Document:

EX-10.39

 Exhibit 10.39 

EXECUTIVE SEVERANCE AGREEMENT 

THIS EXECUTIVE SEVERANCE AGREEMENT (this “Agreement”) is entered into as of [date] (the “Effective Date”), by and
between Sunnova Energy International Inc., a Delaware corporation (the “Company”), and [name] (the “Executive”). The parties agree as follows: 

ARTICLE 1 
 PURPOSE AND
TERM 
 1.1 Purpose. The Executive is currently an employee of the Company or its subsidiary. The Company has determined that it
is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility of a Change in Control of the Company or an involuntary termination of the
Executive’s employment. In order to accomplish these objectives, and in consideration of the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties, intending to be legally bound, hereby enter into this Agreement. 
 1.2 Term. This Agreement shall be
effective as of the Effective Date, and shall remain in effect until the third anniversary of any written notice of termination of the Agreement provided to the Executive by the Company or, if earlier, the Executive’s termination of employment
for any reason prior to a Change in Control (the “Term”). Notwithstanding the foregoing, if a Change in Control occurs during the Term, the Term shall end on the later of (i) the date that is two (2) years after the occurrence of
the Change in Control, or (ii) the satisfaction of all obligations of the Company arising under this Agreement as a result of the Change in Control. 

ARTICLE 2 
 DEFINITIONS

 As used herein, the following words and phrases shall have the following meanings: 

2.1 Annual Salary. For purposes of this Agreement, “Annual Salary” shall mean the annual rate of the Executive’s salary
applicable as of the Date of Termination or, if higher, the annual rate of the Executive’s salary applicable immediately prior to the Change in Control of the Company. 

2.2 Board. For purposes of this Agreement, “Board” shall mean the board of directors of the Company. 

2.3 Cause. For purposes of this Agreement, “Cause” shall mean, prior to a Change in Control: (i) the Executive’s
willful failure to substantially perform the material duties set forth herein (other than any such failure resulting from the Executive’s Disability); (ii) the Executive’s willful failure to carry out, or comply with, in any material
respect any material lawful directive of the Board; (iii) the Executive’s commission at any time of any act or omission that results in, or may reasonably be expected to result in, a conviction, plea of no contest or plea of nolo
contendere for a violation of federal securities laws or regulations, any felony, or any crime involving moral 

 
turpitude, excluding driving or traffic-related felonies; (iv) the Executive’s indictment for any driving or traffic-related felony where the effect of such indictment is materially
adverse to the Company or its affiliates or their respective operations, reputations or conditions; (v) the Executive’s unlawful use (including being under the influence) or possession of illegal drugs on the Company’s premises or
while performing the Executive’s duties and responsibilities hereunder; (vi) the Executive’s commission at any time of any act of fraud, embezzlement, misappropriation, material misconduct, conversion of assets of the Company, or
breach of fiduciary duty against the Company (or any predecessor thereto or successor thereof); or (vii) the Executive’s material breach of this Agreement, or any equity award agreement between the Executive and the Company or any other
material agreements with the Company (including, without limitation, any breach of the restrictive covenants of any such agreement); and which, in the case of clauses (i), (ii) and (vii), continues beyond thirty (30) days after the Company has
provided the Executive written notice of such failure or breach (to the extent that, in the reasonable judgment of the Board, such failure or breach can be cured by the Executive). Notwithstanding the foregoing, after a Change in Control of the
Company, “Cause” shall mean: (i) a material breach by the Executive of the duties, obligations and responsibilities of Executive’s position with the Company (other than as a result of incapacity due to physical or mental illness)
which is demonstrably willful and deliberate on the Executive’s part, which is committed in bad faith or without reasonable belief that such breach is in the best interests of the Company and which is not remedied in a reasonable period of time
after receipt of written notice from the Company specifying such breach, or (ii) the conviction of the Executive of a felony involving moral turpitude. Whether or not an event giving rise to “Cause” had occurred will be determined by
the Board. 
 2.4 Code. For purposes of this Agreement, “Code” shall mean the Internal Revenue Code of 1986, as amended.

 2.5 Change in Control. For purposes of this Agreement, a “Change in Control” means each of the following: 

(a) the acquisition after the date hereof by any individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (1) the then outstanding shares
of common stock of the Company (the “Outstanding Company Common Stock”) or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the
“Outstanding Company Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company,
(C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, (D) any acquisition previously approved by at least a majority of the members of the
Incumbent Board (as such term is hereinafter defined), (E) any acquisition approved by at least a majority of the members of the Incumbent Board within five business days after the Company has notice of such acquisition, or (F) any acquisition
by any corporation pursuant to a transaction which complies with clauses (1), (2), and (3) of subsection (c) of this definition; or; 

  
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 (b) individuals who, as of the date hereof, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, appointment or nomination for election by the
Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for purposes of this
definition, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents
by or on behalf of a Person other than the Board; or 
 (c) the consummation of a reorganization, share exchange, merger (a
“Business Combination”), in each case, unless, following such Business Combination, (1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and
Outstanding Company Voting Securities immediately prior to such Business Combination will beneficially own, directly or indirectly, more than 70% of, respectively, the then outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such
transaction will own the Company through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting
Securities, as the case may be, (2) no Person (excluding any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) will beneficially own, directly or indirectly, 20% or more of,
respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership
existed prior to the Business Combination, and (3) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the
initial agreement, or of the action of the Board, providing for such Business Combination or were elected, appointed or nominated by the Board; or 

(d) (1) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company or
(2) the sale or other disposition of all or substantially all of the assets of the Company, other than to a corporation, with respect to which following such sale or other disposition, (A) more than 70% of, respectively, the then
outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or
indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other
disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may

  
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be, (B) less than 20% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such
corporation entitled to vote generally in the election of directors will be beneficially owned, directly or indirectly, by any Person (excluding any employee benefit plan (or related trust) of the Company or such corporation), except to the extent
that such Person owned 20% or more of the Outstanding Company Common Stock or Outstanding Company Voting Securities prior to the sale or disposition, and (C) at least a majority of the members of the board of directors of such corporation were
members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such sale or other disposition of assets of the Company or were elected, appointed or nominated by the Board. 

2.6 Date of Termination. For purposes of this Agreement, “Date of Termination” means (i) if the Executive’s
employment is terminated by the Company for Cause, the date of receipt of the notice of termination or any later date specified therein within thirty (30) days of such notice, as the case may be, (ii) if the Executive’s employment is
terminated by the Executive for Good Reason, the effective date of such termination pursuant to Section 2.8, (iii) if the Executive’s employment is terminated by the Company other than for Cause or Disability, the date on which the
Company notifies the Executive of such termination, (iv) if the Executive voluntarily resigns other than for Good Reason pursuant to Section 2.8, the date on which the Executive notifies the Company of such resignation, (v) if the
Executive’s employment is terminated by reason of death, the date of death of the Executive, or (vi) if the Executive’s employment is terminated by the Company due to Disability, the date thirty (30) days after the Company’s
written notice to the Executive. 
 2.7 Disability. For purposes of this Agreement, “Disability” shall mean the absence of
the Executive from the Executive’s duties with the Company on a full-time basis for 180 consecutive days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the
Company or its insurers and acceptable to the Executive or the Executive’s legal representative (such agreement as to acceptability not to be withheld unreasonably). 

2.8 Good Reason. For purposes of this Agreement, “Good Reason” shall mean any of the following occurring on or after a Change
in Control, (i) the assignment to the Executive of any duties inconsistent in any respect with the Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities or any other
action by the Company which results in a diminution in such position, authority, duties or responsibilities, in each case when compared to the Executive’s position, authority, duties or responsibilities immediately prior to the Change in
Control; (ii) any failure by the Company to provide the Executive with the compensation and/or benefits to which Executive is entitled during employment with the Company, which compensation and/or benefits shall not be less, in the aggregate,
than the Executive’s compensation and/or benefits prior to the Change in Control; (iii) the Company’s requiring the Executive to be based at any office or location more than thirty (30) miles away from his or her then current
base office or location without the Executive’s consent and reasonable compensation for relocation expenses; (iv) any purported termination by the Company of the Executive’s employment otherwise than as expressly permitted by this
Agreement; or (v) any failure by the Company to comply with and satisfy Section 7.6 hereof, provided that such successor 

  
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has received at least ten days, prior written notice from the Company or the Executive of the requirements of Section 7.6 hereof. Executive’s termination shall not be considered for
“Good Reason” unless Executive’s termination of employment occurs within twenty-four (24) months after the first occurrence of the facts constituting Good Reason, Executive gave the Company detailed written notice of such facts
within 90 days after their first occurrence, and the Company failed to cure such Good Reason within 30 days after it received such detailed written notice. For purposes of this Section 2.8, any good faith determination of “Good
Reason” made by the Executive shall be conclusive. For the avoidance of doubt, the Executive shall not have Good Reason to terminate employment prior to the occurrence of a Change in Control and any termination or resignation of employment by
the Executive prior to the occurrence of a Change in Control will be deemed to be a voluntary resignation. 
 2.9 Target Annual Bonus.
For purposes of this Agreement, “Target Annual Bonus” shall mean the greater of (1) Executive’s target annual cash bonus opportunity, determined by the Board in its sole discretion, for the fiscal year in which the Date of
Termination occurs or, if no target annual bonus has been established for the fiscal year in which the Date of Termination occurs, the target annual bonus for the preceding fiscal year or (2) Executive’s target annual cash bonus for the
fiscal year in which the Change in Control of the Company occurs. 
 ARTICLE 3 

COMPANY OBLIGATIONS UPON TERMINATION OF EMPLOYMENT 

3.1 In General. If the Executive’s employment with the Company terminates due to circumstances other than those set forth in
Section 3.2, this Agreement shall terminate; provided, however, that in any such event, the Company shall pay to the Executive (or the Executive’s estate, as applicable) (i) in a lump sum within thirty (30) days of the Date of
Termination, any portion of the Annual Salary and accrued but unused vacation that shall have been earned by the Executive prior to the termination but not yet paid; (ii) the amount of any unpaid annual bonus earned for the calendar year
completed prior to the Date of Termination, payable on or prior to March 15 of the calendar year immediately following the completed year for which the annual bonus was earned; (iii) any benefits that have vested in the Executive as of the
Date of Termination as a result of the Executive’s participation in any of the Company’s benefit plans; (iv) any accrued but unused vacation pay; and (v) any expenses with respect to which the Executive is entitled to
reimbursement under Company policy (collectively, the “Accrued Amounts”). 
 3.2 Termination For Cause . The Company has the
right, at any time, subject to all of the provisions hereof, exercisable by serving notice, effective on or after the date of service of such notice as specified therein, to terminate the Executive’s employment under this Agreement and
discharge the Executive for Cause. If such right is exercised, the Company’s obligation to the Executive shall be limited solely to (i) the payment of any portion of the Annual Salary that shall have been earned by the Executive prior to
the termination but not yet paid in a lump sum within thirty (30) days of the Date of Termination and (ii) any benefits that have vested in the Executive as of the Date of Termination as a result of the Executive’s participation in
any of the Company’s benefit plans. 

  
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 3.3 Termination by the Company Without Cause Prior to a Change in Control. The
Company has the right, at any time, subject to all of the provisions hereof, exercisable by serving notice, effective on or after the date of service of such notice as specified therein, to terminate the Executive’s employment under this
Agreement and discharge the Executive without Cause. If the Company terminates the Executive’s employment without Cause prior to a Change in Control of the Company then the Company’s obligation to the Executive shall be limited solely to
the following, and shall be contingent on Executive’s execution of a general waiver and release as described in Section 3.3(c) below: 

(a) Severance Payments. The Company shall pay the Executive: 

 

	 	(i)	 the Accrued Amounts (payable at the same time and in the same manner as set forth in Section 3.1);

  

	 	(ii)	 an amount equal to the Target Bonus multiplied by a fraction, (x) the numerator of which is equal to the
number of days that the Executive was employed during the calendar year in which the Date of Termination occurs and (y) the denominator of which is 365; and 

 

	 	(iii)	 an amount equal to 50% times Executive’s Annual Base Salary; 

with any amounts payable under Section 3.01(a)(ii) or (iii) payable in equal installments over the six month period beginning on the
Date of Termination in accordance with the normal payroll practices of the Company. 
 (b) Extension of Health Plan
Benefits. If the Executive is eligible to and does elect continuation coverage under the Company’s health benefit plan pursuant to the provisions of Section 4980B of the Code, then the Company shall reimburse to the Executive the
excess of (A) the premiums paid for such coverage by the Executive during 6 months period following the Date of Termination in which the Executive elects such continuation coverage under the Company’s health benefit plan over (B) the
premiums for comparable coverage charged to the Company’s active employees during such period, provided that such reimbursements shall not be made in the event the Company would be subject to any excise tax under Section 4980D of the Code
or other penalty or liability pursuant to the provisions of the Patient Protection and Affordable Care Act of 2010 (as amended from time to time), and in lieu of providing the subsidized premiums described above, the Company shall instead pay to the
Executive a fully taxable monthly cash payment in an amount such that, after payment by the Executive of all taxes on such payment, the Executive retains an amount equal to the applicable premiums for such month, with such monthly payment being made
on the last day of each month for the remainder of the period for which the premium reimbursement would have been provided; provided further that in the event that the Executive obtains other employment that offers group health benefits, such
reimbursement shall immediately cease. 
 (c) Waiver and Release Required; Forfeiture and Repayment on Breach.
Notwithstanding anything herein to the contrary, no portion of the payments or benefits described in Section 3.3(a)(ii) or (iii) or Section 3.3(b) shall be paid unless, on or prior to the sixtieth (60th) day following the Date of
Termination, the Executive timely executes a general waiver and release of claims agreement in substantially the form attached here to 

  
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as Exhibit A (which release shall not require the Executive to release or waive any vested benefits or claims that arise for the first time after the effective date of the release), and such
release shall not have been revoked by the Executive prior to the expiration of the period (if any) during which any portion of such release is revocable under applicable law and as of the first date on which the Executive violates any covenant
contained in Article V, any remaining unpaid benefits under this Agreement shall thereupon be forfeited and any benefits already paid under Sections 3.3(a)(ii), 3.3(a)(iii) or 3.3(b) must be repaid to the Company immediately upon demand . 

3.4 Termination by the Company Without Cause or by the Executive for Good Reason Following a Change in Control. If the Company
terminates the Executive’s employment without Cause or the Executive terminates the Executive’s employment for Good Reason, provided that the foregoing terminations occur within twenty-four (24) months after a Change in Control of the
Company, then the Company’s obligation to the Executive shall be limited solely to the following (in lieu of the provisions set forth in Section 3.3): 

(a) Severance Payments. The Company shall pay the Executive: 

 

	 	(i)	 the Accrued Amounts (payable at the same time and in the same manner as set forth in Section 3.1);

  

	 	(ii)	 in lump sum on the sixtieth (60th) day after the Date of
Termination, an amount equal to the Target Bonus multiplied by a fraction, (x) the numerator of which is equal to the number of days that the Executive was employed during the calendar year in which the Date of Termination occurs and
(y) the denominator of which is 365; and 

  

	 	(iii)	 in lump sum on the sixtieth (60th) day after the Date of Termination, an amount equal to (1)
[applicable multiple] times the Executive’s Annual Salary, plus (2) [applicable multiple] times the Executive’s Target Annual Bonus. 

(b) Extension of Health Plan Benefits. The Company shall provide to Executive and/or Executive’s spouse and family,
as the case may be, continued participation in the group health plans in which Executive and/or Executive’s spouse or family, as the case may be, participated in immediately prior to the Date of Termination, but not less benefits, in the
aggregate, than Executive and/or Executive’s spouse and family received immediately prior to the Change of Control as if Executive’s employment had not terminated and at no cost to the Executive (the “Welfare Continuation
Benefit”). The Welfare Continuation Benefit shall be provided for the period beginning on the Date of Termination and ending on the date that is eighteen (18) months after the Date of Termination, provided that such Welfare Benefit
Continuation shall not be made in the event the Company would be subject to any excise tax under Section 4980D of the Code or other penalty or liability pursuant to the provisions of the Patient Protection and Affordable Care Act of 2010 (as
amended from time to time), and in lieu of providing the Welfare Benefit Continuation described above, the Company shall instead pay to the Executive a fully taxable monthly cash payment in an amount such that, after payment by

  
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the Executive of all taxes on such payment, the Executive retains an amount equal to the applicable premiums for such month, with such monthly payment being made on the last day of each month for
the remainder of the period for which the Welfare Continuation Benefit would have been provided. 
 (c) Option
Exercise. Any stock options held by the Executive as of the Change in Control of the Company that remain outstanding as of the Date of Termination may thereafter be exercised until the later of (A) the last date on which such stock options
would be exercisable in the absence of this Section 3.4(c) or (B) the first anniversary of the Date of Termination. Notwithstanding the preceding sentence, in no event will any stock options remain exercisable later than the earlier of
(i) the original expiration date of such stock options or (ii) the tenth anniversary of the original grant date for such stock options. 

3.5 Termination upon Death or Disability. If the Executive’s employment is terminated due to Death or Disability, the
Company’s obligation to the Executive shall be limited solely to the payment of the Accrued Amounts (at the same time and in the same manner as set forth in Section 3.1) and, if such termination occurs after a Change in Control, provision
of the Welfare Continuation Benefit. 
 ARTICLE 4 

PARACHUTE PAYMENTS 
 4.1
Parachute Payments. It is the objective of this Agreement to maximize the Executive’s Net After-Tax Benefit (as defined herein) if payments or benefits provided under this Agreement are subject to
excise tax under Section 4999 of Code. Therefore, in the event it is determined that any payment or benefit by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of
this Agreement or otherwise, including, by example and not by way of limitation, acceleration by the Company or otherwise of the date of vesting or payment or rate of payment under any plan, program or arrangement of the Company, would be subject to
the excise tax imposed by Section 4999 of the Code or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise
Tax”), the Company shall first make a calculation under which such payments or benefits provided to the Executive under this Agreement are reduced to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by
Section 4999 of the Code (the “4999 Limit”). The Company shall then compare (x) the Executive’s Net After-Tax Benefit assuming application of the 4999 Limit with (y) the
Executive’s Net After-Tax Benefit without the application of the 4999 Limit and the Executive shall be entitled to the greater of (x) or (y). “Net
After-Tax Benefit” shall mean the sum of (i) all payments and benefits which the Executive receives or is then entitled to receive from the Company, less (ii) the amount of federal income taxes
payable with respect to the payments and benefits described in (i) above calculated at the maximum marginal income tax rate for each year in which such payments and benefits shall be paid to the Executive (based upon the rate for such year as
set forth in the Code at the time of the first payment of the foregoing), less (iii) the amount of excise taxes imposed with respect to the payments and benefits described in (i) above by Section 4999 of the Code. The determination of
whether a payment or benefit constitutes an excess parachute payment shall be made by tax counsel selected by the Company and reasonably acceptable to the Executive. The costs of obtaining this determination shall be borne by the Company. 

  
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 ARTICLE 5 

PROTECTIVE COVENANTS 
 5.1
Provision of Confidential and Proprietary Information. The Company will provide the Executive with access to its confidential, proprietary or trade secret information, including Proprietary Information (as defined in Section 5.4) and
confidential information of third parties such as customers, suppliers and business affiliates, specialized training and knowledge regarding their methodologies and business strategies, and support in the development of goodwill such as
introductions and customer relationship information. The foregoing is not contingent on continued employment, but upon the Executive’s use of the access, specialized training and goodwill support provided by the Company for the exclusive
benefit of the Company and upon the Executive’s full compliance with the restrictions on the Executive’s conduct provided for in this Agreement. Ancillary to the rights provided to the Executive as set forth in this Agreement, the
provision by the Company of confidential, proprietary and trade secret information, specialized training and goodwill support to the Executive, and the Executive’s agreements regarding the use of same, in order to protect the value of any
equity-based compensation, training, goodwill support and the confidential information described above, the Company and the Executive agree to the following provisions against unfair competition, which the Executive acknowledges represent a fair
balance of the Company’s rights to protect its business and the Executive’s right to pursue employment and would not create a hardship to the Executive or his or her family if and when enforced. 

5.2 Non-Competition. The Executive hereby agrees that, in the event of a termination of the
Executive’s employment prior to the occurrence of a Change in Control, the Executive shall not, at any time during the 6 month period beginning on the Date of Termination (the “Restricted Period”), directly or indirectly engage in,
have any equity interest in, or manage or operate any Person, firm, corporation, partnership, business or entity (whether as director, officer, employee, agent, representative, partner, security holder, consultant or otherwise) that engages in, in
the Restricted Area (either directly or through any subsidiary or Affiliate thereof), any business or activity (i) in the Business, (ii) that otherwise competes with the business of the Company or any entity owned by the Company or
(iii) with respect to which the Company or any entity owned by the Company has taken Active Steps at any time during the twelve (12) month period immediately before the Date of Termination (any such business or activity, a “Restricted
Business”). Notwithstanding the foregoing, the Executive shall be permitted to acquire a passive stock or equity interest in a Restricted Business; provided that such stock or other equity interest acquired is not more than five percent (5%) of
the outstanding interest in such Restricted Business. For purposes of this Agreement, “Restricted Area” means (i) the United States, Canada or any territory of either of the foregoing, (ii) any other location where the Company or
any of its direct or indirect subsidiaries engages in business or (iii) any other location where the Company or any of its direct or indirect subsidiaries has taken Active Steps at any time during the twelve (12) month period immediately
before the Date of Termination. For purposes of this Agreement, “Business” shall mean (i) the business of acquisition, development, construction and/or origination, financing, management and disposition of distributed (including,
without limitation, residential, commercial, community solar and industrial) solar energy production and storage equipment and related leases, loans or other financing instruments or arrangements and the actions and transactions related or ancillary
thereto and (ii) such other lines of business in which the Company or any entity owned by the Company are materially engaged on the date of the Executive’s Date of Termination. 

  
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 5.3 Non-Solicitation. The Executive hereby
agrees that, in the event of a termination of the Executive’s employment prior to the occurrence of a Change in Control, the Executive shall not, at any time during the Restricted Period, directly or indirectly, either for himself or herself or
on behalf of any other Person (other than the Company), (i) recruit or otherwise solicit or induce any employee, consultant, independent contractor, customer, subscriber, vendor (including, without limitation, installation contractors), deal source,
deal contact or supplier of the Company to terminate its employment or arrangement with the Company, or otherwise change its relationship with the Company, or (ii) hire, or cause to be hired, any person who was employed or engaged by the
Company at any time during the twelve (12)-month period immediately prior to the Date of Termination or who thereafter becomes employed by the Company; provided, however, that this restriction shall not extend to, prohibit or otherwise limit general
employment advertising or solicitation not specifically targeting employees of the Company or any such specific employee. 
 5.4
Confidentiality; Non-disclosure. Except as the Executive reasonably and in good faith determines to be required in the faithful performance of the Executive’s duties hereunder or in accordance with
Section 5.6, the Executive shall, during the Term and after the Date of Termination, maintain in confidence and shall not directly or indirectly, use, disseminate, disclose or publish, for the Executive’s benefit or the benefit of any
other Person, any confidential or proprietary information or trade secrets of or relating to or received by the Company, including, without limitation, information with respect to the Company’s operations, processes, protocols, products,
inventions, business practices, finances, principals, vendors (including, without limitation, installation contractors), suppliers, customers, potential customers, subscribers, potential subscribers, deal sources, deal contacts, marketing methods,
costs, prices, contractual relationships, regulatory status, compensation paid to employees or other terms of employment (“Proprietary Information”), or deliver to any Person, any document, record, notebook, computer program or similar
repository of or containing any such Proprietary Information. The Executive’s obligation to maintain and not use, disseminate, disclose or publish, or use for the Executive’s benefit or the benefit of any other Person, any Proprietary
Information after the Date of Termination will continue so long as such Proprietary Information is not, or has not by legitimate means become, generally known and in the public domain (other than by means of the Executive’s direct or indirect
disclosure of such Proprietary Information) and continues to be maintained as Proprietary Information by the Company. The parties hereby stipulate and agree that as between them, the Proprietary Information identified herein is important, material
and affects the successful conduct of the businesses of the Company (and any successor or assignee of the Company). 
 5.5 Return of
Company Property. Upon termination of the Executive’s employment with the Company for any reason, the Executive will promptly deliver to the Company (i) all correspondence, drawings, manuals, letters, notes, notebooks, reports,
programs, plans, proposals, financial documents and any other documents that are Proprietary Information, including all physical and digital copies thereof, and (ii) all other Company property (including, without limitation, any personal
computer or wireless device and related accessories, keys, credit cards and other similar items) that is in his possession, custody or control. 

  
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 5.6 Notice; Cooperation. The Executive may respond to a lawful and valid subpoena or
other legal process but shall give the Company the earliest possible notice thereof, and shall, as much in advance of the return date as possible, make available to the Company and its counsel the documents and other information sought, and shall
assist such counsel in resisting or otherwise responding to such process. 
 5.7
Non-Disparagement. The Executive agrees not to disparage the Company, any of its products or practices, or any of its directors, officers, agents, representatives, partners, members, equity holders or
Affiliates, either orally or in writing, at any time; provided that the Executive may confer in confidence with the Executive’s legal representatives and make truthful statements as required by law. The Company agrees not to disparage the
Executive, either orally or in writing, at any time; provided that such directors and officers may confer in confidence with the Company’s and their respective legal representatives and make truthful statements as required by law.
Notwithstanding the forgoing, nothing in this Agreement shall restrict in any way the communication of information by Executive, the Company or any of its officers, directors, employees, stockholders, agents and representatives to any local, state
or federal law enforcement agency or require notice to the other party thereof. 
 5.8 Interpretation of Covenants. Prior to accepting
other employment or any other service relationship during the Noncompetition Restricted Period, the Executive shall provide a copy of this Article 5 to any recruiter who assists the Executive in obtaining other employment or any other service
relationship and to any employer or other Person with which the Executive discusses potential employment or any other service relationship. 

In the event the terms of this Article 5 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its
extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over
the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action. Any breach or violation by the Executive of the
provisions of this Article 5 shall toll the running of any time periods set forth in this Article 5 for the duration of any such breach or violation. 

As used in this Article 5, the term “Company” shall mean Sunnova Energy International Inc., its predecessors or successor, related
entities and any of its direct or indirect subsidiaries. 
 5.9 Injunctive Relief. The Executive recognizes and acknowledges that a
breach of the covenants contained in this Article 5 will cause irreparable damage to the Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be
inadequate. Accordingly, the Executive agrees that in the event of a breach of any of the covenants contained in this Article 5, in addition to any other remedy which may be available at law or in equity, the Company will be entitled to specific
performance and injunctive relief. 

  
 11 

 ARTICLE 6 

INSURANCE 
 6.1
Insurance. The Company shall secure and maintain Director’s and Officer’s liability insurance covering Executive. The Company may, from time to time, apply for and take out, in its own name and at its own expense, naming itself or
one or more of its affiliates as the designated beneficiary (which it may change from time to time), policies for life, health, accident, disability or other insurance upon the Executive in any amount or amounts that it may deem necessary or
appropriate to protect its interest. The Executive agrees to aid the Company in procuring such insurance by submitting to medical examinations and by completing, executing and delivering such applications and other instruments in writing as may
reasonably be required by an insurance company or companies to which any application or applications for insurance may be made by or for the Company. 

ARTICLE 7 
 OTHER
PROVISIONS 
 7.1 Section 409A. 

(a) Separation from Service. Notwithstanding anything to the contrary in this Agreement, with respect to any amounts
payable to Executive under this Agreement in connection with a termination of Executive’s employment that would be considered “non-qualified deferred compensation” under Section 409A of the
Code, in no event shall a termination of employment be considered to have occurred under this Agreement unless such termination constitutes Executive’s “separation from service” with the Company as such term is defined in Treasury
Regulation Section 1.409A-1(h), and any successor provision thereto (“Separation from Service”). 

(b) Section 409A Compliance. Notwithstanding anything to the contrary in this Agreement, to the
maximum extent permitted by applicable law, any severance payments payable to Executive under this Agreement shall be made in reliance upon Treasury Regulation Section 1.409A-1(b)(9)(iii) (relating to
separation pay plans) or Treasury Regulation Section 1.409A-1(b)(4) (relating to short-term deferrals). However, to the extent any such payments are treated as
“non-qualified deferred compensation” subject to Section 409A of the Code, and if Executive is deemed at the time of his Separation from Service to be a “specified employee” for
purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited payment under
Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s termination benefits shall not be provided to the Executive prior to the earlier of (i) the expiration of the six-month period
measured from the date of Executive’s Separation from Service or (ii) the date of Executive’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section shall be paid in a lump sum to Executive (or
Executive’s estate). The determination of whether Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his Separation from Service shall be made by Company in accordance with
the terms of Section 409A of the Code, and applicable guidance thereunder (including without limitation Treasury Regulation 

  
 12 

 
Section 1.409A-1(i) and any successor provision thereto). Notwithstanding anything in this Agreement to the contrary, to the extent the Company
determines necessary to comply with the requirements of Section 409A of the Code with respect to any payment under this Agreement, no “Change in Control” shall be deemed to occur unless and until the event also satisfies the
requirements of a “change in control event” within the meaning of Section 409A of the Code and applicable regulations. With respect to any of Executive’s awards of, or relating to, equity of the Company that are outstanding as of
the Effective Date or are granted to Executive in the future (“Awards”), such Awards shall be administered in a manner that is either compliant with or exempt from the requirements of Section 409A of the Code, and the Change in
Control definition applicable to such Awards shall, to the extent necessary to comply with Section 409A of the Code, be limited to an event that satisfies the requirements of a “change in control event” within the meaning of
Section 409A of the Code and applicable regulations. 
 (c) Section 409A; Separate Payments.
This Agreement is intended to be written, administered, interpreted and construed in a manner such that no payment or benefits provided under the Agreement become subject to (a) the gross income inclusion set forth within
Section 409A(a)(1)(B) of the Code or (b) the interest and additional tax set forth within Section 409A(a)(1)(B) of the Code (collectively, “Section 409A Penalties”), including, where appropriate, the construction of
defined terms to have meanings that would not cause the imposition of Section 409A Penalties. For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation
Section 1.409A-2(b)(2)(iii)), each payment that Executive may be eligible to receive under this Agreement shall be treated as a separate and distinct payment and shall not collectively be treated as a
single payment. 
 (d) In-kind Benefits and Reimbursements. Notwithstanding
anything to the contrary in this Agreement or in any Employer policy with respect to such payments, in- kind benefits and reimbursements provided under this Agreement during any tax year of Executive shall not
affect in-kind benefits or reimbursements to be provided in any other tax year of Executive and are not subject to liquidation or exchange for another benefit. Notwithstanding anything to the contrary in this
Agreement, reimbursement requests must be timely submitted by Executive and, if timely submitted, reimbursement payments shall be made to Executive as soon as administratively practicable following such submission in accordance with the
Company’s policies regarding reimbursements, but in no event later than the last day of Executive’s taxable year following the taxable year in which the expense was incurred. This Section 7.1(d) shall only apply to in-kind benefits and reimbursements that would result in taxable compensation income to Executive. 
 7.2
Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall be delivered personally, sent by courier service, sent by facsimile transmission or sent by certified, registered or express mail,
postage prepaid. Any such notice shall be deemed given when so delivered personally or sent by facsimile transmission or, if mailed or sent by courier service, on the date of actual receipt thereof, as follows: 

  
 13 

							
	    	  	(1)	  	if to the Company, to:	  	
		  		  	Sunnova Energy International Inc.	  	
		  		  	20 East Greenway Plaza, Suite 475	  	
		  		  	Houston, TX 77046	  	
		  		  	Attn: General Counsel	  	
		  	(2)	  	if to the Executive, to:	  	
				
		  		  	  
	  	
		  		  	  
	  	
		  		  	  
	  	

 Any party may change its address for notice hereunder by notice to the other party hereto. 

7.3 Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements (including but not limited to the Employment Agreement between the Executive and Sunnova Energy Corporation dated as of
                ), written or oral, with respect thereto. Notwithstanding the foregoing, this Agreement does not supersede any indemnification agreements between
Executive and the Company and any contrary terms under applicable Company equity incentive plans. The Executive acknowledges and agrees that the Executive shall not be entitled to participate in any Company severance plans, including, but not
limited to, the Sunnova Energy International Inc. Change in Control Severance Plan, and shall not be entitled to severance benefits except as provided in this Agreement. 

7.4 Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms and conditions
hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any waiver on the part of any party of any such right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of
any other right, power or privilege hereunder. 
 7.5 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware (without giving effect to the choice of law provisions thereof) where the employment of the Executive shall be deemed, in part, to be performed. Enforcement of this Agreement or any action taken or held with
respect to this Agreement shall be taken in the courts of appropriate jurisdiction in Harris County, Texas. 

  
 14 

 7.6 Assignment. This Agreement, and any rights and obligations hereunder, may not be
assigned by the Executive and may be assigned by the Company only to a successor by merger or purchasers of substantially all of the assets of the Company or its affiliates. The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes this Agreement by
operation of law, or otherwise. 
 7.7 Counterparts. This Agreement may be executed in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 7.8
Headings. The headings in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 

7.9 No Presumption Against Interest. This Agreement has been negotiated, drafted, edited and reviewed by the respective parties, and
therefore, no provision arising directly or indirectly herefrom shall be construed against any party as being drafted by said party. 
 7.10
No Duty to Mitigate. The Executive shall have no obligation to mitigate damages suffered as a result of termination of the Executive’s employment with the Company. The provisions of this Section 7.10 shall survive termination of
this Agreement. 
 7.11 Resolution of Disputes. Following a Change in Control, if there shall be any dispute between the Company and
the Executive (i) in the event of any termination of the Executive’s employment by the Company for any reason other than death, or (ii) in the event of any termination of employment by the Executive or determination of whether Good
Reason existed, then, unless and until there is a final, nonappealable judgment by a court of competent jurisdiction declaring that such termination by the Company was for Cause or Disability or that the determination by the Executive of the
existence of Good Reason was not made in good faith, as the case may be, the Company shall pay all amounts, and provide all benefits, to the Executive and/or the Executive’s family or other beneficiaries, as the case may be, that the Company
would be required to pay or provide pursuant to Section 3 as though such termination were by the Company without Cause and not for Disability or by the Executive with Good Reason; provided, however, that the Company shall not be required to pay
any disputed amounts pursuant to this Section except upon receipt of an undertaking by or on behalf of the Executive and/or the Executive’s family or other beneficiaries, as the case may be, to repay all such amounts to which the Executive is
ultimately adjudged by such court not to be entitled. 

  
 15 

 7.12 Binding Agreement. Subject to Section 7.6, this Agreement shall inure to
the benefit of and be binding upon the Company and its respective successors and assigns and the Executive and the Executive’s legal representatives. 

7.13 Withholding. The Company may withhold from any amounts payable under this Agreement such federal, state and local taxes as may be
required to be withheld pursuant to any applicable law or regulation and any deductions authorized by Executive. 
 7.14 Attorney’s
Fees and Costs. Following a Change in Control, if the Company breaches any provision of this Agreement in any respect, then the Company shall reimburse or advance to the Executive the funds necessary for payment of costs and expenses, including
attorneys’ fees and disbursements, incurred in connection with any proceeding in advance of the final disposition of such proceeding incurred by the Executive in enforcing this Agreement, provided that the Executive shall be entitled to
advancement of Executive’s costs and expenses only upon receipt by the Company of an undertaking, by or on behalf of the Executive, to repay any such amount so advanced if it shall ultimately be determined after the case is final and all
appeals have been exhausted (or the election has been made not to file appeals) by a final judgment or award that the Company has obtained in its favor against all of Executive’s claims against the Company. 

[Signature Page Next Page] 

  
 16 

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

			
	EXECUTIVE
	
	  

[NAME]

	
	COMPANY
	
	SUNNOVA ENERGY INTERNATIONAL INC.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 17 

 Exhibit A: Form of Waiver and Release 

In consideration of, and as a condition precedent to, the severance payment and benefits (the “Severance”) described
in that certain Executive Severance Agreement (the “Agreement”) effective as of [                ] between Sunnova Energy International Inc., a
Delaware Corporation (the “Company”), and                          (“Employee”)],
which Severance is offered to Employee in exchange for a general waiver and release of claims (this “Waiver and Release”). Employee having acknowledged the above-stated consideration as full compensation for and on account of
any and all injuries and damages which Employee has sustained or claimed, or may be entitled to claim, Employee, for himself, and his heirs, executors, administrators, successors and assigns, does hereby release, forever discharge and promise not to
sue the Company, its parents, subsidiaries, affiliates, successors and assigns, and their past and present officers, directors, partners, employees, members, managers, shareholders, agents, attorneys, accountants, insurers, heirs, administrators,
executors, as well as all employee benefit plans maintained by any of the foregoing entities or individuals, and all fiduciaries and administrators of such plans, in their personal and representative capacities (collectively the “Released
Parties”) from any and all claims, liabilities, costs, expenses, judgments, attorney fees, actions, known and unknown, of every kind and nature whatsoever in law or equity, which Employee had, now has, or may have against the Released
Parties relating in any way to Employee’s employment with the Company or termination thereof prior to and including the date of execution of this Waiver and Release, including but not limited to, all claims for contract damages, tort damages,
special, general, direct, punitive and consequential damages, compensatory damages, loss of profits, attorney fees and any and all other damages of any kind or nature; all contracts, oral or written, between Employee and any of the Released Parties;
any business enterprise or proposed enterprise contemplated by any of the Released Parties, as well as anything done or not done prior to and including the date of execution of this Waiver and Release. 

Employee understands and agrees that this release and covenant not to sue shall apply to any and all claims or liabilities arising out of or
relating to Employee’s employment with the Company or any affiliate and the termination of such employment, including, but not limited to: claims of discrimination based on age, race, color, sex (including sexual harassment), religion, national
origin, marital status, parental status, veteran status, union activities, disability or any other grounds under applicable federal, state or local law prior to and including the date of execution of this Waiver and Release, including, but not
limited to, claims arising under the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act, the Family and Medical Leave Act, Title VII of the Civil Rights Act, the Civil Rights Act of 1991, 42 U.S.C. § 1981, the
Genetic Information Non-Discrimination Act of 2008, the Employee Retirement Income Security Act of 1974, the Consolidated Omnibus Budget Reconciliation Act of 1985, the Rehabilitation Act of 1973, the Equal
Pay Act of 1963 (EPA), all as amended, as well as any claims prior to and including the date of execution of this Waiver and Release, regarding wages; benefits; vacation; sick leave; business expense reimbursements; wrongful termination; breach of
the covenant of good faith and fair dealing; intentional or negligent infliction of emotional distress; retaliation; outrage; defamation; invasion of privacy; breach of contract; fraud or negligent misrepresentation; harassment; breach of duty;
negligence; discrimination; claims under any employment, contract or tort laws; claims arising under any other federal law, state law, municipal law, local law, or common law; any claims arising out of any employment contract, policy or procedure;
and any other claims related to or arising out of his employment or the separation of his employment with the Company or any affiliate prior to and including the date of execution of this Waiver and Release. 

  
 A-1 

 In addition, Employee agrees not to cause or encourage any legal proceeding to be maintained
or instituted against any of the Released Parties, save and except proceedings to enforce the terms of the Agreement or claims of Employee not released by and in this Waiver and Release. 

Notwithstanding anything to the contrary contained in this Waiver and Release, nothing in this Waiver and Release shall be construed to
release the Company from (i) any obligations set forth in the Agreement, (ii) claims that relate to events that arise after the execution of this Waiver and Release, or (iii) any claim or right held by Employee (whether as an
employee, officer, director, stockholder or in any other capacity) for coverage under the Company’s or any affiliate’s D&O policies or any similar coverage or protection provided under the organizational documents of the Company or any
affiliate. This release does not apply to any claims for unemployment compensation or any other claims or rights which, by law, cannot be waived, including the right to file an administrative charge or participate in an administrative investigation
or proceeding; provided, however, that Employee disclaims and waives any right to share or participate in any monetary award from the Company resulting from the prosecution of such charge or investigation or proceeding. Notwithstanding the foregoing
or any other provision in this Waiver and Release or the Agreement to the contrary, the Company and Employee further agree that nothing in this Waiver and Release or the Agreement (i) limits Employee’s ability to file a charge or complaint
with the EEOC, the NLRB, OSHA, the SEC or any other federal, state or local governmental agency or commission (each a “Government Agency” and collectively “Government Agencies”); (ii) limits
Employee’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information and reporting possible
violations of law or regulation or other disclosures protected under the whistleblower provisions of applicable law or regulation, without notice to the Company; or (iii) limits Employee’s right to receive an award for information provided
to any Government Agencies. 
 Employee expressly acknowledges that he is voluntarily, irrevocably and unconditionally releasing and forever
discharging the Company and the other Released Parties from all rights or claims he has or may have against the Released Parties, including, but not limited to, without limitation, all charges, claims of money, demands, rights, and causes of action
arising under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”), up to and including the date Employee signs this Waiver and Release including, but not limited to, all claims of age discrimination in
employment and all claims of retaliation in violation of ADEA. Employee further acknowledges that the consideration given for this waiver of claims under the ADEA is in addition to anything of value to which he was already entitled in the absence of
this waiver. Employee further acknowledges: (a) that he has been informed by this writing that he should consult with an attorney prior to executing this Waiver and Release; (b) that he has carefully read and fully understands all of the
provisions of this Waiver and Release; (c) he is, through this Waiver and Release, releasing the Company and the other Released Parties from any and all claims he may have against any of them; (d) he understands and agrees that this waiver
and release does not apply to any claims that may arise under the ADEA after the date he executes this Waiver and Release; (e) he has at least [twenty-one (21)] [forty-five (45)] days within which
to consider this 

  
 A-2 

 
Waiver and Release; and (f) he has seven (7) days following his execution of this Waiver and Release to revoke the Waiver and Release; and (g) this Waiver and Release shall not be
effective until the revocation period has expired and Employee has signed and has not revoked the Waiver and Release. 
 Employee
acknowledges and agrees that: (a) he has had reasonable and sufficient time to read and review this Waiver and Release and that he has, in fact, read and reviewed this Waiver and Release; (b) that he has the right to consult with legal
counsel regarding this Waiver and Release and is encouraged to consult with legal counsel with regard to this Waiver and Release; (c) that he has had (or has had the opportunity to take) [twenty-one
(21)] [forty-five (45)] calendar days to discuss the Waiver and Release with a lawyer of his choice before signing it and, if he signs before the end of that period, he does so of his own free will and with the full knowledge that he could have
taken the full period; (d) that he is entering into this Waiver and Release freely and voluntarily and not as a result of any coercion, duress or undue influence; (e) that he is not relying upon any oral representations made to him
regarding the subject matter of this Waiver and Release; (f) that by this Waiver and Release he is receiving consideration in addition to that which he was already entitled; and (g) that he has received all information he requires from the
Company in order to make a knowing and voluntary release and waiver of all claims against the Company and the other Released Parties. 

Employee acknowledges and agrees that he has seven (7) days after the date he signs this Waiver and Release in which to rescind or revoke
this Waiver and Release by providing notice in writing to the Company. Employee further understands that the Waiver and Release will have no force and effect until the end of that seventh day (the “Waiver Effective Date”). If
Employee revokes the Waiver and Release, the Company will not be obligated to pay or provide Employee with the benefits described in this Waiver and Release, and this Waiver and Release shall be deemed null and void. 

 

	
	AGREED TO AND ACCEPTED this
	
	______ day of _________________, 20__.
	
	  
 [Name]

  
 A-3ASSET
PURCHASE AGREEMENT

 

between

 

S7
SUPERCARS LLC,

 

as
Seller

 

and

 

SALEEN
AUTOMOTIVE, INC.,

 

as
Buyer

 

dated
as of

 

May
31, 2019

 

    	 

    	 

    

 

ASSET
PURCHASE AGREEMENT

 

This
Asset Purchase Agreement (this “Agreement”), dated as of May 31, 2019, is entered into between S7 SUPERCARS
LLC, a Nevada limited liability company (“Seller”) and SALEEN AUTOMOTIVE, INC., a Nevada corporation
(“Buyer”).

 

RECITALS

 

WHEREAS,
Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, the rights of Seller to the Purchased Assets, subject
to the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Article
I

Purchase and Sale

 

Section
1.01 Purchase and Sale of Assets. Subject to the terms and conditions set forth herein, Seller shall sell, assign, transfer,
convey and deliver to Buyer, and Buyer shall purchase from Seller, all of Seller’s right, title and interest in all of its
assets, which includes, without limitation, the chassis and other automotive parts relating to the manufacture of the S7 supercar,
and related goodwill and intellectual property including the “S7” name; S5 car bucks; warehousing racking, filing
cabinets and other office equipment; and all other assets and property purchased by Seller at auction (the “Purchased
Assets”), free and clear of any mortgage, pledge, lien, charge, security interest, claim or other encumbrance (“Encumbrance”).
The Buyer acknowledges and agrees that all of the tangible property included in the Purchased Assets are in its possession.

 

Section
1.02 Purchase Price. The aggregate purchase price for the Purchased Assets (the “Purchase Price”) shall
be (i) $800,000 to be paid by Buyer to Seller within five business days of the Closing (as defined herein) in cash, by wire transfer
of immediately available funds in accordance with wire transfer instructions provided by Seller to Buyer (the “Closing
Payment”), plus (ii) up to four (4) additional cash payments by Buyer to Seller in the amount of $50,000 each, such
payments to be made by Buyer to Seller within three (3) business days after each delivery by Buyer to a purchaser of Buyer’s
redesigned S7 supercar (“S7”) that occurs prior to the second anniversary of the Closing Date, but only after
Buyer has sold and delivered the initial three (3) S7s, it being acknowledged and agreed that as of the date of this Agreement,
Buyer has delivered two S7s (i.e., $50,000 for the fourth, fifth, sixth and seventh S7s delivered by Buyer to purchasers
between the Closing Date and the second anniversary thereof).

 

Section
1.03 Allocation of Purchase Price. Seller and Buyer agree to allocate the Purchase Price among the Purchased Assets for all
purposes (including tax and financial accounting) as agreed by their respective accountants, negotiating in good faith on their
behalf. Buyer and Seller shall file all tax returns and information reports in a manner consistent with such allocation.

 

    	 

    	 

    

 

Article
II

Closing

 

Section
2.01 Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take
place no later than May 31, 2019 (the “Closing Date”). The consummation of the transactions contemplated by
this Agreement shall be deemed to occur at 12:01 a.m. on the Closing Date.

 

Section
2.02 Closing Deliverables.

 

(a)
At the Closing, Seller shall deliver to Buyer a bill of sale (the “Bill of Sale”) duly executed by Seller,
transferring the Purchased Assets to Buyer, and such other customary instruments of transfer, assumption, filings or documents,
in form and substance reasonably satisfactory to Buyer, as may be required to give effect to this Agreement.

 

(b)
At the Closing, Buyer shall deliver the Closing Payment to Seller.

 

Article
III

Representations and warranties of seller

 

Seller
represents and warrants to Buyer as follows:

 

Section
3.01 Organization and Authority of Seller; Enforceability. Seller is a limited liability company duly organized, validly existing
and in good standing under the laws of the state of Nevada. Seller has full power and authority as a limited liability company
to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and to consummate
the transactions contemplated hereby. The execution, delivery and performance by Seller of this Agreement and the documents to
be delivered hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite
action on the part of Seller. This Agreement and the documents to be delivered hereunder have been duly executed and delivered
by Seller, and (assuming due authorization, execution and delivery by Buyer) this Agreement and the documents to be delivered
hereunder constitute legal, valid and binding obligations of Seller, enforceable against Seller in accordance with their respective
terms.

 

Section
3.02 No Conflicts; Consents. The execution, delivery and performance by Seller of this Agreement and the documents to be delivered
hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the
articles of organization, operating agreement or other organizational documents of Seller; (b) violate or conflict with any judgment,
order, decree, statute, law, ordinance, rule or regulation applicable to Seller or the Purchased Assets; (c) conflict with, or
result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination,
acceleration or modification of any obligation or loss of any benefit under any contract or other instrument to which Seller is
a party or to which any of the Purchased Assets are subject; or (d) result in the creation or imposition of any Encumbrance on
the Purchased Assets. No consent, approval, waiver or authorization is required to be obtained by Seller from any person or entity
(including any governmental authority) in connection with the execution, delivery and performance by Seller of this Agreement
and the consummation of the transactions contemplated hereby. No consent, approval, waiver or authorization is required to be
obtained by Seller from any person or entity (including any governmental authority) in connection with the execution, delivery
and performance by Seller of this Agreement and the consummation of the transactions contemplated hereby.

 

    	2

    	 

    

 

Section
3.03 Title to Purchased Assets. Seller owns and has good title to the Purchased Assets, free and clear of all Encumbrances.

 

Article
IV

Representations and warranties of buyer

 

Buyer
represents and warrants to Seller as follows:

 

Section
4.01 Organization and Authority of Buyer; Enforceability. Buyer is a corporation duly organized, validly existing and in good
standing under the laws of the state of Nevada. Buyer has full corporate power and authority to enter into this Agreement and
the documents to be delivered hereunder, to carry out its obligations hereunder and to consummate the transactions contemplated
hereby. The execution, delivery and performance by Buyer of this Agreement and the documents to be delivered hereunder and the
consummation of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the part of
Buyer. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by Buyer, and (assuming
due authorization, execution and delivery by Seller) this Agreement and the documents to be delivered hereunder constitute legal,
valid and binding obligations of Buyer enforceable against Buyer in accordance with their respective terms.

 

Section
4.02 No Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement and the documents to be delivered
hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the
certificate of incorporation, by-laws or other organizational documents of Buyer; or (b) violate or conflict with any judgment,
order, decree, statute, law, ordinance, rule or regulation applicable to Buyer. No consent, approval, waiver or authorization
is required to be obtained by Buyer from any person or entity (including any governmental authority) in connection with the execution,
delivery and performance by Buyer of this Agreement and the consummation of the transactions contemplated hereby.

 

Article
V

Other Agreements

 

Section
5.01 Termination of JV Agreement. Effective upon the Closing, the Joint Venture Agreement between Buyer and Seller (the “JV
Agreement”), dated October 2016, shall terminate and be null and void and of no further force or effect and Seller shall
have no further obligations thereunder; provided, however, that notwithstanding the foregoing, Buyer’s obligations under
Section 6 of the JV Agreement shall continue in full force and effect.

 

Section
5.02 Public Announcements. Unless otherwise required by applicable law, neither party shall make any public announcements
regarding this Agreement or the transactions contemplated hereby without the prior written consent of the other party (which consent
shall not be unreasonably withheld or delayed).

 

    	3

    	 

    

 

Section
5.03 Transfer Taxes. All transfer, sales, use, value added and similar taxes and fees (including any penalties and interest)
incurred in connection with the sale of the Purchased Assets shall be borne and equally by Seller and Buyer. Seller shall, at
its own expense, timely file any tax return or other document with respect to such taxes or fees (and Buyer shall cooperate with
respect thereto as necessary).

 

Section
5.04 Further Assurances. Following the Closing, each of the parties hereto shall execute and deliver such additional documents,
instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions
hereof and give effect to the transactions contemplated by this Agreement and the documents to be delivered hereunder.

 

Article
VI

Indemnification

 

Section
6.01 Survival. All representations and warranties contained herein and all related rights to indemnification shall survive
the Closing for a period of 12 months.

 

Section
6.02 Indemnification By Seller. Subject to the other terms and conditions of this ‎Article VI, Seller shall defend, indemnify
and hold harmless Buyer, its affiliates and their respective stockholders, directors, officers and employees from and against
all claims, judgments, damages, liabilities, settlements, losses, costs and expenses (“Losses”), including
attorneys’ fees and disbursements, arising from or relating to any material inaccuracy in or breach of any of the representations
or warranties of Seller contained in this Agreement.

 

Section
6.03 Indemnification By Buyer. Subject to the other terms and conditions of this ‎Article VI, Buyer shall defend, indemnify
and hold harmless Seller, its affiliates and their respective stockholders, directors, officers and employees from and against
all Losses arising from or relating to any material inaccuracy in or breach of any of the representations or warranties of Buyer
contained in this Agreement or any document to be delivered hereunder.

 

Section
6.04 Indemnification Procedures. Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification
(the “Indemnified Party”) shall promptly provide written notice of such claim to the other party (the “Indemnifying
Party”). In connection with any claim giving rise to indemnity hereunder resulting from or arising out of any action
by a person or entity who is not a party to this Agreement, the Indemnifying Party, at its sole cost and expense and upon written
notice to the Indemnified Party, may assume the defense of any such action with counsel reasonably satisfactory to the Indemnified
Party. The Indemnified Party shall be entitled to participate in the defense of any such action, with its counsel and at its own
cost and expense. If the Indemnifying Party does not assume the defense of any such action, the Indemnified Party may, but shall
not be obligated to, defend against such action in such manner as it may deem appropriate, including, but not limited to, settling
such action, after giving notice of it to the Indemnifying Party, on such terms as the Indemnified Party may deem appropriate
and no action taken by the Indemnified Party in accordance with such defense and settlement shall relieve the Indemnifying Party
of its indemnification obligations herein provided with respect to any damages resulting therefrom. The Indemnifying Party shall
not settle any action without the Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld
or delayed).

 

    	4

    	 

    

 

Section
6.05 Certain Limitations. The indemnification provided for in Section 6.02 and Section 6.03 shall be subject to the following
limitations:

 

(a)
The Indemnifying Party shall not be liable to the Indemnified Party for indemnification under Section 6.02 or Section 6.03, as
the case may be, until the aggregate amount of all Losses in respect of indemnification exceeds $10,000 (the “Deductible”),
in which event the Indemnifying Party shall only be required to pay or be liable for Losses in excess of the Deductible.

 

(b)
The aggregate amount of all Losses for which an Indemnifying Party shall be liable pursuant to Section 6.02 or Section 6.03, as
the case may be, shall not exceed $100,000.

 

(c)
In no event shall any Indemnifying Party be liable to any Indemnified Party for any punitive, incidental, consequential, special
or indirect damages, including loss of future revenue or income, loss of business reputation or opportunity relating to the breach
or alleged breach of this Agreement, or diminution of value or any damages based on any type of multiple.

 

(d)
Seller shall not be liable under this Article VI for any Losses based upon or arising out of any inaccuracy in or breach of any
of the representations or warranties of Seller contained in this Agreement if Buyer had knowledge of such inaccuracy or breach
prior to the Closing.

 

Section
6.06 Tax Treatment of Indemnification Payments. All indemnification payments made by Seller under this Agreement shall be
treated by the parties as an adjustment to the Purchase Price for tax purposes, unless otherwise required by law.

 

Section
6.07 Exclusive Remedies. The parties acknowledge and agree that their sole and exclusive remedy with respect to any and all
claims (other than claims arising from fraud on the part of a party hereto in connection with the transactions contemplated by
this Agreement) for any breach of any representation or warranty set forth herein shall be pursuant to the indemnification provisions
set forth in this Article VI. In furtherance of the foregoing, each party hereby waives, to the fullest extent permitted under
law, any and all rights, claims and causes of action for any breach of any representation or warranty set forth herein it may
have against the other party hereto except pursuant to the indemnification provisions set forth in this Article VI.

 

    	5

    	 

    

 

Article
VII

Miscellaneous

 

Section
7.01 Expenses. All costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby
shall be paid by the party incurring such costs and expenses.

 

Section
7.02 Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by
the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail
of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business
day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses
(or at such other address for a party as shall be specified in a notice given in accordance with this ‎Section 7.02):

 

	If
    to Seller:	S7
                                         Supercars LLC

        12400
        Ventura Blvd., Suite 327

        Studio
        City, California 91604

        Attn:
        David Weiner

	 	 
	If
    to Buyer:	Saleen
                                         Automotive, Inc.

        2735
        Wardlow Road

        Corona,
        California 92882

        Attn:
        Steve Saleen

 

Section
7.03 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section
7.04 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render
unenforceable such term or provision in any other jurisdiction.

 

Section
7.05 Entire Agreement. This Agreement and the documents to be delivered hereunder constitute the sole and entire agreement
of the parties to this Agreement with respect to the subject matter contained herein, and supersede all prior and contemporaneous
understandings and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between
the statements in the body of this Agreement and the documents to be delivered hereunder, the statements in the body of this Agreement
will control.

 

Section
7.06 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior
written consent of the other party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the
assigning party of any of its obligations hereunder.

 

    	6

    	 

    

 

Section
7.07 No Third-party Beneficiaries. Except as provided in ‎Article VI, this Agreement is for the sole benefit of the parties
hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer
upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of
this Agreement.

 

Section
7.08 Amendment and Modification. This Agreement may only be amended, modified or supplemented by an agreement in writing signed
by each party hereto.

 

Section
7.09 Waiver. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from
this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power
or privilege.

 

Section
7.10 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of
California without giving effect to any choice or conflict of law provision or rule (whether of the State of California or any
other jurisdiction).

 

Section
7.11 Submission to Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions
contemplated hereby may be instituted in the federal courts of the United States of America or the courts of the State of California
in each case located in the city of Los Angeles, California, and each party irrevocably submits to the exclusive jurisdiction
of such courts in any such suit, action or proceeding.

 

Section
7.12 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other
means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this
Agreement.

 

[Signature
Page Follows]

 

    	7

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective
officers thereunto duly authorized.

 

	 	S7
    SUPERCARS LLC
	 	 
	 	By	/s/
    David Weiner
	 	Name:
    	David
    Weiner
	 	Title:    	Manager

 

	 	SALEEN AUTOMOTIVE, INC.

 

	 	By	/s/
    Steve Saleen
	 	Name:
    	Steve Saleen
	 	Title:    	CEO

 

    	8

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