Document:

EX-10.5F

 Exhibit 10.5F 

International Option 
 QUANERGY
SYSTEMS, INC. 
 2013 STOCK INCENTIVE PLAN 

NONSTATUTORY STOCK OPTION AGREEMENT 

The Company hereby grants an Option to purchase Shares to the Optionee named below. The terms and conditions of the Option are set forth in
this cover sheet, in the attached Nonstatutory Stock Option Agreement and in the Quanergy Systems, Inc. 2013 Stock Incentive Plan. This cover sheet is incorporated into and a part of the attached Nonstatutory Stock Option Agreement (together, the
“Agreement”). 
 Date of Option Grant: __________________, 20__ 

Name of Optionee:
                                         
                                         
                                         
                       
 Number of Shares
Covered by Option:
                                         
                                         
                                

Exercise Price per Share: US $_____.___ 
 Fair Market Value of a
Share on Date of Option Grant: US $_____.___ 
 Expiration Date: _____________, 20__ [DO NOT EXCEED TEN YEARS FROM GRANT] 

Vesting Calculation Date: _____________, 20__ 
 Vesting
Schedule:  
 Subject to all the terms of the Agreement and your continued Service, your right to purchase Shares under this
Option shall vest as to [______________________________________]. In all cases, the resulting aggregate number of vested Shares will be rounded down to the nearest whole number. No Shares subject to this Option will vest after your Service has
terminated for any reason. 
 By signing this cover sheet, you agree to all of the terms and conditions described in the Agreement and
in the Plan. You are also acknowledging receipt of this Agreement and a copy of the Plan, a copy of which is also enclosed. 
  

					
	Optionee:	 	  
	 	                                
		 	(Signature)	 	
	Company:	 	  
	 	
		 	(Signature)	 	
	Name & Title:	 	  
	 	

 Attachment 

 QUANERGY SYSTEMS, INC. 

2013 STOCK INCENTIVE PLAN 

NONSTATUTORY STOCK OPTION AGREEMENT 
  

					
	1.	  	The Plan and Other Agreements	  	 The text of the Plan is incorporated in this Agreement by reference. Certain capitalized terms used in this Agreement are defined in the
Plan.
  
 This Agreement and the Plan constitute the entire understanding between you
and the Company regarding this Option. Any prior agreements, commitments or negotiations concerning this Option are superseded.

			
	2.	  	Nonstatutory Stock Option	  	 This Option is not intended to be an Incentive Stock Option under section 422 of the Code and will be interpreted accordingly.

 
 This Option is not intended to be deferred compensation under section 409A of the Code
and will be interpreted accordingly.

			
	3.	  	Vesting	  	 This Option is only exercisable before it expires and only with respect to the vested portion of the Option. This Option will vest according
to the Vesting Schedule described in the cover sheet of this Agreement. Vesting will cease upon the termination of your Service for any reason.
  

For purposes of this Option, your Service will be considered terminated (regardless of the reason of termination, whether or not later found to be invalid or
in breach of employment or other laws or rules in the jurisdiction where you are providing service or the terms of your employment or service agreement, if any) effective as of the date that is the earlier of (1) the date on which you receive
written notice of such termination; or (2) the date you no longer actively provide services to the Company or any Affiliate, regardless of any notice period or period of pay in lieu of such notice mandated under applicable laws (including, but
not limited to, statutory law and/or common law). The Company shall have the exclusive jurisdiction to determine when you are no longer actively employed or providing services for purposes of the Plan.

			
	4.	  	Term	  	Your Option will expire in all cases no later than the close of business at Company headquarters on the Expiration Date, as shown on the cover sheet. Your Option may expire earlier if your Service terminates, as described in
Sections 5, 6 and 7 below or on the date on which the Option is cancelled (and not substituted or assumed) pursuant to a Change in Control or merger or acquisition or reorganization or similar transaction involving the
Company.

  
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	5.	  	Termination of Service - General	  	If, while the Option is outstanding, your Service terminates for any reason, other than being terminated by the Company for Cause or due to your death or Disability, then the unvested portion of your Option shall be forfeited
without consideration and shall immediately expire on your Termination Date and the vested portion of your Option will expire at the earlier of (i) the close of business at Company headquarters on the date that is ninety (90) days after
your Termination Date, (ii) the Expiration Date set forth in the attached cover sheet and further described in Section 4 above, or (iii) the date on which the Option is cancelled (and not substituted or assumed) pursuant to a Change
in Control or merger or acquisition or reorganization or similar transaction involving the Company. In no event is the Option exercisable after the Expiration Date.
			
	6.	  	Termination of Service for Cause	  	If your Service is terminated by the Company for Cause or if you commit an act(s) of Cause while this Option is outstanding, as determined by the Committee in its sole discretion, then you shall immediately forfeit all rights to
your Option without consideration, including any vested portion of the Option, and the entire Option shall immediately expire, and any rights, payments and benefits with respect to the Option shall be subject to reduction or recoupment in accordance
with the Clawback Policy and the Plan. For avoidance of doubt, your Service shall also be deemed to have been terminated for Cause by the Company if, after your Service has otherwise terminated, facts and circumstances are discovered that would have
justified a termination for Cause, including, without limitation, your violation of Company policies or breach of confidentiality or other restrictive covenants or conditions that may apply to you prior to or after your Termination Date.
			
	7.	  	Termination of Service due to Death or Disability	  	If your Service terminates because of your death or Disability, then the unvested portion of your Option shall be forfeited without consideration and shall immediately expire on your Termination Date and the vested portion of your
Option will expire at the earlier of (i) the close of business at Company headquarters on the date that is six (6) months after your Termination Date, (ii) the Expiration Date set forth in the attached cover sheet and further
described in Section 4 above, or (iii) the date on which the Option is cancelled (and not substituted or assumed) pursuant to a Change in Control or merger or acquisition or similar transaction involving the Company. In no event is the
Option exercisable after the Expiration Date. If your Service terminated due to your death, then your estate may exercise the vested portion of your Option during the foregoing post-Service exercise
period.

  
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	8.	  	Leaves of Absence	  	 For purposes of this Option, your Service does not terminate when you go on a bona fide leave of absence that was approved by the
Company in writing, if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. Your Service terminates in any event when the approved leave ends unless you immediately return
to active work.
  
 The Company determines which leaves count for this purpose (along
with determining the effect of a leave of absence on vesting of the Option), and when your Service terminates for all purposes under the Plan.

			
	9.	  	Notice of Exercise	  	 When you wish to exercise this Option, you must notify the Company by filing a “Notice of Exercise” in the form attached to this
Agreement, or any required exercise form that is subsequently adopted by the Company. Your notice must specify how many Shares you wish to purchase. The notice will be effective when it is received by the Company.

 
 If someone else wants to exercise this Option after your death, that person must prove
to the Company’s satisfaction that he or she is entitled to do so.

			
	10.	  	Form of Payment	  	 When you submit your notice of exercise, you must include payment of the Exercise Price for the Shares you are purchasing, including any Tax-Related Items, defined below. Payment may be made in one (or a combination) of the following forms:
  

•  Cash, your personal check, a cashier’s check or a money order.

 
 •  To the extent a public market
for the Shares exists as determined by the Company, by Cashless Exercise through delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker to sell Shares and to deliver all or part of the sale proceeds to the
Company in payment of the aggregate Exercise Price.
  

•  Any other forms described in Section 7 of the Plan, subject to the consent of the Company it
its sole discretion at the time of exercise and compliance any applicable legal conditions or restrictions.
  

Unless otherwise determined by the Company, all amounts due are payable in United States dollars calculated by reference to the local currency to United States
dollar exchange rate used by the financial institution engaged by the Company to facilitate the payment.

  
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	11.	  	Withholding Taxes	  	 You acknowledge that, regardless of any action taken by the Company or, if different, your employer (the “Employer”)
the ultimate liability for all income tax, 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 (“Tax-Related Items”), is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer.

 
 You further acknowledge that the Company and/or the Employer make no representations or
undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of your Option, including, but not limited to, the grant, vesting or exercise of the Option, the subsequent sale of
Shares acquired pursuant to such exercise and the receipt of any dividends. Further, if you are subject to Tax-Related Items in more than one jurisdiction between the date of grant of this Option and the date
of any relevant taxable or tax withholding event, as applicable, 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 jurisdiction.
  
 You will not be allowed to exercise this Option
unless you make acceptable arrangements to pay any Tax-Related Items that may be due as a result of the Option exercise or sale of Shares acquired under this Option. In addition, by exercising this Option and
as a condition to any exercise of this Option, you agree that the Company may require you to enter into an arrangement providing for the payment by you to the Company (or your Employer) of any Tax-Related
Items of the Company or your Employer (as applicable).
  
 Subject to compliance with
any applicable legal conditions or restrictions, you further authorize the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all
Tax-Related Items by withholding from payroll and any other amounts payable to you, including any proceeds due to you from the sale of Shares acquired at exercise of the Option either through a voluntary sale
or through a mandatory sale arranged by the Company on your behalf (including by means of a “same day sale” pursuant to a program developed under Regulation T as promulgated by the U.S. Federal Reserve Board) pursuant to this authorization
without further consent. Subject to compliance with any applicable legal conditions or restrictions, the Company may also withhold from fully vested Shares otherwise issuable to you upon the exercise of this Option a number of whole Shares having a
Fair Market Value, determined by the Company as of the date of exercise in accordance with the Plan and applicable law. Any adverse consequences to you arising in connection with such share withholding procedure shall be your sole
responsibility.

  
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	12.	  	Restrictions on Exercise and Resale	  	 By signing this Agreement, you agree not to (i) exercise this Option (an “Exercise Prohibition”), or
(ii) sell, transfer, dispose of, pledge, hypothecate, make any short sale of, or otherwise effect a similar transaction of any Shares acquired under this Option (each a “Sale Prohibition”) at a time when applicable laws,
regulations or Company or underwriter trading policies prohibit the exercise or disposition of Shares. The Company will not permit you to exercise this Option if the issuance of Shares at that time would violate any law or regulation. The Company
shall have the right to designate one or more periods of time, each of which generally will not exceed one hundred eighty (180) days in length (provided however, that such period may be extended in connection with the Company’s release (or
announcement of release) of earnings results or other material news or events), and to impose an Exercise Prohibition and/or Sale Prohibition, if the Company determines (in its sole discretion) that such limitation(s) is needed in connection with a
public offering of Shares or to comply with an underwriter’s request or trading policy, or could in any way facilitate a lessening of any restriction on transfer pursuant to the Securities Act or any state securities laws with respect to any
issuance of securities by the Company, facilitate the registration or qualification of any securities by the Company under the Securities Act or any state securities laws, or facilitate the perfection of any exemption from the registration or
qualification requirements of the Securities Act or any applicable state securities laws for the issuance or transfer of any securities. The Company may issue stop/transfer instructions and/or appropriately legend any stock certificates issued
pursuant to this Option in order to ensure compliance with the foregoing. Any such Exercise Prohibition shall not alter the vesting schedule set forth in this Agreement other than to limit the periods during which this Option shall be
exercisable.
  
 If the sale of Shares under the Plan is not registered under the
Securities Act, but an exemption is available which requires an investment or other representation, you shall represent and agree at the time of exercise that the Shares being acquired upon exercise of this Option are being acquired for investment,
and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel.
  

You may also be required, as a condition of exercise of this Option, to enter into any Stockholders Agreement or other agreements that are applicable to
stockholders.

  
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	13.	  	The Company’s Right of First Refusal	  	In the event that you propose to sell, pledge or otherwise transfer to a third party any Shares acquired under this Agreement, or any interest in such Shares, the Company shall have the “Right of First Refusal” with
respect to all (and not less than all) of such Shares. If you desire to transfer Shares acquired under this Agreement, you must give a written “Transfer Notice” to the Company describing fully the proposed transfer, including the number of
Shares proposed to be transferred, the proposed transfer price and the name and address of the proposed transferee.
			
		  		  	The Transfer Notice shall be signed both by you and by the proposed new transferee and must constitute a binding commitment of both parties to the transfer of the Shares. The Company shall have the right to purchase all, and not
less than all, of the Shares on the terms of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted in the next paragraph) by delivery of a notice of exercise of the Right of First Refusal within
thirty (30) days after the date when the Transfer Notice was received by the Company. The Company’s rights under this subsection shall be freely assignable, in whole or in part.
			
		  		  	If the Company fails to exercise its Right of First Refusal within thirty (30) days after the date when it received the Transfer Notice, you may, not later than ninety (90) days following receipt of the Transfer Notice by
the Company, conclude a transfer of the Shares subject to the Transfer Notice on the terms and conditions described in the Transfer Notice. Any proposed transfer on terms and conditions different from those described in the Transfer Notice, as well
as any subsequent proposed transfer by you, shall again be subject to the Right of First Refusal and shall require compliance with the procedure described in the paragraph above. If the Company exercises its Right of First Refusal, the parties shall
consummate the sale of the Shares on the terms set forth in the Transfer Notice within sixty (60) days after the date when the Company received the Transfer Notice (or within such longer period as may have been specified in the Transfer
Notice); provided, however, that in the event the Transfer Notice provided that payment for the Shares was to be made in a form other than lawful money paid at the time of transfer, the Company shall have the option of paying for the Shares with
lawful money equal to the present value of the consideration described in the Transfer Notice.

  
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		  		  	 The Company’s Right of First Refusal shall inure to the benefit of its successors and assigns and shall be binding upon any transferee
of the Shares.
  
 The Company’s Right of First Refusal shall terminate in the
event that Shares are listed on an established stock exchange or are quoted regularly on the OTC Bulletin Board.

			
	14.	  	Right of Repurchase	  	Following your Termination Date after termination of your Service for any reason, the Company shall have the right to purchase all of those Shares that you have or will acquire under this Option. If the Company exercises its right
to purchase such Shares, the purchase price shall be the Fair Market Value of those Shares on the date of purchase as determined by the Board of Directors and shall be paid in cash. The Company will notify you of its intention to purchase such
Shares, and will consummate the purchase within any time period established by applicable law. The Company’s right of repurchase shall inure to the benefit of its successors and assigns and shall be binding upon any transferee of the Shares.
The Company’s rights under this subsection shall be freely assignable, in whole or in part. The Company’s right of repurchase shall terminate in the event that the Shares are listed on an established stock exchange or are quoted regularly
on the OTC Bulletin Board.
			
	15.	  	Transfer of Option	  	Prior to your death, only you may exercise this Option. You cannot transfer, assign, alienate, pledge, attach, sell, or encumber this Option. If you attempt to do any of these things, this Option will immediately become invalid. You
may, however, dispose of this Option in your will or it may be transferred by the laws of descent and distribution. Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from your spouse,
nor is the Company obligated to recognize your spouse’s interest in your Option in any other way.
			
	16.	  	Retention Rights	  	 Your Option or this Agreement does not give you the right to be retained by the Company (or any Parent or any Subsidiaries or Affiliates) in
any capacity. The Company (or any Parent and any Subsidiaries or Affiliates) reserves the right to terminate your Service at any time and for any reason.
  

This Option and the Shares subject to the Option are not intended to constitute or replace any pension rights or compensation and are not to be considered
compensation of a continuing or recurring nature, or part of your normal or expected compensation, and in no way represent any portion of your salary, compensation or other remuneration for any purpose, including but not limited to, calculating any
severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

  
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	17.	  	Stockholder Rights	  	You, or your estate, shall have no rights as a stockholder of the Company with regard to the Option until you have been issued the applicable Shares by the Company and have satisfied all other conditions specified in
Section 4(f) of the Plan. No adjustment shall be made for cash or stock dividends or other rights for which the record date is prior to the date when such applicable Shares are issued, except as provided in the Plan.
			
	18.	  	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in the Company stock, the number of Shares covered by this Option (rounded down to the nearest whole number) and the Exercise Price per Share may be adjusted
pursuant to the Plan. Your Option shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity.
			
	19.	  	Legends	  	All certificates representing the Shares issued upon exercise of this Option may, where applicable, have endorsed thereon the following legends and any other legend the Company determines appropriate:
			
		  		  	 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT
BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.”

			
		  		  	 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OPTIONS TO
PURCHASE SUCH SHARES SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN
REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

  
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	20.	  	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware without reference to the conflicts of law provisions thereof.
			
	21.	  	Voluntary Participant; Effect on Other Employee Benefits	  	 You acknowledge that you are voluntarily participating in the Plan.

 
 The value of this Option is an extraordinary item of compensation, which is outside the
scope of your employment, service contract or consulting agreement, if any. The value of this Option will not be included as compensation, earnings, salaries, or other similar terms used when calculating any termination, severance, resignation,
redundancy, end of service payments, bonuses, long-service awards, life or accident insurance benefits, pension or retirement benefits.

			
	22.	  	No Rights to Future Awards	  	Your rights, if any, in respect of or in connection with this Option or any other Awards are derived solely from the discretionary decision of the Company to permit you to participate in the Plan and to benefit from a discretionary
future Award. By accepting this Option, you expressly acknowledge that there is no obligation on the part of the Company to continue the Plan and/or grant any additional Awards to you or benefits in lieu of Options or any other Awards even if Awards
have been granted repeatedly in the past. All decisions with respect to future Awards, if any, will be at the sole discretion of the Committee.
			
	23.	  	Future Value	  	 The future value of the underlying Shares is unknown and cannot be predicted with certainty. If the underlying Shares do not increase in
value after the Date of Option Grant, the Option will have little or no value. If you exercise the Option and obtain Shares, the value of the Shares acquired upon exercise may increase or decrease in value, even below the Exercise Price.

 
 Neither the Company, the Employer nor any Affiliate of the Company shall be
liable for any foreign exchange rate fluctuation that may affect the value of the Option or of any amounts due to you pursuant to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise.

			
	24.	  	No Advice Regarding Grant	  	The Company has not provided any tax, legal or financial advice, nor has the Company made any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. You are hereby advised to
consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.

  
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	25.	  	No Right to Damages	  	You will have no right to bring a claim or to receive damages if any portion of the Option is cancelled or expires unexercised. The loss of existing or potential profit in the Option will not constitute an element of damages in the
event of the termination of your Service for any reason, even if the termination is in violation of an obligation of the Company or a Parent or a Subsidiary or an Affiliate to you.
			
	26.	  	Data Privacy	  	You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this document by the Company for the exclusive purpose of implementing,
administering and managing your participation in the Plan. You understand that the Company holds certain personal information about you, including, but not limited to, name, home address and telephone number, date of birth, social security or
insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, cancelled, purchased, exercised, vested,
unvested or outstanding in your favor for the purpose of implementing, managing and administering the Plan (“Data”). You understand that the Data may be transferred to any third parties assisting in the implementation,
administration and management of the Plan, that these recipients may be located in your country or elsewhere and that the recipient country may have different data privacy laws and protections than your country. You may request a list with the names
and addresses of any potential recipients of the Data by contacting the Company. You authorize the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and
managing your participation in the Plan, including any requisite transfer of such Data, as may be required to a broker or other third party with whom you may elect to deposit any Shares acquired under the Plan. You understand that Data will be held
only as long as is necessary to implement, administer and manage participation in the Plan. You understand that you may view your Data, request additional information about the storage and processing of the Data, require any necessary amendments to
the Data or refuse or withdraw the consents herein, in any case without cost, by contacting the Committee in writing. You understand that refusing or withdrawing consent may affect your ability to participate in the
Plan.

  
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	27.	  	Severability	  	If all or any part of this Option 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 Option or the Plan not declared to
be unlawful or invalid. Any Section of this Option (or part of such a Section) so declared to be unlawful or invalid shall, 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.
			
	28.	  	Notices	  	Any notices provided for in this Option or the Plan will be given in writing (including electronically) and will be deemed effectively given when personally delivered, when sent by fax or electronic mail (transmission confirmed),
when actually delivered if sent express overnight courier service or five days after deposit in first class mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company may, in its sole discretion, decide to
deliver any documents related to participation in the Plan and this Option by electronic means or to request your consent to participate in the Plan by electronic means. By accepting this Option, you consent to receive such documents by electronic
delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
			
	29.	  	Language	  	If you have received this Option, or any other document related to the Option and/or the Plan translated into a language other than English, and if the meaning of the translated version is different than the English version, the
English version will control.

 By signing the cover sheet of this Agreement, you agree to all of the terms and conditions described
above and in the Plan. 

  
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 International Option 

QUANERGY SYSTEMS, INC. 

NOTICE OF EXERCISE OF NONSTATUTORY STOCK OPTION BY OPTIONEE 

Quanergy Systems, Inc. 
 433 Lakeside Drive 

Sunnyvale, California 94085 
 Attention: Secretary 

 

	Re:	 Exercise of Nonstatutory Stock Option to Purchase Shares of Company Stock 

 

					
	      	  	  
	  	

             [PRINT NAME OF OPTIONEE] 

Pursuant to the Nonstatutory Stock Option Agreement dated ___________________, ______ between Quanergy Systems, Inc., a Delaware corporation,
(the “Company”) and myself, made pursuant to the 2013 Stock Incentive Plan (the “Plan”), I hereby request to purchase _______ Shares (whole number only) of common stock of the Company (the
“Shares”), at the exercise price of US $__________ per Share. 
 I am hereby making full payment of the aggregate
exercise price by (circle one): 
 Cash/My Personal Check/Wire Transfer/Cashier’s Check/Money Order (payable to “Quanergy Systems,
Inc.”). 
 I further understand and agree that I will timely satisfy any and all applicable obligations for Tax-Related Items as a condition of this Option exercise. 
 I acknowledge that I have received,
understand and continue to be bound by all of the terms and conditions set forth in the Plan and in the Nonstatutory Stock Option Agreement. 
 Dated:
__________________ 
  

					
	  
	 		  	  

	(Optionee’s Signature)	 		  	(Spouse’s Signature)**
			
		 	    	  	**Spouse must sign this Notice of Exercise if listed above.
	  
	 		  	  

	(Name)	 		  	(Name)
	  
	 		  	  

	(Full Address)	 		  	(Full Address)

 *THIS NOTICE OF EXERCISE MAY BE REVISED BY THE COMPANY AT ANY TIME WITHOUT NOTICE.EX-10.6

 Exhibit 10.6 

QUANERGY SYSTEMS, INC. 

AMENDED AND RESTATED RETENTION PLAN 

APPROVED BY THE BOARD OF DIRECTORS
ON NOVEMBER 5, 2019 
 AMENDED AND RESTATED
BY THE BOARD OF DIRECTORS ON APRIL 19, 2021 

This Retention Plan (the “Plan”) is established effective October 1, 2019 by Quanergy Systems, Inc., a
Delaware corporation (the “Company”). 
 1. Purpose. The Company considers it essential to the
operations of the Company and in the best interests of its stockholders to induce certain employees to continue their service with the Company through the completion of a potential Covered Transaction (as defined below). Therefore, the Board of
Directors of the Company (the “Board”) has adopted the Plan to reinforce and encourage the continued attention and dedication of the employees and other service providers of the Company who are, from time to time, designated
by the Board, or an authorized committee of the Board, as participants under this Plan (each, a “Participant” collectively, the “Participants”), to their
assigned duties without distraction in the face of potentially disruptive circumstances arising from the possibility of a Covered Transaction. The Plan is meant to supplement and work in conjunction with, and not to replace, the Company’s other
incentive programs, such as its equity awards, severance arrangements and other benefits plans, in order to achieve the foregoing purposes. 

2. Definitions 
 (a)
“Acquisition” means (A) a merger or consolidation in which (I) the Company is a constituent party or (II) a subsidiary of the Company is a constituent party and the Company issues shares of its capital
stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation continue
to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation
or (2) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation (provided that, all shares of
Common Stock issuable upon exercise of options outstanding immediately prior to such merger or consolidation or upon conversion of any convertible Securities outstanding immediately prior to such merger or consolidation shall be deemed to be
outstanding immediately prior to such merger or consolidation and, if applicable, converted or exchanged in such merger or consolidation on the same terms as the actual outstanding shares of Common Stock are converted or exchanged); (B) the sale,
lease, transfer, exclusive license, or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as
a whole, or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries,
except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company; or (C) a transaction or series of related transactions in which a person or entity, or a group of related persons or
entities, acquires from stockholders of the Company shares representing more than seventy five (75%) of the outstanding voting securities of the Company; provided that, in each case such transaction meets the requirements of the definitions of
“change in ownership of a corporation” and “change in ownership of a substantial portion of a corporation’s assets” provided in Treasury Regulation Sections 1.409A-3(i)(5)(v) and
(vii). 

 (b) “Administrator” has the meaning provided in Section 3(a) below.

 (c) “Board” means the Board of Directors of the Company. 

(d) “Cause” means, with respect to a particular Participant: (i) such Participant’s commission of any felony or
any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (iii)
such Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s unauthorized use or disclosure of the
Company’s confidential information or trade secrets; (v) such Participant’s gross misconduct; or (vi) such Participant’s failure to adequately perform his or her work function, as reasonably determined by the Company from time to time
and consistent with the participant’s offer letter or employment agreement. The determination that a termination of the Participant’s employment or service is either for Cause or without Cause shall be made by the Company in its sole
discretion. 
 (e) “Covered Transaction” means either (i) an “Acquisition”, (ii) an
“IPO”, or (iii) a “SPAC Transaction”; provided, that to the extent required to comply with Section 409A of the Code, an event will not be considered a Covered Transaction unless it also qualifies as a
“change in control event” under Section 409A of the Code. 
 (f) “Closing” means (a) with respect to an
Acquisition, the date such Acquisition is consummated, (b) with respect to an IPO, the closing date of such IPO, and (c) with respect to a SPAC Transaction, the date the merger or similar transaction closes. 

(g) “Code” means the Internal Revenue Code of 1986, as amended. 

(h) “Common Stock” means the Company’s Common Stock, $0.0001 par value. 

(i) “Fair Market Value” means the value determined, in good faith, by the Board (or the Administrator, as applicable)
as of the applicable date in its sole discretion in accordance with Section 409A to the extent applicable, and such determination will be final and binding. 

(j) “IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act.

 (k) “Securityholders” means the stockholders, optionholders, convertible note holders and warrant holders of the
Company. 
 (l) “SPAC Transaction” means a merger (or similar transaction) with a special purpose acquisition
company, the result of which that any class of common stock of the Company or the parent or successor entity of the Company is listed on the New York Stock Exchange, the Nasdaq Stock Market or other securities exchange. 

3. Administration 
 (a)
Administrator. Prior to the Closing, the Board or any committee of the Board or officer(s) of the Company that has been delegated such authority will administer the Plan (the “Administrator”). From and after the
Closing, the Administrator will be a person designated by the Board (such as the Securityholder representative in connection with the Covered Transaction) prior to or in connection with a Covered Transaction, provided that any such person acting as
Administrator may not 

  
 2 

 
increase the Retention Bonus for such person, or otherwise benefit such person to the detriment of other Participants. If the Board does not affirmatively designate an Administrator prior to the
Closing, the Administrator will be the Board of Directors of the acquiring or surviving corporation in a Covered Transaction. 
 (b)
Administrative Authority. The Administrator will have the sole discretionary power to interpret the provisions of this Plan and make all decisions and exercise all rights of the Company with respect to the Plan. The Administrator will have
final authority to determine, in its sole discretion, the amount of any Retention Bonus hereunder, and any benefits to be paid or allocated to Participants hereunder, and all actions taken by the Administrator in good faith in interpreting the terms
of the Plan and administering the Plan will be final and binding on all Participants. 
 4. Eligibility 

(a) Designation of Participants. Prior to the Closing, the Board may from time to time select certain employees of the Company to be
Participants in the Plan (or the Board may approve proposed Participants recommended by the Company’s management) and award the right to receive a bonus under the Plan to such Participants. In addition, the Board may delegate to the
Administrator the ability to select employees of the Company to be Participants under the Plan and award the right to receive a bonus under the Plan to such Participants, subject to any limitations that the Board may impose on such authority. Each
Participant will receive a Participation Notice in the form attached as Attachment I (as may be revised by the Board from time to time), which will contain the Participant’s proposed bonus (the “Retention Bonus”)
as well as such other terms as the Board deems necessary or advisable in the administration of the Plan. Once awarded, except as otherwise provided herein, the Retention Bonus may not be reduced except by the written agreement of the parties, as
approved by the Board and as evidenced by the execution of an amended Participation Notice signed by a duly authorized officer of the Company and the affected Participant. 

(b) Continuous Service Requirement; Release; Other Conditions. To be eligible to receive the Retention Bonus under this Plan, a
Participant must (i) sign the Participation Notice governing such Participant within 30 days after being provided such Participation Notice; (ii) except as provided in Section 5(b), be an active employee of or service provider to the Company on the
date of Closing; (iii) execute and allow to become effective a general release of claims in substantially the form of attached as Exhibit A (as may be revised to comply with applicable law or upon request by the acquiror in the Covered
Transaction) within 30 days following the Closing; and (iv) otherwise fully comply with the terms and conditions of this Plan.  

5. Determination of Retention Bonus and Timing of Payment 

(a) Payment following Closing. A Participant’s Retention Bonus will be paid to the Participant in two equal installments, within
ten (10) days of the first and second anniversaries of the Closing; provided that the Participant remains an active employee of or service provider to the Company on such anniversary dates. 

(b) Effect of Termination. Notwithstanding Section 5(a), if a Participant is terminated by the Company without Cause (other than as a
result of his or her death or disability) upon the Closing or within two years following the Closing, then he or she will be entitled to receive the entire unpaid Retention Bonus to the extent not already paid pursuant to Section 5(a), and such
Retention Bonus will be paid in a lump sum by the thirtieth (30th) day following the later of your date of termination and the effective date of the Release; provided that if the return
deadline and post-execution revocation period specified in the Release crosses tax years, the Retention Bonus will in any event be paid on the first business day of the later tax year after effectiveness of the Release. 

  
 3 

 (c) Form of Payment. The Retention Bonus will be paid solely in cash. 

6. Section 280G. Any provision of the Plan to the contrary notwithstanding, if any payment or benefit a Participant would receive from
the Company pursuant to the Plan or otherwise (a “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 such Payment will be equal to the Reduced Amount (defined below). The “Reduced Amount” will be either (x) the largest portion of the Payment that would
result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, 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 Participant’s 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 payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction will occur in the manner that results in the greatest economic
benefit for a Participant. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata. In no event will the Company or any stockholder be liable to any Participant for any amounts not
paid as a result of the operation of this Section 6. The Company will use commercially reasonable efforts to cause the accounting or law firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting
documentation, to Participant and the Company within fifteen (15) calendar days after the date on which the Participant’s right to a Payment is triggered (if requested at that time by the Participant or the Company) or such other time as
requested by the Participant or the Company. For purposes of clarity, this Section 6 does not preclude the Company and a Participant from submitting any Payment for approval by the Company’s stockholders in the manner provided in Treasury
Regulations Section 1.280G-1, Q/A 7 in order to exempt such Payment from classification as a parachute payment within the meaning of Section 280G of the Code. 

7. Section 409A. The provisions regarding all payments to be made under the Plan will be interpreted in such a manner that all such
payments either comply with Section 409A of the Code or are exempt from the requirements of Section 409A of the Code as “short-term deferrals” as described in Section 409A of the Code. The Administrator may impose additional rules and
requirements from time to time in order to comply with Section 409A of the Code, which will not require the consent of any Participant. The Company makes no representation or warranty and will have no liability to any Participant or any other person
if any payments under any provisions of this Plan are determined to constitute deferred compensation under Section 409A of the Code (or any similar state tax law) that are subject to certain additional federal, State or other taxes. Each
Participant is encouraged to contact his or her personal legal or tax advisors with respect to the benefits provided by the Plan.  

8. Miscellaneous. 
 (a)
Amendment of the Plan. The Board of Directors may amend the Plan subject to the restrictions contained in this Section 8(a). Any amendment following the Closing, other than pursuant to Section 7 related to Section 409A compliance, which is
adverse to the Participants will also require the written consent of the a majority of the Participants. In addition, if any such amendment following the Closing materially and adversely affects the then-existing rights of any particular Participant
in a manner which does not similarly impact the other Participants, such amendment will also require the separate written consent of such adversely affected Participant.  

(b) Termination of the Plan. This Plan, and any rights granted hereunder, will terminate and no amounts will be earned and payable
hereunder as of and effective on the earliest to occur of: (i) any liquidation, dissolution or winding up of the Company and (ii) at such time as all earned payments due under the Plan have been paid. Following a termination of this Plan, the
Company will have no further obligations under this Plan, including the obligation to make the payment of any Retention Bonus, except with respect to a Covered Transaction for which a definitive agreement was entered into prior to termination of the
Plan. 

  
 4 

 (c) No Guarantee of Employment or Continued Service. The Plan is intended to provide
a financial incentive to Participants and is not intended to confer any rights to continued employment or engagement as a service provider with the Company. The employment or engagement of a Participant by the Company will remain at-will and subject to termination by either the Company or Participant at any time, with or without cause or notice. 

(d) No Equity Interest; Status as Creditor. Neither the Plan nor the grant of the right to receive a Retention Bonus hereunder creates
or conveys any equity or ownership interest in the Company or any rights commonly associated with any such interest, including, but not limited to, the right to vote on any matters put before the Company’s stockholders. The right to receive a
Retention Bonus does not constitute a “security” of the Company. A Participant’s sole right under the Plan will be as a general unsecured creditor of the Company and the acquiring or surviving corporation. 

(e) Assignment or Transfer; Assumption by Acquiror. A Participant’s rights in an interest under the Plan may not be assigned or
transferred except by will or under the laws of descent and distribution. Any purported assignment or transfer by any such Participant will be void. The Company may assign the Plan and the obligations to pay Retention Bonuses hereunder to the
acquiring or surviving corporation in the Covered Transaction, and if so assigned then the Company’s obligations to pay the Retention Bonuses to Participants under the Plan will be deemed to have been appropriately satisfied. 

(f) Unfunded Plan. The Plan will be unfunded and will not create (or be construed to create) a trust or separate fund. Likewise, the
Plan will not establish any fiduciary relationship between the Company or any of its subsidiaries or affiliates and any Participant. Neither the Plan nor the award of rights to receive a Retention Bonus hereunder creates or conveys any equity or
ownership interest in the Company or any rights commonly associated with any such interest, including, but not limited to, the right to vote on any matters put before the Company’s stockholders. To the extent that any Participant holds any
rights by virtue of an award under the Plan, such right will be as a general unsecured creditor of the Company and the acquiring or surviving corporation. 

(g) Governing Law. The Plan will be construed in accordance with and governed by the laws of the State of Delaware, without regard to
principles of conflict of laws of such state. 
 (h) Tax Withholding. The Company will have the right to deduct from all payments
hereunder any taxes required by law to be withheld with respect to such payments. Without limiting the forgoing, the Company or an acquiror may, in its sole discretion, satisfy the tax withholding obligations by withholding from any securities
otherwise issuable to a Participant pursuant to the Plan a number of whole shares having a Fair Market Value, as of the date of payment, not in excess of the minimum amount of tax required to be withheld by law, and require the Participant to
satisfy any remaining amount of the tax withholding obligations by tendering a cash payment. 
 (i) Severability. If any provision of
the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision of the Plan, and the Plan will be construed and enforced as if such provision had not been included. 

  
 5 

 (j) Waiver. No waiver of any provision hereof will be effective unless made in
writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Plan, or the waiver by any party of any breach of this Plan, will not prevent any subsequent enforcement of such term or
obligation or be deemed a waiver of any subsequent breach. 
 (k) Confidentiality. A Participant must keep this Plan and his or her
eligibility and rights hereunder (including his or her Participation Notice) confidential except (i) to the extent reasonably required in connection with the performance of his or her responsibilities for the Company and/or the acquiring
or surviving corporation in the Covered Transaction and (ii) to his or her family and tax or legal advisors, provided they agree to keep this Plan and the Participant’s eligibility and rights hereunder confidential. 

  
 6 

 EXHIBIT A 

FORM OF RELEASE AGREEMENT 

Quanergy Systems, Inc. Company (the “Company”) has agreed that if I choose to sign this release (the
“Release”), the Company will extend to me certain incentive benefits (less standard withholdings and deductions) pursuant to the terms of the Retention Plan (the “Plan”), a copy of which has been
provided to me with this Release. 
 In consideration for the incentive benefits I would receive under the Plan, I hereby release the
Company and its officers, directors, employees, stockholders, parents, subsidiaries, affiliates, successors, assigns, agents and attorneys (collectively, the “Released Parties”) from any and all claims, liabilities and
obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to or on the date I sign this Release (collectively, the “Released Claims”). The Released
Claims include, but are not limited to: (i) all claims arising out of or in any way related to my employment with the Company; (ii) all claims related to compensation or benefits from the Company, including salary, bonuses, commissions,
vacation, paid time off, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership, equity, or profits interests in the Company; (iii) all claims for breach of contract, wrongful termination, and
breach of the implied covenant of good faith and fair dealing; (iv) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all federal, state, and local statutory
claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990,
[INSERT IF THE PARTICIPANT IS 40 YEARS OR OLDER: the federal Age
Discrimination in Employment Act of 1967 (as amended) (“ADEA”)], the California Labor Code (as amended), and the California Fair Employment and Housing Act (as amended). 

Notwithstanding the foregoing, I understand the following are not included in the Released Claims (the “Excluded
Claims”): (i) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party, the Company’s charter documents, any applicable directors’ and
officers’ insurance policy or under applicable law; (ii) any rights which cannot be waived as a matter of law; (iii) any claims for payment that I am entitled to receive pursuant to the terms of the definitive agreement entered into
in connection with the Covered Transaction, and (iv) any rights to vested benefits or compensation, including, without limitation, salary for the current pay period and reimbursable business expenses of the Company in which I participate, each
of which will be paid in accordance with the existing payroll policies and procedures of the Company. In addition, I understand that nothing in this Release limits my ability to file a charge or complaint with the Equal Employment Opportunity
Commission, the Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission
(“Government Agencies”). I further understand that this Release does not limit my ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any
Government Agency, including providing documents or other information, without notice to the Company and/or the Employer. While this Release does not limit my right to receive an award for information provided to the Securities and Exchange
Commission, I understand and agree that, to maximum extent permitted by law, I am otherwise waiving any and all rights I may have to individual relief based on any claims that I have released and any rights I have waived by signing this Release. I
represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released Claims. 

 [INSERT IF THE PARTICIPANT
IS 40 YEARS OR OLDER: I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA. I also
acknowledge that the consideration given for the Released Claims is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) the
Released Claims do not apply to any rights or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not to do so); (c) I have
[USE THIS IN THE CASE OF INDIVIDUAL TERMINATION: twenty-one
(21)] [USE THIS IN THE CASE OF GROUP TERMINATION: forty-five (45)] days to consider this Release
(although I may choose to voluntarily to sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the Release by providing written notice to an officer of the Company; and (e) the Release will not be
effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after I sign this Release (“Effective Date”).] 

I UNDERSTAND THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. I further acknowledge that I have read and understand
Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known
by him or her must have materially affected his or her settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my
release of any claims hereunder, including but not limited to my release of unknown claims. 
 AGREED TO AND
ACCEPTED: 
  

					
	Participant Signature:	 	  
	 	
	Printed Name:	 	  
	 	
	Date:	 	  
	 	

  
 2 

 ATTACHMENT I 

PARTICIPATION NOTICE 

[DATE] 
 Dear [PARTICIPANT]: 

The Board of Directors of Quanergy Systems, Inc., a Delaware corporation (the “Company”), has adopted the Quanergy
Systems, Inc. Retention Plan (the “Plan”) to encourage key employees and other service providers to continue their service with the Company and to exert their best efforts for the benefit of the Company. The Company is
pleased to invite you to participate in the Plan and to offer you an award in accordance with the terms of this letter and the Plan as of the date first set forth above. The terms of the Plan are detailed in the copy of the Plan (excluding any
schedules and exhibits thereto) that has been provided to you, and those terms are incorporated in and made a part this letter. 
 As
described in more detail in the Plan, the Plan entitles you to a portion of a Bonus Pool to be created upon the Closing of a Covered Transaction. You have been awarded a Maximum Potential Retention Bonus equal to $________, which will be used to
calculate your actual bonus in connection with an actual transaction—this is referred to in the Plan as your “Retention Bonus.” 

In order to be eligible to receive the Retention Bonus under the Plan, you must (a) sign and return this letter within 30 days;
(b) be employed by or otherwise providing services to the Company on the date of the Closing of the Covered Transaction and, except as provided in Section 5(b) of the Plan, employed by or otherwise providing services to the Company on the
first and second anniversaries of the Closing of the Covered Transaction; (c) execute and allow to become effective a general release of claims in the form provided by the Company upon the Closing of a Covered Transaction; and
(d) otherwise fully comply with the terms and conditions of the Plan. 
 This letter and the Plan constitute the entire agreement
between you and the Company with respect to the subject matter hereof and supersede in all respects any and all prior agreements (oral or written) between you and the Company concerning such subject matter. In the event of a conflict between the
terms of this letter and the terms of the Plan, the terms of the Plan will govern your Retention Bonus. 
 By signing below, you acknowledge
(i) your participation in the Plan, (ii) that you have received and read a copy of the Plan, which is confidential, and (iii) that you agree that any Retention Bonus is subject to all of the terms and conditions of the Plan and this
letter. 
 Congratulations on being selected to participate in the Plan. 

 

			
	QUANERGY SYSTEMS, INC. 
		
	By:	 	  

		 	Kevin Kennedy, Chief Executive Officer

  

	
	AGREED TO AND ACCEPTED
	
	  

	[Participant Name]

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