Document:

EX-10.2

 Exhibit 10.2 

MONTROSE ENVIRONMENTAL GROUP, INC. 

GRANT NOTICE FOR 
 AMENDED
AND RESTATED 2017 STOCK INCENTIVE PLAN 
 RESTRICTED STOCK UNITS 

FOR GOOD AND VALUABLE CONSIDERATION, MONTROSE ENVIRONMENTAL GROUP, INC. (the “Company”), hereby grants to Participant named below the number
of stock units specified below (the “Award”). Each stock unit represents the right to receive one share of the Company’s common stock, par value $0.000004 (the “Common Stock”), upon the terms and subject to the
conditions set forth in this Grant Notice, the Montrose Environmental Group, Inc. Amended and Restated 2017 Stock Incentive Plan (the “Plan”) and the Standard Terms and Conditions (the “Standard Terms and
Conditions”) adopted under such Plan and provided to Participant, each as amended from time to time. This Award is granted pursuant to the Plan and is subject to and qualified in its entirety by the Standard Terms and Conditions. 

 

			
	Name of Participant:	 	
		
	Grant Number:	 	
		
	Grant Date:	 	
		
	Number of restricted stock units:	 	
		
	Vesting Schedule:	 	 [50% of the Award shall vest on the fourth (4th) anniversary of the Grant Date and 50%
of the Award shall vest on the fifth (5th) anniversary of the Grant Date, subject to Participant’s continued service through each such
date.]1
  
 [With respect to [____]
restricted stock units (the “Service-Vested RSUs”), 50% shall vest on the fourth (4th) anniversary of the Grant Date and 50% shall vest on the fifth (5th) anniversary of the Grant Date, subject to Participant’s continued service through each such date.
  

With respect to [__] restricted stock units (the “Performance-Vested RSUs”), 50% shall vest on the fourth (4th) anniversary of the Grant Date and 50% of the Award shall vest on the fifth (5th) anniversary of the Grant Date, subject to Participant’s
continued service through each such date and subject to achievement of the Performance Criteria. If the Performance Criteria shall not have been met prior to the fourth (4th) anniversary, none of
the Performance-Vested RSUs shall vest at that time, and if the

  

	1 	 Language for RSUs with only time-based vesting 

  
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		 	Performance Criteria is subsequently met prior to the fifth (5th) anniversary of the Grant Date, all of the Performance-Vested RSUs shall vest at that time, subject to
Participant’s continued service through such date. If the Performance Criteria is not met by the fifth (5th) anniversary of the Grant Date, none of the Performance-Vested RSUs shall vest and
instead shall be forfeited at that time.]2
		
	Performance Criteria	 	The Performance Criteria shall be met if the Company achieves $90M in adjusted EBITDA (as reported) for any trailing twelve-month period from and after December 31, 2022, which shall be measured quarterly for purposes of
determining if the performance criteria has been met.
		
	Change in Control Treatment:	 	The Award shall vest in full upon a Change in Control (as defined in the Plan), subject Participant’s continued service through such date[ and, with respect to the Performance-Vested RSUs, to the extent the Performance Criteria
has been satisfied as of the date of such Change of Control]3.

 By accepting this Grant Notice, Participant acknowledges that he or she has received and read, and agrees that this Award
shall be subject to, the terms of this Grant Notice, the Plan and the Standard Terms and Conditions. 
  

					
	MONTROSE ENVIRONMENTAL GROUP, INC.	 	
		 		 	  

		 		 	Participant Signature
	By	 	  
	 	
	Title:	 	  
	 	Address (please print):
		 		 	  

		 		 	  

		 		 	  

   

 

	2 	 Alternative language for CEO grant with 50% subject to performance vesting 

	3 	 Additional language for CEO grant with performance vesting criteria 

  
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 MONTROSE ENVIRONMENTAL GROUP, INC. 

STANDARD TERMS AND CONDITIONS FOR 

RESTRICTED STOCK UNITS 
 These Standard
Terms and Conditions apply to the Award of restricted stock units granted pursuant to the Montrose Environmental Group, Inc. Amended and Restated 2017 Stock Incentive Plan (the “Plan”), which are evidenced by a Grant Notice. In
addition to these Terms and Conditions, the restricted stock units shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference. Capitalized terms not otherwise defined herein shall
have the meaning set forth in the Plan. 
 1. TERMS OF RESTRICTED STOCK UNITS 

Montrose Environmental Group, Inc., a Delaware corporation (the “Company”), has granted to the Participant named in the Grant
Notice provided to said Participant herewith (the “Grant Notice”) an award of a number of restricted stock units (the “Award” or the “Restricted Stock Units”) with each Restricted Stock Unit representing
the right to receive one share of the Company’s common stock, par value $0.000004 (the “Common Stock”) specified in the Grant Notice. The Award is subject to the conditions set forth in the Grant Notice, these Standard Terms
and Conditions, and the Plan, each as amended from time to time. For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary. 

2. VESTING OF RESTRICTED STOCK UNITS 

The Award shall not be vested as of the Grant Date set forth in the Grant Notice and shall be forfeitable unless and until otherwise vested
pursuant to the terms of the Grant Notice and these Standard Terms and Conditions. After the Grant Date, subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Award shall become vested as
described in the Grant Notice with respect to that number of Restricted Stock Units as set forth in the Grant Notice. Restricted Stock Units that have vested and are no longer subject to forfeiture are referred to herein as “Vested
RSUs.” Restricted Stock Units awarded hereunder that are not vested and remain subject to forfeiture are referred to herein as “Unvested RSUs.” Unless otherwise set forth in the Grant Notice, upon the Participant’s
Termination of Employment, any then Unvested RSUs held by the Participant shall be forfeited and canceled as of the date of such Termination of Employment. 

3. SETTLEMENT OF RESTRICTED STOCK UNITS 

The Company will transfer to Participant the shares of Common Stock subject to the Award (or portion thereof) as soon as reasonably possible
after any date upon which the Award (or a portion thereof) vests (but in no case later than March 15th of the calendar year after the calendar year in which the vesting event occurs). 

  
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 4. RIGHTS AS STOCKHOLDER 

Participant shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any RSUs unless and until
shares of Common Stock settled for such RSUs shall have been issued by the Company to Participant (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). Notwithstanding the
foregoing, in the event that the Company declares a cash dividend the record date for which occurs during the period from and after the Grant Date and until the earlier of (a) the time when the Restricted Stock Units are settled in accordance
with the terms hereof or (b) the time when the Participant’s right to vest in the Restricted Stock Units is forfeited, on the date that the Company pays such cash dividend to holders of Common Stock generally, the Participant shall be
credited with a cash amount equal to the dollar amount of the cash dividend paid per share of Common Stock on such date multiplied by the total number of Restricted Stock Units then outstanding under this Award, which amount shall be paid in a
single lump sum, without interest, in the date the corresponding Restricted Stock Units become Vested RSUs in accordance with the terms of the Grant Notice and these Standard Terms and Conditions (or, if later, the date on the date that the Company
pays such cash dividend to holders of Common Stock). 
 5. RESTRICTIONS ON RESALES OF SHARES 

The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by
the Participant or other subsequent transfers by the Participant of any shares of Common Stock issued pursuant to Vested RSUs, including without limitation (i) restrictions under an insider trading policy, (ii) restrictions designed to
delay and/or coordinate the timing and manner of sales by Participant and other holders and (iii) restrictions as to the use of a specified brokerage firm for such resales or other transfers. 

6. INCOME TAXES 
 To the
extent required by applicable federal, state, local or foreign law, the Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that arise by reason of the grant or vesting of the
Restricted Stock Units. The Company shall not be required to issue shares or to recognize the disposition of such shares until such obligations are satisfied. Unless the Participant elects in writing, in advance, to pay the withholding tax
obligations to the Company by cash or check, withholding shall be effected by the Company causing to be sold on behalf of the Participant a number of shares of Common Stock issuable in connection with the Award in an amount sufficient to cover such
withholding obligations. The Participant acknowledges that the Company shall have the right to deduct any taxes required to be withheld by law in connection with the Award from any amounts payable by it to the Participant (including, without
limitation, future cash wages). 

  
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 7. NON-TRANSFERABILITY OF UNVESTED AWARD 

The Participant understands, acknowledges and agrees that, except as otherwise provided in the Plan or as permitted by the Committee, the Award
may not be sold, assigned, transferred, pledged or otherwise directly or indirectly encumbered or disposed of. 
 8. OTHER AGREEMENTS
SUPERSEDED 
 The Grant Notice, these Standard Terms and Conditions and the Plan constitute the entire understanding between the
Participant and the Company regarding the Restricted Stock Units. Any prior agreements, commitments or negotiations concerning the Restricted Stock Units are superseded. 

9. LIMITATION OF INTEREST IN SHARES SUBJECT TO RESTRICTED STOCK UNITS 

Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant
shall have any right, title, interest, or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Grant Notice or these Standard Terms and Conditions except as to such shares of Common Stock,
if any, as shall have been issued to such person in connection with the Award. Nothing in the Plan, in the Grant Notice, these Standard Terms and Conditions or any other instrument executed pursuant to the Plan shall confer upon the Participant any
right to continue in the Company’s employ or service nor limit in any way the Company’s right to terminate the Participant’s employment or service relationship at any time for any reason. 

10. GENERAL 
 In the event
that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal,
valid and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision. 

The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of
these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect. 
 These Standard Terms and Conditions shall
inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns. 

These Standard Terms and Conditions shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to
principles of conflicts of law. 

  
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 In the event of any conflict between the Grant Notice, these Standard Terms and Conditions
and the Plan, the Grant Notice and these Standard Terms and Conditions shall control. In the event of any conflict between the Grant Notice and these Standard Terms and Conditions, the Grant Notice shall control. 

All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Committee in its total and absolute
discretion. 
 11. ELECTRONIC DELIVERY 

By executing the Grant Notice, the Participant hereby consents to the delivery of information (including, without limitation, information
required to be delivered to the Participant pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, and the Restricted Stock Units via Company web site or other electronic delivery. 

  
 6EX-4.1

 Exhibit 4.1 

SPECIMEN CLASS A ORDINARY SHARE CERTIFICATE 
  

			
	NUMBER	  	CLASS A ORDINARY SHARES

 BULLISH 

INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS 

CLASS A ORDINARY SHARES 

SEE REVERSE FOR 
 CERTAIN
DEFINITIONS 
 CUSIP: [•] 

This certifies that                  is the owner of 

FULLY PAID AND NON-ASSESSABLE CLASS A ORDINARY SHARES OF THE PAR 

VALUE OF US$0.00001 EACH OF BULLISH (THE “COMPANY”) 

subject to the Company’s amended and restated memorandum and articles of association, as the same may be amended from time to time, and transferable on
the books of the Company in person or by duly authorized attorney upon surrender of this certificate properly endorsed. 
 This certificate is not valid
unless countersigned by the Transfer Agent and registered by the Registrar. 
 Witness the facsimile signatures of its duly authorized officers. 

Dated: 
  

									
	 By
	 	 	 		 		 	 
		 	 Chief Executive Officer
	 		 		 	 Chief Financial Officer

  
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 BULLISH 

The Company will furnish without charge to each shareholder who so requests the powers, designations, preferences and relative, participating, optional or
other special rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. This certificate and the shares represented thereby are issued and shall be held
subject to all the provisions of the Company’s amended and restated memorandum and articles of association, as the same may be amended from time to time, and resolutions of the Board of Directors providing for the issue of Class A ordinary
shares (copies of which may be obtained from the secretary of the Company), to all of which the holder of this certificate by acceptance hereof assents. 

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

			
	TEN COM — as tenants in common	  	UNIF GIFT MIN ACT — Custodian
		  	 

                       
                 

		  	(Cust) (Minor)
	TEN ENT — as tenants by the entireties	  	under Uniform Gifts to Minors Act
		  	 

                       
                             

	JT TEN — as joint tenants with right of survivorship and not as tenants in common	  	(State)

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

For value received,                  hereby sells, assigns and transfers unto

 (PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER(S) OF ASSIGNEE(S)) 

(PLEASE PRINT OR TYPEWRITE NAME(S) AND ADDRESS(ES), INCLUDING ZIP CODE, OF ASSIGNEE(S)) 

Shares represented by the within Certificate, and does hereby irrevocably constitute and appoint
                 Attorney to transfer the said shares on the books of the within named Company with full power of substitution in the premises. 

 

			
	
Dated:                  
              
	  	 
		  	 Shareholder

		
		  	NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 Signature(s) Guaranteed: 
  

	
	 By

	 
	 

 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 OR ANY SUCCESSOR RULE). 

  
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