Document:

Exhibit 10.1

 

iPOWER INC.

 

AMENDED AND RESTATED 2020 EQUITY INCENTIVE
PLAN

 

1.                 
Purposes of the Plan. The purposes of this Plan are:

 

		·	to attract and retain the best available personnel for positions of substantial responsibility,

 

		·	to provide incentives to individuals who perform services for the Company, and

 

		·	to promote the success of the Company’s business.

 

The Plan permits the grant
of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance
Units, Performance Shares and other stock or cash awards as the Administrator may determine.

 

The Plan amends and restates
in its entirety the Company’s 2020 Equity Incentive Plan.

 

2.                 
Definitions. As used herein, the following definitions will apply:

 

(a)              
“Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with
Section 4 hereof.

 

(b)              
“Affiliate” means any corporation or any other entity (including, but not limited to, partnerships and joint
ventures) controlling, controlled by, or under common control with the Company.

 

(c)              
“Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. federal
and state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common
Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the
Plans.

 

(d)              
“Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Performance Units, Performance Shares and other stock or cash awards as the Administrator may determine.

 

(e)              
“Award Agreement” means the written agreement setting forth the terms and provisions applicable to each Award
granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

 

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

 

(g)              
“Change in Control” means the occurrence of any of the following events after the Effective Date:

 

 

 

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		(i)	A change in the ownership of the Company which occurs on the date that any one person, or more than one
person acting as a group (“Person”), acquires ownership of stock in the Company that, together with the stock already
held by such Person, constitutes more than 50% of the total voting power of the stock of the Company; provided, however, that for purposes
of this subsection (i), the acquisition of additional stock by any Person who is considered to own more than 50% of the total voting power
of the stock of the Company before the acquisition will not be considered a Change in Control; or

 

		(ii)	The individuals who constitute the members of the Board cease, by reason of a financing, merger, combination,
acquisition, takeover or other non-ordinary course transaction affecting the Company, to constitute at least fifty-one percent (51%) of
the members of the Board; or

 

		(iii)	The consummation of any of the following events: (A) a change in the ownership of a substantial portion
of the Company’s assets, which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period
ending on the date of the most recent acquisition by such Person) assets from the Company that have a total gross fair market value equal
to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or
acquisitions, or (B) a merger, consolidation or reorganization involving the Company, where either or both of the events described in
clauses (i) or (ii) above would be the result. For purposes of this subsection (iii), the following will not constitute a change in the
ownership of a substantial portion of the Company’s assets or a Change in Control: (A) a transfer to an entity that is controlled
by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of
the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, 50% or
more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person that owns, directly or
indirectly, 50% or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least 50%
of the total equity or voting power of which is owned, directly or indirectly, by a Person described in subsection (iii)(B)(3) above.
For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets
being disposed of, determined without regard to any liabilities associated with such assets.

 

For purposes of this Section
2(g), persons will be considered to be acting as a group if they are owners of a corporation or other entity that enters into a merger,
consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

 

(h)              
“Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will
be a reference to any successor or amended section of the Code.

 

(i)                
“Committee” means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the
Board in accordance with Section 4 hereof.

 

(j)                
“Common Stock” means the common stock, par value $0.001 per share, of the Company.

 

(k)              
“Company” means iPower Inc., a Nevada corporation, or any successor thereto.

 

(l)                
“Consultant” means any person, including an advisor, other than an Employee engaged by the Company or a Parent,
Subsidiary or Affiliate to render services to such entity.

 

(m)            
 “Director” means a member of the Board.

 

(n)              
“Disability” means permanent and total disability as defined in Section 22(e)(3) of the Code, provided
that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and
total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.

 

 

 

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(o)              
“Effective Date” shall have the meaning set forth in Section 17 hereof.

 

(p)              
“Employee” means any person, including Officers and Directors, other than a Consultant employed by the Company
or any Parent, Subsidiary or Affiliate of the Company. Neither service as a Director nor payment of a director’s fee by the Company
will be sufficient to constitute “employment” by the Company.

 

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

 

(r)               
“Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange
for Awards of the same type (which may have lower exercise prices and different terms), Awards of a different type, and/or cash, and/or
(ii) the exercise price of an outstanding Award is reduced. The Administrator will determine the terms and conditions of any Exchange
Program in its sole discretion.

 

(s)               
“Fair Market Value” means, as of any date, the value of the Common Stock as the Administrator may determine
in good faith, by reference to the closing price of such stock on any established stock exchange or on a national market system on the
day of determination, if the Common Stock is so listed on any established stock exchange or on a national market system. If the Common
Stock is not listed on any established stock exchange or on a national market system, the value of the Common Stock will be determined
as the Administrator may determine in good faith using (i) a valuation methodology set forth in Treasury Regulation 1.409A-1(b)(5)(iv)(B)
or (ii) with respect to valuations applicable to Awards that are not subject to Code Section 409A, such other valuation methods as the
Administrator may select.

 

(t)                
“Fiscal Year” means the fiscal year of the Company.

 

(u)              
“Incentive Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as
an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

 

(v)              
“Nonstatutory Stock Option” means an Option that by its terms does not qualify or expressly provides that it
is not intended to qualify as an Incentive Stock Option.

 

(w)            
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange
Act and the rules and regulations promulgated thereunder.

 

(x)              
“Option” means a stock option granted pursuant to Section 6 hereof.

 

(y)              
“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e)
of the Code.

 

(z)              
“Participant” means the holder of an outstanding Award.

 

(aa)           
“Performance Goals” will have the meaning set forth in Section 11 hereof.

 

(bb)          
“Performance Period” means any Fiscal Year of the Company or such other period as determined by the Administrator
in its sole discretion.

 

(cc)           
“Performance Share” means an Award denominated in Shares which may be earned in whole or in part upon attainment
of Performance Goals or other vesting criteria as the Administrator may determine pursuant to Section 10 hereof.

 

 

 

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(dd)          
“Performance Unit” means an Award which may be earned in whole or in part upon attainment of Performance Goals
or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination
of the foregoing pursuant to Section 10 hereof.

 

(ee)           
“Period of Restriction” means the period during which transfers of Shares of Restricted Stock are subject to
restrictions and, therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage
of time, the achievement of target levels of performance, or the occurrence of other events specified in the applicable Award, as interpreted
and construed by the Administrator.

 

(ff)             
“Plan” means this iPower Inc. Amended and Restated 2020 Equity Incentive Plan.

 

(gg)          
“Restricted Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 hereof,
or issued pursuant to the early exercise of an Option.

 

(hh)          
“Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one
Share, granted pursuant to Section 9 hereof. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

 

(ii)             
“Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion
is being exercised with respect to the Plan.

 

(jj)             
“Section 16(b)” means Section 16(b) of the Exchange Act.

 

(kk)          
“Service Provider” means an Employee, Director, or Consultant.

 

(ll)             
“Share” means a share of the Common Stock, as adjusted in accordance with Section 14 hereof.

 

(mm)     
“Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7
is designated as a Stock Appreciation Right.

 

(nn)          
“Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in
Section 424(f) of the Code.

 

3.                 
Stock Subject to the Plan.

 

(a)              
Subject to the provisions of Section 14 hereof, the maximum aggregate number of Shares that may be awarded and sold under
the Plan is FIVE MILLION (5,000,000) Shares. The Shares may be authorized, but unissued, or reacquired Common Stock.

 

(b)              
Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, or, with respect to Restricted
Stock, Restricted Stock Units, Performance Shares or Performance Units, is forfeited to or repurchased by the Company, the unpurchased
Shares (or for Awards other than Options and Stock Appreciation Rights, the forfeited or repurchased Shares) which were subject thereto
will become available for future grant or sale under the Plan (unless the Plan has terminated). Upon exercise of a Stock Appreciation
Right settled in Shares, the gross number of Shares covered by the portion of the Award so settled will cease to be available under the
Plan. Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available
for future distribution under the Plan; provided, however, that if unvested Shares of Restricted Stock, Restricted Stock Units, Performance
Shares or Performance Units are repurchased by the Company or are forfeited to the Company, such Shares will become available for future
grant under the Plan. Shares subject to an Award that are transferred to or retained by the Company to pay the tax and/or exercise price
of an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather
than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan and, for the elimination
of doubt, the number of Shares of equal value to such cash payment shall become available for future grant or sale under the Plan. Notwithstanding
the foregoing provisions of this Section 3(b), subject to adjustment provided in Section 14 hereof, the maximum number of Shares
that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in Section 3(a) above,
plus, to the extent allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan under this
Section 3(b).

 

 

 

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(c)              
Share Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares
as will be sufficient to satisfy the requirements of the Plan.

 

4.                 
Administration of the Plan.

 

(a)              
Procedure.

 

		(i)	Multiple Administrative Bodies. Different Committees may be established with respect to different
groups of Service Providers; in that event, the Committee established with respect to a group of Service Providers shall administer the
Plan with respect to Awards granted to members of such group.

 

		(ii)	Rule 16b-3. To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3,
the transactions contemplated hereunder will be structured to satisfy the requirements for exemption under Rule 16b-3.

 

		(iii)	Other Administration. Other than as provided above, the Plan will be administered by (A) the
Board or (B) a Committee, which committee will be constituted to satisfy Applicable Laws.

 

(b)              
Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific
duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

 

		(i)	to determine Fair Market Value;

 

		(ii)	to select the Service Providers to whom Awards may be granted hereunder;

 

		(iii)	to determine the terms and condition, not inconsistent with the terms of the Plan, of any Award granted
hereunder;

 

		(iv)	to institute an Exchange Program and to determine the terms and conditions, not inconsistent with the
terms of the Plan, for (1) the surrender or cancellation of outstanding Awards in exchange for Awards of the same type, Awards of a different
type, and/or cash, or (2) the reduction of the exercise price of outstanding Awards;

 

		(v)	to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

 

		(vi)	to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations
relating to sub-plans established for the purpose of satisfying applicable foreign laws;

 

		(vii)	to modify or amend each Award (subject to Section 19(c) hereof);

 

		(viii)	to authorize any person to execute on behalf of the Company any instrument required to reflect or implement
the grant of an Award previously granted by the Administrator;

 

 

 

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		(ix)	to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that would
otherwise be due to such Participant under an Award pursuant to such procedures as the Administrator may determine consistent with the
requirements for compliance with or exemption from the provisions of Code Section 409A; and

 

		(x)	to make all other determinations deemed necessary or advisable for administering the Plan.

 

(c)              
Effect of Administrator’s Decision. The Administrator’s decisions, determinations, and interpretations
will be final and binding on all Participants and any other holders of Awards.

 

5.                 
Eligibility. Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, Performance
Units, Performance Shares, and such other cash or stock awards as the Administrator determines may be granted to Service Providers. Incentive
Stock Options may be granted only to Employees.

 

6.                 
Stock Options.

 

(a)              
Limitations.

 

		(i)	Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory
Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect
to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the
Company and any Parent or Subsidiary) exceeds $100,000 (U.S.), such Options will be treated as Nonstatutory Stock Options. For purposes
of this Section 6(a), Incentive Stock Options will be taken into account in the order in which they were granted. The Fair Market
Value of the Shares will be determined as of the time the Option with respect to such Shares is granted.

 

		(ii)	Subject to the limits set forth in Section 3, the Administrator will have complete discretion to determine
the number of Shares subject to an Option granted to any Participant.

 

(b)              
Term of Option. The Administrator will determine the term of each Option in its sole discretion; provided, however, that
the term will be no more than ten (10) years from the date of grant thereof in the case of Incentive Stock Options Moreover, in the case
of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing
more than 10% of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive
Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.

 

(c)              
Option Exercise Price and Consideration.

 

		(i)	Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of
an Option will be determined by the Administrator, but will be no less than 100% of the Fair Market Value per Share on the date of grant.
In addition, in the case of an Incentive Stock Option granted to an Employee who, at the time the Incentive Stock Option is granted, owns
stock representing more than 10% of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share
exercise price will be no less than 110% of the Fair Market Value per Share on the date of grant. Notwithstanding the foregoing provisions
of this Section 6(c), Options may be granted with a per Share exercise price of less than 100% of the Fair Market Value per Share on the
date of grant pursuant to the issuance or assumption of an Option in a transaction to which Section 424(a) of the Code applies in a manner
consistent with said Section 424(a).

 

 

 

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		(ii)	Waiting Period and Exercise Dates. At the time an Option is granted, the Administrator will fix
the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be
exercised.

 

		(iii)	Form of Consideration. The Administrator will determine the acceptable form(s) of consideration
for exercising an Option, including the method of payment, to the extent permitted by Applicable Laws including but not limited to tendering
capital stock of the Company owned by a Participant, duly endorsed for transfer to the Company.

 

(d)              
Exercise of Option.

 

		(i)	Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable
according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the
Award Agreement. An Option may not be exercised for a fraction of a Share.
	 	 	 
	 	 	An Option will be
deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator specifies from time to time)
from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised
(together with any applicable withholding taxes). No adjustment will be made for a dividend or other right for which the record date is
prior to the date the Shares are issued, except as provided in Section 14 hereof.

 

		(ii)	Termination of Relationship as a Service Provider. If a Participant ceases to be a Service Provider,
other than upon the Participant’s termination as the result of the Participant’s death or Disability, the Participant may
exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the Option is vested on
the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In
the absence of a specified time in the Award Agreement, the Option will remain exercisable for three (3) months following the Participant’s
termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or
her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant
does not exercise his or her Option within the time specified by Award Agreement or by operation of this Section 6(d)(3), the Option will
terminate, and the Shares covered by such Option will revert to the Plan.

 

		(iii)	Disability of Participant. If a Participant ceases to be a Service Provider as a result of the
Participant’s Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award
Agreement to the extent the Option is vested on the date of cessation (but in no event later than the expiration of the term of such Option
as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for
six (6) months following the date the Participant ceases to be a Service Provider. Unless otherwise provided by the Administrator, if
on the date of cessation the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the
Option will revert to the Plan. If after cessation the Participant does not exercise his or her Option within the time specified herein,
the Option will terminate, and the Shares covered by such Option will revert to the Plan.

 

		(iv)	Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised
within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in
no event may the option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement), by the
Participant’s beneficiary, provided such beneficiary has been designated prior to Participant’s death in a form acceptable
to the Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal
representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s
will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option
will remain exercisable for six (6) months following Participant’s death. Unless otherwise provided by the Administrator, if at
the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will
continue to vest in accordance with the Award Agreement. If the Option is not so exercised within the time specified herein, the Option
will terminate, and the Shares covered by such Option will revert to the Plan.

 

 

 

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7.                 
Stock Appreciation Rights.

 

(a)              
Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted
to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

 

(b)              
Number of Shares. The Administrator will have complete discretion to determine the number of Stock Appreciation Rights granted
to any Participant.

 

(c)              
Exercise Price and Other Terms. The Administrator, subject to the provisions of the Plan, will have complete discretion
to determine the terms and conditions of Stock Appreciation Rights granted under the Plan; provided, however, that the exercise price
will be not less than 100% of the Fair Market Value of a Share on the date of grant.

 

(d)              
Stock Appreciation Rights Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will
specify the exercise price, the number of Shares with respect to which the Award is granted, the term of the Stock Appreciation Right,
the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine.

 

(e)              
Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined
by the Administrator, in its sole discretion, and set forth in the Award Agreement; provided, however, that the term will be no more than
ten (10) years from the date of grant thereof. Notwithstanding the foregoing, the rules of Section 6(d) above also will apply to
Stock Appreciation Rights.

 

(f)               
Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled
to receive payment from the Company in an amount determined by multiplying:

 

		(i)	The difference between the Fair Market Value of a Share on the date of exercise over the “stock
appreciation right exercise price,” as defined under Treasury Regulation Section 1.409A-1(b)(i)(B)(2), i.e., the Fair Market
Value of a Share on the date of grant of the Stock Appreciation Right; times

 

		(ii)	The number of Shares with respect to which the Stock Appreciation Right is exercised.

 

At the discretion of the Administrator,
the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.

 

8.                 
Restricted Stock.

 

(a)              
Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time
to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will
determine.

 

(b)              
Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the
Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion,
will determine.

 

(c)              
Transferability. Except as provided in this Section 8, Shares of Restricted Stock may not be sold, transferred, pledged,
assigned, or otherwise alienated or hypothecated until such Shares become non-forfeitable at the end of the applicable Period of Restriction.

 

(d)              
Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted
Stock as it may deem advisable or appropriate.

 

 

 

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(e)              
Removal of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted
Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction. The
Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed.

 

(f)               
Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder
may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise in a manner not prohibited
by the Award Agreement.

 

(g)              
Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock
will be entitled to receive all dividends and other distributions paid with respect to such Shares unless otherwise provided in the Award
Agreement. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability
and provisions for forfeiture as the Shares of Restricted Stock with respect to which they were paid.

 

(h)              
Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions
have not lapsed will revert to the Company and again will become available for grant under the Plan.

 

9.                 
Restricted Stock Units.

 

(a)              
Grant. Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. Each
Restricted Stock Unit grant will be evidenced by an Award Agreement that will specify such other terms and conditions as the Administrator,
in its sole discretion, will determine in accordance with the terms and conditions of the Plan, including all terms, conditions, and restrictions
related to the grant, the number of Restricted Stock Units and the form of payout, which, subject to Section 9(d) hereof, may be
left to the discretion of the Administrator.

 

(b)              
Vesting Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the
extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. After
the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any restrictions for such Restricted
Stock Units. Each Award of Restricted Stock Units will be evidenced by an Award Agreement that will specify the vesting criteria, and
such other terms and conditions as the Administrator, in its sole discretion will determine. The Administrator, in its discretion, may
accelerate the time at which any restrictions will lapse or be removed, subject to the prohibition on acceleration of the timing of distribution
of deferred compensation subject to Section 409A of the Code, to the extent applicable to the Award.

 

(c)              
Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive
a payout as specified in the Award Agreement.

 

(d)              
Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s)
set forth in the Award Agreement, which shall satisfy the requirements of Section 409A of the Code, to the extent applicable to such Award.
The Administrator, in its sole discretion, may pay earned Restricted Stock Units in cash, Shares, or a combination thereof. Shares represented
by Restricted Stock Units that are fully paid in cash again will be available for grant under the Plan.

 

(e)              
Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the
Company.

 

10.             
Performance Units and Performance Shares.

 

(a)              
Grant of Performance Units/Shares. Performance Units and Performance Shares may be granted to Service Providers at any time
and from time to time, as will be determined by the Administrator, in its sole discretion. The Administrator will have complete discretion
in determining the number of Performance Units/Shares granted to each Participant.

 

 

 

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(b)              
Value of Performance Units/Shares. Each Performance Unit will have an initial value that is established by the Administrator
on or before the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date
of grant.

 

(c)              
Performance Objectives and Other Terms. The Administrator will set performance objectives or other vesting provisions. The
Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but
not limited to, continued employment), or any other basis determined by the Administrator in its discretion. Each Award of Performance
Units/Shares will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as
the Administrator, in its sole discretion, will determine.

 

(d)              
Earning of Performance Units/Shares. After the applicable Performance Period has ended, the holder of Performance Units/Shares
will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period,
to be determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved.
After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives
or other vesting provisions for such Performance Unit/Share.

 

(e)              
Form and Timing of Payment of Performance Units/Shares. Payment of earned Performance Units/Shares will be made as soon
as practicable after the expiration of the applicable Performance Period or, if earlier, after the date on which a Participant’s
interest in such Performance Units/Shares is no longer subject to a substantial risk of forfeiture, provided however, that in no event
shall such payment be made after the later to occur of (i) December 31 of the year in which such risk of forfeiture lapses or (ii) two
and one-half months after such risk of forfeiture lapses. The Administrator, in its sole discretion, may pay earned Performance Units/Shares
in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at
the close of the applicable Performance Period) or in a combination thereof.

 

(f)               
Cancellation of Performance Units/Shares. On the date set forth in the Award Agreement, all unearned or unvested Performance
Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan.

 

11.             
Leaves of Absence. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during
any unpaid leave of absence. A Service Provider will not cease to be an Employee in the case of (i) any leave of absence approved
by the Company, or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes
of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed
by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6)
months and one day following the commencement of such leave any Incentive Stock Option held by the Participant will cease to be treated
as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.

 

12.             
Transferability of Awards. Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised,
during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award may only
be transferred (i) by will, (ii) by the laws of descent and distribution, (iii) to a revocable trust, or (iv) as permitted by Rule 701
of the Securities Act of 1933, as amended.

 

13.             
Adjustments; Dissolution or Liquidation; Merger or Change in Control.

 

(a)              
Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities,
or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting
the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to
be made available under the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the number, class,
and price of Shares covered by each outstanding Award, and the numerical Share limits set forth in Sections 3, 6, 7, 8, 9 and 10
hereof.

 

 

 

    	 	10	 

     

    

 

(b)              
Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, any corporate separation
or division, including, but not limited to, a split-up, a split-off or a spin-off; a reverse merger in which the Company is the surviving
entity, but the shares of Company stock outstanding immediately preceding the merger are converted by virtue of the merger into other
property, whether in the form of securities, cash or otherwise; or the transfer of more than fifty percent (50%) of the then outstanding
voting stock of the Company to another person or entity. the Administrator will notify each Participant as soon as practicable prior to
the effective date of such proposed transaction. The Company, to the extent permitted by applicable law but otherwise in its sole discretion
may provide for: (i) the continuation Awards by the Company (if the Company is surviving entity or its parent; (ii) the assumption of
the Plan and such outstanding Awards by the surviving entity or its parent; (iii) the substitution by the surviving entity or its parent
of rights with substantially the same terms for such outstanding Awards; or (iv) the cancellation of such outstanding Rights without payment
of any consideration provided that in the case of this clause (iv), the Administrator will provide notice of its intention to cancel Award
and offer a reasonable opportunity to exercise vested Awards.

 

(c)              
Change in Control. In the event of a merger or Change in Control, each outstanding Award will be treated as the Administrator
determines, including, without limitation, that each Award will be assumed or an equivalent option or right substituted by the successor
corporation or a Parent or Subsidiary of the successor corporation (the “Successor Corporation”). The Administrator
will not be required to treat all Awards similarly in the transaction.

 

In the event that the Successor
Corporation does not assume or substitute for the Award, the Participant will fully vest in and have the right to exercise all of his
or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not otherwise be vested or exercisable,
all restrictions on Restricted Stock will lapse, and, with respect to Restricted Stock Units, Performance Shares and Performance Units,
all Performance Goals or other vesting criteria will be deemed achieved at target levels and all other terms and conditions met. In addition,
if an Option or Stock Appreciation Right is not assumed or substituted for in the event of a Change in Control, the Administrator will
notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be fully vested and exercisable for
a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon
the expiration of such period.

 

For the purposes of this subsection
(c), an Award will be considered assumed if, following the Change in Control, the Award confers the right to purchase or receive, for
each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities
or property) or, in the case of a Stock Appreciation Right upon the exercise of which the Administrator determines to settle in cash or
a Performance Share or Performance Unit which the Administrator can determine to settle in cash, the fair market value of the consideration
received in the merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and
if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares);
provided, however, that if such consideration received in the Change in Control is not solely common stock of the Successor Corporation,
the Administrator may, with the consent of the Successor Corporation, provide for the consideration to be received upon the exercise of
an Option or Stock Appreciation Right or upon the payout of a Performance Share or Performance Unit, for each Share subject to such Award
(or in the case of Performance Units, the number of implied shares determined by dividing the value of the Performance Units by the per
share consideration received by holders of Common Stock in the Change in Control), to be solely common stock of the Successor Corporation
equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control.

 

Notwithstanding anything in
this Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more Performance Goals
will not be considered assumed if the Company or its successor modifies any of such Performance Goals without the Participant’s
consent; provided, however, a modification to such Performance Goals only to reflect the Successor Corporation’s post-Change in
Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

 

14.             
Tax Withholding

 

(a)              
Withholding Requirements. At any time prior to or following the delivery of any Shares or cash pursuant to an Award (or
exercise thereof), the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company,
an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required
to be withheld with respect to such Award (or exercise thereof).

 

 

 

    	 	11	 

     

    

 

(b)              
Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from
time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying
cash, (ii) electing to have the Company withhold otherwise deliverable cash or Shares having a Fair Market Value equal to the minimum
amount required to be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the amount required
to be withheld, or (iv) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the
Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld.
The amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time
the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable
to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. The Fair Market Value
of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.

 

15.             
No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect
to continuing the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the
Participant’s right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent
permitted by Applicable Laws.

 

16.             
Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination
granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each
Participant within a reasonable time after the date of such grant.

 

17.             
Term of Plan. Subject to Section 21 hereof, the Plan will become effective upon its adoption by the Board (the “Effective
Date”). It will continue in effect for a term of ten (10) years unless terminated earlier under Section 18 hereof; provided,
however, that such expiration shall not affect Awards then outstanding, and the terms and conditions of this Plan shall continue to apply
to such Awards.

 

18.             
Amendment and Termination of the Plan.

 

(a)              
Amendment and Termination. The Administrator may at any time amend, alter, suspend or terminate the Plan.

 

(b)              
Stockholder Approval. Subject to Section 21, the Company will obtain stockholder approval of the Plan and any Plan amendment
to the extent necessary or desirable to comply with Applicable Laws.

 

(c)              
Effect of Amendment or Termination. No amendment, alteration, suspension, or termination of the Plan will impair the rights
of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing
and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise the
powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

 

19.             
Conditions Upon Issuance of Shares.

 

(a)              
Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the
issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company
with respect to such compliance.

 

(b)              
Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such
Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any
present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

 

 

 

    	 	12	 

     

    

 

(c)              
Restrictive Legends. All Award Agreements and all securities of the Company issued pursuant thereto shall bear such legends
regarding restrictions on transfer and such other legends as the appropriate officer of the Company shall determine to be necessary or
advisable to comply with applicable securities and other laws.

 

20.             
Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will
relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will
not have been obtained.

 

21.             
Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months
after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under
Applicable Laws, including without limitation Section 422 of the Code. In the event that stockholder approval is not obtained within twelve
(12) months after the date the Plan is adopted by the Board, all Incentive Stock Options granted hereunder shall be void ab initio
and of no effect. Notwithstanding any other provisions of the Plan, no Awards shall be exercisable until the date of such stockholder
approval.

 

22.          
Notification of Election Under Section 83 of the Code. If any Service Provider shall, in connection with the acquisition
of Shares under the Plan, make an election permitted under either Section 83(b) or Section 83(i) of the Code, such Service Provider shall
notify the Company of such election within ten (10) days of filing notice of the election with the Internal Revenue Service and provide
the Company with a copy thereof, in addition to any filing and a notification required pursuant to regulations issued under the authority
of Sections 83(b) or 83(i) of the Code, as applicable. A Service Provider shall not be permitted to make a Section 83(b) election with
respect to an Award of a Restricted Stock Unit.

 

23.             
Notification Upon Disqualifying Disposition Under Section 421(b) of the Code. Each Service Provider shall notify the Company
of any disposition of Shares issued pursuant to the exercise of an Incentive Stock Option under the circumstances described in Section
421(b) of the Code (relating to certain disqualifying dispositions), within ten (10) days of such disposition.

 

24.             
409A Timing Rule for Specified Employees. If at the time of a Service Provider’s separation from service, such individual
is considered a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, and if any payment that such
Service Provider becomes entitled to under the Plan or any Award is deemed payable on account of such individual’s separation from
service, then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the individual’s
separation from service, or (ii) the individual’s death.

 

25.             
Governing Law. The law of the State of Nevada shall govern all questions concerning the construction, validity and interpretation
of this Plan, without regard to such state’s conflict of laws rules, subject to the Company’s intention that the Plan satisfy
the requirements of jurisdictions outside of the United States of America with respect to Awards subject to such jurisdictions.

 

26.             
General Provisions.

 

(a)              
No Rights as Stockholder.Except as specifically provided in this plan, a Participant or a transferee of an Award shall
have no rights as a stockholder with respect to any shares covered by the Award until the date of the issuance of such shares to the Participant,
and no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions
of other rights for which the record date is prior to the date such Stock is issued.

 

(b)              
Other Compensation Arrangements.Nothing contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, subject to stockholder approval is required; and such arrangements may be either generally applicable or applicable
only in specific cases.

 

(c)              
Disqualifying Dispositions.Any participant who shall make a “disposition” (as defined in Section 424 of
the Code) of all or any portion of an Incentive Stock Option within two (2) years from the date of grant of such Incentive Stock Option
or within (1) year after the issuance of the shares of Stock acquired upon exercise of such Incentive Stock Option shall be required to
immediately advise the Company in writing as to the occurrence of the sale and the price realized upon the sale of such shares of Stock.

 

 

 

    	 	13	 

     

    

 

(d)              
Regulatory MattersEach Stock Option Agreement and Stock Purchase Agreement shall provide that no shares shall be purchased
or sold thereunder unless and until (i) any then applicable requirements of state or federal laws and regulatory agencies shall have been
fully compiled with to the satisfaction of the Company and its counsel and (ii) if required to do so by the Company, the Optionee or Offeree
shall have executed and delivered to the Company a letter of investment intent in such form and containing such provisions as the Board
or Committee may require.

 

(e)              
Delivery.Upon exercise of an Award granted under this Plan, the Company shall issue Stock or pay any amounts due within
a reasonable period of time thereafter. Subject to any statutory obligations the Company may otherwise have, for purposes of this Plan,
thirty days shall be considered a reasonable period of time.

 

(f)               
Other Provisions.The Stock Option Agreements and Stock Purchase Agreements authorized under the Plan may contain such
other provisions not inconsistent with this Plan, including, without limitation, restrictions upon the exercise of the Rights, as the
Administrator may deem advisable.

 

(g)              
Section 409A. Awards under the Plan are intended either to be exempt from the rules of Section 409A of the Code or to satisfy
those rules, and the Plan and such awards shall be construed accordingly. Granted rights may be modified at any time, in the Administrator’s
direction, so as to increase the likelihood of exemption from or compliance with the rules of Section 409A of the Code.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14Exhibit 10.23

 

Indemnification
Agreement

 

This Indemnification Agreement (this “Agreement”)
is entered into by and between iPower, Inc., a Nevada corporation having its principal place of business at 2399 Bateman Avenue,
Duarte, California 91010 (the “Company”) on the one hand, and D.A. Davidson & Co., with a place of business
listed on the signature page hereto (“D.A. Davidson”), Roth Capital Partners, LLC, with a place of business
listed on the signature page hereto, and US Tiger Securities, Inc., with a place of business listed on the signature page hereto
(individually an “Underwriter” and together “the Underwriters”) on the other hand effective as of
April 26, 2021 (“Effective Date”).

 

RECITALS

 

The Company is negotiating to enter into a certain
Underwriting Agreement with D.A. Davidson as representative of the Underwriters (the “Underwriting Agreement”). On
or about August 31, 2020, the Company (then known as BZRTH Inc.) entered into a letter agreement with Boustead Securities, LLC (“Boustead”)
entitled “Proposed Pre-IPO Offering, IPO and Corporate Finance Transactions” (the “Boustead Agreement”).
No later than February 2021, the Company informed D.A. Davidson that it had effectively terminated the Boustead Agreement. On April 15,
2021, the Company provided formal written notice to Boustead that it was terminating the Boustead Agreement. On April 16, 2021, Boustead
informed the Company of its contention that the Company breached the terms of the Boustead Agreement.

 

This Agreement supplements, but does not replace,
any other agreements between the parties, whether entered into before or after the Effective Date.

 

AGREEMENT

 

In consideration of the mutual promises made in
this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company
and the Underwriters hereby agree as follows:

 

1.                 
Defined Terms and Phrases. For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)              
“Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever,
including all 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. Expenses also shall include any of the forgoing expenses incurred in connection with any appeal resulting
from any Proceeding, including the principal, premium, security for, and other costs relating to any costs bond, supersedes bond, or other
appeal bond or its equivalent. Expenses also shall include any interest, assessment or other charges imposed thereon and costs incurred
in preparing statements in support of payment requests hereunder. Expenses further include all amounts paid in settlement by Indemnitee
and/or the amount of any judgments or fines against Indemnitee.

 

(b)              
“Indemnitee(s)” shall mean an Underwriter together with their parents, affiliates, agents and subsidiaries and
shall include each of their officers, directors, employees and consultants.

 

(c)              
“Proceeding” shall include any actual, 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 by Boustead or any equity owner, officer or director or assignee of Boustead, a government agency, or the Company, whether
in the right of the Company or otherwise, and whether of a civil (including intentional or unintentional tort claims), administrative,
legislative or investigative (formal or informal) nature, including any appeal therefrom, in which one or more Indemnitee or any Indemnified
Party was, is, will or might be involved as a party, non-party witness, recipient of a subpoena or document request, or otherwise by reason
of any action (or failure to act) taken by the Company in connection with or related to the Boustead Agreement or the Company’s
dealing with Boustead.

 

 

 

    	 	1	 

     

    

 

2.                 
Indemnification. To the fullest extent permitted by applicable law, the Company hereby agrees that it shall indemnify
and defend the Indemnitee if the Indemnitee was or is o be made, a party to or a participant (as a witness or otherwise) in any Proceeding,
against all Expenses and judgments, fines and amounts paid in settlement or actually incurred by the Indemnitee in connection with such
Proceeding. Company hereby approves the engagement of the law firm of Orrick, Herrington & Sutcliffe LLP in connection with any Proceeding
hereunder and/or such other law firm as an Indemnitee reasonably engages. Company shall advance all Expenses therefore in accordance with
the terms and conditions hereof. Company acknowledges and agrees that, while Company shares a common interest in the Proceeding, it shall
not be represented by counsel engaged by any Indemnitee.

 

3.                 
Indemnification Procedure.

 

(a)              
Reimbursement of Expenses. To the fullest extent permitted by applicable law, the Company shall reimburse Indemnitee
for all Expenses actually and reasonably incurred by Indemnitee in connection with a Proceeding within thirty (30) days after receipt
by the Company of a statement requesting such reimbursement from time to time, whether prior to or after final disposition of any Proceeding.
Such reimbursement shall include payment of any retainers requested by counsel or other third party engaged by Indemnitee in connection
with a Proceeding and all reimbursement requests shall be accompanied by invoices or other statements evidencing such Expenses. Such reimbursement
payments shall be unsecured and interest free and shall be made without regard to Indemnitee’s ultimate entitlement to indemnification
under the other provisions of this Agreement. Indemnitee shall be entitled to continue to receive reimbursement of Expenses pursuant to
this Section 3(a) unless and until the matter of Indemnitee’s entitlement to indemnification hereunder has been finally adjudicated
by court order or judgment from which no further right of appeal exists. If, and to the extent that, it ultimately is determined that
Indemnitee is not entitled to be indemnified by the Company under the other provisions of this Agreement, Indemnitee shall not be required
to refund to or repay the Company for any Expenses incurred and reimbursed by the Company.

 

(b)              
Notice and Cooperation by Indemnitee. Indemnitee shall notify the Company in writing upon being served with any summons,
subpoena, or complaint for which indemnification will be sought under this Agreement. In addition, Indemnitee shall give the Company such
additional information related to the Proceeding as the Company may reasonably request. Indemnitee’s failure to so notify, provide
information and otherwise cooperate with the Company shall not relieve the Company of any obligation which it may have to Indemnitee under
this Agreement, except to the extent that the Company is actually adversely affected by such failure.

 

(c)              
Payment Directions. To the extent payments are required to be made hereunder, the Company shall, in accordance with
Indemnitee’s request (but without duplication), (i) pay such Expenses on behalf of Indemnitee, or (ii) reimburse Indemnitee for
such Expenses. Orrick, Herrington & Sutcliffe and/or such other counsel as an Indemnitee reasonable engages shall submit invoices
separately to the Company.

 

(d)              
Notice to Insurers. If, at the time of the receipt of a notice of a claim pursuant to Section 3(b) hereof, the
Company has insurance in effect, the Company shall give prompt notice of the commencement of such 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
such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such
policies.

 

(e)              
Settlement Discussions. Indemnitee shall have approval authority over any settlement reached between Company and
any claimant in any Proceeding in which the Indemnitee is involved as a defendant; which approval shall not be unreasonably withheld or
delayed. Indemnitees also have full rights to settle or otherwise resolve the Proceeding on their own behalf as well; provided, that to
the extent that the Company is obligated to indemnify Indemnitees with respect to any such settlement, the Company shall have approval
authority over any settlement; such approval not to be unreasonably withheld or delayed .

 

4.                 
Attorneys’ Fees. In the event that any litigation is instituted by an Indemnitee under this Agreement to enforce
or interpret any of the terms hereof, the Company shall indemnify such Indemnitee against all Expenses actually and reasonably incurred
by Indemnitee and the Indemnified Parties in connection with such litigation, unless a court of competent jurisdiction determines that
each of the material assertions made by the Indemnitee as a basis for such litigation were not made in good faith or were frivolous. In
the event of litigation instituted by or in the name of the Company under this Agreement or to enforce or interpret any of the terms of
this Agreement, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by the Indemnitees in connection
with such litigation (including with respect to Indemnitees’ counterclaims and cross-claims made in such action), unless a court
of competent jurisdiction determines that each of Indemnitee’s material defenses to such action were made in bad faith or were frivolous.

 

 

 

    	 	2	 

     

    

 

5.                 
Miscellaneous.

 

(a)              
Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the
parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect
to principles of conflicts of law.

 

(b)              
Supplemental Agreement; Binding Effect. The indemnification provided under this Agreement applies with respect to
events occurring before or after the effective date of this Agreement and shall continue to apply even after any termination or expiration
of any other Agreement between the parties. This Agreement supplements, but does not replace, any other agreement between the parties.

 

(c)              
Representations and Warranties. The Company and Indemnitees each represent and warrant that they have the authority
to enter into this agreement.

 

(d)              
Amendments and Waivers. No modification of or amendment to this Agreement, nor any waiver of any rights under this
Agreement, shall be effective unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights
under this Agreement shall not be construed as a waiver of any rights of such party.

 

(e)              
Notices. Any notice, demand or request required or permitted to be given under this Agreement shall be in writing
and shall be deemed sufficient when delivered personally or sent by email or 48 hours after being sent by nationally-recognized courier
or deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such
party’s address as set forth below or as subsequently modified by written notice.

 

(f)               
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
and all of which together shall constitute one instrument.

 

(g)              
Successors and Assigns. This Agreement shall be binding upon the Company and its successors (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) and assigns, and inure to the benefit of the Indemnitees and the Indemnified Parties and each of their successors and assigns.
The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all
or substantially all of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitees,
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 such succession had taken place.

 

(h)              
Company Position. The Company shall be precluded from asserting, in any litigation brought for purposes of establishing,
enforcing or interpreting any right to indemnification under this Agreement, that the procedures and presumptions of this Agreement are
not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement
and is precluded from making any assertion to the contrary.

 

(i)                
Remedies. If any action at law or in equity is necessary to enforce or interpret the terms of any of this Agreement,
the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other
relief to which such party may be entitled.

 

[Signature Page Follows]

 

 

 

    	 	3	 

     

    

 

The parties have executed this Agreement as of
the date first set forth above.

 

	 	the company:
	 	 
	 	iPower, Inc.
	 	2399 Bateman Avenue
	 	Duarte, CA 91010
	 	 
	 	 
	 	By: /s/ Kevin Vassily                                          
	 	(Signature)
	 	 
	 	 
	 	Name: Kevin Vassily                                           
	 	 
	 	 
	 	Title: Chief Financial Officer                              
	 	 
	 	 
	 	INDEMNITEE:
	 	 
	 	D.A. Davidson & Co. 
	 	611 Anton Blvd., Suite 600
	 	Costa Mesa, CA 92626
	 	 
	 	 
	 	By: /s/ Joe Schimmelpfennig                              
	 	(Signature)
	 	 
	 	 
	 	Name: Joe Schimmelpfennig                            
	 	 
	 	 
	 	Title: Managing Director                                    

 

 

 

    	 	4	 

     

    

 

	 	INDEMNITEE:
	 	 
	 	Roth Capital Partners, LLC
	 	888 San Clemente Drive
	 	Newport Beach, CA 92660
	 	 
	 	 
	 	By: /s/ Hershel Gerson                                        
	 	(Signature)
	 	 
	 	 
	 	Name: Hershel Gerson                                        
	 	 
	 	 
	 	Title: Managing Director                                    
	 	 
	 	 
	 	 
	 	INDEMNITEE:
	 	 
	 	US Tiger Securities, Inc.
	 	437 Madison Avenue, 27th Floor
	 	New York, New York 10022
	 	 
	 	 
	 	By: /s/ Tony Tian                                                 
	 	(Signature)
	 	 
	 	 
	 	Name: Tony Tian                                                 
	 	 
	 	 
	 	Title: Head of ECM                                              

 

 

 

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