Document:

EX-10.1

 Exhibit 10.1 

FORM OF 
 MONTAUK
RENEWABLES, INC. 
 EQUITY AND INCENTIVE COMPENSATION PLAN 

1. Purpose. The purpose of this Plan is to permit the grant of awards to
non-employee Directors, officers and other employees of the Company and its Subsidiaries, and certain Consultants to the Company and its Subsidiaries, and to provide to such persons incentives and rewards for
service and/or performance. 
 2. Definitions. Except as otherwise provided herein, the following are the definitions
used in this Plan: 
 (a) “Affiliate” means a person that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common control with, the person specified. 
 (b)
“Appreciation Right” means a right granted pursuant to Section 5 of this Plan. 

(c) “Base Price” means the price to be used as the basis for determining the Spread upon the exercise of an
Appreciation Right. 
 (d) “Board” means the Board of Directors of the Company. 

(e) “Cash Incentive Award” means a cash award granted pursuant to
Section 8 of this Plan. 
 (f) “Change in Control” has the
meaning set forth in Section 12 of this Plan. 
 (g) “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the regulations thereunder, as such law and regulations may be amended from time to time. 

(h) “Committee” means the Compensation Committee of the Board (or its successor(s)), or any other
committee of the Board designated by the Board to administer this Plan pursuant to Section 10 of this Plan. 

(i) “Common Stock” means the common stock, par value $.01 per share, of the Company or any security
into which such common stock may be changed by reason of any transaction or event of the type referred to in Section 11 of this Plan. 

(j) “Company” means Montauk Renewables, Inc., a Delaware corporation, and its successors. 

(k) “Consultant” means a natural person that provides bona fide services to the Company and/or its
Affiliates; provided, however, that a Consultant shall not include a person whose services are in connection with the offer or sale of the Company’s securities in a capital-raising transaction including, directly or indirectly, the promotion or
maintenance of a market for the Company’s securities.” 

 (l) “Date of Grant” means the date provided for by the
Committee on which a grant of Option Rights, Appreciation Rights, Performance Shares, Performance Units, Cash Incentive Awards, or other awards contemplated by Section 9 of this Plan, or a grant or sale
of Restricted Stock, Restricted Stock Units, or other awards contemplated by Section 9 of this Plan, will become effective (which date will not be earlier than the date on which the Committee takes
action with respect thereto). 
 (m) “Director” means a member of the Board. 

(n) “Effective Date” means the date this Plan is approved by the Stockholders. 

(o) “Evidence of Award” means an agreement, certificate, resolution or other type or form of writing or other
evidence approved by the Committee that sets forth the terms and conditions of the awards granted under this Plan. An Evidence of Award may be in an electronic medium, may be limited to notation on the books and records of the Company and, unless
otherwise determined by the Committee, need not be signed by a representative of the Company or a Participant. 
 (p)
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time. 

(q) “Incentive Stock Option” means an Option Right that is intended to qualify as an “incentive stock
option” under Section 422 of the Code or any successor provision. 
 (r) “Management Objectives”
means performance objective or objectives established pursuant to this Plan for Participants who have received grants of Performance Shares, Performance Units or Cash Incentive Awards or, when so determined by the Committee, Option Rights,
Appreciation Rights, Restricted Stock, Restricted Stock Units, dividend equivalents or other awards pursuant to this Plan and include, but is not limited to, objectives related to earnings before interest, taxes, depreciation and amortization,
income or net income (loss) (either before or after interest, taxes, depreciation and/or amortization), earnings, changes in the market price of Common Stock, funds from operations or similar measures, sales, revenue (including recurring revenue),
growth in revenue, enterprise value or economic value added, mergers, acquisitions or other strategic transactions, divestitures, financings, operating income (loss), cash flow (including, but not limited to, operating cash flow and free cash flow),
return on capital, return on investments, assets, return on assets, net asset turnover, debt (including debt reduction), return on operating revenue, working capital, regulatory compliance, improvement of financial ratings, annual spend or license
annual spend, equity investments, investing activities and financing activities (or any combination thereof) stockholder returns, dividend ratio, orders, return on sales, marketing, gross or net profit levels, productivity, volumes produced and/or
transported, margins, leverage ratio, coverage ratio, strategic business objectives (including operating efficiency, geographic business expansion goals, partnerships, customer/client satisfaction, talent recruitment and retention, productivity
ratios, product quality, sales of new products, employee turnover, supervision of information technology), operating efficiency, productivity, product innovation, number of customers, customer satisfaction and related metrics, individual
performance, quality improvements, growth or growth rate, intellectual property, expenses or costs (including cost 

 
reduction programs), budget comparisons, implementation of projects or processes, formation of joint ventures, research and development collaborations, marketing or customer service
collaborations, employee engagement and satisfaction, diversity, environmental and social measures, information technology, technology development, human resources management, litigation, research and development, working capital, earnings (loss)
per share of Common Stock, and market share, any of which may be measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer group. If the Committee determines that a change in the business,
operations, corporate structure or capital structure of the Company, or the manner in which it conducts its business, or other events or circumstances render the Management Objectives unsuitable, the Committee may in its discretion modify such
Management Objectives or the goals or actual levels of achievement regarding the Management Objectives, in whole or in part, as the Committee deems appropriate and equitable. 

(s) “Market Value per Share” means, as of any particular date, the closing price of a share of Common Stock
as reported for that date on the Nasdaq Stock Market or, if the Common Stock is not then listed on the Nasdaq Stock Market, on any other national securities exchange on which the Common Stock is listed, or if there are no sales on such date, on the
next trading day after which a sale occurred. If there is no regular public trading market for the Common Stock, then the Market Value per Share shall be the fair market value as determined in good faith by the Committee. The Committee is authorized
to adopt another fair market value pricing method provided such method is stated in the applicable Evidence of Award and is in compliance with the fair market value pricing rules set forth in Section 409A of the Code. 

(t) “Optionee” means the optionee named in an Evidence of Award evidencing an outstanding Option Right. 

(u) “Option Price” means the purchase price payable on exercise of an Option Right. 

(v) “Option Right” means the right to purchase Common Stock upon exercise of an award granted pursuant to
Section 4 of this Plan. 
 (w) “Participant” means a person
who is selected by the Committee to receive benefits under this Plan and who is at the time (i) a non-employee Director, (ii) an officer or other employee of the Company or any Subsidiary, including
a person who has agreed to commence serving in such capacity within 90 days of the Date of Grant, or (iii) a Consultant. 

(x) “Performance Period” means, in respect of a Cash Incentive Award, Performance Share or Performance Unit,
a period of time established pursuant to Section 8 of this Plan within which the Management Objectives relating to such Cash Incentive Award, Performance Share or Performance Unit are to be achieved.

 (y) “Performance Share” means a bookkeeping entry that records the equivalent of one share of Common
Stock awarded pursuant to Section 8 of this Plan, and may be payable in cash, Common Stock or a combination thereof. 

 (z) “Performance Unit” means a bookkeeping entry award
granted pursuant to Section 8 of this Plan that records a unit equivalent to $1.00 or such other value as is determined by the Committee, and may be payable in cash, Common Stock or a combination
thereof. 
 (aa) “Plan” means this Montauk Renewables, Inc. Equity and Incentive Compensation Plan, as may
be amended or amended and restated from time to time. 
 (bb) “Restricted Stock” means Common Stock granted
or sold pursuant to Section 6 of this Plan as to which neither the substantial risk of forfeiture nor the prohibition on transfer has expired. 

(cc) “Restricted Stock Units” means an award made pursuant to
Section 7 of this Plan of the right to receive Common Stock, cash or a combination thereof at the end of the applicable Restriction Period. 

(dd) “Restriction Period” means the period of time during which Restricted Stock Units are subject to
restrictions, as provided in Section 7 of this Plan. 
 (ee)
“Stockholder” means an individual or entity that owns one or more shares of Common Stock. 
 (ff)
“Spread” means the excess of the Market Value per Share on the date when an Appreciation Right is exercised over the Base Price provided for with respect to the Appreciation Right. 

(gg) “Subsidiary” means a corporation, company or other entity (i) more than 50% of whose outstanding
shares or securities (representing the right to vote for the election of directors or other managing authority) are or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint venture, limited
liability company, unincorporated association or other similar entity), but more than 50% of whose ownership interest representing the right generally to make decisions for such other entity, is, now or hereafter, owned or controlled, directly or
indirectly, by the Company; provided, however, that for purposes of determining whether any person may be a Participant for purposes of any grant of Incentive Stock Options, “Subsidiary” means any corporation in which the
Company at the time owns or controls, directly or indirectly, more than 50% of the total combined Voting Power represented by all classes of stock issued by such corporation. 

(hh) “Voting Power” means, at any time, the combined voting power of the then-outstanding securities entitled
to vote generally in the election of Directors in the case of the Company or members of the board of directors or similar body in the case of another entity. 

3. Shares Available Under this Plan. 

(a) Maximum Shares Available Under this Plan. 
  

	 	(i)	 Subject to adjustment as provided in Section 11 of this Plan
and the share counting rules set forth in Section 3(b) of this Plan, the number of shares of Common Stock available under this Plan for

	 	 
awards of (A) Option Rights or Appreciation Rights, (B) Restricted Stock, (C) Restricted Stock Units, (D) Performance Shares or Performance Units, (E) awards contemplated
by Section 9 of this Plan, or (F) dividend equivalents paid with respect to awards made under this Plan will not exceed, in the aggregate, [______] shares of Common Stock. Such shares may be
shares of original issuance or treasury shares or a combination of the foregoing. 

  

	 	(ii)	 Subject to the share counting rules set forth in Section 3(b)
of this Plan, the aggregate number of shares of Common Stock available under Section 3(a)(i) of this Plan will be reduced by one share of Common Stock for every one share of Common Stock subject to an
award granted under this Plan. 

 (b) Share Counting Rules. 

 

	 	(i)	 Except as provided in Section 22 of this Plan or herein, if
any award granted under this Plan (in whole or in part) is cancelled or forfeited, expires, is settled for cash, or is unearned, the Common Stock subject to such award will, to the extent of such cancellation, forfeiture, expiration, cash
settlement, or unearned amount, again be available under Section 3(a)(i) above. 

  

	 	(ii)	 Notwithstanding anything to the contrary contained in this Plan: (A) shares of Common Stock withheld by
the Company, tendered or otherwise used in payment of the Option Price of an Option Right will not be added (or added back, as applicable) to the aggregate number of shares of Common Stock available under
Section 3(a)(i) of this Plan; (B) shares of Common Stock withheld by the Company, tendered or otherwise used to satisfy tax withholding will not be added (or added back, as applicable) to the
aggregate number of shares of Common Stock available under Section 3(a)(i) of this Plan; (C) shares of Common Stock subject to a share-settled Appreciation Right that are not actually issued in
connection with the settlement of such Appreciation Right on the exercise thereof will not be added back to the aggregate number of shares of Common Stock available under Section 3(a)(i) of this
Plan; and (D) shares of Common Stock reacquired by the Company on the open market or otherwise using cash proceeds from the exercise of Option Rights will not be added (or added back, as applicable) to the aggregate number of shares of Common
Stock available under Section 3(a)(i) of this Plan. 

  

	 	(iii)	 If, under this Plan, a Participant has elected to give up the right to receive cash compensation in exchange
for Common Stock based on fair market value, such Common Stock will not count against the aggregate limit under Section 3(a)(i) of this Plan. 

 (c) Limit on Incentive Stock Options. Notwithstanding anything to the
contrary contained in this Plan, and subject to adjustment as provided in Section 11 of this Plan, the aggregate number of shares of Common Stock actually issued or transferred by the Company upon the
exercise of Incentive Stock Options will not exceed [__________] shares of Common Stock. 
 (d) Non-Employee Director Compensation Limit. Notwithstanding anything to the contrary contained in this Plan, in no event will any non-employee Director in any one calendar
year be granted compensation for such service having an aggregate maximum value (measured at the Date of Grant as applicable, and calculating the value of any awards based on the grant date fair value for financial reporting purposes) in excess of
$500,000. 
 (e) Minimum Vesting Requirement. Except in the case of cash based awards, awards granted under this Plan
to Participants shall either be subject to a minimum vesting period or minimum performance period, as applicable, of one year. Notwithstanding the foregoing, (i) the Committee may authorize acceleration of vesting of such awards in the event of
the Participant’s death, disability, termination of employment or service or the occurrence of a Change in Control, (ii) the Committee may grant awards without the above-described minimum requirements with respect to awards covering up to
5% of the aggregate number of shares authorized for issuance under this Plan, and (iii) with respect to awards granted to non-employee Directors, the vesting of such awards will be deemed to satisfy the
minimum vesting requirement to the extent that the awards vest based on the approximate one-year period beginning on each regular annual meeting of the Company’s stockholders and ending on the date of the
next regular annual meeting of the Company’s stockholders. 
 4. Option Rights. The Committee may, from time to
time and upon such terms and conditions as it may determine, authorize the granting to Participants of Option Rights. Each such grant may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the
following provisions: 
 (a) Each grant will specify the number of shares of Common Stock to which it pertains subject to
the limitations set forth in Section 3 of this Plan. 
 (b) Each grant will
specify an Option Price per share of Common Stock, which Option Price (except with respect to awards under Section 22 of this Plan) may not be less than the Market Value per Share on the Date of Grant.

 (c) Each grant will specify whether the Option Price will be payable (i) in cash, by check acceptable to the Company
or by wire transfer of immediately available funds, (ii) by the actual or constructive transfer to the Company of Common Stock owned by the Optionee having a value at the time of exercise equal to the total Option Price, (iii) subject to
any conditions or limitations established by the Committee, by the withholding of Common Stock otherwise issuable upon exercise of an Option Right pursuant to a “net exercise” arrangement, (iv) by a combination of such methods of
payment, or (v) by such other methods as may be approved by the Committee. 
 (d) Each grant will specify the period or
periods of continuous service by the Optionee with the Company or any Subsidiary, if any, that is necessary before any Option Rights 

 
or installments thereof will vest, and provide for any other terms that are consistent with the terms of this Plan. 

(e) Any grant of Option Rights may specify Management Objectives regarding the vesting of such rights. 

(f) Option Rights granted under this Plan may be (i) options, including Incentive Stock Options, that are intended to
qualify under particular provisions of the Code, (ii) options that are not intended to so qualify, or (iii) combinations of the foregoing. Incentive Stock Options may only be granted to Participants who meet the definition of
“employees” under Section 3401(c) of the Code. 
 (g) No Option Right will be exercisable more than 10 years
from the Date of Grant. The Committee may provide in any Evidence of Award for the automatic exercise of an Option Right upon such terms and conditions as established by the Committee. 

(h) Option Rights granted under this Plan may not provide for any dividends or dividend equivalents thereon. 

(i) Each grant of Option Rights will be evidenced by an Evidence of Award. Each Evidence of Award will be subject to this Plan
and will contain such terms and provisions, consistent with this Plan, as the Committee may approve. 
 5. Appreciation
Rights. 
 (a) The Committee may, from time to time and upon such terms and conditions as it may determine, authorize
the granting to any Participant of Appreciation Rights. An Appreciation Right will be the right of the Participant to receive from the Company an amount determined by the Committee, which will be expressed as a percentage of the Spread (not
exceeding 100%) at the time of exercise. 
 (b) Each grant of Appreciation Rights may utilize any or all of the
authorizations, and will be subject to all of the requirements, contained in the following provisions: 
  

	 	(i)	 Each grant may specify that the amount payable on exercise of an Appreciation Right will be paid by the
Company in cash, Common Stock or any combination thereof. 

  

	 	(ii)	 Each grant will specify the period or periods of continuous service by the Participant with the Company or
any Subsidiary, if any, that is necessary before the Appreciation Rights or installments thereof will vest, and provide for any other terms that are consistent with the terms of this Plan. 

 

	 	(iii)	 Any grant of Appreciation Rights may specify Management Objectives regarding the vesting of such
Appreciation Rights. 

	 	(iv)	 Appreciation Rights granted under this Plan may not provide for any dividends or dividend equivalents
thereon. 

  

	 	(v)	 Each grant of Appreciation Rights will be evidenced by an Evidence of Award. Each Evidence of Award will be
subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve. 

(c) Also, regarding Appreciation Rights: 
  

	 	(i)	 Each grant will specify in respect of each Appreciation Right a Base Price, which (except with respect to
awards under Section 22 of this Plan) may not be less than the Market Value per Share on the Date of Grant; and 

 

	 	(ii)	 No Appreciation Right granted under this Plan may be exercised more than 10 years from the Date of Grant.
The Committee may provide in any Evidence of Award for the automatic exercise of an Appreciation Right upon such terms and conditions as established by the Committee. 

6. Restricted Stock. The Committee may, from time to time and upon such terms and conditions as it may determine,
authorize the grant or sale of Restricted Stock to Participants. Each such grant or sale may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions: 

(a) Each such grant or sale will constitute an immediate transfer of the ownership of shares of Common Stock to the
Participant in consideration of the performance of services, entitling such Participant to voting, dividend and other ownership rights, but subject to the substantial risk of forfeiture and restrictions on transfer hereinafter described. 

(b) Each such grant or sale may be made without additional consideration or in consideration of a payment by such Participant
that is less than the Market Value per Share on the Date of Grant. 
 (c) Each such grant or sale will provide that the
Restricted Stock covered by such grant or sale will be subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code for a period to be determined by the Committee on the Date of Grant or until achievement
of Management Objectives referred to in Section 6(e) of this Plan. 
 (d)
Each such grant or sale will provide that during or after the period for which such substantial risk of forfeiture is to continue, the transferability of the Restricted Stock will be prohibited or restricted in the manner and to the extent
prescribed by the Committee on the Date of Grant (which restrictions may include rights of repurchase or first refusal of the Company or provisions subjecting the Restricted Stock to a continuing substantial risk of forfeiture while held by any
transferee). 

 (e) Any grant of Restricted Stock may specify Management Objectives
regarding the vesting of such Restricted Stock. 
 (f) Restricted Stock may provide for continued vesting or the earlier
vesting of such Restricted Stock, and any other terms consistent with the terms of this Plan. 
 (g) Any such grant or sale
of Restricted Stock may require that any and all dividends or other distributions paid thereon during the period of such restrictions be automatically deferred and/or reinvested in additional Restricted Stock, which will be subject to the same
restrictions as the underlying award. For the avoidance of doubt, any such dividends or other distributions on Restricted Stock shall be deferred until, and paid contingent upon, the vesting of such Restricted Stock. 

(h) Each grant or sale of Restricted Stock will be evidenced by an Evidence of Award. Each Evidence of Award will be subject
to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve. Unless otherwise directed by the Committee, (i) all certificates representing Restricted Stock will be held in custody by the
Company until all restrictions thereon will have lapsed, together with a stock power or powers executed by the Participant in whose name such certificates are registered, endorsed in blank and covering such shares or (ii) all Restricted Stock
will be held at the Company’s transfer agent in book entry form with appropriate restrictions relating to the transfer of such Restricted Stock. 

7. Restricted Stock Units. The Committee may, from time to time and upon such terms and conditions as it may determine,
authorize the granting or sale of Restricted Stock Units to Participants. Each such grant or sale may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions: 

(a) Each such grant or sale will constitute the agreement by the Company to deliver Common Stock or cash, or a combination
thereof, to the Participant in the future in consideration of the performance of services, but subject to the fulfillment of such conditions (which may include achievement regarding Management Objectives) during the Restriction Period as the
Committee may specify. 
 (b) Each such grant or sale may be made without additional consideration or in consideration of a
payment by such Participant that is less than the Market Value per Share on the Date of Grant. 
 (c) Notwithstanding
anything to the contrary contained in this Plan, Restricted Stock Units may provide for continued vesting or the earlier lapse or other modification of the Restriction Period, and any other terms consistent with the terms of this Plan. 

(d) During the Restriction Period, the Participant will have no right to transfer any rights under his or her award and will
have no rights of ownership in the Common Stock deliverable upon payment of the Restricted Stock Units and will have no right to vote them, but the Committee may, at or after the Date of Grant, authorize the payment of dividend equivalents on such
Restricted Stock Units on a deferred and contingent basis, either in cash or in additional shares of Common Stock; provided, however, that dividend equivalents or other distributions on

 
Common Stock underlying Restricted Stock Units shall be deferred until and paid contingent upon the vesting of such Restricted Stock Units. 

(e) Each grant or sale of Restricted Stock Units will specify the time and manner of payment of the Restricted Stock Units
that have been earned. Each grant or sale will specify that the amount payable with respect thereto will be paid by the Company in Common Stock or cash, or a combination thereof. 

(f) Each grant or sale of Restricted Stock Units will be evidenced by an Evidence of Award. Each Evidence of Award will be
subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve. 

8. Cash Incentive Awards, Performance Shares and Performance Units. The Committee may, from time to time and upon such
terms and conditions as it may determine, authorize the granting of Cash Incentive Awards, Performance Shares and Performance Units. Each such grant may utilize any or all of the authorizations, and will be subject to all of the requirements,
contained in the following provisions: 
 (a) Each grant will specify the number or amount of Performance Shares or
Performance Units, or cash amount payable with respect to a Cash Incentive Award, to which it pertains, which number or amount may be subject to adjustment to reflect changes in compensation or other factors. 

(b) The Performance Period with respect to each Cash Incentive Award or grant of Performance Shares or Performance Units will
be such period of time as will be determined by the Committee, which may be subject to continued vesting or earlier lapse or other modification, and provide for any other terms consistent with the terms of this Plan. 

(c) Each grant of a Cash Incentive Award, Performance Shares or Performance Units will specify Management Objectives regarding
the earning of the award. 
 (d) Each grant will specify the time and manner of payment of a Cash Incentive Award,
Performance Shares or Performance Units that have been earned. 
 (e) The Committee may, on the Date of Grant of Performance
Shares or Performance Units, provide for the payment of dividend equivalents to the holder thereof either in cash or in additional shares of Common Stock, which dividend equivalents shall be subject to deferral and payment on a contingent basis
based on the Participant’s earning and vesting of the Performance Shares or Performance Units, as applicable, with respect to which such dividend equivalents are paid. 

(f) Each grant of a Cash Incentive Award, Performance Shares or Performance Units will be evidenced by an Evidence of Award.
Each Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve. 

9. Other Awards. 

 (a) Subject to applicable law and the applicable limits set forth in
Section 3 of this Plan, the Committee may authorize the grant to any Participant of Common Stock or such other awards that may be denominated or payable in, valued in whole or in part by reference to,
or otherwise based on, or related to, shares of Common Stock or factors that may influence the value of such shares, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into shares of
Common Stock, purchase rights for shares of Common Stock, awards with value and payment contingent upon performance of the Company or specified Subsidiaries, Affiliates or other business units thereof or any other factors designated by the
Committee, and awards valued by reference to the book value of the shares of Common Stock or the value of securities of, or the performance of specified Subsidiaries or Affiliates or other business units of the Company. The Committee will determine
the terms and conditions of such awards. Common Stock delivered pursuant to an award in the nature of a purchase right granted under this Section 9 will be purchased for such consideration, paid for at
such time, by such methods, and in such forms, including, without limitation, Common Stock, other awards, cash, notes or other property, as the Committee determines. 

(b) Cash awards, as an element of or supplement to any other award granted under this Plan, may also be granted pursuant to
this Section 9. 
 (c) The Committee may authorize the grant of shares of
Common Stock as a bonus, or may authorize the grant of other awards in lieu of obligations of the Company or a Subsidiary to pay cash or deliver other property under this Plan or under other plans or compensatory arrangements, subject to such terms
as will be determined by the Committee in a manner that complies with Section 409A of the Code. 
 (d) The Committee
may, at or after the Date of Grant, authorize the payment of dividends or dividend equivalents on awards granted under this Section 9 on a deferred and contingent basis, either in cash or in additional
shares of Common Stock; provided, however, that dividend equivalents or other distributions on Common Stock underlying awards granted under this Section 9 shall be deferred until and paid
contingent upon the earning and vesting of such awards. 
 (e) Each grant of an award under this
Section 9 will be evidenced by an Evidence of Award. Each such Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may
approve, and will specify the time and terms of delivery of the applicable award. 
 (f) Notwithstanding anything to the
contrary contained in this Plan, awards under this Section 9 may provide for the earning or vesting of, or earlier elimination of restrictions applicable to, such award, and any other terms consistent
with the terms of this Plan. 
 10. Administration of this Plan. 

(a) This Plan will be administered by the Committee; provided, that, at the discretion of the Board, the Plan may be
administered by the Board, including with respect to the administration of any responsibilities and duties held by the Committee hereunder. The Committee may from time to time delegate all or any part of its authority under this Plan to a

 
subcommittee thereof. To the extent of any such delegation, references in this Plan to the Committee will be deemed to be references to such subcommittee. 

(b) The interpretation and construction by the Committee of any provision of this Plan or of any Evidence of Award (or related
documents) and any determination by the Committee pursuant to any provision of this Plan or of any such agreement, notification or document will be final and conclusive. No member of the Committee shall be liable for any such action or determination
made in good faith. In addition, the Committee is authorized to take any action it determines in its sole discretion to be appropriate subject only to the express limitations contained in this Plan, and no authorization in any Plan section or other
provision of this Plan is intended or may be deemed to constitute a limitation on the authority of the Committee. 
 (c) To
the extent permitted by law, the Committee may delegate to one or more of its members, to one or more officers of the Company, or to one or more agents or advisors, such administrative duties or powers as it may deem advisable, and the Committee,
the subcommittee, or any person to whom duties or powers have been delegated as aforesaid, may employ one or more persons to render advice with respect to any responsibility the Committee, the subcommittee or such person may have under this Plan.
The Committee may, by resolution, authorize one or more officers of the Company to do one or both of the following on the same basis as the Committee: (i) designate employees to be recipients of awards under this Plan and (ii) determine
the size of any such awards; provided, however, that the Committee will not delegate such responsibilities to any such officer for awards granted to an employee who is an officer (for purposes of Section 16 of the Exchange Act), a
Director, or more than 10% “beneficial owner” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) of any class of the Company’s equity securities that is registered
pursuant to Section 12 of the Exchange Act, as determined by the Committee in accordance with Section 16 of the Exchange Act; (B) the resolution providing for such authorization shall set forth the total number of shares of Common
Stock such officer(s) may grant; and (C) the officer(s) will report periodically to the Committee regarding the nature and scope of the awards granted pursuant to the authority delegated. 

11. Adjustments. The Committee shall make or provide for such adjustments in the number of and kind of shares of Common
Stock covered by outstanding Option Rights, Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units granted hereunder and, if applicable, in the number of and kind of shares of Common Stock covered by
other awards granted pursuant to Section 9 of this Plan, in the Option Price and Base Price provided in outstanding Option Rights and Appreciation Rights, respectively, in Cash Incentive Awards, and in
other award terms, as the Committee, in its sole discretion, determines, in good faith, is equitably required to prevent dilution or enlargement of the rights of Participants that otherwise would result from (a) any extraordinary cash dividend,
stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, (b) any merger, consolidation, spin-off,
split-off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of
rights or warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing. Moreover, in the event of any such transaction or event or in the event of a Change in Control, the
Committee may provide in substitution for any or all outstanding awards under this Plan such alternative consideration (including cash), if any, as it, in good faith, may determine to be equitable in the circumstances and shall require in
connection therewith the 

 
surrender of all awards so replaced in a manner that complies with Section 409A of the Code. In addition, for each Option Right or Appreciation Right with an Option Price or Base Price,
respectively, greater than the consideration offered in connection with any such transaction or event or Change in Control, the Committee may in its discretion elect to cancel such Option Right or Appreciation Right without any payment to the person
holding such Option Right or Appreciation Right. The Committee shall also make or provide for such adjustments in the number of shares of Common Stock specified in Section 3 of this Plan as the
Committee in its sole discretion, determines, in good faith, is appropriate to reflect any transaction or event described in this Section 11. 

12. Change in Control. For purposes of this Plan, except as may be otherwise prescribed by the Committee in an Evidence
of Award made under this Plan or as otherwise provided in another plan or agreement applicable to the Participant, a “Change in Control” will be deemed to have occurred upon the occurrence (after the Effective Date) of any of the following
events: 
 (a) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of voting securities of the Company where such acquisition
causes such Person to own 50% or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of Directors (the “Outstanding Company Voting Securities”);
provided, however, that for purposes of this subsection (a), the following acquisitions shall not be deemed to result in a Change in Control: 
  

	 	(i)	 any acquisition directly from the Company that is approved by the Incumbent Board (as defined in
subsection (b) below), 

  

	 	(ii)	 any acquisition by the Company, 

 

	 	(iii)	 any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or
any corporation or other entity controlled by the Company, or 

  

	 	(iv)	 any acquisition by any corporation or other entity pursuant to a transaction that complies with
clauses (i), (ii) and (iii) of subsection (c) below; provided, further, that if any Person’s beneficial ownership of the Outstanding Company Voting Securities reaches or exceeds 50% as a
result of a transaction described in clause (i) or (ii) above, and such Person subsequently acquires beneficial ownership of additional voting securities of the Company, such subsequent acquisition
shall be treated as an acquisition that causes such Person to own 50% or more of the Outstanding Company Voting Securities; and provided, further, that if at least a majority of the members of the Incumbent Board determines in good
faith that a Person has acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more 

	 	 
of the Outstanding Company Voting Securities inadvertently, and such Person divests as promptly as practicable a sufficient number of shares so that such Person beneficially owns (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) less than 50% of the Outstanding Company Voting Securities, then no Change in Control shall have occurred as a result of such Person’s
acquisition; 

 (b) individuals who, as of the Effective Date, constitute the Board (the
“Incumbent Board” as modified by this subsection (b)) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a Director subsequent to the
Effective Date whose election, or nomination for election by the Stockholders, was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board (either by specific vote or by approval of the proxy statement of the
Company in which such person is named as a nominee for Director, without objection to such nomination) shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened election contest or the use of any proxy access procedures in the Company’s organizational documents with respect to the election or removal of Directors or other actual
or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 
 (c) the consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or the acquisition of assets of another corporation or other transaction (“Business Combination”)
excluding, however, such a Business Combination pursuant to which 
  

	 	(i)	 the individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, of the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled
to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that as a result of such transaction owns the Company or all or substantially all of
the Company’s assets either directly or through one or more subsidiaries), 

  

	 	(ii)	 no Person (excluding any employee benefit plan (or related trust) of the Company or such entity resulting
from such Business Combination) beneficially owns, directly or indirectly, 35% or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the entity resulting from such Business
Combination, and 

  

	 	(iii)	 at least a majority of the members of the board of directors of the corporation resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of the 

	 	 
initial agreement, or of the action of the Board, providing for such Business Combination; or 

(d) consummation of a complete liquidation or dissolution of the Company except pursuant to a Business Combination that
complies with clauses (i), (ii) and (iii) of subsection (c) above. 
 Notwithstanding the foregoing, with respect to
any award under the Plan that is characterized as “non-qualified deferred compensation” within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control
under the Plan for purposes of any payment in respect of such award unless such event would also constitute a “change in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of
the assets of” the Company under Section 409A of the Code. 
 13. Detrimental Activity and Recapture
Provisions. Any Evidence of Award may reference a clawback policy of the Company or provide for the cancellation or forfeiture of an award or the forfeiture and repayment to the Company of any gain related to an award, or other provisions
intended to have a similar effect, upon such terms and conditions as may be determined by the Committee from time to time, if a Participant, either (a) during employment or other service with the Company or a Subsidiary, or (b) within a
specified period after termination of such employment or service, engages in any detrimental activity, as described in the applicable Evidence of Award or such clawback policy. In addition, notwithstanding anything in this Plan to the contrary, any
Evidence of Award or such clawback policy may also provide for the cancellation or forfeiture of an award or the forfeiture and repayment to the Company of any Common Stock issued under and/or any other benefit related to an award, or other
provisions intended to have a similar effect, including upon such terms and conditions as may be required by the Committee or under Section 10D of the Exchange Act and any applicable rules or regulations promulgated by the Securities and
Exchange Commission or any national securities exchange or national securities association on which the Common Stock may be traded. 

14. Non-U.S. Participants. In order to facilitate the making of any grant or
combination of grants under this Plan, the Committee may provide for such special terms for awards to Participants who are foreign nationals or who are employed by the Company or any Subsidiary outside of the United States of America or who provide
services to the Company or any Subsidiary under an agreement with a foreign nation or agency, as the Committee may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Committee may approve
such supplements to or amendments, restatements or alternative versions of this Plan (including sub-plans) as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of
this Plan as in effect for any other purpose, and the secretary or other appropriate officer of the Company may certify any such document as having been approved and adopted in the same manner as this Plan. No such special terms, supplements,
amendments or restatements, however, will include any provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan could have been amended to eliminate such inconsistency without further approval by the
Stockholders. 

 15. Transferability. 

(a) Except as otherwise determined by the Committee, and subject to compliance with
Section 17(b) of this Plan and Section 409A of the Code, no Option Right, Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Share, Performance Unit, Cash Incentive Award,
award contemplated by Section 9 of this Plan or dividend equivalents paid with respect to awards made under this Plan will be transferable by the Participant except by will or the laws of descent and
distribution. In no event will any such award granted under this Plan be transferred for value. Where transfer is permitted, references to “Participant” shall be construed, as the Committee deems appropriate, to include any permitted
transferee to whom such award is transferred. Except as otherwise determined by the Committee, Option Rights and Appreciation Rights will be exercisable during the Participant’s lifetime only by him or her or, in the event of the
Participant’s legal incapacity to do so, by his or her guardian or legal representative acting on behalf of the Participant in a fiduciary capacity under state law or court supervision. 

(b) The Committee may specify on the Date of Grant that part or all of the shares of Common Stock that are (i) to be
issued or transferred by the Company upon the exercise of Option Rights or Appreciation Rights, upon the termination of the Restriction Period applicable to Restricted Stock Units or upon payment under any grant of Performance Shares or Performance
Units or (ii) no longer subject to the substantial risk of forfeiture and restrictions on transfer referred to in Section 6 of this Plan, will be subject to further restrictions on transfer,
including minimum holding periods. 
 16. Withholding Taxes. To the extent that the Company is required to withhold
federal, state, local or foreign taxes or other amounts in connection with any payment made or benefit realized by a Participant or other person under this Plan, and the amounts available to the Company for such withholding are insufficient, it will
be a condition to the receipt of such payment or the realization of such benefit that the Participant or such other person make arrangements satisfactory to the Company for payment of the balance of such taxes or other amounts required to be
withheld, which arrangements (in the discretion of the Committee) may include relinquishment of a portion of such benefit. If a Participant’s benefit is to be received in the form of Common Stock, and such Participant fails to make arrangements
for the payment of taxes or other amounts, then, unless otherwise determined by the Company, the Company will withhold shares of Common Stock having a value equal to the amount required to be withheld. Notwithstanding the foregoing, when the
Participant is required to pay the Company an amount required to be withheld under applicable income, employment, tax or other laws, the Participant may elect, unless otherwise determined by the Committee, to satisfy the obligation, in whole or in
part, by having withheld, from the shares of Common Stock delivered or required to be delivered to the Participant, shares of Common Stock having a value equal to the amount required to be withheld or by delivering to the Company other shares of
Common Stock held by such Participant. The Committee may also provide for automatic and mandatory withholding of shares of Common Stock from an award by the Company in connection with the Participant’s satisfaction of such obligation. The
Common Stock used for tax or other withholding will be valued at an amount equal to the fair market value of such Common Stock on the date the benefit is to be included in Participant’s income. In no event will the fair market value of the
Common Stock to be withheld and delivered pursuant to this Section 16 exceed the minimum amount required to be withheld, unless (i) an additional amount can be withheld and not result in adverse
accounting consequences and (ii) such additional withholding amount is authorized by the Committee. Participants will also make such arrangements as the Company may require for the payment of any withholding tax or other

 
obligation that may arise in connection with the disposition of Common Stock acquired upon the exercise of Option Rights. 

17. Compliance with Section 409A of the Code.  

(a) To the extent applicable, it is intended that this Plan and any grants made hereunder comply with the provisions of
Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Participants. This Plan and any grants made hereunder will be administered in a manner consistent with this intent. Any
reference in this Plan to Section 409A of the Code will also include any regulations or any other formal guidance promulgated with respect to such section by the U.S. Department of the Treasury or the Internal Revenue Service. 

(b) Neither a Participant nor any of a Participant’s creditors or beneficiaries will have the right to subject any
deferred compensation (within the meaning of Section 409A of the Code) payable under this Plan and grants hereunder to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted
under Section 409A of the Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to a Participant or for a Participant’s benefit under this Plan and grants hereunder may not be reduced by, or offset
against, any amount owed by a Participant to the Company or any of its Subsidiaries. 
 (c) If, at the time of a
Participant’s separation from service (within the meaning of Section 409A of the Code), (i) the Participant will be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology
selected by the Company from time to time) and (ii) the Company makes a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is
required to be delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under Section 409A of the Code, then the Company will not pay
such amount on the otherwise scheduled payment date but will instead pay it, without interest, on the tenth business day of the seventh month after such separation from service. 

(d) Solely with respect to any award that constitutes nonqualified deferred compensation subject to Section 409A of the
Code and that is payable on account of a Change in Control (including any installments or stream of payments that are accelerated on account of a Change in Control), a Change in Control shall occur only if such event also constitutes a “change
in the ownership,” “change in effective control,” and/or a “change in the ownership of a substantial portion of assets” of the Company as those terms are defined under Treasury Regulation
§1.409A-3(i)(5), but only to the extent necessary to establish a time and form of payment that complies with Section 409A of the Code, without altering the definition of Change in Control for any
purpose in respect of such award. 
 (e) Notwithstanding any provision of this Plan and grants hereunder to the contrary, in
light of the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to this Plan and grants hereunder as the Company deems necessary or desirable to avoid the imposition
of taxes or penalties under 

 
Section 409A of the Code. In any case, a Participant will be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or for a
Participant’s account in connection with this Plan and grants hereunder (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates will have any obligation to indemnify or
otherwise hold a Participant harmless from any or all of such taxes or penalties. 
 18. Amendments. 

(a) The Board may at any time and from time to time amend this Plan in whole or in part; provided, however, that
if an amendment to this Plan, for purposes of applicable stock exchange rules and except as permitted under Section 11 of this Plan, (i) would materially increase the benefits accruing to
Participants under this Plan, (ii) would materially increase the number of securities which may be issued under this Plan, (iii) would materially modify the requirements for participation in this Plan, or (iv) must otherwise be
approved by the Stockholders in order to comply with applicable law or the rules of the Nasdaq Stock Market or, if the Common Stock is not traded on the Nasdaq Stock Market, the principal national securities exchange upon which the Common Stock is
traded or quoted, all as determined by the Board, then, such amendment will be subject to approval by the Stockholders and will not be effective unless and until such approval has been obtained. 

(b) Except in connection with a corporate transaction or event described in
Section 11 or Section 22 of this Plan or in connection with a Change in Control, the terms of outstanding awards may not be amended to reduce the Option
Price of outstanding Option Rights or the Base Price of outstanding Appreciation Rights, or cancel outstanding “underwater” Option Rights or Appreciation Rights (including following a Participant’s voluntary surrender of
“underwater” Option Rights or Appreciation Rights) in exchange for cash, other awards or Option Rights or Appreciation Rights with an Option Price or Base Price, as applicable, that is less than the Option Price of the original Option
Rights or Base Price of the original Appreciation Rights, as applicable, without approval by the Stockholders. This Section 18(b) is intended to prohibit the repricing of “underwater” Option
Rights and Appreciation Rights and will not be construed to prohibit the adjustments provided for in Section 11 and Section 22 of this Plan.
Notwithstanding any provision of this Plan to the contrary, this Section 18(b) may not be amended without approval by the Stockholders. 

(c) If permitted by Section 409A of the Code, but subject to the paragraph that follows, including in the case of
termination of employment or service, or in the case of unforeseeable emergency or other circumstances or in the event of a Change in Control, to the extent a Participant holds an Option Right or Appreciation Right not immediately exercisable in
full, or any Restricted Stock as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has not lapsed, or any Restricted Stock Units as to which the Restriction Period has not been completed, or any Cash Incentive
Awards, Performance Shares or Performance Units which have not been fully earned, or any dividend equivalents or other awards made pursuant to Section 9 of this Plan subject to any vesting schedule or
transfer restriction, or who holds Common Stock subject to any transfer restriction imposed pursuant to Section 15(b) of this Plan, the Committee may, in its sole discretion, provide for continued
vesting or accelerate the time at which such Option Right, Appreciation Right or other award may vest or be exercised or 

 
the time at which such substantial risk of forfeiture or prohibition or restriction on transfer will lapse or the time when such Restriction Period will end or the time at which such Cash
Incentive Awards, Performance Shares or Performance Units will be deemed to have been earned or the time when such transfer restriction will terminate or may waive any other limitation or requirement under any such award. 

(d) Subject to Section 18(b) of this Plan, the Committee may amend the terms of
any award theretofore granted under this Plan prospectively or retroactively. Except for adjustments made pursuant to Section 11 of this Plan, no such amendment will materially impair the rights of any
Participant without his or her consent. The Board may, in its discretion, terminate this Plan at any time. Termination of this Plan will not affect the rights of Participants or their successors under any awards outstanding hereunder and not
exercised in full on the date of termination. 
 19. Governing Law. This Plan and all grants and awards and actions
taken hereunder will be governed by and construed in accordance with the internal substantive laws of the State of Delaware. 

20. Effective Date/Termination. This Plan will be effective as of the Effective Date. No grant will be made under this
Plan on or after the tenth anniversary of the Effective Date, but all grants made prior to such date will continue in effect thereafter subject to the terms thereof and of this Plan. 

21. Miscellaneous Provisions. 

(a) The Company will not be required to issue any fractional shares of Common Stock pursuant to this Plan. The Committee may
provide for the elimination of fractions or for the settlement of fractions in cash. 
 (b) This Plan will not confer upon
any Participant any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate such
Participant’s employment or other service at any time. 
 (c) Except with respect to
Section 21(e) of this Plan, to the extent that any provision of this Plan would prevent any Option Right that was intended to qualify as an Incentive Stock Option from qualifying as such, that provision
will be null and void with respect to such Option Right. Such provision, however, will remain in effect for other Option Rights and there will be no further effect on any provision of this Plan. 

(d) No award under this Plan may be exercised by the holder thereof if such exercise, and the receipt of cash or shares
thereunder, would be, in the opinion of counsel selected by the Company, contrary to law or the regulations of any duly constituted authority having jurisdiction over this Plan. 

(e) Absence on leave approved by a duly constituted officer of the Company or any of its Subsidiaries will not be considered
interruption or termination of service of any employee for any purposes of this Plan or awards granted hereunder. 

 (f) No Participant will have any rights as a Stockholder with respect to any
Common Stock subject to awards granted to him or her under this Plan prior to the date as of which he or she is actually recorded as the holder of such Common Stock upon the share records of the Company. 

(g) The Committee may condition the grant of any award or combination of awards authorized under this Plan on the surrender or
deferral by the Participant of his or her right to receive a cash bonus or other compensation otherwise payable by the Company or a Subsidiary to the Participant. 

(h) Except with respect to Option Rights and Appreciation Rights, the Committee may permit Participants to elect to defer the
issuance of Common Stock under this Plan pursuant to such rules, procedures or programs as it may establish for purposes of this Plan and which are intended to comply with the requirements of Section 409A of the Code. The Committee also may
provide that deferred issuances and settlements include the crediting of dividend equivalents or interest on the deferral amounts. 

(i) If any provision of this Plan is or becomes invalid or unenforceable in any jurisdiction, or would disqualify this Plan or
any award under any law deemed applicable by the Committee, such provision will be construed or deemed amended or limited in scope to conform to applicable laws or, in the discretion of the Committee, it will be stricken and the remainder of this
Plan will remain in full force and effect. Notwithstanding anything in this Plan or an Evidence of Award to the contrary, nothing in this Plan or in an Evidence of Award prevents a Participant from providing, without prior notice to the Company,
information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity a
Participant is not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Exchange Act. 

22. Share-Based Awards in Substitution for Awards Granted by Another Company. Notwithstanding anything in this Plan to
the contrary: 
 (a) Awards may be granted under this Plan in substitution for or in conversion of, or in connection with an
assumption of, stock options, stock appreciation rights, restricted stock, restricted stock units or other share or share-based awards held by awardees of an entity engaging in a corporate transaction, including acquisition or merger transactions,
with the Company or any Subsidiary. Any conversion, substitution or assumption will be effective as of the close of the transaction, and, to the extent applicable, will be conducted in a manner that complies with Section 409A of the Code. The
awards so granted may reflect the original terms of the awards being assumed or substituted or converted for and need not comply with other specific terms of this Plan, and may account for Common Stock substituted for the securities covered by the
original awards and the number of shares subject to the original awards, as well as any exercise or purchase prices applicable to the original awards, adjusted to account for differences in stock prices in connection with the transaction. 

(b) In the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary merges
has shares available under a pre-existing plan 

 
previously approved by shareholders and not adopted in contemplation of such acquisition or merger, the shares available for grant pursuant to the terms of such plan (as adjusted, to the extent
appropriate, to reflect such acquisition or merger) may be used for awards made after such acquisition or merger under this Plan; provided, however, that awards using such available shares may not be made after the date awards or grants could have
been made under the terms of the pre-existing plan absent the acquisition or merger, and may only be made to individuals who were not employees or directors of the Company or any Subsidiary prior to such
acquisition or merger. 
 (c) Any Common Stock that is issued or transferred by, or that are subject to any awards that are
granted by, or become obligations of, the Company under Sections 22(a) or 22(b) of this Plan will not reduce the shares of Common Stock available for issuance or transfer under this Plan or otherwise
count against the limits contained in Section 3 of this Plan, except as otherwise provided in this Plan. In addition, no shares of Common Stock subject to an award that is granted by, or becomes an
obligation of, the Company under Sections 22(a) or 22(b) of this Plan, will be added to the aggregate limit contained in Section 3(a)(i) of this Plan.EX-10.2

 Exhibit 10.2 

Form of Plan Document 

and 
 Summary Plan
Description 
 of the 

Montauk Renewables, Inc. 

Key Employee Separation Plan 

Effective January [__], 2021 

  
 - 1 - 

 MONTAUK RENEWABLES, INC. 

KEY EMPLOYEE SEPARATION PLAN 
 ARTICLE
1. INTRODUCTION 
 1.1 Purpose. The purpose of this Montauk Renewables, Inc. Key Employee Separation Plan is to
assist the Company in retaining the services of key employees by providing eligible employees of the Company and its Affiliates with certain severance and welfare benefits in the event their employment is involuntarily terminated (or constructively
terminated). 
 1.2 Term of the Plan. The Plan shall generally be effective as of the Effective Date, but subject to
amendment from time to time in accordance with Article 7. The Plan shall continue until terminated pursuant to Article 7 hereof. 
 ARTICLE
2. DEFINITIONS 
 Except as may otherwise be specified or as the context may otherwise require, the following terms shall
have the respective meanings set forth below whenever used herein: 
 (a) “Affiliate” shall mean any parent
entities, affiliated Subsidiaries and/or divisions of the Company. 
 (b) “Base Pay” shall mean
Participant’s annual base salary rate, exclusive of bonuses, commissions and other incentive pay, as in effect immediately preceding Participant’s Date of Termination. 

(c) “Benefit Factor” shall mean the multiple (either 3, 2.5, 2.0, 1.5, 1.0, or .5) which has been assigned to
each Participant for purposes of determining Participant’s benefit under Section 4.1(b) and Section 4.2(b), as the case may be, and which Benefit Factor may be different for each of
Section 4.1(b) and Section 4.2(b). 
 (d) “Benefit
Plans” shall mean the health and welfare benefits plans and policies to which Participant is entitled to participate. 

(e) “Board” shall mean the Board of Directors of Montauk. 

(f) “Cause” shall mean “Cause” as defined in Participant’s Employment Agreement, if any. If
Participant does not have an effective Employment Agreement on the date of such Participant’s Separation from Service, then “Cause” shall mean: 

(i) Participant’s conviction of or plea of guilty or nolo contendere to a crime constituting a felony under
the laws of the United States or any State thereof or any other jurisdiction in which the Company or its Subsidiaries conduct business; 

(ii) Participant’s willful misconduct in the performance of Participant’s duties to the Company or its Subsidiaries
and failure to cure such breach within 30 days following written notice thereof from the Company; 

  
 - 2 - 

 (iii) Participant’s willful failure or refusal to follow directions
from the Board (or direct reporting executive) and failure to cure such breach within 30 days following written notice thereof from the Board; or 

(iv) Participant’s willful breach of fiduciary duty to the Company or its Subsidiaries. 

Any failure by the Company or a Subsidiary to notify Participant after the first occurrence of an event constituting Cause shall not preclude
any subsequent occurrences of such event (or a similar event) from constituting Cause. The determination as to whether or not Cause exists for termination of Participant’s employment will be made by the Board. 

(g) “Change in Control” shall mean the first to occur, after the Effective Date, of any of the following:

 (i) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act) of voting securities of Montauk where such
acquisition causes such Person to own 50% or more of the combined voting power of the then outstanding voting securities of Montauk entitled to vote generally in the election of Directors (the “Outstanding Company Voting
Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not be deemed to result in a Change in Control: 
  

	 	(A)	 any acquisition directly from Montauk that is approved by the Incumbent Board (as defined in subsection
(ii) below), 

  

	 	(B)	 any acquisition by Montauk, 

 

	 	(C)	 any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or
any corporation or other entity controlled by the Company, or 

  

	 	(D)	 any acquisition by any corporation or other entity pursuant to a transaction that complies with clauses
(A), (B) and (C) of subsection (iii) below; provided, further, that if any Person’s beneficial ownership of the Outstanding Company Voting Securities reaches or exceeds 50% as a result of a transaction described in
clause (A) or (C) above, and such Person subsequently acquires beneficial ownership of additional voting securities of Montauk, such subsequent acquisition shall be treated as an acquisition that causes such Person to own
50% or more of the Outstanding Company Voting Securities; and provided, further, that if at least a majority of the members of the Incumbent Board determines in good faith that a Person has acquired beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Securities Exchange Act) of 50% or more of the Outstanding Company Voting Securities inadvertently, and such Person divests as promptly as practicable a

  
 - 3 - 

	 	 
sufficient number of shares so that such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act) less
than 50% of the Outstanding Company Voting Securities, then no Change in Control shall have occurred as a result of such Person’s acquisition; 

(ii) individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board” as modified by
this subsection (ii)) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a Director subsequent to the Effective Date whose election, or nomination for election by the
stockholders of Montauk, was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board (either by specific vote or by approval of the proxy statement of Montauk in which such person is named as a nominee for
Director, without objection to such nomination) shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an
actual or threatened election contest or the use of any proxy access procedures in Montauk’s organizational documents with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or
on behalf of a Person other than the Board; 
 (iii) the consummation of a reorganization, merger or consolidation or sale
or other disposition of all or substantially all of the assets of Montauk or the acquisition of assets of another corporation or other transaction (“Business Combination”) excluding, however, such a Business Combination pursuant to
which 
  

	 	(A)	 the individuals and entities who were the beneficial owners of the Outstanding Company Voting Securities
immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that as a result of such transaction owns Montauk or all or substantially all of
Montauk’s assets either directly or through one or more subsidiaries), 

  

	 	(B)	 no Person (excluding any employee benefit plan (or related trust) of Montauk or such entity resulting from
such Business Combination) beneficially owns, directly or indirectly, 35% or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the entity resulting from such Business
Combination, and 

  

	 	(C)	 at least a majority of the members of the board of directors of the corporation resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of the 

  
 - 4 - 

	 	 
initial agreement, or of the action of the Board, providing for such Business Combination; or 

(iv) consummation of a complete liquidation or dissolution of Montauk except pursuant to a Business Combination that complies
with clauses (A), (B) and (C) of subsection (iii) above. 
 (h) “COBRA” means the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 
 (i) “COBRA Continuation Period”
shall mean the continuation period for medical and dental insurance to be provided under the terms of this Plan which shall commence on the first day of the calendar month following the month in which the Date of Termination falls. 

(j) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(k) “Committee” shall mean the Compensation Committee of the Board. 

(l) “Company” shall mean Montauk Renewables, Inc., a Delaware limited liability company, and its parent
entities, Subsidiaries and Affiliates as may employ a Participant from time to time; provided that a Subsidiary which ceases to be, directly or indirectly, through one or more intermediaries, controlling, controlled by or under common control with
Montauk prior to a Change in Control (other than in connection with and as an integral part of a series of transactions resulting in a Change in Control) shall, automatically and without any further action, cease to be (or be a part of) the Company
and its Affiliates for purposes hereof. 
 (m) “Covered Change in Control Termination” shall mean, with
respect to a Participant, if, during the 90-day period immediately preceding a Change in Control, or on or within the one-year period immediately following a Change in
Control, an Involuntary Termination Associated with a Change in Control occurs. 
 (n) “Covered Termination Prior to
Change in Control” shall mean, at any time prior to the 90-day period immediately preceding a Change in Control, Participant’s involuntary Separation from Service with the Company (i) by the
Company and any Affiliate for any reason other than (A) Cause, (B) Participant’s death, or (C) Participant’s Disability; or (ii) by Participant on account of Good Reason. 

(o) “Date of Termination” shall mean the date on which a Covered Change in Control Termination or Covered
Termination Prior to Change in Control occurs, as the case may be. 
 (p) “Director” means a member of the
Board. 
 (q) “Disability” shall mean a circumstance in which Participant is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve
(12) months and otherwise satisfies the requirements to be disabled under Section 409A of the Code. 

  
 - 5 - 

 (r) “Effective Date” shall mean January [_], 2021. 

(s) “Employment Agreement” shall mean in an individual employment agreement in effect between a Participant
and the Company or any Subsidiary or Affiliate on such Participant’s Date of Termination. 
 (t)
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 (u) “Good
Reason” shall mean “Good Reason” as defined in Participant’s Employment Agreement, if any. If Participant does not have an effective Employment Agreement on the date of such Participant’s Separation from Service, then
“Good Reason” shall mean, without Participant’s written consent, one of the following events: 
 (i) A
material reduction in Participant’s (A) annual Base Pay, (B) Target Bonus opportunity, or (C) equity-based incentive compensation opportunities (unless such reduction in (A), (B), and/or (C) relates to an across-the-board reduction similarly affecting Participant and all or substantially all other executives of the Company and its Affiliates); 

(ii) The Company makes or causes to be made a material adverse change in Participant’s scope of duties or
responsibilities which results in a significant diminution in the Participant’s scope of duties or responsibilities, except in connection with (A) a reassignment to a New Job Position, or (B) a termination of Participant’s
employment with the Company for Cause, due to Participant’s Disability or death, or temporarily as a result of Participant’s incapacity or other absence for an extended period; or 

(iii) A relocation of the Company’s principal place of business, or of Participant’s own office as assigned to
Participant by the Company to a location in excess of fifty (50) miles from its location as of the date Participant was designated by the Committee to be a Participant in this Plan. 

In order for Participant to terminate for Good Reason, (x) the Company must be notified by Participant in writing within 90 days of the
event constituting Good Reason, (y) the event must remain uncorrected by the Company for 30 days following the Company’s receipt of such notice (the “Notice Period”), and (z) Participant must terminate his or her
employment within 60 days after the expiration of the Notice Period. 
 (v) “Involuntary Termination Associated With
a Change in Control” means Participant’s Separation from Service related to a Change in Control: (i) by the Company and any Affiliate for any reason other than (A) Cause, (B) the Participant’s death, or
(C) Participant’s Disability; or (ii) on account of a termination of employment by Participant due to Good Reason. 

(w) “Montauk” shall mean Montauk Renewables, Inc., a Delaware corporation, or its successors. 

(x) “New Job Position” shall mean a change in Participant’s position, authority, duties or
responsibilities with the Company or any Affiliate due to Participant’s demonstrated 

  
 - 6 - 

 
inadequate or unsatisfactory performance, provided that Participant had been notified of such inadequate performance and had been given at least 30 days to cure such inadequate performance. 

(y) “Notice of Termination” shall mean a notice given by the Company or Participant, as applicable, which
shall indicate the specific termination provision in the Plan relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Participant’s employment under the provisions so
indicated. 
 (z) “Participant” shall have the meaning ascribed by Article 3.

 (aa) “Plan” shall mean this Montauk Renewables, Inc. Key Employee Separation Plan, as it may be amended
from time to time in accordance with Article 7. 
 (bb) “Plan Administrator”
shall have the meaning ascribed by Article 12. 
 (cc) “Release” shall have the
meaning ascribed by Section 4.3. 
 (dd) “Securities Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended. 
 (ee) “Separation from Service” shall mean
Participant’s termination of employment with the Company and all of its controlled group members within the meaning of Section 409A of the Code. The determination of controlled group members shall be made pursuant to the provisions of
Section 414(b) and 414(c) of the Code; provided that the language “at least 50 percent” shall be used instead of “at least 80 percent” in each place it appears in Section 1563(a)(1), (2) and (3) of the Code and
Treas. Reg. Sec. 1.414(c)-2; provided, further, where legitimate business criteria exist (within the meaning of Treas. Reg. Sec. 1.409A-1(h)(3)), the language “at
least 20 percent” shall be used instead of “at least 80 percent” in each place it appears. Whether a Participant has Separated from Service will be determined based on all of the facts and circumstances and in accordance with the
guidance issued under Section 409A. A Participant will be presumed to have experienced a Separation from Service when the level of bona fide services performed permanently decreases to a level less than twenty percent (20%) of the average level
of bona fide services performed during the immediately preceding thirty-six (36)-month period or such other period as provided by regulation. 

(ff) “Subsidiary” shall mean a corporation, company or other entity (i) more than 50% of whose
outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint venture,
limited liability company, unincorporated association or other similar entity), but more than 50% of whose ownership interest representing the right generally to make decisions for such other entity, is, now or hereafter, owned or controlled,
directly or indirectly, by the Company. 
 (gg) “Target Bonus” shall mean 100% of the annual bonus, if any,
which is established by the Committee or the Board, as applicable, with respect to a Participant. 

  
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 ARTICLE 3. PARTICIPATION 

3.1 Employees of the Company or any Affiliate who are determined by the Committee, as provided in
Article 5, to be responsible for the continued growth, development and future financial success of the Company shall be eligible to participate in the Plan. Any such employee selected to participate in the Plan shall be
referred to herein as “Participant.” The initial Participants and their respective Benefit Factors shall be selected and approved by the Committee and shall be set forth in a separate list maintained by the Committee. The Company, in its
discretion, may add Participants to the Plan and assign and approve for each of them their respective Benefit Factors, from time to time, and shall periodically review and update the list of Participants. 

3.2 Notwithstanding the foregoing and subject to Section 7.2, the Committee may terminate a
Participant’s participation in the Plan at any time, in its sole and absolute discretion. Subject to Section 7.2, a termination of Participant’s employment with the Company and any Affiliate except under the
circumstances described in Section 4.1 and Section 4.2, shall automatically, with no further act on the part of the Company or any Affiliate, terminate any right of such Participant to participate,
or receive any benefits under, this Plan. 
 ARTICLE 4. BENEFITS 

4.1 Compensation and Benefits Upon Covered Change in Control Termination. Subject to Participant’s execution of the
Release as provided in Section 4.3, in the event of a Covered Change in Control Termination, the Company shall pay and provide to Participant: 

(a) (i) any Base Pay earned, accrued or owing to him or her through the Date of Termination, (ii) any individual bonuses
or individual incentive compensation not yet paid, but due and payable to Participant under the Company’s and/or its Affiliates’ plans for years prior to the year of Participant’s termination of employment, (iii) reimbursement to
Participant for all reasonable and customary expenses incurred by Participant in performing services for the Company prior to the Date of Termination, and (iv) payment equal to the amount of Participant’s accrued, but unused,
vacation time. 
 (b) A lump sum cash payment equal to the applicable Benefit Factor multiplied by:
(i) Participant’s Base Pay in effect as of the Date of Termination; plus (ii) Participant’s Target Bonus for the year in which the Date of Termination occurs. 

(c) A pro rata share of any individual annual cash incentive bonuses or individual annual cash incentive compensation awarded
to Participant for the year in which Participant’s termination of employment occurs, based on the target levels set for such bonuses, under the Company’s and its Affiliates’ applicable plans for the year of Participant’s
termination of employment based on the portion of such year that Participant was employed by the Company and any Affiliate and regardless of whether the applicable performance goals as specified in the applicable plan are achieved. 

(d) To the extent permitted by applicable law and the Benefit Plans, if Participant elects continuation coverage under the
Company’s medical and dental plans pursuant to COBRA, then the Company shall reimburse Participant for Participant’s COBRA payments for such medical and dental coverage (provided that such reimbursement does not result in any taxes

  
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or penalties for the Company), until the earlier to occur of: (i) Participant obtaining the age of 65, (ii) the date Participant becomes eligible for benefits under another employer’s
medical plan that are substantially comparable to the benefits provided by the Benefit Plans (which Participant must provide prompt notice with respect thereto to the Company), or (iii) the expiration of the COBRA Continuation Period. During
the applicable period of coverage described in the foregoing sentence, Participant shall be entitled to benefits, on substantially the same basis as would have otherwise been provided had Participant not been terminated, and the Company will have no
obligation to pay any benefits to, or premiums on behalf of, Participant after such period ends. The Company shall make any such reimbursement within 30 days following receipt of evidence from Participant of Participant’s payment of the COBRA
premium. To the extent that such benefits are available under the Benefit Plans and Participant had such coverage immediately prior to termination of employment, reimbursement for such continuation of benefits for Participant shall also cover
Participant’s dependents for so long as Participant is receiving such benefits under this Section 4.1(d). The COBRA Continuation Period for medical and dental insurance under this
Section 4.1(d) shall be deemed to run concurrent with the continuation period federally mandated by COBRA (generally 18 months), or any other legally mandated and applicable federal, state, or local coverage period for
benefits provided to terminated employees under the health care plan. 
 (e) A lump sum cash payment of $15,000 in order to
cover the cost of outplacement assistance services for Participant and other expenses associated with seeking another employment position. 

(f) All payments to be made pursuant to this Section 4.1 (other than Sections 4.1(a)(ii) and
4.1(c) shall be made, in lump sum, on the 60th day following such termination; provided, however, that any amounts due under this sentence during the
60-day period following such termination shall not be paid during such 60-day period but instead shall be paid on the
60th day following termination. The amount payable under Sections 4.1(a)(ii) and 4.1(c) shall be paid in a lump sum at the normal time(s) such bonuses are paid to other employees of
the Company in accordance with the time provided in the applicable annual bonus plan to which such bonuses relate. 
 4.2
Compensation and Benefits Upon Covered Termination Prior to Change in Control. Subject to Participant’s execution of the Release described in Section 4.3, in the event of a Covered Termination Prior to Change in
Control, the Company shall pay and provide to the Participant after his or her Date of Termination: 
 (a) (i) any Base Pay
earned, accrued or owing to him or her through the Date of Termination, (ii) any individual bonuses or individual incentive compensation not yet paid, but due and payable to Participant under the Company’s and/or its Affiliates’ plans
for years prior to the year of Participant’s termination of employment, (iii) reimbursement to Participant for all reasonable and customary expenses incurred by Participant in performing services for the Company prior to the Date of
Termination, and (iv) payment equal to the amount of Participant’s accrued, but unused, vacation time. 
 (b) A
lump sum cash payment equal to the applicable Benefit Factor multiplied by: (i) Participant’s Base Pay in effect as of the Date of Termination; plus (ii) Participant’s Target Bonus for the year in which the Date of Termination
occurs. 

  
 - 9 - 

 (c) A pro rata share of any individual annual cash incentive bonuses or
individual annual cash incentive compensation awarded to Participant for the year in which Participant’s termination of employment occurs under the Company’s and its Affiliates’ applicable plans for the year of Participant’s
termination of employment based on the portion of such year that Participant was employed by the Company and any Affiliate; provided, however, that the payment of individual annual cash incentive bonuses or individual annual cash incentive
compensation will continue to be subject to the attainment of performance goals as specified in the applicable plan. 
 (d)
To the extent permitted by applicable law and the Benefit Plans, if Participant elects continuation coverage under the Company’s medical and dental plans pursuant to COBRA, then the Company shall reimburse Participant for Participant’s
COBRA payments for such medical and dental coverage (provided that such reimbursement does not result in any taxes or penalties for the Company), until the earlier to occur of: (i) Participant obtaining the age of 65, (ii) the date Participant
becomes eligible for benefits under another employer’s medical plan that are substantially comparable to the benefits provided by the Benefit Plans (which Participant must provide prompt notice with respect thereto to the Company), or
(iii) the expiration of the COBRA Continuation Period. During the applicable period of coverage described in the foregoing sentence, Participant shall be entitled to benefits, on substantially the same basis as would have otherwise been
provided had Participant not been terminated, and the Company will have no obligation to pay any benefits to, or premiums on behalf of, Participant after such period ends. The Company shall make any such reimbursement within 30 days following
receipt of evidence from Participant of Participant’s payment of the COBRA premium. To the extent that such benefits are available under the Benefit Plans and Participant had such coverage immediately prior to termination of employment,
reimbursement for such continuation of benefits for Participant shall also cover Participant’s dependents for so long as Participant is receiving such benefits under this Section 4.2(d). The COBRA Continuation Period
for medical and dental insurance under this Section 4.2(d) shall be deemed to run concurrent with the continuation period federally mandated by COBRA (generally 18 months), or any other legally mandated and applicable
federal, state, or local coverage period for benefits provided to terminated employees under the health care plan. 
 (e) A
lump sum cash payment of $15,000 in order to cover the cost of outplacement assistance services for Participant and other expenses associated with seeking another employment position. 

(f) All payments to be made pursuant to this Section 4.2 (other than Sections 4.2(a)(ii)
and 4.2(c) shall be made, in lump sum, on the 60th day following such termination; provided, however, that any amounts due under this sentence during the
60-day period following such termination shall not be paid during such 60-day period but instead shall be paid on the
60th day following termination. The amount payable under Sections 4.2(a)(ii) and 4.2(c) shall be paid in a lump sum at the normal time(s) such bonuses are paid to other employees of
the Company in accordance with the time provided in the applicable annual bonus plan to which such bonuses relate. 
 4.3
Release. Notwithstanding any other provision of the Plan to the contrary, no payment or benefit otherwise provided for under or by virtue of Section 4.1 and/or Section 4.2 (other than in
subsections (a) thereto) of the Plan shall be paid or otherwise made available unless 

  
 - 10 - 

 
and until the Participant executes and does not revoke a general release agreement (which includes certain restrictive covenants, including a
non-competition obligation) in a form provided by the Company and substantially as attached as Exhibit A hereto (the “Release”) within 45 days of the Date of Termination. If the Company
determines that Participant has not fully complied with any of the terms of the Release, the Company and any Affiliate may withhold benefits described in Sections 4.1 and/or 4.2, other than in subsections (a) thereto, and
discontinue the payment of such other benefits and require the Participant, by providing written notice of such repayment obligation to Participant, to repay any portion of such other benefits already received under the Plan. If the Company notifies
a Participant that repayment of all or any portion of the benefits received under the Plan is required, such amounts shall be repaid within 30 calendar days of the date written notice is sent. Any remedy under this
Section 4.3 shall be in addition to, and not in place of, any other remedy, including injunctive relief, that the Company and any Affiliate may have. 

4.4 WARN. Notwithstanding any other provision of the Plan to the contrary, to the extent permitted by the Worker
Adjustment and Retraining Notification Act (“WARN”), any benefit payable hereunder to a Participant as a consequence of the Participant’s Covered Change in Control Termination or Covered Termination Prior to a Change in
Control, as the case may be, shall be reduced by any amounts required to be paid under Section 2104 of WARN to such Participant in connection with such termination. 

4.5 Termination of Employment on Account of Disability, Cause or Death. Notwithstanding anything in this Plan to the
contrary, if the Participant’s employment with the Company and any Affiliate terminates on account of Participant’s Disability or death, or is terminated by the Company or any Affiliate for Cause, Participant shall not be considered to
have terminated employment under Section 4.1 or Section 4.2 of this Plan and shall not receive benefits pursuant to Section 4.1 or Section 4.2
hereof. However, the Participant shall be eligible to receive disability benefits, if applicable, under any disability program then maintained by the Company or any Affiliate that covers the Participant as provided under the terms of such disability
program. 
 ARTICLE 5. ADMINISTRATION 

5.1 The Plan shall be administered by the Committee appointed by the Board. 

5.2 The Committee shall have the full and absolute power, authority and sole discretion to construe, interpret and administer
the Plan, to make factual determinations, to correct deficiencies therein, and to supply omissions, including resolving any ambiguity or uncertainty arising under or existing in the terms and provisions of the Plan, which determinations shall be
final, conclusive, and binding on the Company, its Affiliates, Participant and any and all interested parties. 
 5.3 The
Committee may delegate any and all of its powers and responsibilities hereunder to other persons as determined by the Committee. Any such delegation may be rescinded at any time by written notice from the Committee to the person to whom delegation
is made. 
 5.4 The Committee shall have the full and absolute authority to employ and rely on such legal counsel, actuaries
and accountants (which may also be those of the Company and its 

  
 - 11 - 

 
Affiliates), and other agents, designees and delegatees, as it may deem advisable to assist in the administration of the Plan. 

5.5 (a) Payments to be made under this Plan are intended to be excepted from coverage under Section 409A of the Code and
the regulations promulgated thereunder and shall be construed accordingly. Notwithstanding any provision of this Plan to the contrary, if any payment or benefit provided under this Plan is subject to the provisions of Section 409A of the Code
and the regulations issued thereunder (and not excepted therefrom), the provisions of the Plan shall be administered, interpreted and construed in a manner necessary to comply with Section 409A, the regulations issued thereunder (or disregarded
to the extent such provision cannot be so administered, interpreted, or construed). Accordingly, if a Participant is a “specified employee for purposes of Section 409A” (as such term is defined in Section 409A of the Code, and
determined in accordance with the procedures established by the Company) and a payment subject to Section 409A to the Participant is due upon Separation from Service, such payment shall be delayed for a period of six (6) months after the
date the Participant Separates from Service (or, if earlier, the death of the Participant). The Company reserves the right to accelerate, delay or modify distributions to the extent permitted under Section 409A, the regulations and other
binding guidance promulgated thereunder. 
 (b) Notwithstanding anything to the contrary in this Plan, if any reimbursements
or in-kind benefits provided by the Company pursuant to this Plan would constitute deferred compensation for purposes of Section 409A of the Code, such reimbursements or
in-kind benefits shall be subject to the following rules: (i) the amounts to be reimbursed, or the in-kind benefits to be provided, shall be determined pursuant to
the terms of the applicable benefit plan, policy or agreement and shall be limited to Participant’s lifetime and the lifetime of Participant’s eligible dependents; (ii) the amounts eligible for reimbursement, or the in-kind benefits provided, during any calendar year may not affect the expenses eligible for reimbursement, or the in-kind benefits provided, in any other calendar year;
(iii) any reimbursement of an eligible expense shall be made on or before the last day of the calendar year following the calendar year in which the expense was incurred; and (iv) Participant’s right to an in-kind benefit or reimbursement is not subject to liquidation or exchange for cash or another benefit. 
 ARTICLE 6.
PARACHUTE TAX PROVISIONS 
 6.1 The provisions of this Article 6 shall apply notwithstanding
anything in this Plan to the contrary. In the event that it shall be determined that any payment or distribution by the Company or its Affiliates to, or for the benefit of, the Participant, whether paid or payable or distributed or distributable
pursuant to the terms of this Plan or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of Section 280G of the Code, the Company and its Affiliates will apply a limitation on
the Payment amount as specified in Section 6.2 unless it is determined that the “Net After Tax Benefits” to the Participant would be greater if the limitations of Section 6.2 were not
imposed. For purposes of this Article 6, “Net After Tax Benefits” shall mean the present value of the Payments net of all taxes imposed on the Participant with respect thereto, including but not limited to excise taxes imposed under
Section 4999 of the Code, determined by applying the highest marginal income tax rate applicable to the Participant for such year. 

  
 - 12 - 

 6.2 The aggregate present value of the Payments under Article 4 of
this Plan (“Plan Payments”) shall be reduced (but not below zero) to the Reduced Amount. The “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Plan Payments
without causing any Payment to be subject to the limitation of deduction under Section 280G of the Code. For purposes of this Article 6, “present value” shall be determined in accordance with Section 280G(d)(4) of the
Code. The total reduction to Plan Payments required under this Article 6 necessary to achieve the Reduced Amount shall be made against Plan Payments that are exempt from Section 409A of the Code. 

6.3 Except as set forth in the next sentence, all determinations to be made under this Article 6
shall be made by the nationally recognized independent public accounting firm used by the Company immediately prior to the Change in Control (“Accounting Firm”), which Accounting Firm shall provide its determinations and any
supporting calculations to the Company and the Participant within ten (10) days of the Participant’s Date of Termination; provided, however, that, in the event the Accounting Firm will not or cannot make such a determination, the Company
and its Affiliates shall select the appropriate accounting firm to make such determination. The value of any applicable non-competition covenant shall be determined by independent appraisal by a
nationally-recognized business valuation firm, and a portion of the Plan Payments shall, to the extent of that appraised value, be specifically allocated as reasonable compensation for such non-competition
covenant and shall not be treated as a parachute payment. 
 6.4 All of the fees and expenses of the Accounting Firm in
performing the determinations referred to in this Article 6 shall be borne solely by the Company and its Affiliates. 
 ARTICLE 7. AMENDMENT AND
TERMINATION 
 7.1 Subject to Section 7.2, the Committee shall have the right in its discretion
at any time to amend the Plan in any respect or to terminate the Plan prior to a Change in Control. 
 7.2 Notwithstanding
any other provision of the Plan to the contrary, the Plan (including, without limitation, this Section 7.2) as applied to any particular Participant may not be amended or terminated at any time within the 90-day period immediately prior to, on or within one (1) year after the occurrence of a Change in Control in any manner adverse to the interests of such Participant, without the express written consent
of such Participant, except in the event (a) of a termination of Participant’s employment with the Company and its Affiliates under the circumstances described in Section 4.5 and/or (b) the Committee
determines to amend the Plan in order to conform the provisions of the Plan with Section 409A of the Code, the regulations issued thereunder or an exception thereto, regardless of whether such modification, amendment, or termination of the Plan
shall adversely affect the rights of a Participant under the Plan. 
 ARTICLE 8. EMPLOYMENT RIGHTS 

Nothing expressed or implied in this Plan will create any right or duty on the part of the Company, any Affiliate or
Participant to have Participant remain in the employment of the Company or any Affiliate. 

  
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 ARTICLE 9. MISCELLANEOUS 

9.1 (a) The Company and its Affiliates shall require any successor (whether direct or indirect, by purchase, merger,
reorganization, consolidation, acquisition of property or stock, liquidation, or otherwise) to all or substantially all of the business or assets of the Company and its Affiliates (taken as a whole) expressly to assume and agree to perform under the
terms of the Plan in the same manner and to the same extent that the Company and its Affiliates would be required to perform it if no such succession had taken place (provided that such a requirement to perform which arises by operation of law shall
be deemed to satisfy the requirements for such an express assumption and agreement), and in such event the Company and its Affiliates (as constituted prior to such succession) shall have no further obligation under or with respect to the Plan.
Regardless of whether such express assumption is executed, this Plan shall be binding upon any successor in accordance with the operation of law and such successor shall be deemed the “Company” for purposes of this Plan. Effective upon a
transfer or assignment of this Plan, the term “Company” shall mean any successor to the Company’s business or assets as aforesaid which assumes and agrees (or is otherwise required) to perform the Plan. Nothing in this
Section 9.1(a) shall be deemed to cause any event or condition which would otherwise constitute a Change in Control not to constitute a Change in Control. 

(b) To the maximum extent permitted by law, the right of any Participant or other person to any amount under the Plan may not
be subject to voluntary or involuntary anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Participant or such other person. 

(c) The terms of the Plan shall inure to the benefit of and be enforceable by the personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees of each Participant. If a Participant shall die while an amount would still be payable to Participant hereunder if they had continued to live, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of the Plan to the Participant’s devisee, legatee or other designee or, if there is no such designee, their estate. 

9.2 Except as expressly provided in Section 4.1 and Section 4.2,
Participants shall not be required to mitigate damages or the amount of any payment or benefit provided for under the Plan by seeking other employment or otherwise, nor will any payments or benefits hereunder be subject to offset in the event a
Participant does mitigate. 
 9.3 Notwithstanding any provision of this Plan to the contrary, the Company shall not be
liable for, and nothing provided or contained in this Plan will be construed to obligate or cause the Company to be liable for, any tax, interest or penalties imposed on a Participant related to or arising with respect to any violation of
Section 409A of the Code. 
 9.4 All notices under the Plan shall be in writing,
and if to the Company or the Committee, shall be delivered to the General Counsel of Montauk, or mailed to Montauk’s principal office, addressed to the attention of the General Counsel of Montauk; and if to Participant (or the estate or
beneficiary thereof), shall be delivered personally or mailed to Participant at the address appearing in the records of the Company and its Affiliates. 

  
 - 14 - 

 9.5 Unless otherwise determined by the Company in an applicable plan or
arrangement, no amounts payable hereunder upon a Covered Termination Prior to Change in Control or a Covered Change in Control Termination, as the case may be, shall be deemed salary or compensation for the purpose of computing benefits under any
employee benefit plan or other arrangement of the Company and/or any Affiliate for the benefit of employees unless the Company shall determine otherwise. 

9.6 Participation in the Plan shall not limit any right of a Participant to receive any payments or benefits under any
employee benefit or executive compensation plan of the Company and/or its Affiliates; provided that in no event shall any Participant be entitled to any payment or benefit under the Plan which duplicates a payment or benefit received or receivable
by the Participant under any severance or similar plan, agreement or policy of the Company and/or its Affiliates (including, but not limited to, any applicable Employment Agreement that provides for the payment of severance benefits). The total
reduction to Plan payments or benefits as required by this Section 9.6 shall be made against payments and/or benefits under the Plan that are exempt from Section 409A. 

9.7 Any payments hereunder shall be made out of the general assets of the Company. Each Participant shall have the status of
general unsecured creditors of the Company, and the Plan constitutes a mere promise by the Company to make payments under the Plan in the future as and to the extent provided herein. 

9.8 The Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding required by
law. 
 9.9 The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability
of any other provision of the Plan which shall remain in full force and effect. 
 9.10 The use of captions in the Plan is
for convenience. The captions are not intended to and do not provide substantive rights. 
 9.11 Except as otherwise
preempted by the laws of the United States, the Plan shall be construed, administered and enforced according to the laws of the State of Delaware, without regard to principles of conflicts of law, and any action relating to this Plan must be brought
in state and federal courts located in the Commonwealth of Pennsylvania. 
 ARTICLE 10. CLAIMS PROCEDURE 

If a Participant believes that he or she is eligible for benefits and has not been so notified, such Participant should submit
a written request for benefits to the Plan Administrator. Such Participant must take such action no later than 60 days after the date of such Participant’s Separation from Service. 

Initial Claims 

All claims must be presented to the Plan Administrator in writing. Within 90 days after receiving a claim, a claims official
appointed by the Plan Administrator will consider the claim 

  
 - 15 - 

 
and issue his or her determination thereon in writing. The claims official may extend the determination period for up to an additional 90 days by giving Participant written notice. Any claims
that Participant does not pursue in good faith through the initial claims stage will be treated as having been irrevocably waived. 

Claims Decisions 

If the claim is granted, the benefits or relief Participant seeks will be provided. 

If Participant Claim is Denied 

If all or part of a Participant’s claim for benefits is wholly or partially denied, such Participant will receive written
notice of the denial from the Plan Administrator within 60 days (or a longer period, as described above) after such Participant has applied for a benefit. This notice will, in a manner calculated to be understood by Participant, include: 

 

	 	*	 the specific reason(s) for the denial; 

 

	 	*	 specific reference(s) to the specific Plan provisions on which the denial is based; 

 

	 	*	 a description of any additional material or information which must be submitted to perfect the claim, and an
explanation of why such material or information is necessary; and 

  

	 	*	 an explanation of the procedures for appealing denied claims. 

If Participant disagrees with the decision, such Participant may file a written notice to have such Participant’s claim
reviewed by the Plan Administrator. The Participant must file the notice for review within 60 days after the denial was given or mailed to such Participant. The Participant should file one copy of the notice with the Plan Administrator. In
connection with the review of Participant’s claim, Participant (or such Participant’s authorized representative) will be given the opportunity to review all documentation pertaining to the decision, and to submit issues and comments in
writing. Participant may present all evidence and theories relating to the claim during the appeal without regard to whether such evidence and theories were submitted or considered during the initial claims stage. Any claims that Participant does
not pursue in good faith through the appeals stage, such as by failing to file a timely appeal request, will be treated as having been irrevocably waived. 

Participant’s claim will be reconsidered and Participant will receive written notice of the decision within 60 days
after such Participant’s application for review is received by the Plan Administrator. If special circumstances require an extension, Participant will receive written notice to that effect; in this case, Participant will be informed of the
final decision within 120 days. This decision will be in writing, will be set forth in a manner calculated to be understood by Participant, and will include the reason for the decision, with specific reference(s) to pertinent Plan provisions. All
interpretations, determinations and decisions of the Plan Administrator will be final and binding. 

  
 - 16 - 

 If a Participant’s claim for benefits is denied in whole or in part,
such Participant may contest the actual or deemed denial of that claim under Section 502(a) of ERISA in a court of competent jurisdiction. Notwithstanding, before such Participant may file suit in a state or federal court, Participant
must exhaust the Plan’s administrative claims procedure. If any such judicial or administrative proceeding is undertaken, the evidence presented will be strictly limited to the evidence timely presented to the
Plan Administrator. In addition, any such judicial or administrative proceeding must be filed within six (6) months after the Plan Administrator’s final decision. 

ARTICLE 11. STATEMENT OF ERISA RIGHTS 

As a Participant in the Plan, each Participant is entitled to certain rights and protections under ERISA. ERISA provides that
all Participants shall be entitled to: 
 Receive Information About the Plan and Benefits 

Examine, without charge, at the Plan Administrator’s office and at other specified locations, all documents governing the
Plan, including, if applicable, a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration. 

Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including, if
applicable, copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may make a reasonable charge for the copies. 

Prudent Actions by Plan Fiduciaries 

In addition to creating rights for Participants, ERISA imposes duties upon the people who are responsible for the operation of
the employee benefit plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of Participants and beneficiaries. No one, including a Participant’s employer or any
other person, may fire such Participant or otherwise discriminate against a Participant in any way to prevent such Participant from obtaining a welfare benefit or exercising such Participant’s rights under ERISA. However, this rule neither
guarantees continued employment, nor affects the Company’s right to terminate a Participant’s employment for other reasons. 

Enforce Participant Rights 

If a Participant’s claim for a benefit is denied or ignored, in whole or in part, a Participant has a right to know why
this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 

Under ERISA, there are steps a Participant can take to enforce the above rights. For instance, if a Participant requests a
copy of Plan documents and does not receive them within 30 days, such Participant may file suit in a Federal court. In such case, the court may require the Plan Administrator to provide the materials and pay such Participant up to $110 a day until
Participant receives the materials, unless the materials were not sent because of reasons beyond the control of 

  
 - 17 - 

 
the Plan Administrator. If a Participant has a claim for benefits which is denied or ignored, in whole or in part, such Participant may file suit in a state or Federal court. If a Participant is
discriminated against for asserting such Participant’s rights, such Participant may seek assistance from the U.S. Department of Labor, or may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If a
Participant is successful the court may order the person such Participant has sued to pay these costs and fees. If a Participant loses, the court may order such Participant to pay these costs and fees, for example, if it finds such
Participant’s claim is frivolous. 
 Assistance with Participant Question 

If a Participant has any questions about the Plan, such Participant should contact the Plan Administrator. If a Participant has
any questions about this statement or about such Participant’s rights under ERISA, or if a Participant needs assistance in obtaining documents from the Plan Administrator, such Participant should contact the nearest office of the Employee
Benefits Security Administration, U.S. Department of Labor, listed in such Participant’s telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200
Constitution Avenue N.W., Washington, D.C. 20210. A Participant may also obtain certain publications about such Participant’s rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security
Administration. 
 ARTICLE 12. SUMMARY PLAN DESCRIPTION INFORMATION 

Name of Plan: The name of the plan under which benefits are provided is the Montauk Renewables, Inc. Key
Employee Separation Plan. 
 Plan Sponsor: The Sponsor of the Plan is: 

Montauk Renewables, Inc. 

680 Anderson Drive, 5th Floor 

Pittsburgh, PA 15220 

Plan Administrator: The Plan Administrator of the Plan is: 

The Compensation Committee of the Board of Directors 

of Montauk Renewables, Inc. 

Montauk Renewables, Inc. 

680 Anderson Drive, 5th Floor 

Pittsburgh, PA 15220 

(412) 747-8700 

Employer Identification Number and Plan Number: The Employer Identification Number (EIN) assigned to the
Plan Sponsor by the Internal Revenue Service is 85-3189583. 
 Type of
Plan: Severance Pay Employee Welfare Benefit Plan. 
 Plan Number: 001 

  
 - 18 - 

 Type of Administration: The Plan is self-administered.

 Funding: Benefits payable under the Plan are provided from the general assets of the Company. 

Agent for Service of Legal Process: For disputes arising under the Plan, service of legal process may be
made upon the General Counsel of Plan Sponsor at 680 Anderson Drive, 5th Floor. Pittsburgh, PA 15220. 
 Plan
Year: The Plan’s fiscal records are kept on a calendar year basis (January 1 to December 31). 

  
 - 19 - 

 EXHIBIT A 

GENERAL RELEASE, NON-DISPARAGEMENT AND NON-COMPETITION
AGREEMENT 
 THIS GENERAL RELEASE, NON-DISPARAGEMENT AND NON-COMPETITION AGREEMENT (the “Agreement”) is made as of this _____ day of ___________, _____, by and between ________________________________ (the “Company”) and
___________________ (the “Employee”). 
 WHEREAS, the Employee’s employment with the Company has been
terminated effective as of ________________, _____ (the “Date of Termination”); 
 WHEREAS, the Employee
was designated by the Compensation Committee of the Board of Directors (the “Board”) of Montauk Renewables, Inc. to be a participant in the Montauk Renewables, Inc. Key Employee Separation Plan (the “Plan”); 

WHEREAS, the circumstances surrounding the termination of the Employee’s employment entitle the Employee to receive
certain severance benefits under the Plan, subject to the terms and conditions set forth in the Plan and this Agreement; 

WHEREAS, an express condition of the Employee’s entitlement to the payments and benefits under the Plan is the execution
without revocation of this Agreement; 
 WHEREAS, the Employee and the Company mutually desire to effectuate a full and
final general release of all claims and rights the Employee may have against the Company to the fullest extent permitted by law, excepting only those rights and claims that cannot, as a matter of law, be released with this Agreement; and 

WHEREAS, the Company advises the Employee to consult with an attorney before signing this Agreement. 

NOW, THEREFORE, IT IS HEREBY AGREED by and between the Employee and the Company as follows: 

1. (a) The Employee, for and in consideration of the commitments of the Company as set forth in paragraph
7 of this Agreement and the Plan, and intending to be legally bound, does hereby REMISE, RELEASE AND FOREVER DISCHARGE the Company, its affiliates, predecessors, subsidiaries and parents, and their present or former officers, directors,
managers, stockholders, employees, members and agents, and its and their respective successors, assigns, heirs, executors, and administrators and the current and former trustees or administrators of any pension or other benefit plan applicable to
the employees or former employees of the Company (collectively, “Releasees”) from all causes of action, suits, debts, claims and demands whatsoever in law or in equity, which the Employee ever had, now has, or hereafter may have,
whether known or unknown, or which the Employee’s heirs, executors, or administrators may have, by reason of any matter, cause or thing whatsoever, from any time prior to the date of this Agreement, and particularly, but without limitation of
the foregoing general terms, any claims arising from 

  
 - 20 - 

 
or relating in any way to the Employee’s employment relationship with the Company, the terms and conditions of that employment relationship, and the termination of that employment
relationship, including, but not limited to, any claims arising under the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Employee
Retirement Income Security Act of 1974, the Pennsylvania Human Relations Act, the Pittsburgh Human Relations Act, any claims related to status (perceived or actual) as a whistleblower, and any other claims under any federal, state or local common
law, statutory, or regulatory provision, now or hereafter recognized, and any claims for attorneys’ fees and costs. This Agreement is effective without regard to the legal nature of the claims raised and without regard to whether any such
claims are based upon tort, equity, implied or express contract or discrimination of any sort. 
 (b) To the
fullest extent permitted by law, and subject to the provisions of paragraph 12 and paragraph 14 below, the Employee represents and affirms that the Employee has not filed or caused to be filed on the Employee’s
behalf any charge, complaint or claim for relief against the Company or any Releasee and, to the best of the Employee’s knowledge and belief, no outstanding charges, complaints or claims for relief have been filed or asserted against the
Company or any Releasee on the Employee’s behalf; and the Employee has not reported any improper, unethical or illegal conduct or activities to any supervisor, manager, department head, human resources representative, agent or other
representative of the Company or any Releasee, to any member of the Company’s or any Releasee’s legal or compliance departments, or to the ethics hotline, and has no knowledge of any such improper, unethical or illegal conduct or
activities. In the event that there is outstanding any such charge, complaint or claim for relief, Employee agrees to seek its immediate withdrawal and dismissal with prejudice. In the event that for any reason said charge, complaint or claim for
relief cannot be immediately withdrawn with prejudice, Employee shall execute such other papers or documents as the Company’s counsel determines may be necessary from time to time to have said charge, complaint or claim for relief dismissed
with prejudice at the earliest appropriate time. Nothing herein shall prevent Employee from testifying in any cause of action when required to do so by process of law. Employee shall promptly inform the Company if called upon to testify on matters
relating to the Company. 
 (c) The Employee does not waive any right to file a charge with the Equal
Employment Opportunity Commission (“EEOC”) or participate in an investigation or proceeding conducted by the EEOC, but explicitly waives any right to file a personal lawsuit or receive monetary damages that the EEOC might recover if
said charge results in an EEOC lawsuit against the Company or Releasees. 
 (d) Employee does not waive the
right to challenge the validity of this Agreement as a release of claims arising under the federal Age Discrimination in Employment Act. 

(e) Employee does not waive rights or claims that may arise after the date this Agreement is executed. 

  
 - 21 - 

 2. In consideration of the Company’s agreements as set
forth in paragraph 7 herein, the Employee agrees to comply with the limitations set forth in paragraphs 3 and 4 of this Agreement. 

3. Ownership and Protection of Intellectual Property and Confidential Information. 

(a) The Employee acknowledges and agrees that all information, ideas, concepts, improvements, innovations,
developments, methods, processes, designs, analyses, drawings, reports, discoveries, and inventions, whether patentable or not or reduced to practice, which were conceived, made, developed or acquired by Employee, individually or in conjunction with
others, during Employee’s employment by the Company or any of its affiliates and at the time of termination of employment (whether during business hours or otherwise and whether on the Company’s premises or otherwise) which relate to the
business, products or services of the Company or its affiliates (including, without limitation, all such information relating to corporate opportunities, research, financial and sales data, pricing and trading terms, evaluations, opinions,
interpretations, acquisition prospects, the identity of customers or their requirements, the identity of key contacts within the customer’s organizations or within the organization of acquisition prospects, or marketing and merchandising
techniques, prospective names, marks, and any copyrightable work, trade mark, trade secret or other intellectual property rights (whether or not composing confidential information, and all writings or materials of any type embodying any of such
items (collectively, “Work Product”), are the sole and exclusive property of the Company or a Company affiliate, as the case may be, and shall be treated as “work for hire.” The Employee does hereby assign to the Company
all right, title, and interest that the Employee has in any Work Product to the Company. It is recognized that the Employee was an experienced executive in the business of the Company and its affiliates and through several decades of prior work in
the industry acquired and retains knowledge, contacts, and information which are not bound by this paragraph 3. 

(b) In connection with the Employee’s execution of this Agreement, the Employee shall disclose, in
writing, all Work Product to the Company and shall cooperate and perform all actions reasonably requested by the Company (including after the termination of the Employee’s employment) to establish, confirm and protect the Company’s and/or
its affiliates’ right, title and interest in such Work Product. Without limiting the generality of the foregoing, the Employee agrees to assist the Company, at the Company’s expense, to secure the Company’s and its affiliates’
rights in the Work Product in any and all countries, including the execution by the Employee of all applications and all other instruments and documents which the Company and/or its affiliates shall deem necessary in order to apply for and obtain
rights in such Work Product and in order to assign and convey to the Company and/or its affiliates the sole and exclusive right, title and interest in and to such Work Product. If the Company is unable because of the Employee’s mental or
physical incapacity or for any other reason (including the Employee’s refusal to do so after request therefor is made by the Company) to secure the Employee’s signature to apply for or to pursue any application for any United States or
foreign patents or copyright registrations covering Work Product belonging to or assigned 

  
 - 22 - 

 
to the Company and/or its affiliates pursuant to paragraph 3(a) above, then the Employee by this Agreement irrevocably designates and appoints the Company and its duly authorized officers
and agents as the Employee’s agent and attorney-in-fact to act for and in the Employee’s behalf and stead to execute and file any such applications and to do
all other lawfully permitted acts to further the prosecution and issuance of patents or copyright registrations thereon with the same legal force and effect as if executed by the Employee. The Employee agrees not to apply for or pursue any
application for any United States or foreign patents or copyright registrations covering any Work Product other than pursuant to this paragraph in circumstances where such patents or copyright registrations are or have been or are required to be
assigned to the Company or any of its affiliates. 
 (c) The Employee acknowledges that the businesses of the
Company and its affiliates are highly competitive and that their strategies, methods, books, records, and documents, their technical information concerning their products, equipment, services, and processes, procurement procedures and pricing
techniques, the names of and other information (such as credit and financial data) concerning their former, present or prospective customers and business affiliates, all comprise confidential business information and trade secrets which are
valuable, special, and unique assets which the Company and/or its affiliates use in their business to obtain a competitive advantage over their competitors. The Employee further acknowledges that protection of such confidential business information
and trade secrets against unauthorized disclosure and use is of critical importance to the Company and its affiliates in maintaining their competitive position. The Employee acknowledges that by reason of the Employee’s duties to, and
association with, the Company and its affiliates, the Employee has had access to, and has become informed of, confidential business information which is a competitive asset of the Company and its affiliates. The Employee hereby agrees that the
Employee will not, at any time during or after his or her employment by the Company, make any unauthorized disclosure of any confidential business information or trade secrets of the Company or its affiliates, or make any use thereof, except in the
carrying out of his or her responsibilities hereunder. The Employee shall take all necessary and appropriate steps to safeguard confidential business information and protect it against disclosure, misappropriation, misuse, loss and theft.
Confidential business information shall not include information in the public domain (but only if the same becomes part of the public domain through a means other than a disclosure prohibited hereunder). The above notwithstanding, a disclosure shall
not be unauthorized if (i) it is required by law or by a court of competent jurisdiction or (ii) it is in connection with any judicial, arbitration, dispute resolution or other legal proceeding in which the Employee’s legal rights and
obligations under this Agreement are at issue; provided, however, that the Employee shall, to the extent practicable and lawful in any such events, give prior notice to the Company of his or her intent to disclose any such confidential business
information in such context so as to allow the Company or its affiliates an opportunity (which the Employee will not oppose) to obtain such protective orders or similar relief with respect thereto as may be deemed appropriate. Any information not
specifically related to the Company and its affiliates would not be considered confidential to the Company and its affiliates. 

(d) The Employee shall promptly deliver to the Company all written materials, records, and other documents made
by, or coming into the possession of, the Employee 

  
 - 23 - 

 
during the period of the Employee’s employment by the Company which contain or disclose confidential business information or trade secrets of the Company or its affiliates, or which relate
to the Employee’s Work Product described in paragraph 3(a) above, which shall be and remain the property of the Company, or its affiliates, as the case may be. 

(e) The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides that an individual shall not
be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made in confidence to a federal, state or local government official, either directly or indirectly, or to an
attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, the DTSA
provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding,
if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. 

4. Covenant Not To Compete. As set forth in the Plan, the Employee’s entitlement to any payments or
benefits under the Plan pursuant to a Covered Change in Control Termination (as defined in the Plan) or Covered Termination Prior to a Change in Control (as defined in the Plan), less any applicable offsets as required under the Plan, is expressly
conditioned upon the Employee’s covenants of confidentiality, not to compete and not to solicit as provided herein. In the event the Employee breaches his or her obligations to the Company as provided herein, the Company’s obligations to
provide the payments and benefits set forth in Sections 4.1 or 4.2, as the case may be, of the Plan shall cease without prejudice to any other remedies that may be available to the Company. 

(a) In consideration for the Company’s payment of benefits to the Employee as set forth in paragraph
7 of this Agreement and the Plan, the Employee agrees that, for a period of one year following Employee’s Date of Termination (the “Non-Compete Period”), he or she will not, in
association with or as an officer, principal, manager, member, advisor, agent, partner, director, material stockholder, employee or consultant of any corporation (or sub-unit, in the case of a diversified
business) or other enterprise, entity or association, work on the acquisition or development of, or engage in any line of business, property or project which is, directly or indirectly, competitive with any business that the Company or any of its
affiliates engages in or is planning to engage in during the term of the Employee’s employment with the Company or any affiliate of the Company, as evidenced by the books and records of the Company or its affiliates, including but not limited
to, owning and operating renewable natural gas and electric operations and facilities (the “Business”). Such restriction shall cover the Employee’s activities anywhere in the contiguous United States or within a 100-mile radius of any and all Company location(s) in, to, or for which the Employee worked, or to which the Employee was assigned or had any responsibility (either direct or supervisory) as of the Date of
Termination and at any time during the two (2) year period prior to such date. 
 (b) During the Non-Compete Period, the Employee will not solicit or induce any person who is or was employed by any of the Company or its affiliates at any time 

  
 - 24 - 

 
during such term or period (i) to interfere with the activities or businesses of the Company or any of its affiliates or (ii) to discontinue his or her employment with the Company or
any of its affiliates. 
 (c) During the Non-Compete Period, the
Employee will not, directly or indirectly, influence or attempt to influence any customers, distributors or suppliers of the Company or any of its affiliates to divert their business to any competitor of the Company or any of its affiliates or in
any way interfere with the relationship between any such customer, distributor or supplier and the Company and/or any of its affiliates (including, without limitation, making any negative statements or communications about the Company and its
affiliates). During such Non-Compete Period, the Employee will not, directly or indirectly, acquire or attempt to acquire any business in the contiguous United States to which the Company or any of its
affiliates, prior to the Employee’s Date of Termination, has made an acquisition proposal relating to the possible acquisition of such business by the Company or any of its affiliates, or has planned, discussed or contemplated making such an
acquisition proposal (such business, an “Acquisition Target”), or take any action to induce or attempt to induce any Acquisition Target to consummate any acquisition, investment or other similar transaction with any person other
than the Company or any of its affiliates. 
 (d) The Employee understands that the provisions of
paragraphs 4(a), 4(b) and 4(c) hereof may limit his or her ability to earn a livelihood in a business in which he or she is involved, but as a member of the management group of the Company and its affiliates he or she
nevertheless agrees and hereby acknowledges that: (i) such provisions do not impose a greater restraint than is necessary to protect the goodwill or other business interests of the Company and any its affiliates; (ii) such provisions
contain reasonable limitations as to time, scope of activity, and geographical area to be restrained; and (iii) the consideration provided hereunder, including without limitation, any amounts or benefits provided under Section 4.1 and
Section 4.2, as the case may be, of the Plan, is sufficient to compensate the Employee for the restrictions contained in paragraphs 4(a), 4(b) and 4(c) hereof. In consideration of the foregoing and in light of the
Employee’s education, skills and abilities, the Employee agrees that Employee will not assert that, and it should not be considered that, any provisions of paragraphs 4(a), 4(b) and 4(c) otherwise are void, voidable or
unenforceable or should be voided or held unenforceable. 
 (e) If, at the time of enforcement of
paragraphs 3 or 4 of this Agreement, a court shall hold that the duration, scope, or area restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum period, scope or
geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed and directed to revise the restrictions contained herein to cover the maximum period, scope and area
permitted by law. The Employee acknowledges that he or she was a member of the Company’s and its affiliates’ management group with access to the Company’s and its affiliates’ confidential business information and his or her
services are unique to the Company and its affiliates. The Employee therefore agrees that the remedy at law for any breach by him or her of any of the covenants and agreements set forth in paragraphs 3 and 4 will be inadequate and that
in the event of any such breach, the Company and its affiliates may, in addition to the other 

  
 - 25 - 

 
remedies which may be available to them at law, apply to any court of competent jurisdiction to obtain specific performance and/or injunctive relief prohibiting the Employee (together with all
those persons associated with him or her) from the breach of such covenants and agreements and to enforce, or prevent any violations of, the provisions of this Agreement. In addition, in the event of a breach or violation by the Employee of this
paragraph 4, the Non-Compete Period set forth in this paragraph shall be tolled until such breach or violation has been cured. 

(f) Each of the covenants of paragraphs 3 and 4 are given by the Employee as part of the
consideration for the benefits to be received by the Employee under the Plan and as an inducement to the Company to grant such benefits under the Plan and accept the obligations thereunder. 

(g) Provisions of paragraph 4 shall not be binding on the Employee if the Company fails to perform any
material obligation under the Plan, including, without limitation, the failure of the Company to make timely payments of monies due to the Employee under Section 4.1 or Section 4.2, as the case may be, of the Plan; provided, that
(i) the Employee has notified the Company in writing within 30 days of the date of the failure of the Company to perform such material obligation and (ii) such failure remains uncorrected and/or uncontested by the Company for 15 days
following the date of the Company’s receipt of such notice. 
 5. Notwithstanding anything to the
contrary, nothing in this Agreement or the Plan shall be construed as superseding or replacing any restrictive covenant obligations to which the Employee is bound pursuant to any other agreement, and all such obligations of the Employee shall remain
in full force and effect. 
 6. The Employee further agrees and recognizes that the Employee has permanently
and irrevocably severed the Employee’s employment relationship with the Company, that the Employee shall not seek employment with the Company or any affiliated entity at any time in the future, and that the Company has no obligation to employ
him or her in the future. 
 7. The Employee further agrees that the Employee will not disparage or subvert
the Company or any Releasee, or make any statement reflecting negatively on the Company, its affiliated corporations or entities, or any of their officers, directors, managers, members, employees, agents or representatives, including, but not
limited to, any matters relating to the operation or management of the Company or any Releasee, the Employee’s employment and the termination of the Employee’s employment, irrespective of the truthfulness or falsity of such statement. 

8. In consideration for the Employee’s promises, as set forth herein, the Company agrees to pay or provide
to or for the Employee the payments and benefits described in the Plan, the provisions of which are incorporated herein by reference. Except as set forth in this Agreement, it is expressly agreed and understood that Releasees do not have, and will
not have, any obligations to provide the Employee at any time in the future with any payments, benefits or considerations other than those recited in this paragraph, or 

  
 - 26 - 

 
those required by law, other than under the terms of any benefit plans which provide benefits or payments to former employees according to their terms. 

9. The Employee understands and agrees that the payments, benefits and agreements provided in this Agreement
are being provided to him or her in consideration for the Employee’s acceptance and execution of, and in reliance upon the Employee’s representations in, this Agreement. The Employee acknowledges that if the Employee had not executed this
Agreement containing a release of all claims against the Releasees, including, without limitation, the covenants relating to confidentiality, non-competition and
non-disparagement, the Employee would not have been entitled to the payments and benefits set forth in the Plan. 

10. The Employee acknowledges and agrees that this Agreement and the Plan supersede any other agreement the
Employee has with the Company or any Releasee as to the subjects set forth in this Agreement; provided, however, that this Agreement shall not supersede or replace any such agreements that contain restrictive covenant obligations to which the
Employee is bound. To the extent the Employee has entered into any other enforceable written agreement with the Company or any Releasee that contains provisions that are outside the scope of this Agreement and the Plan and are not in direct conflict
with the provisions in this Agreement or the Plan, the terms in this Agreement and the Plan shall not supersede, but shall be in addition to, any other such agreement. Except as set forth expressly herein, no promises or representations have been
made to the Employee in connection with the termination of the Employee’s employment agreement, if any, or offer letter, if any, with the Company, or the terms of this Agreement or the Plan. 

11. The Employee agrees not to disclose the terms of this Agreement or the Plan to anyone, except the
Employee’s spouse, attorney and, as necessary, tax/financial advisor. It is expressly understood that any violation of the confidentiality obligation imposed hereunder constitutes a material breach of this Agreement. 

12. The Employee represents that the Employee does not, without the Company’s prior written consent,
presently have in the Employee’s possession any records and business documents, whether on computer or hard copy, and other materials (including but not limited to computer disks and tapes, computer programs and software, office keys,
correspondence, files, customer lists, technical information, customer information, pricing information, business strategies and plans, sales records and all copies thereof) (collectively, the “Corporate Records”) provided by the
Company and/or its predecessors, subsidiaries or affiliates or obtained as a result of the Employee’s prior employment with the Company and/or its predecessors, subsidiaries or affiliates, or created by the Employee while employed by or
rendering services to the Company and/or its predecessors, subsidiaries or affiliates. The Employee acknowledges that all such Corporate Records are the property of the Company. In addition, the Employee shall promptly return in good condition any
and all Company owned equipment or property, including, but not limited to, automobiles, personal data assistants, facsimile machines, copy machines, pagers, credit cards, cellular telephone equipment, business cards, laptops, computers, and any
other items requested by the Company. As of the Date of Termination, the Company will make 

  
 - 27 - 

 
arrangements to remove, terminate or transfer any and all business communication lines including network access, cellular phone, fax line and other business numbers. 

13. Nothing in this Agreement shall prohibit or restrict the Employee from: (a) making any disclosure of
information required by law; (b) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory
organization, or the Company’s designated legal, compliance or human resources officers; (c) providing, without prior notice to the Company, information to governmental authorities regarding, or filing, testifying, participating in or
otherwise assisting in a proceeding relating to, an alleged violation of any federal, state or municipal law relating to fraud, or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization; or
(d) engaging in any future activities protected under the whistleblower statutes administered by any government agency (e.g., EEOC, NLRB, SEC, etc.) or receiving a monetary award from a government-administered whistleblower award program for
providing information directly to a government agency. The Company nonetheless asserts and does not waive its attorney-client privilege over any information appropriately protected by privilege. 

14. The parties agree and acknowledge that the agreement by the Company described herein, and the settlement
and termination of any asserted or unasserted claims against the Releasees, are not and shall not be construed to be an admission of any violation of any federal, state or local statute or regulation, or of any duty owed by any of the Releasees to
the Employee. 
 15. The Employee agrees and recognizes that should the Employee breach any of the
obligations or covenants set forth in this Agreement, the Company will have no further obligation to provide the Employee with the consideration set forth herein, and will have the right to seek repayment of all consideration paid up to the time of
any such breach. Further, the Employee acknowledges in the event of a breach of this Agreement, Releasees may seek any and all appropriate relief for any such breach, including equitable relief and/or money damages, attorneys’ fees and costs.
Notwithstanding the foregoing, in the event the Company fails to perform any material obligation under the Plan, including, without limitation, the failure of the Company to make timely payments of monies due to the Employee under Section 4.1
or Section 4.2, as the case may be, of the Plan, this Release shall be null and void and the Employee shall have the right to pursue any and all appropriate relief for any such failure, including monetary damages, attorneys’ fees and
costs; provided, that (a) the Employee has notified the Company in writing within 30 days of the date of the failure of the Company to perform such material obligation and (b) such failure remains uncorrected and/or uncontested by the
Company for 15 days following the date of the Company’s receipt of such notice. 
 16. The Employee
further agrees that the Company shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual damages, as well as to an equitable accounting of all earnings, profits and other benefits arising from any
violations of this Agreement, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled. 

  
 - 28 - 

 17. This Agreement and the obligations of the parties
hereunder shall be construed, interpreted and enforced in accordance with the laws of the State of Pennsylvania. 

18. The parties agree that this Agreement shall be deemed to have been made and entered into in Pittsburgh,
Pennsylvania. Jurisdiction and venue in any proceeding by the Company or Employee to enforce their rights hereunder is specifically limited to any court geographically located in Pennsylvania. 

19. The Employee certifies and acknowledges as follows: 

(a) That the Employee has read the terms of this Agreement, and that the Employee understands its terms and
effects, including the fact that the Employee has agreed to RELEASE AND FOREVER DISCHARGE the Releasees from any legal action arising out of the Employee’s employment relationship with the Company and the termination of that employment
relationship; and 
 (b) That the Employee has signed this Agreement voluntarily and knowingly in exchange
for the consideration described herein, which the Employee acknowledges is adequate and satisfactory to him and which the Employee acknowledges is in addition to any other benefits to which the Employee is otherwise entitled; and 

(c) That the Company advises the Employee (in writing) to consult with an attorney before signing this
Agreement; and 
 (d) That the Employee does not waive rights or claims that may arise after the date this
Agreement is executed; and 
 (e) That the Company has provided Employee with a period of forty-five
(45) days within which to consider this Agreement, and that the Employee has signed on the date indicated below after concluding that this General Release, Non-Disparagement and Non-Competition Agreement is satisfactory to Employee; and 
 (f) The
Employee acknowledges that this Agreement may be revoked by him or her within seven (7) days after execution, and it shall not become effective until the expiration of such seven (7) day revocation period. In the event of a timely
revocation by the Employee, this Agreement will be deemed null and void and the Company will have no obligations hereunder. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 29 - 

 Intending to be legally bound hereby, the Employee and the Company executed
the foregoing General Release, Non-Disparagement and Non-Competition Agreement this ______ day of ______________, _____. 

 

			
	 	  	
Witness:                 
                                         
                                      

	 EMPLOYEE
	  	
		
	 [COMPANY]
	  	

  
 - 30 - 

 Intending to be legally bound hereby, the Employee and the Company executed
the foregoing General Release, Non-Disparagement and Non-Competition Agreement this ______ day of ______________, _____. 

 

			
	 	  	
Witness:                 
                                         
                                      

	 EMPLOYEE
	  	
		
	 [COMPANY]
	  	

  
 - 31 -

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