto agrees that this Confirmation, together with the Agreement (as defined below), evidence
a complete binding agreement between Dealer and Counterparty as to the subject matter and terms of the Transaction to which this Confirmation
relates, and shall supersede all prior or contemporaneous written or oral communications with respect thereto.

 

1. This Confirmation is subject
to, and incorporates, the definitions and provisions of the 2006 International Swaps and Derivatives Association, Inc. (“ISDA”)
Definitions (the “2006 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions
(the “Equity Definitions”, and together with the 2006 Definitions, the “Definitions”), in each case
as published by the ISDA. In the event of any inconsistency between the 2006 Definitions and the Equity Definitions, the Equity
Definitions will govern and in the event of any inconsistency between terms defined in the Equity Definitions and this Confirmation, this
Confirmation shall govern.

 

This Confirmation shall supplement,
form a part of, and be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement as if
Dealer and Counterparty had executed an agreement in such form on the Trade Date (but without any Schedule except for (i) the election
of the laws of the State of New York as the governing law (without reference to choice of law doctrine), [(ii) the election of an executed
guarantee of [__________] (“Guarantor”) dated [__________] as a Credit Support Document, (iii) the election of Guarantor
as Credit Support Provider in relation to Dealer and (iv)] [and (ii)] the election that the “Cross Default” provisions of
Section 5(a)(vi) of the Agreement shall apply to Dealer, (a) with a Threshold Amount” of 3% of the shareholders’ equity
of [Dealer] [_________] [(“Dealer Parent”)] on the Trade Date, (b) ”Specified Indebtedness” having
the meaning set forth in Section 14 of the Agreement, except that it shall not include any obligation in respect of deposits received
in the ordinary course of Dealer’s banking business, (c) the phrase “, or becoming capable at such time of being declared,”
shall be deleted from clause (1) of such Section 5(a)(vi) of the Agreement, and (d) the following sentence shall be added to the end of
Section 5(a)(vi) of the Agreement: “Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an
Event of Default if (i) the default was caused solely by error or omission of an administrative or operational nature; (ii) funds were
available to enable the relevant party to make payment when due; and (iii) the payment is made within two Local Business Days of such
party’s receipt of written notice of its failure to pay.”).

 

     

     

    

 

All provisions contained in,
or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified herein. In the event of any
inconsistency between this Confirmation and either the Definitions or the Agreement, this Confirmation shall govern.

 

The Transaction hereunder shall be the sole Transaction
under the Agreement. If there exists any ISDA Master Agreement between Dealer and Counterparty or any confirmation or other agreement
between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding
anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty
are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master
Agreement and the occurrence of any Event of Default or Termination Event under the Agreement with respect to either party or the Transaction
shall not, by itself, give rise to any right or obligation under any such other agreement or deemed agreement.

 

2. The Transaction constitutes
a Share Option Transaction for purposes of the Equity Definitions. The terms of the particular Transaction to which this Confirmation
relates are as follows:

 

General Terms:

 

	Trade Date:	June [__], 2022

	 	 
	Effective Date:	June [___], 2022, or such other date as agreed by the parties in writing.
	 	 
	Components:	The Transaction will be divided into individual Components, each with the terms set forth in this
    Confirmation, and, in particular, with the Number of Options and Expiration Date set forth in Annex A to this Confirmation. The
    exercise, valuation and settlement of the Transaction will be effected separately for each Component as if each Component were a
    separate Transaction under the Agreement.
	 	 
	Option Style:	“European”, as described under “Procedures for Exercise” below.
	 	 
	Option Type:	Call
	 	 
	Seller:	Dealer
	 	 
	Buyer:	Counterparty
	 	 
	Shares:	The common stock of Counterparty, par value USD 0.001 per Share (Exchange Symbol: “ORA”).
	 	 
	Number of Options:	For each Component, as provided in Annex A to this Confirmation.
	 	 
	Option Entitlement:	One Share per Option
	 	 
	Strike Price:	USD [_____]
	 	 
	Cap Price:	USD [_____]; provided that in no event shall the Cap Price be reduced to an amount less than the Strike Price in connection with any adjustment by the Calculation Agent under this Confirmation.

 

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	Number of Shares:	As of any date, a number of Shares equal to the product of (i) the Number of Options and (ii) the Option Entitlement.
	 	 
	Premium:	USD [_____]; Dealer and Counterparty hereby agree that notwithstanding anything to the contrary herein or in the Agreement, following the payment of the Premium, in the event that (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement that is within Counterparty’s control) occurs or is designated with respect to any Transaction and, as a result, Counterparty owes to Dealer the amount calculated under Section 6(d) and Section 6(e) or otherwise under the Agreement (calculated as if the Transactions terminated on such Early Termination Date were the sole Transactions under the Agreement) or (b) Counterparty owes to Dealer, pursuant to Sections 12.2, 12.3, 12.6, 12.7, 12.8 or 12.9 of the Equity Definitions or otherwise under the Equity Definitions, an amount calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero. 
	 	 
	Premium Payment Date:	The Effective Date
	 	 
	Exchange:	The New York Stock Exchange
	 	 
	Related Exchange:	All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of such Section.
	 	 
	Procedures for Exercise:	 
	 	 
	Expiration Time:	The Valuation Time
	 	 
	Expiration Date:	For any Component, as provided in Annex A to this Confirmation (or, if such date is not a Scheduled Valid Day, the next following Scheduled Valid Day that is not already an Expiration Date for another Component); provided that if that date is a Disrupted Day, the Expiration Date for such Component shall be the first succeeding Scheduled Valid Day that is not a Disrupted Day and is not or is not deemed to be an Expiration Date in respect of any other Component of the Transaction hereunder; and provided further that in no event shall the Expiration Date be postponed to a date later than the Final Termination Date and, notwithstanding anything to the contrary in this Confirmation or the Equity Definitions, if any Expiration Date that occurs on the Final Termination Date is a Disrupted Day, the Relevant Price for such Expiration Date shall be the prevailing market value per Share determined by the Calculation Agent in a good faith and commercially reasonable manner. Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Expiration Date, the Calculation Agent may determine in a good faith and commercially reasonable manner that such Expiration Date is a Disrupted Day only in part, in which case the Calculation Agent shall make commercially reasonable adjustments to the Number of Options for the relevant Component for which such day shall be the Expiration Date, shall designate the Scheduled Valid Day determined in the manner described in the immediately preceding sentence as the Expiration Date for the remaining Options for such Component and may determine the Relevant Price based on transactions in the Shares on such Disrupted Day taking into account the nature and duration of such Market Disruption Event on such day. Any Scheduled Valid Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be a Scheduled Valid Day; if a closure of the Exchange prior to its normal close of trading on any Scheduled Valid Day is scheduled following the date hereof, then such Scheduled Valid Day shall be deemed to be a Disrupted Day in full. Section 6.6 of the Equity Definitions shall not apply to any Valuation Date occurring on an Expiration Date.

 

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	Final Termination Date:	[_______________]
	 	 
	Automatic Exercise:	Applicable; and means that the Number of Options for the relevant Component will be deemed to be automatically exercised at the Expiration Time on the Expiration Date for such Component if at such time such Component is In-the-Money, unless Buyer notifies Seller (in writing) prior to the Expiration Time on such Expiration Date that it does not wish Automatic Exercise to occur with respect to such Component, in which case Automatic Exercise will not apply with respect to such Component.  “In-the-Money” means, in respect of any Component, that the Relevant Price on the Expiration Date for such Component is greater than the Strike Price for such Component.
	 	 
	Valuation Time:	The close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in a good faith and commercially reasonable manner.
	 	 
	Valuation Date:	For any Component, the Expiration Date therefor.
	 	 
	Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby
amended by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in
Valuation Time or Knock-out Valuation Time, as the case may be,” in clause (ii) thereof.

 

                                    Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.  

	 	 
	Settlement Terms:	 
	 	 
	Settlement Method Election:	Applicable; provided that (a) Section 7.1 of the Equity Definitions is hereby amended by replacing the term “Physical Settlement” with the term “Net Share Settlement”, (b) Counterparty must make a single irrevocable election for all Components and (c) if Counterparty is electing Cash Settlement, such Settlement Method Election would be effective only if Counterparty represents and warrants to Dealer in writing on the date of such Settlement Method Election that (i) Counterparty is not in possession of any material non-public information regarding Counterparty or the Shares, and (ii) such election is being made in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws.

         

        Without limiting the generality of the foregoing, Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Sections 9 and 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder in respect of such election.

 

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	Electing Party:	Counterparty
	 	 
	Settlement Method Election Date:	The second Scheduled Valid Day prior to the scheduled Expiration Date for the Component with the earliest scheduled Expiration Date.
	 	 
	Default Settlement Method:	Net Share Settlement
	 	 
	Net Share Settlement:	
    With respect to any Component, if Net Share Settlement
    is applicable, Dealer will deliver to Counterparty, on the Settlement Date, a number of Shares (the “Net Share Settlement Amount”)
    equal to (i) the Daily Option Value on the Expiration Date of such Component divided by (ii) the Relevant Price on such Expiration
    Date.

     

    Dealer will deliver cash in lieu of any fractional
    Shares to be delivered with respect to any Net Share Settlement Amount valued at the Relevant Price for the Expiration Date of such Component.

    

	 	 
	Cash Settlement:	With respect to any Component, if Cash Settlement is applicable to the Options exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the Settlement Date, an amount of cash (the “Cash Settlement Amount”) equal to the Daily Option Value on the Expiration Date of such Component.
	 	 
	Daily Option Value:	For any Component, an amount equal to (i) the Number of Options in such Component, multiplied by (ii) the Option Entitlement multiplied by (iii)(A) the lesser of the Relevant Price on the Expiration Date of such Component and the Cap Price, minus (B) the Strike Price on such Expiration Date; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Component shall be deemed to be zero. In no event will the Daily Option Value be less than zero.
	 	 
	Valid Day:	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange. If the Shares are not listed, quoted or traded on any U.S. securities exchange or any other market, “Valid Day” means a Business Day.
	 	 
	Scheduled Valid Day:	A day that is scheduled to be a Valid Day on the Exchange. If the Shares are not listed, quoted or traded on any U.S. securities exchange or any other market, “Scheduled Valid Day” means a Business Day.
	 	 
	Business Day:	Any day other than a Saturday, a Sunday or other day on which banking institutions are authorized or required by law, regulation or executive order to close or be closed in the State of New York.
	 	 
	Relevant Price:	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “ORA <equity> AQR” (or its equivalent successor if such page is not available) (the “VWAP”) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Valid Day (or if such volume-weighted average price is unavailable at such time, the market value of one Share on such Valid Day, as determined by the Calculation Agent in a good faith and commercially reasonable manner using, if practicable, a volume-weighted average method substantially similar to the method for determining the VWAP). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

 

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	Settlement Date:	For all Components of the Transaction, the date one Settlement Cycle immediately following the Expiration Date for the Component with the latest scheduled Expiration Date.
	 	 
	Settlement Currency:	USD
	 	 
	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Net Share Settlement.”
	 	 
	Representation and Agreement:	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery, subject to restrictions, obligations and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)).
	 	 
	Adjustments:	 
	 	 
	Method of Adjustment:	Calculation Agent Adjustment; provided that the parties agree that (x) open market Share repurchases at prevailing market prices and (y) Share repurchases through a dealer pursuant to accelerated share repurchases, forward contracts or similar transactions (including, without limitation, any discount to average VWAP prices) that are entered into at prevailing market prices and in accordance with customary market terms for transactions of such type to repurchase the Shares shall not be considered Potential Adjustment Events so long as, in the case of clause (y), after giving effect to such transaction, the aggregate number of Shares repurchased during the term of the Transaction pursuant to all such transactions described in clause (y) would not exceed 20% of the number of Shares outstanding as of the Trade Date, as determined by the Calculation Agent and as adjusted by the Calculation Agent in a commercially reasonable manner to account for any subdivision or combination with respect to the Shares.

 

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	Extraordinary Events:	 
	 	 
	New Shares:	In the definition of New Shares in Section 12.1(i) of the Equity Definitions, the text in clause (i) thereof shall be deleted in its entirety and replaced with “publicly quoted, traded or listed on any of The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or their respective successors) and of an entity or person organized under the laws of the United States, any State thereof or the District of Columbia”.
	 	 
	Merger Events:	Applicable
	 	 
	Consequences of Merger Events:	 
	 	 
	(a) Share-for-Share:	Modified Calculation Agent Adjustment
	 	 
	(b) Share-for-Other:	Cancellation and Payment (Calculation Agent Determination)
	 	 
	(c) Share-for-Combined:	Cancellation and Payment (Calculation Agent Determination); provided that the Calculation Agent may elect Component Adjustment for all or part of the Transaction
	 	 
	Tender Offer:	Applicable; provided that (x) the definition of “Tender Offer” in Section 12.1(d) of the Equity Definitions will be amended by replacing the phrase “greater than 10% and less than 100% of the outstanding voting shares of Counterparty” in the third and fourth line thereof with “(a) greater than 25% and less than 100% of the outstanding Shares of Counterparty” and (y) each of Section 12.1(e) and Section 12.1(l) of the Equity Definitions will be amended by replacing there references therein to “voting shares” with “Shares”.
	 	 
	 	 
	Consequences of Tender Offers:	 
	 	 
	(a) Share-for-Share:	Modified Calculation Agent Adjustment 
	 	 
	(b) Share-for-Other:  	Modified Calculation Agent Adjustment
	 	 
	(c) Share-for-Combined:	Modified Calculation Agent Adjustment

 

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	Consequences of Announcement Events:	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement, payment or any other terms of the Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)” and the words “whether within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event” shall be inserted prior to the word “which” in the seventh line, and (z) for the avoidance of doubt, the Calculation Agent shall, in good faith and a commercially reasonable manner, determine whether the relevant Announcement Event has had a material economic effect on the Transaction and, if so, shall adjust the Cap Price accordingly to take into account such economic effect on one or more occasions on or after the date of the Announcement Event up to, and including, the Expiration Date, any Early Termination Date and/or any other date of cancellation, it being understood that any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and shall not be duplicative with any other adjustment or cancellation valuation made pursuant to this Confirmation, the Equity Definitions or the Agreement; provided that in no event shall the Cap Price be adjusted to be less than the Strike Price.  An Announcement Event shall be an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable; provided further that upon the Calculation Agent making an adjustment, determined in a commercially reasonable manner, to the Cap Price upon any Announcement Event, then the Calculation Agent shall make a commercially reasonable adjustment to the Cap Price upon any announcement regarding the same event that gave rise to the original Announcement Event regarding the abandonment of any such event to the extent necessary to reflect the economic effect of such subsequent announcement on the Transaction (provided that in no event shall the Cap Price be less than the Strike Price).
	 	 
	Announcement Event:	(i) The public announcement (whether by Counterparty, any agent of Counterparty, any affiliate of Counterparty or a Valid Third Party Entity) of any transaction or event (in the case of a Valid Third Party Entity, that is reasonably likely to be completed, as determined by the Calculation Agent, it being understood and agreed that in making such determination, the Calculation Agent may take into consideration the effect of the relevant announcement on the market for and/or trading in the Shares and/or options relating to the Shares) that, if completed, would constitute a Merger Event or Tender Offer, or the announcement by Counterparty of any intention to enter into a Merger Event or Tender Offer, (ii) the public announcement by Counterparty of an intention by Counterparty to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer, (iii) the public announcement (whether by Counterparty, any agent of Counterparty, any affiliate of Counterparty or a Valid Third Party Entity) of any potential acquisition or disposition by Counterparty and/or its subsidiaries (in the case of a Valid Third Party Entity, that is reasonably likely to be completed, as determined by the Calculation Agent, it being understood and agreed that in making such determination, the Calculation Agent may take into consideration the effect of the relevant announcement on the market for and/or trading in the Shares and/or options relating to the Shares) where the consideration exceeds 40% of the market capitalization of Counterparty as of the date of such announcement, or (iv) any subsequent public announcement (whether by Counterparty, any agent of Counterparty, any affiliate of Counterparty or a Valid Third Party Entity) of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i), (ii) or (iii) of this sentence (including, without limitation, a new announcement relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention); provided that, for the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention.  For purposes of this definition of “Announcement Event,” “Merger Event” shall have the meaning set forth in Section 12.1(b) of the Equity Definitions; provided that the portion of such definition following the definition of “Reverse Merger” shall be disregarded.

 

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	Valid Third Party Entity:	In respect of any transaction, any third party that has a bona fide intent and capacity to enter into or consummate such transaction (as determined by the Calculation Agent, it being understood and agreed that in determining whether such third party has such a bona fide intent and capacity, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party on the market for and/or trading in the Shares and/or options relating to the Shares).
	 	 
	Notice of Merger Consideration

 and Consequences:	Upon the occurrence of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), Counterparty shall reasonably promptly (but in any event prior to the relevant Merger Date) notify the Calculation Agent of (i) the type and amount of consideration that a holder of Shares would have been entitled to in the case of reclassifications, consolidations, mergers, sales or transfers of assets or other transactions that cause Shares to be converted into the right to receive more than a single type of consideration and (ii) the weighted average of the types and amounts of consideration to be received by the holders of Shares that affirmatively make such an election.
	 	 
	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Shares are not immediately re-listed, re-traded or re-quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.
	 	 
	Additional Disruption Events:	 
	 	 
	(a) Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) by adding the phrase “and/or Hedge Position” after the word “Shares” in clause (X) thereof, (iii) by immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date” and  (iv) adding the words “provided that, in the case of clause (Y) hereof and any law, regulation or interpretation, the consequence of such law, regulation or interpretation is applied in a substantially consistent manner by Dealer to counterparties similarly situated to Counterparty and transactions similar to the Transaction” after the semi-colon in the last line thereof; and provided further that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)” and (ii) adding the words “, or holding, acquiring or disposing of Shares or any Hedge Positions relating to,” after the words “obligations under” in clause (Y) thereof.

 

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	(b) Failure to Deliver:	Applicable
	 	 
	(c) Insolvency Filing:	Applicable
	 	 
	(d) Hedging Disruption:	
    Applicable; provided that:

     

    (i) Section 12.9(a)(v) of the Equity Definitions
    is hereby amended by inserting the following sentence at the end of such Section:

     

    “For the avoidance of doubt, (i) the
    term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk, and (ii) the
    transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing and other terms.”;
    and

     

    (ii) Section 12.9(b)(iii) of the Equity Definitions
    is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or
    a portion of the Transaction affected by such Hedging Disruption”.

     

	 	 
	(e) Increased Cost of Hedging:	Not Applicable
	 	 
	Hedging Party:	Dealer
	 	 
	Determining Party:	For all applicable Extraordinary Events, Dealer; all calculations and determinations made by the Determining Party shall be made in good faith and in a commercially reasonable manner; provided that, upon receipt of written request from Counterparty, the Determining Party shall promptly provide Counterparty with a written explanation  describing in reasonable detail any calculation, adjustment or determination made by it (including any quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination, as the case may be, in a commonly used file format for the storage and manipulation of financial data, but without disclosing Determining Party’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information), and shall use commercially reasonable efforts to provide such written explanation within five (5) Exchange Business Days from the receipt of such request.
	 	 
	Non-Reliance:	Applicable
	 	 
	Agreements and Acknowledgments

Regarding Hedging Activities:	Applicable
	 	 
	Additional Acknowledgments:	Applicable

 

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3. Calculation Agent:
Dealer; provided that, following the occurrence of an Event of Default of the type described in Section 5(a)(vii) of the Agreement
with respect to which Dealer is the sole Defaulting Party, if the Calculation Agent fails to timely make any calculation, adjustment or
determination required to be made by the Calculation Agent hereunder or to perform any obligation of the Calculation Agent hereunder and
such failure continues for five (5) Exchange Business Days following notice to the Calculation Agent by Counterparty of such failure,
Counterparty shall have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives
to act, during the period commencing on the date such Event of Default occurred and ending on the Early Termination Date with respect
to such Event of Default, as the Calculation Agent.

 

All calculations and determinations
made by the Calculation Agent shall be made in good faith and in a commercially reasonable manner; provided that, upon receipt
of written request from Counterparty, the Calculation Agent shall promptly provide Counterparty with a written explanation describing
in reasonable detail any calculation, adjustment or determination made by it (including any quotations, market data or information from
internal or external sources used in making such calculation, adjustment or determination, as the case may be, but without disclosing
Dealer’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations
to not disclose such information), and shall use commercially reasonable efforts to provide such written explanation within five (5) Exchange
Business Days from the receipt of such request.

 

4. Account Details:

 

	 	Dealer Payment Instructions:
	 	 	 
	 	Bank:	[____________]
	 	SWIFT:	[____________]
	 	Bank Routing:	[____________]
	 	Acct Name:	[____________]
	 	Acct No.:	[____________]
	 	 	 
	 	Counterparty Payment Instructions: To be advised.

 

5. Offices:

 

The Office of Dealer
for the Transaction is: [____________]

 

[Dealer’s Office Address]

 

The Office of Counterparty for the Transaction
is: Inapplicable, Counterparty is not a Multibranch Party.

 

6. Notices: For purposes
of this Confirmation:

 

(a) Address for notices or
communications to Counterparty:

 

	 	To:	Ormat Technologies, Inc.
	 	 	6140 Plumas Street
	 	 	Reno, NV 89519
	 	Attention:	Jessica Woelfel, General Counsel; Assi Ginzburg, Chief Financial Officer
	 	Telephone No.:	[_______________]
	 	Email:	[_______________]

 

(b) Address for notices
or communications to Dealer:

 

	 	To:	[__]
	 	 	[__]
	 	 	[__]
	 	Attention:	[__]
	 	Telephone:	[__]
	 	Facsimile:	[__]
	 	Email:	[__]

 

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7. Representations, Warranties
and Agreements: 

 

(a) In addition to the representations
and warranties in the Agreement and those contained elsewhere herein, Counterparty represents and warrants to and for the benefit of,
and agrees with, Dealer as follows:

 

(i) On the Trade
Date (A) none of Counterparty and its officers and directors is aware of any material non-public information regarding Counterparty or
the Shares, and (B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the
Exchange Act, when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained
in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made,
not misleading.

 

(ii) On the Trade
Date, (A) the Shares or securities that are convertible into, or exchangeable or exercisable for Shares, are not, and shall not be, subject
to a “restricted period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”),
and (B) Counterparty is not engaged in any “distribution,” as such term is defined in Regulation M, other than a distribution
meeting the requirements of the exceptions set forth in Rule 101(b)(10) and Rule 102(b)(7) or Rule 102(c)(1)(i) of Regulation M. Counterparty
shall not, until the second Exchange Business Day immediately following the Trade Date, engage in any such distribution.

 

(iii) On the Trade
Date, neither Counterparty nor any “affiliated purchaser” (as defined in Rule 10b-18 of the Exchange Act (“Rule 10b-18”))
shall directly or indirectly (including, without limitation, by means of any cash-settled or other derivative instrument) purchase, offer
to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an
equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any security
convertible into or exchangeable or exercisable for Shares, except through Dealer.

 

(iv) Without limiting
the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that neither Dealer nor any of its affiliates is making
any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under
any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC
Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity’s
Own Equity (or any successor issue statements).

 

(v) Without limiting
the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act.

 

(vi) Prior to the
Trade Date, Counterparty shall deliver to Dealer a resolution of Counterparty’s board of directors authorizing the Transaction and
approving the Transaction and any related hedging activity for purposes of Section 203 of the Delaware General Corporation Law.

 

(vii) Counterparty
is not entering into this Confirmation to create actual or apparent trading activity in the Shares (or any security convertible into or
exchangeable for Shares) or to manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise
in violation of the Exchange Act.

 

(viii) Counterparty
is not, and after giving effect to the transactions contemplated hereby will not be, required to register as an “investment company,”
as such term is defined in the Investment Company Act of 1940, as amended.

 

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(ix) On and immediately
after the Trade Date and the Premium Payment Date, (A) the value of the total assets of Counterparty is greater than the sum of the
total liabilities (including contingent liabilities) and the capital (as such terms are defined in Section 154 and Section 244 of the
General Corporation Law of the State of Delaware) of Counterparty, (B) the capital of Counterparty is adequate to conduct the business
of Counterparty, and Counterparty’s entry into the Transaction will not impair its capital, (C) Counterparty has the ability
to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will, incur debt beyond its
ability to pay as such debts mature, (D) Counterparty will be able to continue as a going concern; (E) Counterparty is not “insolvent”
(as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy
Code”)) and (F) Counterparty would be able to purchase the number of Shares with respect to the Transaction in compliance with
the laws of the jurisdiction of Counterparty’s incorporation (including the adequate surplus and capital requirements of Sections
154 and 160 of the General Corporation Law of the State of Delaware).

 

(x) To Counterparty’s
knowledge, no U.S. state or local law, rule, regulation or regulatory order applicable to the Shares would give rise to any reporting,
consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity)
as a result of Dealer or its affiliates owning or holding (however defined) Shares; provided that no such representation shall
be made by Counterparty with respect to any rules and regulations applicable to Dealer (including the Financial Industry Regulatory Authority,
Inc.) arising from Dealer’s status as a regulated entity under applicable law.

 

(xi) Counterparty
(A) is capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies
involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its
associated persons, unless it has otherwise notified the broker-dealer in writing, and (C) has total assets of at least USD 50 million
on the date hereof.

 

(xii) Counterparty
acknowledges that the Transaction may constitute a purchase of its equity securities or a capital distribution. Counterparty further acknowledges
that, pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Counterparty
will be required to agree to certain time-bound restrictions on its ability to purchase its equity securities or make capital distributions
if it receives loans, loan guarantees or direct loans (as that term is defined in the CARES Act) under section 4003(b) of the CARES Act.
Counterparty further acknowledges that it may be required to agree to certain time-bound restrictions on its ability to purchase its equity
securities or make capital distributions if it receives loans, loan guarantees or direct loans (as that term is defined in the CARES Act)
under programs or facilities established by the Board of Governors of the Federal Reserve System, the U.S. Department of Treasury or similar
governmental entity for the purpose of providing liquidity to the financial system. Accordingly, Counterparty represents and warrants
that neither it, nor any of its subsidiaries have applied, and have no present intention to apply, for a loan, loan guarantee,
direct loan (as that term is defined in the CARES Act) or other investment, or to receive any financial assistance or relief (howsoever
defined) under any program or facility that (a) is established under applicable law (whether in existence as of the Trade Date or subsequently
enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under
applicable law (or any regulation, guidance, interpretation or other pronouncement thereunder), as a condition of such loan, loan guarantee,
direct loan (as that term is defined in the CARES Act), investment, financial assistance or relief, that Counterparty comply with any
requirement to, or otherwise agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased,
or will not repurchase, any equity security of Counterparty; provided that Counterparty may apply for any such governmental
assistance if Counterparty determines based on the advice of nationally recognized outside counsel that the terms of the Transaction would
not cause Counterparty to fail to satisfy any condition for application for or receipt or retention of such governmental assistance based
on the terms of the relevant program or facility as of the date of such advice. Counterparty further represents and warrants that the
Premium is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant to any program or facility,
including the U.S. Small Business Administration’s “Paycheck Protection Program”, that (a) is established under applicable
law, including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under such applicable law (or
any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility)
that such funds be used for specified or enumerated purposes that do not include the purchase of this Transaction (either by specific
reference to this Transaction or by general reference to transactions with the attributes of this Transaction in all relevant respects).

 

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(b) Each of Dealer and Counterparty
agrees and represents that it is an “eligible contract participant” as defined in Section 1a(18) of the U.S. Commodity Exchange
Act, as amended, and is entering into the Transaction as principal (and not as agent or in any other capacity, fiduciary or otherwise)
and not for the benefit of any third party.

 

(c) Each of Dealer and Counterparty
acknowledges that the offer and sale of the Transaction to it is intended to be exempt from registration under the Securities Act, by
virtue of Section 4(a)(2) thereof. Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to
bear the economic risk of its investment in the Transaction and is able to bear a total loss of its investment and its investments in
and liabilities in respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth,
and it is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction, (ii)
it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is
entering into the Transaction for its own account and without a view to the distribution or resale thereof, (iv) the assignment, transfer
or other disposition of the Transaction has not been and will not be registered under the Securities Act and is restricted under this
Confirmation, the Securities Act and state securities laws, and (v) its financial condition is such that it has no need for liquidity
with respect to its investment in the Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated
undertaking or indebtedness and is capable of assessing the merits of and understanding (on its own behalf or through independent professional
advice), and understands and accepts, the terms, conditions and risks of the Transaction.

 

(d) Each of Dealer and Counterparty
agrees and acknowledges that Dealer is a “financial institution,” “swap participant” and “financial participant”
within the meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge
(A) that this Confirmation is (i) a “securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code,
with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment
amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement
payment” within the meaning of Section 546 of the Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined
in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination
value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy
Code and a “transfer” within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the protections
afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and
561 of the Bankruptcy Code.

 

(e) As a condition to the
effectiveness of the Transaction, Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Effective Date and reasonably
acceptable to Dealer in form and substance, with respect to certain of the matters set forth in Section 3(a)(i), (ii), (iii), (iv) and
(v) of the Agreement; provided that any such opinion of counsel may contain customary exceptions and qualifications, including,
without limitation, exceptions and qualifications relating to indemnification provisions.

 

(f) Counterparty understands
that notwithstanding any other relationship between Counterparty and Dealer and its affiliates, in connection with the Transaction and
any other over-the-counter derivative transactions between Counterparty and Dealer or its affiliates, Dealer or its affiliates is acting
as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or
termination thereof.

 

(g) Each party acknowledges
and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable to transactions in options,
and further agrees not to violate the position and exercise limits set forth therein.

 

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(h) Counterparty represents
and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a copy of the most recent disclosure
pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”.

 

8. Other Provisions:

 

(a) Right to Extend.
Dealer may divide any Component into additional Components and designate the Expiration Date and the Number of Options for each such Component
if Dealer reasonably determines (in the case of clause (y) below, based on advice of counsel (which may include Dealer’s in-house
counsel)), that such action is reasonably necessary or advisable (x) to preserve Dealer’s commercially reasonable hedging or hedge
unwind activity hereunder in light of existing liquidity conditions (but only to the extent that there is a material decrease in liquidity
relative to Dealer’s expectations on the Trade Date) or (y) to enable Dealer to effect purchases of Shares in connection with its
commercially reasonable hedging, hedge unwind or settlement activity hereunder in a manner that would, if Dealer were Counterparty or
an affiliated purchaser of Counterparty, be in compliance with applicable legal regulatory or self-regulatory requirements, or with related
policies and procedures applicable to Dealer and applied by the Dealer to the Counterparty and the Transaction in a manner consistent
with the application of such policies and procedures to other counterparties similarly situated to Counterparty and transactions similar
to the Transaction; provided that in no event shall any Expiration Date for any Component be postponed to a date later than the
Final Termination Date.

 

(b) Additional Termination
Events. Promptly (but in any event within ten Scheduled Trading Days) following any repurchase, redemption, exchange or conversion
of any of Counterparty’s [_____]% Convertible Senior Notes due 2027 (the “Convertible Notes”) issued pursuant
to Counterparty’s indenture (the “Indenture”) to be dated June [__], 2022, between Counterparty and U.S.
Bank Trust Company, National Association, as trustee, Counterparty may, but is not required to, notify Dealer in writing of such repurchase,
redemption, exchange or conversion and the number of Convertible Notes so repurchased, redeemed, exchanged or converted, or, if less,
the number of Convertible Notes so repurchased, redeemed, exchanged or converted that Counterparty elects to be subject to the provisions
of this Section 8(b) and the number of Shares underlying such Convertible Notes (any such notice, a “Note Repurchase Notice”
and any such event, a “Repurchase Event”). Notwithstanding anything to the contrary in this Confirmation, the receipt
by Dealer from Counterparty of (x) any Note Repurchase Notice, within the applicable time period set forth in the preceding sentence,
and (y) a written representation and warranty by Counterparty that, as of the date of such Note Repurchase Notice, Counterparty is not
in possession of any material non-public information regarding Counterparty or the Shares, shall constitute an Additional Termination
Event as provided in this paragraph. Upon and subject to receipt of any such Note Repurchase Notice and the related written representation
and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Note Repurchase Notice (which in no event
shall be earlier than the related repurchase date for such Convertible Notes) as an Early Termination Date with respect to the portion
of the Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) the number
of Shares underlying the Convertible Notes applicable to the Transaction that is specified in such Note Repurchase Notice [minus
the “Repurchase Options” (as defined in the Base Capped Call Transaction Confirmation, dated as of June [__], 2022, between
Counterparty and Dealer relating to the Convertible Notes (the “Base Capped Call Transaction Confirmation”)), if any,
that relate to such Convertible Notes (and for purposes of determining whether any Options under this Confirmation or under the Base Capped
Call Transaction Confirmation shall be among the Repurchase Options hereunder or under, and as defined in, the Base Capped Call Transaction
Confirmation, such Convertible Notes shall be allocated first to the Base Capped Call Transaction Confirmation until all Options thereunder
are exercised or terminated)] and
(B) the aggregate Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the aggregate Number
of Options shall be reduced by the number of Repurchase Options on a pro rata basis across the Components for the Transaction, as determined
by the Calculation Agent in good faith and in a commercially reasonable manner. Any payment hereunder with respect to such termination
shall be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction
having terms identical to the Transaction and a Number of Options equal to the number of Repurchase Options, (2) Counterparty were the
sole Affected Party with respect to such Additional Termination Event and (3) the terminated portion of the Transaction were the sole
Affected Transaction.

 

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(c) Alternative Calculations
and Payment on Early Termination and on Certain Extraordinary Events. If (a) an Early Termination Date (whether as a result of an
Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or
terminated upon the occurrence of an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which
the consideration to be paid to all holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s
control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the
Affected Party, which Event of Default or Termination Event resulted from an event or events within Counterparty’s control), and
if Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) and 6(e) of the Agreement or any Cancellation Amount pursuant
to Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment
Obligation by the Share Termination Alternative (as defined below) unless (a) Counterparty gives irrevocable telephonic notice to Dealer,
confirmed in writing within one Scheduled Trading Day, no later than 12:00 Noon (New York City time) on the Merger Date, Tender Offer
Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as
applicable, of its election that the Share Termination Alternative shall not apply, (b) as of the date of such election, Counterparty
represents that is not in possession of any material non-public information regarding Counterparty or the Shares, and that such election
is being made in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws, and (c) Dealer agrees,
in its sole commercially reasonable discretion, to such election, in which case the provisions of Section 12.7 or Section 12.9 of the
Equity Definitions, or the provisions of Section 6(d)(ii) and 6(e) of the Agreement, as the case may be, shall apply.

 

	Share Termination Alternative:	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
	 	 
	Share Termination Delivery Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
	 	 
	Share Termination Unit Price:	The value of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider a variety of factors, including the market price of the Share Termination Delivery Units and/or the purchase price paid in connection with the commercially reasonable purchase of Share Termination Delivery Property.
	 	 
	Share Termination Delivery Unit:	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.

 

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	Failure to Deliver:	Applicable
	 	 
	Other Applicable Provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as references to “Share Termination Delivery Units”.  “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.

 

(d) Disposition of Hedge
Shares. Counterparty hereby agrees that if, in the good faith reasonable judgment of Dealer, based on the advice of legal counsel,
the Shares acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction (the “Hedge Shares”)
cannot be sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty shall, at its election:
(i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement
under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably satisfactory
to Dealer, substantially in the form of an underwriting agreement for a registered offering for companies of a similar size in a similar
industry, (B) provide accountant’s “comfort” letters in customary form for registered offerings of equity securities
for companies of a similar size in a similar industry, (C) provide disclosure opinions of nationally recognized outside counsel to Counterparty
in customary form for registered offerings of equity securities for companies of a similar size in a similar industry, (D) provide other
customary opinions, certificates and closing documents customary in form for registered offerings of equity securities for companies of
a similar size in a similar industry and (E) afford Dealer a reasonable opportunity to conduct a “due diligence” investigation
with respect to Counterparty customary in scope for underwritten offerings of equity securities for companies of a similar size in a similar
industry; provided, however, that, if Counterparty elects clause (i) above but Dealer, in its commercially reasonable discretion,
is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation
for the registered offering referred to above, then clause (ii) or clause (iii) of this Section 8(d) shall apply at the election of Counterparty;
(ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement substantially
similar to private placement purchase agreements customary for private placements of equity securities of companies of a similar size
in a similar industry, in form and substance commercially reasonably satisfactory to Dealer using commercially reasonable best efforts
to include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer,
due diligence rights (for Dealer or any designated buyer of the Hedge Shares from Dealer), opinions and certificates and such other documentation
as is customary for private placements agreements of equity securities of companies of a similar size in a similar industry, as is reasonably
acceptable to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary,
in its good faith and commercially reasonable judgment, to compensate Dealer for any customary liquidity discount from the public market
price of the Shares incurred on the sale of Hedge Shares in a private placement); or (iii) purchase the Hedge Shares from Dealer at the
then-current market price on such Exchange Business Days, and in the amounts and at such time(s), commercially reasonably requested by
Dealer.

 

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(e) Repurchase Notices.
Counterparty shall, at least one Scheduled Valid Day prior to any day on which Counterparty intends to effect any repurchase of Shares,
give Dealer written notice of such repurchase (a “Repurchase Notice”) on such day if, following such repurchase, the
Notice Percentage would reasonably be expected to be (i) greater than [_____]% and (ii) greater by 0.5% than the Notice Percentage included
in the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, greater than the Notice Percentage
as of the date hereof); provided that, in the case of any repurchases of Shares pursuant to a plan under Rule 10b5-1 under the
Exchange Act, Counterparty may elect to satisfy such requirement by promptly giving Dealer written notice of entry into such plan, the
maximum number of Shares that may be purchased thereunder and the approximate dates or periods during which such repurchases may occur
(with such maximum number of Shares deemed repurchased on the date of such notice for purposes of this Section 8(e)). The “Notice
Percentage” as of any day is the fraction, expressed as a percentage, the numerator of which is the aggregate Number of Shares
plus the number of Shares underlying any other capped call transactions sold by Dealer to Counterparty and the denominator of
which is the number of Shares outstanding on such day. In the event that Counterparty fails to provide Dealer with a Repurchase Notice
on the day and in the manner specified in this Section 8(e) then Counterparty agrees to indemnify and hold harmless Dealer, its affiliates
and their respective directors, officers, employees, agents and controlling persons (Dealer and each such person being an “Indemnified
Party”) from and against any and all losses (including losses relating to Dealer’s commercially reasonable hedging activities
as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance
from hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction), claims,
damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become subject under applicable
securities laws, including without limitation, Section 16 of the Exchange Act or under any U.S. state or federal law, regulation or regulatory
order, in each case relating to or arising out of such failure. If any Indemnified Person fails to promptly notify Counterparty of any
action commenced against it in respect of which indemnity may be sought hereunder, Counterparty shall be relieved from liability to the
extent Counterparty is materially prejudiced as a result of such failure. If for any reason the foregoing indemnification is unavailable
to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent
permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition,
Counterparty will reimburse any Indemnified Party for all reasonable expenses (including reasonable and documented counsel fees and expenses
of one counsel and no more than one required local counsel in each relevant jurisdiction) as they are incurred (after notice to Counterparty)
in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit
or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit
or proceeding is initiated or brought by or on behalf of Counterparty, in each case relating to or arising out of such failure. This
indemnity shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and delegation of the
Transaction made pursuant to this Confirmation or the Agreement shall inure to the benefit of any permitted assignee of Dealer. Counterparty
will not be liable under this indemnity provision to the extent any loss, claim, damage, liability or expense is found in a final judgment
by a court to have resulted from Dealer’s gross negligence or willful misconduct.

 

(f) Transfer and Assignment.

 

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(i)    Dealer
may transfer or assign any of its rights or obligations under the Transaction with the prior written consent of Counterparty, such consent
not to be unreasonably withheld or delayed; provided that Dealer may transfer or assign without any consent of Counterparty its
rights and obligations hereunder, in whole or in part, to (A) any affiliate of Dealer whose obligations would be guaranteed by Dealer
[or Dealer Parent] or (B) any person (including
any affiliate of Dealer whose obligations are not guaranteed in the manner described in clause (A)) or any person whose obligations would
be guaranteed by a person (a “Designated Transferee”), in either case under this clause (B), with a rating for its
long-term, unsecured and unsubordinated indebtedness at least equivalent to Dealer’s (or its guarantor’s), provided,
however, that, in the case of this clause (B), in no event shall the credit rating of the Designated Transferee or of its guarantor
(whichever is higher) be lower than A3 from Moody’s Investor Service, Inc. or its successor or A- from Standard and Poor’s
Rating Group, Inc. or its successor; provided further that (i) Dealer will notify Counterparty in writing promptly following
any transfer or assignment to a Designated Transferee, (ii) as a result of any such transfer or assignment, Counterparty will not be required
to pay the transferee or assignee of such rights or obligations on any payment date an amount under Section 2(d)(i)(4) of the Agreement
greater than the amount, if any, that Counterparty would have been required to pay Dealer in the absence of such transfer or assignment
(and for avoidance of doubt this clause (ii) may be satisfied by an undertaking from the transferee or assignee to hold Counterparty harmless
from any such consequences), (iii) after such transfer, Counterparty will not, as a result of any withholding or deduction made by the
transferee or assignee as a result of any Tax, receive from the transferee or assignee on any payment date or delivery date (after accounting
for amounts paid by the transferee or assignee under Section 2(d)(i)(4) of the Agreement as well as such withholding or deduction) an
amount or a number of Shares, as applicable, lower than the amount or the number of Shares, as applicable, that Dealer would have been
required to pay or deliver to Counterparty in the absence of such Transfer (and for avoidance of doubt this clause (iii) may be satisfied
by an undertaking from the transferee or assignee to hold Counterparty harmless from any such consequences), (iv) such transfer or assignment
will not cause a deemed exchange for Counterparty of the Transactions under Section 1001 of the Internal Revenue Code of 1986, as amended
(the “Code”), and (v) prior to becoming a party to the Transaction, the transferee or assignee shall have made such
Payee Tax Representations and provided such tax documentation as may be reasonably requested by Counterparty to permit Counterparty to
determine that clauses (ii) through (iv) above have been satisfied upon and after such transfer and assignment. If at any time at which
(1) the Equity Percentage exceeds 8.0% or (2) Dealer, Dealer Group (as defined below) or any person whose ownership position would be
aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under Section
203 of the Delaware General Corporation Law or other federal, state or local law, rule, regulation or regulatory order or organizational
documents or contracts of Counterparty applicable to ownership of Shares (except for any requirement to file any Form 13F, Schedule 13D
or Schedule 13G under the Exchange Act, as amended, modified and/or supplemented from time to time, unless such amendment, modification
or supplement could result in a material adverse effect on a Dealer Person, as determined by Dealer in a commercially reasonable manner
substantially consistent to determinations with respect to counterparties similarly situated to Counterparty and transactions similar
to the Transaction) (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the
power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares
that would give rise to reporting, registration, filing or notification obligations or other requirements (including obtaining prior approval
by a state or federal regulator) of a Dealer Person under Applicable Restrictions and with respect to which such requirements have not
been met or the relevant approval has not been received, or could result in an adverse effect on a Dealer Person, under any Applicable
Restriction, as determined by Dealer in its reasonable discretion, minus (y) 1% of the number of Shares outstanding on the date
of determination (either such condition described in clause (1) or (2), an “Excess Ownership Position”), if Dealer,
in its reasonable discretion, is unable to effect a transfer or assignment to a third party in accordance with the requirements set forth
above after its commercially reasonable efforts on pricing and terms and within a time period reasonably acceptable to Dealer such that
an Excess Ownership Position no longer exists, Dealer may designate any Scheduled Valid Day as an Early Termination Date with respect
to a portion (the “Terminated Portion”) of the Transaction, such that an Excess Ownership Position no longer exists
following such partial termination. In the event that Dealer so designates an Early Termination Date with respect to a portion of the
Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement and Section 8(c) of this Confirmation as if (i)
an Early Termination Date had been designated in respect of a Transaction having terms identical to the Terminated Portion of the Transaction,
(ii) Counterparty were the sole Affected Party with respect to such partial termination, (iii) such portion of the Transaction were the
only Terminated Transaction and (iv) Dealer were the party entitled to designate an Early Termination Date pursuant to Section 6(b) of
the Agreement and to determine the amount payable pursuant to Section 6(e) of the Agreement. The “Equity Percentage”
as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its
affiliates or any other person subject to aggregation with Dealer for purposes of the “beneficial ownership” test under Section
13 of the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be
deemed to be a part (collectively, “Dealer Group”) beneficially owns (within the meaning of Section 13 of the Exchange
Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange
Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number
of Shares outstanding on such day.

 

    19

     

    

 

(ii)    Counterparty
may transfer or assign any of its rights or obligations under the Transaction with the prior written consent of Dealer, such consent not
to be unreasonably withheld or delayed. In the case of a transfer or assignment by Counterparty of its rights and obligations hereunder
and under the Agreement, in whole or in part (any such Options so transferred or assigned, the “Transfer Options”),
to any party, withholding of such consent by Dealer shall not be considered unreasonable if such transfer or assignment does not meet
the reasonable conditions that Dealer may impose including, but not limited to, the following conditions:

 

(A) With respect
to any Transfer Options, Counterparty shall not be released from its notice and indemnification obligations pursuant to Section 8(e) or
any obligations under Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation;

 

(B) Any Transfer
Options shall only be transferred or assigned to a U.S. person (as defined in the Code);

 

(C) Such transfer
or assignment shall be effected on terms, including any reasonable undertakings by such third party (including, but not limited to, undertakings
with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer
to material risks under applicable securities laws) and execution of any documentation and delivery of customary legal opinions with respect
to securities laws and other matters by such third party and Counterparty as are reasonably requested and reasonably satisfactory to Dealer;

 

(D) Dealer will
not, as a result of such transfer and assignment, be required to pay the transferee on any payment date an amount under Section 2(d)(i)(4)
of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer and
assignment;

 

(E) An Event of
Default, Potential Event of Default or Termination Event will not occur as a result of such transfer and assignment;

 

(F) Without limiting
the generality of clause (B), Counterparty shall have caused the transferee to make such Payee Tax Representations and to provide such
tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that clauses (B) and (D) will be satisfied upon
and after such transfer and assignment; and

 

(G) Counterparty
shall be responsible for all reasonable costs and expenses, including reasonable counsel fees, incurred by Dealer in connection with such
transfer or assignment.

 

(iii)    Notwithstanding
any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares
or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase,
sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform Dealer’s
obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations
to Counterparty solely to the extent of any such performance.

 

(g) Staggered Settlement.
If Dealer determines reasonably and in good faith that the number of Shares required to be delivered to Counterparty hereunder on any
Settlement Date would result in an Excess Ownership Position, then Dealer may, by notice to Counterparty prior to such Settlement Date
(a “Nominal Settlement Date”), elect to deliver any Shares due to be delivered on two or more dates (each, a “Staggered
Settlement Date”) or at two or more times on the Nominal Settlement Date as follows:

 

(i) in such notice,
Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to the 20th Exchange
Business Day after such Nominal Settlement Date) or delivery times and how it will allocate the Shares it is required to deliver hereunder
on such Settlement Date among the Staggered Settlement Dates or delivery times; and

 

(ii) the aggregate
number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates and delivery times will equal
the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; provided that in no event
shall any Staggered Settlement Date be a date later than the Final Termination Date.

 

    20

     

    

 

(h) Disclosure. Effective
from the date of commencement of discussions concerning the Transaction, Counterparty and each of its employees, representatives, or other
agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and
all materials of any kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment
and tax structure.

 

(i) No Netting and Set-off.
The provisions of Section 2(c) of the Agreement shall not apply to the Transaction. Each party waives any and all rights it may have
to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery or payment obligations
owed to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of
law or otherwise.

 

(j) Equity Rights.
Dealer acknowledges and agrees that this Confirmation is not intended to convey to it rights with respect to the Transaction that are
senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties agree
that the preceding sentence shall not apply at any time other than during Counterparty’s bankruptcy to any claim arising as a result
of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties
acknowledge that the obligations of Counterparty under this Confirmation are not secured by any collateral that would otherwise secure
the obligations of Counterparty herein under or pursuant to any other agreement.

 

(k) Early Unwind.
In the event the sale of the [Firm Securities] [Option
Securities] (as defined in the Purchase
Agreement, dated as of June [__], 2022, between Barclays Capital Inc., as representative of the several initial purchasers thereto,
and Counterparty (the “Purchase Agreement”)) is not consummated pursuant to the Purchase Agreement for any reason
by the close of business in New York on the Premium Payment Date, or such later date as agreed upon by the parties (the Premium
Payment Date or such later date as agreed upon being the “Early Unwind Date”), the Transaction shall
automatically terminate on the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of
Dealer and Counterparty under the Transaction shall be cancelled and terminated and (ii) each party shall be released and
discharged by the other party from and agrees not to make any claim against the other party with respect to any obligations or
liabilities of the other party arising out of and to be performed in connection with the Transaction either prior to or after the
Early Unwind Date.

 

(l) Dividends.
If at any time during the period from and including the Trade Date, to but excluding the Expiration Date for the last Component, (i) an
ex-dividend date for a regular quarterly cash dividend occurs with respect to the Shares (an “Ex-Dividend Date”), and
that dividend is less than the Regular Dividend on a per Share basis or (ii) if no Ex-Dividend Date for a regular quarterly cash dividend
occurs with respect to the Shares in any quarterly dividend period of Counterparty, then the Calculation Agent will adjust the Cap Price
to preserve the fair value of the Options to Dealer after taking into account such dividend or lack thereof. “Regular Dividend”
shall mean USD 0.12 per Share per quarter. Upon any adjustment to the Initial Dividend Threshold (as defined in the Indenture) for the
Convertible Notes pursuant to the Indenture, the Calculation Agent will make a corresponding adjustment to the Regular Dividend for the
Transaction.

 

(m) Illegality. The
parties agree that, for the avoidance of doubt, for purposes of Section 5(b)(i) of the Agreement, “any applicable law” shall
include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any rules and regulations promulgated thereunder and any
similar law or regulation, without regard to Section 739 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any
similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date, and the consequences
specified in the Agreement, including without limitation, the consequences specified in Section 6 of the Agreement, shall apply to any
Illegality arising from any such act, rule or regulation.

 

    21

     

    

 

(n) Amendments to Equity
Definitions and the Agreement. The following amendments shall be made to the Equity Definitions:

 

(i) solely for
purposes of applying the Equity Definitions and for purposes of this Confirmation, any reference in the Equity Definitions to a Strike
Price shall be deemed to be a reference to either of the Strike Price or the Cap Price, or both, as appropriate;

 

(ii) for the purpose
of any adjustment under Section 11.2(c) of the Equity Definitions, the first sentence of Section 11.2(c) of the Equity Definitions, prior
to clause (A) thereof, is hereby amended to read as follows: (c) If “Calculation Agent Adjustment” is specified as the Method
of Adjustment in the related Confirmation of a Share Option Transaction, then following the announcement or occurrence of any Potential
Adjustment Event, the Calculation Agent will determine whether such Potential Adjustment Event has, in the commercially reasonable judgment
of the Calculation Agent, a material economic effect on the theoretical value of the relevant Shares or options on the Shares (provided
that such event is not based on (x) an observable market, other than the market for Counterparty’s own stock or (y) an observable
index, other than an index calculated and measured solely by reference to Counterparty’s own operations) and, if so, will (i) make
appropriate adjustment(s), if any, determined in a commercially reasonable manner, to any one or more of: and, the portion of such sentence
immediately preceding clause (ii) thereof is hereby amended by deleting the words “diluting or concentrative” and the words
“(provided that no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate
or liquidity relative to the relevant Shares)” and replacing such latter phrase with the words “(provided that, solely
in the case of Sections 11.2(e)(i), (ii)(A), (iv) and (v), no adjustments will be made to account solely for changes in volatility, expected
dividends, stock loan rate or liquidity relative to the relevant Shares but, for the avoidance of doubt, solely in the case of Sections
11.2(e)(ii)(B) through (D), (iii) (vi) and (vii) adjustments may be made to account solely for changes in volatility, expected dividends,
stock loan rate or liquidity relative to the relevant Shares)”;

 

(iii) Section 11.2(a)
of the Equity Definitions is hereby amended by (1) deleting the words “in the determination of the Calculation Agent, a diluting
or concentrative effect” and replacing these words with “in the commercially reasonable judgment of the Calculation Agent,
a material economic effect”; and (2) adding at the end thereof “; provided that such event is not based on (i)
an observable market, other than the market for Counterparty’s own stock or (ii) an observable index, other than an index calculated
and measured solely by reference to Counterparty’s own operations”;

 

(iv) Section 11.2(e)(vii)
of the Equity Definitions is hereby amended and restated as follows: “any other corporate event involving the Issuer that in the
commercially reasonable judgment of the Calculation Agent has a material economic effect on the theoretical value of the Shares or options
on the Shares; provided that such corporate event involving the Issuer is not based on (a) an observable market, other than the
market for Counterparty’s own stock or (b) an observable index, other than an index calculated and measured solely by reference
to Counterparty’s own operations.”; and

 

(v) Section 12.7(b)
of the Equity Definitions is hereby amended by deleting the words “(and in any event within five Exchange Business Days) by the
parties after” appearing after the words “agreed promptly” and replacing with the words “by the parties on or
prior to”.

 

(vi) “Extraordinary
Dividend” (as such term is used in the Equity Definitions) means any cash dividend on the Shares in an amount per Share in excess
of the Regular Dividend.

 

(o) Governing Law; Exclusive
Jurisdiction.

 

(i) THE AGREEMENT,
THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE, OTHER THAN TITLE 14 OF
ARTICLE 5 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

    22

     

    

 

(ii) Section
13(b) of the Agreement is deleted in its entirety and replaced by the following:

 

“Each
party hereby irrevocably and unconditionally submits for itself and its property in any suit, legal action or proceeding relating to this
Confirmation or the Agreement, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”)
to the exclusive jurisdiction of the Supreme Court of the State of New York, sitting in New York County, the courts of the United States
of America for the Southern District of New York and appellate courts from any thereof. Nothing in this Confirmation or the Agreement
precludes either party from bringing Proceedings in any other jurisdiction if (A) the courts of the State of New York or the United States
of America for the Southern District of New York lack jurisdiction over the parties or the subject matter of the Proceedings or decline
to accept the Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings are commenced by a party for the purpose of
enforcing against the other party’s property, assets or estate any decision or judgment rendered by any court in which Proceedings
may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such court’s decision or judgment to any higher
court with competent appellate jurisdiction over that court’s decisions or judgments if that higher court is located outside the
State of New York or Borough of Manhattan, such as a federal court of appeals or the U.S. Supreme Court; or (D) any suit, action or proceeding
has been commenced in another jurisdiction by or against the other party or against its property, assets or estate and, in order to exercise
or protect its rights, interests or remedies under this Confirmation or the Agreement, the party (1) joins, files a claim, or takes any
other action, in any such suit, action or proceeding, or (2) otherwise commences any Proceeding in that other jurisdiction as the result
of that other suit, action or proceeding having commenced in that other jurisdiction.”

 

(p) Adjustments. For
the avoidance of doubt, whenever the Calculation Agent or Determining Party is called upon to make any calculation, determination or adjustment
pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event, the Calculation Agent
or Determining Party shall make such calculation, determination or adjustment by reference to the effect of such event on the Hedging
Party, assuming that the Hedging Party maintains a commercially reasonable hedge position.

 

(q) Delivery or Receipt
of Cash. For the avoidance of doubt, other than payment of the Premium by Counterparty, nothing in this Confirmation shall be interpreted
as requiring Counterparty to cash settle the Transaction, except in circumstances where cash settlement is within Counterparty’s
control (including, without limitation, where Counterparty elects to deliver or receive cash) or in those circumstances in which holders
of Shares would also receive cash.

 

(r) Waiver of Jury Trial.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THE AGREEMENT, THIS CONFIRMATION OR ANY TRANSACTIONS CONTEMPLATED HEREBY. 

 

(s) Amendment. This
Confirmation and the Agreement may not be modified, amended or supplemented, except in a written instrument signed by Counterparty and
Dealer.

 

(t) Counterparts. This
Confirmation may be executed in several counterparts, each of which shall be deemed an original but all of which together shall constitute
one and the same instrument.

 

    23

     

    

 

(u) Tax Matters. 

 

(i) Payee Tax
Representations.

 

For the purpose of
Section 3(f) of the Agreement, Counterparty makes the following representation to Dealer:

 

Counterparty is a corporation
and a U.S. person (as that term is defined in Section 7701(a)(30) of the Code and used in Section 1.1441-4(a)(3)(ii) of the Treasury Regulations)
for U.S. federal income tax purposes.

 

For the purpose of
Section 3(f) of the Agreement, Dealer makes the following representation to Counterparty:

 

[Dealer representation]

 

(ii) Tax Documentation.
For the purpose of Sections 4(a)(i) and (ii) of the Agreement, Counterparty agrees to deliver to Dealer one duly executed and completed
United States Internal Revenue Service Form W-9 (or successor thereto) and Dealer agrees to deliver to Counterparty, as applicable, a
U.S. Internal Revenue Service Form [W-9] (or successor thereto). Such forms or documents shall be delivered upon (i) execution of this
Confirmation, (ii) Counterparty or Dealer, as applicable, learning that any such tax form previously provided by it has become obsolete
or incorrect, and (iii) reasonable request of the other party.

 

(v) Withholding Tax imposed
on payments to non-US counterparties under the United States Foreign Account Tax Compliance Act. “Indemnifiable Tax”,
as defined in Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections
1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant
to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental
agreement entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”).
For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the
purposes of Section 2(d) of the Agreement.

 

(w) HIRE Act.  “Indemnifiable
Tax”, as defined in Section 14 of the Agreement, shall not include any tax imposed on payments treated as dividends from sources
within the United States under Section 871(m) of the Code or any regulations issued thereunder. For the avoidance of doubt, any such tax
imposed under Section 871(m) of the Code is a Tax the deduction or withholding of which is required by applicable law for the purposes
of Section 2(d) of the Agreement.

 

(x) Wall Street Transparency
and Accountability Act. In connection with Section 739 of the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”),
the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an
amendment made by WSTAA, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify,
amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased
costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including,
but not limited to, rights arising from Change in Law, Hedging Disruption, an Excess Ownership Position, or Illegality (as defined in
the Agreement)).

 

    24

     

    

 

(y) [QFC Stay Rules.
The parties agree that (i) to the extent that prior to the date hereof both parties have adhered to the 2018 ISDA U.S. Resolution Stay
Protocol (the “Protocol”), the terms of the Protocol are incorporated into and form a part of this Confirmation, and
for such purposes this Confirmation shall be deemed a Protocol Covered Agreement, and each party shall be deemed to have the same status
as Regulated Entity and/or Adhering Party as applicable to it under the Protocol; (ii) to the extent that prior to the date hereof the
parties have executed a separate agreement the effect of which is to amend the qualified financial contracts between them to conform with
the requirements of the QFC Stay Rules (the “Bilateral Agreement”), the terms of the Bilateral Agreement are incorporated
into and form a part of this Confirmation and each party shall be deemed to have the status of “Covered Entity” or “Counterparty
Entity” (or other similar term) as applicable to it under the Bilateral Agreement; or (iii) if clause (i) and clause (ii) do not
apply, the terms of Section 1 and Section 2 and the related defined terms (together, the “Bilateral Terms”) of the
form of bilateral template entitled “Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)” published by
ISDA on November 2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org and a copy of
which is available upon request), the effect of which is to amend the qualified financial contracts between the parties thereto to conform
with the requirements of the QFC Stay Rules, are hereby incorporated into and form a part of this Confirmation, and for such purposes
this Confirmation shall be deemed a “Covered Agreement,” Dealer shall be deemed a “Covered Entity” and Counterparty
shall be deemed a “Counterparty Entity.” In the event that, after the date of this Confirmation, both parties hereto become
adhering parties to the Protocol, the terms of the Protocol will replace the terms of this paragraph. In the event of any inconsistencies
between this Confirmation and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the “QFC Stay
Terms”), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the meanings
assigned to them under the QFC Stay Rules. For purposes of this paragraph, references to “this Confirmation” include any related
credit enhancements entered into between the parties or provided by one to the other. In addition, the parties agree that the terms of
this paragraph shall be incorporated into any related covered affiliate credit enhancements, with all references to Dealer replaced by
references to the covered affiliate support provider.

 

“QFC Stay Rules”
means the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions,
require an express recognition of the stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation
Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly
or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate
credit enhancements.]

 

(z) Agreements and Acknowledgements
Regarding Hedging. Counterparty understands, acknowledges and agrees that: (A) at any time on or prior to the Expiration Date for
the final Component, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts
or enter into swaps or other derivative securities in order to adjust its hedge position with respect to the Transaction; (B) Dealer and
its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the Transaction;
(C) Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in securities of the
Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the
Relevant Prices; and (D) any market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility
of Shares, as well as the Relevant Prices, each in a manner that may be adverse to Counterparty.

 

(aa) [Dealer
Boilerplate]

 

    25

     

    

 

Please confirm that the foregoing correctly sets
forth the terms of our agreement by sending to us a letter or telex substantially similar to this facsimile, which letter or telex sets
forth the material terms of the Transaction to which this Confirmation relates and indicates your agreement to those terms.

 

	 	Yours faithfully,
	 	 
	 	[DEALER]
	 	 
	 	By:	           
	 	 	Name:	 
	 	 	Title:	 

 

Agreed and Accepted By:

 

	ORMAT TECHNOLOGIES, INC., a Delaware corporation
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    26

     

    

 

Annex A

 

For each Component of the Transaction, the Number of Options and Expiration
Date is set forth below.

 

	Component Number	 	Number of Options	 	Expiration Date
	1	 	[]	 	[]
	2	 	[]	 	[]
	3	 	[]	 	[]
	4	 	[]	 	[]
	5	 	[]	 	[]
	6	 	[]	 	[]
	7	 	[]	 	[]
	8	 	[]	 	[]
	9	 	[]	 	[]
	10	 	[]	 	[]
	11	 	[]	 	[]
	12	 	[]	 	[]
	13	 	[]	 	[]
	14	 	[]	 	[]
	15	 	[]	 	[]
	16	 	[]	 	[]
	17	 	[]	 	[]
	18	 	[]	 	[]
	19	 	[]	 	[]
	20	 	[]	 	[]
	21	 	[]	 	[]
	22	 	[]	 	[]
	23	 	[]	 	[]
	24	 	[]	 	[]
	25	 	[]	 	[]
	26	 	[]	 	[]
	27	 	[]	 	[]
	28	 	[]	 	[]
	29	 	[]	 	[]
	30	 	[]	 	[]
	31	 	[]	 	[]
	32	 	[]	 	[]
	33	 	[]	 	[]
	34	 	[]	 	[]
	35	 	[]	 	[]
	36	 	[]	 	[]
	37	 	[]	 	[]
	38	 	[]	 	[]
	39	 	[]	 	[]
	40	 	[]	 	[]

 

 

27Exhibit 10.1

        

       

        

      	
              Otis Worldwide Corporation

              One Carrier Place

              Farmington, CT 06032

            	

      

      Anurag Maheshwari

      Singapore

      

      

      June 23, 2022

      

      

      Dear Anurag:

      

      

      I am pleased to offer you the position of Executive Vice President & Chief Financial Officer of Otis Worldwide Corporation, effective August 12, 2022,
        reporting to me. You can be based in Connecticut, Florida or another mutually acceptable location.

       

      In connection with this appointment, your total rewards package will include:

       

      	

            	•	
              Membership in Otis’ Executive Leadership Group (ELG), comprised of our most senior leaders.

            

       

      	

            	•	
              A base salary of $725,000 per year, effective August 12th. Your base salary will be reviewed annually.

            

       

      	

            	•	
              Continued participation in our Short-Term Incentive (STI) program with a target annual STI opportunity of 100% of your base salary. Your 2022 STI target opportunity will be prorated based on the effective date of your appointment.

            

       

      	

            	•	
              Continued participation in our Long-Term Incentive (LTI) program. Your 2023 equity award will have a target value of at least $2,500,000. Annual grant values may vary from year-to-year, based on individual
                and Otis performance.

            

       

      	

            	•	
              Relocation assistance to aid in the establishment of a permanent residence in the United States.

            

       

      	

            	•	
              Participation in our Executive Lease Vehicle Program (ELVP).

            

       

      	

            	•	
              Eligibility to participate in Otis Choice, our flexible benefits plan which includes medical, dental, life insurance, disability, and other benefits for you and your eligible dependents.

            

       

      	

            	•	
              Participation in our Retirement Savings Plan, which currently offers matching contributions (60% of your contributions up to 6% of your eligible pay) and age-graded company retirement contributions (from 3-5.5% of your eligible pay).

            

       

      
        Page 1 Of 2

        
          

      

      	

            	•	
              Eligibility to participate in our Savings Restoration Plan (SRP) and Company Automatic Contribution Excess Plan (CACEP). These non-qualified deferred compensation plans allow you to continue to receive Retirement Savings Plan matching
                (through the SRP) and age-graded company retirement contributions (through the CACEP) if you exceed the IRS compensation and contribution limits under the Retirement Savings Plan.

            

       

      	

            	•	
              Eligibility to participate in our Deferred Compensation Plan (DCP) and LTIP Performance Share Unit Deferral Plan, which provide executives with the opportunity to elect to defer the receipt and taxation of a portion of their base salary,
                STI and/or PSUs.

            

       

      	

            	•	
              Coverage under the ELG Severance Plan and the Change in Control Severance Plan.

            

       

      This offer is conditional on your execution of the ELG Restrictive Covenant agreement. Your employment with Otis is “at will,” which means that both you and
        Otis can terminate your employment at any time for any reason, with or without cause, and with or without notice.

      

      

      Anurag, I look forward to working with you in your new role at Otis. Please acknowledge your acceptance of our offer by signing the acceptance confirmation
        below and emailing it to me.

      

      

      If you have any questions, please do not hesitate to contact me.

      

      

      Sincerely,

      

      

      Judy Marks

      Chair, Chief Executive Officer and President

      

      

      Accepted and Agreed,

      

      

      
        	Anurag Maheshwari	Date	 

      

      

      

        

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