Document:

mtcr-ex102_154.htm

Exhibit 10.2

Employee Form

 

Metacrine, Inc.
RSU Award Grant Notice
(2020 Equity Incentive Plan)

Metacrine, Inc. (the “Company”) has awarded to you (the “Participant”) the number of restricted stock units specified and on the terms set forth below in consideration of your services (the “RSU Award”).  Your RSU Award is subject to all of the terms and conditions as set forth herein and in the Company’s 2020 Equity Incentive Plan (the “Plan”) and the Award Agreement (the “Agreement”), which are attached hereto and incorporated herein in their entirety.  Capitalized terms not explicitly defined herein but defined in the Plan or the Agreement shall have the meanings set forth in the Plan or the Agreement.

		
	
Participant:
	
 

	
Date of Grant:
	
 

	
Vesting Commencement Date:
	
 

	
Number of Restricted Stock Units:
	
 

 

	
 
	
Vesting Schedule: 
	
Subject to the Participant’s Continuous Service through each applicable vesting date and to the potential acceleration provided in Section 3 of the Agreement, the RSU Award shall vest as follows:

[___________________________________].  

 

	
Issuance Schedule:
	
One share of Common Stock will be issued for each restricted stock unit which vests at the time set forth in Section 6 of the Agreement.

Participant Acknowledgements:  By your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree that:

	
 
	
•
	
The RSU Award is governed by this RSU Award Grant Notice (the “Grant Notice”), and the provisions of the Plan and the Agreement, all of which are made a part of this document.  Unless otherwise provided in the Plan, this Grant Notice and the Agreement (together, the “RSU Award Agreement”) may not be modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company.  

	
 
	
•
	
You have read and are familiar with the provisions of the Plan, the RSU Award Agreement and the Prospectus.  In the event of any conflict between the provisions in the RSU Award Agreement, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.  

	
 
	
•
	
The RSU Award Agreement sets forth the entire understanding between you and the Company regarding the acquisition of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of: (i) other equity awards previously granted to you, and (ii) any written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement between the Company and you in each case that specifies the terms that should govern this RSU Award.

 

					
	
METACRINE, INC.
	
 
	
PARTICIPANT:

	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
 
	
By:
	
 

	
 
	
Signature
	
 
	
 
	
Signature

	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
 
	
Date:
	
 

	
 
	
 
	
 
	
 
	
 

	
Date:
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
Attachments: 
	
RSU Award Agreement, 2020 Equity Incentive Plan

 

 

 

Metacrine, Inc.

2020 Equity Incentive Plan

Award Agreement (RSU Award)

As reflected by your Restricted Stock Unit Grant Notice (“Grant Notice”) Metacrine, Inc. (the “Company”) has granted you a RSU Award under its 2020 Equity Incentive Plan (the “Plan”) for the number of restricted stock units as indicated in your Grant Notice (the “RSU Award”).  The terms of your RSU Award as specified in this Award Agreement for your RSU Award (the “Agreement”) and the Grant Notice constitute your “RSU Award Agreement”. Defined terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the same definitions as in the Grant Notice or Plan, as applicable.  

The general terms applicable to your RSU Award are as follows:

1.Governing Plan Document.  Your RSU Award is subject to all the provisions of the Plan, including but not limited to the provisions in: 

(a)Section 6 of the Plan regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your RSU Award;

(b)Section 9(e) of the Plan regarding the Company’s retained rights to terminate your Continuous Service notwithstanding the grant of the RSU Award; and 

(c)Section 8(c) of the Plan regarding the tax consequences of your RSU Award.  

Your RSU Award is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the RSU Award Agreement and the provisions of the Plan, the provisions of the Plan shall control.  

2.Grant of the RSU Award.  This RSU Award represents your right to be issued on a future date the number of shares of the Company’s Common Stock that is equal to the number of restricted stock units indicated in the Grant Notice as modified to reflect any Capitalization Adjustment and subject to your satisfaction of the vesting conditions set forth therein (the “Restricted Stock Units”).  Any additional Restricted Stock Units that become subject to the RSU Award pursuant to Capitalization Adjustments as set forth in the Plan and the provisions of Section 4 below, if any, shall be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Restricted Stock Units covered by your RSU Award.

3.Vesting.  Your Restricted Stock Units will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice, subject to the provisions contained herein and the terms of the Plan.  Vesting will cease upon the termination of your Continuous Service.  Notwithstanding the foregoing, if a Change in Control occurs and during the period beginning three months prior to and ending 12 months after the effective time of such Change in Control your Continuous Service terminates due to a termination by the Company (not including death or Disability) without Cause or due to your voluntary resignation for Good Reason, then, as of the date of termination of your Continuous Service, the vesting of your Restricted Stock Units will be accelerated in full.  For the avoidance of doubt, your RSU Award is also subject to the potential vesting acceleration that may occur in connection with a Corporate Transaction as set forth in the Plan and, for clarity, to the extent your RSU Award is assumed, continued or substituted for in a Corporate Transaction pursuant to Section 6(c) of the Plan, the vesting acceleration described in the preceding sentence shall apply to such assumed, continued or substituted award(s), as applicable.

(a)“Good Reason” means that one or more of the following are undertaken by the Company (or successor to the Company, if applicable) without your express written consent: (i) a material reduction in your annual base salary; provided, however, that Good Reason will not be deemed to have occurred in the event of a 

 

 

 

 
 

 

reduction in your annual base salary that is pursuant to a salary reduction program affecting substantially all of the employees of the Company and that does not adversely affect you to a greater extent than other similarly situated employees; (ii) a material reduction in your authority, duties or responsibilities; provided, however, that a change in job position (including a change in title) shall not be deemed a “material reduction” in and of itself unless your new duties are materially reduced from the prior duties; (iii) a relocation of your principal place of employment with the Company (or successor to the Company, if applicable) to a place that increases your one-way commute by more than seventy-five (75) miles as compared to your then-current principal place of employment immediately prior to such relocation, except for required travel by you on the Company’s business to an extent substantially consistent with your business travel obligations prior to the effective date of the Change in Control; or (iv) a material breach by the Company of any provision of the Plan or this Agreement or any other material agreement between you and the Company concerning the terms and conditions of your employment or service with the Company; provided, however, that in each case above, in order for your resignation to be deemed to have been for Good Reason, you must first give the Board written notice of the action or omission giving rise to “Good Reason” within thirty (30) days after the first occurrence thereof; the Company must fail to reasonably cure such action or omission within thirty (30) days after receipt of such notice (the “Cure Period”), and your resignation from all positions you hold with the Company must be effective not later than thirty (30) days after the expiration of such Cure Period.

(b)If any payment or benefit you would receive from the Company or otherwise in connection with a Change in Control or other similar transaction (a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).

Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A of the Code shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A of the Code.

Unless you and the Company agree on an alternative accounting firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date of the change of control transaction triggering the Payment shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the change of control transaction, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting documentation, to you and the Company within fifteen (15) calendar days after the date on which your right to a 280G Payment becomes reasonably likely to occur (if requested at that time by you or the Company) or such other time as requested by you or the Company.

 

 

 

 
 

 

If you receive a Payment for which the Reduced Amount was determined pursuant to clause (x) of the first paragraph of this Section 3(b) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you shall promptly return to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of the first paragraph of this Section 3(b) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) in the first paragraph of this Section 3(b), you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.

4.Dividends.  You may become entitled to receive payments equal to any cash dividends and other distributions paid with respect to a corresponding number of shares of Common Stock to be issued in respect of the Restricted Stock Units covered by your RSU Award.  Any such dividends or distributions shall be subject to the same forfeiture restrictions as apply to the Restricted Stock Units and shall be paid at the same time that the corresponding shares are issued in respect of your vested Restricted Stock Units, provided, however that to the extent any such dividends or distributions are paid in shares of Common Stock, then you will automatically be granted a corresponding number of additional Restricted Stock Units subject to the RSU Award (the “Dividend Units”), and further provided that such Dividend Units shall be subject to the same forfeiture restrictions and restrictions on transferability, and same timing requirements for issuance of shares, as apply to the Restricted Stock Units subject to the RSU Award with respect to which the Dividend Units relate.

5.Withholding Obligations.  As further provided in Section 8 of the Plan, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax withholding obligations, if any, which arise in connection with your RSU Award (the “Withholding Obligation”) in accordance with the withholding procedures established by the Company.  Unless the Withholding Obligation is satisfied, the Company shall have no obligation to deliver to you any Common Stock in respect of the RSU Award.  In the event the Withholding Obligation of the Company arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Withholding Obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

6.Date of Issuance.  

(a)The issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4) and will be construed and administered in such a manner.  Subject to the satisfaction of the Withholding Obligation, if any, in the event one or more Restricted Stock Units vests, the Company shall issue to you one (1) share of Common Stock for each Restricted Stock Unit (subject to any adjustment under Section 4 above, and subject to any different provisions in the Grant Notice) that vests on the applicable vesting date(s) or on a later date as determined by the Company but in no event later than the Issuance Deadline (as defined below).  

(b)In addition, the following provisions shall apply to the extent applicable at a vesting date when shares of  Company Common Stock are registered under the Securities Act, unless otherwise determined by the Company. If: 

(i)the applicable vest date does not occur (1) during an “open window period” applicable to you, as determined by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date when you are otherwise permitted to sell shares of Common Stock on an established stock exchange or stock market (including but not limited to under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act and was entered into in compliance with the Company’s policies (a “10b5-1 Arrangement”) or under such other policy expressly approved by the Company), and 

(ii)either (1) a Withholding Obligation does not apply, or (2) the Company decides, prior to the applicable vest date, (A) not to satisfy the Withholding Obligation by withholding shares of Common Stock from the shares otherwise due to you under this Award, and (B) not to permit you to enter into a “same day 

 

 

 

 
 

 

sale” commitment with a broker-dealer (including but not limited to a commitment under a 10b5-1 Arrangement) and (C) not to permit you to pay your Withholding Obligation in cash, 

(iii)then the shares that would otherwise be issued to you on the applicable vest date will not be delivered on such applicable vest date and will instead be delivered on the first business day when you are not prohibited from selling shares of the Company’s Common Stock in the open public market or on such other date determined by the Company, but in no event later than the Issuance Deadline. 

(iv)The “Issuance Deadline” means (a) December 31 of the calendar year in which the applicable vest date occurs (that is, the last day of your taxable year in which the applicable vest date occurs), or (b) if and only if permitted in a manner that complies with Treasury Regulations Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following the year in which the shares of Common Stock issuable as a result of the applicable vest date under this Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d).

(c)To the extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of the Plan shall apply.

7.Lock-Up Period.  By accepting your RSU Award, you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company held by you, for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this Section 7 will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period.  You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto.  In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period.  You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 7.  The underwriters of the Company’s stock are intended third party beneficiaries of this Section 7 and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

8.Transferability.  Except as otherwise provided in the Plan, your RSU Award is not transferable, except by will or by the applicable laws of descent and distribution.  

9.Corporate Transaction.  Your RSU Award is subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration.

10.No Liability for Taxes.  As a condition to accepting the RSU Award, you hereby (a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the RSU Award or other Company compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the tax consequences of the RSU Award and have either done so or knowingly and voluntarily declined to do so.

11.Severability.  If any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid.  Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

 

 

 
 

 

12.Other Documents.  You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus.  In addition, you acknowledge receipt of the Company’s Trading Policy.

13.Questions.  If you have questions regarding these or any other terms and conditions applicable to your RSU Award, including a summary of the applicable federal income tax consequences please see the Prospectus.

 

 

 

 

 

 
 

Employee - Mandatory Sell To Cover Form

 

Metacrine, Inc.
RSU Award Grant Notice
(2020 Equity Incentive Plan)

Metacrine, Inc. (the “Company”) has awarded to you (the “Participant”) the number of restricted stock units specified and on the terms set forth below in consideration of your services (the “RSU Award”).  Your RSU Award is subject to all of the terms and conditions as set forth herein and in the Company’s 2020 Equity Incentive Plan (the “Plan”) and the Award Agreement (the “Agreement”), which are attached hereto and incorporated herein in their entirety.  Capitalized terms not explicitly defined herein but defined in the Plan or the Agreement shall have the meanings set forth in the Plan or the Agreement.

		
	
Participant:
	
 

	
Date of Grant:
	
 

	
Vesting Commencement Date:
	
 

	
Number of Restricted Stock Units:
	
 

	
 
	
Vesting Schedule: 
	
Subject to the Participant’s Continuous Service through each applicable vesting date and to the potential acceleration provided in Section 3 of the Agreement, the RSU Award shall vest as follows:

[___________________________________].  

 

	
Issuance Schedule:
	
One share of Common Stock will be issued for each restricted stock unit which vests at the time set forth in Section 6 of the Agreement.

Participant Acknowledgements:  By your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree that:

	
 
	
•
	
The RSU Award is governed by this RSU Award Grant Notice (the “Grant Notice”), and the provisions of the Plan and the Agreement, all of which are made a part of this document.  Unless otherwise provided in the Plan, this Grant Notice and the Agreement (together, the “RSU Award Agreement”) may not be modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company.  

	
 
	
•
	
You have read and are familiar with the provisions of the Plan, the RSU Award Agreement and the Prospectus.  In the event of any conflict between the provisions in the RSU Award Agreement, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.  

	
 
	
•
	
To the fullest extent permitted under the Plan and applicable law, withholding taxes applicable to the RSU Award will be satisfied through the sale of a number of the shares issuable in settlement of the RSU Award as determined in accordance with Section 5 of the Agreement and the remittance of the cash proceeds to the Company. Under the Agreement, the Company or, if different, your employer shall make payment from the cash proceeds of this sale directly to the appropriate tax or social security authorities in an amount equal to the taxes required to be remitted. The mandatory sale of shares to cover withholding taxes is imposed by the Company on you in connection with your receipt of this RSU Award.

	
 
	
•
	
You represent and warrant that you are not aware of any material, nonpublic information with respect to the Company or any securities of the Company; are not subject to any legal, regulatory or contractual restriction that would prevent the mandatory sale of shares imposed on you in connection with your receipt of this RSU Award; and do not have, and will not attempt to exercise, authority, influence or control over any sales of Common Stock pursuant to the mandatory sale of shares provided for herein.

	
 
	
•
	
The RSU Award Agreement sets forth the entire understanding between you and the Company regarding the acquisition of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of: (i) other equity awards previously granted to you, and (ii) any written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement between the Company and you in each case that specifies the terms that should govern this RSU Award.

 

 

 

 

 
 

 

 

 

					
	
METACRINE, INC.
	
 
	
PARTICIPANT:

	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
 
	
By:
	
 

	
 
	
Signature
	
 
	
 
	
Signature

	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
 
	
Date:
	
 

	
 
	
 
	
 
	
 
	
 

	
Date:
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

 

 

	
Attachments: 
	
RSU Award Agreement, 2020 Equity Incentive Plan

 

 

 

 
 

 

 

Metacrine, Inc.

2020 Equity Incentive Plan

Award Agreement (RSU Award)

As reflected by your Restricted Stock Unit Grant Notice (“Grant Notice”) Metacrine, Inc. (the “Company”) has granted you a RSU Award under its 2020 Equity Incentive Plan (the “Plan”) for the number of restricted stock units as indicated in your Grant Notice (the “RSU Award”).  The terms of your RSU Award as specified in this Award Agreement for your RSU Award (the “Agreement”) and the Grant Notice constitute your “RSU Award Agreement”. Defined terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the same definitions as in the Grant Notice or Plan, as applicable.  

The general terms applicable to your RSU Award are as follows:

1.Governing Plan Document.  Your RSU Award is subject to all the provisions of the Plan, including but not limited to the provisions in: 

(a)Section 6 of the Plan regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your RSU Award;

(b)Section 9(e) of the Plan regarding the Company’s retained rights to terminate your Continuous Service notwithstanding the grant of the RSU Award; and 

(c)Section 8(c) of the Plan regarding the tax consequences of your RSU Award.  

Your RSU Award is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the RSU Award Agreement and the provisions of the Plan, the provisions of the Plan shall control.  

2.Grant of the RSU Award.  This RSU Award represents your right to be issued on a future date the number of shares of the Company’s Common Stock that is equal to the number of restricted stock units indicated in the Grant Notice as modified to reflect any Capitalization Adjustment and subject to your satisfaction of the vesting conditions set forth therein (the “Restricted Stock Units”).  Any additional Restricted Stock Units that become subject to the RSU Award pursuant to Capitalization Adjustments as set forth in the Plan and the provisions of Section 4 below, if any, shall be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Restricted Stock Units covered by your RSU Award.

3.Vesting.  Your Restricted Stock Units will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice, subject to the provisions contained herein and the terms of the Plan.  Vesting will cease upon the termination of your Continuous Service.  Notwithstanding the foregoing, if a Change in Control occurs and during the period beginning three months prior to and ending 12 months after the effective time of such Change in Control your Continuous Service terminates due to a termination by the Company (not including death or Disability) without Cause or due to your voluntary resignation for Good Reason, then, as of the date of termination of your Continuous Service, the vesting of your Restricted Stock Units will be accelerated in full.  For the avoidance of doubt, your RSU Award is also subject to the potential vesting acceleration that may occur in connection with a Corporate Transaction as set forth in the Plan and, for clarity, to the extent your RSU Award is assumed, continued or substituted for in a Corporate Transaction pursuant to Section 6(c) of the Plan, the vesting acceleration described in the preceding sentence shall apply to such assumed, continued or substituted award(s), as applicable.

(a)“Good Reason” means that one or more of the following are undertaken by the Company (or successor to the Company, if applicable) without your express written consent: (i) a material reduction in your 

 

 

 

 
 

 

annual base salary; provided, however, that Good Reason will not be deemed to have occurred in the event of a reduction in your annual base salary that is pursuant to a salary reduction program affecting substantially all of the employees of the Company and that does not adversely affect you to a greater extent than other similarly situated employees; (ii) a material reduction in your authority, duties or responsibilities; provided, however, that a change in job position (including a change in title) shall not be deemed a “material reduction” in and of itself unless your new duties are materially reduced from the prior duties; (iii) a relocation of your principal place of employment with the Company (or successor to the Company, if applicable) to a place that increases your one-way commute by more than seventy-five (75) miles as compared to your then-current principal place of employment immediately prior to such relocation, except for required travel by you on the Company’s business to an extent substantially consistent with your business travel obligations prior to the effective date of the Change in Control; or (iv) a material breach by the Company of any provision of the Plan or this Agreement or any other material agreement between you and the Company concerning the terms and conditions of your employment or service with the Company; provided, however, that in each case above, in order for your resignation to be deemed to have been for Good Reason, you must first give the Board written notice of the action or omission giving rise to “Good Reason” within thirty (30) days after the first occurrence thereof; the Company must fail to reasonably cure such action or omission within thirty (30) days after receipt of such notice (the “Cure Period”), and your resignation from all positions you hold with the Company must be effective not later than thirty (30) days after the expiration of such Cure Period.

(b)If any payment or benefit you would receive from the Company or otherwise in connection with a Change in Control or other similar transaction (a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).

Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A of the Code shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A of the Code.

Unless you and the Company agree on an alternative accounting firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date of the change of control transaction triggering the Payment shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the change of control transaction, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting documentation, to you and the Company within fifteen (15) calendar days after the date on which your right to a 280G Payment becomes reasonably likely to occur (if requested at that time by you or the Company) or such other time as requested by you or the Company.

 

 

 

 
 

 

If you receive a Payment for which the Reduced Amount was determined pursuant to clause (x) of the first paragraph of this Section 3(b) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you shall promptly return to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of the first paragraph of this Section 3(b) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) in the first paragraph of this Section 3(b), you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.

4.Dividends.  You may become entitled to receive payments equal to any cash dividends and other distributions paid with respect to a corresponding number of shares of Common Stock to be issued in respect of the Restricted Stock Units covered by your RSU Award.  Any such dividends or distributions shall be subject to the same forfeiture restrictions as apply to the Restricted Stock Units and shall be paid at the same time that the corresponding shares are issued in respect of your vested Restricted Stock Units, provided, however that to the extent any such dividends or distributions are paid in shares of Common Stock, then you will automatically be granted a corresponding number of additional Restricted Stock Units subject to the RSU Award (the “Dividend Units”), and further provided that such Dividend Units shall be subject to the same forfeiture restrictions and restrictions on transferability, and same timing requirements for issuance of shares, as apply to the Restricted Stock Units subject to the RSU Award with respect to which the Dividend Units relate.

5.Withholding Obligations.

(a)You acknowledge that, regardless of any action taken by the Company, or if different, the Affiliate employing or engaging you (the “Employer”), the ultimate liability for all income tax (including U.S. federal, state, and local taxes and/or non-U.S. taxes), social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (the “Tax-Related Items”) is and remains your responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer.  You further acknowledge that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSU Award, including, but not limited to, the grant of the RSU Award, the vesting of the RSU Award, the issuance of shares in settlement of vesting of the RSU Award, the subsequent sale of any shares of Common Stock acquired pursuant to the RSU Award and the receipt of any dividends or Dividend Units; and (ii) do not commit to and are under no obligation to reduce or eliminate your liability for Tax-Related Items.  Further, if you become subject to taxation in more than one country, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one country.

(b)On each vesting date, and on or before the time you receive a distribution of the shares underlying your Restricted Stock Units, and at any other time as reasonably requested by the Company in accordance with Applicable Law, you agree to make adequate provision for any sums required to satisfy the withholding obligations of the Company, the Employer or any Affiliate in connection with any Tax-Related Items that arise in connection with your RSU Award (the “Withholding Taxes”). The Company shall arrange a mandatory sale (on your behalf pursuant to your authorization under this Section and without further consent) of the shares of Common Stock issued in settlement upon the vesting of your Restricted Stock Units in an amount necessary to satisfy the Withholding Taxes and shall satisfy the Withholding Taxes by withholding from the proceeds of such sale (the “Mandatory Sell to Cover”).  You hereby acknowledge and agree that the Company shall have the authority to administer the Mandatory Sell to Cover arrangement in its sole discretion with a registered broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) as the Company may select as the agent (the “Agent”) who will sell on the open market at the then prevailing market price(s), as soon as practicable on or after each date on which your Restricted Stock Units vest, the number (rounded up to the next whole number) of the shares of Common Stock to be delivered to you in connection with the vesting of the Restricted Stock Units sufficient to generate proceeds to cover (A) the Withholding Taxes that you are required to pay pursuant to the Plan and this Agreement as a result of the vesting of the Restricted Stock Units (or shares being issued thereunder, as applicable) and (B) all applicable fees and commissions due to, or required to be collected by, the Agent with respect thereto any remaining funds shall be remitted to you.

 

 

 

 
 

 

(c)If, for any reason, such Mandatory Sell to Cover does not result in sufficient proceeds to satisfy the Withholding Taxes, the Company or an Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes relating to your RSU Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company or the Employer; (ii) causing you to tender a cash payment (which may be in the form of a check, electronic wire transfer or other method permitted by the Company); or (iii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with your Restricted Stock Units with a fair market value (measured as of the date shares of Common Stock are issued to you) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares of Common Stock so withheld will not exceed the amount necessary to satisfy the Company’s required tax withholding obligations using the maximum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income; and to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the express prior approval of the Company’s Board or Compensation Committee.

(d)Unless the tax withholding obligations of the Company and/or any Affiliate with respect to the Tax-Related Items are satisfied, the Company shall have no obligation to deliver to you any Common Stock.

(e)In the event the Company’s obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Tax-Related Items withholding obligation was greater than the amount withheld by the Company or your Employer, you agree to indemnify and hold the Company and your Employer harmless from any failure by the Company or your Employer to withhold the proper amount.

(f)You acknowledge that the Mandatory Sell to Cover is imposed by the Company on you pursuant to the terms of the RSU Award.

(g)The Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts, or other applicable withholding rates, including maximum applicable rates in your jurisdiction(s).  If the maximum rate is used, any over-withheld amount may be refunded to you in cash by the Company or Employer (with no entitlement to the equivalent in shares of Common Stock), or if not refunded, you may seek a refund from the local tax authorities.  You must pay to the Company and/or the Employer any amount of Tax-Related Items that the Company and/or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. 

6.Date of Issuance.  

(a)Subject to the satisfaction of the withholding obligations set forth in Section 5 of this Agreement, the Company will deliver to you a number of shares of the Company’s Common Stock equal to the number of vested Restricted Stock Units subject to your RSU Award, including any additional Restricted Stock Units received pursuant to a Capitalization Adjustment that relate to those vested Restricted Stock Units on the applicable vesting date; provided, however, if such vesting date falls on a date that is not a business day, such delivery date shall instead fall on the next following business day (the “Original Distribution Date”).  

(b)Notwithstanding the foregoing, if (i) selling shares of the Company’s Common Stock in the public market on the Original Distribution Date to satisfy your tax withholding obligation in accordance with Section 5 of this Agreement is prohibited for any reason, and (ii) the Company elects not to instead satisfy its tax withholding obligations by withholding shares from your distribution, then such shares shall not be delivered on such Original Distribution Date and shall instead be delivered to you on the earliest of: (1) the first date that you are not prohibited from selling shares of the Company’s Common Stock in the open market, or (2) such earlier date that the Company elects to satisfy its tax withholding obligation by withholding shares from your distribution; provided, however, that notwithstanding the foregoing, in no event will the shares be delivered to you any later than: (A) December 31 of the calendar year in which the Original Distribution Date occurs (that is, the last day of the taxable year in which the Original Distribution Date occurs), or (B) if and only if permitted in a manner that complies with 

 

 

 

 
 

 

Treasury Regulations Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following the year in which the shares of Common Stock are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d). Delivery of the shares is intended to comply with the requirements for the short-term deferral exemption available under Treasury Regulations Section 1.409A-1(b)(4) and shall be construed and administered in such manner.

(c)To the extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of the Plan shall apply.

7.Lock-Up Period.  By accepting your RSU Award, you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company held by you, for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this Section 7 will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period.  You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto.  In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period.  You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 7.  The underwriters of the Company’s stock are intended third party beneficiaries of this Section 7 and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

8.Transferability.  Except as otherwise provided in the Plan, your RSU Award is not transferable, except by will or by the applicable laws of descent and distribution.  

9.Corporate Transaction.  Your RSU Award is subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration.

10.No Liability for Taxes.  As a condition to accepting the RSU Award, you hereby (a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the RSU Award or other Company compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the tax consequences of the RSU Award and have either done so or knowingly and voluntarily declined to do so.

11.Severability.  If any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid.  Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

12.Other Documents.  You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus.  In addition, you acknowledge receipt of the Company’s Trading Policy.

13.Questions.  If you have questions regarding these or any other terms and conditions applicable to your RSU Award, including a summary of the applicable federal income tax consequences please see the Prospectus.EX-10.1

 Exhibit 10.1 

Execution Version 

August 12, 2021 
 First Reserve Sustainable
Growth Corp. 
 290 Harbor Drive, Fifth Floor 
 Stamford, CT
06902 
 Attention: Neil A. Wizel, Chief Executive Officer 
  

	 	RE:	 Certain Transaction Matters 

Reference is made to that certain Business Combination Agreement and Plan of Reorganization (the “BCA”), to be dated
as of the date hereof, by and among First Reserve Sustainable Growth Corp., a Delaware corporation (“PubCo”), EO Charging, an exempted company incorporated with limited liability in the Cayman Islands
(“NewCo”), Charge Merger Sub, Inc., a Delaware corporation, and Juuce Limited, a private limited company incorporated under the laws of England and Wales (registration number 09314212) (the “Company”).
This letter agreement (this “Letter Agreement”) is being entered into and delivered by PubCo, First Reserve Sustainable Growth Sponsor LLC, a Delaware limited liability company (“Sponsor”) and each of
the other persons undersigned hereto, each of whom is a member of PubCo’s board of directors (each, an “Insider”) in connection with the transactions contemplated by the BCA. Capitalized terms used but not otherwise
defined herein shall have the meanings ascribed to such terms in the BCA. 
 WHEREAS, Sponsor holds the number of shares of Class B
common stock, par value $0.0001 per share, of PubCo (the “PubCo Class B Common Stock”) set forth opposite Sponsor’s name on Exhibit A under the heading “Total Shares”;
and 
 WHEREAS, Sponsor and the Company have agreed to certain items with respect to the treatment of the shares of PubCo Class B
Common Stock held by Sponsor in the transactions contemplated by the BCA. 
 WHEREAS, in consideration for the benefits to be received by
Sponsor and the Insiders under the terms of the BCA and as a material inducement to NewCo and the Company and the other parties agreeing to enter into and consummate the transactions contemplated by BCA, the Sponsor and each of the Insiders (each, a
“Sponsor Person”) agrees to enter into this Letter Agreement and to be bound by the agreements, covenants and obligations contained in this Letter Agreement; and 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each of the parties hereby agrees as follows: 
  

	 	1.	 Sponsor represents and warrants that it holds the number of shares of PubCo Class B Common Stock set forth
opposite Sponsor’s name on Exhibit A under the heading “Total Shares” as of the date hereof. As of the date hereof, there are 5,560,989 shares of PubCo Class B Common Stock issued and outstanding. 

	 	2.	 During the period commencing on the date hereof and ending on the earlier of the Closing and the valid
termination of the BCA pursuant to Article IX thereof (the “Interim Period”), other than as expressly required by the BCA, Sponsor agrees not to (a) Transfer any of the PubCo Class B Common Stock held by Sponsor, or
(b) enter into (i) any option, warrant, purchase right, or other contract that would (either alone or in connection with one or more events, developments or events (including the satisfaction or waiver of any conditions precedent)) require
Sponsor to Transfer any PubCo Class B Common Stock held by Sponsor or (ii) any voting trust, proxy or other contract with respect to the voting or Transfer of the PubCo Class B Common Stock held by Sponsor; provided that Sponsor may
Transfer any such PubCo Class B Common Stock held by Sponsor to: (i) PubCo’s officers or directors, any affiliates or family members of any of PubCo’s officers or directors, any members of the Sponsor or any Affiliates of the
Sponsor; (ii) in the case of an individual, transfers by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such
person, or to a charitable organization; (iii) in the case of an individual, transfers by virtue of laws of descent and distribution upon death of the individual; (iv) in the case of an individual, transfers pursuant to a
qualified domestic relations order; (v) transfers by private sales or transfers made in connection with the consummation of an initial Business Combination at prices no greater than the price at which the securities were originally
purchased; (vi) transfers in the event of PubCo’s liquidation prior to the completion of an initial Business Combination; (vii) transfers by virtue of the laws of the State of Delaware or the Sponsor’s limited
liability company agreement upon dissolution of the Sponsor; and (viii) in the event of PubCo’s liquidation, merger, capital stock exchange, reorganization or other similar transaction which results in all of the PubCo’s
stockholders having the right to exchange their shares of common stock for cash, securities or other property subsequent to the completion of PubCo’s initial Business Combination; provided, however, that in the case of
clauses (i) through (v) and (vii), these permitted transferees must enter into a written agreement with PubCo agreeing to be bound by the restrictions herein. For purposes of this Agreement, “Transfer” means any, direct or
indirect, sale, transfer, assignment, pledge, mortgage, exchange, hypothecation, grant of a security interest in or disposition or encumbrance of an interest or the underlying economic rights (whether with or without consideration, whether
voluntarily or involuntarily or by operation of law or otherwise). For the purposes of this Section 2, “Business Combination” shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar
business combination, involving PubCo and one or more businesses. 

  

	 	3.	 During the Interim Period, Sponsor agrees that 

 

	 	(a)	 At the special meeting of stockholders of PubCo to approve the transactions contemplated by the BCA, at any
other meeting of the shareholders of PubCo (whether annual or special and whether or not an adjourned or postponed meeting, however called and including any adjournment or postponement thereof), in connection with any written consent of

  
 2 

	 	
shareholders of PubCo, and in connection with any similar vote or consent of the holders of Sponsor PubCo Warrants, in their capacities as such, Sponsor shall: (i) when such meeting is held,
appear at such meeting or otherwise cause Sponsor’s PubCo Class B Common Stock to be counted as present thereat for the purpose of establishing a quorum; (ii) vote (or duly and promptly execute and deliver an action by written
consent), or cause to be voted at such meeting (or cause such consent to be duly and promptly executed and delivered with respect to), all of Sponsor’s shares of PubCo Class B Common Stock owned as of the record date for determining
holders entitled to vote at such meeting (or the record date for determining holders entitled to provide consent) in favor of the Transactions and the FRSG Proposals and any other matters necessary or advisable for consummation of the Transactions
and (iii) vote (or duly and promptly execute and deliver an action by written consent), or cause to be voted at any meeting (or cause such consent to be duly and promptly executed and delivered with respect to), all of Sponsor’s PubCo
Class B Common Stock against and/or withhold consent with respect to any Alternative Transaction. The obligations of Sponsor in this Section 3 shall apply whether or not the board of directors of PubCo or other governing body or any
committee, subcommittee or subgroup thereof recommends the FRSG Proposals or any other matters necessary or advisable for consummation of the Transactions and whether or not such board or other governing body, committee, subcommittee or subgroup
thereof changes, withdraws, withholds, qualifies or modifies, or publicly proposes to change, withdraw, withhold, qualify or modify, the FRSG Board Recommendation. 

 

	 	(b)	 Sponsor hereby irrevocably and unconditionally agrees not to exercise any Redemption Rights.

  

	 	(c)	 Each Sponsor Person agree to the provisions of this Section, to the extent such Sponsor Person is Transferred
shares of PubCo Class B Common Stock in the Interim Period. 

  

	 	4.	 Subject to the satisfaction or waiver of each of the conditions to Closing set forth in Sections 8.01 and 8.02
of the BCA, effective immediately prior to the Closing, Sponsor hereby waives any and all rights Sponsor has or will have under Section 4.3(b)(ii) of the FRSG Amended and Restated Certificate of Incorporation to receive, with respect to each
share of PubCo Class B Common Stock held by Sponsor, more than one (1) share of Class A common stock, par value $0.0001 per share, of PubCo (the “PubCo Class A Common Stock”)
upon automatic conversion of such shares of PubCo Class B Common Stock in accordance with the BCA and the FRSG Amended and Restated Certificate of Incorporation in connection with the consummation of the Transactions. Without limitation of the
foregoing, in connection with the consummation of the Transactions, Sponsor hereby acknowledges and agrees that pursuant to the BCA and Section 4.3(b) of the FRSG Amended and Restated Certificate of Incorporation, each share of PubCo
Class B Common Stock held by Sponsor shall automatically convert into one (1) share of PubCo Class A Common Stock. 

  
 3 

	 	5.	 Upon and subject to the Closing, upon the completion of (I) the conversion of Sponsor’s shares of
PubCo Class B Common Stock into shares of PubCo Class A Common Stock and (II) the subsequent conversion of Sponsor’s PubCo Class A Common Stock into NewCo Ordinary Shares in connection with Closing pursuant to the BCA, a
number of the NewCo Ordinary Shares issued to Sponsor in connection with the Transactions equal to the number set forth opposite Sponsor’s name on Exhibit A under the heading “$12.50 Threshold Shares” (the “$12.50
Threshold Shares”) shall become subject to potential forfeiture if the $12.50 Triggering Event (as defined below) does not occur during the time period between the date hereof and the five-year anniversary of the Closing Date (such time
period, the “Earnout Period”), with such $12.50 Threshold Shares no longer being subject to forfeiture upon the occurrence of a $12.50 Triggering Event. Certificates or book entries representing the $12.50 Threshold Shares
shall bear a legend referencing that they are subject to forfeiture pursuant to the provisions of this Letter Agreement, and any transfer agent for NewCo Ordinary Shares will be given appropriate stop transfer orders with respect to the $12.50
Threshold Shares until the occurrence of a $12.50 Triggering Event; provided, however, that upon the occurrence of a $12.50 Triggering Event in accordance with the terms herein, NewCo shall promptly cause the removal of such legend and direct
such transfer agent that such stop transfer orders are no longer applicable. In the event no $12.50 Triggering Event occurs during the Earnout Period, upon the expiration of the Earnout Period, the $12.50 Threshold Shares of Sponsor shall
immediately be forfeited to NewCo for no consideration as a contribution to the capital of NewCo (including for purposes of Section 118 of the Code) and immediately cancelled. For purposes of this Letter Agreement, (i) “$12.50
Triggering Event” means the date on which the VWAP (as defined below) of the NewCo Ordinary Shares or PubCo Class A Common Stock equals or exceeds $12.50 per share for any 20 Trading Days within any 30 consecutive Trading Day
period ending on the Trading Day immediately prior to the date of determination; provided, that, if, during the Earnout Period, there is a Change of Control (as defined below), then the $12.50 Triggering Event shall automatically be deemed to
have occurred, (ii) “Change of Control” means any transaction or series of transactions (a) following which a person or “group” (within the meaning of Section 13(d) of the Exchange Act) of persons obtains
direct or indirect beneficial ownership of securities (or rights convertible or exchangeable into securities) representing fifty percent (50%) or more of the voting power of or economic rights or interests in NewCo, (b) constituting a merger,
consolidation, reorganization or other business combination, however effected, following which either (1) the members of the NewCo Board immediately prior to such merger, consolidation, reorganization or other business combination do not
constitute at least a majority of the board of directors of the company surviving the combination or, if the surviving company is a subsidiary, the ultimate parent thereof or (2) the voting securities of NewCo immediately prior to such merger,
consolidation, reorganization or other business combination do not continue to represent or are not converted into fifty percent (50%) or more of the combined 

  
 4 

	 	
voting power of the then outstanding voting securities of the person resulting from such combination or, if the surviving company is a subsidiary, the ultimate parent thereof, or (c) the
result of which is a sale of all or substantially all of the assets of NewCo to any person, (iii) “VWAP” of the NewCo Ordinary Shares or PubCo Class A Common Stock on any Trading Day means the per share volume-weighted
average price of the NewCo Ordinary Shares or PubCo Class A Common Stock, as applicable, as displayed under the heading Bloomberg VWAP on Bloomberg (or, if Bloomberg ceases to publish such price, any successor service reasonably chosen by
NewCo) page www.bloomberg.com/quote/FRSG:US (or its equivalent successor if such page is not available) in respect of the period from the open of trading on the relevant Trading Day until the close of trading on such Trading Day (or if such
volume-weighted average price is unavailable, the market price of one share of the NewCo Ordinary Shares or PubCo Class A Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally recognized investment
banking firm (unaffiliated with NewCo) retained for this purpose by NewCo) and (iv) “Trading Day” shall mean any day during which trading in the NewCo Ordinary Shares or PubCo Class A Common Stock generally occurs on the
NASDAQ or, if the NewCo Ordinary Shares or PubCo Class A Common Stock are not listed on the NASDAQ, on the principal other U.S. national or regional securities exchanges on which the NewCo Ordinary Shares or PubCo Class A Common Stock are
then listed or, if the NewCo Ordinary Shares or PubCo Class A Common Stock are not listed on a U.S. national or regional securities exchange, on the principal other market on which the NewCo Ordinary Shares or PubCo Class A Common Stock
are then listed or admitted for trading. If the NewCo Ordinary Shares or PubCo Class A Common Stock are not so listed or admitted for trading, Trading Day means a Business Day. 

 

	 	6.	 The number of shares of Class A Common Stock and NewCo Ordinary Shares (including the $12.50 Threshold
Shares) and the VWAP targets set forth in this Letter Agreement shall be equitably adjusted for stock splits, reverse stock splits, stock dividends, reorganizations, recapitalizations, reclassifications, combinations, exchanges of shares or other
like changes or transactions with respect to the PubCo Class A Common Stock and NewCo Ordinary Shares, as applicable, occurring on or after the Closing (other than (i) the conversion of the PubCo Class B Common Stock into PubCo
Class A Common Stock and (ii) the subsequent conversion of the PubCo Class A Common Stock into NewCo Ordinary Shares at the Closing). 

  

	 	7.	 Sponsor shall be entitled to vote the $12.50 Threshold Shares and receive dividends and other distributions in
respect thereof prior to the occurrence of a $12.50 Triggering Event, unless forfeited in accordance with the terms hereof; provided, that any such dividends and other distributions in respect of the $12.50 Threshold Shares shall be set aside by
NewCo and shall only be paid to the holder of such $12.50 Threshold Shares upon the occurrence of the $12.50 Triggering Event. 

  

	 	8.	 Each Sponsor Person has full right and power, without violating any agreement to which it is bound (including,
without limitation, any non-competition or non- solicitation agreement with any employer or former employer), to enter into this Letter Agreement. 

  
 5 

	 	9.	 Each Sponsor Person hereby represents and warrants (severally and not jointly as to itself only) as follows:

  

	 	(a)	 If the Sponsor Person is not an individual, the Sponsor Person is a corporation, limited liability company or
other applicable business entity duly organized or formed, as applicable, validly existing and in good standing (or the equivalent thereof, if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or
any equivalent thereof) under the Laws of its jurisdiction of formation or organization (as applicable). If the Sponsor Person is an individual, the Sponsor Person has the authority to enter into, deliver and perform its obligations under this
Agreement. 

  

	 	(b)	 If the Sponsor Person is not an individual, the Sponsor Person has the requisite corporate, limited liability
company or other similar power and authority to execute and deliver this Agreement, to perform its covenants, agreements and obligations hereunder (including, for the avoidance of doubt, those covenants, agreements and obligations hereunder that
relate to the provisions of the BCA), and to consummate the transactions contemplated hereby. The execution and delivery of this Letter Agreement has been duly authorized by all necessary corporate (or other similar) action on the part of the
Sponsor Person. If the Sponsor Person is an individual, the signature on this Letter Agreement is genuine, and the Sponsor Person has legal competence and capacity to execute the same. This Letter Agreement has been duly and validly executed and
delivered by the Sponsor Person and constitutes a valid, legal and binding agreement of the Sponsor Person (assuming that this Letter Agreement is duly authorized, executed and delivered by the other parties hereto), enforceable against the Sponsor
Person in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting generally the enforcement of creditors’ rights and subject to general principles of equity).

  

	 	(c)	 No consent, approval or authorization of, or designation, declaration or filing with, any Governmental
Authority is required on the part of the Sponsor Person with respect to the Sponsor Person’s execution, delivery or performance of its covenants, agreements or obligations under this Letter Agreement or the consummation of the transactions
contemplated hereby, except for any consents, approvals, authorizations, designations, declarations, waivers or filings, the absence of which would not adversely affect the ability of the Sponsor Person to perform, or otherwise comply with, any of
its covenants, agreements or obligations hereunder in any material respect. 

  
 6 

	 	(d)	 None of the execution or delivery of this Agreement by the Sponsor Person, the performance by the Sponsor
Person of any of its covenants, agreements or obligations under this Letter Agreement or the consummation of the transactions contemplated hereby will, directly or indirectly (with or without due notice or lapse of time or both) (i) if the
Sponsor Person is not an individual, result in any breach of any provision of the Sponsor Person’s governing documents, (ii) result in a violation or breach of, or constitute a default or give rise to any right of termination, consent,
cancellation, amendment, modification, suspension, revocation or acceleration under, any of the terms, conditions or provisions of any contract to which the Sponsor Person is a party, (iii) violate, or constitute a breach under, any order or
applicable Law to which the Holder or any of its properties or assets are bound or (iv) result in the creation of any Lien upon the PubCo Class B Common Stock, except, in the case of any of clauses (ii) and (iii) above,
as would not adversely affect the ability of the Sponsor Person to perform, or otherwise comply with, any of its covenants, agreements or obligations hereunder in any material respect. 

 

	 	(e)	 As of the date hereof, Sponsor is the owner of the PubCo Class B Common Stock and has valid, good and
marketable title to the PubCo Class B Common Stock, free and clear of all Liens (other than transfer restrictions under applicable Securities Law or under any organizational documents). As of the date hereof, except for the PubCo Class B
Common Stock set forth on Exhibit A hereto, Sponsor does not own, beneficially or of record, any equity securities of PubCo; provided that, for the avoidance of doubt, the parties acknowledge the Sponsor Pubco Warrants are not considered
equity securities. Except as otherwise expressly contemplated by any organizational documents of PubCo and any related acknowledgement agreement existing on the date hereof and made available to NewCo or the Company or that is entered into in
accordance with the BCA, the Sponsor Person does not have the right to acquire any shares of PubCo. Sponsor has the sole right to vote (and provide consent in respect of, as applicable) the PubCo Class B Common Stock and, except for this Letter
Agreement, the BCA and any organizational document of PubCo, each Sponsor Person is not party to or bound by (i) any option, warrant, purchase right, or other contract that would (either alone or in connection with one or more events,
developments or events (including the satisfaction or waiver of any conditions precedent)) require the Sponsor Person to Transfer any of the PubCo Class B Common Stock or (ii) any voting trust, proxy or other contract with respect to the
voting or Transfer of any of the PubCo Class B Common Stock. 

  

	 	(f)	 As of the date hereof, there is no Action pending or, to the Sponsor Person’s knowledge, threatened
against the Sponsor Person that, if adversely decided or resolved, would reasonably be expected to adversely affect the ability of the Sponsor Person to perform, or otherwise comply with, any of its covenants, agreements or obligations under this
Letter Agreement in any material respect. 

  
 7 

	 	10.	 The terms and provisions of this Letter Agreement may be modified or amended only with the written approval of
any Sponsor Person, NewCo and the Company. The parties to this Letter Agreement expressly confirm their agreement that the Company and NewCo shall be entitled to rely on and enforce the provisions of this Letter Agreement and are express third party
beneficiaries of this Letter Agreement. 

  

	 	11.	 This Letter Agreement, together with the BCA to the extent referenced herein and the other agreements entered
into by Sponsor in connection with the initial public offering of PubCo constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or
representations by or among the parties hereto, written or oral, relating to the subject matter hereof. 

  

	 	12.	 No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations
hereunder without the prior written consent of the other parties hereto, and any purported assignment in violation of the foregoing shall be null and void ab initio. This Letter Agreement shall be binding on the parties hereto and their
respective successors and assigns. 

  

	 	13.	 This Letter Agreement shall be construed and interpreted in a manner consistent with the provisions of the BCA.
In the event of any conflict between the terms of this Letter Agreement and the BCA, the terms of the BCA shall govern. The provisions set forth in Sections 10.09 (Counterparts), 10.03 (Severability), 10.10 (Specific Performance), 10.06 (Governing
Law), 10.07 (Waiver of Jury Trial) and 9.05 (Waiver) of the BCA, as in effect as of the date hereof, are hereby incorporated by reference into, and shall be deemed to apply to, this Letter Agreement, mutatis mutandis. 

 

	 	14.	 Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter
Agreement shall be in writing and shall be sent in the same manner as provided in Section 10.01 (Notices) of the BCA, with (a) notices to PubCo being sent to the addresses set forth therein, in each case with all copies as required
thereunder and (b) notices to Sponsor being sent to the address set forth opposite its name on Exhibit A under the heading “Address.” 

  

	 	15.	 This Letter Agreement shall terminate, and have no further force and effect, if the BCA is terminated in
accordance with its terms prior to the Closing. 

 [The remainder of this page left intentionally blank.] 

  
 8 

 Please indicate your agreement to the terms of this Letter Agreement by signing where
indicated below. 
  

			
	Very truly yours,
	
	FIRST RESERVE SUSTAINABLE GROWTH CORP.
		
	By:	 	/s/ Neil A. Wizel
	Name:	 	Neil A. Wizel
	Title:	 	Chief Executive Officer

  

			
	FIRST RESERVE SUSTAINABLE GROWTH SPONSOR LLC
		
	By:	 	 FRSGC Management Company LLC,
 its sole
member

		
	By:	 	/s/ Neil A. Wizel
	Name:	 	Neil A. Wizel
	 Title:
	 	Sole Member

 [Signature Page to Letter Agreement] 

					
		 	INSIDERS	 	
			
		 	 /s/ Alex T. Kruger
	 	
		 	Alex T. Kruger	 	
			
		 	 /s/ Neil A. Wizel
	 	            
		 	Neil A. Wizel	 	
			
		 	 /s/ Thomas S. Amburgey
	 	
		 	Thomas S. Amburgey	 	
			
		 	 /s/ Gary D. Reaves
	 	
		 	Gary D. Reaves	 	
			
		 	 /s/ E. Perot Bissell
	 	
		 	E. Perot Bissell	 	
			
		 	 /s/ Mary Anne Brelinsky
	 	
		 	Mary Anne Brelinsky	 	
			
		 	 /s/ Amy Francetic
	 	
		 	Amy Francetic	 	
			
		 	 /s/ Adam Grosser
	 	
		 	Adam Grosser	 	
			
		 	 /s/ Marvin Odum
	 	
		 	Marvin Odum	 	

 [Signature Page to Letter Agreement] 

			
	Acknowledged and agreed as of the date of this Letter Agreement:
	
	JUUCE LIMITED
		
	By:	 	/s/ John Jardine
	Name:	 	John Jardine
	Title:	 	Director

  

			
	EO CHARGING
		
	By:	 	/s/ Thomas Birkhold
	Name:	 	Thomas Birkhold
	Title:	 	Director

 [Signature Page to Letter Agreement] 

 EXHIBIT A 
  

													
	 Sponsor
	  	Address	 	  	Total
Shares	 	  	$12.50 Threshold
Shares
(20% of Total
Shares)	 
	 First Reserve Sustainable Growth Sponsor LLC
	  	 

	290 Harbor Dr.
Fifth Floor
Stamford, CT 06902	

 	  	 	5,560,989	 	  	 	1,112,198	 
		  				  	  
	  
	 	  	  
	  
	 
	 Total
	  				  	 	5,560,989	 	  	 	1,112,198	 
		  				  	  
	  
	 	  	  
	  
	 

 Exhibit A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]