Document:

Exhibit 10.1

 

FLEXENERGY GREEN SOLUTIONS, INC. 2021 INCENTIVE
AWARD PLAN

 

1.            Establishment
of the Plan; Effective Date; Duration.

 

(a)            Establishment
of the Plan; Effective Date. FlexEnergy Green Solutions, Inc., a Delaware corporation (the “Company”),
hereby establishes this incentive compensation plan to be known as the “FlexEnergy Green Solutions, Inc. 2021 Incentive Award
Plan,” as amended from time to time (the “Plan”). The Plan permits the grant of Incentive Stock Options, Nonqualified
Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards, Other Cash-Based Awards
and Dividend Equivalents. The Plan shall become effective upon the date on which the Plan is approved by the affirmative vote of the holders
of a majority of the Common Shares which are present or represented and entitled to vote and voted at a meeting (the “Effective
Date”). If the Plan is not so approved by the stockholders of the Company, then the Plan will be null and void in its entirety.
The Plan shall remain in effect as provided in Section 1(b). Capitalized but undefined terms shall have the meaning set forth
in Section 3.

 

(b)            Duration
of the Plan. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the Board to amend
or terminate the Plan at any time pursuant to Section 13. However, in no event may an Award be granted under the Plan on or
after ten years from the Effective Date.

 

2.            Purpose.
The purpose of the Plan is to provide a means through which the Company and its Affiliates may attract and retain key personnel and to
provide a means whereby certain directors, officers, employees, consultants and advisors (and certain prospective directors, officers,
employees, consultants and advisors) of the Company and its Affiliates can acquire and maintain an equity interest in the Company, or
be paid incentive compensation, which may be measured by reference to the value of Common Shares, thereby strengthening their commitment
to the welfare of the Company and its Affiliates and aligning their interests with those of the Company’s shareholders.

 

3.            Definitions.
Certain terms used herein have the definitions given to them in the first instance in which they are used. In addition, for purposes of
the Plan, the following terms are defined as set forth below:

 

(a)            “Affiliate”
means (i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company
and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest. The term
 “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”),
as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of that person or entity, whether through the ownership of voting or other securities, by contract or otherwise.

 

(b)            “Applicable
Laws” means the requirements relating to the administration of equity incentive plans under U.S. federal and state securities,
tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which
the Common Shares are listed or quoted, and the applicable laws and rules of any foreign country or other jurisdiction where Awards
are granted, as are in effect from time to time.

 

    

     

    

  

(c)            “Award”
means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock,
Restricted Stock Unit, Other Stock-Based Awards, Other Cash-Based Awards, and/or Dividend Equivalents granted under the Plan.

 

(d)            “Award
Agreement” means a written agreement evidencing an Award, which may be electronic, that contains terms and conditions determined
by the Committee, consistent with and subject to the terms and conditions of the Plan. An Award Agreement may be a unilateral agreement,
if determined by the Committee.

 

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

 

(f)            “Cause”
means, in the case of a particular Award, unless the applicable Award Agreement states otherwise, (A) the Company or an Affiliate
having “cause” to terminate a Participant’s employment or service, as defined in any employment or consulting or similar
agreement between the Participant and the Company or an Affiliate in effect at the time of termination, or (B) in the absence of
an employment or consulting or similar agreement (or the absence of any definition of  “Cause” contained therein), a
Participant’s (i) conviction of, or the entry of a plea of guilty or no contest to, a felony or any other crime that causes
the Company or its Affiliates public disgrace or disrepute, or materially and adversely affects the Company’s or its Affiliates’
operations or financial performance or the relationship the Company has with its customers; (ii) gross negligence or willful misconduct
with respect to the Company or any of its Affiliates, including, without limitation fraud, embezzlement, theft or proven dishonesty in
the course of his or her employment or other service; (iii) alcohol abuse or use of controlled drugs other than in accordance with
a physician’s prescription; (iv) refusal to perform any lawful, material obligation or fulfill any duty (other than any duty
or obligation of the type described in clause (vi) below) to the Company or its Affiliates (other than due to a disability,
as determined by the Committee), which refusal, if curable, is not cured within 15 days after delivery of written notice thereof; (v) material
breach of any agreement with or duty owed to the Company or any of its Affiliates, which breach, if curable, is not cured within 15 days
after the delivery of written notice thereof; (vi) any breach of any obligation or duty to the Company or any of its Affiliates (whether
arising by statute, common law or agreement) relating to confidentiality, noncompetition, nonsolicitation and/or proprietary rights; (vii) material
violation of the Company’s written policies or codes of conduct, including those related to discrimination, harassment, performance
of illegal or unethical practices, and ethical misconduct; or (viii) in the case of a director, repeated failure to participate in
Board meetings (including meetings of any Board committee of which the director is a member) on a regular basis despite having received
proper notice of meetings in advance.

 

(g)            “Change
in Control” shall, in the case of a particular Award, unless the applicable Award Agreement states otherwise or contains
a different definition of  “Change in Control,” be deemed to occur upon any of the following events that is not a Company
Sale:

 

(i)            any
 “person” as that term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the Company
or any of its Affiliates, (B) any trustee or other fiduciary holding securities under any employee benefit plan of the Company or
any of its Affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of those securities, (D) an
entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Common
Shares, (E) FlexEnergy Power Solutions, LLC, or (F) any direct or indirect “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act) of more than 10% or more of the total voting power of the equity securities of FlexEnergy Power Solutions, LLC
as of January 1, 2021) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, by way of merger, consolidation, recapitalization, reorganization or otherwise, of 50% or more of the total voting power
of the then outstanding voting securities of the Company;

 

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(ii)            the
consummation of a merger or consolidation of the Company with any other company, other than a merger or consolidation that would result
in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity) at least 50% of the total voting power represented by the voting
securities of the Company or the surviving entity outstanding immediately after the merger or consolidation;

 

(iii)            any
other event specified as a “Change in Control” in an applicable Award Agreement.

 

Notwithstanding the foregoing,
if a Change in Control constitutes a payment event with respect to any Award (or any portion of an Award) that provides for the deferral
of compensation that is subject to Code Section 409A, to the extent required to avoid the imposition of additional taxes under Code
Section 409A, the transaction or event described in subsection (i), (ii), (iii), (iv) or (v) with
respect to the Award (or portion thereof) shall only constitute a Change in Control for purposes of the payment timing of the Award if
the transaction also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5).
Additionally, the issuance of securities by the Company in a financing transaction approved by the Committee shall not be deemed or deemed
to cause or result in a “Change in Control”.

 

(h)            “Code”
means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any section of the Code shall
be deemed to include any regulations or other interpretative guidance under that section, and any amendments or successor provisions to
that section, regulations or guidance.

 

(i)            “Committee”
means a committee of at least two people as the Board may appoint to administer the Plan or, if no such committee has been appointed by
the Board, the Board.

 

(j)            “Common
Shares” means shares of the Company’s common stock, par value $0.0001 per share (and any stock or other securities
into which ordinary shares may be converted or into which they may be exchanged).

 

(k)            “Company”
means FlexEnergy Green Solutions, Inc., a Delaware corporation.

 

(l)            “Company
Sale” shall, in the case of a particular Award, unless the applicable Award Agreement states otherwise or contains a different
definition of  “Company Sale,” be deemed to occur upon any of the following events:

 

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(i)            any
 “person” as that term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the Company
or any of its Affiliates, (B) any trustee or other fiduciary holding securities under any employee benefit plan of the Company or
any of its Affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of those securities, (D) an
entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Common
Shares, or (E) FlexEnergy Power Solutions, LLC prior to an initial public offering of the Company’s common stock) becomes the
 “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, by way of merger, consolidation,
recapitalization, reorganization or otherwise, of 100% of the total voting power of the then outstanding voting securities of the Company;

 

(ii)            the
consummation of a merger or consolidation of the Company with any other company, other than a merger or consolidation that would result
in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity) at least 10% of the total voting power represented by the voting
securities of the Company or the surviving entity outstanding immediately after the merger or consolidation;

 

(iii)            the
consummation of a plan of complete liquidation of the Company or the sale or disposition by the Company of all or substantially all the
Company’s assets; or

 

(iv)            any
other event specified as a “Company Sale” in an applicable Award Agreement.

 

(m)            “Date
of Grant” means the date on which the granting of an Award is authorized, or other date specified in the authorization.

 

(n)            “Dividend
Equivalent” means a right to receive the equivalent value (in cash or Common Shares) of ordinary dividends that would otherwise
be paid on the Common Shares subject to an Award that is a full-value award but that have not been issued or delivered, awarded under
Section 11.

 

(o)            “Effective
Date” has the meaning set forth in Section 1(a).

 

(p)            “Eligible
Director” means a person who is a “non-employee director” within the meaning of Rule 16b-3 under the Exchange
Act.

 

(q)            “Eligible
Person” with respect to an Award denominated in Common Shares, means any (i) individual employed by the Company or
an Affiliate; (ii) director of the Company or an Affiliate; (iii) consultant or advisor to the Company or an Affiliate;
provided that if the Securities Act applies those persons must be eligible to be offered securities registrable on Form S-8
under the Securities Act; or (iv) prospective employees, directors, officers, consultants or advisors who have accepted offers
of employment or consultancy from the Company or its Affiliates (and would satisfy the provisions of clauses (i) through
(iii) above once he or she begins employment with or begins providing services to the Company or its Affiliates).

 

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(r)            “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as it may be amended from time to time, including the rules and
regulations promulgated thereunder and successor provisions and rules and regulations thereto.

 

(s)            “Exercise
Price” has the meaning set forth in Section 7(b).

 

(t)            “Fair
Market Value” means, as of any date, the value of Common Shares determined as follows:

 

(i)            If
the Common Shares are listed on any established stock exchange or a national market system, the Fair Market Value will be the closing
sales price for the Common Shares (or the closing bid, if no sales were reported) as quoted on that exchange or system on the day of determination,
as reported in The Wall Street Journal or other source the Committee deems reliable;

 

(ii)            If
the Common Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value will
be the mean between the high bid and low asked prices for the Common Shares on the day of determination, as reported in The Wall Street
Journal or other source the Committee deems reliable; or

 

(iii)            In
the absence of an established market for the Common Shares, the Fair Market Value will be determined in good faith by the Committee.

 

(iv)            Notwithstanding
the foregoing, the determination of Fair Market Value in all cases shall be in accordance with the requirements set forth under Code Section 409A
to the extent necessary for an Award to comply with, or be exempt from, Code Section 409A.

 

(u)            “Good
Reason” means, unless the applicable Award Agreement states otherwise: (a) if a Participant is a party to an employment
or service agreement with the Company or its Affiliates and the agreement provides for a definition of Good Reason, the definition contained
therein; or (b) if no agreement exists or if the agreement does not define Good Reason, the occurrence of one or more of the following
without the Participant’s express written consent, which circumstances are not remedied by the Company within 30 days of its receipt
of a written notice from the Participant describing the applicable circumstances (which notice must be provided by the Participant within
90 days of the Participant’s knowledge of the applicable circumstances): (i) any material, adverse change in the Participant’s
duties, responsibilities, authority, title, status or reporting structure; (ii) a material reduction in the Participant’s base
salary or bonus opportunity; or (iii) a geographical relocation of the Participant’s principal office location by more than
50 miles.

 

(v)            “Immediate
Family Members” has the meaning set forth in Section 14(b)(ii).

 

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(w)            “Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option as described in Code Section 422
and otherwise meets the requirements set forth in the Plan.

 

(x)            “Indemnifiable
Person” has the meaning set forth in Section 4(e).

 

(y)            “Mature
Shares” means Common Shares owned by a Participant that are not subject to any pledge or security interest and that have
been either previously acquired by the Participant on the open market or meet any other requirements, if any, the Committee determines
are necessary in order to avoid an accounting earnings charge on account of the use of those shares to pay the Exercise Price or satisfy
a tax or deduction obligation of the Participant.

 

(z)            “Nonqualified
Stock Option” means an Option that is not designated by the Committee as an Incentive Stock Option.

 

(aa)          “Option”
means an Award granted under Section 7.

 

(bb)          “Option
Period” has the meaning set forth in Section 7(c).

 

(cc)           “Other
Cash-Based Award” means a cash Award granted to a Participant under Section 10, including cash awarded as a
bonus or upon the attainment of any performance goals or otherwise as permitted under the Plan.

 

(dd)          “Other
Stock-Based Award” means an equity-based or equity-related Award, other than an Option, SAR, Restricted Stock, Restricted
Stock Unit or Dividend Equivalent, granted in accordance with the terms and conditions set forth under Section 10 (including
upon the attainment of any performance goals or otherwise as permitted under the Plan).

 

(ee)          “Participant”
means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive an Award pursuant to Section 6.

 

(ff)           “Permitted
Transferee” has the meaning set forth in Section 14(b)(ii).

 

(gg)          “Person”
means any individual, entity or group within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act.

 

(hh)          “Plan”
means this FlexEnergy Green Solutions, Inc. 2021 Incentive Award Plan, as amended from time to time.

 

(ii)            “Restricted
Period” means the period of time determined by the Committee during which an Award is subject to restrictions or, as applicable,
the period of time within which performance is measured for purposes of determining whether an Award has been earned.

 

(jj)            “Restricted
Stock Unit” means an unfunded and unsecured promise to deliver Common Shares, cash, other securities or other property,
subject to certain performance or time-based restrictions (including, without limitation, a requirement that the Participant remain continuously
employed, provide continuous services for a specified period of time, or attain specified performance objectives), granted under Section 9.

 

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(kk)          “Restricted
Stock” means Common Shares, subject to certain specified performance or time-based restrictions (including, without limitation,
a requirement that the Participant remain continuously employed, provide continuous services for a specified period of time, or attain
specified performance objectives), granted under Section 9.

 

(ll)            “SAR
Period” has the meaning set forth in Section 8(b).

 

(mm)         “Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of the
Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under that section, and any amendments
or successor provisions to those section, rules, regulations or guidance.

 

(nn)          “Stock
Appreciation Right” or “SAR” means an Award granted under Section 8.

 

(oo)            “Strike
Price” means, except as otherwise provided by the Committee in the case of Substitute Awards, (i) in the case of a
SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a SAR granted independent
of an Option, the Fair Market Value on the Date of Grant.

 

(pp)     “Subsidiary”
means, with respect to any specified Person:

 

(i)            any
corporation, association or other business entity (other than a partnership) of which more than 50% of the total voting power of shares
or other equity interests (without regard to the occurrence of any contingency and after giving effect to any voting agreement, stockholders’
agreement, operating agreement, or other agreement that effectively transfers voting power) is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

 

(ii)            any
partnership (or any comparable foreign entity) (A) the sole general partner (or functional equivalent thereof) or the managing general
partner of which is that Person or Subsidiary of that Person or (B) the only general partners (or functional equivalents thereof)
of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

(qq)           “Substitute
Award” has the meaning set forth in Section 5(e).

 

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4.            Administration.

 

(a)            The
Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange
Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee shall, at the time
he or she takes any action with respect to an Award under the Plan, be an Eligible Director. However, the fact that a Committee member
fails to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under
the Plan.

 

(b)            Subject
to the provisions of the Plan and Applicable Laws, the Committee shall have the sole and plenary authority, in addition to other express
powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type
or types of Awards to be granted to a Participant; (iii) determine the number of Common Shares to be covered by, or with respect
to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions
of any Award (including any performance goals, criteria, and/or periods applicable to Awards); (v) determine whether, to what
extent, and under what circumstances Awards may be settled or exercised in cash, Common Shares, other securities, other Awards or other
property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited,
or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Common Shares, other
securities, other Awards or other property and other amounts payable with respect to an Award shall be deferred either automatically or
at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct
any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan, including
any changes required to comply with Applicable Laws (including any amendments to the terms and conditions of outstanding Awards in response
to changes in Applicable Laws); (viii) establish, amend, suspend, or waive any rules and regulations and appoint any agents
the Committee deems appropriate for the proper administration of the Plan; (ix) accelerate the vesting or exercisability of,
payment for or lapse of restrictions on, Awards; and (x) make any other determination and take any other action that the Committee
deems necessary or desirable for the administration of the Plan.

 

(c)            The
Committee may delegate to one or more officers of the Company or any Affiliate the authority to act on behalf of the Committee with respect
to any matter, right, obligation, or election that is the responsibility of or that is allocated to the Committee herein, and that may
be so delegated as a matter of law, except for grants of Awards to persons subject to Section 16 of the Exchange Act.

 

(d)            Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect
to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee,
may be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without limitation, the Company,
any Affiliate, any Participant, any holder or beneficiary of any Award, and any shareholder of the Company.

 

(e)            No
member of the Board, the Committee, delegate of the Committee or any employee or agent of the Company (each such person, an “Indemnifiable
Person”) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect
to the Plan or any Award hereunder. Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any
loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by the Indemnifiable Person in
connection with or resulting from any action, suit or proceeding to which the Indemnifiable Person may be a party or in which the Indemnifiable
Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and against and from
any and all amounts paid by the Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by the Indemnifiable
Person in satisfaction of any judgment in any such action, suit or proceeding against the Indemnifiable Person, provided that the
Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company gives
notice of its intent to assume the defense, the Company shall have sole control over the defense with counsel of the Company’s choice.
The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other
final adjudication (in either case not subject to further appeal) binding upon the Indemnifiable Person determines that the acts or omissions
of the Indemnifiable Person giving rise to the indemnification claim resulted from the Indemnifiable Person’s bad faith, fraud or
willful criminal act or omission or that the right of indemnification is otherwise prohibited by law or by the Company’s Certificate
of Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which
the Indemnifiable Persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise,
or any other power that the Company may have to indemnify the Indemnifiable Persons or hold them harmless.

  

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(f)            Notwithstanding
anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards
and administer the Plan with respect to those Awards. In any such case, the Board shall have all the authority granted to the Committee
under the Plan.

 

5.            Grant
of Awards; Shares Subject to the Plan; Limitations.

 

(a)            The
Committee may, from time to time, grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Stock-Based
Awards, Other Cash-Based Awards, and/or Dividend Equivalents to one or more Eligible Persons.

 

(b)            Subject
to Section 12, Awards granted under the Plan shall be subject to the following limitations: (i) the Committee is authorized
to deliver under the Plan an aggregate of [l] Common Shares; and (ii) the maximum number
of Common Shares that may be granted under the Plan during any single fiscal year to any Participant who is a non-employee director, when
taken together with any cash fees paid to the non-employee director during that year in respect of his or her service as a non-employee
director (including service as a member or chair of any committee of the Board), shall not exceed $350,000 in total value (calculating
the value of any such Awards based on the grant date fair value of the Awards for financial reporting purposes); provided
that the non-employee directors who are considered independent (under the rules of The Nasdaq Stock Market or other securities exchange
on which the Common Shares are traded) may make exceptions to this limit for a non-executive chair, if any, of the Board, of the Audit
Committee, of the Compensation Committee or of the Nominating and Governance Committee, in which case (A) the non-employee Director
receiving the additional compensation may not participate in the decision to award the compensation, and (B) the maximum number of
Common Shares that may be granted under the Plan during any single fiscal year, when taken together with any cash fees paid during that
year in respect of his or her service as a non-employee director (including service as a member or chair of any committee of the Board),
shall not exceed $500,000 in total value (calculating the value of any such Awards based on the grant date fair value of the Awards for
financial reporting purposes). Notwithstanding the automatic annual increase set forth in (i) above, the Board may act prior to January 1st
of a given year to provide that there will be no increase in the share reserve for that year or that the increase in the share reserve
for that year will be a lesser number of Common Shares than would otherwise occur pursuant to the stipulated percentage.

 

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(c)            If
(i) any Option or other Award granted hereunder is exercised through the tendering of Common Shares (either actually or by attestation)
or by the withholding of Common Shares by the Company, or (ii) tax or deduction liabilities arising from the Option or other Award
are satisfied by the tendering of Common Shares (either actually or by attestation) or by the withholding of Common Shares by the Company,
then in each case the Common Shares so tendered or withheld shall be added to the Common Shares available for grant under the Plan on
a one-for-one basis. Shares underlying Awards under this Plan that are forfeited, cancelled, expire unexercised, or are settled in cash
are available again for Awards under the Plan.

 

(d)            Common
Shares delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of the Company,
shares purchased on the open market or by private purchase, or a combination of the foregoing.

 

(e)            Awards
may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously
granted by an entity acquired by the Company or with which the Company combines (“Substitute Awards”). The number
of Common Shares underlying any Substitute Awards shall not be counted against the aggregate number of Common Shares available for Awards
under the Plan.

 

6.            Eligibility.
Participation shall be limited to Eligible Persons who have entered into an Award Agreement or who have received written notification
from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan.

 

7.            Options.

 

(a)            Generally.
Each Option granted under the Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email or
the posting on a web site maintained by the Company or a third party under contract with the Company)). Each Option so granted shall be
subject to the conditions set forth in this Section 7, and to any other conditions not inconsistent with the Plan reflected
in the applicable Award Agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless the applicable Award
Agreement expressly states that the Option is intended to be an Incentive Stock Option. The maximum aggregate number of Common Shares
that may be issued through the exercise of Incentive Stock Options granted under the Plan is [l]
Common Shares. Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company and its Affiliates,
and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the
Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders of the Company in
a manner intended to comply with the stockholder approval requirements of Code Section 422(b)(1); provided that any Option
intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain approval, but rather
the Option shall be treated as a Nonqualified Stock Option unless and until approval is obtained. In the case of an Incentive Stock Option,
the terms and conditions of the grant shall be subject to and comply with any rules prescribed by Code Section 422. If for any
reason an Option intended to be an Incentive Stock Option (or any portion thereof) does not qualify as an Incentive Stock Option, then,
to the extent of the nonqualification, the Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted
under the Plan.

 

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(b)            Exercise
Price. Except with respect to Substitute Awards, the exercise price (“Exercise Price”) per Common Share
for each Option shall not be less than 100% of the Fair Market Value of that share determined as of the Date of Grant; provided,
however, that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of the Option, owns
shares representing more than 10% of the total combined voting power of all classes of shares of the Company or any related corporation
(as determined in accordance with Treasury Regulation Section 1.422-2(f)), the Exercise Price per share shall not be less than 110%
of the Fair Market Value per share on the Date of Grant and provided further, that, notwithstanding any provision herein to the
contrary, the Exercise Price shall not be less than the par value per Common Share.

 

(c)            Vesting
and Expiration. Options shall vest and become exercisable in the manner (including any terms and conditions) and on the date or
dates determined by the Committee (including, if applicable, the attainment of any performance goals, as determined by the Committee in
the applicable Award Agreement) and shall expire after that period, not to exceed ten years, as may be determined by the Committee (the
 “Option Period”); provided, however, that the Option Period shall not exceed five years from
the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns shares representing
more than 10% of the total combined voting power of all classes of shares of the Company or any related corporation (as determined in
accordance with Treasury Regulation Section 1.422- 2(f)); provided, further, that notwithstanding any vesting
dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any Option, which acceleration
shall not affect the terms and conditions of the Option other than with respect to exercisability. In the event of any termination of
employment or service with the Company and its Affiliates thereof of a Participant who has been granted one or more Options, the Options
shall be exercisable at the time or times and subject to the terms and conditions set forth in the Award Agreement. If the Option would
expire at a time when the exercise of the Option would violate applicable securities laws, the expiration date applicable to the Option
will be automatically extended to a date that is 30 calendar days following the date the exercise would no longer violate applicable securities
laws (so long as the extension does not violate Code Section 409A); provided, that in no event shall the expiration date
be extended beyond the expiration of the Option Period.

 

(d)            Method
of Exercise and Form of Payment. No Common Shares shall be delivered pursuant to any exercise of an Option until payment
in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any taxes
required to be withheld or paid. Options that have become exercisable may be exercised by delivery of written or electronic notice of
exercise to the Company in accordance with the terms of the applicable Award Agreement and accompanied by payment of the Exercise Price.
The Exercise Price shall be payable (i) in cash, check, cash equivalent and/or Common Shares valued at the Fair Market Value at the
time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient
number of Common Shares in lieu of actual delivery of the shares to the Company); provided that the Common Shares are not subject
to any pledge or other security interest and are Mature Shares and; (ii) by any other method the Committee permits in accordance
with Applicable Laws, in its sole discretion, including without limitation: (A) in other property having a Fair Market Value on the
date of exercise equal to the Exercise Price or (B) if there is a public market for the Common Shares at that time, by means of a
broker-assisted “cashless exercise” pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker
to sell the Common Shares otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal
to the Exercise Price or (C) by a “net exercise” method whereby the Company withholds from the delivery of the Common
Shares for which the Option was exercised that number of Common Shares having a Fair Market Value equal to the aggregate Exercise Price
for the Common Shares for which the Option was exercised. No fractional Common Shares shall be issued or delivered pursuant to the Plan
or any Award, and the Committee shall determine whether cash, other securities or other property shall be paid or transferred in lieu
of any fractional Common Shares, or whether the fractional Common Shares or any rights thereto shall be canceled, terminated or otherwise
eliminated.

 

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(e)            Notification
upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the Plan
shall notify the Company in writing immediately after the date he or she makes a disqualifying disposition of any Common Shares acquired
pursuant to the exercise of the Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation,
any sale) of the Common Shares before the later of  (A) two years after the Date of Grant of the Incentive Stock Option or
(B) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance
with procedures established by the Committee, retain possession of any Common Shares acquired pursuant to the exercise of an Incentive
Stock Option as agent for the applicable Participant until the end of the period described in the preceding sentence.

 

(f)            Compliance
With Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner
that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable, or any other Applicable Laws or the applicable
rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange
or inter-dealer quotation system on which the securities of the Company are listed or traded.

 

8.            Stock
Appreciation Rights.

 

(a)            Generally.
Each SAR granted under the Plan shall be evidenced by an Award Agreement (whether in paper or electronic medium (including email or the
posting on a web site maintained by the Company or a third party under contract with the Company)). Each SAR so granted shall be subject
to the conditions set forth in this Section 8, and to any other conditions not inconsistent with the Plan reflected in the
applicable Award Agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may award SARs to Eligible Persons
independent of any Option.

 

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(b)            Strike
Price. The Strike Price per Common Share for each SAR shall not be less than 100% of the Fair Market Value of the share determined
as of the Date of Grant.

 

(c)            Vesting
and Expiration. A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting
schedule and expiration provisions as the corresponding Option (including the terms and conditions set forth in the applicable Award Agreement).
A SAR granted independent of an Option shall vest and become exercisable and shall expire in the manner (including any terms and conditions)
and on the date or dates determined by the Committee (including, if applicable, the attainment of any performance goals, as shall be determined
by the Committee in the applicable Award Agreement) and shall expire after that period, not to exceed ten years, as may be determined
by the Committee (the “SAR Period”); provided, however, that notwithstanding any vesting
dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any SAR, which acceleration shall
not affect the terms and conditions of the SAR other than with respect to exercisability. In the event of any termination of employment
or service with the Company and its Affiliates thereof of a Participant who has been granted one or more SAR, the SARs shall be exercisable
at the time or times and subject to the terms and conditions as set forth in the Award Agreement (or in the underlying Option Award Agreement,
as may be applicable). If the SAR would expire at a time when the exercise of the SAR would violate applicable securities laws, the expiration
date applicable to the SAR will be automatically extended to a date that is 30 calendar days following the date the exercise would no
longer violate applicable securities laws (so long as the extension shall not violate Code Section 409A); provided, that
in no event shall the expiration date be extended beyond the expiration of the SAR Period.

 

(d)            Method
of Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the
Company in accordance with the terms of the applicable Award Agreement, specifying the number of SARs to be exercised and the date on
which the SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR independent
of an option, the SAR Period), the Fair Market Value exceeds the Strike Price, the Participant has not exercised the SAR or the corresponding
Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired, the SAR shall be deemed to have
been exercised by the Participant on the last day of the Option Period and the Company shall make the appropriate payment therefor.

 

(e)            Payment.
Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR that are
being exercised multiplied by the excess, if any, of the Fair Market Value of one Common Share on the exercise date over the Strike Price,
less an amount equal to any taxes required to be withheld or paid. The Company shall pay this amount in cash, in Common Shares valued
at Fair Market Value, or any combination thereof, as determined by the Committee. No fractional Common Shares shall be issued or delivered
pursuant to the Plan or any Award, and the Committee shall determine whether cash, other securities or other property shall be paid or
transferred in lieu of any fractional Common Shares, or whether the fractional Common Shares or any rights thereto shall be canceled,
terminated or otherwise eliminated.

 

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9.            Restricted
Stock and Restricted Stock Units.

 

(a)            Generally.
Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement (whether in paper or electronic medium
(including email or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each grant
shall be subject to the conditions set forth in this Section 9, and to any other terms and conditions not inconsistent with
the Plan reflected by the Committee in the applicable Award Agreement (including the performance goals, if any, upon whose attainment
the Restricted Period shall lapse in part or full).

 

(b)            Restricted
Accounts; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, a book entry in a restricted account shall be
established in the Participant’s name at the Company’s transfer agent and, if the Committee determines that the Restricted
Stock shall be held by the Company or in escrow rather than held in the restricted account pending the release of the applicable restrictions,
the Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory
to the Committee, if applicable, and (ii) the appropriate share power (endorsed in blank) with respect to the Restricted Stock covered
by the agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow
agreement and blank share power within the amount of time specified by the Committee, the Award shall be null and void. Subject to the
restrictions set forth in this Section 9 and the applicable Award Agreement, the Participant generally shall have the rights
and privileges of a stockholder as to the Restricted Stock, including without limitation the right to vote the Restricted Stock and the
right to receive dividends, if applicable. To the extent shares of Restricted Stock are forfeited, any share certificates issued to the
Participant evidencing the shares shall be returned to the Company, and all rights of the Participant to the shares and as a stockholder
with respect thereto shall terminate without further obligation on the part of the Company.

 

(c)          Vesting.
Unless otherwise provided by the Committee in an Award Agreement, the unvested portion of Restricted Stock and Restricted Stock Units
shall terminate and be forfeited upon termination of employment or service of the Participant granted the applicable Award.

 

(d)            Delivery
of Restricted Stock and Settlement of Restricted Stock Units.

 

(i)            Upon
the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award
Agreement shall be of no further force or effect with respect to those shares, except as set forth in the applicable Award Agreement.
If an escrow arrangement is used, upon expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge,
the share certificate evidencing the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted
Period has expired (rounded down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable
to any particular share of Restricted Stock shall be distributed to the Committee and attributable to any particular share of Restricted
Stock shall be distributed to the Participant in cash or, at the sole discretion of the Committee, in Common Shares having a Fair Market
Value equal to the amount of the dividends, upon the release of restrictions on the share and, if the share is forfeited, the Participant
shall have no right to the dividends (except as otherwise set forth by the Committee in the applicable Award Agreement).

 

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(ii)            Unless
otherwise provided by the Committee in an Award Agreement, upon the expiration of the Restricted Period with respect to any outstanding
Restricted Stock Units, the Company shall deliver to the Participant, or his or her beneficiary, without charge, one Common Share for
each outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion, elect to
(i) pay cash or part cash and part Common Share in lieu of delivering only Common Shares in respect of the Restricted Stock Units
or (ii) defer the delivery of Common Shares (or cash or part Common Shares and part cash, as the case may be) beyond the expiration
of the Restricted Period if delivery would result in a violation of Applicable Laws until it is no longer the case. If a cash payment
is made in lieu of delivering Common Shares, the amount of the payment shall be equal to the Fair Market Value of the Common Shares as
of the date on which the Restricted Period lapsed with respect to the Restricted Stock Units, less an amount equal to any taxes required
to be withheld or paid.

 

10.            Other
Stock-Based Awards and Other Cash-Based Awards.

 

(a)            Other
Stock-Based Awards. The Committee may grant types of equity-based or equity-related Awards not otherwise described by the terms
of the Plan (including the grant or offer for sale of unrestricted Common Shares), in amounts and subject to terms and conditions, determined
by the Committee (including, if applicable, the attainment of any performance goals, as set forth in the applicable Award Agreement).
Other Stock-Based Awards may involve the transfer of actual Common Shares to Participants, or payment in cash or otherwise of amounts
based on the value of Common Shares. The terms and conditions of the Awards shall be consistent with the Plan and set forth in the Award
Agreement and need not be uniform among all the Awards or all Participants receiving the Awards.

 

(b)            Other
Cash-Based Awards. The Committee may grant a cash Award granted to a Participant not otherwise described by the terms of the Plan,
including cash awarded as a bonus or upon the attainment of any performance goals or otherwise as permitted under the Plan.

 

(c)          Value
of Awards. Each Other Stock-Based Award shall be expressed in terms of Common Shares or units based on Common Shares, as determined
by the Committee, and each Other Cash-Based Award shall be shall be expressed in terms of cash, as determined by the Committee. The Committee
may establish performance goals and/or criteria in its discretion, and any such performance goals and/or criteria shall be set forth in
the applicable Award Agreement. If the Committee exercises its discretion to establish performance goals and/or criteria, the number and/or
value of Other Stock-Based Awards or Other Cash-Based Awards that will be paid out to the Participant will depend on the extent to which
the performance goals and/or criteria are met.

 

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(d)            Payment
of Awards. Payment, if any, with respect to an Other Stock-Based Award or Other Cash-Based Award shall be made in accordance with
the terms of the Award, as set forth in the Award Agreement, in cash, Common Shares or a combination of cash and Common Shares, as the
Committee determines.

 

(e)           Vesting.
The Committee shall determine the extent to which the Participant shall have the right to receive Other Stock-Based Awards or Other Cash-Based
Awards following the Participant’s termination of employment or service (including by reason of the Participant’s death, disability
(as determined by the Committee), or termination for or without Cause or for or without Good Reason). These provisions shall be determined
in the sole discretion of the Committee and these provisions may be included in the applicable Award Agreement, but need not be uniform
among all Other Stock-Based Awards or Other Cash-Based Awards issued pursuant to the Plan, and may reflect distinctions based on the reasons
for the termination of employment or service.

 

11.            Dividend
Equivalents. No adjustment shall be made in the Common Shares issuable or taken into account under Awards on account of cash dividends
that may be paid or other rights that may be issued to the holders of Common Shares prior to issuance of the Common Shares under the Award.
The Committee may grant Dividend Equivalents based on the dividends declared on Common Shares that are subject to any Award (other than
an Option or Stock Appreciation Right). Any Award of Dividend Equivalents may be credited as of the dividend payment dates, during the
period between the Date of Grant of the Award and the date the Award becomes payable or terminates or expires, as determined by the Committee;
however, Dividend Equivalents shall not be payable unless and until the Award becomes payable, and shall be subject to forfeiture to the
same extent as the underlying Award. Dividend Equivalents may be subject to any additional limitations and/or restrictions determined
by the Committee. Dividend Equivalents shall be payable in cash, Common Shares or converted to full-value Awards, calculated based on
a formula determined by the Committee.

 

12.            Changes
in Capital Structure and Similar Events. In the event of  (i) any dividend (other than ordinary cash dividends) or
other distribution (whether in the form of cash, Common Shares, other securities or other property), recapitalization, stock split, reverse
stock split, reorganization, merger, amalgamation, consolidation, spin-off, split-up, split-off, combination, repurchase or exchange of
Common Shares or other securities of the Company, issuance of warrants or other rights to acquire Common Shares or other securities of
the Company, or other similar corporate transaction or event (including, without limitation, a Change in Control or Company Sale) that
affects the Common Shares, or (ii) unusual or infrequently occurring events (including, without limitation, a Change in Control or
Company Sale) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable
rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer quotation system, accounting
principles or law, such that in either case an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate,
then the Committee shall make the adjustments it deems equitable, including without limitation any or all of the following:

 

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(a)         adjusting
any or all of  (i) the number of Common Shares or other securities of the Company (or number and kind of other securities
or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including,
without limitation, adjusting any or all of the limitations under Section 5) and (ii) the terms of any outstanding Award,
including, without limitation, (A) the number of Common Shares or other securities of the Company (or number and kind of other securities
or other property) subject to outstanding Awards or to which outstanding Awards relate, (B) the Exercise Price or Strike Price with
respect to any Award or (C) any applicable performance measures (including, without limitation, any performance goals and/or criteria);

 

(b)           providing
for a substitution or assumption of Awards in a manner that substantially preserves the applicable terms of the Awards;

 

(c)           accelerating
the exercisability or vesting of, lapse of restrictions on, or termination of, Awards or providing for a period of time for exercise prior
to the occurrence of the event;

 

(d)           modifying
the terms of Awards to add events, conditions or circumstances (including termination of employment within a specified period after a
Change in Control or Company Sale) upon which the exercisability or vesting of or lapse of restrictions thereon will accelerate;

 

(e)        deeming
any performance measures (including, without limitation, any performance goals and/or criteria) satisfied at target, maximum or actual
performance through closing or any other level determined by the Committee in its sole discretion, or providing for the performance measures
to continue (as is or as adjusted by the Committee) after closing;

 

(f)            providing
that for a period prior to the Change in Control or Company Sale determined by the Committee in its sole discretion, any Options or SARs
that would not otherwise become exercisable prior to the Change in Control or Company Sale will be exercisable as to all Common Shares
subject thereto (but the exercise will be contingent upon and subject to the occurrence of the Change in Control or Company Sale and if
the Change in Control or Company Sale does not take place after giving the notice for any reason whatsoever, the exercise will be null
and void) and that any Options or SARs not exercised prior to the consummation of the Change in Control or Company Sale will terminate
and be of no further force and effect as of the consummation of the Change in Control or Company Sale; and

 

(g)        canceling
any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, Common Shares, other securities or other property,
or any combination thereof, the value of the Awards, if any, as determined by the Committee (which if applicable may be based upon the
price per Common Share received or to be received by other shareholders of the Company in that event), including without limitation, in
the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date
specified by the Committee) of the Common Shares subject to the Option or SAR over the aggregate Exercise Price or Strike Price of the
Option or SAR, respectively (it being understood that, in that event, any Option or SAR having a per share Exercise Price or Strike Price
equal to, or in excess of, the Fair Market Value of a Common Share subject thereto may be canceled and terminated without any payment
or consideration therefor); provided, however, that in the case of any “equity restructuring” (within the
meaning of the Financial Accounting Standards Board Accounting Standards Codification Topic 718), the Committee shall make an equitable
or proportionate adjustment to outstanding Awards to reflect the equity restructuring. The Company shall give each Participant notice
of an adjustment hereunder and, upon notice, the adjustment shall be conclusive and binding for all purposes.

 

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13.            Amendments
and Termination.

 

(a)            Amendment
and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at
any time; provided that (i) no amendment to Section 13(b) (to the extent required by the proviso in
Section 13(b)) shall be made without shareholder approval and (ii) no amendment, alteration, suspension, discontinuation
or termination shall be made without stockholder approval if the approval is necessary to comply with any tax or regulatory requirement
applicable to the Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities exchange
or inter-dealer quotation system on which the Common Shares may be listed or quoted); provided, further, that any amendment,
alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any
holder or beneficiary of any Award theretofore granted shall not to that extent be effective as to the affected Participant, holder or
beneficiary without the consent of the affected Participant, holder or beneficiary.

 

(b)          Amendment
of Award Agreements. The Committee may, to the extent consistent with the terms of any applicable Award Agreement, waive any conditions
or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated
Award Agreement, prospectively or retroactively; provided that the waiver, amendment, alteration, suspension, discontinuance,
cancellation or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any
Award with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant,
holder or beneficiary; provided, further, that without stockholder approval, except as otherwise permitted under Section 12,
(i) no amendment or modification may reduce the Exercise Price of any Option or the Strike Price of any SAR, (ii) the Committee
may not cancel any outstanding Option or SAR where the Fair Market Value of the Common Shares underlying the Option or SAR is less than
its Exercise Price or Strike Price, as applicable, and replace it with a new Option or SAR, another Award or cash and (iii) the Committee
may not take any other action that is considered a “repricing” for purposes of the stockholder approval rules of the
applicable securities exchange or inter-dealer quotation system on which the Common Shares are listed or quoted.

 

14.            General.

 

(a)       Award
Agreements. Each Award under the Plan shall be evidenced by an Award Agreement, which shall be delivered to the Participant (whether
in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract
with the Company)) and shall specify the terms and conditions of the Award and any rules applicable thereto, including without limitation,
the effect on the Award of the death, disability or termination of employment or service of a Participant, or of any other events determined
by the Committee. Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award.
The terms of each Award to a Participant need not be identical, and the Committee need not treat Participants or Awards (or portions thereof)
uniformly.

 

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(b)            Nontransferability.

 

(i)            Each
Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under Applicable Laws, by
the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred
or encumbered by a Participant other than by will or by the laws of descent and distribution and the purported assignment, alienation,
pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided
that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

(ii)          Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant,
without consideration, subject to any rules the Committee adopts consistent with any applicable Award Agreement to preserve the purposes
of the Plan, to: (A) any person who is a “family member” of the Participant, as that term is used in the instructions
to Form S-8 under the Securities Act (collectively, the “Immediate Family Members”); (B) a trust
solely for the benefit of the Participant and his or her Immediate Family Members; (C) a partnership or limited liability company
whose only partners or stockholders are the Participant and his or her Immediate Family Members; or (D) any other transferee
as may be approved either (I) by the Board or the Committee in its sole discretion, or (II) as provided in the applicable Award
Agreement. (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter
referred to as a “Permitted Transferee”); provided that the Participant gives the Committee advance
written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that
the transfer would comply with the requirements of the Plan.

 

(iii)            The
terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and any reference
in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that
(A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution;
(B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration
statement on an appropriate form covering the Common Shares to be acquired pursuant to the exercise of the Option if the Committee determines,
consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (C) the Committee
or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not the notice is or would otherwise
have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of the termination of
the Participant’s employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award
Agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable
by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement.

 

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(c)            Tax
Withholding and Deductions.

 

(i)            A
Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and is hereby
authorized to deduct and withhold, from any cash, Common Shares, other securities or other property deliverable under any Award or from
any compensation or other amounts owing to a Participant, the amount (in cash, Common Shares, other securities or other property) of any
required taxes (up to the maximum statutory rate under Applicable Laws as in effect from time to time as determined by the Committee)
and deduction in respect of an Award, its grant, vesting or exercise, or any payment or transfer under an Award or under the Plan and
to take any other action necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of the taxes.

 

(ii)           Without
limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy,
in whole or in part, the foregoing tax and deduction liability by (A) the delivery of Common Shares (which are not subject to any
pledge or other security interest and are Mature Shares, except as otherwise determined by the Committee) owned by the Participant having
a Fair Market Value equal to the liability or (B) having the Company withhold from the number of Common Shares otherwise issuable
or deliverable pursuant to the exercise or settlement of the Award a number of shares with a Fair Market Value equal to the liability.

 

(d)            No
Claim to Awards; No Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other person,
shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected
for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards.
The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same
with respect to each Participant and may be made selectively among Participants, whether or not the Participants are similarly situated.
Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or
service of the Company or an Affiliate, nor shall it be construed as giving any Participant any rights to continued service on the Board.
The Company or any of its Affiliates may at any time dismiss a Participant from employment or discontinue any consulting relationship,
free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award Agreement. By accepting
an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or
to damages or severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award Agreement,
notwithstanding any provision to the contrary in any written employment contract or other agreement between the Company and its Affiliates
and the Participant, whether any such agreement is executed before, on or after the Date of Grant.

 

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(e)           International
Participants. With respect to Participants who reside or work outside of the United States of America, the Committee may in its
sole discretion amend the terms of the Plan or outstanding Awards with respect to those Participants in order to conform the terms with
the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company or its Affiliates.

 

(f)            Designation
and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more persons as the beneficiary(ies)
who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon his or her death. A Participant
may, from time to time, revoke or change his or her beneficiary designation without the consent of any prior beneficiary by filing a new
designation with the Committee. The last designation received by the Committee shall be controlling; provided, however,
that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s
death, and in no event shall it be effective as of a date prior to receipt. If no beneficiary designation is filed by a Participant, the
beneficiary shall be deemed to be his or her spouse or, if the Participant is unmarried at the time of death, his or her estate.

 

(g)           Termination
of Employment/Service. Unless determined otherwise by the Committee at any point following the event: (i) neither a temporary
absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment or service with the Company
to employment or service with an Affiliate (or vice-versa) shall be considered a termination of employment or service with the Company
or an Affiliate; and (ii) if a Participant’s employment with the Company and its Affiliates terminates, but the Participant
continues to provide services to the Company and its Affiliates in a non-employee capacity (or vice-versa), the change in status shall
not be considered a termination of employment with the Company or an Affiliate.

 

(h)           No
Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no person shall be entitled
to the privileges of ownership in respect of Common Shares or other securities that are subject to Awards hereunder until the shares have
been issued or delivered to that person.

 

(i)            Government
and Other Regulations.

 

(i)            The
obligation of the Company to settle Awards in Common Shares or other consideration shall be subject to all Applicable Laws, rules, and
regulations, and to any approvals required by governmental agencies. Notwithstanding any terms or conditions of any Award to the contrary,
the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any Common
Shares or other securities pursuant to an Award unless the shares have been properly registered for sale pursuant to the Securities Act
with the Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company, that
the shares may be offered or sold without registration pursuant to an available exemption therefrom and the terms and conditions of the
exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of
the Common Shares or other securities to be offered or sold under the Plan. The Committee shall have the authority to provide that all
certificates for Common Shares or other securities of the Company or any Affiliate delivered under the Plan shall be subject to any stop
transfer orders and other restrictions the Committee deems advisable under the Plan, the applicable Award Agreement, the federal securities
laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer
quotation system upon which the shares or other securities are then listed or quoted and any other applicable federal, state, local or
non-U.S. laws, and, without limiting the generality of Section 9, the Committee may cause a legend or legends to be put on
the certificates and Award Agreements to make appropriate reference to the restrictions. Notwithstanding any provision in the Plan to
the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in
its sole discretion deems necessary or advisable in order that the Award complies with the legal requirements of any governmental entity
to whose jurisdiction the Award is subject.

 

     21 

     

    

 

(ii)           The
Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions
and/or blockage and/or other market considerations would make the Company’s acquisition of Common Shares from the public markets,
the Company’s issuance of Common Shares or other securities to the Participant, the Participant’s acquisition of Common Shares
or other securities from the Company and/or the Participant’s sale of Common Shares to the public markets, illegal, impracticable
or inadvisable. If the Committee determines to cancel all or any portion of an Award denominated in Common Shares in accordance with the
foregoing, the Company shall pay to the Participant an amount equal to the excess of  (A) the aggregate Fair Market Value of
the Common Shares subject to the Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the
shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of
an Option or SAR, respectively) or any amount payable as a condition of delivery of Common Shares (in the case of any other Award). This
amount shall be delivered to the Participant as soon as practicable following the cancellation of the Award or portion thereof.

 

(j)            Payments
to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under the Plan is
unable to care for his or her affairs because of illness or accident, or is a minor, or has died, then any payment due to that person
or his or her estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs
the Company, be paid to his or her spouse, child, relative, an institution maintaining or having custody of that person, or any other
person deemed by the Committee to be a proper recipient on behalf of that person otherwise entitled to payment. Any such payment shall
be a complete discharge of the liability of the Committee and the Company therefor.

 

(k)            Nonexclusivity
of the Plan. Neither the adoption of this Plan by the Board nor the submission of this Plan to the stockholders of the Company
for approval shall be construed as creating any limitations on the power of the Board to adopt any other incentive arrangements it deems
desirable, including, without limitation, the granting of stock options or other equity-based awards otherwise than under this Plan, and
these arrangements may be either applicable generally or only in specific cases.

 

     22 

     

    

 

(l)            No
Trust or Fund Created. The Plan is intended to constitute an “unfunded” plan for incentive compensation. Neither the
Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the
Company or any Affiliate, on the one hand, and a Participant or other person or entity, on the other hand. No provision of the Plan or
any Award shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets
in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate
bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for those
purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar
as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as
other employees under general law.

 

(m)          Reliance
on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as
the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent
public accountant of the Company and its Affiliates and/or any other information furnished in connection with the Plan by any agent of
the Company or the Committee or the Board, other than himself.

 

(n)           Relationship
to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement,
profit sharing, group insurance or other benefit plan of the Company or any Affiliate except as otherwise specifically provided in the
other plan or an agreement thereunder.

 

(o)           Governing
Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts
made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof.

 

(p)           Severability.
If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the
Committee, the provision shall be construed or deemed amended to conform to the Applicable Laws, or if it cannot be construed or deemed
amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, the provision shall be
construed or deemed stricken as to that jurisdiction, person or entity or Award and the remainder of the Plan and the Award shall remain
in full force and effect.

 

(q)           Obligations
Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization
resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or upon any successor corporation or organization
succeeding to substantially all of the assets and business of the Company.

 

     23 

     

    

 

(r)            Code
Section 409A.

 

(i)            Notwithstanding
any provision of this Plan to the contrary, all Awards made under this Plan are intended to be exempt from or, in the alternative, comply
with Code Section 409A and the interpretive guidance thereunder, including the exceptions for stock rights and short-term deferrals.
The Plan shall be construed and interpreted in accordance with that intent. Each payment under an Award shall be treated as a separate
payment for purposes of Code Section 409A.

 

(ii)           If
a Participant is a “specified employee” (as that term is defined for purposes of Code Section 409A) at the time of his
or her termination of service, no amount that is nonqualified deferred compensation subject to Code Section 409A and that becomes
payable by reason of the termination of service shall be paid to the Participant (or in the event of the Participant’s death, the
Participant’s representative or estate) before the earlier of  (x) the first business day after the date that is six
months following the date of the Participant’s termination of service, and (y) within 30 days following the date of the Participant’s
death. For purposes of Code Section 409A, a termination of service shall be deemed to occur only if it is a “separation from
service” within the meaning of Code Section 409A, and references in the Plan and any Award Agreement to “termination
of service” or similar terms shall mean a “separation from service.” If any Award is or becomes subject to Code Section 409A,
unless the applicable Award Agreement provides otherwise, the Award shall be payable upon the Participant’s “separation from
service” within the meaning of Code Section 409A. If any Award is or becomes subject to Code Section 409A and if payment
of the Award would be accelerated or otherwise triggered under a Change in Control or Company Sale, then the definition of Change in Control
or Company Sale shall be deemed modified, only to the extent necessary to avoid the imposition of an excise tax under Code Section 409A,
to mean a “change in control event” as that term is defined for purposes of Code Section 409A.

 

(iii)          Any
adjustments made pursuant to Section 12 to Awards that are subject to Code Section 409A shall be made in compliance with
the requirements of Code Section 409A, and any adjustments made pursuant to Section 12 to Awards that are not subject
to Code Section 409A shall be made in such a manner as to ensure that after the adjustment, the Awards either (x) continue not
to be subject to Code Section 409A or (y) comply with the requirements of Code Section 409A.

 

(s)           Notification
of Election Under Code Section 83(b). If any Participant, in connection with the acquisition of Common Shares under an Award,
makes the election permitted under Code Section 83(b), the Participant shall notify the Company of the election within ten days of
filing notice of the election with the Internal Revenue Service.

 

(t)            Expenses;
Gender; Titles and Headings; Interpretation. The expenses of administering the Plan shall be borne by the Company and its
Affiliates. Masculine pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections
in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than those titles or
headings shall control. Unless the context of the Plan otherwise requires, words using the singular or plural number also include the
plural or singular number, respectively; derivative forms of defined terms will have correlative meanings; the terms “hereof,”
 “herein” and “hereunder” and derivative or similar words refer to this entire Plan; the term “Section”
refers to the specified Section of this Plan and references to “paragraphs” or “clauses” shall be to separate
paragraphs or clauses of the Section or subsection in which the reference occurs; the words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”; and the word “or”
shall be disjunctive but not exclusive.

 

     24 

     

    

 

(u)           Other
Agreements. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt of Common
Shares or other securities under an Award, that the Participant execute lock-up, shareholder or other agreements, as it may determine
in its sole and absolute discretion.

 

(v)           Payments.
Participants shall be required to pay, to the extent required by Applicable Laws, any amounts required to receive Common Shares or
other securities under any Award made under the Plan.

 

(w)          Clawback;
Erroneously Awarded Compensation. All Awards (including on a retroactive basis) granted under the Plan are subject to the terms
of any Company forfeiture, incentive compensation recoupment, clawback or similar policy as it may be in effect from time to time, as
well as any similar provisions of Applicable Laws, as well as any other policy of the Company that may apply to the Awards, such as anti-hedging
or pledging policies, as they may be in effect from time to time. In particular, these policies and/or provisions shall include, without
limitation, (i) any Company policy established to comply with Applicable Laws (including, without limitation, Section 304 of
the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act), and/or (ii) the rules and
regulations of the applicable securities exchange or inter-dealer quotation system on which the Common Shares or other securities are
listed or quoted, and these requirements shall be deemed incorporated by reference into all outstanding Award Agreements.

 

(x)            No
Fractional Shares. No fractional shares of Common Shares shall be issued or delivered pursuant to the Plan. The Committee shall
determine whether cash, other Awards, or other property shall be issued or paid in lieu of fractional shares or whether fractional shares
or any rights thereto shall be forfeited, rounded, or otherwise eliminated.

 

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

 

     25 

     

    

 

(z)           Data
Privacy. As a condition for receiving any Award, each Participant explicitly and unambiguously consents to the collection, use
and transfer, in electronic or other form, of personal data as described in this Section 14(z) by and among the Company
and its Subsidiaries and Affiliates exclusively for implementing, administering and managing the Participant’s participation in
the Plan. The Company and its Subsidiaries and Affiliates may hold certain personal information about a Participant, including the Participant’s
name, address and telephone number; birthdate; social security, insurance number or other identification number; salary;
nationality; job title(s); any Common Shares held in the Company or its Subsidiaries and Affiliates; and Award details,
to implement, manage and administer the Plan and Awards (the “Data”). The Company and its Subsidiaries and Affiliates
may transfer the Data amongst themselves as necessary to implement, administer and manage a Participant’s participation in the Plan,
and the Company and its Subsidiaries and Affiliates may transfer the Data to third parties assisting the Company with Plan implementation,
administration and management. These recipients may be located in the Participant’s country, or elsewhere, and the Participant’s
country may have different data privacy laws and protections than the recipients’ country. By accepting an Award, each Participant
authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer
and manage the Participant’s participation in the Plan, including any required Data transfer to a broker or other third party with
whom the Company or the Participant may elect to deposit any Common Shares. The Data related to a Participant will be held only as long
as necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any time, view
the Data that the Company holds regarding the Participant, request additional information about the storage and processing of the Data
regarding the Participant, recommend any necessary corrections to the Data regarding the Participant or refuse or withdraw the consents
in this Section 14(z) in writing, without cost, by contacting the local human resources representative. The Company may
cancel Participant’s ability to participate in the Plan and, in the Committee’s discretion, the Participant may forfeit any
outstanding Awards if the Participant refuses or withdraws the consents in this Section 14(z).

 

(aa)         Broker-Assisted
Sales. In the event of a broker-assisted sale of Common Shares in connection with the payment of amounts owed by a Participant
under or with respect to the Plan or Awards: (i) any Common Shares to be sold through the broker-assisted sale will be sold on the
day the payment first becomes due, or as soon thereafter as practicable; (ii) the Common Shares may be sold as part of a block
trade with other Participants in the Plan in which all participants receive an average price; (iii) the applicable Participant
will be responsible for all broker’s fees and other costs of sale, and by accepting an Award, each Participant agrees to indemnify
and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale; (iv) to the extent the
Company or its designee receives proceeds of the sale that exceed the amount owed, the Company will pay the excess in cash to the applicable
Participant as soon as reasonably practicable; (v) the Company and its designees are under no obligation to arrange for the
sale at any particular price; and (vi) if the proceeds of the sale are insufficient to satisfy the Participant’s applicable
obligation, the Participant may be required to pay immediately upon demand to the Company or its designee an amount in cash sufficient
to satisfy any remaining portion of the Participant’s obligation.

 

     26 

     

    

 

 

FLEXENERGY GREEN SOLUTIONS, INC.

 

STOCK OPTION GRANT NOTICE

(2021 INCENTIVE AWARD PLAN)

 

FLEXENERGY GREEN SOLUTIONS, INC.,
a Delaware corporation (the “Company”), pursuant to its 2021 Incentive Award Plan, as may be amended from time
to time (the “Plan”), hereby grants to Optionholder an option to purchase the number of Common Shares set forth
below. This option is subject to all of the terms and conditions as set forth in this Stock Option Grant Notice (including the vesting
schedule set forth on Exhibit A hereto, collectively, this “Grant Notice”), in the corresponding
Option Agreement, the Plan and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized
terms not explicitly defined herein but defined in the Plan or the corresponding Option Agreement will have the same definitions as in
the Plan or the corresponding Option Agreement. If there is any conflict between the terms in this Grant Notice, the corresponding Option
Agreement, the Plan and the Notice of Exercise, then such conflict or inconsistency shall be resolved by giving such documents precedence
in the following order: this Grant Notice, the corresponding Option Agreement, the Plan and then the Notice of Exercise.

 

	Optionholder:	 
	 	 
	Date of Grant:	 
	 	 
	Vesting Commencement Date:	 
	 	 
	Number of Shares Subject to Option:	 
	 	 
	Exercise Price (Per Common Share):	 
	 	 
	Total Exercise Price:	 
	 	 
	Expiration Date:	 

 

	Type of Grant:	 ̈   Incentive Stock Option       ̈   Nonqualified Stock Option
	 	 
	Vesting Schedule:	This award shall vest pursuant to the schedule set forth in Exhibit A, which is attached hereto and incorporated herein in its entirety. 
	 	 
	Payment:	By one or a combination of the following methods (described in the corresponding Option Agreement) as indicated by a checkmark opposite the applicable method below:
	 	 
	 	 ̈     By cash, check, bank draft or money order payable to the Company
	 	 
	 	 ̈     Pursuant to a Regulation T Program if the shares are publicly traded
	 	 
	 	 ̈     By delivery of already-owned shares if the shares are publicly traded

 

    

     

    

 

	Additional Terms/Acknowledgements:  	Optionholder acknowledges receipt of, and understands and agrees to, this Grant Notice, the corresponding Option Agreement, the Plan and the Notice of Exercise.  Optionholder acknowledges and agrees that this Grant Notice, the corresponding Option Agreement and the Notice of Exercise may not be modified, amended or revised except as provided in the Plan.  Optionholder further acknowledges that as of the Date of Grant, this Grant Notice, the corresponding Option Agreement, the Plan and the Notice of Exercise set forth the entire understanding between Optionholder and the Company regarding this option award and supersede all prior oral and written agreements, promises and/or representations on that subject with the exception of the following agreements only.
	 	 
	Acceptance/Expiration of Option:  	To accept this option, Optionholder must within 30 days following the Award Date (at which time this option will otherwise automatically expire) complete, execute and deliver this Grant Notice (including all applicable Exhibits and the corresponding Option Agreement).   Notwithstanding the foregoing, if Optionholder has not accepted this Option prior to the occurrence of a Change in Control, Company Sale, dissolution or liquidation, this option may be cancelled by the Company.

 

OTHER AGREEMENTS:

 

By accepting this option,
you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established
and maintained by the Company or another third party designated by the Company.

 

	FLEXENERGY GREEN SOLUTIONS, INC.	 	OPTIONHOLDER:
	 	 	 
	By:	                        	 	By:	                    
	Name: Mark Schnepel	 	Name:	 
	Title: Chief Executive Officer	 	Date:	 

 

ATTACHMENTS: Option Agreement, 2021 Incentive
Award Plan, Notice of Exercise

 

    -2-

     

    

 

EXHIBIT A

 

VESTING SCHEDULE

 

The
options under this award with respect to [l] Common Shares (the “Immediately
Vested Options”) shall be immediately vested on the Date of Grant.

 

The
options under this award with respect to [l] Common Shares (the “Vesting
Options”) shall vest annually over a period of four years in four equal tranches on each annual anniversary of the Date
of Grant, such that (i) one-quarter of the Vesting Options shall vest on the first anniversary of the Date of Grant, (ii) another
one-quarter of the Vesting Options shall vest on the second anniversary of the Date of Grant, (iii) another one-quarter of the Vesting
Options shall vest on the third anniversary of the Date of Grant, and (iv) the final one-quarter of the Vesting Options shall vest
on the fourth anniversary of the Date of Grant, in all cases subject to the terms and conditions of the corresponding Option Agreement.

 

Notwithstanding the above, (A) if the Optionholder’s
Continuous Service is terminated without Cause by the Company (or a successor, if appropriate) during the one-year period immediately
following the consummation of a Change in Control, then the vesting of the Vesting Options shall accelerate such that 100% of the Vesting
Options shall become vested, effective as of immediately prior to such termination of the Optionholder’s Continuous Service; and
(B) if a Company Sale occurs during the Optionholder’s Continuous Service, then the vesting of the Vesting Options shall accelerate
such that 100% of the Vesting Options shall become vested, effective as of immediately prior to the occurrence of the Company Sale. As
a condition of the application of the accelerated vesting contemplated by the foregoing, the Optionholder shall execute the Company’s
form of a general release of any claims against the Company (the “Release”) and permit such Release to become
effective and irrevocable in accordance with its terms. Unless the Release is executed by the Optionholder and delivered to the Company
within the period of time set forth in the Release, and such Release becomes effective and irrevocable, there shall be no accelerated
vesting of Vesting Options as otherwise contemplated by the foregoing.

 

    EXHIBIT A 
 -1-

     

    

 

ATTACHMENT I

 

OPTION AGREEMENT

 

[See attached.]

 

    ATTACHMENT I
 -1-

     

    

 

 

FLEXENERGY GREEN SOLUTIONS, INC.

 

2021 INCENTIVE AWARD PLAN

 

OPTION AGREEMENT

(INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK OPTION)

 

Pursuant to your Stock Option
Grant Notice (including the vesting schedule attached thereto as Exhibit A, collectively, the “Grant Notice”)
and this Option Agreement (this “Option Agreement”), FlexEnergy Green Solutions, Inc., a Delaware corporation
(the “Company”) has granted you an option under its 2021 Incentive Award Plan (the “Plan”)
to purchase the number of Common Shares indicated in your Grant Notice at the exercise price indicated in your Grant Notice. The option
is granted to you effective as of the date of grant set forth in the Grant Notice (the “Date of Grant”). If
there is any conflict between the terms in the Grant Notice, this Option Agreement, the Plan and the Notice of Exercise, then such conflict
shall be resolved by giving such documents precedence in the following order: the Grant Notice, this Option Agreement, the Plan and then
the Notice of Exercise. Capitalized terms not explicitly defined in this Option Agreement or in the Grant Notice but defined in the Plan
will have the same definitions as in the Plan.

 

The details of your option,
in addition to those set forth in the Grant Notice and the Plan, are as follows:

 

1.             VESTING;
NO STOCKHOLDER RIGHTS. Your option will vest as provided in your Grant Notice. Vesting will cease upon the termination of your Continuous
Service with the Company except as may be provided otherwise in the vesting schedule in Exhibit A to your Grant Notice or
in an employment or other agreement between you and the Company. You will not be deemed to be the holder of the Common Shares, or have
any of the rights of a stockholder, with respect to your option unless and until the option vests and you exercise the option in accordance
with this Option Agreement and the Company has issued and delivered Common Shares to you and your name shall have been entered as a stockholder
of record on the books of the Company. As used in this Agreement, “Continuous Service” means that your service
with the Company or an Affiliate, whether as an employee, consultant or director, is not interrupted or terminated. Your Continuous Service
shall not be deemed to have terminated merely because of a change in the capacity in which you render service to the Company or an Affiliate
as an employee, consultant or director or a change in the entity for which you render such service, provided that there is no
interruption or termination of your Continuous Service; provided further that if this Option Agreement (and the corresponding
Award) is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent with Section 409A
of the Code. For example, a change in status from an employee of the Company to a director of an Affiliate will not constitute an interruption
of Continuous Service. The Committee or its delegate, in its sole discretion, may determine whether Continuous Service will be considered
interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal or
family leave of absence. The Committee or its delegate, in its sole discretion, may determine whether a Company transaction, such as a
sale or spin-off of a division or subsidiary that employs you, shall be deemed to result in a termination of Continuous Service for purposes
of this Option Agreement, and such decision shall be final, conclusive and binding.

 

    ATTACHMENT I
 -2-

     

    

 

2.             NUMBER
OF SHARES AND EXERCISE PRICE. The number of Common Shares subject to your option and your exercise price per share are set forth in
your Grant Notice and will be adjusted in the event of changes in capital structure and similar events as provided in Section 11
of the Plan.

 

3.             METHOD
OF PAYMENT. You must pay the full amount of the exercise price for the shares you wish to exercise. You may pay the exercise price
in cash or by check, bank draft or money order payable to the Company or in any other manner expressly indicated as a permitted method
of exercise on your Grant Notice, which may include one or more of the following:

 

(a)            Provided
that at the time of exercise the Common Shares are publicly traded, pursuant to a program developed under Regulation T as promulgated
by the Federal Reserve Board that, prior to the issuance of Common Shares, results in either the receipt of cash (or check) by the Company
or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds. This manner of
payment is also known as a “cashless exercise”, “broker-assisted exercise”, “same day sale”, or “sell
to cover”.

 

(b)            Provided
that at the time of exercise the Common Shares are publicly traded, by delivery to the Company (either by actual delivery or attestation)
of already-owned Common Shares that are owned free and clear of any liens, claims, vesting conditions, transfer restrictions, encumbrances
or security interests, and that are valued at Fair Market Value on the date of exercise. “Delivery” for these purposes, in
the sole discretion of the Company at the time you exercise your option, will include delivery to the Company of your attestation of ownership
of such Common Shares in a form approved by the Company. You may not exercise your option by delivery to the Company of Common Shares
if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock.

 

4.             WHOLE
SHARES. You may exercise your option only for whole Common Shares.

 

5.             SECURITIES
LAW COMPLIANCE. In no event may you exercise your option unless the Common Shares issuable upon exercise are then registered under
the Securities Act or, if not registered, the Company has determined that your exercise and the issuance of the shares would be exempt
from the registration requirements of the Securities Act. The exercise of your option also must comply with all other applicable laws
and regulations governing your option, and you may not exercise your option if the Company determines that such exercise would not be
in material compliance with such laws and regulations.

 

6.             TERM.
You may not exercise your option before the Date of Grant or after the expiration of the option’s term. Except as may be provided
otherwise in the vesting schedule in Exhibit A to your Grant Notice or in an employment or other agreement between you and
the Company, the term of your option expires (subject to the provisions of Section 6(c) of the Plan if your Option is an Incentive
Stock Option and you, on the Date of Grant, own shares representing more than 10% of the combined voting power of the Company) upon the
earliest of the following:

 

    ATTACHMENT I
 -3-

     

    

 

(a)            immediately
upon the termination of your service with the Company for Cause;

 

(b)            three
months after the termination of your service with the Company for any reason other than Cause, your Disability (as defined below) or your
death (except as otherwise provided in Section 6(d) below); provided, however, that if during any part of such three
month period your option is not exercisable solely because of the condition set forth in the section above relating to “Securities
Law Compliance,” your option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate
period of three months after the termination of your service with the Company;;

 

(c)            12
months after the termination of your service with the Company due to your Disability (except as otherwise provided in Section 6(d) below).
For purposes of this Option Agreement, “Disability” means your inability to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted
or can be expected to last for a continuous period of not less than 12 months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of
the Code, and will be determined by the Committee on the basis of such medical evidence as the Committee deems warranted under the circumstances;

 

(d)            12
months after your death if you die either during your service with the Company or within three months after your service with the Company
terminates for any reason other than Cause;

 

(e)            the
Expiration Date indicated in your Grant Notice; or

 

(f)            the
day before the 10th anniversary of the Date of Grant.

 

If your option is an Incentive
Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option, the Code requires that
at all times beginning on the Date of Grant and ending on the day three months before the date of your option’s exercise, you must
be an employee of the Company or an Affiliate, except in the event of your death or Disability. The Company has provided for extended
exercisability of your option under certain circumstances for your benefit but cannot guarantee that your option will necessarily be treated
as an Incentive Stock Option if you continue to provide services to the Company or an Affiliate as a consultant or director after your
employment terminates or if you otherwise exercise your option more than three months after the date your employment with the Company
or an Affiliate terminates.

 

7.             EXERCISE.

 

(a)            You
may exercise the vested portion of your option during its term by (i) delivering a Notice of Exercise (in the form attached to the
Grant Notice or such other form as may be designated by the Company) or completing such other documents and/or procedures designated by
the Company for exercise and (ii) paying the exercise price and any applicable withholding taxes to the Company’s Secretary,
stock plan administrator, or such other person as the Company may designate, together with such additional documents as the Company may
then require. Subject to the applicable terms of the Plan, your option shall become exercisable only to the extent your option is vested
(as provided in the Vesting Schedule (see above)) at the time of exercise.

 

    ATTACHMENT I
 -4-

     

    

 

(b)            By
exercising your option you agree that, as a condition to any exercise of your option, the Company may require you and you hereby agree
to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising
by reason of (i) the exercise of your option, or (ii) the disposition of Common Shares acquired upon such exercise.

 

(c)            If
your option is an Incentive Stock Option, by exercising your option you agree that you will notify the Company in writing within 15 days
after the date of any disposition of any of the shares of the Common Shares issued upon exercise of your option that occurs within two
years after the Date of Grant or within one year after such Common Shares are transferred upon exercise of your option.

 

8.             TRANSFERABILITY.
Except as otherwise provided in this Section 8, your option is not assignable or transferable, except by will or by the laws
of descent and distribution, and is exercisable during your life only by you. Without limiting the generality of the foregoing, your option
may not be sold, assigned, transferred or otherwise disposed of, or pledged or hypothecated in any manner (whether by operation of law
or otherwise), and shall not be subject to execution, attachment or other process. Any assignment, transfer, sale, pledge, hypothecation
or other disposition of your option or any attempt to make any such levy of execution, attachment or other process will cause your option
to terminate immediately, unless the Chief Financial Officer of the Company, with advice from counsel, specifically waives applicability
of this provision.

 

(a)            Certain
Trusts. Upon receiving written permission from the Chief Financial Officer of the Company, with advice from counsel, you may transfer
your option to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable
state law) while the option is held in the trust. You and the trustee must enter into transfer and other agreements required by the Company.

 

(b)            Domestic
Relations Orders. Upon receiving written permission from the Chief Financial Officer of the Company, with advice from counsel, and
provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your
option pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument
as permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required by the Company to effectuate the transfer.
You are encouraged to discuss the proposed terms of any division of this option with the Company prior to finalizing the domestic relations
order or marital settlement agreement to help ensure the required information is contained within the domestic relations order or marital
settlement agreement. If this option is an Incentive Stock Option, this option may be deemed to be a Nonstatutory Stock Option as a result
of such transfer.

 

(c)            Beneficiary
Designation. Upon receiving written permission from the Chief Financial Officer of the Company, you may, by delivering written notice
to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third
party who, on your death, will thereafter be entitled to exercise this option within the 12 months following the date of your death (or
such shorter exercise period as may be required by Section 6 above) and receive the Common Shares or other consideration resulting
from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise this
option and receive, on behalf of your estate, the Common Shares or other consideration resulting from such exercise.

 

    ATTACHMENT I
 -5-

     

    

 

9.             OPTION
NOT A SERVICE CONTRACT. Your option is not an employment or service contract, and nothing in your option will be deemed to create
in any way whatsoever any obligation on your part to continue in the employ or service of the Company or an Affiliate, or of the Company
or an Affiliate to continue your employment or service. In addition, nothing in your option will obligate the Company or an Affiliate,
their respective stockholders, boards of directors, officers or employees to continue any relationship that you might have as a member
of the Company’s Board or a consultant for the Company or an Affiliate. The Company and its Affiliates hereby reserve its rights
to discharge and terminate your services at any time for any reason whatsoever, with or without cause, except to the extent expressly
provided otherwise in a written agreement between you and the Company or an Affiliate.

 

10.           WITHHOLDING
OBLIGATIONS.

 

(a)            At
the time you exercise your option, in whole or in part, and at any time thereafter as requested by the Company, you hereby agree to make
adequate provision for (including by means of a “same day sale” pursuant to a program developed under Regulation T as
promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local
and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your option.

 

(b)            If
you fail to make the adequate provisions contemplated by Section 10(a) above, then subject to compliance with any applicable
legal conditions or restrictions, the Company shall have the option in its discretion (but not the obligation) to withhold from fully
vested Common Shares otherwise issuable to you upon the exercise of your option a number of whole Common Shares having a Fair Market Value,
determined by the Company as of the date of exercise, not in excess of the amount of tax required to be withheld by law (or, at the Company’s
option, such lower amount as may be necessary to avoid classification of your option as a liability for financial accounting purposes).

 

(c)            The
Company assumes no responsibility for individual income taxes, penalties or interest related to grant or exercise of any option. Neither
the Company nor any Affiliate makes any representation or undertaking regarding the treatment of any tax withholding in connection with
the grant or exercise of any option. You should consult with your personal tax advisor regarding the tax ramifications, if any, which
result from receipt of the option, the subsequent issuance, if any, of Common Shares on exercise of the option, and subsequent disposition
of any such Common Shares. You acknowledge that the Company may be required to withhold federal, state and/or local taxes in connection
with the exercise of the option. You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate
are satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company
will have no obligation to issue a certificate for such Common Shares unless such obligations are satisfied.

 

    ATTACHMENT I
 -6-

     

    

 

11.           SECTION 409A;
TAX CONSEQUENCES. It is the Company’s intent that this option be exempt from Section 409A of the Code to the extent applicable,
and that this Option Agreement be administered accordingly. You hereby agree that the Company does not have a duty to design or administer
the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company,
or any of its officers, directors, employees or Affiliates, related to tax liabilities arising from your option or your other compensation.
You understand that you may suffer adverse tax consequences as a result of the grant, vesting or exercise of your options or with the
purchase or disposition of any Common Shares subject to the Option.

 

12.           NOTICES.
Any notices provided for in your option or the Plan will be given in writing and will be deemed effectively given upon receipt. The Company
may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this option by electronic means
or to request your consent to participate in the Plan by electronic means. By accepting this option, you consent to receive such documents
by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company
or another third party designated by the Company.

 

13.           AGREEMENT
SUMMARIES. If the Company provides you (or anyone acting on your behalf) with summary or other information concerning, including or
otherwise relating to your rights or benefits under this Option Agreement (including, without limitation, the option and any exercise
thereof), such summary or other information shall in all cases be qualified in its entirety by the Grant Notice, this Option Agreement,
the Plan and the Notice of Exercise and, unless it explicitly states otherwise and is signed by an officer of the Company, shall not constitute
an amendment or other modification hereto.

 

14.           ACKNOWLEDGEMENTS.
You understand, acknowledge, agree and hereby stipulate that: (1) you are executing this Option Agreement voluntarily and without
any duress or undue influence by the Company or anyone else; (2) the option is intended to be consideration in exchange for the
promises and covenants set forth in this Option Agreement; (3) you have carefully read, considered and understand all of the provisions
of this Option Agreement and the Company’s policies reflected in this Option Agreement; (4) you have asked any questions needed
for you to understand the terms, consequences and binding effect of this Option Agreement and you fully understand them; (5) you
were provided an opportunity to seek the advice of an attorney and/or a tax professional of your choice before accepting this option;
(6) the obligations and restrictions set forth in this Option Agreement are fair and reasonable and (7) your participation
in the Plan confers no rights or interests other than as herein provided.

 

    ATTACHMENT I
 -7-

     

    

 

 

ATTACHMENT II

 

2021 INCENTIVE AWARD PLAN

 

[see attached]

 

    ATTACHMENT II

 -1- 

     

    

 

ATTACHMENT III

 

FORM OF NOTICE OF EXERCISE

 

[see attached]

 

    ATTACHMENT III
 -1-

     

    

 

FLEXENERGY GREEN SOLUTIONS, INC.

 

 

NOTICE OF EXERCISE

 

FlexEnergy Green Solutions, Inc.

112 Corporate Drive

Portsmouth, NH 03801

 

Date of Exercise: _____________, 20__

 

[Option Holder]

 

This constitutes notice under
my stock option that I elect to purchase the number of shares for the price set forth below.

 

	Type of option (check one):	Incentive	Nonstatutory
	Stock option dated:	 	 
	Number of shares as to which option is exercised:	 	 
	Shares to be issued in name of:	 	 
	Total exercise price:	 	 
	Cash payment delivered herewith:	 	 

 

By this exercise, I agree
(i) to provide such additional documents as you may require pursuant to the terms of the 2021 Incentive Award Plan (the “Plan”),
(ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to
the exercise of this option, and (iii) if this exercise relates to an incentive stock option, to notify you in writing within fifteen
(15) days after the date of any disposition of any of the Common Shares issued upon exercise of this option that occurs within two
(2) years after the date of grant of this option or within one (1) year after such Common Shares are issued upon exercise of
this option.

 

	 	Very truly yours,
	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

    ATTACHMENT III
 -2-

     

    

 

RESTRICTED STOCK AWARD AGREEMENT

 

This
Restricted Stock Award Agreement (this “Agreement”) is made and entered into as of [DATE] (the “Grant Date”)
by and between FlexEnergy Green Solutions, Inc., a Delaware corporation (the “Company”), and [l]
(the “Grantee”).

 

WHEREAS,
the Company has adopted the FlexEnergy Green Solutions, Inc. 2021 Incentive Award Plan (the “Plan”) pursuant to
which awards of Restricted Stock may be granted; and

 

WHEREAS,
the Committee has determined that it is in the best interests of the Company and its stockholders to grant the award of Restricted Stock
provided for herein.

 

NOW,
THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

 

1.            Grant
of Restricted Stock. Pursuant to Section 9 of the Plan, the Company hereby issues to the Grantee on the Grant Date a Restricted
Stock Award consisting of, in the aggregate, [NUMBER] of Common Shares of the Company (the “Restricted Stock”), on
the terms and conditions and subject to the restrictions set forth in this Agreement and the Plan. Capitalized terms that are used but
not defined herein have the meaning ascribed to them in the Plan.

 

2.            Consideration.
The grant of the Restricted Stock is made in consideration of the services to be rendered by the Grantee to the Company.

 

3.            Restricted
Period; Vesting.

 

3.1            Except
as otherwise provided herein, provided that the Grantee remains in Continuous Service through the applicable vesting date, the Restricted
Stock will vest in accordance with the following schedule:

 

	Vesting Date	Common Shares
	 	 
	[VESTING DATE]	[NUMBER OR PERCENTAGE OF SHARES THAT VEST ON THE VESTING DATE]
	 	 
	[VESTING DATE]	[NUMBER OR PERCENTAGE OF SHARES THAT VEST ON THE VESTING DATE]

 

The period over which the Restricted Stock vests
is referred to as the “Restricted Period”. As used in this Agreement, “Continuous Service” means
that the Grantee’s service with the Company or an Affiliate, whether as an employee, consultant or director, is not interrupted
or terminated. The Grantee’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity
in which the Grantee renders service to the Company or an Affiliate as an employee, consultant or director or a change in the entity for
which the Grantee renders such service, provided that there is no interruption or termination of the Grantee’s Continuous Service;
provided further that if any Award is subject to Section 409A of the Code, this sentence shall only be given effect to the extent
consistent with Section 409A of the Code. For example, a change in status from an employee of the Company to a director of an Affiliate
will not constitute an interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may determine whether
Continuous Service will be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military
leave or any other personal or family leave of absence. The Committee or its delegate, in its sole discretion, may determine whether a
Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Grantee, shall be deemed to result in a termination
of Continuous Service for purposes of affected Awards, and such decision shall be final, conclusive and binding.

 

     

     

    

 

3.2            The
foregoing vesting schedule notwithstanding, if the Grantee’s Continuous Service terminates for any reason at any time before all
of his or her Restricted Stock has vested, the Grantee’s unvested Restricted Stock shall be automatically forfeited upon such termination
of Continuous Service and neither the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement.

 

3.3            Unless
otherwise determined by the Committee at the time of a Change in Control, a Change in Control shall have no effect on the Restricted Stock.

 

4.            Restrictions.
Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period, the Restricted Stock or the rights relating
thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee. Any attempt to
assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock or the rights relating thereto during the
Restricted Period shall be wholly ineffective and, if any such attempt is made, the Restricted Stock will be forfeited by the Grantee
and all of the Grantee’s rights to such shares shall immediately terminate without any payment or consideration by the Company.

 

5.            Rights
as Stockholder; Dividends.

 

5.1            The
Grantee shall be the record owner of the Restricted Stock until the Common Shares are sold or otherwise disposed of, and shall be entitled
to all of the rights of a stockholder of the Company including, without limitation, the right to vote such shares and receive all dividends
or other distributions paid with respect to such shares. Notwithstanding the foregoing, any dividends or other distributions shall be
subject to the same restrictions on transferability as the shares of Restricted Stock with respect to which they were paid.

 

5.2            The
Company may issue stock certificates or evidence the Grantee’s interest by using a restricted book entry account with the Company’s
transfer agent. Physical possession or custody of any stock certificates that are issued shall be retained by the Company until the time
as the Restricted Stock vests.

 

5.3            If
the Grantee forfeits any rights he or she has under this Agreement in accordance with Section 3, the Grantee shall, on the date of
such forfeiture, no longer have any rights as a stockholder with respect to the Restricted Stock and shall no longer be entitled to vote
or receive dividends on such shares.

 

6.            No
Right to Continued Service. Neither the Plan nor this Agreement shall confer upon the Grantee any right to be retained in any position
as an employee, consultant or director of the Company or its Affiliates. Further, nothing in the Plan or this Agreement shall be construed
to limit the discretion of the Company or any of its Affiliates to terminate the Grantee’s Continuous Service at any time, with
or without Cause.

 

    2 

     

    

 

7.            Adjustments.
If any change is made to the outstanding Common Shares or the capital structure of the Company, if required, the Common Shares shall be
adjusted or terminated in any manner as contemplated by Section 12 of the Plan.

 

8.            Tax
Liability and Withholding.

 

8.1            The
Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Grantee
pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock and to take all such other action
as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Committee may permit the Grantee
to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means:

 

(a)            tendering
a cash payment.

 

(b)            authorizing
the Company to withhold Common Shares from those Common Shares that would otherwise be issuable or deliverable to the Grantee as a result
of the vesting of the Restricted Stock; provided, however, that no Common Shares shall be withheld with a value exceeding the [minimum/maximum]
amount of tax required to be withheld by law.

 

(c)            delivering
to the Company previously owned and unencumbered Common Shares.

 

8.2            Notwithstanding
any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related
Items”), the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and the Company
(a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant or vesting
of the Restricted Stock or the subsequent sale of any shares; and (b) does not commit to structure the Restricted Stock to reduce
or eliminate the Grantee’s liability for Tax-Related Items.

 

9.            Section 83(b) Election.
The Grantee may make an election under Code Section 83(b) (a “Section 83(b) Election”) with respect
to the Restricted Stock. Any such election must be made within thirty (30) days after the Grant Date. If the Grantee elects to make a
Section 83(b) Election, the Grantee shall provide the Company with a copy of an executed version and satisfactory evidence of
the filing of the executed Section 83(b) Election with the US Internal Revenue Service. The Grantee agrees to assume full responsibility
for ensuring that the Section 83(b) Election is actually and timely filed with the US Internal Revenue Service and for all tax
consequences resulting from the Section 83(b) Election.

 

    3 

     

    

 

10.            [Non-competition
and Non-solicitation.

 

10.1            In
consideration of the Restricted Stock, the Grantee agrees and covenants not to:

 

(a)            contribute
his or her knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant, agent,
partner, director, stockholder, volunteer, intern or in any other similar capacity to an entity engaged in the same or similar business
as the Company and its Affiliates, including those engaged in the business of [l] for a period
of [l] following the Grantee’s termination of Continuous Service;

 

(b)            directly
or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company
or its Affiliates for [l] following the Grantee’s termination of Continuous Service;
or

 

(c)            directly
or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, and instant message),
attempt to contact or meet with the current[, former or prospective] customers of the Company or any of its Affiliates for purposes of
offering or accepting goods or services similar to or competitive with those offered by the Company or any of its Affiliates for a period
of [l] following the Grantee’s termination of Continuous Service.

 

10.2            If
the Grantee breaches any of the covenants set forth in Section 10.1:

 

(a)            all
unvested Restricted Stock shall be immediately forfeited; and

 

(b)            the
Grantee hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or
permanent injunction or other equitable relief against such breach or threatened breach 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 be in addition to, not in lieu of, legal remedies, monetary damages
or other available forms of relief.]

 

11.            Compliance
with Law. The issuance and transfer of Common Shares shall be subject to compliance by the Company and the Grantee with all applicable
requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Common Shares
may be listed. No Common Shares shall be issued or transferred unless and until any then applicable requirements of state and federal
laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The Grantee understands
that the Company is under no obligation to register the Common Shares with the Securities and Exchange Commission, any state securities
commission or any stock exchange to effect such compliance.

 

12.            Legends.
A legend may be placed on any certificate(s) or other document(s) delivered to the Grantee and may be noted in the book entry
account with the Company’s transfer agent indicating restrictions on transferability of the shares of Restricted Stock pursuant
to this Agreement or any other restrictions that the Committee may deem advisable under the rules, regulations and other requirements
of the Securities and Exchange Commission, any applicable federal or state securities laws or any stock exchange on which the Common Shares
are then listed or quoted.

 

    4 

     

    

 

13.            Notices.
Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Chief Financial Officer
of the Company at the Company’s principal corporate offices. Any notice required to be delivered to the Grantee under this Agreement
shall be in writing and addressed to the Grantee at the Grantee’s address as shown in the records of the Company. Either party may
designate another address in writing (or by such other method approved by the Company) from time to time.

 

14.            Governing
Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Delaware without regard to conflict
of law principles.

 

15.            Interpretation.
Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Committee for review.
The resolution of such dispute by the Committee shall be final and binding on the Grantee and the Company.

 

16.            Restricted
Stock Subject to Plan. This Agreement is subject to the Plan as approved by the Company’s stockholders. The terms and provisions
of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any
term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and
prevail.

 

17.            Successors
and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit
of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding
upon the Grantee and the Grantee’s beneficiaries, executors, administrators and the person(s) to whom the Restricted Stock
may be transferred by will or the laws of descent or distribution.

 

18.            Severability.
The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any
other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to
the extent permitted by law.

 

19.            Discretionary
Nature of Plan. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion.
The grant of the Restricted Stock in this Agreement does not create any contractual right or other right to receive any Restricted Stock
or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination
of the Plan shall not constitute a change or impairment of the terms and conditions of the Grantee’s employment with the Company.

 

20.            Amendment.
The Committee has the right to amend, alter, suspend, discontinue or cancel the Restricted Stock, prospectively or retroactively; provided,
that, no such amendment shall adversely affect the Grantee’s material rights under this Agreement without the Grantee’s consent.

 

    5 

     

    

 

21.            No
Impact on Other Benefits. The value of the Grantee’s Restricted Stock is not part of his or her normal or expected compensation
for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.

 

22.            Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one
and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail
in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance
of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

 

23.            Acceptance.
The Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Grantee has read and understands the terms and provisions
thereof, and accepts the Restricted Stock subject to all of the terms and conditions of the Plan and this Agreement. The Grantee acknowledges
that there may be adverse tax consequences upon the grant or vesting of the Restricted Stock or disposition of the underlying shares and
that the Grantee has been advised to consult a tax advisor prior to such grant, vesting or disposition.

 

[signature
page follows]

 

    6 

     

    

 

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

 

	 	FLEXENERGY GREEN SOLUTIONS, INC.
	 	 
	 	By:	 
	 	Name: Mark Schnepel 
	 	Title: Chief Executive Officer
	 	 
	 	 [EMPLOYEE NAME]
	 	 
	 	By:	 
	 	Name:	 

 

[Signature Page to Restricted Stock Award Agreement] 

 

     

     

    

 

 

FLEXENERGY GREEN SOLUTIONS, INC. 2021
INCENTIVE AWARD PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

THIS
RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Agreement”), is made and entered into effective [●], 2021
(the “Grant Date”), by and between FlexEnergy Green Solutions, Inc., a Delaware corporation (the “Company”),
and [●] (the “Participant”).

 

RECITALS

 

WHEREAS,
the Company has adopted the FlexEnergy Green Solutions, Inc. 2021 Incentive Award Plan, as amended (the “Plan”),
a copy of which has been made available to the Participant;

 

WHEREAS,
pursuant to Section 9 of the Plan, the Company desires to grant to the Participant an award of Restricted Stock Units (the “Units”)
set forth in Section 2(a) below, subject to certain restrictions set forth in this Agreement, effective as of the Grant Date;
and

 

WHEREAS,
the Board or the Committee has duly made all determinations necessary or appropriate to the grants hereunder.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants set forth in this Agreement and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

 

AGREEMENT

 

1.            Definitions.
Any capitalized term used in this Agreement that is not defined in this Agreement will have the same meaning given to it in the Plan.

 

2.            Grant
of Restricted Stock Units; Vesting.

 

(a)           Subject
to the terms and conditions of the Plan, and the additional terms and conditions set forth in this Agreement, the Company hereby grants
to the Participant an award of [●] time-vesting Units (the “Award”). Each Unit is a notional amount that represents
one unvested Common Share and constitutes the right, subject to the terms and conditions of the Plan and this Agreement, to distribution
of a Common Share if and when the Unit vests.

 

(b)           Provided
that the Participant is providing Continuous Service to the Company as of each applicable vesting date, one third (1/3) of the Units granted
under this Award will vest on each of the first three (3) anniversaries of the Grant Date (each individually, a “Vesting
Date”). In the event that the Participant’s employment or engagement with the Company or its Affiliates is terminated
for any reason before the Vesting Date, except as otherwise determined by the Committee, all unvested Units shall be canceled and forfeited.
The vested Units shall be settled and become payable in Common Shares in accordance with Section 3. As
used in this Agreement, “Continuous Service” means that Participant’s service with the Company or an Affiliate,
whether as an employee, consultant or director, is not interrupted or terminated. Participant’s Continuous Service shall not be
deemed to have terminated merely because of a change in the capacity in which Participant renders service to the Company or an Affiliate
as an employee, consultant or director or a change in the entity for which Participant renders such service, provided that there
is no interruption or termination of Participant’s Continuous Service; provided further that if this Agreement (and the
corresponding Award) is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent with
Section 409A of the Code. For example, a change in status from an employee of the Company to a director of an Affiliate will not
constitute an interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may determine whether Continuous
Service will be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave
or any other personal or family leave of absence. The Committee or its delegate, in its sole discretion, may determine whether a Company
transaction, such as a sale or spin-off of a division or subsidiary that employs Participant, shall be deemed to result in a termination
of Continuous Service for purposes of this Agreement, and such decision shall be final, conclusive and binding.

 

     

     

    

 

(c)          [In
the event of a Change in Control (as defined in the Plan), all of the Participant’s unvested Units granted under this Award shall
vest immediately in full upon the effective date of the Change in Control, subject to the Participant’s provision of Continuous
Service with the Company on such date. The vested Units shall be settled and become payable in Common Shares in accordance with Section 3.]1

 

3.           Timing;
Form of Payment. Once a Unit vests, the Participant will be entitled to receive a Common Share in its place or, in the Committee’s
discretion, an equivalent amount in cash (or partly in cash and partly in Common Shares). Delivery of the Common Shares or cash, as applicable,
will be made as soon as administratively feasible following the vesting of the associated Unit, and in no event later than the [sixtieth
(60th)] day following the Vesting Date. Any Common Shares paid will be credited to an account established for the benefit of
the Participant in book entry with the Company’s transfer agent.
The Participant will have full legal and beneficial ownership of the Common Shares at that time.

 

4.            Certificates;
Transferability. Units awarded under Section 2 will be credited to a book entry account maintained by the Company on behalf
of the Participant, and such book entry will appropriately record the terms, conditions and restrictions applicable to such Units. Neither
unvested Units, nor the right to vote such Units, may be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered.

 

5.            Rights
as a Stockholder. Unless and until a Unit has vested and the Common Share underlying it has been distributed to the Participant,
the Participant will not be entitled to vote in respect of that Unit or that Common Share. Except as provided in this Section 5 or
as otherwise required by law, the Participant shall not have any rights as a stockholder with respect to any Common Shares covered by
the Units granted hereunder prior to the date on which he or she is recorded as the holder of those Common Shares on the records of the
Company. [Notwithstanding any other part of this Agreement, any quarterly or other regular, periodic dividends or distributions (as determined
by the Committee) paid on Common Shares will accrue with respect to (i) unvested Units, and (ii) Units that are vested but unpaid
pursuant to Section 3, and in each case will be subject to the same forfeitures provisions (if any), and be paid out at the same
time or time(s), as the underlying Units on which such dividends or other distributions have accrued]2.

 

6.            Withholding.
No later than the date as of which an amount first becomes includible as income of the Participant for any income and/or employment tax
purposes with respect to any Unit, the Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding
the payment of, all federal, state, local and foreign income and/or employment taxes that are required by applicable law to be withheld
with respect to such amount. The Participant authorizes the Company to withhold from his or her compensation to satisfy any income and/or
employment tax withholding obligations in connection with this Award. If the Participant is no longer employed by the Company at the time
any applicable taxes are due and must be remitted by the Company, the Participant agrees to pay applicable taxes to the Company, and the
Company may delay distribution of the Common Shares underlying this Award until proper payment of such taxes has been made by the Participant.
The Participant may satisfy such obligations under this Section 6 by any method authorized under this Agreement and the Plan.

 

7.            Plan.
The Participant hereby acknowledges receipt of a copy of the Plan. Notwithstanding any other provision of this Agreement, the Units are
granted pursuant to the Plan, as in effect on the date of the Agreement, and are subject to the terms and conditions of the Plan, as the
same may be amended from time to time; provided, however, that except as otherwise provided by the Plan, no amendment to either the Plan
or this Agreement will deprive the Participant, without the Participant’s consent, of any Units or of the Participant’s rights
under this Agreement. The interpretation and construction by the Committee of the Plan, this Agreement, the Units, and such rules and
regulations as may be adopted by the Committee for the purpose of administering the Plan, will be final and binding upon the Participant.

 

 

1       Update
for each Participant.

2       Update
for each Participant, as determined by the Committee.

 

    -2-

     

    

 

8.            No
Employment Rights Or Rights to Provide Service. No provision of the Plan or this Agreement will give the Participant any right
to continue in the employ of or service to the Company or any of its Affiliates, create any inference as to the length of employment
or engagement of the Participant, affect the right of the Company or its Affiliates to terminate the employment or engagement of the Participant,
with or without Cause, or give the Participant any right to participate in any employee welfare or benefit plan or other program of the
Company or any of its Affiliates.

 

9.            Changes
in Company’s Capital or Organizational Structure. The existence of the Units shall not affect in any way the right or authority
of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in
the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of preferred Company
shares ahead of or affecting the Common Shares or the rights thereof, or the dissolution or liquidation of the Company, or any sale or
transfer of all or any part of its assets or business, or any other act or proceeding, whether of a similar character or otherwise.

 

10.          Delays.
In accordance with the terms of the Plan, the Company shall have the right to suspend or delay any time period prescribed in this Agreement
or in the Plan for any action if the Committee shall determine that the action may constitute a violation of any law or result in any
liability under any law to the Company, an Affiliate or a stockholder in the Company until such time as the action required or permitted
will not constitute a violation of law or result in liability to the Company, an Affiliate or a stockholder of the Company.

 

11.          Reserved.

 

12.          Entire
Agreement. This Agreement, together with the Plan and any other agreements incorporated herein by reference, constitutes the entire
obligation of the parties with respect to the subject matter of this Agreement and supersedes any prior written or oral expressions of
intent or understanding with respect to such subject matter (provided, that this Agreement shall not supersede any written consulting
agreement, written employment agreement, or other written agreement between the Company and the Participant, including, but not limited
to, any written restrictive covenant agreements). The Participant represents that, in executing this Agreement, he or she does not rely
and has not relied upon any representation or statement not set forth herein made by the Company or its Affiliates with regard to the
subject matter, bases or effect of this Agreement or otherwise.

 

13.          Amendment.
This Agreement may be amended as provided in the Plan.

 

14.          Waiver;
Cumulative Rights. The failure or delay of either party to require performance by the other party of any provision of this Agreement
will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each
right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

 

15.          Counterparts.
This Agreement may be signed in two counterparts, each of which will be an original, but both of which will constitute one and the same
instrument. Counterpart signature pages to this Agreement transmitted by
facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the
original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing
an original signature.

 

16.          Notices.
Any notices required or permitted under this Agreement must be in writing and may be delivered personally or by mail, postage prepaid,
addressed to (a) the Company at the address of its principal executive office, Attention: Chief Financial Officer and (b) the
Participant at the Participant’s address as shown on the Company’s payroll records, or to such other address as the Participant,
by notice to the Company, may designate in writing from time to time.

 

    -3-

     

    

 

17.          Headings.
The headings in this Agreement are for reference purposes only and will not affect the meaning or interpretation of this Agreement.

 

18.          Severability.
If any provision of this Agreement is for any reason held to be invalid or unenforceable, such invalidity or unenforceability will not
affect any other provision of this Agreement, and this Agreement will be construed as if such invalid or unenforceable provision were
omitted.

 

19.          No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rule of strict construction will be applied against any party.

 

20.          Successors
and Assigns. This Agreement will inure to the benefit of and be binding upon each successor and assign of the Company. All obligations
imposed upon the Participant or a representative, and all rights granted to the Company under this Agreement, will be binding upon the
Participant’s or the representative’s heirs, legal representatives and successors.

 

21.         Tax
Consequences.     The Participant agrees to determine and be
responsible for all tax consequences to the Participant with respect to the Units.

 

22.          Code
Section 409A Compliance. This Agreement and delivery of Units and
Common Shares under this Agreement are intended to be exempt from or to comply with Section 409A of the Code (“Section 409A”)
and shall be administered and construed in accordance with such intent. Notwithstanding
any provision of this Agreement, to the extent that the Committee determines that any portion of the Units granted under this Agreement
is subject to Section 409A and fails to comply with the requirements of Section 409A, notwithstanding anything to the contrary
contained in the Plan or in this Agreement, the Committee reserves the right to amend, restructure, terminate or replace such portion
of the Units in order to cause such portion of the Units to either not be subject to Section 409A or to comply with the applicable
provisions of such section. In furtherance, and not in limitation, of the foregoing: (a) in no event may the Participant designate,
directly or indirectly, the calendar year of any payment to be made hereunder; and (b) notwithstanding any other provision of this
Agreement to the contrary, a termination of employment hereunder shall mean and be interpreted consistent with a “separation from
service” within the meaning of Section 409A with respect to any payment hereunder that constitute a “deferral of compensation”
under Section 409A that becomes due on account of such separation from service. Notwithstanding any provision of the Plan to the
contrary, in no event shall the Company be liable to the Participant on account of this Agreement’s failure to (a) qualify
for favorable U.S. or foreign tax treatment or (b) avoid adverse tax treatment under U.S. or foreign law, including, without limitation,
Section 409A.

 

[signature page follows]

 

    -4-

     

    

 

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

 

	FLEXENERGY GREEN SOLUTIONS, INC.:	 	PARTICIPANT:

 

	By:	 	 	 
	 	Mark
    Schnepel, Chief Executive Officer 	 	[●]

 

[Signature Page
to Restricted Stock Unit Award Agreement]Exhibit 10.2

 

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT (this
 “Agreement”) is made as of       [●]      , 2021, by and
between FlexEnergy Green Solutions, Inc., a Delaware corporation (the “Company”), and [●] (“Indemnitee”).

 

RECITALS

 

The Company believes that,
in order to attract and retain highly qualified persons to serve as directors or in other capacities, including as officers, it must provide
those persons with adequate protection through indemnification against the risk of claims and actions against them arising out of their
services to and activities on behalf of the Company. The Certificate of Incorporation (the “Charter”) and the Bylaws
(the “Bylaws”) of the Company require indemnification of the officers and directors of the Company. Indemnitee may
also be entitled to indemnification pursuant to applicable provisions of the Delaware General Corporation Law (“DGCL”).
The Charter, Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby
contemplate that contracts may be entered into between the Company and members of the Board of Directors of the Company (the “Board”),
officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

 

The Company desires and has
requested Indemnitee to serve as a [director] [officer] of the Company and, in order to induce the Indemnitee to serve as a [director]
[officer] of the Company, the Company is willing to grant the Indemnitee the indemnification provided for herein. Indemnitee is willing
to so serve on the basis that such indemnification be provided.

 

The parties by this Agreement
desire to set forth their agreement regarding indemnification and the advancement of expenses. In consideration of the mutual covenants
and agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties, intending to be legally bound, hereby agree as follows:

 

TERMS AND CONDITIONS

 

1.           SERVICES
TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder,
Indemnitee will serve or continue to serve as an officer or director of the Company, as applicable, for so long as Indemnitee is duly
elected or appointed or retained or until Indemnitee tenders Indemnitee’s resignation or until Indemnitee is removed. The foregoing
notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director or officer
of the Company, as provided in Section 14. This Agreement, however, shall not impose any obligation on Indemnitee or the
Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments
of the parties, if any.

 

2.            DEFINITIONS.
As used in this Agreement:

 

(a)           References
to “agent” mean any person who is or was a director, officer or employee of the Company or a Subsidiary of the Company
or other person authorized by the Company to act for the Company, to include a person serving in the capacity as a director, officer,
employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise
at the request of, for the convenience of, or to represent the interests of the Company or a Subsidiary of the Company.

 

     

     

    

 

(b)           (i) A “change in control” shall be deemed to occur upon any of the following events:

 

(I)                
any “person” as that term is used in Sections 13(d) and 14(d) of the Exchange Act
(other than (A) the Company or any of its Affiliates, (B) any trustee or other fiduciary holding securities under any employee
benefit plan of the Company or any of its Affiliates, (C) an underwriter temporarily holding securities pursuant to an offering of
those securities, (D) an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of shares of stock of the Company, (E) FlexEnergy Power Solutions, LLC, or (F) any direct or indirect “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 10% or more of the total voting power of the equity securities
of FlexEnergy Power Solutions, LLC as of January 1, 2021) becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, by way of merger, consolidation, recapitalization, reorganization or otherwise, of 50% or more
of the total voting power of the then outstanding voting securities of the Company;

 

(II)              
the consummation of a merger or consolidation of the Company with any other entity, other than a
merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the total
voting power represented by the voting securities of the Company or the surviving entity outstanding immediately after the merger or consolidation;
or

 

(III)           
the consummation of a plan of complete liquidation of the Company or the sale or disposition by the
Company of all or substantially all the Company’s assets.

 

Additionally, the issuance of
securities by the Company in a financing transaction approved by the Board shall not be deemed or deemed to cause or result in a “change
in control”.

 

(ii) For purposes of Section 2(b)(i),
the following terms have the following meanings:

 

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

 

(V)             
“Affiliate” means (i) any person or entity that directly or indirectly controls,
is controlled by or is under common control with the Company and/or (ii) to the extent provided by the Committee, any person or entity
in which the Company has a significant interest. The term “control” (including, with correlative meaning, the terms “controlled
by” and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of that person or entity, whether through the ownership of
voting or other securities, by contract or otherwise.

 

(c)           “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing member,
fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which that person is or was serving at the
request of the Company.

 

     2

     

    

 

(d)           “Delaware
Court” means the Court of Chancery of the State of Delaware.

 

(e)          “Enterprise”
means the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation
or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture,
trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer,
trustee, general partner, managing member, fiduciary, employee or agent.

 

(f)            “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(g)          “Expenses”
shall include, without limitation, all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without
limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees,
travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement
or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by Indemnitee
for which he or she is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in
connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security
for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. “Expenses,” however,
shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(h)          References
to “fines” includes any excise tax assessed on Indemnitee with respect to any employee benefit plan; references to
 “serving at the request of the Company” includes any service as a director, officer, employee, agent or fiduciary
of the Company which imposes duties on, or involves services by, the director, officer, employee, agent or fiduciary with respect to
an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed
to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

(i)           “Independent
Counsel” means a law firm or a member of a law firm with significant experience in matters of corporation law and that neither
presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to
either party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement.

 

     3

     

    

 

(j)            The
term “Person” has the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on
the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined
below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or
of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership
of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company
or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the stockholders of the Company
in substantially the same proportions as their ownership of stock of the Company.

 

(k)          The
term “Proceeding” includes any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether
brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal,
administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by
reason of the fact that Indemnitee is or was a director or officer of the Company by reason of any action taken by Indemnitee (or a failure
to take action) or of any action (or failure to act) on Indemnitee’s part while acting pursuant to his or her Corporate Status,
in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement,
or advancement of expenses can be provided under this Agreement.

 

(l)            The term “Subsidiary,” with respect to the Company or any Person, means any corporation, limited liability company,
partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest
is owned, directly or indirectly, by the Company or that Person, as applicable.

 

3.            INDEMNITY
IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company
shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if
Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any
Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor by reason of
Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and
exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect of those Expenses, judgments, liabilities, fines,
penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection with the Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding,
had no reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

     4

     

    

 

4.             INDEMNITY
IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable
law, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4
if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding
by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this
Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with the Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No
indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue
or matter as to which Indemnitee has been finally adjudged by a court to be liable to the Company, unless and only to the extent that
any court in which the Proceeding was brought or the Delaware Court determines upon application that, despite the adjudication of liability
but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless
or to exoneration.

 

5.             INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions
of this Agreement, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant
in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or
in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against
all Expenses actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful in the Proceeding
but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in the Proceeding, the Company
shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter.
If Indemnitee is not wholly successful in the Proceeding, the Company also shall, to the fullest extent permitted by applicable law,
indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter
related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section 5 and without limitation,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful
result as to the claim, issue or matter.

 

6.             INDEMNIFICATION
FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding (including, without limitation,
any Proceeding to which Indemnitee was or is not a party or threatened to be made a party), Indemnitee shall, to the fullest extent permitted
by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or
on Indemnitee’s behalf in connection therewith.

 

     5

     

    

 

7.            ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS. 
Notwithstanding any limitation in Section 3, Section 4 or Section 5, the Company shall, to the fullest
extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be
made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against
all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest, assessments and other
charges paid or payable in connection with or in respect of those Expenses, judgments, liabilities, fines, penalties and amounts paid
in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

8.            CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.

 

(a)              
To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided
for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,
holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments,
liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without
requiring Indemnitee to contribute to the payment, and the Company hereby waives and relinquishes any right of contribution it may have
at any time against Indemnitee.

 

(b)              
The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in the Proceeding) unless the settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(c)              
The Company shall fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought
by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

9.            EXCLUSIONS.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification,
advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a)              
for which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement
provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other
indemnity or advancement provision or otherwise;

 

(b)              
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law
or common law; or

 

(c)               in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part
of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the indemnification is expressly required to be made by law, (ii) the Proceeding was authorized by the Board of
Directors in advance of its initiation, (iii) the indemnification is provided by the Company, in its sole discretion, pursuant
to the powers vested in the Company under the DGCL or any other applicable law or (iv) the indemnification is in connection
with any Proceeding by Indemnitee to enforce his or her rights under this Agreement in which the Indemnitee is successful on the
merits or otherwise, but only to the extent of such success. Indemnitee shall seek payments or advances from the Company only to the
extent that the payments or advances are unavailable from any insurance policy of the Company covering Indemnitee.

 

     6

     

    

 

10.          ADVANCES OF EXPENSES; DEFENSE OF CLAIM.

 

(a)             
To the fullest extent permitted by the DGCL, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected
by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within 30 days after the receipt
by the Company of a statement or statements requesting advances from time to time, prior to the final disposition of any Proceeding. Advances
shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law,
be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement
to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable
Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements
to the Company to support the advances claimed. To the fullest extent required by applicable law, payments of Expenses in advance of the
final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee,
to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified, held harmless
or exonerated by the Company under the provisions of this Agreement, the Charter, the Bylaws, applicable law or otherwise. This Section 10(a) shall
not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.

 

(b)             
The Company will be entitled to participate in the Proceeding at its own expense.

 

(c)            
The Company shall not settle any action, claim or Proceeding (in whole or in part) that would impose any Expense, judgment, liability,
fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

11.          PROCEDURE
FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

(a)               Promptly
after receipt by Indemnitee of notice of the commencement of any Proceeding, Indemnitee shall, if a claim in respect thereof is to
be made against the Company hereunder, notify the Company in writing of the commencement thereof. The failure to promptly notify the
Company of the commencement of the Proceeding, or of Indemnitee’s request for indemnification, will not relieve the Company
from any liability that it may have to Indemnitee hereunder, except to the extent the Company is actually and materially prejudiced
in its defense of the action, suit or proceeding as a result of the failure. To obtain indemnification under this Agreement,
Indemnitee shall submit to the Company a written request therefor including any documentation and information reasonably available
to Indemnitee and reasonably necessary to enable the Company to determine whether and to what extent Indemnitee is entitled to
indemnification.

 

     7

     

    

 

(b)              
With respect to any Proceeding of which the Company is notified as provided in this Agreement, the Company shall, subject to the
last two sentences of this paragraph, be entitled to assume the defense of the Proceeding, with counsel reasonably acceptable to Indemnitee,
upon the delivery to Indemnitee of written notice of its election to do so. After delivery of the notice, approval of that counsel by
Indemnitee and the retention of that counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any
subsequently-incurred fees of separate counsel engaged by Indemnitee with respect to the same Proceeding unless the employment of separate
counsel by Indemnitee has been previously authorized in writing by the Company. Notwithstanding the foregoing, if Indemnitee, based on
the advice of his or her counsel, reasonably concludes (with written notice being given to the Company setting forth the basis for the
conclusion) that, in the conduct of the defense, there is or is reasonably likely to be a conflict of interest or position between the
Company and Indemnitee with respect to a significant issue, then the Company will not be entitled, without the written consent of Indemnitee,
to assume the defense. In addition, the Company will not be entitled, without the written consent of Indemnitee, to assume the defense
of any claim brought by or in the right of the Company.

 

(c)              
To the fullest extent permitted by the DGCL, the Company’s assumption of the defense of a Proceeding in accordance with Section 11(b)
will constitute an irrevocable acknowledgement by the Company that any loss and liability suffered by Indemnitee and expenses (including
attorneys’ fees), judgments, fines and amounts paid in settlement by or for the account of Indemnitee incurred in connection therewith
are indemnifiable by the Company under this Agreement.

 

(d)              
The determination whether to grant Indemnitee’s indemnification request shall be made promptly and in any event within 60
days following the Company’s receipt of a request for indemnification in accordance with Section 11(a). If the Company
determines that Indemnitee is entitled to indemnification or, as contemplated by Section 11(c), the Company has acknowledged
the entitlement, the Company will make payment to Indemnitee of the indemnifiable amount within 30 days. If the Company is not deemed
to have acknowledged the entitlement or the Company’s determination of whether to grant Indemnitee’s indemnification request
has not been made within the 60 day period, the requisite determination of entitlement to indemnification shall, subject to Section 9,
nonetheless be deemed to have been made and Indemnitee shall be entitled to indemnification, absent (i) a misstatement by Indemnitee of
a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of indemnification under the DGCL.

 

(e)               If
(i) the Company determines that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company denies a
request for indemnification, in whole or in part, or fails to respond or make a determination of entitlement to indemnification
within 60 days following receipt of a request for indemnification as described above, (iii) payment of indemnification is not made
within the 30 days following a determination that Indemnitee is entitled to indemnification, (iv) advancement of Expenses is not
timely made in accordance with Section 10, or (v) the
Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any
litigation or other action or proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to
be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in the Delaware Court of his or her entitlement
to indemnification or advancement of Expenses. Indemnitee’s Expenses incurred in connection with successfully establishing
Indemnitee’s right to indemnification or advancement of Expenses, in whole or in part, in any such proceeding or otherwise
shall also be indemnified by the Company to the fullest extent permitted by the DGCL.

 

     8

     

    

 

(f)               
Indemnitee shall be presumed to be entitled to indemnification and advancement of Expenses under this Agreement upon submission
of a request therefor in accordance with Section 10 or Section 11, as the case may be. The Company shall have
the burden of proof in overcoming the presumption, and the presumption shall be used as a basis for a determination of entitlement to
indemnification and advancement of Expenses unless the Company overcomes the presumption by clear and convincing evidence.

 

(g)              
If there is a change in control of the Company, then with respect to all matters thereafter arising concerning the rights of Indemnitee
to indemnification and advancement of expenses under this Agreement, any other agreement or the Company’s Charter or Bylaws now
or hereafter in effect, the Company shall seek legal advice only from Independent Counsel selected by Indemnitee and approved by the Company
(which approval shall not be unreasonably withheld). In addition, upon written request by Indemnitee for indemnification pursuant to Section 11(a),
a determination, if required by the DGCL, with respect to Indemnitee’s entitlement thereto shall be made by the Independent Counsel
in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. The Company shall pay the reasonable
fees of the Independent Counsel referred to above.

 

12.          SECURITY.
Notwithstanding anything herein to the contrary, to the extent requested by Indemnitee and approved by the Board, the Company may at
any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank
line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without
the prior written consent of Indemnitee.

 

13.          NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a)               The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any
time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors,
or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of
Indemnitee under this Agreement in respect of any Proceeding (regardless of when the Proceeding is first threatened, commenced or
completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by Indemnitee in
Indemnitee’s Corporate Status prior to the amendment, alteration or repeal. To the extent that a change in applicable law,
whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of
Expenses than would be afforded currently under the Charter, the Bylaws or this Agreement, it is the intent of the parties that
Indemnitee shall enjoy by this Agreement the greater benefits so afforded by the change. No right or remedy herein conferred is
intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or
remedy.

 

     9

     

    

 

(b)              
The DGCL, the Charter and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make
other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification
Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee
or in the capacity as a director, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether
or not the Company would have the power to indemnify Indemnitee against that liability under the provisions of this Agreement or under
the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of any Indemnification Arrangement shall not in any
way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein,
and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations
of the Company or the other party or parties thereto under any Indemnification Arrangement.

 

(c)              
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise that the person
serves at the request of the Company, Indemnitee shall be covered by the policy or policies in accordance with its or their terms
to the maximum extent of the coverage available for any director, officer, trustee, partner, managers, managing member, fiduciary, employee
or agent under the policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee
is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect,
the Company shall give prompt notice of the Proceeding to the insurers in accordance with the procedures set forth in the respective policies.
The Company shall thereafter take all necessary or desirable action to cause the insurers to pay, on behalf of Indemnitee, all amounts
payable as a result of the Proceeding in accordance with the terms of the policies.

 

(d)              
In the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the
extent of the payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary
to secure those rights, including execution of any documents necessary to enable the Company to bring suit to enforce those rights.

 

(e)               The
Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of
any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or
exoneration payments or advancement of expenses from the Enterprise. Notwithstanding any other provision of this Agreement to the
contrary, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold
harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing those duties to Indemnitee
prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company
shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any
indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity
other than the Company.

 

     10

     

    

 

14.          DURATION
OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue
during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing
member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise
which Indemnitee serves at the request of the Company and shall continue thereafter if Indemnitee is then threatened to be made, a party
to or participant in any Proceeding by reason of Indemnitee’s Corporate Status until the conclusion of such Proceeding, whether
or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement
can be provided under this Agreement.

 

15.          SEVERABILITY.
If any provision or provisions of this Agreement are held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the
validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any
Section, paragraph or sentence of this Agreement containing the provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent
permitted by law; (b) the provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law
and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any Section, paragraph, sentence or clause of this Agreement containing the
provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as
to give effect to the intent manifested thereby.

 

16.          ENFORCEMENT AND BINDING EFFECT.

 

(a)              
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

(b)              
Without limiting any of the rights of Indemnitee under the Charter or Bylaws as they may be amended from time to time, this Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral, written and implied, between the parties with respect to the subject matter hereof.

 

(c)               The
indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
shall be binding upon and be enforceable by the parties and their respective successors and assigns (including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the
Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a
director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the
Company’s request, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees,
executors and administrators and other legal representatives.

 

     11

     

    

 

(d)              
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no succession had taken place.

 

(e)              
The Company and Indemnitee acknowledge that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that a breach may cause Indemnitee irreparable harm. Accordingly, Indemnitee may,
to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance
hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee
shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall, to the fullest
extent permitted by law, be entitled to specific performance and injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company
acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction.
The Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.

 

17.          MODIFICATION
AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

18.           NOTICES.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly
given (i) if delivered by hand and receipted for by the party to whom the notice or other communication shall have been directed,
(ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed
or (iii) when delivered by email, solely if delivery is confirmed:

 

(a)              
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee provides
in writing to the Company.

 

     12

     

    

 

(b)          If
to the Company, to:

 

FlexEnergy Green Solutions,
Inc.

112 Corporate Drive

Portsmouth, NH 03801

Attention: Mark G. Schnepel

Email: mark.schnepel@flexenergy.com

 

With a copy, which
shall not constitute notice, to

 

Fennemore Craig, P.C.

2394 East Camelback Road, Suite 600

Phoenix, AZ 85016-3429

Attention: Aaron Cain

Email: ACain@fennemorelaw.com

 

or to any other address as may have been furnished
to Indemnitee in writing by the Company.

 

19.          APPLICABLE
LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall
be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws
rules. To the fullest extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that
any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any
other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive
jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive
any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead
or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient
forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the
mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 18
or in any other manner permitted by law, shall be valid and sufficient service thereof.

 

20.           IDENTICAL
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall
for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Delivery of an executed
counterpart of a signature page to this Agreement by electronic transmission in portable document format (.pdf) shall be effective as
delivery of a manually executed counterpart of this Agreement. Only one counterpart signed by the party against whom enforceability is
sought needs to be produced to evidence the existence of this Agreement.

 

21.          MISCELLANEOUS.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction
thereof.

 

     13

     

    

 

22.           ADDITIONAL ACTS. If for the validation of any of
the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law,
the Company undertakes to cause the act, resolution, approval or other procedure to be affected or adopted in a manner that will enable
the Company to fulfill its obligations under this Agreement.

 

23.           MAINTENANCE
OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in
effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies
of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful
acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. Indemnitee
shall be covered by the policy or policies in accordance with its or their terms to the maximum extent of the coverage available for
any such director or officer under the policy or policies. In all such insurance policies, Indemnitee shall be named as an insured in
such a manner as to provide Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s
directors and officers.

 

[Signature Page Follows]

 

     14

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

	 	FLEXENERGY GREEN SOLUTIONS, INC.
	 	 
	 	By:	 
	 	 
	 	 	Name:
	 	 
	 	 	Title:
	 	 
	 	INDEMNITEE
	 	 
	 	By:	 
	 	 
	 	 	Name:
	 	 
	 	 	Title:
	 	 
	 	 	Address:
	 	 
	 	 	E-Mail:

 

[Signature Page to Indemnity Agreement]

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