Document:

Exhibit
10.2

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (“Agreement”) is made and entered into by and between Hyliion Holdings Corp., a
Delaware corporation, (the “Company”), and Patrick Sexton (“Employee”), and
shall be effective as of the Effective Date, as defined below. This Agreement is intended to terminate and supersede any employment
agreement, offer letter or other employment-related agreement by and between Employee and the Company, any Company subsidiary
or predecessor entity, including, without limitation, the offer letter provided to Employee by Hyliion Inc. (“Hyliion”)
on May 22, 2019 (the “Original Agreement”), unless otherwise specifically noted herein.

 

RECITALS

 

WHEREAS, pursuant
to that certain Business Combination Agreement, dated as of June 18, 2020 (the “Merger Agreement”),
by and among Tortoise Acquisition Corp., a Delaware corporation (“TortoiseCorp”), SHLL Merger Sub Inc.,
a Delaware corporation (“Merger Sub”), and Hyliion, on October 1, 2020, Merger Sub merged with and into
Hyliion, and Hyliion continued as the surviving corporation and a wholly owned subsidiary of TortoiseCorp (the “Merger”);
and

 

WHEREAS, as
contemplated by the Merger Agreement, the Company and Employee desire to enter into this Agreement on the terms and subject to
the conditions set forth herein, effective as of October 1, 2020 (the “Effective Date”).

 

NOW,
THEREFORE, in consideration of the above recitals incorporated herein and the mutual covenants and premises contained herein
and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties
agree as follows:

 

1. Employment.
During the Employment Period (as defined in Section 4), the Company shall employ Employee, and Employee shall serve, as
Chief Technology Officer of the Company and in such other position or positions as may be assigned from time to time by the Chief
Executive Officer (“CEO”) of the Company or as otherwise designated by the board of directors of the
Company (the “Board”).

 

2. Duties
and Responsibilities of Employee.

 

(a) Employee
shall, during the Employment Period, devote Employee’s best efforts and full business time and attention to the businesses
of the Company and its direct and indirect subsidiaries as may exist from time to time (collectively, the Company and its current
and future wholly owned direct and indirect subsidiaries are referred to as the “Company Group”) as
may be requested by the CEO from time to time.  Employee’s duties and responsibilities shall include those normally
incidental to the position(s) identified in Section 1, as well as such additional duties as may be assigned to Employee
by the CEO from time to time, which duties and responsibilities may include providing services to other members of the Company
Group in addition to the Company. Employee shall report to the CEO. Employee may, without violating this Section 2(a),
(i) as a passive investment, own publicly-traded securities in such form or manner as will not require any services by Employee
in the operation of the entities in which such securities are owned; or (ii) engage in outside activities provided (x) such activities
(including but not limited to membership on boards of directors of for-profit organizations), so long as such ownership interests
or activities do not interfere with Employee’s ability to fulfill Employee’s duties and responsibilities under this
Agreement and are not inconsistent with Employee’s obligations to any member of the Company Group or competitive with the
business of any member of the Company Group; and (y) Employee gives written notice to the CEO of any significant outside business
activity in which Employee plans to become involved, if such activity is pursued for profit. Notwithstanding the foregoing, Employee
will not serve as a member on any Board of Directors (or similar body) of any for-profit organization without first obtaining
the express written approval of the CEO. Employee has listed, in Exhibit A attached hereto, a complete list of all such entities
and/or organizations that may be implicated by this Section 2, which shall be deemed approved by the CEO.

 

     

     

    

 

(b) Employee
hereby represents and warrants that Employee is not the subject of, or a party to, any non-competition, non-solicitation, restrictive
covenant or non-disclosure agreement, or any other agreement, obligation, restriction or understanding that would prohibit Employee
from executing this Agreement or fully performing each of Employee’s duties and responsibilities hereunder, or would in
any manner, directly or indirectly, limit or affect any of the duties and responsibilities assigned to Employee hereunder. Employee
expressly acknowledges and agrees that Employee is strictly prohibited from using or disclosing any confidential information belonging
to any prior employer in the course of performing services for any member of the Company Group, and Employee promises that Employee
shall not do so. Employee shall not introduce documents or other materials containing confidential information of any prior employer
to the premises or property (including computers and computer systems) of any member of the Company Group.

 

(c) Employee
owes each member of the Company Group fiduciary duties (including (i) duties of loyalty and disclosure and (ii) such fiduciary
duties that an officer of the Company would have if the Company were a corporation organized under the laws of the State of Delaware),
and the obligations described in this Agreement are in addition to, and not in lieu of, the obligations Employee owes each member
of the Company Group under statutory and common law.

 

3. Compensation.

 

(a) Base
Salary. During the Employment Period, the Company shall pay to Employee an annualized base salary of $450,000 (the “Base
Salary”) in consideration for Employee’s services under this Agreement, payable in substantially equal installments
in conformity with the Company’s customary payroll practices for similarly situated employees as may exist from time to
time, but no less frequently than monthly. Employee’s Base Salary will be reviewed annually by the CEO based on the performance
of the Employee and the Company. The CEO may, but will not be required to, increase the Base Salary during the Initial and any
Renewal Term.

 

(b) Cash
Bonus. Employee shall be eligible for discretionary cash bonuses, from time to time, at the Board’s discretion.

 

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(c) Equity
Awards.

 

(i) Subject
to the approval of the Compensation Committee of the Board (the “Compensation Committee”), Employee
will be granted annual time-vested restricted stock unit awards (each, a “Time-Vested Award”) and a
one-time performance-based restricted stock unit award (a “Performance Award”) as soon as administratively
practicable following the effective registration of the securities reserved for issuance under the Company’s 2020 Equity
Incentive Plan (the “2020 Plan”) on a Form S-8 registration statement pursuant to the Securities Act
of 1933, as amended (the “Form S-8”). Notwithstanding anything to the contrary in this Agreement, the
Time-Vested Award and the Performance Award will not be deemed granted unless and until (i) the Form S-8 has become effective
and (ii) the vesting schedule and all other material terms of such equity awards have been approved by the Compensation Committee.
Employee acknowledges and agrees that the actual grant dates for future Time-Vested Awards shall be determined by the Compensation
Committee and may be coordinated with the grant dates for Time-Vested Awards granted to other employees.

 

(ii)
The first annual Time-Vested Award will cover 125,000 shares of the Company’s common stock, and each subsequent annual Time-Vested
Award will cover such number of shares of the Company’s common stock valued at $1,250,000 as of the grant date, disregarding
any fractional share amounts; provided, that for purposes of determining the number of shares to be issued in connection with
each annual grant, the Company’s common stock shall in no event be valued below $10 per share, and the Board or Compensation
Committee may reduce the amount of any annual Time-Vested Award in connection with a general reduction in Time-Vested Awards that
affects all similarly situated executives of the Company in substantially the same proportions. Each Time-Vested Award will vest
over a four-year period, with 25% of the Time-Vested Award vesting on the one-year anniversary of (x) the first Quarterly Vesting
Date following October 1, 2020 for the first annual Time-Vested Award, and (y) the first Quarterly Vesting Date following the
grant date for each subsequent annual Time-Vested Award, and 6.25% of such Time-Vested Award vesting on each Quarterly Vesting
Date thereafter, subject to Employee remaining in Continuous Service (as defined in the 2020 Plan) through each applicable vesting
date. For purposes of this Agreement, “Quarterly Vesting Dates” with respect to any calendar year means
February 15, May 15, August 15, and November 15, provided, to the extent any of such dates occurs on a weekend day or U.S. federal
holiday, the Quarterly Vesting Date will be deemed to occur instead on the immediately following day that is not a weekend day
or U.S. federal holiday. 

 

(iii) The
Performance Award will cover 500,000 shares of the Company’s common stock. The Performance Award will vest based upon the
achievement of objective performance criteria, as determined by the Compensation Committee in its sole and absolute discretion
prior to the date of grant of the Performance Award, during the period from the Effective Date through December 31, 2025, subject
to Employee remaining in Continuous Service through each applicable vesting date.

 

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(iv) In
the event of a Change in Control (as defined in the 2020 Plan), unless determined otherwise by the Board or the Compensation Committee,
with the consent of Employee, prior to such Change in Control, and provided Employee remains in Continuous Service through immediately
prior to such Change in Control, the Performance Award will vest immediately prior to the Change in Control based upon the actual
achievement of the applicable performance vesting criteria to which the Performance Award is subject (measured as of immediately
prior to the Change in Control), taking into account performance through the latest date preceding the Change in Control as to
which performance can, as a practical matter, be determined (but not later than the end of the applicable performance period).
For clarity, any portion of the Performance Award that has not vested as of immediately prior to a Change in Control (after taking
into account the vesting treatment contemplated in the immediately preceding sentence) will be forfeited without cost to the Company,
unless otherwise determined by the Board or the Compensation Committee prior to such Change in Control. In addition, if the
Time-Vested Award is not assumed, substituted for or otherwise continued by the successor corporation (or a parent or subsidiary
thereof) in the event of a Change in Control, or if this Agreement is not assumed or replaced with a substantially similar
(or more beneficial) employment agreement (excluding performance-based equity awards) by the successor corporation (or a parent
or subsidiary thereof) in the event of a Change in Control, the Time-Vested Award will fully vest and will be settled immediately
prior to the consummation of such Change in Control, subject to Employee remaining in Continuous Service through immediately prior
to such Change in Control. The terms of this Agreement shall be reflected in such award agreement, and in the event of any
conflict between the terms of such award agreement and this Agreement, the terms of such award agreement shall govern and control
only if it has been executed by Employee.

 

(v) Each
of the Time-Vested Award and the Performance Award will be granted under and subject to the terms and conditions of the 2020 Plan
and an appropriate form of award agreement approved by the Board or the Compensation Committee for use thereunder. The terms of
this Agreement shall be reflected in such award agreement, and in the event of any conflict between the terms of such award agreement
and this Agreement, the terms of such award agreement shall govern and control only if it has been executed by Employee.

 

(vi) Employee
and the Company hereby acknowledge and agree that the consummation of the Merger did not constitute a “Change in Control”
(as defined in the Company’s 2016 Equity Incentive Plan (the “2016 Plan”)) for the purposes of
any vesting acceleration provision that applies to stock options or any other Company equity compensation awards granted to Employee
under the 2016 Plan.

 

4. Term
of Employment. The initial term of Employee’s employment under this Agreement shall be for the period beginning
on the Effective Date and ending on the third (3rd) anniversary of the Effective Date (the “Initial Term”).
On the third (3rd) anniversary of the Effective Date and on each subsequent anniversary thereafter, the term
of Employee’s employment under this Agreement shall automatically renew and extend for a period of twelve (12) months (each
such twelve (12)-month period being a “Renewal Term”) unless written notice of non-renewal is delivered
by either party to the other not less than one hundred eighty (180) days prior to the expiration of the then-existing Initial
Term or Renewal Term, as applicable. Notwithstanding any other provision of this Agreement, Employee’s employment pursuant
to this Agreement may be terminated at any time in accordance with Section 7. The period from the Effective Date through
the expiration of this Agreement or, if sooner, the termination of Employee’s employment pursuant to this Agreement, regardless
of the time or reason for such termination, shall be referred to herein as the “Employment Period.”

 

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5. Business
Expenses. Subject to Section 22, the Company shall reimburse Employee for Employee’s reasonable out-of-pocket
business-related expenses actually incurred in the performance of Employee’s duties under this Agreement so long as Employee
timely submits all documentation for such expenses, as required by Company policy in effect from time to time. Any such reimbursement
of expenses shall be made by the Company in accordance with the Company’s expense reimbursement policy as in effect from
time to time following the receipt of such documentation. In no event shall any reimbursement be made to Employee for any expenses
incurred after the date of Employee’s termination of employment with the Company.

 

6. Benefits.
During the Employment Period, Employee shall be eligible to participate in the same benefit plans and programs in which other
similarly situated Company employees are eligible to participate, subject to the terms and conditions of the applicable plans
and programs in effect from time to time. The Company shall not, however, by reason of this Section 6, be
obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such plan or policy, so long as such
changes are similarly applicable to similarly situated Company employees generally.

 

7. Termination
of Employment.

 

(a) Company’s
Right to Terminate Employee’s Employment for Cause. The Company shall have the right to terminate Employee’s
employment hereunder at any time for Cause. For purposes of this Agreement, “Cause” shall mean:

 

(i) Employee’s
material breach of this Agreement (including, but not limited to his/her willful failure or refusal to follow any lawful directive
of the Board) or any other written agreement between Employee and one or more members of the Company Group;

 

(ii) Employee
is convicted of, or pleads guilty or nolo contendere to, any felony, or any misdemeanor involving moral turpitude, in either
case other than related to a motor vehicle violation;

 

(iii)
Employee’s intentional or grossly negligent act of fraud or dishonesty against the Company or a member of the Company Group,
which causes or can reasonably be expected to cause material loss, damage or injury to the property or reputation of the Company
or a Company Group member; or

 

(iv) Employee’s
breach of any written policy or code of conduct established by a member of the Company Group and applicable to Employee, which
causes or can reasonably be expected to cause material loss, damage or injury to the property or reputation of the Company or
a Company Group member.

 

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Notwithstanding
the foregoing, it shall be a condition precedent to the Company’s right to terminate Employee’s employment for Cause
under Section 7(a)(i), (iii), (iv), or (v) that the Company: (x) first have given Employee written notice stating with specificity
the reason for the termination (“Breach”), and (y) if such Breach is susceptible of cure or remedy,
a period of thirty (30) days from and after the giving of such notice shall have elapsed without Employee’s having effectively
cured or remedied such Breach during such thirty (30)-day period, unless such Breach cannot be cured or remedied within thirty
(30) days, in which case the period for remedy or cure shall be extended for a reasonable time (not to exceed an additional thirty
(30) days) provided that the Employee has made and continues to make a diligent effort to effect such remedy or cure within the
initial thirty (30) day period and any such extension.

 

(b) Company’s
Right to Terminate for Convenience. The Company shall have the right to terminate Employee’s employment for convenience
at any time and for any reason, or no reason at all, upon written notice to Employee.

 

(c) Employee’s
Right to Terminate for Good Reason. Employee shall have the right to terminate Employee’s employment with the Company
at any time for Good Reason. For purposes of this Agreement, “Good Reason” shall mean: a resignation
by Employee as a result of:

 

(i) a
material diminution in Employee’s Base Salary, other than a general reduction in Base Salary that affects all similarly
situated executives of the Company in substantially the same proportions;

 

(ii) an
adverse change in title, authorities or responsibilities that materially diminishes Employee’s position;

 

(iii) a
material change in the Employee’s reporting relationship such that Employee no longer reports directly to an “executive
officer”, as defined in 17 CFR § 240.3b-7, of any member of the Company Group; or

 

(iv) a
breach by any member of the Company Group of any of its obligations under this Agreement or any other written agreement between
such member of the Company Group and Employee, which causes or can reasonably be expected to cause material loss, damage or inquiry
to the property or reputation of Employee.

 

A
resignation for Good Reason will not be deemed to have occurred unless Employee gives the Company written notice of the condition
within sixty (60) days after the condition comes into existence, the Company fails to remedy the condition within thirty (30)
days after receiving Employee’s written notice, and the date of Employee’s termination of employment must occur no
later than ninety (90) days after the initial occurrence of the condition(s) specified in such notice.

 

(d) Death.
Upon the death of Employee, Employee’s employment with the Company and/or all members of the Company Group shall automatically
(and without any further action by any person or entity) terminate with no further obligation under this Agreement of either Party,
except as expressly provided within this paragraph. Upon the Employee’s separation from service (within the meaning of Section
409A (as defined below)) due to death all unvested Company equity compensation awards (other than any Company equity compensation
awards that are subject to performance-based or other similar vesting criteria) granted under any equity compensation plan of
the Company that are held by Employee as of the date immediately prior to the applicable Termination Date (defined below) shall
immediately vest in full and such awards, to the extent applicable, shall immediately become exercisable and be eligible for settlement
in accordance with the terms and conditions provided in the applicable award agreements governing such awards.

 

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(e) Employee’s
Right to Terminate for Convenience. In addition to Employee’s right to terminate Employee’s employment for Good
Reason, Employee shall have the right to terminate Employee’s employment with the Company for convenience at any time and
for any other reason, or no reason at all, upon thirty (30) days’ advance written notice to the Company; provided,
however, that if Employee has provided notice to the Company of Employee’s termination of employment, the Company
may determine, in its sole discretion, that such termination shall be effective on any date prior to the effective date of termination
provided in such notice (and, if such earlier date is so required, then it shall not change the basis for Employee’s termination
of employment nor be construed or interpreted as a termination of employment pursuant to Section 7(b)).

 

(f) Effect
of Termination.

 

(i) Subject
to Section 7(f)(iv), if Employee’s employment hereunder is terminated by the Company via expiration and/or non-renewal of
the Agreement pursuant to Section 4, without Cause pursuant to Section 7(b), or is terminated by Employee for Good
Reason pursuant to Section 7(c), then so long as (and only if) Employee: (1) executes on or before the Release Expiration
Date (as defined below), and does not revoke within any time provided by the Company to do so, a release of all claims in a form
acceptable to the Company (the “Release”) (in the form attached hereto as Exhibit B, as updated if necessary,
pursuant to applicable law), which Release shall release each member of the Company Group and their respective affiliates, and
the foregoing entities’ respective shareholders, members, partners, officers, managers, directors, fiduciaries, employees,
representatives, agents and benefit plans (and fiduciaries of such plans) from any and all claims, including any and all causes
of action arising out of Employee’s employment with the Company and any other member of the Company Group or the termination
of such employment, but excluding all claims to Termination Benefits (as defined below) Employee may have under this Section
7; and (2) abides by the terms of each of Sections 9, 10 and 11, then (a) the Company shall make a severance
payment to Employee in an amount equal to the sum of twelve (12) months’ worth of Employee’s then current Base Salary
(“Severance Payment”), (b) cause each of Employee’s then-outstanding and unvested stock options,
restricted stock awards, restricted stock unit awards and any other Company equity compensation awards (other than (1) any Company
equity compensation awards that are subject to performance-based or other similar vesting criteria, and (2) any stock options
or any other equity awards that were granted to Employee under the 2016 Plan) that was granted to Employee more than one year
prior to the date of Employee’s termination of employment to vest in full and, to the extent applicable, become fully exercisable
(“Vesting Acceleration”), and (c) cause each of Employee’s then-outstanding and unexercised stock
options (to the extent vested as of Employee’s Termination Date) to remain exercisable until the earlier of (i) the date
that is three years following Employee’s Termination Date, (ii) the expiration date of the stock option, and (iii) in the
event of a “Change in Control” (as defined in the 2020 Plan or the 2016 Plan), or any similar transaction, in which
the successor corporation (or a parent or subsidiary thereof) does not assume or substitute for the stock option, immediately
prior to the effective time of such transaction (“Post-Termination Exercise Period Extension”).

 

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(ii) If
Employee’s employment hereunder is terminated in circumstances in which Employee is eligible to receive a Severance Payment
under Section 7(f)(i) and Employee satisfies each of the conditions to receive a Severance Payment under Section 7(f)(i),
then, if Employee elects to continue coverage for Employee and Employee’s spouse and eligible dependents, if any, under
the Company’s group health plans pursuant to Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”),
the Company shall promptly reimburse Employee on a monthly basis for the difference between the amount Employee pays to effect
and continue such coverage and the employee contribution amount that similarly situated employees of the Company pay for the same
or similar coverage under such group health plans (the “COBRA Subsidy” and together with the Severance
Payment, the Vesting Acceleration, and the Post-Termination Exercise Period Extension, the “Termination Benefits”).
Each payment of the COBRA Subsidy shall be paid to Employee on the Company’s first regularly scheduled pay date in the calendar
month immediately following the calendar month in which Employee submits to the Company documentation of the applicable premium
payment having been paid by Employee, which documentation shall be submitted by Employee to the Company within thirty (30) days
following the date on which the applicable premium payment is paid. Employee shall be eligible to receive such reimbursement payments
until the earliest of: (1) the date that is twelve (12) months following the Termination Date (the “COBRA Expiration
Date”); (2) the date Employee is no longer eligible to receive COBRA continuation coverage; and (3) the date on
which Employee becomes eligible to receive coverage under a group health plan sponsored by another employer (and any such eligibility
shall be promptly reported to the Company by Employee); provided, however, that the election of COBRA continuation coverage and
the payment of any premiums due with respect to such COBRA continuation coverage shall remain Employee’s sole responsibility,
and the Company shall not assume any obligation for payment of any such premiums relating to such COBRA continuation coverage.
Notwithstanding the foregoing, if the provision of the benefits described in this Section 7(f)(ii) cannot be provided in the manner
described above without penalty, tax or other adverse impact on the Company or any other member of the Company Group, then the
Company and Employee shall negotiate in good faith to determine an alternative manner in which the Company may provide substantially
equivalent benefits to Employee without such adverse impact on the Company or such other member of the Company Group.

 

(iii) Subject
to Section 7(f)(v) below, the Severance Payment will be divided into substantially equal installments over the twelve (12)-month
period following the date of Employee’s applicable separation from service (the “Termination Date”).
On the Company’s first regularly scheduled pay date that is on or after the date that is sixty (60) days after the Termination
Date (the “First Payment Date”), the Company shall pay to Employee, without interest, a number of such
installments equal to the number of such installments that would have been paid during the period beginning on the Termination
Date and ending on the First Payment Date had the installments been paid on the Company’s regularly scheduled pay dates
on or following the Termination Date, and each of the remaining installments shall be paid on the Company’s regularly scheduled
pay dates during the remainder of applicable payment period; provided, however, that (1) to the extent, if any,
that the aggregate amount of the installments of the Severance Payment that would otherwise be paid pursuant to the preceding
provisions of this Section 7(f)(i) after March 15 of the calendar year following the calendar year in which the Termination
Date occurs (the “Applicable March 15”) exceeds the maximum exemption amount under Treasury Regulation
Section 1.409A-1(b)(9)(iii)(A), then such excess shall be paid to Employee in a lump sum on the Applicable March 15 (or the first
Business Day preceding the Applicable March 15 if the Applicable March 15 is not a Business Day) and the installments of the Severance
Payment payable after the Applicable March 15 shall be reduced by such excess (beginning with the installment first payable after
the Applicable March 15 and continuing with the next succeeding installment until the aggregate reduction equals such excess),
and (2) all remaining installments of the Severance Payment, if any, that would otherwise be paid pursuant to the preceding provisions
of this Section 7(f)(i) after December 31 of the calendar year following the calendar year in which the Termination Date
occurs shall be paid with the installment of the Severance Payment, if any, due in December of the calendar year following the
calendar year in which the Termination Date occurs. “Business Day” shall mean any day except a Saturday,
Sunday or other day on which commercial banks in New York, New York are authorized or required by law to be closed.

 

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(iv) Notwithstanding
anything herein to the contrary, the Severance Payment and COBRA Subsidy (and any portion thereof) shall not be payable if Employee’s
employment hereunder terminates upon the expiration of the then-existing Initial Term or Renewal Term, as applicable, as a result
of a non-renewal of the term of Employee’s employment under this Agreement by Employee pursuant to Section 4.

 

(v) If
the Release is not executed and returned to the Company on or before the Release Expiration Date, and the required revocation
period has not fully expired without revocation of the Release by Employee, then Employee shall not be entitled to any portion
of the Termination Benefits. As used herein, the “Release Expiration Date” is that date that is twenty-one
(21) days following the date upon which the Company delivers the Release to Employee (which shall occur no later than seven (7)
days after the Termination Date) or, in the event that such termination of employment is “in connection with an exit incentive
or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967),
the date that is forty-five (45) days following such delivery date.

 

(g) After-Acquired
Evidence. Notwithstanding any provision of this Agreement to the contrary, in the event that the Company determines that Employee
is eligible to receive the Termination Benefits pursuant to Section 7(f) but, after such determination, the Company subsequently
acquires evidence or determines that: (i) Employee has failed to abide by the terms of Sections 9, 10 or 11;
or (ii) a Cause condition existed prior to the Termination Date that, had the Company been fully aware of such condition, would
have given the Company the right to terminate Employee’s employment pursuant to Section 7(a), then upon written notice
to Employee of a good faith reasonable belief of Employee’s breach or Cause condition the Employee shall forfeit all unpaid
Termination Benefits, and the Company shall have the right to cease the payment of any future installments of the Termination
Benefits, provided that such breach or Cause condition must remain uncured thirty (30) days after the Board first provided
Employee written notice of the obligation to cure such breach or Cause condition.

 

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8. Disclosures.

 

(a) Employee
hereby represents and warrants that as of the Effective Date, there exist no actual or potential Conflicts of Interest (as defined
below).

 

(b) Promptly
(and in any event, within three (3) Business Days) upon becoming aware of any actual or potential Conflict of Interest, Employee
shall disclose such actual or potential Conflict of Interest to the Board.

 

(c) A
“Conflict of Interest” shall exist when Employee engages in, or plans to engage in, any activities,
associations, or interests that conflict with, or create an appearance of a conflict with, Employee’s duties, responsibilities,
authorities, or obligations for and to any member of the Company Group.

 

9. Confidentiality.
In the course of Employee’s employment with the Company and the performance of Employee’s duties on behalf of the
Company Group hereunder, Employee will be provided with, and will have access to, Confidential Information (as defined below).
In consideration of Employee’s receipt and access to such Confidential Information, and as a condition of Employee’s
employment, Employee shall comply with this Section 9.

 

(a) Both
during the Employment Period and thereafter, except as expressly permitted by this Agreement or by directive of the Board, Employee
shall not disclose any Confidential Information to any person or entity and shall not use any Confidential Information except
for the benefit of the Company Group. Employee shall follow all Company Group policies and protocols regarding the security of
all documents and other materials containing Confidential Information (regardless of the medium on which Confidential Information
is stored). The covenants of this Section 9(a) shall apply to all Confidential Information, whether now known or later
to become known to Employee during the period that Employee is employed by or affiliated with the Company or any other member
of the Company Group.

 

(b) Notwithstanding
any provision of Section 9(a) to the contrary, Employee may make the following disclosures and uses of Confidential Information:

 

(i) disclosures
to other employees of a member of the Company Group who have a need to know the information in connection with the businesses
of the Company Group;

 

(ii) disclosures
to customers and suppliers when, in the reasonable and good faith belief of Employee, such disclosure is in connection with Employee’s
performance of Employee’s duties under this Agreement and is in the best interests of the Company Group;

 

(iii) disclosures
and uses that are approved in writing by the Board; or

 

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(iv) disclosures
to a person or entity that has (x) been retained by a member of the Company Group to provide services to one or more members of
the Company Group and (y) agreed in writing to abide by the terms of a confidentiality agreement.

 

(c) Upon
the expiration of the Employment Period, and at any other time upon request of the Company, Employee shall promptly surrender
and deliver to the Company all documents (including electronically stored information) and all copies thereof and all other materials
of any nature containing or pertaining to all Confidential Information and any other Company Group property (including any Company
Group-issued computer, mobile device or other equipment) in Employee’s possession, custody or control and Employee shall
not retain any such documents or other materials or property of the Company Group. Within five (5) days of any such request, Employee
shall certify to the Company in writing that all such documents, materials and property have been returned to the Company.

 

(d) All
trade secrets, non-public information, designs, ideas, concepts, improvements, product developments, discoveries and inventions,
whether patentable or not, that are conceived, made, developed or acquired by or disclosed to Employee, individually or in conjunction
with others, during the period that Employee is employed by the Company or any other member of the Company Group (whether during
business hours or otherwise and whether on the Company’s premises or otherwise) that relate to any member of the Company
Group’s businesses or properties, products or services (including all such information relating to corporate opportunities,
operations, future plans, methods of doing business, business plans, strategies for developing business and market share, research,
financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisition prospects, the identity of customers
or acquisition targets or their requirements, the identity of key contacts within customers’ organizations or within the
organization of acquisition prospects, or marketing and merchandising techniques, prospective names and marks) is defined as “Confidential
Information.” Moreover, all documents, videotapes, written presentations, brochures, drawings, memoranda, notes,
records, files, correspondence, manuals, models, specifications, computer programs, e-mail, voice mail, electronic databases,
maps, drawings, architectural renditions, models and all other writings or materials of any type including or embodying any of
such information, ideas, concepts, improvements, discoveries, inventions and other similar forms of expression are and shall be
the sole and exclusive property of the Company or the other applicable member of the Company Group and be subject to the same
restrictions on disclosure applicable to all Confidential Information pursuant to this Agreement. For purposes of this Agreement,
Confidential Information shall not include any information that (i) is or becomes generally available to the public other than
as a result of a disclosure or wrongful act of Employee or any of Employee’s agents; (ii) was available to Employee on a
non-confidential basis before its disclosure by a member of the Company Group; or (iii) becomes available to Employee on a non-confidential
basis from a source other than a member of the Company Group; provided, however, that such source is not bound by
a confidentiality agreement with, or other obligation with respect to confidentiality to, a member of the Company Group.

 

    11

     

    

 

(e) Notwithstanding
the foregoing, nothing in this Agreement shall prohibit or restrict Employee from lawfully: (i) initiating communications directly
with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation
by, any governmental authority regarding a possible violation of any law; (ii) responding to any inquiry or legal process directed
to Employee from any such governmental authority (including the U.S. Securities and Exchange Commission); (iii) testifying, participating
or otherwise assisting in any action or proceeding by any such governmental authority relating to a possible violation of law;
or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law. Additionally,
pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state
or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or
investigating a suspected violation of law; (B) is made to the individual’s attorney in relation to a lawsuit for retaliation
against the individual for reporting a suspected violation of law; or (C) is made in a complaint or other document filed in a
lawsuit or proceeding, if such filing is made under seal. Nothing in this Agreement requires Employee to obtain prior authorization
before engaging in any conduct described in this paragraph, or to notify the Company that Employee has engaged in any such conduct.

 

10. Non-Competition;
Non-Solicitation.

 

(a) The
Company shall provide Employee access to Confidential Information for use only during the Employment Period, and Employee acknowledges
and agrees that the Company Group will be entrusting Employee, in Employee’s unique and special capacity, with developing
the goodwill of the Company Group, and in consideration of the Company providing Employee with access to Confidential Information
and as an express incentive for the Company to enter into this Agreement and employ Employee hereunder, Employee has voluntarily
agreed to the covenants set forth in this Section 10. Employee agrees and acknowledges that the limitations and restrictions
set forth herein, including geographical and temporal restrictions on certain competitive activities, are reasonable in all respects,
do not interfere with public interests, will not cause Employee undue hardship, and are material and substantial parts of this
Agreement intended and necessary to prevent unfair competition and to protect the Company Group’s Confidential Information,
goodwill and legitimate business interests.

 

(b) During
the Prohibited Period, Employee shall not, without the prior written approval of the Board, directly or indirectly, for Employee
or on behalf of or in conjunction with any other person or entity of any nature:

 

(i) engage
in or participate, directly or indirectly, in the following conduct: (A) owning, managing, operating, or being an officer or director
of, any business that competes with any member of the Company Group in the Market Area related to the Business (except for the
ownership of up to 3.0% of the shares of common stock or securities or any entity whose common shares or securities are listed
on a national securities exchange), or (B) joining, becoming an employee or consultant of, or otherwise being affiliated with,
any person or entity engaged in, or planning to engage in, the Business in the Market Area in competition, or anticipated competition,
with any member of the Company Group in any capacity (with respect to this clause (B)) in which Employee’s duties or responsibilities
are the same as or similar to the duties or responsibilities that Employee had on behalf of any member of the Company Group;

 

    12

     

    

 

(ii) solicit,
canvass, approach, encourage, entice or induce any customer or supplier of any member of the Company Group with whom or which
Employee had personal contact in the course of performing Employee’s duties for any member of the Company Group to cease
or lessen such customer’s or supplier’s business with any member of the Company Group; or

 

(iii) solicit,
canvass, approach, encourage, entice or induce any employee or contractor of any member of the Company Group to terminate or reduce
his, her or its employment or engagement with any member of the Company Group. This provision shall not prohibit Employee from
employing or making an offer of employment to an employee or contractor of any member of the Company Group if such employment
and/or offer resulted from a general solicitation or advertisement for applications in a newspaper, trade publication, on the
Internet or other public forum.

 

(c) Because
of the difficulty of measuring economic losses to the Company Group as a result of a breach or threatened breach of the covenants
set forth in Section 9 and in this Section 10, and because of the immediate and irreparable damage that would be
caused to the members of the Company Group for which they would have no other adequate remedy, the Company and each other member
of the Company Group shall be entitled to enforce the foregoing covenants, in the event of a breach or threatened breach, by injunctions
and restraining orders from any court of competent jurisdiction, without the necessity of showing any actual damages or that money
damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned
equitable relief shall not be the Company’s or any other member of the Company Group’s exclusive remedy for a breach
but instead shall be in addition to all other rights and remedies available to the Company and each other member of the Company
Group at law and equity.

 

 (i) If
Employee violates his/her obligations during the Prohibited Period and the Company (or relevant member of the Company Group) brings
legal action for injunctive or other relief under Sections 9 and/or 10, the applicable Restricted Period shall be tolled by such
court of competent jurisdiction so that the Company Group shall not be deprived of the benefit of the full Prohibited Period.

 

 (ii) During
the Prohibited Period, Executive expressly agrees to notify any prospective employer or affiliate in the restricted Business and
Market Area of his/her obligations during the Prohibited Period and authorizes the Company to make contact with, any person or
affiliate reasonably believed by the Company Group to be engaged or about to be engaged in an act that would constitute a violation
of Employee’s obligations under this Agreement. Employee hereby waives, and releases the Company Group from, any claims
whatsoever arising in connection with the Company Group’s contact or discussions with such person or affiliate.

 

 (d) The
covenants in this Section 10, and each provision and portion hereof, are severable and separate, and the unenforceability
of any specific covenant (or portion thereof) shall not affect the provisions of any other covenant (or portion thereof). Moreover,
in the event any court of competent jurisdiction shall determine that the scope, time or territorial restrictions set forth are
unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent which such court
deems reasonable, and this Agreement shall thereby be reformed.

 

    13

     

    

 

(e) The
following terms shall have the following meanings:

 

(i) “Business”
shall mean the business and operations that are the same or similar to those performed (or as to which are proposed to be performed
based on plans developed within the twelve (12) month period immediately prior to the Termination Date) by the Company and any
other member of the Company Group for which Employee provides services or about which Employee obtains Confidential Information
during the Employment Period.

 

(ii)
“Market Area” shall mean: (A) the United States; and (B) and any other geographic area or market where
or with respect to which the Company or any other member of the Company Group conducts or has specific plans to conduct the Business
on or at any time during the twelve (12) month period prior to the Termination Date.

 

(iii) “Prohibited
Period” shall mean the period during which Employee is employed by any member of the Company Group and continuing
for a period of twelve (12) months following the date that Employee is no longer employed by any member of the Company Group.

 

11. Ownership
of Intellectual Property. Employee agrees that the Company shall own, and Employee shall (and hereby does) assign,
all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and
all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether
or not patentable), works of authorship, designs, know-how, ideas and information authored, created, contributed to, made or conceived
or reduced to practice, in whole or in part, by Employee during the period in which Employee is or has been employed by or affiliated
with the Company or any other member of the Company Group that relates to the Business (“Company Intellectual Property”),
and Employee shall promptly disclose all Company Intellectual Property to the Company. All of Employee’s works of authorship
and associated copyrights created during the period in which Employee is employed by or affiliated with the Company or any other
member of the Company Group and related to the Business shall be deemed to be “works made for hire” within the meaning
of the Copyright Act. Employee shall perform, during and after the period in which Employee is or has been employed by or affiliated
with the Company or any other member of the Company Group, all acts deemed necessary by the Company to assist each member of the
Company Group, at the Company’s expense, in obtaining and enforcing its rights throughout the world in the Company Intellectual
Property. Such acts may include execution of documents and assistance or cooperation (i) in the filing, prosecution, registration,
and memorialization of assignment of any applicable patents, copyrights, mask work, or other applications, (ii) in the enforcement
of any applicable patents, copyrights, mask work, moral rights, trade secrets, or other proprietary rights, and (iii) in other
legal proceedings related to the Company Intellectual Property.

 

12. Defense
of Claims. The Company shall obtain and maintain directors’ and officers’ liability insurance coverage in
effect for Employee during the Employment Period and continuing thereafter so long as Employee shall be subject to any possible
claim or threatened, pending or completed action, suit or proceeding, whether civil, criminal, arbitrational, administrative or
investigative, by reason of the fact that Employee had served in the capacity or capacities referred to herein. During the Employment
Period and thereafter, upon request from the Company, Employee shall cooperate with the Company Group in the defense of any claims
or actions that may be made by or against any member of the Company Group that relate to Employee’s actual or prior areas
of responsibility.

 

    14

     

    

 

13. Withholdings;
Deductions. The Company may withhold and deduct from any benefits and payments made or to be made pursuant to this Agreement
(a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling and
(b) any deductions consented to in writing by Employee.

 

14. Title
and Headings; Construction. Titles and headings to Sections hereof are for the purpose of reference only and shall in
no way limit, define or otherwise affect the provisions hereof. Unless the context requires otherwise, all references to laws,
regulations, contracts, documents, agreements and instruments refer to such laws, regulations, contracts, documents, agreements
and instruments as they may be amended from time to time, and references to particular provisions of laws or regulations include
a reference to the corresponding provisions of any succeeding law or regulation. All references to “dollars” or “$”
in this Agreement refer to United States dollars. The words “herein”, “hereof”, “hereunder”
and other compounds of the word “here” shall refer to the entire Agreement, including all Exhibits attached hereto,
and not to any particular provision hereof. Unless the context requires otherwise, the word “or” is not exclusive.
Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural
and conversely. All references to “including” shall be construed as meaning “including without limitation.”
Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether
under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by each of the parties hereto and
shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes
and intentions of the parties hereto.

 

15. Applicable
Law; Submission to Jurisdiction. This Agreement shall in all respects be construed according to the laws of the State
of Texas without regard to its conflict of laws principles that would result in the application of the laws of another jurisdiction.
With respect to any claim or dispute related to or arising under this Agreement, the parties hereby recognize and agree that should
any resort to a court be necessary and permitted under this Agreement, then they consent to the exclusive jurisdiction, forum
and venue of the state and federal courts (as applicable) located in Austin, Texas.

 

16. Entire
Agreement and Amendment. This Agreement contain the entire agreement of the parties with respect to the matters covered
herein and supersede all prior and contemporaneous agreements and understandings, oral or written, between the parties hereto
concerning the subject matter hereof, including the Original Agreement. This Agreement may be amended only by a written instrument
executed by both parties hereto.

 

17. Waiver
of Breach. Any waiver of this Agreement must be executed by the party to be bound by such waiver. No waiver by either
party hereto of a breach of any provision of this Agreement by the other party, or of compliance with any condition or provision
of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such
other party or any similar or dissimilar provision or condition at the same or any subsequent time. The failure of either party
hereto to take any action by reason of any breach will not deprive such party of the right to take action at any time.

 

    15

     

    

 

18. Assignment.
This Agreement is personal to Employee, and neither this Agreement nor any rights or obligations hereunder shall be assignable
or otherwise transferred by Employee. The Company may assign this Agreement without Employee’s consent, including to any
member of the Company Group and to any successor to or acquirer of (whether by merger, purchase or otherwise) all or substantially
all of the equity, assets or businesses of the Company.

 

19. Notices.
Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received (a) when delivered in
person, (b) when sent by facsimile transmission (with confirmation of transmission) on a Business Day to the number set forth
below, if applicable; provided, however, that if a notice is sent by facsimile transmission after normal business
hours of the recipient or on a non-Business Day, then it shall be deemed to have been received on the next Business Day after
it is sent, (c) on the first Business Day after such notice is sent by express overnight courier service, or (d) on the second
Business Day following deposit with an internationally-recognized second-day courier service with proof of receipt maintained,
in each case, to the following address, as applicable:

 

If
to the Company, addressed to:

 

Hyliion
Holdings Corp

1202 BMC Drive, Suite 100

Cedar
Park, TX 78613

Attention:
Human Resources

 

If
to Employee, addressed to:

 

_________________________

_________________________

_________________________

 

20. Counterparts.
This Agreement may be executed in any number of counterparts, including by electronic mail or facsimile, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.
Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party, but together signed
by both parties hereto.

 

21. Deemed
Resignations. Except as otherwise determined by the Board or as otherwise agreed to in writing by Employee and any member
of the Company Group prior to the termination of Employee’s employment with the Company or any member of the Company Group,
any termination of Employee’s employment shall constitute, as applicable, an automatic resignation of Employee: (a) as an
officer of the Company and each member of the Company Group; (b) from the Board; and (c) from the board of directors or board
of managers (or similar governing body) of any member of the Company Group and from the board of directors or board of managers
(or similar governing body) of any corporation, limited liability entity, unlimited liability entity or other entity in which
any member of the Company Group holds an equity interest and with respect to which board of directors or board of managers (or
similar governing body) Employee serves as such Company Group member’s designee or other representative.

 

    16

     

    

 

22. Section
409A.

 

(a) Notwithstanding
any provision of this Agreement to the contrary, all provisions of this Agreement are intended to comply with Section 409A of
the Internal Revenue Code of 1986 (the “Code”), and the applicable Treasury regulations and administrative
guidance issued thereunder (collectively, “Section 409A”) or an exemption therefrom and shall be construed
and administered in accordance with such intent. Any payments under this Agreement that may be excluded from Section 409A either
as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A
to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be
treated as a separate payment. No payment or benefits to be paid to Employee, if any, under this Agreement or otherwise, when
considered together with any other severance payments or separation benefits that are considered deferred compensation under Section
409A will be paid or otherwise provided until the Employee has a “separation from service” within the meaning of Section
409A.

 

(b) To
the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified
deferred compensation (within the meaning of Section 409A), (i) any such expense reimbursement shall be made by the Company no
later than the last day of Employee’s taxable year following the taxable year in which such expense was incurred by Employee,
(ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii)
the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses
eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause
shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because
such expenses are subject to a limit related to the period in which the arrangement is in effect.

 

(c) Notwithstanding
any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to additional
taxes and interest under Section 409A if Employee’s receipt of such payment or benefit is not delayed until the earlier
of (i) the date of Employee’s death or (ii) the date that is six (6) months after the Termination Date (such date,
the “Section 409A Payment Date”), then such payment or benefit shall not be provided to Employee (or
Employee’s estate, if applicable) until the Section 409A Payment Date. Notwithstanding the foregoing, the Company makes
no representations that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A
and in no event shall any member of the Company Group be liable for all or any portion of any taxes, penalties, interest or other
expenses that may be incurred by Employee on account of non-compliance with Section 409A.

 

    17

     

    

 

23. Certain
Excise Taxes.

 

(a) Notwithstanding
anything to the contrary in this Agreement, if any payment or benefit Employee would receive from the Company or any other party
whether in connection with the provisions of this Agreement or otherwise (“Payment”) would (i) constitute
a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to
the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal
to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result
in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the
Payment, whichever amount ((x) or (y)), after taking into account all applicable federal, state and local employment taxes, income
taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Employee’s receipt of the greatest
economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a Reduced Amount
will give rise to the greater after tax benefit, the reduction in the Payments shall occur in the following order: (a) reduction
of cash payments; (b) cancellation of accelerated vesting of equity awards other than stock options; (c) cancellation of accelerated
vesting of stock options; and (d) reduction of other benefits paid to Employee. Within any such category of payments and benefits
(that is, (a), (b), (c) or (d)), a reduction shall occur first with respect to amounts that are not “deferred compensation”
within the meaning of Section 409A and then with respect to amounts that are. In the event that acceleration of compensation from
Employee’s equity awards is to be reduced, such acceleration of vesting shall be canceled, subject to the immediately preceding
sentence, in the reverse order of the date of grant.

 

(b) The
independent accounting firm engaged by the Company for general accounting and/or tax advisory purposes as of the day prior to
the effective date of the event described in Section 280G(b)(2)(A)(i) of the Code shall perform the foregoing calculations. If
the independent accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group
effecting such event, the Company shall appoint an independent accounting firm to make the determinations required hereunder.
The Company shall bear all expenses with respect to the determinations by such independent accounting firm required to be made
hereunder. The independent accounting firm engaged to make the determinations hereunder shall provide its calculations, together
with detailed supporting documentation, to the Company and Employee within thirty (30) calendar days after the date on which Employee’s
right to a Payment is triggered (if requested at that time by the Company or Employee) or such other time as reasonably requested
by the Company or Employee. Any good faith determinations of the independent accounting firm made hereunder shall be final, binding
and conclusive upon the Company and Employee.

 

24. Effect
of Termination. The provisions of Sections 7, 9-13 and 21 and those provisions necessary to
interpret and enforce them, shall survive any termination of this Agreement and any termination of the employment relationship
between Employee and the Company.

 

25. Third-Party
Beneficiaries. Each member of the Company Group that is not a signatory to this Agreement shall be a third-party beneficiary
of Employee’s obligations under Sections 8, 9, 10, 11 and 21 and shall be entitled to
enforce such obligations as if a party hereto.

 

26. Severability.
Other than as set forth in Section 10(d), if a court of competent jurisdiction determines that any provision of this Agreement
(or portion thereof) is invalid or unenforceable, then the invalidity or unenforceability of that provision (or portion thereof)
shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain
in full force and effect.

 

27. Non-Disparagement.
Employee shall not, directly or indirectly, make or cause to be made any disparaging, denigrating, derogatory, misleading, or
false statement orally or in writing to any person, including clients or prospective clients, competitors and advisors to the
Company Group and members of the investment community or press, about (i) the Company and/or Company Group, or its/their members,
managers, officers, employees, agents, or clients, or (ii) the business strategy or plans, policies, practices, or operations
of the Company Group. Notwithstanding the foregoing, nothing in this section is intended to prevent Employee from making truthful
statements to his attorney of record and/or any other government or law enforcement agency or official, or as otherwise required
by applicable subpoena or court order.

 

    18

     

    

 

IN
WITNESS WHEREOF, Employee and the Company each have caused this Agreement to be executed, and intend this Agreement to become
effective as of the Effective Date.

 

 

	 	EMPLOYEE
	 	 
	 	/s/ Patrick Sexton
	 	Patrick Sexton

 

	 	HYLIION HOLDINGS CORP.
	 	 	 
	 	By:	/s/ Thomas Healy
	 	Name: 	Thomas Healy
	 	 	Title: Chief Executive
    Officer

 

Signature
Page to

Employment
Agreementnrcf_ex4-33

  Exhibit 4.3.3

 

THIS WARRANT CERTIFICATE, AND THE COMMON SHARES EVIDENCED HEREBY,
WILL BE VOID AND OF NO VALUE UNLESS EXERCISED ON OR BEFORE 5:00
P.M. (EASTERN TIME) ON JULY 2, 2022.

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS
SECURITY MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 3,
2020.

 

 

NEXTSOURCE MATERIALS INC.

a
corporation incorporated under the laws of Canada and having
its registered office
at

 

 130
King Street West, Exchange Tower Suite 1940, Toronto, Ontario, M5X
2A2

 

	

CERTIFICATE

	

2020-07-###

	

WARRANTS

	

XXXX

	
 

	

Each
whole Warrant entitling the holder to acquire one common share of
NextSource Materials Inc., subject to adjustment as set forth
herein, in accordance with the terms and conditions set forth
herein.

 

WARRANT CERTIFICATE

 

THIS IS TO CERTIFY THAT for value received [INVESTOR
NAME] (the
“Holder”) is the registered holder of the number of
Warrants stated above (each a “Warrant” and
collectively, the “Warrants”) and is entitled for each
whole Warrant represented hereby to purchase one (1) fully paid and
non-assessable common share, subject to adjustment as hereinafter
provided (each a “Share” and collectively the
“Shares”), in the capital of the NextSource Materials
Inc. (the “Corporation”), at any time and from time to
time from the date of issue hereof up to and including 5:00 p.m.
(Eastern Time) on JULY 2,
2022 (the “Expiry Time”), at a price per Share
equal to $0.065 per Warrant,
subject to adjustment as hereinafter provided (the “Exercise
Price”), upon and subject to the following terms and
conditions.

 

TERMS AND CONDITIONS

 

1.

The Warrants
represented by this Warrant Certificate may not be exercised in the
United States or by or on behalf of a U.S. Person nor will the
Shares be registered or delivered to an address in the United
States, unless an exemption from registration is available under,
the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”), and the applicable securities laws of any
U.S. state is available. The Warrants represented by this Warrant
Certificate may not be transferred to, or for the benefit of, a
transferee in the United States or a U.S. Person, unless an
exemption from registration is available under, the U.S. Securities
Act. As used herein, the terms “United States” and
“U.S. Person” have the meanings ascribed to them in
Regulation S under the U.S. Securities Act.

 

The
Warrants represented by this Warrant Certificate and the Shares
issuable upon exercise of these Warrants are subject to certain
resale restrictions under applicable securities legislation. The
Holder is advised to seek professional advice as to applicable
resale restrictions.

 

The
certificates representing the Shares, if any, issued prior to the
date that is 4 months and a day from July 2, 2020 shall bear, in addition to
any other legends required by applicable laws, the following
legend:

 

[Warrant
Certificate]

-
[Insert
Page Number] -

 

 

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY
MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 3,
2020.”

 

And
if applicable under the policies of the TSX, the additional legend
as follows:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE
TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID
SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF THE TSX SINCE
THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE
REPRESENTING SUCH SECURITIES IS NOT “GOOD DELIVERY” IN
SETTLEMENT OF TRANSACTIONS ON TSX”.

 

At any
time and from time to time at or prior to the Expiry Time (the
“Exercise Period”), the Holder may exercise all or any
number of whole Warrants represented hereby, upon delivering to the
Corporation at its principal office noted above, this Warrant
Certificate, together with a duly completed and executed
subscription notice in the form attached hereto (the
“Subscription Notice”) evidencing the election of the
Holder to exercise the number of Warrants set forth in the
Subscription Notice (which shall not be greater than the number of
Warrants represented by this Warrant Certificate) and a certified
cheque, money order or bank draft payable to the Corporation for
the aggregate Exercise Price of all Warrants being exercised. If
the Holder is not exercising all Warrants represented by this
Warrant Certificate, the Holder shall be entitled to receive,
without charge, a new Warrant Certificate representing the number
of Warrants which is the difference between the number of Warrants
represented by the then original Warrant Certificate and the number
of Warrants being so exercised.

 

2.

This Warrant
Certificate and the Warrants represented hereby are not
transferable and are not assignable until the date that is 4 months
and a day from July 2,
2020.

 

3.

The Holder shall be
deemed to have become the holder of record of Shares on the date
(the “Exercise Date”) on which the Corporation has
received a duly completed Subscription Notice, delivery of the
Warrant Certificate and payment of the full aggregate Exercise
Price in respect of the Warrants being exercised pursuant to such
Subscription Notice; provided, however, that if such date is not a
business day in the City of Toronto, Ontario (a “Business
Day”) then the Shares shall be deemed to have been issued and
the Holder shall be deemed to have become the holder of record of
the Shares on the next following Business Day. Within five Business
Days of the Exercise Date, the Corporation shall issue and deliver
(or cause to be delivered) to the Holder, by registered mail or
pre-paid courier to his, her or its address specified in the
register of the Corporation, one or more certificates for the
appropriate number of issued and outstanding Shares to which the
Holder is entitled pursuant to the exercise of
Warrants.

 

4.

The Corporation
covenants and agrees that, until the Expiry Time, while any of the
Warrants represented by this Warrant Certificate shall be
outstanding, it shall reserve and there shall remain unissued out
of its authorized capital a sufficient number of Shares to satisfy
the right of purchase herein provided, as such right of purchase
may be adjusted pursuant to Sections 4 and 5 of this Warrant Certificate. The Corporation
represents and warrants that all Shares which shall be issued upon
the exercise of the right to purchase herein provided for, upon
payment of the aggregate Exercise Price at which Shares may at that
time be purchased pursuant to the provisions hereof, shall be
issued as fully paid and non-assessable shares and the holders
thereof shall not be liable to the Corporation or its creditors in
respect thereof. The Corporation further represents and warrants
that this Warrant Certificate is a legal, valid and binding
obligation of the Corporation, enforceable against the Corporation
in accordance with its terms, provided that enforcement thereof may
be limited by laws effecting creditors’ rights generally and
that specific performance and other equitable remedies may only be
granted in the discretion of a court of competent jurisdiction. The
Corporation covenants that it will make all requisite filings under
applicable laws in connection with the exercise of the Warrants and
issue of Shares.

 

 

-
[Insert
Page Number] -

 

 

5.

The Exercise Price
(and the number of Shares purchasable upon exercise) shall be
subject to adjustment from time to time in the events and in the
manner provided as follows:

 

(a)

Share Reorganization. If during
the Exercise Period, the Corporation shall:

 

(i)

issue common shares
or securities exchangeable for or convertible into common shares to
holders of all or substantially all of its then outstanding common
shares by way of stock dividend or other distribution,
or

 

(ii)

subdivide,
re-divide or change its outstanding common shares into a greater
number of common shares, or

 

(iii)

consolidate, reduce
or combine its outstanding Shares into a lesser number of common
shares,

 

(any of
such events in these paragraphs (i), (ii) and (iii) being a
“Share Reorganization”), then the Exercise Price shall
be adjusted as of the effective date or record date, as the case
may be, at which the holders of common shares are determined for
the purpose of the Share Reorganization by multiplying the Exercise
Price in effect immediately prior to such effective date or record
date by a fraction, the numerator of which shall be the number of
common shares outstanding on such effective date or record date
before giving effect to such Share Reorganization and the
denominator of which shall be the number of common shares
outstanding as of the effective date or record date after giving
effect to such Share Reorganization (including, in the case where
securities exchangeable for or convertible into common shares are
distributed, the number of common shares that would have been
outstanding had such securities been fully exchanged for or
converted into common shares on such record date or effective
date). From and after any adjustment of the Exercise Price pursuant
to this Section 4(a), the number of Shares purchasable pursuant to
this Warrant Certificate shall be adjusted contemporaneously with
the adjustment of the Exercise Price by multiplying the number of
Shares then otherwise purchasable on the exercise thereof by a
fraction, the numerator of which shall be the Exercise Price in
effect immediately prior to the adjustment and the denominator of
which shall be the Exercise Price resulting from such
adjustment.

 

(b)

Rights Offering. If and
whenever during the Exercise Period the Corporation shall fix a
record date for the issue or distribution of rights, options or
warrants to all or substantially all of the holders of common
shares under which such holders are entitled, during a period
expiring not more than 45 days after the record date for such issue
to subscribe for or purchase common shares or securities
exchangeable for or convertible into common shares at a price per
share to the holder (or having a conversion price or exchange price
per common share) of less than 95% of the Current Market Price (as
defined in Section 5 hereof) for the common shares on such record
date (any of such events being called a “Rights
Offering”), then the Exercise Price shall be adjusted
effective immediately after the record date for the Rights Offering
to a price determined by multiplying the Exercise Price in effect
on such record date by a fraction:

 

(i)

the numerator of
which shall be the aggregate of:

 

(A)

the number of
common shares outstanding as of the record date for the Rights
Offering, and

 

(B)

a number determined
by dividing either

 

 

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[Insert
Page Number] -

 

 

I.

the product of the
number of common shares offered under the Rights Offering and the
price at which such common shares are offered,

 

or, as
the case may be,

 

II.

the product of the
exchange or conversion price per share of such securities offered
and the maximum number of common shares for or into which the
securities so offered pursuant to the Rights Offering may be
exchanged or converted,

 

by the
Current Market Price of the common shares as of the record date for
the Rights Offering; and

 

(ii)

the denominator of
which shall be the aggregate of the number of common shares
outstanding on such record date after giving effect to the Rights
Offering and including the number of common shares offered pursuant
to the Rights Offering (including shares issuable upon exercise of
the rights, warrants or options under the Rights Offering or upon
the exercise of the exchange or conversion rights contained in such
exchangeable or convertible securities under the Rights
Offering).

 

Any
common shares owned by or held for the account of the Corporation
shall be deemed not to be outstanding for the purpose of any such
calculation. To the extent that such Rights Offering is not so made
or any such rights, options or warrants are not exercised prior to
the expiration thereof, the Exercise Price shall then be readjusted
to the Exercise Price which would then be in effect if such record
date had not been fixed or if such expired rights, options or
warrants had not been issued. From and after any adjustment of the
Exercise Price pursuant to this Section 4(b), the number of Shares
purchasable pursuant to this Warrant Certificate shall be adjusted
contemporaneously with the adjustment of the Exercise Price by
multiplying the number of Shares then otherwise purchasable on the
exercise thereof by a fraction, the numerator of which shall be the
Exercise Price in effect immediately prior to the adjustment and
the denominator of which shall be the Exercise Price resulting from
such adjustment.

 

(c)

Special Distribution. If and
whenever during the Exercise Period the Corporation shall issue or
distribute to all or to substantially all the holders of the common
shares:

 

(i)

securities of the
Corporation including shares, rights, options or warrants to
acquire shares of any class or securities exchangeable for or
convertible into or exchangeable into any such shares,
or

 

(ii)

any cash, property
or other assets or evidences of its indebtedness,

 

and if
such issuance or distribution does not constitute a Share
Reorganization or a Rights Offering (any of such non-excluded
events being herein called a “Special Distribution”),
the Exercise Price shall be adjusted immediately after the record
date for the Special Distribution so that it shall equal the price
determined by multiplying the Exercise Price in effect on such
record date by a fraction:

 

(i)            

the numerator of
which shall be the difference between:

 

 

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[Insert
Page Number] -

 

 

(A) 

the amount obtained
by multiplying the number of common shares outstanding on such
record date by the Current Market Price of the common shares on
such record date, and

 

(B) 

the fair value (as
determined by the directors of the Corporation) to the holders of
such common shares of such Special Distribution; and

 

(ii) 

the denominator of
which shall be the total number of common shares outstanding on
such record date multiplied by such Current Market Price of the
common shares on such record date.

 

Any
common shares owned by or held for the account of the Corporation
shall be deemed not to be outstanding for the purpose of any such
computation. To the extent that such Special Distribution is not so
made or any such rights, options or warrants are not exercised
prior to the expiration thereof, the Exercise Price shall then be
readjusted to the Exercise Price which would then be in effect if
such record date had not been fixed or if such expired rights,
options or warrants had not been issued. From and after any
adjustment of the Exercise Price pursuant to this Section 4(c), the
number of Shares purchasable pursuant to this Warrant Certificate
shall be adjusted contemporaneously with the adjustment of the
Exercise Price by multiplying the number of Shares then otherwise
purchasable on the exercise thereof by a fraction, the numerator of
which shall be the Exercise Price in effect immediately prior to
the adjustment and the denominator of which shall be the Exercise
Price resulting from such adjustment.

 

(d)

Capital Reorganization. If and
whenever during the Exercise Period there shall be a
reclassification or redesignation of common shares at any time
outstanding or a change of the common shares into other shares or
into other securities or any other capital reorganization (other
than a Share Reorganization), or a consolidation, amalgamation,
arrangement or merger of the Corporation with or into any other
corporation or other entity (other than a consolidation,
amalgamation, arrangement or merger which does not result in any
reclassification or redesignation of the outstanding common shares
or a change of the common shares into other securities), or a
transfer of the undertaking or assets of the Corporation as an
entirety or substantially as an entirety to another corporation or
other entity (any of such events being herein called a
“Capital Reorganization”), the Holder, where he, she or
it has not exercised the right of subscription and purchase under
this Warrant Certificate prior to the effective date or record
date, as the case may be, of such Capital Reorganization, shall be
entitled to receive, and shall accept upon the exercise of such
right for the same aggregate consideration, in lieu of the number
of Shares to which such Holder was theretofore entitled upon such
exercise, the kind and aggregate number of shares, other securities
or other property which such holder would have been entitled to
receive as a result of such Capital Reorganization if, on the
effective date thereof, he had been the registered holder of the
number of Shares to which such holder was theretofore entitled to
subscribe for and purchase; provided however, that no such Capital
Reorganization shall be carried into effect unless all necessary
steps shall have been taken by the Corporation to so entitle the
Holder. If determined appropriate by the board of directors of the
Corporation, acting reasonably and in good faith, and subject to
the prior written approval of the principal Canadian stock exchange
or over-the-counter market on which the common shares are then
listed or quoted for trading if required by such stock exchange or
over-the-counter market, appropriate adjustments shall be made as a
result of any such Capital Reorganization in the application of the
provisions set forth in this Section 4 with respect to the rights
and interests thereafter of the Holder to the end that the
provisions set forth in this Section 4 shall thereafter
correspondingly be made applicable as nearly as may reasonably be
possible in relation to any shares, other securities or other
property thereafter deliverable upon the exercise of any Warrant.
Any such adjustments shall be made by and set forth in terms and
conditions supplemental hereto approved by the board of directors
of the Corporation, acting reasonably and in good
faith.

 

 

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[Insert
Page Number] -

 

 

(e)

If and whenever at
any time after the date hereof and prior to the Expiry Time, the
Corporation takes any action affecting its common shares to which
the foregoing provisions of this Section 4, in the opinion of the
board of directors of the Corporation, acting reasonably and in
good faith, are not strictly applicable, or if strictly applicable
would not fairly adjust the rights of the Holder against dilution
in accordance with the intent and purposes thereof, or would
otherwise materially affect the rights of the Holder hereunder,
then the Corporation shall execute and deliver to the Holder an
amendment hereto providing for an adjustment in the application of
such provisions so as to adjust such rights as aforesaid in such a
manner as the board of directors of the Corporation may determine
to be equitable in the circumstances, acting reasonably and in good
faith. The failure of the taking of action by the board of
directors of the Corporation to so provide for any adjustment on or
prior to the effective date of any action or occurrence giving rise
to such state of facts will be conclusive evidence, absent manifest
error, that the board of directors has determined that it is
equitable to make no adjustment in the circumstances.

 

6.

The following
rules and procedures shall be applicable to the adjustments made
pursuant to Section 4:

 

(a)

The adjustments
provided for in Section 4 are cumulative and shall be made
successively whenever an event referred to therein shall occur, and
shall, in the case of adjustments to the Exercise Price be computed
to the nearest one-tenth of one cent subject to the following
paragraphs of this Section 5.

 

(b)

No adjustment in
the Exercise Price shall be required unless such adjustment would
result in a change of at least 1% in the prevailing Exercise Price
and no adjustment shall be made in the number of Shares purchasable
upon exercise of this Warrant Certificate unless it would result in
a change of at least one one-hundredth of a Share; provided,
however, that any adjustments which, except for the provisions of
this Section 5(b) would otherwise have been required to be made,
shall be carried forward and taken into account in any subsequent
adjustment.

 

(c)

No adjustment in
the Exercise Price or in the number of Shares purchasable upon
exercise of Warrants shall be made in respect of any event
described in Section 4, other than the events referred to
in Sections 4(a)(ii) and (iii), if the Holder is entitled to
participate in such event on the same terms, mutatis mutandis, as if it had
exercised its Warrants prior to or on the effective date or record
date, as the case may be, of such event. The terms of the
participation of the Holder in such event shall be subject to the
prior written approval, if applicable, of the principal Canadian
stock exchange or over-the-counter market on which the Shares are
then listed or quoted for trading.

 

(d)

No adjustment in
the Exercise Price shall be made pursuant to Section 4 in respect
of the issue from time to time:

 

(i)

of Shares
purchasable on exercise of the Warrants represented by this Warrant
Certificate;

 

(ii)

of common shares to
holders of common shares who exercise an option or election to
receive substantially equivalent dividends in common shares in lieu
of receiving a cash dividend pursuant to a dividend reinvestment
plan or similar plan adopted by the Corporation in accordance with
the requirements of the principal Canadian stock exchange or
over-the-counter market on which the common shares are then listed
or quoted for trading and applicable securities laws;
or

 

 

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[Insert
Page Number] -

 

 

(iii)

of common shares
pursuant to any stock option, stock option plan, stock purchase
plan or benefit plan in force at the date hereof for directors,
officers, employees or consultants of the Corporation, as such
option or plan is amended or superseded from time to time in
accordance with the requirements of the principal Canadian stock
exchange or over-the-counter market on which the common shares are
then listed or quoted for trading and applicable securities laws,
and such other stock option, stock option plan or stock purchase
plan as may be adopted by the Corporation in accordance with the
requirements of the principal Canadian stock exchange or
over-the-counter market on which the common shares are then listed
or quoted for trading and applicable securities laws;

 

and any
such issue shall be deemed not to be a Share Reorganization or
Capital Reorganization.

 

(e)

If the Corporation
shall set a record date to determine the holders of the common
shares for the purpose of entitling them to receive any dividend or
distribution or any subscription or purchase rights and shall,
thereafter and before the distribution to such shareholders of any
such dividend, distribution or subscription or purchase rights,
legally abandon its plan to pay or deliver such dividend,
distribution or subscription or purchase rights, then no adjustment
in the Exercise Price or the number of Shares purchasable upon
exercise of any Warrant shall be required by reason of the setting
of such record date.

 

(f)

As a condition
precedent to the taking of any action which would require any
adjustment in any of the subscription rights pursuant to this
Warrant Certificate, including the Exercise Price and the number or
class of shares or other securities which are to be received upon
the exercise thereof, the Corporation shall take any corporate
action which may, in the opinion of counsel, be necessary in order
that the Corporation have unissued and reserved Shares in its
authorized capital, and may validly and legally issue as fully paid
and non-assessable all the shares or other securities which the
Holder of such Warrant Certificate is entitled to receive on the
full exercise thereof in accordance with the provisions
hereof.

 

(g)

For the purposes of
this Warrant Certificate, “Current Market Price” of a
common share at any date shall be calculated as the price per share
equal to the weighted average price at which the common shares have
traded in the principal Canadian stock exchange or, if the common
shares are not listed, the over-the-counter market, on which the
common shares are then listed or posted for trading during the 20
consecutive trading days ending not more than five trading days
immediately prior to such date as reported by such exchange or
market in which the common shares are then trading or quoted. If
the common shares are not then traded in the over-the-counter
market or on a recognized Canadian stock exchange, the Current
Market Price of the common shares shall be the fair market value of
the common shares as determined in good faith by a nationally or
internationally recognized and independent investment dealer,
investment banker or firm of chartered accountants.

 

(h)

In the absence of a
resolution of the board of directors of the Corporation fixing a
record date for any dividend or distribution referred to in Section
4(a)(i) or any Rights
Offering or Special Distribution, the Corporation shall be deemed
to have fixed as the record date therefore the date on which such
dividend or distribution, Rights Offering or Special Distribution
is effected.

 

 

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[Insert
Page Number] -

 

 

(i)

Any question that
at any time or from time to time arises with respect to the amount
of any adjustment to the Exercise Price or other adjustments
pursuant to Section 4 shall be conclusively determined by a firm of
independent chartered accountants and shall be binding upon the
Corporation and the Holder, absent manifest error. Notwithstanding
the foregoing, such determination shall be subject to the prior
written approval of the principal Canadian stock exchange or
over-the-counter market on which the common shares are then listed
or quoted for trading if required by such stock exchange or
over-the-counter market.

 

7.

On the happening of
each and every such event set out in Section 4, the applicable
provisions of this Warrant Certificate, including the Exercise
Price, shall, ipso facto, be deemed to be amended
accordingly and the Corporation shall take all necessary action so
as to comply with such provisions as so amended.

 

8.

In any case in
which Section 4 shall require that an adjustment shall be effective
immediately after a record date for an event referred to herein,
the Corporation may defer, until the occurrence of such an
event:

 

(a)

issuing to the
holder of any Warrant exercised after such record date and before
the occurrence of such event, the additional Shares issuable upon
such exercise by reason of the adjustment required by such event,
and

 

(b)

delivering to such
holder any distributions declared with respect to such additional
Shares after such Exercise Date and before such event;

 

provided, however,
that the Corporation shall deliver or cause to be delivered to such
holder, an appropriate instrument evidencing such holder’s
right, upon the occurrence of the event requiring the adjustment,
to an adjustment in the Exercise Price and/or the number of Shares
purchasable on the exercise of any Warrant and to such
distributions declared with respect to any additional Shares
issuable on the exercise of any Warrant.

 

9.

At least 21 days
prior to the effective date or record date, as the case may be, of
any event which requires or might require adjustment in any of the
subscription rights pursuant to this Warrant Certificate, including
the Exercise Price and the number of Shares which are purchasable
upon the exercise thereof, or such longer period of notice as the
Corporation shall be required to provide holders of Shares in
respect of any such event, the Corporation shall notify the Holder
of the particulars of such event and, if determinable, the required
adjustment and the computation of such adjustment. In case any
adjustment for which such notice has been given is not then
determinable, the Corporation shall promptly after such adjustment
is determinable notify the Holder of the adjustment and the
computation of such adjustment.

 

10.

The Corporation
shall maintain or cause to be maintained a register of holders in
which shall be entered the names and addresses of the holders of
the Warrants and of the number of Warrants held by
them.

 

11.

Where the Holder is
entitled to receive on the exercise or partial exercise of its
Warrants a fraction of a Share, such right may only be exercised in
respect of such fraction in combination with another Warrant or
Warrants which in the aggregate entitle the Holder to receive a
whole number of Shares. If a Holder is not able to, or elects not
to, combine Warrants so as to be entitled to acquire a whole number
of Shares, the Holder may not exercise the right to acquire a
fractional Share, and, does not have the right to receive a cash
equivalent in lieu thereof.

 

 

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[Insert
Page Number] -

 

 

12.

Subject as herein
provided, all or any of the rights conferred upon the Holder by the
terms hereof may be enforced by the Holder by appropriate legal
proceedings.

 

13.

The registered
Holder of this Warrant Certificate may at any time up to and
including the Expiry Time, upon the surrender hereof to the
Corporation at its principal office, exchange this Warrant
Certificate for one or more Warrant Certificates entitling the
Holder to subscribe in the aggregate for the same number of Shares
as is expressed in this Warrant Certificate. Any Warrant
Certificate tendered for exchange shall be surrendered to the
Corporation and cancelled.

 

14.

If this Warrant
Certificate becomes stolen, lost, mutilated or destroyed, the
Corporation shall, on such terms as it may in its discretion acting
reasonably impose, issue and deliver to the Holder a new Warrant
Certificate of like denomination, tenor and date as the Warrant
Certificate so stolen, lost, mutilated or destroyed.

 

15.

Nothing contained
herein shall confer any right upon the Holder hereof or any other
person to subscribe for or purchase any Shares of the Corporation
at any time subsequent to the Expiry Time. After the Expiry Time
this Warrant Certificate and all rights hereunder shall be void and
of no value.

 

16.

Except as expressly
set out herein, the holding of this Warrant Certificate shall not
constitute a Holder hereof, a holder of Shares nor entitle it to
any right or interest in respect thereof.

 

17.

Unless herein
otherwise expressly provided, any notice to be given hereunder to
the Holder shall be deemed to be validly given if such notice is
given by personal delivery or registered mail to the attention of
the Holder at its registered address recorded in the registers
maintained by the Corporation. Any notice so given shall be deemed
to be validly given, if delivered personally, on the day of
delivery and if sent by post or other means, on the fifth Business
Day next following the sending thereof. In determining under any
provision hereof the date when notice of any event must be given,
the date of giving notice shall be included and the date of the
event shall be excluded.

 

18.

Time is of the
essence hereof.

 

19.

This Warrant
Certificate is binding upon the Corporation and its successors and
assigns.

 

20.

This Warrant
Certificate may be delivered using an electronic signature, which
will be treated as an original by the Company.

 

21.

The laws of the
Province of Ontario and the federal laws of Canada applicable shall
govern this Warrant Certificate and the Warrants represented hereby
therein. References to “$” is a reference to Canadian
dollars.

 

IN WITNESS WHEREOF this Warrant Certificate has been
executed on behalf of NextSource Materials Inc. as of JULY 2, 2020

 

	

	
NEXTSOURCE
MATERIALS INC.

	

 

	
	

 

	

 

	

 

	

	
Per:  

	
 

	

 

	
	

 

	
Authorized Signing
Officer 

	

 

	
	
	
	

 

 

 

 

SUBSCRIPTION NOTICE

 

 

TO:     

NextSource
Materials Inc.,

130
King Street West, Exchange Tower Suite 1940,

Toronto, Ontario,
M5X 2A2

 

Terms
used herein but not otherwise defined have the meanings ascribed
thereto in the attached Warrant Certificate.

 

The
undersigned registered Holder of the attached Warrant Certificate,
hereby:

 

(a) 

subscribes for
___________________________ Shares at a price per of $0.065 per Share (or such adjusted price
which may be in effect under the provisions of the Warrant
Certificate) and in payment of the exercise price encloses a
certified cheque, bank draft or money order in lawful money of
Canada payable to the order of NextSource Materials Inc. or its
successor corporation; and

 

(b) 

delivers herewith
the above-mentioned Warrant Certificate entitling the undersigned
to subscribe for the above-mentioned number of Shares;

 

in each
case in accordance with the terms and conditions set out in the
attached Warrant Certificate.

 

The
Holder hereby certifies that the undersigned is not a U.S. Person
or a person in the United States and is not acquiring any of the
Shares hereby subscribed for the account or benefit of a U.S.
Person or a person in the United States, and none of the persons
listed in paragraph (b) above is a U.S. Person or a person in the
United States. For purposes hereof the terms “United
States” and “U.S. Person” shall have the meanings
ascribed to them in Regulation S under the U.S. Securities Act of
1933, as amended (the “U.S. Securities
Act”).

 

Share
certificates will not be registered or delivered to an address in
the United States without an opinion of counsel to the effect that
the Shares have been registered under the U.S. Securities Act or an
exemption from registration is available.

 

The
Shares purchased hereunder will either settle in definitive
certificates or will be deposited electronically with CDS Clearing
and Depository Services Inc. (“CDS”) through the
book-based system administered by CDS. If the Shares are deposited
electronically with CDS, the Subscriber will not be entitled to
receive definitive certificates or other instruments from the
Issuer or CDS representing their interest in the securities
purchased hereunder. The Subscriber will receive only a customer
confirmation from the registered dealer who is a CDS participant
and from or through whom the securities hereunder are purchased
against payment of the Subscription Amount.

 

The
Subscriber hereby provides the registration and delivery
instructions below in connection with the definitive certificates
or electronic settlement of the Shares being purchased
hereunder:

 

[Subscription
Notice]

 

 

	

Share
Certificate Registration Instructions:

 

 
___________________________________________________________

(Registration
Name)

 

 
___________________________________________________________

(Account Reference
/ Number, if applicable)

 

 
___________________________________________________________

(Registration
Mailing Address, including Postal Code)

 

 
___________________________________________________________

(Contact
Name)

 

(Contact Telephone
Number) (Contact Fax Number)

(Please print full name in which share certificates and warrant
certificates are to be issued. If any of the Shares are to be
issued to a person or persons other than the Holder, the Holder
must pay to the Corporation all requisite taxes or other
governmental charges.)

	
 

	

Share
Certificate Delivery Instructions:

 

 
___________________________________________________________

(Delivery
Name)

 

 
___________________________________________________________

(Account Reference
/ Number, if applicable)

 

 
___________________________________________________________

(Delivery Mailing
Address, including Postal Code)

 

 ___________________________________________________________

(Contact
Name)

 

 ___________________________________________________________

(Contact Telephone
Number) (Contact Fax Number)

 

 

 

DATED
this _________ day
of _________,
20__.

 

	
 

	

(Signature
of Holder)

	
 

	
 

	

(Print
Name of Holder)

	
 

	
 

	

(Holder
Address)

	
 

	
 

	

(Holder
City, Province, Country)

	
 

	
 

	

(Holder
Phone Number)

	
 

	
 

	

(Holder
Email Address)

	
 

 

 

[Subscription
Notice]

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