Document:

Document

Exhibit 10.2
June 10, 2022
     
Johnathan Short

Engagement Agreement

Dear Johnathan:

On behalf of Forge Global, Inc. (“Forge”), I am pleased to offer you the position of Chief Legal Officer as described more fully below. The following terms and conditions apply with respect to your offer, effective upon your start of work for Forge, and also with respect to any work you may have done and discussions we have had to date.

Position

In your position as Chief Legal Officer, you will report to Kelly Rodriques, Chief Executive Officer. Your place of work will be in Atlanta, GA, where you currently reside. As Forge’s business is national and international in scope with dispersed offices, periodic travel to Forge’s other offices and elsewhere shall be part of your job duties. Your duties will generally be in the areas of leading our legal and compliance functions and teams and providing strategic advice given your experience. You’ll develop and lead global legal and compliance strategies to promote and protect Forge, anticipate and proactively develop a strategy to address changes in regulatory requirements and public policy, and advise the CEO, Executive teams, and Board on a variety of legal and compliance issues. You’ll continue to build, mentor, and manage enterprise legal and compliance teams and empower your teams to serve as trusted business advisors of Forge. You will maintain your current bar admissions but will not be required to seek admission to the California Bar as part of your job duties. You will coordinate with members of the Forge legal team who are admitted to practice law in California or through outside counsel, as appropriate, on matters of California law.

Compensation

Salary

You will be treated as an exempt W-2 employee, and your compensation will reflect an annual salary of $400,000. Although Forge does not record hours for exempt employees, it is understood that this is a full-time position, and that there is no additional pay for overtime work. Payroll and expense procedures, vacation policies, benefits, bonuses, and other terms of employment will be according to Forge’s then-current policies and programs.

Benefits

You will be eligible for Forge’s standard benefits package, as may be modified from time to time. This currently includes Medical, Dental, and Vision Insurance, Commuter Benefits, and a Flexible Spending Account. Forge subsidizes a portion of the costs for the Medical, Dental, and Vision insurance plans offered.

Bonus

Forge will arrange to include you in its current bonus plan for employees, with a target bonus based on both individual and company performance. These two components will determine your total bonus, if any. Your bonus is fully discretionary, will not be granted or earned until the bonus payment date, is contingent on your remaining employed by Forge on that date, and will be paid according to Forge’s then-current policies and bonus program. Your target bonus for early 2023, based on excellent performance by both you and Forge, is 50% of your base salary during 2022 (prorated to reflect the portion of the year you work for Forge).

Additional Consideration

In addition to the foregoing, Forge will arrange through its payroll service company to extend you a signing bonus of $350,000 (the “Signing Bonus”). The payment terms of your Signing Bonus are as follows; an initial payment of $87,500 to be paid in the first payroll after your start date, second payment of $87,500 to be paid in the first payroll after four months of employment, third payment of $87,500 to be paid in the first payroll after eight months of employment, fourth payment of 87,500 to be paid in the first payroll after twelve months of employment. You must remain employed and in good standing on the payment dates.

Equity

After joining Forge, you will be eligible to receive an equity award with a grant date fair value of approximately $3,600,000 as determined and subject to approval by the Board. This equity award will vest over four years based on your continued employment through each vesting date. In addition, in 2023 along with other executives, you will be considered for an annual grant based on achieving KPI’s to be determined after you join.

You are also eligible for 40,000 Restricted Stock Units (RSU). The RSUs shall vest 33.33% on March 21, 2023 (the “First Tranche”); 33.33% upon March 21, 2024 (the “Second Tranche”); and 33.33% upon March 21, 2025 (the “Third Tranche”). The vesting is subject to your continued employment through the applicable vesting date.

Your equity award is further contingent on becoming, and remaining, an employee in good standing of Forge as of the grant date, and your executing all of the required grant documents, which will contain various additional terms applicable to your ownership of Forge equity, including among other things, detailed vesting provisions and insider trading requirements. Your equity award, including your vesting schedule, is further subject to the terms and conditions contained in your award agreement and Forge’s 2022 Stock Option and Incentive Plan, each of which will be provided to you separately. In case of a conflict between this letter and such documents, the provisions in such documents will prevail.

Termination

The Executive’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances:

a.Death. The Executive’s employment hereunder shall terminate upon the Executive’s death.

b.Disability. The Company may terminate the Executive’s employment if the Executive is disabled and unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of one hundred eighty (180) days (which need not be consecutive) in any twelve (12)-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 6(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

c.Termination by Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, “Cause” shall mean: (i) the Executive’s dishonest statements or acts with respect to the Company or any affiliate of the Company, or any current or prospective customers, suppliers vendors or other third parties with which such entity does business; (ii) the Executive’s conviction of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the Executive’s willful failure to perform their assigned duties and responsibilities, which failure continues, after written notice given to the Executive by the Company; (iv) the Executive’s gross negligence, willful misconduct or insubordination with respect to the Company or any affiliate of the Company; or (v) the Executive’s material violation of this agreement or any provision of any agreement(s) between the Executive and the Company relating to noncompetition, nonsolicitation, nondisclosure and/or assignment of inventions that is not cured within ten (10) days of written notice.

d.Termination Without Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause and does not result from the Executive’s death or disability under Section 6(a) or (b) shall be deemed a termination without Cause.

e.Termination by the Executive. The Executive may terminate their employment hereunder at any time for any reason with or without Good Reason. For purposes of this Agreement, “Good Reason” shall mean: (i) a material diminution in the Executive’s base salary, (ii) a material diminution in Executive’s title, authority, duties or responsibilities, or (iii) a change of more than 35 miles in the geographic location where Executive provides 

services to the Company, provided, however, that in the event of the occurrence of a Good Reason condition listed above, Executive must provide notice to the Company within ninety (90) days of the initial occurrence of such condition and allow the Company thirty (30) days in which to cure such condition. Additionally, in the event the Company fails to cure the condition within the cure period provided, Executive must terminate employment with the Company within ten (10) business days of the end of the cure period.

f.Notice of Termination. Except for termination in the event of the Executive’s death, any termination of the Executive’s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon.

g.Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated by the Executive’s death, the date of their death; (ii) if the Executive’s employment is terminated on account of disability under Section 6(b) or by the Company for Cause, the date on which a Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company without Cause, the date on which a Notice of Termination is given or the date otherwise specified by the Company in the Notice of Termination; (iv) if the Executive’s employment is terminated by the Executive, thirty (30) days after the date on which a Notice of Termination is given or, if applicable due to a Good Reason event, the actual date of termination following the applicable cure period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement.

Compensation Upon Termination

h.Compensation Generally. If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to their authorized representative or estate) (i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements and unused paid time off that accrued through the Date of Termination on or before the time required by law; and (ii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Benefit”).

i.Termination by the Company without Cause or by the Executive for Good Reason. If the Executive’s employment is terminated by the Company without Cause, then the Company shall pay the Executive the Accrued Benefit. In addition, the Executive will receive (i) a lump sum payment equal to the sum of twelve (12) months of the Executive’s then current Base Salary and any then-unpaid bonus from a prior calendar year and prorated target bonus for year of termination at target level, (ii) the Company will pay the COBRA premiums for Executive and their eligible dependents for a period of twelve (12) months following termination, and (iii) accelerated vesting with respect to the time-vesting requirements of 20% of any then unvested equity that had been granted 

prior to the date of termination (collectively, the “Severance”); provided that the Executive has signed a general release of claims (the “Release”), the Release has become effective, and the Executive has not breached any of their post-employment contractual obligations to the Company. The Severance payment shall be made within 60 days of the Executive’s termination date, provided the Release is effective at such time; provided, further, that if the period during which the Release could become effective and irrevocable spans two calendar years, the Severance shall not be paid prior to the first payroll date in the second calendar year. In addition, if the Executive’s employment is terminated by the Company without Cause or by the Executive for Good Reason and such termination occurs within six ( 6) months prior to or twelve (12) months following a Sale Event (as defined in the Public Plan) then, in lieu of the Severance, the Executive will be eligible to receive (i) a lump sum payment equal to the sum of eighteen (18) months of the Executive’s then current Base Salary and any then-unpaid bonus from a prior calendar year and a pro rata target bonus for the year of termination at target level, (ii) 100% of all unvested equity that had been granted prior to the date of termination shall become fully vested and (iii) the Company will pay the COBRA premiums for Executive and their eligible dependents for a period of eighteen (18) months following termination (the “Enhanced Severance”); provided that the Executive has signed the Release, the Release has become effective, and the Executive has not breached any of their post-employment contractual obligations to the Company. The Enhanced Severance payment shall be made within 60 days of the Executive’s termination date, provided the Release is effective at such time; provided, further, that if the period during which the Release could become effective and irrevocable spans two calendar years, the Enhanced Severance shall not be paid prior to the first payroll date in the second calendar year.

At Will

Notwithstanding statements about future events and positions and equity vesting, your initial and long-term engagement with Forge will be “at will”, meaning it is terminable by either you or Forge at any time, with or without cause. Nevertheless, as a courtesy but not a legal requirement, we ask that you notify us in advance of your intention to leave, and we intend (but explicitly do not promise) to do the same. Upon termination, you will be entitled to expenses to be reimbursed and vesting earned up to the termination date, but no prospective or ongoing pay, severance, or further vesting of equity.

Other Conditions

As a condition to your initial and ongoing engagement by Forge, you are required to execute and agree to the following additional agreements and policies as they may exist, which apply in addition to and consistent with, rather than instead of, the provisions in this letter. Please note that various parts of this document set are described as applying to full-time, part-time, exempt, or non-exempt employees, or for contractors under various arrangements, so not all of the provisions will necessarily apply to your engagement.

a.General Terms Attachment (the “General Terms”) covering expense reimbursements, pay, liability, and employee-related terms, and other items in more detail; and

b.Proprietary Information and Additional Covenants Agreement (the “PICA”) pertaining to authorship, inventions, and confidentiality.

To the maximum extent permitted by law your engagement, and your ongoing right to be retained by and receive compensation, benefits, equity ownership, or any other consideration or rights from Forge, are further conditioned on approval of this letter and its various provisions by the Board; faithful, diligent and competent performance of your engagement-related duties; maintaining your eligibility to work in the United States; resolving conflicts if any between you or Forge and your present employer if any; and the various conditions described in the General Terms Attachment.

References and Immigration Documents

This offer is contingent upon your ability to prove your identity and authorization to work in the U.S. for Forge. You must comply with the United States Citizenship and Immigration Services employment verification requirements.

Reservation of Rights

Forge reserves the right to conduct background investigations and/or reference checks on all of its potential employees. Your job offer, therefore, is contingent upon clearance of such a background investigation and/or background check, if any.

No Conflicting Obligations

By executing this letter, you represent and warrant that your performance under this letter does not and will not breach any agreement you have entered into, or will enter into, with any other party. You must disclose to Forge any and all agreements relating to your prior employment that may affect your eligibility to be employed by Forge or limit the manner in which you may be employed. You shall not engage in any other employment, occupation, consulting, or other business activity directly related to the business in which Forge is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to Forge. Similarly, you agree not to bring any third-party confidential information to Forge, including that of any former employer, and that you will not in any way utilize any such information in performing your duties for Forge. It is Forge’s understanding that any such agreements will not prevent you from performing the duties of your position and you represent that such is the case. By signing and accepting this offer, you represent and warrant that: (i) you are not subject to any pre-existing contractual or other legal obligation with any person, company or business enterprise which may be an impediment to, or a conflict of interest with, your employment with Forge, or your providing services to Forge as its employee; (ii) you do not have and shall not bring onto Forge’s premises, or use in the course of your employment with Forge, any confidential or proprietary information of another person, company or business enterprise to whom you previously provided services; and (iii) you will not, at any time during your employment with Forge, breach any obligation or agreement that you have entered into with any third party, including your former employers. You agree not to enter into any written or oral agreement that conflicts with this letter.

This letter, along with the other agreements described above, set forth the terms of your position with Forge and supersede any prior representations or agreements including, but not limited to, any representations made during your recruitment, interviews, or prior negotiations, whether written or oral. This letter, including, but not limited to, its at-will provision, may not be modified or amended except by a written agreement signed by the Chief Executive Officer of Forge and you.

To accept, please sign and date this letter in the space below, and return it to us. If you accept our offer, your first day of employment will be Monday, July 11, 2022 or as soon as may be agreed and arranged with CEO. This offer of employment will terminate if it is not accepted, signed, and returned by Sunday, June 12, 2022.

Sincerely,

Forge Global, Inc.

/s/ Kelly Rodriques                                            6/12/2022
Kelly Rodriques
Chief Executive Officer

Acknowledgment and Acceptance of Employment Offer
I accept employment with Forge Global, Inc. and acknowledge and fully agree to the terms and conditions set forth in this offer letter:

/s/ Johnathan Short                                             6/11/2022
Employee signature                                            Date

Johnathan Short                    
Full nameExhibit 10.1

 

CONFIDENTIAL

 

TERMINATION AGREEMENT

 

This TERMINATION AGREEMENT (the “Agreement”),
dated as of August 12, 2022 (the “Effective Date”), is entered into by and among Broadscale Acquisition Corp., a Delaware
corporation (“Acquiror”), Velocity Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of
Acquiror (“Merger Sub”), and Voltus, Inc., a Delaware corporation (the “Company” and, collectively
with Acquiror and Merger Sub, the “Parties”).

 

RECITALS

 

WHEREAS, on November 30, 2021, the Parties
entered into an Agreement and Plan of Merger (the “Merger Agreement”);

 

WHEREAS, pursuant to Section 10.1(a) of
the Merger Agreement, the Merger Agreement may be terminated and the transactions contemplated thereby abandoned at any time prior to
the Closing (as defined in the Merger Agreement) by mutual written consent of the Company and Acquiror; and

 

WHEREAS, the Parties desire to execute this
Agreement in order to mutually terminate the Merger Agreement and abandon the transactions contemplated thereby pursuant to Section 10.1(a)
of the Merger Agreement, with effect immediately as of the Effective Date.

 

NOW, THEREFORE, in consideration of the
foregoing premises and the respective representations, warranties, covenants and agreements contained herein, the receipt and sufficiency
of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

 

Article I

 

DEFINITIONS

 

Section 1.1. Definitions.
Unless otherwise specifically defined herein, each capitalized term used but not defined herein shall have the meaning assigned to such
term in the Merger Agreement.

 

Article II

 

TERMINATION

 

Section 2.1. Termination
of Merger Agreement and ANCILLARY AGREEMENTS.

 

(a) Effective as of the Effective Date, without any
further action of the parties thereto or any other Person, the Merger Agreement is hereby terminated pursuant to Section 10.1(a) thereof
(the “Merger Agreement Termination”), and is hereby void and of no effect, and there shall be no liability or obligation
on the part of any Party or their respective Affiliates, officers, directors or stockholders under the Merger Agreement, except that,
in accordance with the Merger Agreement, the provisions of Section 10.2 (Effect of Termination) and Article XI (Miscellaneous) of the
Merger Agreement, and the Confidentiality Agreement (in accordance with its terms), shall survive any termination of the Merger Agreement
and remain in full force and effect.

 

     

     

    

 

(b) The Parties acknowledge and agree that, by virtue
of the termination of the Merger Agreement, the Subscription Agreements, all other Ancillary Agreements and the Confidentiality Agreement
shall terminate in accordance with their terms. The Parties also acknowledge that there are no remaining exclusivity or other limitations
on the other Parties or any other Person with respect to potential transactions with any other Person, whether related to the Merger Agreement
or otherwise.

 

Article III

 

Public
communications

 

Section 3.1. Communications.
Except as provided in Section 3.2 of this Agreement, neither Acquiror nor the Company, nor any of their respective Affiliates shall
make any public announcement or issue any public communication regarding this Agreement, the Merger Agreement or the Merger Agreement
Termination, or any matter related to the foregoing, without first obtaining the prior consent of the Company or Acquiror, as applicable
(which consent shall not be unreasonably withheld, conditioned or delayed), except if such announcement or other communication is (a)
required by applicable Law or legal process (including pursuant to U.S. federal securities Laws or the rules of any national securities
exchange), in which case, to the extent permitted by Law, Acquiror or the Company, as applicable, shall use their commercially reasonable
efforts to coordinate such announcement or communication with the other Party prior to announcement or issuance and allow the other Party
a reasonable opportunity to comment thereon (which shall be considered by Acquiror or the Company, as applicable, in good faith) or (b)
made in any pleadings, court papers or in open court in any action brought by one of the Parties or by any other Person.

 

Section 3.2. Form 8-K
Filing. The Parties acknowledge and agree that, following the execution of this Agreement, Acquiror may file a Current Report
on Form 8-K reporting the execution of this Agreement in a form mutually agreed by the Parties; provided that in no event shall
the Current Report on Form 8-K be filed later than four (4) business days after the date on which this Agreement is executed.

 

Article IV

 

RELEASE

 

Section 4.1. Release.

 

(a) Acquiror, for itself, and on behalf of its Affiliates
and its and their respective equity holders, partners, joint venturers, lenders, administrators, representatives, parents, subsidiaries,
officers, directors, attorneys, agents, employees, legatees, devisees, executors, trustees, beneficiaries, predecessors, successors, heirs
and assigns (each, in their capacity as such) (the “Acquiror Releasing Parties”), hereby absolutely, forever and fully
releases and discharges the Company and its Affiliates and each of their respective present and former direct and indirect equity holders,
directors, officers, employees, predecessors, partners, joint venturers, administrators, representatives, affiliates, attorneys, agents,
brokers, insurers, parent entities, subsidiary entities, successors, heirs, and assigns (each, in their capacity as such) (the “Company
Released Parties”), from all claims, contentions, rights, debts, liabilities, demands, accounts, reckonings, obligations, duties,
promises, costs, expenses (including, without limitation, attorneys’ fees and costs), liens, indemnification rights, damages, losses,
actions, and causes of action, of any kind whatsoever, whether due or owing in the past, present or future and whether based upon contract,
tort, statute or any other legal or equitable theory of recovery, and whether known or unknown, suspected or unsuspected, asserted or
unasserted, fixed or contingent, matured or unmatured, with respect to, pertaining to, based on, arising out of, resulting from, or relating
to the Merger Agreement, the Ancillary Agreements or the transactions contemplated thereby, including, without limitation, any breach
of any representation, warranty, covenant or agreement contained in the Merger Agreement or the Ancillary Agreements (the “Acquiror
Released Claims”); provided, however, that if a person or entity that is not a party to the Merger Agreement or
this Agreement (other than any Affiliate of Acquiror) makes a claim of any sort against Acquiror or both Acquiror and the Company, this
Agreement does not (i) bar Acquiror from seeking and, if decided by a Governmental Authority or otherwise agreed by the Company in a settlement,
being awarded indemnity or contribution from the Company or (ii) bar the Company from opposing any claim by Acquiror for indemnity or
contribution; provided, further, that for the avoidance of doubt, nothing contained herein shall be deemed to release any
Party from its obligations under this Agreement or the provisions of the Merger Agreement expressly deemed to survive under this Agreement.

 

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(b) The Company, for itself, and on behalf of its
Affiliates and its and their respective equity holders, partners, joint venturers, lenders, administrators, representatives, parents,
subsidiaries, officers, directors, attorneys, agents, employees, legatees, devisees, executors, trustees, beneficiaries, predecessors,
successors, heirs and assigns (each, in their capacity as such) (the “Company Releasing Parties” and, together with
the Acquiror Releasing Parties, the “Releasing Parties”), hereby absolutely, forever and fully releases and discharges
Acquiror and its Affiliates and each of their respective present and former direct and indirect equity holders, directors, officers, employees,
predecessors, partners, joint venturers, administrators, representatives, affiliates, attorneys, agents, brokers, insurers, parent entities,
subsidiary entities, successors, heirs, and assigns (each, in their capacity as such) (the “Acquiror Released Parties”
and, together with the Company Released Parties, the “Released Parties”), from all claims, contentions, rights, debts,
liabilities, demands, accounts, reckonings, obligations, duties, promises, costs, expenses (including, without limitation, attorneys’
fees and costs), liens, indemnification rights, damages, losses, actions, and causes of action, of any kind whatsoever, whether due or
owing in the past, present or future and whether based upon contract, tort, statute or any other legal or equitable theory of recovery,
and whether known or unknown, suspected or unsuspected, asserted or unasserted, fixed or contingent, matured or unmatured, with respect
to, pertaining to, based on, arising out of, resulting from, or relating to the Merger Agreement, the Ancillary Agreements or the transactions
contemplated thereby, including, without limitation, any breach of any representation, warranty, covenant or agreement contained in the
Merger Agreement or the Ancillary Agreements (the “Company Released Claims” and, together with the Acquiror Released
Claims, the “Released Claims”); provided, however, that if a person or entity that is not a party to
the Merger Agreement or this Agreement (other than any Affiliate of the Company) makes a claim of any sort against the Company or both
Acquiror and the Company (a “Third Party Claim”), this Agreement does not (i) bar the Company from seeking and, if
decided by a Governmental Authority or otherwise agreed by Acquiror in a settlement, being awarded, indemnity or contribution from Acquiror
(ii) bar Acquiror from opposing any claim by the Company for indemnity or contribution; provided, further, that, for and
in consideration of Acquiror entering into this Agreement, the Company hereby agrees that, notwithstanding anything to the contrary in
this Agreement, (i) the Company irrevocably waives, on behalf of itself and the Company Releasing Parties, any right, title, interest
or claim of any kind that any Company Releasing Party may have or may have in the future in or to any monies in the Trust Account and
agrees not to seek recourse against the Trust Account or any funds distributed therefrom as a result of, or arising out of, this Agreement,
any negotiations, contracts or agreements with Acquiror or any Released Claim or any Third Party Claim; and (ii) the Company will not,
and will cause the other Company Releasing Parties not to, seek recourse against the Trust Account with respect to any matter, including
any Released Claim or Third Party Claim; provided, further, that for the avoidance of doubt, nothing contained herein shall
be deemed to release any Party from its obligations under this Agreement or the provisions of the Merger Agreement expressly deemed to
survive under this Agreement.

 

(c) Each Party, on behalf of itself and its related
Releasing Parties, hereby covenants to the other Party not to directly or indirectly encourage or solicit or voluntarily assist or participate
in any way in the filing, reporting or prosecution by such Party or its related Releasing Parties of a suit, arbitration, mediation, or
claim (including a third party or derivative claim) against any Released Party relating to any Released Claim.

 

Article V

 

REPRESENTATIONS
AND WARRANTIES

 

Section 5.1. Representations
and Warranties. Each of the Parties represents and warrants to the other Parties that:

 

(a) it has duly executed and delivered this Agreement
and is fully authorized to enter into and perform this Agreement and every term hereof;

 

(b) it has been represented by legal counsel in the
negotiation and joint preparation of this Agreement, has received advice from legal counsel in connection with this Agreement and is fully
aware of this Agreement’s provisions and legal effect;

 

(c) it enters into this Agreement freely, without
coercion, and based on its own judgment and not in reliance upon any representations or promises made by the other Party, apart from those
set forth in this Agreement; and

 

(d) it has the authority, and has obtained all necessary
approvals, including but not limited to approval of its Boards of Directors, as necessary, to enter into this Agreement and to perform
its obligations set forth in this Agreement.

 

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Article VI

 

GENERAL
PROVISIONS

 

Section 6.1. Further
assurances. Subject to the other terms and conditions of this Agreement, each Party shall, and shall cause its controlled Affiliates
to, and shall direct its representatives to, at the sole cost and expense of the Party making such request, execute and deliver such additional
instruments and documents, and take such other actions as may be reasonably necessary or reasonably requested by the Party making such
request in order to evidence, confirm and effect the Merger Agreement Termination.

 

Section 6.2. Notices.
All notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (i) when delivered
in person, (ii) when delivered after posting in the United States mail having been sent registered or certified mail return receipt
requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service, or (iv) when
delivered by email, addressed as follows:

 

(a) If to Acquiror or Merger Sub, to:

 

	 	Broadscale Acquisition Corp.
	 	1845 Walnut Street
	 	Suite 1111
	 	Philadelphia, Pennsylvania 19103
	 	Attention: 	Jeffrey F. Brotman
	 	Email: 	jbrotman@hepcollc.com

 

with a copy (which shall not constitute notice) to:

 

	 	Skadden, Arps, Slate, Meagher & Flom LLP
	 	One Manhattan West
	 	New York, New York 10001
	 	Attention: 	Howard L. Ellin
	 	 	C. Michael Chitwood
	 	Email: 	howard.ellin@skadden.com
	 	 	michael.chitwood@skadden.com

 

(b) If to the Company, to:

 

	 	Voltus, Inc.
	 	2443 Fillmore Street, #308-3427
	 	San Francisco, California 94115
	 	Attention: 	Gregg Dixon
	 	 	Laurie Harrison
	 	Email:	greggdixon@voltus.co
	 	 	lharrison@voltus.co

 

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with a copy (which shall not constitute notice) to:

 

	 	Latham & Watkins LLP
	 	811 Main Street
	 	Suite 3700
	 	Houston, Texas 77002
	 	Attention: 	Ryan Maierson
	 	 	Spencer Ricks
	 	 	Shagufa Hossain
	 	Email:	Ryan.Maierson@lw.com
	 	 	Spencer.Ricks@lw.com
	 	 	Shagufa.Hossain@lw.com

 

or to such other address or addresses as the Parties may from time
to time designate in writing. Copies delivered solely to outside counsel shall not constitute notice.

 

Section 6.3. HEADINGS;
counterparts; Effectiveness. The headings in this Agreement are for convenience only and shall not be considered a part of
or affect the construction or interpretation of any provision of this Agreement. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures to this
Agreement may be delivered by email (including by .pdf, .tif, .gif, .jpeg or similar formatted attachment thereto) by any Party and such
signature will be deemed binding for all purposes hereof without delivery of an original signature being thereafter required. This Agreement
shall become effective when each Party shall have received one or more counterparts hereof signed by each of the other Parties and unless
and until such receipt, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue
of any other oral or written agreement or other communication).

 

Section 6.4. Governing
Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect
to principles or rules of conflict of Laws to the extent such principles or rules would require or permit the application of Laws of another
jurisdiction.

 

Section 6.5. Jurisdiction;
WAIVER OF TRIAL BY JURY. Any Action based upon, arising out of or related to this Agreement or the transactions contemplated
hereby must be brought in the Court of Chancery of the State of Delaware (or, to the extent such court does not have subject matter jurisdiction,
the Superior Court of the State of Delaware), or, if it has or can acquire jurisdiction, in the United States District Court for the District
of Delaware, and each of the parties irrevocably and unconditionally (i) consents and submits to the exclusive jurisdiction of each such
court in any such Action, (ii) waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience
of forum, (iii) agrees that all claims in respect of the Action shall be heard and determined only in any such court, and (iv) agrees
not to bring any Action arising out of or relating to this Agreement or the transactions contemplated hereby in any other court. Nothing
herein contained shall be deemed to affect the right of any Party to serve process in any manner permitted by Law or to commence Legal
Proceedings or otherwise proceed against any other Party in any other jurisdiction, in each case, to enforce judgments obtained in any
Action brought pursuant to this Section 6.5. EACH OF THE PARTIES ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH
SUCH PARTY HEREBY IRREVOCABLY, UNCONDITIONALLY AND VOLUNTARILY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
ACTION, SUIT OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

    5

     

    

 

Section 6.6. Assignment;
Binding Effect. No Party shall assign this Agreement or any part hereof without the prior written consent of the other Parties
and any such transfer without prior written consent shall be void. Subject to the foregoing, this Agreement shall be binding upon and
inure to the benefit of the Parties and their respective permitted successors and assigns.

 

Section 6.7. Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this
Agreement shall remain in full force and effect. The Parties further agree that if any provision contained herein is, to any extent, held
invalid or unenforceable in any respect under the Laws governing this Agreement, they shall take any actions necessary to render the remaining
provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the extent necessary, shall amend or
otherwise modify this Agreement to replace any provision contained herein that is held invalid or unenforceable with a valid and enforceable
provision giving effect to the intent of the Parties.

 

Section 6.8. Entire
Agreement. This Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof, and supersedes
all other prior agreements and understandings, both written and oral, between the Parties, or any of them, with respect to the subject
matter hereof and thereof.

 

Section 6.9. Third-Party
Beneficiaries. Each Party acknowledges and agrees that there are no third party beneficiaries to this Agreement, and this Agreement
is not otherwise intended to and shall not otherwise confer upon any Person other than the Parties any rights or remedies hereunder.

 

Section 6.10. allocation
of expenses. In accordance with Section 11.6 of the Merger Agreement, (a) each Party shall be responsible for and pay its own
expenses incurred in connection with the Merger Agreement, this Agreement and the transactions contemplated by the Merger Agreement, including
all fees of its counsel, financial advisers and accountants, (b) the Company shall be responsible for the Company Transaction Expenses,
and (c) Acquiror shall be responsible for Acquiror Transaction Expenses.

 

Section 6.11. Interpretation.
Unless the context of this Agreement otherwise requires, (i) words of any gender include each other gender, (ii) words using
the singular or plural number also include the plural or singular number, respectively, (iii) the terms “hereof,” “herein,”
“hereby,” “hereto” and derivative or similar words refer to this entire Agreement, (iv) the terms “Article”
or “Section” refer to the specified Article or Section of this Agreement or the Merger Agreement, as applicable, (v) the
word “including” shall mean “including, without limitation” and (vi) the word “or” shall be disjunctive
but not exclusive. The Parties agree and acknowledge that they have been represented by counsel during, and have participated jointly
in, the negotiation, drafting and execution of this Agreement. In the event that an ambiguity or a question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the Parties, and the Parties irrevocably waive the application of any
Law, holding or rule of construction favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement.

 

[Remainder of page left intentionally blank.]

 

    6

     

    

 

IN WITNESS WHEREOF, the Parties have caused this
Agreement to be executed and delivered as of the date first written above.

 

	 	BROADSCALE ACQUISITION CORP.
	 	 
	 	/s/ Jeffrey F. Brotman 
	 	Name: 	Jeffrey F. Brotman
	 	Title: 	Chief Legal Officer and Secretary
	 	 	 
	 	VELOCITY MERGER SUB INC.
	 	 
	 	/s/ Jeffrey F. Brotman 
	 	Name:  	Jeffrey F. Brotman
	 	Title: 	President, Treasurer and Secretary
	 	 	 
	 	VOLTUS, INC.
	 	 
	 	/s/
    Gregg Dixon 
	 	Name:	Gregg Dixon
	 	Title:	CEO

 

[Signature Page to Termination Agreement]

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