Document:

Exhibit 10.2

 

 

OPAL FUELS, INC.

2022 OMNIBUS EQUITY INCENTIVE PLAN

 

Section 1. Purpose
of Plan.

 

The name of the Plan is the OPAL Fuels, Inc. 2022
Omnibus Equity Incentive Plan (the “Plan”). The purposes of the Plan are to (i) provide an additional incentive
to selected employees, directors, and independent contractors of the Company or its Affiliates whose contributions are essential to the
growth and success of the Company, (ii) strengthen the commitment of such individuals to the Company and its Affiliates, (iii) motivate
those individuals to faithfully and diligently perform their responsibilities and (iv) attract and retain competent and dedicated
individuals whose efforts will result in the long-term growth and profitability of the Company. To accomplish these purposes, the Plan
provides that the Company may grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards
or any combination of the foregoing.

 

Section 2. Definitions.

 

For purposes of the Plan, the following terms shall
be defined as set forth below:

 

(a) “Administrator”
means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in accordance with Section 3 hereof.

 

(b) “Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, the Person specified as of any date of determination.

 

(c) “Applicable
Laws” means the applicable requirements under U.S. federal and state corporate laws, U.S. federal and state securities laws,
including the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any
other country or jurisdiction where Awards are granted under the Plan, as are in effect from time to time.

 

(d) “Award”
means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or Other Stock-Based Award granted under the Plan.

 

(e) “Award
Agreement” means any written notice, agreement, contract or other instrument or document evidencing an Award, including through
electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent
with the Plan.

 

(f)  “Beneficial
Owner” (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.

 

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

 

(h) “Bylaws”
mean the bylaws of the Company, as may be amended and/or restated from time to time.

 

(i) Cause”
has the meaning assigned to such term in any individual service, employment or severance agreement or Award Agreement with the Participant
or, if no such agreement exists or if such agreement does not define “Cause,” then “Cause” means (i) the
conviction, guilty plea or plea of “no contest” by the Participant to any felony or a crime involving moral turpitude or the
Participant’s commission of any other act or omission involving dishonesty or fraud, (ii) the substantial and repeated failure
of the Participant to perform duties of the office held by the Participant, (iii) the Participant’s gross negligence, willful
misconduct or breach of fiduciary duty with respect to the Company or any of its Subsidiaries or Affiliates, (iv) any breach by the
Participant of any restrictive covenants to which the Participant is subject, and/or (v) the Participant’s engagement in any
conduct which is or can reasonably be expected to be materially detrimental or injurious to the business or reputation of the Company
or its Affiliates. Any voluntary termination of employment or service by the Participant in anticipation of an involuntary termination
of the Participant’s employment or service, as applicable, for Cause shall be deemed to be a termination for Cause.

 

     

     

    

 

(j)  “Change
in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase
or other reorganization or corporate transaction or event, (ii) special or extraordinary dividend or other extraordinary distribution
(whether in the form of cash, Common Stock or other property), stock split, reverse stock split, share subdivision or consolidation, (iii) combination
or exchange of shares or (iv) other change in corporate structure, which, in any such case, the Administrator determines, in its
sole discretion, affects the Shares such that an adjustment pursuant to Section 5 hereof is appropriate.

 

(k) “Change
in Control” means the first occurrence of an event set forth in any one of the following paragraphs following the Effective
Date:

 

(1) any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially
Owned by such Person which were acquired directly from the Company or any Affiliate thereof) representing greater than fifty percent (50%)
of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner
in connection with a transaction described in clause (i) of paragraph (3) below; or

 

(2) the
date on which the individuals who constitute the Board as of the Effective Date and any new director (other than a director whose initial
assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation,
relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s
stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were
directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended cease
for any reason to constitute a majority of the number of directors serving on the Board; or

 

(3) there
is consummated a merger or consolidation of the Company or any direct or indirect Subsidiary with any other corporation or other entity,
other than (i) a merger or consolidation (A) which results in the voting securities of the Company outstanding immediately prior
to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any Subsidiary, fifty percent (50%) or more of the combined voting power of the securities
of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation and (B) following
which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the
Company, the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger or consolidation is
then a Subsidiary, the ultimate parent thereof, or (ii) a merger or consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company
(not including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates)
representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities; or

 

(4) the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement
for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than (A) a sale or disposition
by the Company of all or substantially all of the Company’s assets to an entity, more than fifty percent (50%) of the combined voting
power of the voting securities of which are owned by stockholders of the Company following the completion of such transaction in substantially
the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of all or substantially
all of the Company’s assets immediately following which the individuals who comprise the Board immediately prior thereto constitute
at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary,
the ultimate parent thereof.

 

    2

     

    

 

Notwithstanding the foregoing, (i) a Change in Control shall not
be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following
which the holders of Common Stock immediately prior to such transaction or series of transactions continue to have substantially the same
proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction
or series of transactions and (ii) to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of
the Code, a Change in Control shall be deemed to have occurred under the Plan with respect to any Award that constitutes deferred compensation
under Section 409A of the Code only if a change in the ownership or effective control of the Company or a change in ownership of a substantial
portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code. For purposes of this definition
of Change in Control, the term “Person” shall not include (i) the Company or any Subsidiary thereof, (ii) a trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary thereof, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by
the stockholders of the Company in substantially the same proportions as their ownership of shares of the Company.

 

(l) “Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

 

(m) “Committee”
means any committee or subcommittee the Board (including, but not limited to the Compensation Committee) may appoint to administer the
Plan. Subject to the discretion of the Board, the Committee shall be composed entirely of individuals who meet the qualifications of a
“non-employee director” within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by the
applicable stock exchange on which the Common Stock is traded.

 

(n) “Common
Stock” means the Class A Common Stock of the Company, par value $0.0001.

 

(o) “Company”
means OPAL Fuels, Inc., a Delaware corporation (or any successor company, except as the term “Company” is used in the definition
of “Change in Control” above).

 

(p) “Disability”
has the meaning assigned to such term in any individual service, employment or severance agreement or Award Agreement with the Participant
or, if no such agreement exists or if such agreement does not define “Disability,” then “Disability” means that
a Participant, as determined by the Administrator in its sole discretion, (i) is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months,
receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees
of the Company or an Affiliate thereof.

 

(q) “Effective
Date” has the meaning set forth in Section 17 hereof.

 

(r) “Eligible
Recipient” means an employee, director or independent contractor of the Company or any Affiliate of the Company who has been
selected as an eligible participant by the Administrator; provided, however, to the extent required to avoid accelerated
taxation and/or tax penalties under Section 409A of the Code, an Eligible Recipient of an Option or a Stock Appreciation Right means an
employee, non-employee director or independent contractor of the Company or any Affiliate of the Company with respect to whom the Company
is an “eligible issuer of service recipient stock” within the meaning of Section 409A of the Code.

 

(s) “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

(t) “Exempt
Award” shall mean the following:

 

(1) An
Award granted in assumption of, or in substitution for, outstanding awards previously granted by a corporation or other entity acquired
by the Company or any of its Subsidiaries or with which the Company or any of its Subsidiaries combines by merger or otherwise. The terms
and conditions of any such Awards may vary from the terms and conditions set forth in the Plan to the extent the Administrator at the
time of grant may deem appropriate, subject to Applicable Laws.

 

(2) An
award that an Eligible Recipient purchases at Fair Market Value (including awards that an Eligible Recipient elects to receive in lieu
of fully vested compensation that is otherwise due) whether or not the Shares are delivered immediately or on a deferred basis.

 

(u) “Exercise
Price” means, (i) with respect to any Option, the per share price at which a holder of such Option may purchase Shares
issuable upon exercise of such Award, and (ii) with respect to a Stock Appreciation Right, the base price per share of such Stock
Appreciation Right.

 

    3

     

    

 

(v) “Fair
Market Value” of a share of Common Stock or another security as of a particular date shall mean the fair market value as determined
by the Administrator in its sole discretion; provided, that, (i) if the Common Stock or other security is admitted to trading on
a national securities exchange, the fair market value on any date shall be the closing sale price reported on such date, or if no shares
were traded on such date, on the last preceding date for which there was a sale of a share of Common Stock on such exchange, or (ii) if
the Common Stock or other security is then traded in an over-the-counter market, the fair market value on any date shall be the average
of the closing prices for such share in such over-the-counter market for the last preceding date on which there was a sale of such share
in such market.

 

(w) “Free
Standing Rights” has the meaning set forth in Section 8.

 

(x) “Good
Reason” has the meaning assigned to such term in any individual service, employment or severance agreement or Award Agreement
with the Participant or, if no such agreement exists or if such agreement does not define “Good Reason,” “Good Reason”
and any provision of this Plan that refers to “Good Reason” shall not be applicable to such Participant.

 

(y) “Incentive
Compensation” means annual cash bonus and any Award.

 

(z) “ISO”
means an Option intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the Code.

 

(aa)  “Nonqualified
Stock Option” shall mean an Option that is not designated as an ISO.

 

(bb) “Option”
means an option to purchase shares of Common Stock granted pursuant to Section 7 hereof. The term “Option” as used in the
Plan includes the terms “Nonqualified Stock Option” and “ISO.”

 

(cc)  “Other
Stock-Based Award” means a right or other interest granted pursuant to Section 10 hereof that may be denominated or payable
in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock, including, but not limited to, unrestricted
Shares, dividend equivalents or performance units, each of which may be subject to the attainment of performance goals or a period of
continued provision of service or employment or other terms or conditions as permitted under the Plan.

 

(dd) “Participant”
means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority provided for in Section 3
below, to receive grants of Awards, and, upon his or her death, his or her successors, heirs, executors and administrators, as the case
may be.

 

(ee)  “Person”
shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof.

 

(ff) “Plan”
means this 2022 Omnibus Equity Incentive Plan.

 

(gg) “Related
Rights” has the meaning set forth in Section 8.

 

(hh) “Restricted
Period” has the meaning set forth in Section 9.

 

(ii) “Restricted
Stock” means a Share granted pursuant to Section 9 below subject to certain restrictions that lapse at the end of a specified
period (or periods) of time and/or upon attainment of specified performance objectives.

 

(jj) “Restricted
Stock Unit” means the right granted pursuant to Section 9 hereof to receive a Share at the end of a specified restricted period
(or periods) of time and/or upon attainment of specified performance objectives.

 

(kk) “Rule
16b-3” has the meaning set forth in Section 3.

 

(ll) “Section
16 Officer” means any officer of the Company whom the Board has determined is subject to the reporting requirements of Section
16 of the Exchange Act, whether or not such individual is a Section 16 Officer at the time the determination to recoup compensation is
made.

 

(mm)  “Shares”
means Common Stock reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a merger, consolidation
or other reorganization) security.

 

    4

     

    

 

(nn) “Stock
Appreciation Right” means a right granted pursuant to Section 8 hereof to receive an amount equal to the excess, if any, of
(i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares covered by such Award
or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.

 

(oo) “Subsidiary”
means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise controls,
directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member
or similar interest of such other Person.

 

(pp) “Transfer”
has the meaning set forth in Section 15.

 

Section 3. Administration.

 

(a) The
Plan shall be administered by the Administrator and shall be administered, to the extent applicable, in accordance with Rule 16b-3 under
the Exchange Act (“Rule 16b-3”).

 

(b) Pursuant
to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to
it by the Board, shall have the power and authority, without limitation:

 

(1) to
select those Eligible Recipients who shall be Participants;

 

(2) to
determine whether and to what extent Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards
or a combination of any of the foregoing, are to be granted hereunder to Participants;

 

(3) to
determine the number of Shares to be covered by each Award granted hereunder;

 

(4) to
determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder (including, but not limited
to, (i) the restrictions applicable to Restricted Stock or Restricted Stock Units and the conditions under which restrictions applicable
to such Restricted Stock or Restricted Stock Units shall lapse, (ii) the performance goals and periods applicable to Awards, (iii) the
Exercise Price of each Option and each Stock Appreciation Right or the purchase price of any other Award, (iv) the vesting schedule
and terms applicable to each Award, (v) the number of Shares or amount of cash or other property subject to each Award and (vi) subject
to the requirements of Section 409A of the Code (to the extent applicable) any amendments to the terms and conditions of outstanding Awards,
including, but not limited to, extending the exercise period of such Awards and accelerating the payment schedules of such Awards and/or,
to the extent specifically permitted under the Plan, accelerating the vesting schedules of such Awards);

 

(5) to
determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing
Awards;

 

(6) to
determine the Fair Market Value in accordance with the terms of the Plan;

 

(7) to
determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of the
Participant’s service or employment for purposes of Awards granted under the Plan;

 

(8) to
adopt, alter and repeal such administrative rules, regulations, guidelines and practices governing the Plan as it shall from time to time
deem advisable;

 

(9) to
construe and interpret the terms and provisions of, and supply or correct omissions in, the Plan and any Award issued under the Plan (and
any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities
either specifically granted under the Plan or necessary and advisable in the administration of the Plan; and

 

(10) to
prescribe, amend and rescind rules and regulations relating to sub-plans established for the purpose of satisfying applicable non-United
States laws or for qualifying for favorable tax treatment under applicable non-United States laws, which rules and regulations may be
set forth in an appendix or appendixes to the Plan.

 

    5

     

    

 

(c) Subject
to Section 5, neither the Board nor the Committee shall have the authority to reprice or cancel and regrant any Award at a lower exercise,
base or purchase price or cancel any Award with an exercise, base or purchase price in exchange for cash, property or other Awards without
first obtaining the approval of the Company’s stockholders.

 

(d) All
decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all Persons, including
the Company and the Participants.

 

(e) The
expenses of administering the Plan (which for avoidance of doubt does not include the costs of any Participant) shall be borne by the
Company and its Affiliates.

 

(f) If
at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall
be exercised by the Committee. Except as otherwise provided in the Articles of Incorporation or Bylaws of the Company, any action of the
Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly constituted
or unanimous written consent of the Committee’s members.

 

Section 4. Shares
Reserved for Issuance Under the Plan.

 

(a) Subject
to Section 5 hereof, the number of shares of Common Stock that are reserved and available for issuance pursuant to Awards granted under
the Plan shall be equal to the sum of (i) 19,811,726 shares, plus (ii) an annual increase on the first day of each calendar
year beginning with the first January 1 following the Effective Date and ending with the last January 1 during the initial ten-year term
of the Plan, equal to the lesser of (A) five percent (5%) of the shares of the Company’s Class A Common Stock, Class B
Common Stock, Class C Common Stock and Class D Common Stock (collectively, the “Company Common Stock”) outstanding
(on an as-converted basis, which shall include shares of Company Common Stock issuable upon the exercise or conversion of all outstanding
securities or rights convertible into or exercisable for shares of Company Common Stock, including without limitation, preferred stock,
warrants and employee options to purchase any shares of Company Common Stock) on the final day of the immediately preceding calendar year
and (B) such lesser number of Shares as determined by the Board; provided, that, shares of Common Stock issued
under the Plan with respect to an Exempt Award shall not count against such share limit.

 

(b) Shares
issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired
by the Company in the open market, in private transactions or otherwise. If an Award entitles the Participant to receive or purchase Shares,
the number of Shares covered by such Award or to which such Award relates shall be counted on the date of grant of such Award against
the aggregate number of Shares available for granting Awards under the Plan. If any Shares subject to an Award are forfeited, cancelled,
exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of Shares to the Participant, the Shares
with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration,
again be available for granting Awards under the Plan. Notwithstanding the foregoing, (i) any Shares reacquired by the Company on
the open market or otherwise using cash proceeds from the exercise of Options; and (ii) Shares surrendered or withheld as payment
of either the Exercise Price of an Award (including Shares otherwise underlying a Stock Appreciation Right that are retained by the Company
to account for the Exercise Price of such Stock Appreciation Right) and/or withholding taxes in respect of an Award shall no longer be
available for grant under the Plan. In addition, (i) to the extent an Award is denominated in shares of Common Stock, but paid or
settled in cash, the number of shares of Common Stock with respect to which such payment or settlement is made shall again be available
for grants of Awards pursuant to the Plan and (ii) shares of Common Stock underlying Awards that can only be settled in cash shall
not be counted against the aggregate number of shares of Common Stock available for Awards under the Plan. Upon the exercise of any Award
granted in tandem with any other Awards, such related Awards shall be cancelled to the extent of the number of Shares as to which the
Award is exercised and, notwithstanding the foregoing, such number of Shares shall no longer be available for grant under the Plan.

 

(c) No
more than 19,811,726 Shares shall be issued pursuant to the exercise of ISOs.

 

    6

     

    

 

Section 5. Equitable
Adjustments.

 

In the event of any Change in Capitalization, an
equitable substitution or proportionate adjustment shall be made in (i) the aggregate number and kind of securities reserved for
issuance under the Plan pursuant to Section 4, (ii) the kind, number of securities subject to, and the Exercise Price subject to
outstanding Options and Stock Appreciation Rights granted under the Plan, (iii) the kind, number and purchase price of Shares or
other securities or the amount of cash or amount or type of other property subject to outstanding Restricted Stock, Restricted Stock Units
or Other Stock-Based Awards granted under the Plan; and/or (iv) the terms and conditions of any outstanding Awards (including, without
limitation, any applicable performance targets or criteria with respect thereto); provided, however, that any
fractional shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made as
may be determined by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection with a
Change in Capitalization, the Administrator may provide, in its sole discretion, but subject in all events to the requirements of Section
409A of the Code, for the cancellation of any outstanding Award granted hereunder in exchange for payment in cash or other property having
an aggregate Fair Market Value equal to the Fair Market Value of the Shares, cash or other property covered by such Award, reduced by
the aggregate Exercise Price or purchase price thereof, if any; provided, however, that if the Exercise Price
or purchase price of any outstanding Award is equal to or greater than the Fair Market Value of the shares of Common Stock, cash or other
property covered by such Award, the Administrator may cancel such Award without the payment of any consideration to the Participant. Further,
without limiting the generality of the foregoing, with respect to Awards subject to foreign laws, adjustments made hereunder shall be
made in compliance with applicable requirements. Except to the extent determined by the Administrator, any adjustments to ISOs under this
Section 5 shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3)
of the Code. The Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive.

 

Section 6. Eligibility
and Award Limits.

 

The Participants in the Plan shall be selected from
time to time by the Administrator, in its sole discretion, from those individuals that qualify as Eligible Recipients.

 

Section 7. Options.

 

(a) General.
Options granted under the Plan shall be designated as Nonqualified Stock Options or ISOs. Each Participant who is granted an Option shall
enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole
discretion, including, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability
of the Option, and whether the Option is intended to be an ISO or a Nonqualified Stock Option (and in the event the Award Agreement has
no such designation, the Option shall be a Nonqualified Stock Option). The provisions of each Option need not be the same with respect
to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted
under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions,
not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award Agreement.

 

(b) Exercise
Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole discretion at
the time of grant, but in no event shall the exercise price of an Option be less than one hundred percent (100%) of the Fair Market Value
of a share of Common Stock on the date of grant.

 

(c) Option
Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than ten (10) years
after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions
in the Plan and the Award Agreement. Notwithstanding the foregoing, subject to Section 4(d) of the Plan, the Administrator shall have
the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as the Administrator,
in its sole discretion, deems appropriate.

 

(d) Exercisability.
Each Option shall be subject to vesting at such time or times and subject to such terms and conditions, including the attainment of performance
goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option
shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time, in whole
or in part, based on such factors as the Administrator may determine in its sole discretion.

 

    7

     

    

 

(e) Method
of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number
of whole Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or
its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect to any Option
or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise
procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form
of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate
exercise price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator
and permitted by Applicable Laws or (iv) any combination of the foregoing.

 

(f) ISOs.
The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and the terms, conditions,
limitations and administrative procedures established by the Administrator from time to time in accordance with the Plan. At the discretion
of the Administrator, ISOs may be granted only to an employee of the Company, its “parent corporation” (as such term is defined
in Section 424(e) of the Code) or a Subsidiary of the Company.

 

(1) ISO
Grants to 10% Stockholders. Notwithstanding anything to the contrary in the Plan, if an ISO is granted to a Participant who owns shares
representing more than ten percent (10%) of the voting power of all classes of shares of the Company at the time of grant, its “parent
corporation” (as such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company, the term of the ISO shall not
exceed five (5) years from the time of grant of such ISO and the Exercise Price shall be at least one hundred and ten percent
(110%) of the Fair Market Value of the Shares on the date of grant.

 

(2) $100,000
Per Year Limitation For ISOs. To the extent the aggregate Fair Market Value (determined on the date of grant) of the Shares for which
ISOs are exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000,
such excess ISOs shall be treated as Nonqualified Stock Options.

 

(3) Disqualifying
Dispositions. Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately after the date the Participant
makes a “disqualifying disposition” of any Share acquired pursuant to the exercise of such ISO. A “disqualifying disposition”
is any disposition (including any sale) of such Shares before the later of (i) two years after the date of grant of the ISO and (ii) one
year after the date the Participant acquired the Shares by exercising the ISO. The Company may, if determined by the Administrator and
in accordance with procedures established by it, retain possession of any Shares acquired pursuant to the exercise of an ISO as agent
for the applicable Participant until the end of the period described in the preceding sentence, subject to complying with any instructions
from such Participant as to the sale of such Shares.

 

(g) Rights
as Stockholder. A Participant shall have no rights to dividends, dividend equivalents or distributions or any other rights of a stockholder
with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof, and has paid in
full for such Shares and has satisfied the requirements of Section 15 hereof.

 

(h) Termination
of Employment or Service. In the event of a Participant’s termination for any reason other than death, Disability or Cause,
the portion of such Participant’s Options that is not vested and exercisable as of the termination date shall not continue to vest
and shall be immediately terminated and cancelled, and the portion of such Options that is vested and exercisable as of the termination
date shall terminate and be cancelled on the earlier of (i) the expiration of the term of such Options (as provided in the applicable
Award Agreement); and (ii) ninety (90) days after such termination date. In the event of a Participant’s termination due
to death or Disability, the portion of such Participant’s Options that is not vested and exercisable as of the termination date
shall not continue to vest and shall be immediately cancelled and terminated, and the portion of such Options that is vested and exercisable
as of the termination date shall terminate and be cancelled on the earlier of (x) the expiration of the term of such Options (as
provided in the applicable Award Agreement); and (y) the date that is twelve (12) months after the termination date. In the
event of a Participant’s termination for Cause, or if after such termination, the Administrator determines that Cause existed before
such termination, such Participant’s Options shall not continue to vest, shall be cancelled and terminated as of the termination
date, and shall no longer be exercisable as to any Shares, whether or not previously vested.

 

    8

     

    

 

(i) Other
Change in Employment or Service Status. An Option shall be affected, both with regard to vesting schedule and termination, by leaves
of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability or
other changes in the employment status or service status of a Participant, in the discretion of the Administrator.

 

Section 8. Stock
Appreciation Rights.

 

(a) General.
Stock Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with all or part of
any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after the time of
the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of
Stock Appreciation Rights shall be made. Each Participant who is granted a Stock Appreciation Right shall enter into an Award Agreement
with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion, including, among
other things, the number of Shares to be awarded, the Exercise Price per Share, and all other conditions of Stock Appreciation Rights.
Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates. The
provisions of Stock Appreciation Rights need not be the same with respect to each Participant. Stock Appreciation Rights granted under
the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and
conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award
Agreement.

 

(b) Awards;
Rights as Stockholder. A Participant shall have no rights to dividends or any other rights of a stockholder with respect to the shares
of Common Stock, if any, subject to a Stock Appreciation Right until the Participant has given written notice of the exercise thereof
and has satisfied the requirements of Section 15 hereof.

 

(c) Exercise
Price. The Exercise Price of Shares purchasable under a Stock Appreciation Right shall be determined by the Administrator in its sole
discretion at the time of grant, but in no event shall the exercise price of a Stock Appreciation Right be less than one hundred percent
(100%) of the Fair Market Value of a share of Common Stock on the date of grant.

 

(d) Exercisability.

 

(1) Stock
Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions
as shall be determined by the Administrator in the applicable Award Agreement.

 

(2) Stock
Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which
they relate shall be exercisable in accordance with the provisions of Section 7 hereof and this Section 8 of the Plan.

 

(e) Payment
Upon Exercise.

 

(1) Upon
the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal
in value to the excess of the Fair Market Value as of the date of exercise over the Exercise Price per share specified in the Free Standing
Right multiplied by the number of Shares in respect of which the Free Standing Right is being exercised.

 

(2) A
Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and surrender,
the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess of the Fair
Market Value as of the date of exercise over the Exercise Price specified in the related Option multiplied by the number of Shares in
respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall no longer be
exercisable to the extent the Related Rights have been so exercised.

 

(3) Notwithstanding
the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation Right in cash (or in any combination of
Shares and cash).

 

    9

     

    

 

(f) Termination
of Employment or Service. In the event of a Participant’s termination for any reason other than death, Disability or Cause,
the portion of such Participant’s Stock Appreciation Rights that is not vested and exercisable as of the termination date shall
not continue to vest and shall be immediately terminated and cancelled, and the portion of such Stock Appreciation Rights that is vested
and exercisable as of the termination date shall terminate and be cancelled on the earlier of (i) the expiration of the term of such
Stock Appreciation Rights (as provided in the applicable Award Agreement); and (ii) ninety (90) days after such termination
date. In the event of a Participant’s termination due to death or Disability, the portion of such Participant’s Stock Appreciation
Rights that is not vested and exercisable as of the termination date shall not continue to vest and shall be immediately cancelled and
terminated, and the portion of such Stock Appreciation Rights that is vested and exercisable as of the termination date shall terminate
and be cancelled on the earlier of (x) the expiration of the term of such Stock Appreciation Rights (as provided in the applicable
Award Agreement); and (y) the date that is twelve (12) months after the termination date. In the event of a Participant’s
termination for Cause, or if after such termination, the Administrator determines that Cause existed before such termination, such Participant’s
Stock Appreciation Rights shall not continue to vest, shall be cancelled and terminated as of the termination date, and shall no longer
be exercisable as to any Shares, whether or not previously vested.

 

(g) Term.

 

(1) The
term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten (10)
years after the date such right is granted.

 

(2) The
term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than ten
(10) years after the date such right is granted.

 

(h) Other
Change in Employment or Service Status. Stock Appreciation Rights shall be affected, both with regard to vesting schedule and termination,
by leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment, partial Disability
or other changes in the employment or service status of a Participant, in the discretion of the Administrator.

 

Section 9. Restricted
Stock and Restricted Stock Units.

 

(a) General.
Restricted Stock or Restricted Stock Units may be issued under the Plan. The Administrator shall determine the Eligible Recipients to
whom, and the time or times at which, Restricted Stock or Restricted Stock Units shall be made. Each Participant who is granted Restricted
Stock or Restricted Stock Units shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator
shall determine, in its sole discretion, including, among other things, the number of Shares to be awarded; the price, if any, to be paid
by the Participant for the acquisition of Restricted Stock or Restricted Stock Units; the period of time restrictions, performance goals
or other conditions that apply to Transferability, delivery or vesting of such Awards (the “Restricted Period”); and
all other conditions applicable to the Restricted Stock and Restricted Stock Units. If the restrictions, performance goals or conditions
established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Stock or Restricted Stock Units,
in accordance with the terms of the grant. The provisions of the Restricted Stock or Restricted Stock Units need not be the same with
respect to each Participant.

 

(b) Awards
and Certificates. Except as otherwise provided below in Section 9(c), (i) each Participant who is granted an Award of Restricted
Stock may, in the Company’s sole discretion, be issued a share certificate in respect of such Restricted Stock; and (ii) any
such certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms,
conditions and restrictions applicable to any such Award. The Company may require that the share certificates, if any, evidencing Restricted
Stock granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition
of any Award of Restricted Stock, the Participant shall have delivered a share transfer form, endorsed in blank, relating to the Shares
covered by such Award. Certificates for shares of unrestricted Common Stock may, in the Company’s sole discretion, be delivered
to the Participant only after the Restricted Period has expired without forfeiture in such Restricted Stock Award. With respect to Restricted
Stock Units to be settled in Shares, at the expiration of the Restricted Period, share certificates in respect of the shares of Common
Stock underlying such Restricted Stock Units may, in the Company’s sole discretion, be delivered to the Participant, or his or her
legal representative, in a number equal to the number of shares of Common Stock underlying the Restricted Stock Units Award. Notwithstanding
anything in the Plan to the contrary, any Restricted Stock or Restricted Stock Units to be settled in Shares (at the expiration of the
Restricted Period, and whether before or after any vesting conditions have been satisfied) may, in the Company’s sole discretion,
be issued in uncertificated form. Further, notwithstanding anything in the Plan to the contrary, with respect to Restricted Stock Units,
at the expiration of the Restricted Period, Shares, or cash, as applicable, shall promptly be issued (either in certificated or uncertificated
form) to the Participant, unless otherwise deferred in accordance with procedures established by the Company in accordance with Section
409A of the Code, and such issuance or payment shall in any event be made within such period as is required to avoid the imposition of
a tax under Section 409A of the Code.

 

    10

     

    

 

(c) Restrictions
and Conditions. The Restricted Stock or Restricted Stock Units granted pursuant to this Section 9 shall be subject to the following
restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or,
subject to Section 409A of the Code where applicable, thereafter:

 

(1) The
Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such restrictions
in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including,
but not limited to, the attainment of certain performance goals, the Participant’s termination of employment or service with the
Company or any Affiliate thereof, or the Participant’s death or Disability. Notwithstanding the foregoing, upon a Change in Control,
the outstanding Awards shall be subject to Section 11 hereof.

 

(2) Except
as provided in the applicable Award Agreement, the Participant shall generally have the rights of a stockholder of the Company with respect
to Restricted Stock during the Restricted Period; provided, however, that dividends declared during the Restricted
Period with respect to an Award, shall only become payable if (and to the extent) the underlying Restricted Stock vests. Except as provided
in the applicable Award Agreement, the Participant shall generally not have the rights of a stockholder with respect to Shares subject
to Restricted Stock Units during the Restricted Period; provided, however, that, subject to Section 409A of the
Code, an amount equal to dividends declared during the Restricted Period with respect to the number of Shares covered by Restricted Stock
Units shall, unless otherwise set forth in an Award Agreement, be paid to the Participant at the time (and to the extent) Shares in respect
of the related Restricted Stock Units are delivered to the Participant. Certificates for Shares of unrestricted Common Stock may, in the
Company’s sole discretion, be delivered to the Participant only after the Restricted Period has expired without forfeiture in respect
of such Restricted Stock or Restricted Stock Units, except as the Administrator, in its sole discretion, shall otherwise determine.

 

(3) The
rights of Participants granted Restricted Stock or Restricted Stock Units upon termination of employment or service as a director or independent
contractor to the Company or to any Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the
Award Agreement.

 

(d) Form
of Settlement. The Administrator reserves the right in its sole discretion to provide (either at or after the grant thereof) that
any Restricted Stock Unit represents the right to receive the amount of cash per unit that is determined by the Administrator in connection
with the Award.

 

Section 10. Other
Stock-Based Awards.

 

Other Stock-Based Awards may be issued under the
Plan. Subject to the provisions of the Plan, the Administrator shall have sole and complete authority to determine the individuals to
whom and the time or times at which such Other Stock-Based Awards shall be granted. Each Participant who is granted an Other Stock-Based
Award shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine,
in its sole discretion, including, among other things, the number of shares of Common Stock to be granted pursuant to such Other Stock-Based
Awards, or the manner in which such Other Stock-Based Awards shall be settled (e.g., in shares of Common Stock, cash or other property),
or the conditions to the vesting and/or payment or settlement of such Other Stock-Based Awards (which may include, but not be limited
to, achievement of performance criteria) and all other terms and conditions of such Other Stock-Based Awards.

 

In the event that the Administrator grants a bonus in the form
of Shares, the Shares constituting such bonus shall, as determined by the Administrator, be evidenced in uncertificated form or by a book
entry record or a certificate issued in the name of the Participant to whom such grant was made and delivered to such Participant as soon
as practicable after the date on which such bonus is payable. Notwithstanding anything set forth in the Plan to the contrary, any dividend
or dividend equivalent Award issued hereunder shall be subject to the same restrictions, conditions and risks of forfeiture as apply to
the underlying Award.

 

    11

     

    

 

Section 11. Change
in Control.

 

Unless otherwise determined by the Administrator
and evidenced in an Award Agreement, in the event that (a) a Change in Control occurs, and (b) the Participant is employed by the
Company or any of its Affiliates immediately prior to the consummation of such Change in Control then upon the consummation of such Change
in Control, the Administrator, in its sole and absolute discretion, may:

 

(a) provide
that Awards, whether or not then vested, shall be continued, be assumed, or have new rights substituted therefor, as determined by the
Administrator in a manner consistent with the requirements of Section 409A of the Code, and restrictions to which Awards granted prior
to the Change in Control are subject shall not lapse upon a Change in Control and the Award shall, where appropriate in the sole discretion
of the Administrator, receive the same distribution as other Shares on such terms as determined by the Administrator; provided that
the Administrator may decide to award additional Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein,
for purposes of ISOs, any assumed or substituted Option shall comply with the requirements of Treasury Regulation Section 1.424-1 (and
any amendment thereto);

 

(b) provide
that any unvested or unexercisable portion of any Award carrying a right to exercise become fully vested and exercisable;

 

(c) cause
the restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan to
lapse and such Awards shall be deemed fully vested and any performance conditions imposed with respect to such Awards shall be deemed
to be fully achieved at target performance levels; and/or

 

(d) provide
for the purchase of any Awards by the Company for an amount of cash equal to the excess (if any) of the highest price per Share paid in
such Change in Control (the “Change in Control Price”), over the aggregate exercise price of such Awards; provided,
however, that if the exercise price of an Option or Stock Appreciation Right exceeds the Change in Control Price, such Award may be
cancelled for no consideration.

 

If the Administrator determines in its discretion
pursuant to Section 3(b)(4) hereof to accelerate the vesting of Options and/or Share Appreciation Rights in connection with a Change in
Control, the Administrator shall also have discretion in connection with such action to provide that all Options and/or Stock Appreciation
Rights outstanding immediately prior to such Change in Control shall expire on the effective date of such Change in Control.

 

Section 12. Amendment
and Termination.

 

The Board may amend, alter or terminate the Plan
at any time, but no amendment, alteration or termination shall be made that would impair the rights of a Participant under any Award theretofore
granted without such Participant’s consent. The Board shall obtain approval of the Company’s stockholders for any amendment
that would require such approval in order to satisfy the requirements of any rules of the stock exchange on which the Common Stock is
traded or other Applicable Law. Subject to Section 3(c), the Administrator may amend the terms of any Award theretofore granted, prospectively
or retroactively, but, subject to Section 5 of the Plan and the immediately preceding sentence, no such amendment shall materially impair
the rights of any Participant without his or her consent.

 

Section 13. Unfunded
Status of Plan.

 

The Plan is intended to constitute an “unfunded”
plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall
give any such Participant any rights that are greater than those of a general creditor of the Company.

 

    12

     

    

 

Section 14. Withholding
Taxes.

 

Each Participant shall, no later than the date as
of which the value of an Award first becomes includible in the gross income of such Participant for purposes of applicable taxes, pay
to the Company, or make arrangements satisfactory to the Administrator regarding payment of an amount up to the maximum statutory tax
rates in the Participant’s applicable jurisdiction with respect to the Award, as determined by the Company. The obligations of the
Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted
by Applicable Laws, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participant. Whenever cash
is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any applicable
withholding tax requirements related thereto. Whenever Shares or property other than cash are to be delivered pursuant to an Award, the
Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any related taxes
to be withheld and applied to the tax obligations; provided, that, with the approval of the Administrator, a Participant
may satisfy the foregoing requirement by either (i) electing to have the Company withhold from delivery of Shares or other property,
as applicable, or (ii) delivering already owned unrestricted shares of Common Stock, in each case, having a value not exceeding the
applicable taxes to be withheld and applied to the tax obligations. Such already owned and unrestricted shares of Common Stock shall be
valued at their Fair Market Value on the date on which the amount of tax to be withheld is determined and any fractional share amounts
resulting therefrom shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered
pursuant to an award. The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by Applicable
Laws, to satisfy its withholding obligation with respect to any Award.

 

Section 15. Transfer
of Awards.

 

Until such time as the Awards are fully vested and/or
exercisable in accordance with the Plan or an Award Agreement, no purported sale, assignment, mortgage, hypothecation, transfer, charge,
pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien
on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”) by any holder thereof
in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent of the Administrator,
which consent may be granted or withheld in the sole discretion of the Administrator. Any purported Transfer of an Award or any economic
benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void ab initio and shall
not create any obligation or liability of the Company, and any Person purportedly acquiring any Award or any economic benefit or interest
therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of such Shares or
other property underlying such Award. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately
preceding sentence, an Option or a Stock Appreciation Right may be exercised, during the lifetime of the Participant, only by the Participant
or, during any period during which the Participant is under a legal Disability, by the Participant’s guardian or legal representative.

 

Section 16. Continued
Employment or Service.

 

Neither the adoption of the Plan nor the grant of
an Award shall confer upon any Eligible Recipient any right to continued employment or service with the Company or any Affiliate thereof,
as the case may be, nor shall it interfere in any way with the right of the Company or any Affiliate thereof to terminate the employment
or service of any of its Eligible Recipients at any time.

 

Section 17. Effective
Date.

 

The Plan was approved by the Board on December 1,
2021 and shall be adopted and become effective on the date that it is approved by the Company’s stockholders (the “Effective
Date”).

 

Section 18. Electronic
Signature.

 

Participant’s electronic signature of an Award
Agreement shall have the same validity and effect as a signature affixed by hand.

 

Section 19. Term
of Plan.

 

No Award shall be granted pursuant to the Plan on
or after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.

 

    13

     

    

 

Section 20. Securities
Matters and Regulations.

 

(a) Notwithstanding
anything herein to the contrary, the obligation of the Company to sell or deliver Shares with respect to any Award granted under the Plan
shall be subject to all Applicable Laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining
of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator. The Administrator may require,
as a condition of the issuance and delivery of certificates evidencing shares of Common Stock pursuant to the terms hereof, that the recipient
of such shares make such agreements and representations, and that such certificates bear such legends, as the Administrator, in its sole
discretion, deems necessary or advisable.

 

(b) Each
Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification
of Shares is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory
body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Shares, no such Award
shall be granted or payment made or Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval
has been effected or obtained free of any conditions not acceptable to the Administrator.

 

(c) In
the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then current registration statement under the
Securities Act and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required
by the Securities Act or regulations thereunder, and the Administrator may require a Participant receiving Common Stock pursuant to the
Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company in writing that the Common Stock acquired
by such Participant is acquired for investment only and not with a view to distribution.

 

Section 21. Section
409A of the Code.

 

The Plan as well as payments and benefits under the
Plan are intended to be exempt from, or to the extent subject thereto, to comply with Section 409A of the Code, and, accordingly,
to the maximum extent permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding anything contained herein to the
contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, the
Participant shall not be considered to have terminated employment or service with the Company for purposes of the Plan and no payment
shall be due to the Participant under the Plan or any Award until the Participant would be considered to have incurred a “separation
from service” from the Company and its Affiliates within the meaning of Section 409A of the Code. Any payments described in
the Plan that are due within the “short term deferral period” as defined in Section 409A of the Code shall not be treated
as deferred compensation unless Applicable Law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent
that any Awards (or any other amounts payable under any plan, program or arrangement of the Company or any of its Affiliates) are payable
upon a separation from service and such payment would result in the imposition of any individual tax and penalty interest charges imposed
under Section 409A of the Code, the settlement and payment of such awards (or other amounts) shall instead be made on the first business
day after the date that is six (6) months following such separation from service (or death, if earlier). Each amount to be paid or
benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of Section 409A of the Code.
The Company makes no representation that any or all of the payments or benefits described in this Plan will be exempt from or comply with
Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. The
Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.

 

Section 22. Notification
of Election Under Section 83(b) of the Code.

 

If any Participant shall, in connection with the
acquisition of shares of Common Stock under the Plan, make the election permitted under Section 83(b) of the Code, such Participant
shall notify the Company of such election within ten (10) days after filing notice of the election with the Internal Revenue Service.

 

Section 23. No
Fractional Shares.

 

No fractional shares of Common Stock shall be issued
or delivered pursuant to the Plan. The Administrator shall determine whether cash, other Awards, or other property shall be issued or
paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

    14

     

    

 

Section 24. Beneficiary.

 

A Participant may file with the Administrator a written
designation of a beneficiary on such form as may be prescribed by the Administrator and may, from time to time, amend or revoke such designation.
If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed
to be the Participant’s beneficiary.

 

Section 25. Paperless
Administration.

 

In the event that the Company establishes, for itself
or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using
an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Participant may
be permitted through the use of such an automated system.

 

Section 26. Severability.

 

If any provision of the Plan is held to be invalid
or unenforceable, the other provisions of the Plan shall not be affected but shall be applied as if the invalid or unenforceable provision
had not been included in the Plan.

 

Section 27. Clawback.

 

(a) If
the Company is required to prepare a financial restatement due to the material non-compliance of the Company with any financial reporting
requirement, then the Committee may require any Section 16 Officer to repay or forfeit to the Company, and each Section 16 Officer
agrees to so repay or forfeit, that part of the Incentive Compensation received by that Section 16 Officer during the three-year
period preceding the publication of the restated financial statement that the Committee determines was in excess of the amount that such
Section 16 Officer would have received had such Incentive Compensation been calculated based on the financial results reported in
the restated financial statement. The Committee may take into account any factors it deems reasonable in determining whether to seek recoupment
of previously paid Incentive Compensation and how much Incentive Compensation to recoup from each Section 16 Officer (which need
not be the same amount or proportion for each Section 16 Officer), including any determination by the Committee that a Section 16
Officer engaged in fraud, willful misconduct or committed grossly negligent acts or omissions which materially contributed to the events
that led to the financial restatement. The amount and form of the Incentive Compensation to be recouped shall be determined by the Committee
in its sole and absolute discretion, and recoupment of Incentive Compensation may be made, in the Committee’s sole and absolute
discretion, through the cancellation of vested or unvested Awards, cash repayment or both.

 

(b) Notwithstanding
any other provisions in this Plan, any Award which is subject to recovery under any Applicable Laws, government regulation or stock exchange
listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such Applicable Law, government
regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation
or stock exchange listing requirement).

 

Section 28. Governing
Law.

 

The Plan shall be governed by, and construed in accordance
with, the laws of the State of Delaware, without giving effect to principles of conflicts of law of such state.

 

Section 29. Indemnification.

 

To the extent allowable pursuant to applicable law,
each member of the Board and the Administrator and any officer or other employee to whom authority to administer any component of the
Plan is designated shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed
upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or
she may be a party or in which he or she may be a party or in which he or she may be involved by reason of any action or failure to act
pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or
proceeding against him or her; provided, however, that he or she gives the Company an opportunity, at its own expense, to handle and defend
the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not
be exclusive of any other rights of indemnification to which such individuals may be entitled pursuant to the Company’s Articles
of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

 

    15

     

    

 

Section 30. Titles
and Headings, References to Sections of the Code or Exchange Act.

 

The titles and headings of the sections in the Plan
are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall
control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

 

Section 31. Successors.

 

The obligations of the Company under the Plan shall
be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company,
or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

 

Section 32. Relationship
to other Benefits.

 

No payment pursuant to the Plan shall be taken into
account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare, or other benefit
plan of the Company or any Affiliate except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

 

 

16Exhibit 10.6

 

EXECUTION VERSION

 

TAX RECEIVABLE AGREEMENT

 

by and among

 

OPAL FUELS INC.

 

and

 

THE PERSONS NAMED HEREIN

 

Dated as of July 21, 2022

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS	2
	 	 	 	 
	 	Section 1.1	Definitions	2
	 	 	 	 
	ARTICLE II DETERMINATION OF CERTAIN REALIZED TAX BENEFIT	9
	 	 	 	 
	 	Section 2.1	Basis Adjustment	9
	 	 	 	 
	 	Section 2.2	Tax Benefit Schedule	10
	 	 	 	 
	 	Section 2.3	Procedures, Amendments	10
	 	 	 	 
	ARTICLE III TAX BENEFIT PAYMENTS	11
	 	 	 	 
	 	Section 3.1	Payments	11
	 	 	 	 
	 	Section 3.2	No Duplicative Payments	11
	 	 	 	 
	 	Section 3.3	Payments; Coordination of Benefits With Other Tax Receivable Agreements	11
	 	 	 	 
	 	Section 3.4	Sufficient Funds	12
	 	 	 	 
	 	Section 3.5	Overpayments	12
	 	 	 	 
	 	Section 3.6	Payment Schedule	12
	 	 	 	 
	ARTICLE IV TERMINATION	12
	 	 	 	 
	 	Section 4.1	Early Termination and Breach of Agreement	12
	 	 	 	 
	 	Section 4.2	Early Termination Notice	13
	 	 	 	 
	 	Section 4.3	Payment Upon Early Termination	13
	 	 	 	 
	ARTICLE V SUBORDINATION AND LATE PAYMENTS	13
	 	 	 	 
	 	Section 5.1	Subordination	13
	 	 	 	 
	 	Section 5.2	Late Payments by the Corporate Taxpayer	14
	 	 	 	 
	ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION	14
	 	 	 	 
	 	Section 6.1	Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters	14
	 	 	 	 
	 	Section 6.2	Consistency	14
	 	 	 	 
	 	Section 6.3	Cooperation	14
	 	 	 	 
	ARTICLE VII MISCELLANEOUS	15
	 	 	 	 
	 	Section 7.1	Notices	15
	 	 	 	 
	 	Section 7.2	Counterparts	16
	 	 	 	 
	 	Section 7.3	Entire Agreement; Third Party Beneficiaries	16
	 	 	 	 
	 	Section 7.4	Governing Law	16
	 	 	 	 
	 	Section 7.5	Severability	16
	 	 	 	 
	 	Section 7.6	Successors; Assignment; Amendments; Waivers	16
	 	 	 	 
	 	Section 7.7	Titles and Subtitles	17
	 	 	 	 
	 	Section 7.8	Waiver of Jury Trial, Jurisdiction	17
	 	 	 	 
	 	Section 7.9	Reconciliation	17

 

    i

     

    

 

	 	Section 7.10	Withholding	18
	 	 	 	 
	 	Section 7.11	Admission of the Corporate Taxpayer into a Consolidated Group; Transfers
    of Corporate Assets	18
	 	 	 	 
	 	Section 7.12	Confidentiality	18
	 	 	 	 
	 	Section 7.13	Change in Law	19
	 	 	 	 
	 	Section 7.14	Independent Nature of TRA Parties’ Rights and Obligations	19
	 	 	 	 
	 	Section 7.15	TRA Party Representative	19

 

    ii

     

    

 

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE
AGREEMENT (this “Agreement”), dated as of July 21, 2022, is made and entered into by and among OPAL Fuels Inc., a Delaware
corporation (the “Corporate Taxpayer”), the TRA Party Representative (as defined below) and each of the other Persons
(as defined below) party hereto from time to time (each, a “TRA Party” and, collectively, the “TRA Parties”).

 

RECITALS

 

WHEREAS, the
TRA Parties directly or indirectly hold limited liability company units (the “Units”) in Opal Fuels LLC, a Delaware
limited liability company (“OpCo”), which is classified as a partnership for United States federal income tax purposes;

 

WHEREAS, the
Corporate Taxpayer and OpCo entered into that certain Business Combination Agreement, dated December 2, 2021 (as further amended or modified
in whole or in part from time to time in accordance with such Agreement, the “BCA”), pursuant to which, among other
things, the Corporate Taxpayer (i) acquired certain Units in exchange for a cash contribution to OpCo and (ii) became the managing member
of OpCo, and from and after the date of this Agreement, holds and will hold, directly and/or indirectly, Units;

 

WHEREAS, following
the transactions contemplated by the BCA, the Units held by the TRA Parties, (i) together with Class B common stock of the Corporate Taxpayer,
may be exchanged or redeemed for Class A common stock of the Corporate Taxpayer (the “Class A Shares”) or (ii) together
with Class D common stock of the Corporate Taxpayer, may be exchanged or redeemed for Class C common stock of the Corporate Taxpayer (the
“Class C Shares”), in each case, constituting the Stock Exchange Payment or, alternatively, at the election of the
Corporate Taxpayer, the Cash Exchange Payment (an “Exchange”), pursuant to the provisions of the LLC Agreement (as
defined below);

 

WHEREAS, OpCo
and each of its direct and indirect Subsidiaries (as defined below) treated as a partnership for United States federal income tax purposes
currently have and will have in effect an election under Section 754 of the Code for the Taxable Year (as defined below) that includes
the Closing Date and each subsequent Taxable Year in which a taxable acquisition (including a deemed taxable acquisition under Section
707(a) of the Code) of Units, together with Class B common stock or Class D common stock, as applicable, of the Corporate Taxpayer by
the Corporate Taxpayer from the TRA Parties for Class A Shares or Class C Shares, as applicable, or other consideration occurs;

 

WHEREAS, as
a result of the Exchanges, the income, gain, loss, expense and other Tax (as defined below) items of the Corporate Taxpayer may be affected
by the Basis Adjustments (as defined below) and deductions attributable to any payment (including amounts attributable to Imputed Interest
(as defined below)) made under this Agreement (collectively, the “Tax Attributes”); and

 

WHEREAS, the parties
to this Agreement desire to make certain arrangements with respect to the effect of the Tax Attributes on the liability for Taxes of the
Corporate Taxpayer.

 

NOW, THEREFORE,
in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby,
the parties hereto agree as follows:

 

    -1-

     

    

 

ARTICLE
I 

DEFINITIONS

 

Section 1.1 Definitions.
As used in this Agreement, the terms set forth in this ARTICLE I shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined):

 

“Actual
Tax Liability” means, with respect to any Taxable Year, an amount, not less than zero, equal to the sum of (i) the actual liability
for U.S. federal income Taxes of the Corporate Taxpayer for such Taxable Year and without duplication, the portion of any actual “imputed
underpayment” imposed directly on OpCo (and any of OpCo’s Subsidiaries treated as a partnership for U.S. federal income tax
purposes) under Section 6225 of the Code that is allocable to the Corporate Taxpayer in accordance with the LLC Agreement and the Code,
and (ii) the product of (A) the actual amount of taxable income for U.S. federal income Tax purposes (taking into account any adjustments
pursuant to Section 6225 of the Code) of the Corporate Taxpayer for such Taxable Year (determined without taking into account any U.S.
federal income tax benefit of any applicable state or local tax deduction), and (B) the Blended Rate for such Taxable Year; provided
that, in each case, if applicable, such amounts shall be determined in accordance with a Determination (including interest imposed in
respect thereof under applicable law). For the avoidance of doubt, the calculation of the amount described in clause (i) shall take into
account any U.S. federal income tax benefit realized by the Corporate Taxpayer with respect to state and local jurisdiction income taxes
(with such benefit determined by taking into account an assumed deduction based on the amount computed under clause (ii), and disregarding
the actual deduction for state and local jurisdiction income taxes reflected on the Corporate Taxpayer’s income tax return).

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled
by, or is under common Control with, such first Person.

 

“Agreed Rate” means
LIBOR plus 100 basis points.

 

“Agreement” shall
have the meaning set forth in the recitals hereto. “Amended Schedule” shall have the meaning set forth in Section
2.3(b).

 

“Attributable”
means the portion of any Tax Attribute of the Corporate Taxpayer, Opco and/or their respective Subsidiaries that is attributable to a
TRA Party and shall be determined by reference to the Tax Attributes, under the following principles:

 

(i) any
Basis Adjustments shall be determined separately with respect to each TRA Party and the portion that is Attributable to a TRA Party shall
be an amount equal to the total Basis Adjustments relating to the Units Exchanged by such TRA Party; and

 

    -2-

     

    

 

(ii) any
deduction to the Corporate Taxpayer or its Subsidiaries, as applicable, with respect to a Taxable Year in respect of any payment (including
amounts attributable to Imputed Interest) made under this Agreement is Attributable to the Person that is required to include the Imputed
Interest or other payment in income (without regard to whether such Person is actually subject to Tax thereon).

 

“Basis
Adjustment” means the adjustment to the Tax basis of a Reference Asset under Sections 732, 734(b) and/or 1012 of the Code (in
situations where, as a result of one or more Exchanges, OpCo becomes an entity that is disregarded as separate from its owner for United
States federal income Tax purposes) or under Sections 734(b), 743(b), 754 and/or 755 of the Code (in situations where, following an Exchange,
OpCo remains in existence as an entity treated as a partnership for United States federal income Tax purposes) and, in each case, comparable
sections of state and local Tax laws, as a result of an Exchange and the payments made pursuant to this Agreement. The amount of any Basis
Adjustment shall be determined using the Market Value with respect to such Exchange, except, for the avoidance of doubt, as otherwise
required by a Determination. For the avoidance of doubt, payments under this Agreement shall not be treated as resulting in a Basis Adjustment
to the extent such payments are treated as Imputed Interest, and the amount of any Basis Adjustment resulting from an Exchange of one
or more Units shall be determined without regard to any Pre-Exchange Transfer of such Units and as if any such Pre- Exchange Transfer
had not occurred.

 

“Basis Schedule”
shall have the meaning set forth in Section 2.1.

 

A “Beneficial
Owner” of a security means a Person who directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such
security; and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition of, such security. The
terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings.

 

“Blended
Rate” means, with respect to any Taxable Year, the sum of the apportionment-weighted effective rates of Tax imposed on the aggregate
net income of the Corporate Taxpayer in each U.S. state or local jurisdiction in which the Corporate Taxpayer files Tax Returns for such
Taxable Year, with the maximum effective rate in any state or local jurisdiction being equal to the product of (i) the apportionment factor
on the income or franchise Corporate Taxpayer Return in such jurisdiction for such Taxable Year and (ii) the maximum applicable corporate
income Tax rate in effect in such jurisdiction in such Taxable Year. As an illustration of the calculation of Blended Rate for a Taxable
Year, if the Corporate Taxpayer solely files Tax Returns in State 1 and State 2 in a Taxable Year, the maximum applicable corporate income
Tax rates in effect in such states in such Taxable Year are 6.5% and 5.5%, respectively, and the apportionment factors for such states
in such Taxable Year are 55% and 45%, respectively, then the Blended Rate for such Taxable Year is equal to 6.05% (i.e., 6.5% multiplied
by 55%, plus 5.5% multiplied by 45%).

 

“Board” means
the Board of Directors of the Corporate Taxpayer.

 

    -3-

     

    

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York or Wilmington, Delaware
are authorized or required by Law to close.

 

“Cash Exchange Payment”
has the meaning set forth in the LLC Agreement. “Change of Control” means the occurrence of any of the following events:

 

(i) any
Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the Exchange
Act or any successor provisions thereto (excluding (A) a corporation or other entity owned, directly or indirectly, by the stockholders
of the Corporate Taxpayer in substantially the same proportions as their ownership of stock of the Corporate Taxpayer or (B) a group of
Persons in which one or more of the Permitted Investors or Affiliates of Permitted Investors directly or indirectly hold Beneficial Ownership
of securities representing more than 50% of the total voting power held by such group) is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Corporate Taxpayer representing more than 50% of the combined voting power of the Corporate Taxpayer’s
then outstanding voting securities;

 

(ii) the
following individuals cease for any reason to constitute a majority of the number of directors of the Corporate Taxpayer then serving:
individuals who, on the Closing Date, constitute the Board and any new director (other than a director whose initial assumption of office
is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election
of directors of the Corporate Taxpayer) whose appointment or election by the Board or nomination for election by the Corporate Taxpayer’s
shareholders was approved or recommended by a vote of at least two-thirds of the directors then still in office who either were directors
on the Closing Date or whose appointment, election or nomination for election was previously so approved or recommended by the directors
referred to in this clause (ii);

 

(iii) there
is consummated a merger or consolidation of the Corporate Taxpayer with any other corporation or other entity, and, immediately after
the consummation of such merger or consolidation, either (A) the Board immediately prior to the merger or consolidation does not constitute
at least a majority of the board of directors of the company surviving the merger or, if the surviving company is a Subsidiary of the
Corporate Taxpayer, the ultimate parent thereof or (B) the voting securities of the Corporate Taxpayer immediately prior to such merger
or consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the then outstanding
voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary of the Corporate
Taxpayer, the ultimate parent thereof; or

 

(iv) the shareholders of
the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the Corporate Taxpayer or there is consummated an
agreement or series of related agreements for the sale, lease or other disposition, directly or indirectly, by the Corporate
Taxpayer of all or substantially all of the assets of the Corporate Taxpayer and its Subsidiaries, taken as a whole, other than such
sale or other disposition by the Corporate Taxpayer of all or substantially all of the assets of the Corporate Taxpayer and its
Subsidiaries, taken as a whole, to an entity at least 50% of the combined voting power of the voting securities of which are owned
by shareholders of the Corporate Taxpayer in substantially the same proportions as their ownership of the Corporate Taxpayer
immediately prior to such sale.

 

    -4-

     

    

 

Notwithstanding
the foregoing, except with respect to clause (ii) and clause (iii)(A) above, a “Change of Control” shall not be deemed to
have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record
holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of transactions continue to have substantially
the same proportionate ownership in, and own substantially all of the shares of, an entity which owns all or substantially all of the
assets of the Corporate Taxpayer immediately following such transaction or series of transactions.

 

“Class A Shares”
shall have the meaning set forth in the recitals hereto. “Class C Shares” shall have the meaning set forth in the recitals
hereto.

 

“Closing
Date” means the date of the consummation of the transactions contemplated by the BCA.

 

“Code” shall have
the meaning set forth in the recitals hereto.

 

“Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.

 

“Corporate Taxpayer”
shall have the meaning set forth in the preamble hereto. “Corporate Taxpayer Return” means the United States federal,
state and/or local Tax Return, as applicable, of the Corporate Taxpayer filed with respect to Taxes of any Taxable Year.

 

“Cumulative
Net Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of the
Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period.
The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedules
or Amended Schedules, if any, in existence at the time of such determination; provided, that the computation of the Cumulative Net Realized
Tax Benefit shall be adjusted to reflect any applicable Determination with respect to any Realized Tax Benefits and/or Realized Tax Detriments.

 

“Default Rate” means the LIBOR plus
500 basis points.

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state or local tax law, as applicable,
or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability
for Tax.

 

“Early Termination Date”
means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.

 

“Early Termination Effective Date”
shall have the meaning set forth in Section 4.2.

 

“Early Termination Notice” shall have the meaning set forth
in Section 4.2.

 

“Early Termination Payment” shall have the meaning set forth in Section 4.3(b).

 

    -5-

     

    

 

“Early
Termination Rate” means LIBOR plus 200 basis points.

 

“Early Termination Schedule” shall have
the meaning set forth in Section 4.2.

 

“Exchange” shall have the meaning set forth in the recitals hereto.

 

“Exchange Act” means the Exchange
Act of 1934, as amended.

 

“Exchange Date” means the date of any Exchange.

 

“Exchange Notice” shall have the meaning
set forth in the LLC Agreement.

 

“Expert” shall have the meaning set forth in Section 7.9.

 

“Hypothetical Tax
Liability” means, with respect to any Taxable Year, an amount, not less than zero, equal to the sum of (i) the
hypothetical liability for U.S. federal income Taxes of the Corporate Taxpayer for such Taxable Year and without duplication, the
portion of any hypothetical “imputed underpayment” imposed directly on OpCo (and any of OpCo’s Subsidiaries
treated as a partnership for U.S. federal income tax purposes) under Section 6225 of the Code that is allocable to the Corporate
Taxpayer in accordance with the LLC Agreement and the Code, and (ii) the product of (X) the hypothetical amount of taxable income
for U.S. federal income Tax purposes (taking into account adjustments pursuant to Section 6225 of the Code) of the Corporate
Taxpayer for such Taxable Year (determined without taking into account any U.S. federal income tax benefit of any applicable state
or local tax deduction) , and (Y) the Blended Rate for such Taxable Year, in each case, determined using the same methods,
elections, conventions and similar practices used in computing the Actual Tax Liability, but, in each case, (A) calculating
depreciation, amortization or similar deductions and income, gain or loss using the Non-Stepped Up Tax Basis as reflected on the
Basis Schedule including amendments thereto for the Taxable Year and (B) excluding any deduction attributable to any payment
(including amounts attributable to Imputed Interest) made under this Agreement for the Taxable Year. For the avoidance of doubt,
Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of any Tax item (or portions
thereof) that is attributable to a Tax Attribute. For the avoidance of doubt, the calculation of the amount described in clause (i)
shall take into account any U.S. federal income tax benefit that would be realized by the Corporate Taxpayer with respect to state
and local jurisdiction income taxes (with such benefit determined by taking into account an assumed deduction based on the amount
computed under clause (ii), and disregarding the hypothetical deduction for state and local jurisdiction income taxes that would
otherwise result under clause (i)).

 

“Imputed
Interest” in respect of a TRA Party means any interest imputed under Section 1272, 1274 or 483 or other provision of the Code
and any similar provision of state and local Tax law with respect to the Corporate Taxpayer’s payment obligations in respect of
such TRA Party under this Agreement.

 

“Interest Amount” shall have the
meaning set forth in Section 3.1(b). “IRS” means the United States Internal Revenue Service.

 

“Joinder Requirement” shall have the meaning
set forth in Section 7.6(a).

 

“LIBOR”
means, during any period, an interest rate per annum equal to the one- year LIBOR reported, on the date two calendar days prior to the
first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen
page “LIBOR01” or by any other publicly available source of such market rate) for London interbank offered rates for United
States dollar deposits for such period. Notwithstanding the foregoing sentence: (i) if the Corporate Taxpayer reasonably determines, in
good faith consultation with the TRA Party Representative, on or prior to the relevant date of determination that the relevant London
interbank offered rate for U.S. dollar deposits has been discontinued or such rate has ceased to be published permanently or indefinitely,
then “LIBOR” for the relevant interest period shall be deemed to refer to a substitute or successor rate that the Corporate
Taxpayer reasonably determines, in good faith consultation with the TRA Party Representative, after consulting an investment bank of national
standing in the United States and other reasonable sources, to be (A) the industry-accepted successor rate to the relevant London interbank
offered rate for U.S. dollar deposits or (B) if no such industry-accepted successor rate exists, the most comparable substitute or successor
rate to the relevant London interbank offered rate for U.S. dollar deposits; and (ii) if the Corporate Taxpayer has determined a substitute
or successor rate in accordance with the foregoing, the Corporate Taxpayer may reasonably determine, in good faith consultation with the
TRA Party Representative, after consulting an investment bank of national standing in the United States and other reasonable sources,
any relevant methodology for calculating such substitute or successor rate, including any adjustment factor it reasonably determines,
in good faith consultation with the TRA Party, is needed to make such substitute or successor rate comparable to the relevant London interbank
offered rate for U.S. dollar deposits, in a manner that is consistent with industry-accepted practices for such substitute or successor
rate. In the event that the TRA Party Representative disagrees with any determination by the Corporate Taxpayer set forth in this definition,
and such disagreement is not resolved within 30 days of submission by the TRA Party Representative of notice of such disagreement to the
Corporate Taxpayer, such disagreement shall be deemed a “Reconciliation Dispute,” and shall be subject to the Reconciliation
Procedures set forth in Section 7.9.

 

“Liquidity Exceptions” shall have the meaning
set forth in Section 4.1(b).

 

“LLC Agreement”
means, with respect to OpCo, that certain Second Amended and Restated Limited Liability Company Agreement of OpCo, dated on or about the
date hereof, as amended from time to time.

 

“Mandatory Assignment” shall have the meaning
set forth in Section 7.6(c).

 

    -6-

     

    

 

“Market
Value” means, on any date, (i) if the Class A Shares trade on a national securities exchange or automated or electronic quotation
system, the arithmetic average of the high trading and the low trading price on such date (or if such date is not a trading day, the immediately
preceding trading day) or (ii) if the Class A Shares are not then traded on a national securities exchange or automated or electronic
quotation system, as applicable, the “Appraiser FMV” (as defined in the LLC Agreement) on such date of one Class A Share that
would be obtained in an arms-length transaction between an informed and willing buyer and an informed and willing seller, neither of whom
is under any compulsion to buy or sell, respectively, and without regard to the particular circumstances of the buyer or seller.

 

“Material Objection Notice”
shall have the meaning set forth in Section 4.2. “Net Tax Benefit” shall have the meaning set forth in Section
3.1(b).

 

“Non-Stepped
Up Tax Basis” means, with respect to any Reference Asset at any time, the Tax basis that such Referenced Asset would have had
at such time if no Basis Adjustments had been made.

 

“Objection Notice” shall have the
meaning set forth in Section 2.3(a). “OpCo” shall have the meaning set forth in the recitals hereto.

 

“Other Tax Receivable
Obligations” shall have the meaning set forth in Section 3.3(c).

 

“Payment Schedule”
means the schedule setting forth each TRA Party’s share of any payments hereunder.

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization,
governmental entity or other entity.

 

“Pre-Exchange
Transfer” means any transfer (including upon the death of a member of Opco) or distribution in respect of one or more Units
(i) that occurs prior to an Exchange of such Units and (ii) to which Section 743(b) or 734(b) of the Code applies.

 

“Realized
Tax Benefit” means, with respect to any Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual
Tax Liability. If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing
Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has
been a Determination.

 

“Realized
Tax Detriment” means, with respect to any Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical
Tax Liability. If all or a portion of the actual liability for such Taxes for the Taxable Year arises as a result of an audit by a Taxing
Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has
been a Determination.

 

“Reconciliation Dispute”
shall have the meaning set forth in Section 7.9.

 

“Reconciliation Procedures”
shall have the meaning set forth in Section 2.3(a).

 

“Reference
Asset” means an asset that is held by OpCo, or by any of its direct or indirect Subsidiaries treated as a partnership or
disregarded entity (but only if such indirect Subsidiaries are held only through Subsidiaries treated as partnerships or disregarded
entities) for purposes of the applicable Tax, at the time of an Exchange. A Reference Asset also includes any asset the Tax basis of
which is determined, in whole or in part, for purposes of the applicable Tax, by reference to the Tax basis of an asset that is
described in the preceding sentence, including for U.S. federal income Tax purposes, any asset that is “substituted basis
property” under Section 7701(a)(42) of the Code with respect to a Reference Asset.

 

“Schedule” means any of
the following: (i) a Basis Schedule, (ii) a Tax Benefit Schedule or (iii) the Early Termination Schedule.

 

    -7-

     

    

 

“Securities Act” means the Securities
Act of 1933, as amended. “Senior Obligations” shall have the meaning set forth in Section 5.1.

 

“Series A Preferred Certificate of Designations”
shall have the meaning set forth in Section 7.6(a).

 

“Series A Preferred Units” has
the meaning set forth in the Series A Preferred Certificate of Designations.

 

“Stock Exchange Payment”
shall have the meaning set forth in LLC Agreement.

 

“Subsidiaries” means, with
respect to any Person, as of any date of determination, any other Person as to which such Person, owns, directly or indirectly, or
otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing
member or similar interest of such Person.

 

“Subsidiary Stock” means
any stock or other equity interest in any subsidiary entity of OpCo that is treated as a C corporation for United States federal income
tax purposes.

 

“Tax Attributes” shall have the meaning
set forth in the recitals hereto.

 

“Tax Benefit Payment” shall have the meaning set forth in Section 3.1(b).

 

“Tax Benefit Schedule” shall have the meaning set forth in Section 2.2(a).

 

“Tax Return”
means any return, declaration, report, or similar statement filed or required to be filed with respect to Taxes (including any attached
schedules), including any information return, claim for refund, amended return and declaration of estimated Tax.

 

“Taxable
Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code or comparable section of
state or local Tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for
which a Tax Return is made), ending on or after the Closing Date.

 

“Taxes”
means any and all United States federal, state and local taxes, assessments or similar charges that are based on or measured with respect
to net income or profits, whether as an exclusive or an alternative basis, and including franchise taxes that are based on or measured
with respect to net income or profits, and any interest, penalties, or additions related to such amounts or imposed in respect thereof
under applicable law.

 

“Taxing
Authority” means any domestic, federal, national, state, county or municipal or other local government, any subdivision, agency,
commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax
regulatory authority.

 

“TRA Disinterested
Majority” means a majority of the directors of the Board who are disinterested as determined by the Board in accordance with
the Delaware General Corporation Law with respect to the matter being considered by the Board; provided that to the extent a matter
being considered by the Board is required to be considered by disinterested directors under the rules of the National Securities Exchange
on which the Class A Shares is then listed, the Securities Act or the Exchange Act, such rules with respect to the definition of disinterested
director shall apply solely with respect to such matter.

 

“TRA Party”
and “TRA Parties” shall have the meaning set forth in the preamble hereto.

 

    -8-

     

    

 

“TRA Party Representative” means, initially,
Opal HoldCo LLC, or, if Opal HoldCo LLC becomes unable to perform the TRA Party Representative’s responsibilities hereunder or
resigns from such position, either (i) a replacement TRA Party Representative selected by Opal HoldCo LLC or (ii) if Opal HoldCo LLC
has not selected a replacement TRA Party Representative at or prior to the time of such inability or resignation, that TRA Party or
committee of TRA Parties determined by a plurality vote of the TRA Parties ratably in accordance with their right to receive Early
Termination Payments hereunder if all TRA Parties had fully Exchanged their Units, together with Class B common stock or Class D
common stock, as applicable, of the Corporate Taxpayer, for Class A Shares or Class C Shares, as applicable, or other consideration
and the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange.

 

“Treasury
Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time (including corresponding
provisions and succeeding provisions) as in effect for the relevant taxable period.

 

“Units” shall have the meaning set forth
in the recitals hereto.

 

“Valuation
Assumptions” means, as of an Early Termination Date, the assumptions that in each Taxable Year ending on or after such
Early Termination Date, (i) the Corporate Taxpayer will have taxable income sufficient to fully utilize deductions arising from the
Tax Attributes (other than any items addressed in clause (ii) below) during such Taxable Year or future Taxable Years (including,
for the avoidance of doubt, deductions and other Tax items arising from Tax Attributes that would result from future Tax Benefit
Payments that would be paid in accordance with the Valuation Assumptions, further assuming that such applicable future payments
would be paid on the due date (including extensions) for filing the Corporate Taxpayer Return for the applicable Taxable Year) in
which such deductions would become available (ii) any loss carryovers generated by deductions arising from Tax Attributes that are
available as of the date of such Early Termination Date will be used by the Corporate Taxpayer on a pro rata basis from the
Early Termination Date through the scheduled expiration date thereof or, if there is no such scheduled expiration date, the tenth
anniversary of the Early Termination Date, (iii) the United States federal income tax rate that will be in effect for each such
Taxable Year will be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date
and the Blended Rate will be calculated based on such rates and the apportionment factors applicable in the most recently ended
Taxable Year, except to the extent any change to such Tax rates for such Taxable Year has already been enacted into law as of the
Early Termination Date, (iv) any non-amortizable, non-depreciable Reference Assets (other than any Subsidiary Stock) will be
disposed of on the 15th anniversary of the Exchange which gave rise to the applicable Basis Adjustment and any short-term
investments will be disposed of 12 months following the Early Termination Date; provided that, in the event of a Change of
Control, such non-amortizable, non-depreciable Reference Assets shall be deemed disposed of at the time of sale of such Reference
Asset (if earlier than such 15th anniversary), (v) any Subsidiary Stock will never be disposed of and (vi) if, at the
Early Termination Date, there are Units that have not been Exchanged, then each such Unit is Exchanged, together with Class B common
stock or Class D common stock, as applicable, of the Corporate Taxpayer, in a fully taxable transaction for the Market Value of the
Class A Shares or Class C Shares, as applicable, that would be transferred if the Exchange occurred on the Early Termination
Date.

 

ARTICLE II

DETERMINATION OF CERTAIN REALIZED
TAX BENEFIT

 

Section 2.1 Basis
Adjustment. Within 120 calendar days after the filing of the United States federal income tax return of the Corporate Taxpayer
for the Taxable Year that includes the Closing Date and each Taxable Year in which an Exchange has been effected, the Corporate
Taxpayer shall deliver to the TRA Party Representative, in respect of each TRA Party who received (or is deemed to receive) cash or
Class A Shares or Class C Shares, as applicable, in such Taxable Year pursuant to an Exchange, a schedule (the “Basis
Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement, (a) the
actual Tax basis and the Non-Stepped Up Tax Basis of the Reference Assets as of each applicable Exchange Date, (b) the Basis
Adjustment with respect to the Reference Assets Attributable to each such TRA Party as a result of the Exchanges effected in such
Taxable Year and prior Taxable Years by each such TRA Party, calculated in the aggregate, (c) the period (or periods) over which the
Reference Assets are amortizable and/or depreciable and (d) the period (or periods) over which each Basis Adjustment in respect of
such TRA Party is amortizable and/or depreciable. Each Basis Schedule will become final as provided in Section 2.3(a) and may
be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b).

 

    -9-

     

    

 

Section 2.2 Tax Benefit Schedule.

 

(a) Tax
Benefit Schedule. Within 120 calendar days after the filing of the United States federal income tax return of the Corporate Taxpayer
for each Taxable Year, the Corporate Taxpayer shall provide to the TRA Party Representative, in respect of each TRA Party who has received
(or is deemed to receive) cash or Class A Shares or Class C Shares, as applicable, pursuant to an Exchange, a schedule showing, in reasonable
detail, the calculation of the Tax Benefit Payment, if any, any Realized Tax Benefit and any Realized Tax Detriment, as applicable, Attributable
to each such TRA Party for such Taxable Year (a “Tax Benefit Schedule”). Each Tax Benefit Schedule will become final
as provided in Section 2.3(a) and may be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section
2.3(b)).

 

 (b) Applicable Principles.

 

(i) Subject
to Section 3.3(a), the Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease
or increase in the Actual Tax Liability for such Taxable Year attributable to the Tax Attributes, determined using a “with and without”
methodology (assuming that such Tax Attributes are the last items utilized in any Taxable Year). For the avoidance of doubt, the Actual
Tax Liability will take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as interest under
the Code based upon the characterization of Tax Benefit Payments as additional consideration payable by the Corporate Taxpayer for the
Units acquired in the Exchange. Carryovers or carrybacks of any Tax item attributable to the Tax Attributes shall be considered to be
subject to the rules of the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise
Tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type.

 

(ii) If a carryover or
carryback of any Tax item includes a portion that is attributable to any Tax Attribute and another portion that is not, such
portions shall be considered to be used in accordance with the “with and without” methodology. Except as otherwise
required by applicable law, the parties hereto agree that (A) all Tax Benefit Payments in respect of an Exchange are intended to be
treated and shall be reported for Tax purposes as additional contingent consideration to the applicable TRA Party for such Exchange
that has the effect of creating Basis Adjustments, in each case, to Reference Assets for the Corporate Taxpayer in the year of
payment, (B) as a result, such additional Basis Adjustments will be incorporated into the calculation for the Taxable Year of the
applicable payment and into the calculations for subsequent Taxable Years, as appropriate, (C) the Actual Tax Liability shall take
into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as Imputed Interest under applicable
law and (D) the liability for U.S. federal income Taxes of the Corporate Taxpayer and the amount of taxable income of the Corporate
Taxpayer for U.S. federal income Tax purposes as determined for purposes of calculating the Actual Tax Liability and the
Hypothetical Tax Liability shall include, without duplication, such liability for Taxes and such taxable income that is economically
borne by or allocated to the Corporate Taxpayer as a result of the provisions of Section 5.07 and Section 5.08 of the
LLC Agreement; provided, however, that such liability for Taxes and such taxable income shall be included in the
Hypothetical Tax Liability and the Actual Tax Liability subject to the adjustments and assumptions set forth in the definitions
thereof and, to the extent any such amount is taken into account on an Amended Schedule, such amount shall adjust a Tax Benefit
Payment, as applicable, in accordance with Section 2.3(b).

 

Section 2.3 Procedures, Amendments.

 

(a) Procedure.
Every time the Corporate Taxpayer delivers to the TRA Party Representative an applicable Schedule under this Agreement, including any
Amended Schedule delivered pursuant to Section 2.3(b), the Corporate Taxpayer shall also (i) deliver to the TRA Party Representative
supporting schedules, valuation reports, if any, and work papers, as determined by the Corporate Taxpayer or requested by the TRA Party
Representative, providing reasonable detail regarding data and calculations that were relevant for the preparation of the Schedule, (ii)
indicate which accounting firm, if any, assisted with the preparation of the Schedule and (iii) allow the TRA Party Representative and
its advisors reasonable access to the appropriate representatives at the Corporate Taxpayer and (at the cost and expense of OpCo) at the
relevant accounting firm that prepared the applicable Schedule, if applicable, in connection with the review of such Schedule. Without
limiting the generality of the preceding sentence, the Corporate Taxpayer shall ensure that each Tax Benefit Schedule or Early Termination
Schedule delivered to the TRA Party Representative, together with any supporting schedules and work papers, provides a reasonably detailed
presentation of the calculation of the Actual Tax Liability (the “with” calculation), the Hypothetical Tax Liability (the
“without” calculation) and identifies any material assumptions or operating procedures or principles that were used for purposes
of such calculations. An applicable Schedule or amendment thereto shall become final and binding on all parties 30 calendar days from
the date on which all relevant TRA Parties are treated as having received the applicable Schedule or amendment thereto under Section
7.1 unless the TRA Party Representative (A) within 30 calendar days from such date provides the Corporate Taxpayer with notice of
an objection to such Schedule (“Objection Notice”) or (B) provides a written waiver of such right of any Objection
Notice within the period described in clause (A) above, in which case such Schedule or amendment thereto shall become binding on the date
such waiver is received by the Corporate Taxpayer. If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable
to successfully resolve the issues raised in the Objection Notice within 30 calendar days after receipt by the Corporate Taxpayer of an
Objection Notice, the Corporate Taxpayer and the TRA Party Representative shall employ the reconciliation procedures as described in Section
7.9 (the “Reconciliation Procedures”).

 

(b) Amended
Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporate Taxpayer (i) in connection
with a Determination affecting such Schedule, (ii) to correct inaccuracies in such Schedule, including those identified as a result of
the receipt of additional factual information relating to a Taxable Year after the date such Schedule was provided to the TRA Party Representative,
(iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax
Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other Tax item to such
Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended
Tax Return filed for such Taxable Year or (vi) to adjust an applicable Basis Schedule to take into account payments made pursuant to this
Agreement (any such Schedule, an “Amended Schedule”) The Corporate Taxpayer shall provide an Amended Schedule to the
TRA Party Representative within 30 calendar days of the occurrence of an event referenced in clauses (i) through (vi) above.

 

    -10-

     

    

 

In the event a Schedule is amended
after such Schedule becomes final pursuant to Section 2.3(a) or, if applicable, Section 7.9, (A) the Amended Schedule shall
not be taken into account in calculating any Tax Benefit Payment in the Taxable Year to which the amendment relates but instead shall
be taken into account in calculating the Cumulative Net Realized Tax Benefit for the Taxable Year in which the amendment actually occurs
and (B) as a result of the foregoing, any increase of the Net Tax Benefit attributable to an Amended Schedule shall not accrue the Interest
Amount (or any other interest hereunder) until after the due date (without extensions) for filing the United States federal income tax
return of the Corporate Taxpayer for the Taxable Year in which the amendment actually occurs.

 

ARTICLE III

TAX BENEFIT PAYMENTS

 

Section 3.1 Payments.

 

(a) Payments.
Within three Business Days after a Tax Benefit Schedule delivered to the TRA Party Representative becomes final in accordance with Section
2.3(a), or, if applicable, Section 7.9, the Corporate Taxpayer shall pay to the TRA Parties in cash (by wire transfer of immediately
available funds to the bank account previously designated by such TRA Party), in accordance with their respective share of such payment
as set forth on the Payment Schedule, the Tax Benefit Payment determined pursuant to Section 3.1(b) for such Taxable Year that
is Attributable to each such TRA Party. Each such Tax Benefit Payment shall be made in cash by wire transfer of immediately available
funds to the bank account previously designated by such TRA Party to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer
and such TRA Party. The payments provided for pursuant to the above sentence shall be computed separately for each TRA Party. For the
avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including federal estimated income tax
payments. Notwithstanding anything herein to the contrary, at the election of a TRA Party (specified in the Exchange Notice with respect
to an applicable Exchange or by providing written notice to the Corporate Taxpayer at the Closing with respect to the purchase), the aggregate
Tax Benefit Payments in respect of such Exchange (other than amounts accounted for as interest under the Code) shall not exceed, as specified
by a TRA Party, 50% of the fair market value of the Class A Shares or cash received in the relevant Exchange. Without limiting the Corporate
Taxpayer’s ability to make offsets against Tax Benefit Payments to the extent permitted by Section 3.5, no TRA Party shall
be required under any circumstances to make a payment or return a payment to the Corporate Taxpayer in respect of any portion of any Tax
Benefit Payment previously paid by the Corporate Taxpayer to such TRA Party (including any portion of any Early Termination Payment).

 

(b) A “Tax
Benefit Payment” in respect of a TRA Party for a Taxable Year means an amount, not less than zero, equal to the sum of the
portion of the Net Tax Benefit that is Attributable to such TRA Party and the Interest Amount with respect thereto. For the
avoidance of doubt, for Tax purposes, the Interest Amount shall not be treated as interest (to the extent permitted by applicable
law and other than amounts accounted for as Imputed Interest), but instead shall be treated as additional consideration for the
acquisition of Units in the applicable Exchange, unless otherwise required by law. Subject to Section 3.3(a), the
“Net Tax Benefit” for a Taxable Year means an amount equal to the excess, if any, of 85% of the Cumulative Net
Realized Tax Benefit as of the end of such Taxable Year over the total amount of payments previously made under this Section
3.1 (excluding payments attributable to Interest Amounts); provided that if there is no such excess (or a deficit
exists), no TRA Party shall be required to make payment (or return a payment) to the Corporate Taxpayer in respect of any portion of
any previously made Tax Benefit Payment. The “Interest Amount” means an amount equal to the interest on the Net
Tax Benefit calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return with
respect to Taxes for such Taxable Year until the payment date under Section 3.1(a). The Net Tax Benefit and the Interest
Amount shall be determined separately with respect to each Exchange, on a Unit by Unit basis by reference to the resulting Basis
Adjustment to the Corporate Taxpayer. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change
of Control that occurs after the Closing Date, all Tax Benefit Payments, whether paid with respect to the Units that were Exchanged
(i) prior to the date of such Change of Control or (ii) on or after the date of such Change of Control, shall be calculated by
utilizing the assumptions (i), (iii) and (iv) set forth in the definition of Valuation Assumptions, substituting, in each case, the
terms “the closing date of a Change of Control” for an “Early Termination Date.”

 

Section 3.2
No Duplicative Payments. It is intended that the provisions of this Agreement will result in the payments specified in Section
3.1 being made to the TRA Parties and will not result in duplicative payment of any amount (including interest) required under this
Agreement. The provisions of this Agreement shall be construed in the appropriate manner to ensure such intentions are realized.

 

Section 3.3 Payments;
Coordination of Benefits With Other Tax Receivable Agreements.

 

(a) Notwithstanding
anything in Section 3.1 to the contrary, to the extent that the aggregate Tax benefit of the Corporate Taxpayer with respect to
the Basis Adjustments or Imputed Interest is limited in a particular Taxable Year because the Corporate Taxpayer does not have sufficient
taxable income, the Net Tax Benefit for the Corporate Taxpayer shall be allocated among all TRA Parties eligible for payments under this
Agreement in proportion to the respective amounts of Net Tax Benefit that would have been allocated to each such TRA Party if the Corporate
Taxpayer had sufficient taxable income so that there were no such limitation.

 

    -11-

     

    

 

(b) If
for any reason (including as contemplated by Section 3.3(a)) the Corporate Taxpayer does not fully satisfy its payment obligations
to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then the Corporate Taxpayer and the
TRA Parties agree that no Tax Benefit Payment shall be made in respect of any subsequent Taxable Year until all Tax Benefit Payments in
respect of prior Taxable Years have been made in full.

 

(c) The
effect of any other similar tax receivable agreement entered into after the date of this Agreement (“Other Tax Receivable Obligations”)
shall not be taken into account in respect of any calculations made hereunder.

 

Section 3.4 Sufficient
Funds. The Corporate Taxpayer shall use commercially reasonable efforts to ensure that it has sufficient available funds to make
all payments due under this Agreement, including using commercially reasonable efforts to cause OpCo to make distributions to the
Corporate Taxpayer to make such payments so long as such distributions do not violate (a) a prohibition, restriction or covenant
under any prohibition, restriction or covenant under any credit agreement, loan agreement, note, indenture or other agreement
governing indebtedness of the Corporate Taxpayer or its Subsidiaries (including any Senior Obligation) or

(b) restrictions under applicable law.

 

Section 3.5 Overpayments.
To the extent the Corporate Taxpayer makes a payment to a TRA Party in respect of a particular Taxable Year under Section 3.1(a) in an
amount in excess of the amount of such payment that should have been made to such TRA Party in respect of such Taxable Year (taking into
account Section 3.3) under the terms of this Agreement, then such TRA Party shall not receive further payments under Section
3.1(a) until such TRA Party has foregone an amount of payments equal to such excess.

 

Section 3.6
Payment Schedule. The allocation of the payments hereunder in accordance with the Payment Schedule shall be binding on all TRA
Parties and shall be used by the Corporate Taxpayer for purposes of disbursement of any such payments. In making any payments or disbursements
pursuant to this Agreement, the Corporate Taxpayer shall be entitled to rely fully on the shares of the TRA Parties as set forth on the
Payment Schedule and shall not be liable to any TRA Party for the accuracy of the determination of such shares. Each of the TRA Parties
acknowledges and agrees that it has agreed to each Payment Schedule, as it may be amended from time to time in accordance with this Agreement.

 

ARTICLE
IV

 TERMINATION

 

Section 4.1 Early Termination and Breach of Agreement.

 

(a) The
Corporate Taxpayer may, with the prior written consent of the TRA Disinterested Majority, terminate this Agreement with respect to all
amounts payable to the TRA Parties and with respect to all of the Units held by the TRA Parties at any time by paying to the TRA Parties,
in accordance with their respective shares as set forth on the Payment Schedule, the Early Termination Payment due pursuant to Section
4.3 in respect of all TRA Parties; provided, however, that this Agreement shall only terminate upon the receipt of the
Early Termination Payment by all TRA Parties; provided further that the Corporate Taxpayer may withdraw any notice to execute its
termination rights under this Section 4.1(a) prior to the time at which any Early Termination Payment has been paid. Upon payment
of the Early Termination Payment to all of the TRA Parties, none of the TRA Parties or the Corporate Taxpayer shall have any further payment
obligations under this Agreement, other than for any (i) Tax Benefit Payment due and payable that remains unpaid as of the Early Termination
Date and (ii) Tax Benefit Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to
the extent that the amount described in clauses (i) or (ii) is included in the Early Termination Payment). If an Exchange occurs after
the Corporate Taxpayer makes all of the required Early Termination Payments, the Corporate Taxpayer shall have no obligations under this
Agreement with respect to such Exchange.

 

(b) In the event that the
Corporate Taxpayer (i) breaches any of its material obligations under this Agreement, or (ii)(A) the Corporate Taxpayer commences
any case, proceeding or other action (1) under any existing or future law of any jurisdiction, domestic or foreign, relating to
bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, seeking
to adjudicate it a bankrupt or insolvent or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution,
composition or other relief with respect to it or its debts or (2) seeking an appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part of its assets, or it shall make a general assignment
for the benefit of creditors or (B) there shall be commenced against the Corporate Taxpayer any case, proceeding or other action of
the nature referred to in clause (A) above that remains undismissed or undischarged for a period of 60 days, all obligations
hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the
date of such breach and shall include, but not be limited to, (x) the Early Termination Payments calculated as if an Early
Termination Notice had been delivered on the date of a breach, (y) any Tax Benefit Payment in respect of a TRA Party agreed to by
the Corporate Taxpayer and such TRA Party as due and payable but unpaid as of the date of a breach and (z) any Tax Benefit Payment
in respect of any TRA Party due for the Taxable Year ending with or including the date of a breach; provided that procedures
similar to the procedures of Section

4.2 shall apply with respect
to the determination of the amount payable by the Corporate Taxpayer pursuant to this sentence. Notwithstanding the foregoing, in the
event that the Corporate Taxpayer breaches this Agreement, each TRA Party shall be entitled to elect to receive the amounts set forth
in clauses (x), (y) and (z) above or to seek specific performance of the terms hereof. The parties hereto agree that the failure by the
Corporate Taxpayer to make any payment due pursuant to this Agreement within three months of the date such payment is due shall be deemed
to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to
be a breach of a material obligation under this Agreement by the Corporate Taxpayer to make a payment due pursuant to this Agreement within
three months of the date such payment is due. Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of
this Agreement by the Corporate Taxpayer if the Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that the
Corporate Taxpayer (I) has insufficient funds, or cannot make such payment as a result of obligations imposed in connection with any Senior
Obligations, and cannot take commercially reasonable actions to obtain sufficient funds, to make such payment or (II) would become insolvent
as a result of making such payment (in each case, as determined by the Board in good faith) (clauses (I) and (II) together, the “Liquidity
Exceptions”); provided that the interest provisions of Section 5.2 shall apply to such late payment; provided,
further, that if the Liquidity Exceptions apply and the Corporate Taxpayer declares or pays any dividend of cash to its shareholders
while any Tax Benefit Payment is due and payable and remains unpaid, then the Liquidity Exceptions shall no longer apply.

 

    -12-

     

    

 

(c) In the event of a
Change of Control, the Corporate Taxpayer shall provide written notice of such Change of Control to the TRA Parties in accordance
with the procedures set forth in Section 11.07 of the LLC Agreement and the TRA Party Representative shall have the option, upon
written notice to the Corporate Taxpayer, to cause acceleration of all unpaid payment obligations with respect to Units that have
been Exchanged prior to or in connection with such Change of Control, which shall be calculated as if an Early Termination Notice
had been delivered on the date of such Change of Control and shall include, without duplication, (i) the Early Termination Payments
calculated with respect to such TRA Parties as if the Early Termination Date is the date of such Change of Control, (ii) any Tax
Benefit Payment due and payable and that remains unpaid as of the date of such Change of Control and (iii) any Tax Benefit Payment
in respect of any TRA Party due for the Taxable Year ending with or including the date of such Change of Control. In the event of a
Change of Control, any Early Termination Payment described in the preceding sentence shall be calculated utilizing the assumptions
(i), (ii) and (iii) set forth in the definition of Valuation Assumptions, substituting, in each case, and in the lead-in to such
definition, the terms “date of a Change of Control” for an “Early Termination Date.” Any Exchanges with
respect to which a payment has been made under this Section 4.1(c) shall be excluded in calculating any future Tax Benefit
Payments or Early Termination Payments, and this Agreement shall have no further application to such Exchanges.

 

Section 4.2
Early Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination in accordance with Section
4.1(a), the Corporate Taxpayer shall deliver to each TRA Party a notice (“Early Termination Notice”) and a schedule
(the “Early Termination Schedule”) specifying the Corporate Taxpayer’s intention to exercise such right and showing
in reasonable detail the calculation of the Early Termination Payment(s) due for each TRA Party. Each Early Termination Schedule shall
become final and binding on all parties hereto 30 calendar days from the first date on which all TRA Parties are treated as having received
such Schedule or amendment thereto under Section 7.1 unless, prior to such 30th-calendar day, the TRA Party Representative
provides (a) the Corporate Taxpayer with notice of a material objection to such Schedule made in good faith (the “Material Objection
Notice”) or (b) a written waiver of such right of a Material Objection Notice, in which case such Schedule will become binding
on the date the waiver is received by the Corporate Taxpayer (the “Early Termination Effective Date”). If the Corporate
Taxpayer and the TRA Party Representative, for any reason, are unable to successfully resolve the issues raised in such notice within
30 calendar days after receipt by the Corporate Taxpayer of the Material Objection Notice, the Corporate Taxpayer and the TRA Party Representative
shall employ the Reconciliation Procedures in which case such Schedule shall become binding ten calendar days after the conclusion of
the Reconciliation Procedures.

 

Section 4.3 Payment Upon Early Termination.

 

(a) Within
three Business Days after the Early Termination Effective Date, the Corporate Taxpayer shall pay to the TRA Parties, in accordance with
their respective shares as set forth on the Payment Schedule, an amount equal to the Early Termination Payment in respect of all TRA Parties.
Such payment shall be made in cash by wire transfer of immediately available funds to a bank account or accounts designated by each TRA
Party or as otherwise agreed by the Corporate Taxpayer and such TRA Party.

 

(b) “Early
Termination Payment” in respect of a TRA Party means an amount equal to the present value, discounted at the Early
Termination Rate as of the applicable Early Termination Effective Date, of all Tax Benefit Payments in respect of such TRA Party
that would be required to be paid by the Corporate Taxpayer beginning from the Early Termination Date and assuming that (i) the
Valuation Assumptions in respect of such TRA Party are applied, (ii) for each Taxable Year, the Tax Benefit Payment is paid on the
due date, assuming an extension, of the U.S. federal income tax return of the Corporate Taxpayer and (iii) for purposes of
calculating the Early Termination Rate, LIBOR shall be LIBOR as of the date of the Early Termination Notice. For the avoidance of
doubt, an Early Termination Payment shall be made to each applicable TRA Party regardless of whether such TRA Party has exchanged
all of its Units as of the Early Termination Effective Date.

 

ARTICLE
V

 SUBORDINATION AND LATE PAYMENTS

 

Section 5.1
Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination
Payment required to be made by the Corporate Taxpayer to the TRA Parties under this Agreement shall rank (a) subordinate and junior in
right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness
for borrowed money of the Corporate Taxpayer and its Subsidiaries (“Senior Obligations”), (b) senior in right of payment
to any principal, interest or other amounts due and payable in respect of any Other Tax Receivable Obligation and (c) pari passu
with all current or future unsecured obligations of the Corporate Taxpayer that are not Senior Obligations or Other Tax Receivable Obligations.
To the extent that any payment under this Agreement is not permitted to be made at the time payment is due as a result of this Section
5.1 and the terms of agreements governing Senior Obligations, such payment obligation nevertheless shall accrue for the benefit of
TRA Parties and the Corporate Taxpayer shall make such payments at the first opportunity that such payments are permitted to be made in
accordance with the terms of the Senior Obligations and Section 5.2 shall apply to such payment. To the extent the Corporate Taxpayer
or its Subsidiaries (including OpCo and its Subsidiaries) incur, create or assume any Senior Obligations from and after the date hereof,
the Corporate Taxpayer shall, and shall cause its Subsidiaries to, endeavor in good faith to ensure that such indebtedness permits the
amounts payable hereunder to be paid.

 

    -13-

     

    

 

Section 5.2 Late
Payments by the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment or Early Termination Payment not made
by the Corporate Taxpayer to the TRA Parties when due under the terms of this Agreement, whether as a result of Section 5.1 or
otherwise, shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which such
Tax Benefit Payment or Early Termination Payment was due and payable.

 

ARTICLE VI

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section 6.1
Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters. Except as otherwise provided in this Agreement, the
BCA or the LLC Agreement, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning
the Corporate Taxpayer and OpCo, including the preparation, filing or amending of any Tax Return and defending, contesting or settling
any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify the TRA Party Representative in writing
of the commencement of, and keep the TRA Party Representative reasonably informed with respect to, the portion of any audit of the Corporate
Taxpayer and OpCo or any of OpCo’s Subsidiaries by a Taxing Authority the outcome of which is reasonably expected to affect the
rights and obligations of a TRA Party under this Agreement, and shall provide to the TRA Party Representative reasonable opportunity to
participate in or provide information and other input to the Corporate Taxpayer, OpCo and their respective advisors concerning the conduct
of any such portion of such audit; provided, however, that the Corporate Taxpayer and OpCo shall not be required to take
any action that is inconsistent with any provision of the LLC Agreement.

 

Section 6.2 Consistency.
The Corporate Taxpayer and the TRA Parties agree to report and cause to be reported for all purposes, including United States federal,
state and local Tax purposes and financial reporting purposes, all Tax-related items (including the Basis Adjustments and each Tax Benefit
Payment) in a manner consistent with that set forth in this Agreement or specified by the Corporate Taxpayer in any Schedule (or Amended
Schedule, as applicable) required to be provided by or on behalf of the Corporate Taxpayer under this Agreement that is final and binding
on the parties hereto unless otherwise required by law. The Corporate Taxpayer shall (and shall cause OpCo and its other Subsidiaries
to) use commercially reasonable efforts (which, for the avoidance of doubt, shall include taking into account the interests and entitlements
of all TRA Parties under this Agreement) to defend the Tax treatment contemplated by this Agreement and any Schedule (or Amended Schedule,
as applicable) in any audit, contest or similar proceeding with any Taxing Authority.

 

Section 6.3 Cooperation.
Each of the TRA Parties shall (a) furnish to the Corporate Taxpayer in a timely manner such information, documents and other
materials as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or
appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any
Taxing Authority, (b) make itself available to the Corporate Taxpayer and its representatives to provide explanations of documents
and materials and such other information as the Corporate Taxpayer or its representatives may reasonably request in connection with
any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the Corporate
Taxpayer shall reimburse each such TRA Party for any reasonable third-party costs and expenses incurred pursuant to this Section
6.3.

 

    -14-

     

    

 

ARTICLE VII

MISCELLANEOUS

 

Section 7.1 Notices.
All notices and other communications among the parties hereto shall be in writing and shall be deemed to have been duly given (a)
when delivered in person, (b) when delivered after posting in the United States mail having been sent registered or certified mail
return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized overnight delivery service or
(d) when delivered by email or other electronic transmission (in each case in this clause (d), solely if receipt is confirmed), at
the following address (or to such other address for a party as shall be specified in a notice given in accordance with this Section
7.1):

 

		(i)	If to the Corporate Taxpayer, to:

 

OPAL Fuels Inc.

One North Lexington Avenue, Suite 1450

White Plains, NY 10601

	 	Attention:	 John H. Coghlin, General Counsel
	 	Email: 	jcoghlin@opalfuels.com

 

with copies (which shall not constitute notice) to:

 

c/o Fortistar

One North Lexington Avenue, 14th Floor

White Plains,
NY 10601

Attention: General Counsel

	 	Email:  	noticeofficer@fortistar.com
	 	 	noticeofficer@opalfuels.com

 

and

 

Sheppard, Mullin, Richter & Hampton LLP

30 Rockefeller
Plaza

New York, New York 10112

Attention: Andrew M. Felner

John H. Booer

	 	Email:  	afelner@sheppardmullin.com
	 	 	jbooher@ sheppardmullin.com

 

		(ii)	If to the TRA Party Representative, to: 

 

Opal HoldCo LLC

One North Lexington Avenue, Suite 1450

White Plains,
NY 10601

	 	Attention:  	John H. Coghlin, General Counsel
	 	Email: 	jcoghlin@opalfuels.com

 

with copies (which shall not constitute notice) to:

 

c/o Fortistar

One North Lexington Avenue, 14th Floor

White Plains,
NY 10601

Attention: General Counsel

	 	Email :	 noticeofficer@fortistar.com
	 	 	noticeofficer@opalfuels.com

 

and

 

Sheppard, Mullin, Richter & Hampton LLP

30 Rockefeller
Plaza

New York, New York 10112 

	 	Attention:  	Andrew M. Felner
	 	 	John H. Booer
	 	Email:  	afelner@sheppardmullin.com
	 	 	jbooher@ sheppardmullin.com

 

		(iii)	If to the TRA Parties, to the address set forth in the records
of OpCo from time to time.

 

    -15-

     

    

 

Section 7.2
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement
and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties
hereto, it being understood that all parties hereto need not sign the same counterpart. Delivery of an executed signature page to this
Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

 

Section 7.3
Entire Agreement; Third Party Beneficiaries. This Agreement (together with all Schedules to this Agreement), the BCA (together
with the Ancillary Documents), the LLC Agreement and that certain Mutual Confidentiality Agreement, dated as of May 24, 2021, by and betweenOpCo
and the Corporate Taxpayer constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral,
among the parties hereto with respect to the subject matter hereof. Nothing in this Agreement, express or implied, is intended to or shall
confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 7.4 Governing
Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard to the
conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction.

 

Section 7.5 Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other
terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions
contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

Section 7.6 Successors; Assignment; Amendments; Waivers.

 

(a) Each TRA Party may
assign any of its rights under this Agreement to any Person as long as such transferee has executed and delivered, or, in connection
with such transfer, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory to the
Corporate Taxpayer (the “Joinder Requirement”), agreeing to become a TRA Party for all purposes of this
Agreement. Further, in the event that any Series A Preferred Units are converted into Common Units (as defined in the Series A
Preferred Certificate of Designations) pursuant to Section 6(d)(i) of that certain Certificate of Designations of Series A Preferred
Units of OpCo, dated as of November 29, 2021 (the “Series A Preferred Certificate of Designations”), the holders
of such converted Series A Preferred Units may agree to become a TRA Party for all purposes of this Agreement by executing and
delivering a joinder to this Agreement, in form and substance reasonably satisfactory to the Corporate Taxpayer. For the avoidance
of doubt, if a TRA Party transfers Units in accordance with the terms of the LLC Agreement but does not assign to the transferee of
such Units its rights under this Agreement with respect to such transferred Units, such TRA Party shall continue to be entitled to
receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such Units and such transferee may not enforce the
provisions of this Agreement. Notwithstanding any other provision of this Agreement, an assignee of only rights to receive a Tax
Benefit Payment in connection with an Exchange has no rights under this Agreement other than to enforce its right to receive a Tax
Benefit Payment pursuant to this Agreement. The Corporate Taxpayer may not assign any of its rights or obligations under this
Agreement to any Person (other than in connection with a Mandatory Assignment) without the prior written consent of the TRA Party
Representative (not to be unreasonably withheld, conditioned or delayed). Any purported assignment in violation of the terms of this Section
7.6 shall be null and void.

 

(b) No
provision of this Agreement may be amended unless such amendment is approved in writing by the Corporate Taxpayer (as determined by the
TRA Disinterested Majority) and by the TRA Party Representative and no provision of this Agreement may be waived unless such waiver is
in writing and signed by the party against whom the waiver is to be effective (or, in the case of a waiver by all TRA Parties, signed
by the TRA Party Representative); provided that no such amendment or waiver shall be effective if such amendment or waiver will
have a disproportionate and adverse effect on the payments certain TRA Parties will or may receive under this Agreement unless such amendment
or waiver is consented in writing by the TRA Parties disproportionately and adversely affected who would be entitled to receive at least
majority of the total amount of the Early Termination Payments payable to all TRA Parties disproportionately and adversely affected hereunder
if the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange prior to such amendment
or waiver (excluding, for purposes of this sentence, all payments made to any TRA Party pursuant to this Agreement since the date of such
most recent Exchange).

 

    -16-

     

    

 

(c) This
Agreement and all of the terms and provisions of this Agreement shall be binding upon, shall inure solely to the benefit of and shall
be enforceable by each of the parties hereto and their respective successors, permitted assigns, heirs, executors, administrators and
legal representatives. The Corporate Taxpayer shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation
or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume
and agree to perform this Agreement in the same manner and to the same extent that the Corporate Taxpayer would be required to perform
if no such succession had taken place (any such assignment, a “Mandatory Assignment”).

 

Section 7.7 Titles
and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

 

Section 7.8 Waiver of Jury Trial, Jurisdiction.

 

(a) EACH PARTY TO THIS
AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG
ANY OF THE PARTIES HERETO (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO
THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES HEREUNDER.
THE PARTIES HERETO FURTHER REPRESENT AND WARRANT THAT EACH HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

(b) Subject
to Section 7.9, each of the parties hereto submits to the exclusive jurisdiction of first, the Chancery Court of the State of Delaware
or if such court declines jurisdiction, then to the Federal District Court for the District of Delaware, in any action, suit or proceeding
arising out of or relating to this Agreement, agrees that all claims in respect of such action, suit or proceeding shall be heard and
determined in any such court and agrees not to bring any action, suit or proceeding arising out of or relating to this Agreement in any
other courts. Nothing in this Section 7.8, however, shall affect the right of any party hereto to serve legal process in any other
manner permitted by law or at equity. Each party hereto agrees that a final judgment in any action, suit or proceeding so brought shall
be conclusive and may be enforced by suit on the judgment or in any other manner provided by law or at equity. The parties hereto hereby
waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction
or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in this Section 7.8
and the parties hereto agree not to plead or claim the same.

 

Section 7.9 Reconciliation.
In the event that the Corporate Taxpayer and the TRA Party Representative are unable to resolve a disagreement with respect to the
matters (a) governed by Section 2.3 and Section 4.2 or (b) described in the definition of “LIBOR” within
the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be
submitted for determination to a nationally recognized expert (the “Expert”) in the particular area of
disagreement mutually acceptable to both the Corporate Taxpayer and the TRA Party Representative. The Expert shall be a partner or
principal in a nationally recognized accounting or law firm, and unless the Corporate Taxpayer and the TRA Party Representative
agree in writing otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship
with the Corporate Taxpayer or the TRA Party Representative or other actual or potential conflict of interest. If the Corporate
Taxpayer and the TRA Party Representative are unable to agree on an Expert within 15 calendar days of receipt by the respondent(s)
of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for
Expertise. The Expert shall resolve any matter relating to the Basis Schedule or an amendment thereto or the Early Termination
Schedule or an amendment thereto within 30 calendar days and shall resolve any matter relating to a Tax Benefit Schedule or an
amendment thereto within 15 calendar days or as soon thereafter as is reasonably practicable, in each case, after the matter has
been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any
payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the
subject of a disagreement is due, the undisputed amount shall be paid on the date prescribed by this Agreement and such Tax Return
may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses
relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer except as provided in
the next sentence. The Corporate Taxpayer and the TRA Party Representative shall bear their own respective costs and expenses of
such proceeding, unless (i) the Expert adopts the TRA Party Representative’s position, in which case the Corporate Taxpayer
shall reimburse the TRA Party Representative for any reasonable out-of-pocket costs and expenses in such proceeding or (ii) the
Expert adopts the Corporate Taxpayer’s position, in which case the TRA Party Representative shall reimburse the Corporate
Taxpayer for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a
Reconciliation Dispute within the meaning of this Section 7.9 shall be decided by the Expert. The Expert shall finally
determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.9 shall be binding on
the Corporate Taxpayer and each of the TRA Parties and may be entered and enforced in any court having jurisdiction.

 

    -17-

     

    

 

Section 7.10 Withholding.
The Corporate Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the
Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state,
local or foreign tax law; provided, however, that the Corporate Taxpayer shall use commercially reasonable efforts to notify
and shall reasonably cooperate with the applicable TRA Party prior to the making of such deductions and withholding payments to determine
whether any such deductions or withholding payments (other than any deduction or withholding required by reason of such TRA Party’s
failure to comply with the last sentence of this Section 7.10) are required under applicable law and in obtaining any available
exemption or reduction of, or otherwise minimizing to the extent permitted by applicable law, such deduction and withholding. To the extent
that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld amounts shall
be treated for all purposes of this Agreement as having been paid to the Person in respect of whom such withholding was made. Each TRA
Party shall promptly provide the Corporate Taxpayer with any applicable Tax forms and certifications (including IRS Form W-9 or the applicable
version of IRS Form W- 8) reasonably requested by the Corporate Taxpayer in connection with determining whether any such deductions and
withholdings are required under the Code or any provision of state, local or foreign tax law and shall promptly provide an update of any
such Tax form or certification previously delivered if the same has become incorrect or has expired.

 

Section 7.11 Admission
of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets.

 

(a) If
the Corporate Taxpayer is or becomes a member of an affiliated, consolidated, combined or unitary group of corporations that files a consolidated,
combined or unitary income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state or local
Tax law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments,
Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated, combined or unitary
taxable income of the group as a whole.

 

(b) If any Person the
income of which is included in the income of the Corporate Taxpayer or the Corporate Taxpayer’s affiliated or consolidated
group transfers one or more assets to a corporation (or a Person classified as a corporation for U.S. federal income tax purposes)
with which such entity does not file a consolidated Tax Return pursuant to Section 1501 of the Code or any corresponding provisions
of state or local Tax law, such Person, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination
Payment due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such
transfer. The consideration deemed to be received in a transaction contemplated in the prior sentence shall be equal to the fair
market value of the deemed transferred asset, plus (i) the amount of debt to which such asset is subject, in the case of a transfer
of an encumbered asset or (ii) the amount of debt allocated to such asset, in the case of a transfer of a partnership interest. The
transactions described in this Section 7.11(b) shall be taken into account in determining the Realized Tax Benefit or
Realized Tax Detriment, as applicable, for such Taxable Year based on the income, gain or loss deemed allocated to the Corporate
Taxpayer using the Non- Stepped Up Tax Basis of the Reference Assets in calculating its Hypothetical Tax Liability for such Taxable
Year and using the actual Tax basis of the Reference Assets in calculating its Actual Tax Liability, determined using the
“with and without” methodology. Thus, for example, in determining the Hypothetical Tax Liability of the Corporate
Taxpayer, the taxable income of the Corporate Taxpayer shall be determined by treating OpCo as having sold the applicable Reference
Asset for its fair market value, recovering any basis applicable to such Reference Asset (using the Non-Stepped Up Tax Basis), while
the Actual Tax Liability of the Corporate Taxpayer would be determined by recovering the actual Tax basis of the Reference Asset
that reflects any Basis Adjustments. For purposes of this Section 7.11, a transfer of a partnership interest shall be treated
as a transfer of the transferring partner’s share of each of the assets and liabilities of that partnership.

 

Section 7.12 Confidentiality.

 

(a) Each
TRA Party and each of their respective assignees acknowledges and agrees that the information of the Corporate Taxpayer is confidential
and, except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal
process or to enforce the terms of this Agreement, such Person shall keep and retain in confidence in accordance with this Agreement,
and not disclose to any Person, any confidential matters acquired pursuant to this Agreement of the Corporate Taxpayer and its Affiliates
and successors, concerning OpCo and its Affiliates and successors or members, learned by such TRA Party heretofore or hereafter. This
Section 7.12 shall not apply to (i) any information that has been made publicly available by the Corporate Taxpayer or any of its
Affiliates, becomes public knowledge (except as a result of an act of a TRA Party in violation of this Agreement) or is generally known,
(ii) the disclosure of information to the extent necessary for a TRA Party to assert its rights hereunder or defend itself in connection
with any action or proceeding arising out of, or relating to, this Agreement, (iii) any information that was in the possession of, or
becomes available to, a TRA Party from a source other than the Corporate Taxpayer, its Affiliates or its or their respective representatives
(provided that such source is not known by such TRA Party to be bound by a legal, contractual or fiduciary confidentiality obligation
not to disclose such information) and (iv) the disclosure of information to the extent necessary for a TRA Party to prepare and file its
Tax Returns, to respond to any inquiries regarding the same from any governmental or taxing authority or to prosecute or defend any action,
proceeding or audit by any governmental or taxing authority with respect to such returns. Notwithstanding anything to the contrary herein,
each TRA Party and each of its respective assignees (and each employee, representative or other agent of such TRA Party or its assignees,
as applicable) may disclose to any and all Persons the tax treatment and tax structure of the Corporate Taxpayer, OpCo and their respective
Affiliates, and any of their respective transactions, and all materials of any kind (including opinions or other tax analyses) that are
provided to such TRA Party relating to such tax treatment and tax structure.

 

    -18-

     

    

 

(b) If
a TRA Party or an assignee thereof commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.12,
the Corporate Taxpayer shall have the right and remedy to seek to have the provisions of this Section 7.12 specifically enforced
by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security. Such rights
and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity.

 

Section 7.13
Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law, a TRA
Party reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment
under this Agreement) recognized by the TRA Party upon any Exchange by such TRA Party to be treated as ordinary income rather than capital
gain (or otherwise taxed at ordinary income rates) for United States federal income tax purposes or would have other material adverse
tax consequences to such TRA Party, then at the election of such TRA Party and to the extent specified by such TRA Party, this Agreement
(a) shall cease to have further effect with respect to such TRA Party, (b) shall not apply to an Exchange by such TRA Party occurring
after a date specified by such TRA Party or (c) shall otherwise be amended in a manner determined by such TRA Party; provided that
such amendment shall not result in an increase in payments under this Agreement at any time as compared to the amounts and times of payments
that would have been due in the absence of such amendment.

 

Section 7.14
Independent Nature of TRA Parties’ Rights and Obligations. The obligations of each TRA Party hereunder are several and not
joint with the obligations of any other TRA Party, and no TRA Party shall be responsible in any way for the performance of the obligations
of any other TRA Party hereunder. The decision of each TRA Party to enter into this Agreement has been made by such TRA Party independently
of any other TRA Party. Nothing contained herein, and no action taken by any TRA Party pursuant hereto, shall be deemed to constitute
the TRA Parties as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the TRA Parties
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the Corporate
Taxpayer acknowledges that the TRA Parties are not acting in concert or as a group, and the Corporate Taxpayer will not assert any such
claim, with respect to such obligations or the transactions contemplated hereby.

 

Section 7.15 TRA Party Representative.

 

(a) Without
further action of any of the Corporate Taxpayer, the TRA Party Representative or any TRA Party, and as partial consideration in respect
of the benefits conferred by this Agreement, the TRA Party Representative is hereby irrevocably constituted and appointed as the TRA Party
Representative, with full power of substitution, to take any and all actions and make any decisions required or permitted to be taken
by the TRA Party Representative under this Agreement.

 

(b) If at any time the TRA
Party Representative shall incur any out-of-pocket expenses in connection with the exercise of its duties hereunder, upon written
notice to the Corporate Taxpayer from the TRA Party Representative of documented costs and expenses (including fees and
disbursements of counsel and accountants) incurred by the TRA Party Representative in connection with the performance of its rights
or obligations under this Agreement and the taking of any and all actions in connection therewith, the Corporate Taxpayer shall
reduce the future payments (if any) due to the TRA Parties hereunder pro rata by the amount of such expenses which it shall
instead remit directly to the TRA Party Representative. In connection with the performance of its rights and obligations under this
Agreement and the taking of any and all actions in connection therewith, the TRA Party Representative shall not be required to
expend any of its own funds (though, for the avoidance of doubt, but without limiting the provisions of this Section 7.15(b),
it may do so at any time and from time to time in its sole discretion).

 

(c) The
TRA Party Representative shall not be liable to any TRA Party for any act of the TRA Party Representative arising out of or in connection
with the acceptance or administration of its duties under this Agreement, except to the extent any liability, loss, damage, penalty, fine,
cost or expense is actually incurred by such TRA Party as a proximate result of the bad faith or willful misconduct of the TRA Party Representative
(it being understood that any act done or omitted pursuant to the advice of legal counsel shall be conclusive evidence of good faith judgment).
The TRA Party Representative shall not be liable for, and shall be indemnified by the TRA Parties (on a several but not joint basis) for,
any liability, loss, damage, penalty or fine incurred by the TRA Party Representative (and any cost or expense incurred by the TRA Party
Representative in connection therewith and herewith and not previously reimbursed pursuant to Section 7.15(b)) arising out of or
in connection with the acceptance or administration of its duties under this Agreement, and such liability, loss, damage, penalty, fine,
cost or expense shall be treated as an expense subject to reimbursement pursuant to the provisions of Section 7.15(b), except to
the extent that any such liability, loss, damage, penalty, fine, cost or expense is the proximate result of the bad faith or willful misconduct
of the TRA Party Representative (it being understood that any act done or omitted pursuant to the advice of legal counsel shall be conclusive
evidence of good faith judgment); provided, however, in no event shall any TRA Party be obligated to indemnify the TRA Party
Representative hereunder for any liability, loss, damage, penalty, fine, cost or expense to the extent (and only to the extent) that the
aggregate amount of all liabilities, losses, damages, penalties, fines, costs and expenses indemnified by such TRA Party hereunder is
or would be in excess of the aggregate payments under this Agreement actually remitted to such TRA Party.

 

(d) Subject
to Section 7.6(b), a decision, act, consent or instruction of the TRA Party Representative shall constitute a decision of all TRA
Parties and shall be final, binding and conclusive upon each TRA Party, and the Corporate Taxpayer may rely upon any decision, act, consent
or instruction of the TRA Party Representative as being the decision, act, consent or instruction of each TRA Party. The Corporate Taxpayer
is hereby relieved from any liability to any Person for any acts done by the Corporate Taxpayer in accordance with any such decision,
act, consent or instruction of the TRA Party Representative.

 

[Remainder of Page Intentionally Left Blank]

 

    -19-

     

    

 

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement as of the date first written above.

 

	 	CORPORATE TAXPAYER:
	 	 
	 	OPAL FUELS INC.
	 	 	 
	 	By:  	/s/ Jonathan Maurer
	 	Name:	Jonathan Maurer
	 	Title:	Co-Chief Executive Officer

 

[Signature Page to Tax Receivable Agreement]

 

    -20-

     

    

 

	 	TRA PARTY REPRESENTATIVE:
	 	 
	 	OPAL HOLDCO LLC
	 	 
	 	By: Fortistar Renewables LLC, its Manager
	 	 	 	 
	 	By:  	/s/ Scott Contino
	 	 	Name:	Scott Contino
	 	 	Title:	Chief Financial Officer

 

[Signature Page to Tax Receivable Agreement]

 

    -21-

     

    

 

	 	TRA PARTIES:
	 	 
	 	OPAL HOLDCO LLC
	 	 
	 	By: Fortistar Renewables LLC, its Manager
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Scott Contino
	 	 	Name:	Scott Contino
	 	 	Title:	Chief Financial Officer

 

[Signature Page to
Tax Receivable Agreement]

 

    -22-

     

    

 

	 	HILLMAN RNG INVESTMENTS, LLC
	 	 
	 	By: Hillman Power Company L.L.C., its

 Managing Member
	 	 
	 	 	 	 
	 	By:	/s/ Scott Contino
	 	 	Name:	Scott Contino
	 	 	Title:	Chief Financial Officer

 

[Signature Page to
Tax Receivable Agreement]

 

 

-23-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]