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Exhibit 10.4

NOTICE OF GRANT OF NON-QUALIFIED STOCK OPTION AWARD
PURSUANT TO THE UNIVERSAL INSURANCE HOLDINGS, INC.
2021 OMNIBUS INCENTIVE PLAN

FOR GOOD AND VALUABLE CONSIDERATION, Universal Insurance Holdings, Inc. (the “Company”) hereby grants, pursuant to the provisions of the Company’s 2021 Omnibus Incentive Plan (as amended from time to time, the “Plan”), to the Optionee designated in this Notice of Grant (the “Notice”) an award of a Non-Qualified Stock Option (the “Option”) to purchase the number of shares of Common Stock set forth in the Notice (the “Shares”), subject to the restrictions as outlined below in this Notice and the additional provisions set forth in the attached Terms and Conditions of Stock Option Award (the “Terms and Conditions” and, together with this Notice, this “Agreement”).  The Optionee further acknowledges receipt of the information statement describing important provisions of the Plan.  Specified provisions of the Employment Agreement, dated as of, between the Company and the Optionee (the “Employment Agreement”), that are noted in the Terms and Conditions, shall apply to the vesting and exercisability provisions of this Option.  

						
	Optionee: 
	Type of Option:  Non-Qualified Stock Option

	Exercise Price per Share: $
	Date of Grant: 

	Total Number of Shares: 
	Expiration Date/Time: 

	Vesting Schedule:	
		
	Vesting is accelerated in certain circumstances described in more detail in the Terms and Conditions.  Vesting in accordance with the schedule above (the “Vesting Schedule”) is conditioned upon continued employment through the applicable vesting date.

By signing below, the Optionee agrees that this Non-Qualified Stock Option Award is granted under and governed by the terms and conditions of the Plan and this Agreement.

						
	OPTIONEE
    
Signature
    
Print Name
    
Address    
	UNIVERSAL INSURANCE HOLDINGS, INC.
a Delaware corporation
By:    
Name:     

Its:     

TERMS AND CONDITIONS OF STOCK OPTION AWARD

1.           Grant of Option.

The Option granted to the Optionee and described in the Notice of Grant is subject to the terms and conditions of the Plan, which is incorporated by reference in its entirety into these Terms and Conditions of Stock Option Award.  As designated in the Notice of Grant, this Option shall be treated as a “non-qualified stock option” for Federal income tax purposes.

The Company intends that this Option shall not contain terms that would cause the Option to be subject to the provisions of Section 409A, and this Agreement shall be administered and construed accordingly.  Further, the Company may modify the Plan and this Agreement to the extent necessary to fulfill this intent.

2.           Exercise of Option.
 
(a)       Right to Exercise.  This Option shall be exercisable, in whole or in part, during its term in accordance with the Vesting Schedule set out in the Notice of Grant and with the applicable provisions of the Plan and this Agreement.  No Shares shall be issued pursuant to the exercise of an Option unless the issuance and exercise comply with applicable law.  Assuming such compliance, for income tax purposes, the Shares shall be considered transferred to the Optionee on the date on which the Option is exercised with respect to such Shares.  The Committee may, in its discretion, (i) accelerate vesting of the Option, or (ii) extend the applicable exercise period to the extent permitted under Section 6.03 of the Plan.
 
(b)        Method of Exercise.  The Optionee may exercise the Option by delivering an exercise notice in a form approved by the Company (the “Exercise Notice”), which shall state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such other representations and agreements as may be required by the Company.  The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price set forth in the Notice (the “Exercise Price”) as to all Shares exercised.  This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price.

     3.    Effect of Termination of Service on Vesting and Exercisability.

(a)    Resignation without Good Reason.  In the event the Optionee resigns without Good Reason, any then non-vested portion of the Option will expire immediately and any then vested portion shall remain exercisable for 30 days following the Termination Date (but not beyond the Expiration Date).

(b)    Termination without Cause; Resignation with Good Reason.  Except as provided in Section 4(a) below, in the event that the Optionee’s employment is terminated by the Company without Cause or the Optionee resigns with Good Reason, the entire then vested portion of the Option and the non-vested portion of the Option that would have vested had Optionee remained continuously employed for the one-year period following the Termination Date shall be immediately exercisable by the Optionee and shall remain exercisable for one year following the Termination Date (but not beyond the Expiration Date).

(c)    Termination due to Death or Disability.  If the Optionee’s employment with the Company terminates due to death or Disability, any then non-vested portion of the Option will expire immediately and any then vested portion shall remain exercisable for six months following the Termination Date (but not beyond the Expiration Date).

(d)    Termination for Cause.  If the Optionee’s employment is terminated by the Company for Cause, the entire Option, including any then vested and non-vested portion, will expire immediately upon the Termination Date.

    2

(e)    Any portion of the Option that has not previously vested or does not vest as of the Termination Date in accordance with this Section 3 or Section 4 below shall be forfeited.  In no event may any portion of this Option be exercised after the Expiration Date.

(f)    Capitalized words not otherwise defined in this Section 3 or in Section 4 below shall have the same meaning as set forth in the Employment Agreement, regardless of whether the Employment Agreement is then in effect.

4.    Change in Control.

(a)     Termination without Cause or Resignation with Good Reason within 24 Months Following a Change in Control.  Notwithstanding Section 3(b), in the event Optionee’s employment is terminated within the 24-month period following a Change in Control as a result of Optionee’s termination without Cause or Optionee’s resignation with Good Reason, any portion of the Option outstanding on the Termination Date that has not previously vested or terminated under the terms of this Agreement shall be fully vested upon such Termination Date.  The vested portion of the Option shall remain exercisable for the one-year period following the Termination Date.  In the event that in connection with a Change in Control, a substitute, amended or replacement option shall be granted to Optionee in respect of this Option, then such substitute, amended or replacement option shall contain vesting and exercisability terms that are no less favorable to Optionee than the comparable terms in this Option to which they relate, and the exercise price of any substitute options granted to replace this Option shall be determined in a manner that complies with Treas. Reg. Section 1.409A-1(b)(5)(v)(D) and that preserves the aggregate intrinsic value in the Option immediately prior to the CIC Date.

(b)    Certain Changes in Control.  Notwithstanding Section 4(a) above, in the event of a Change in Control in which the consideration received by the stockholders of the Company in the Change in Control consists exclusively of cash, securities not listed for trading on a national securities exchange or automated quotation system, or a combination of cash and such unlisted securities, the Option shall become immediately and fully vested on the CIC Date, and Optionee shall be entitled to receive (from either the Company or its successor) in cancellation of the Option a lump sum cash payment equal to the product of the number of Shares underlying the then unexercised portion of the Option multiplied by the fair market value of the consideration per share of Common Stock paid to the Company’s stockholders in the merger or consolidation less the aggregate Exercise Price of the then unexercised portion of the Option.

5.           Method of Payment.

If the Optionee elects to exercise the Option by submitting an Exercise Notice under Section 2(b) of this Agreement, the aggregate Exercise Price (as well as any applicable withholding or other taxes) shall be paid by Optionee in any of the following forms, or a combination of them:

(a)           cash or check in same day funds;

(b)           a “net exercise” (as described in Section 6.04(b) of the Plan) or such other consideration received by the Company under a cashless exercise program approved by the Company in connection with the Plan;
 
(c)           surrender of other Shares owned by the Optionee which have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the exercised Shares and any applicable withholding; or
 
(d)     any other consideration that the Committee deems appropriate and in compliance with applicable law.
 
6.     Restrictions and Regulatory Limitations on Exercise.  This Option may not be exercised if the issuance of the Shares upon exercise or the method of payment of consideration for those Shares would constitute a violation of any applicable law, regulation or Company policy.  
    3

Notwithstanding the other provisions of this Agreement, no option exercise or issuance of Shares pursuant to this Agreement shall be effective if (i) the shares of Common Stock reserved under the Plan are not subject to an effective registration statement at the time of such exercise or issuance, or otherwise eligible for an exemption from registration, or (ii) the Company determines in good faith that such exercise or issuance would violate any applicable securities or other law or regulation.
 
7.       Non-Transferability of Option.  This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of the Optionee only by the Optionee; provided, however, that the Optionee may transfer the Options (i) pursuant to a qualified domestic relations order (as defined by the Code or the rules thereunder) or (ii) by gift for no consideration to any member of the Optionee’s Immediate Family or to a trust, limited liability company, family limited partnership or other equivalent vehicle, established for the exclusive benefit of one or more members of his Immediate Family by delivering to the Company a Notice of Assignment in a form acceptable to the Company.  No transfer or assignment of the Option to or on behalf of an Immediate Family member under this Section 7 shall be effective until the Company has acknowledged such transfer or assignment in writing.  “Immediate Family” means the Optionee’s parents, spouse, children, siblings, and grandchildren.  Following transfer, the Options shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer.  In the event an Option is transferred as contemplated in this Section 7, such Option may not be subsequently transferred by the transferee except by will or the laws of descent and distribution.  The terms of the Plan and this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

8.         Term of Option.  This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised prior to the Expiration Date only in accordance with the Plan and the terms of this Agreement.

9.           Withholding.
 
(a)    The Committee shall determine the amount of any withholding or other tax required by law to be withheld or paid by the Company with respect to any income recognized by the Optionee with respect to this Option.
 
(b)    The Optionee shall be required to meet any applicable tax withholding obligation in accordance with the provisions of Section 11.06 of the Plan.
 
(c)    The Optionee shall have the right to elect to meet any withholding requirement: (i) by having withheld from this Option at the appropriate time that number of whole shares of Common Stock whose Fair Market Value is equal to the amount of any taxes required to be withheld with respect to this Option, (ii) by direct payment to the Company in cash of the amount of any taxes required to be withheld with respect to this Option or (iii) by a combination of shares of Common Stock and cash.
 
10.         Optionee Representations.  The Optionee hereby represents to the Company that the Optionee has read and fully understands the provisions of this Agreement and the Plan and the Optionee’s decision to participate in the Plan is completely voluntary.  Further, the Optionee acknowledges that the Optionee is relying solely on his or her own advisers with respect to the tax consequences of this Option.

11.         Miscellaneous.

(a)     Notices.  All notices, requests, deliveries, payments, demands and other communications which are required or permitted to be given under this Agreement shall be in writing and shall be either delivered personally or sent by registered or certified mail, or by private courier, return receipt requested, postage prepaid to the parties at their respective addresses set forth herein, or to such other address as either shall have specified by notice in writing to the other.  Notice shall be deemed duly given hereunder when delivered or mailed as provided herein.

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        (b)        Waiver.  The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other or subsequent breach.

        (c)     Entire Agreement.  This Agreement, the Plan and the Employment Agreement constitute the entire agreement between the parties with respect to the subject matter hereof.

        (d)         Binding Effect; Successors.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and to the extent not prohibited herein, their respective heirs, successors, assigns and representatives.  Nothing in this Agreement, express or implied, is intended to confer on any person other than the parties hereto and, as provided above, their respective heirs, successors, assigns and representatives any rights, remedies, obligations or liabilities.

        (e)      Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts fully executed and performed in such State.

        (f)      Headings.  The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.
 
        (g)       Terms and Construction.  Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Plan, except that capitalized words used in Sections 3 and 4 of this Agreement that are defined in both the Plan and the Employment Agreement shall have the meanings ascribed to them in the Employment Agreement, as if incorporated directly into this Agreement (and not the meanings set forth in the Plan to the extent inconsistent with the Employment Agreement).  In the event of any conflict between the provisions of this Agreement and the Plan, the provisions of the Plan shall control.  In the event of any conflict between the provisions of the Plan or this Agreement and the provisions of the Employment Agreement relating to the vesting and exercisability of the Option, such provisions of the Employment Agreement shall control as if incorporated directly into this Agreement.  

(h)      Amendment.  This Agreement may be amended at any time by written agreement of the parties hereto.
 
        (i)      No Right to Continued Employment.  Nothing in this Agreement shall confer upon the Optionee any right to continue in the employ or service of the Company or affect the right of the Company to terminate the Optionee’s employment or service at any time.

        (j)           Further Assurances.  The Optionee agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may be, to implement the provisions and purposes of this Agreement and the Plan.
    5Exhibit 4.4

 

DESCRIPTION OF SECURITIES

 

The following description of the material terms of
the share capital of Parent includes a summary of specified provisions of Parent’s M&A. This description is qualified by reference
to Parent’s M&A filed as an exhibit to this Annual Report and incorporated herein by reference.

 

General

 

Parent is a public limited company organized and existing
under the laws of Ireland. Parent was formed on April 3, 2020 as a private limited company under the name Dolya Holdco 3 Limited, incorporated
in Ireland. On July 14, 2020, Parent effected a change of name to Fusion Fuel Green Limited. On October 2, 2020, Parent converted into
a public limited company incorporated in Ireland under the name “Fusion Fuel Green PLC”. Parent’s affairs are governed
by Parent’s M&A, the Irish Companies Act, and the corporate law of Ireland.

 

Ordinary Shares

 

General. The authorized share capital
of Parent is US$11,212.50 divided into 100,000,000 Class A Ordinary Shares with a nominal value of US$0.0001 each, 2,125,000 Class B Ordinary
Shares with a nominal value of US$0.0001 each and 10,000,000 preferred shares with a nominal value of US$0.0001 each and €25,000
divided into 25,000 deferred ordinary shares with a nominal value of €1.00 each.

 

Dividends. The holders of Parent
Ordinary Shares are entitled to such dividends as may be declared by Parent’s board of directors. Dividends may be declared and
paid out of the funds legally available therefor. Dividends may also be declared and paid out of share premium account or any other fund
or account which can be authorized for this purpose in accordance with the Irish Companies Act.

 

Voting Rights. Each Class A Ordinary
Share and each Class B Ordinary Share shall be entitled to one (1) vote on all matters subject to the vote at general meetings of Parent.
Voting at any meeting of shareholders is by way of a poll, which shall be taken in such manner as the chairperson of the meeting directs.

 

An ordinary resolution to
be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Parent Ordinary
Shares cast at a meeting, while a special resolution requires the affirmative vote of no less than 75% of the votes cast attaching to
the outstanding ordinary shares at a meeting. Where the shareholders wish to act by way of written resolution in lieu of holding a meeting,
unanimous consent of the holders of the Class A Ordinary Shares and Class B Ordinary Shares (for as long as there are any Class B Ordinary
Shares outstanding) shall be required. A special resolution will be required for important matters such as a change of name, reducing
the share capital or making changes to Parent’s M&A.

 

Additionally, for so long as not less than an aggregate
of 1,700,000 Class B Ordinary Shares continue to be beneficially owned by the former Fusion Fuel Shareholders, the written consent or
affirmative vote of the holders of a majority of the outstanding Class B Ordinary Shares shall be required before Parent can carry out
any of the following actions:

 

	 	●	liquidate, dissolve, or wind-up the business and affairs of Parent;

 

	 	●	effect any merger or consolidation in which Parent is a constituent party or a subsidiary of Parent is a constituent party if Parent issues shares of its capital stock pursuant to such merger or consolidation (except any such merger or consolidation involving Parent or a subsidiary in which the shares of capital stock of Parent outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the capital stock of (1) the surviving or resulting corporation or (2) if the surviving or resulting corporation is a wholly-owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation);

 

	 	●	sell, lease, transfer, exclusively license or otherwise dispose, in a single transaction or series of related transactions, by Parent or any subsidiary of Parent of all or substantially all the assets of Parent and any subsidiary, taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of Parent if substantially all of the assets of Parent and its subsidiaries, taken as a whole, are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of Parent;

 

     

     

    

 

	 	●	permit the sale of all or substantially all of the Class A Ordinary Shares and Class B Ordinary Shares to an independent third party or group;

 

	 	●	amend, alter, or repeal any provisions of Parent’s M&A;

 

	 	●	create, or authorize the creation of, or issue or obligate itself to issue shares of, any additional class or series of capital stock, or equity securities convertible into capital stock of Parent;

 

	 	●	expand or otherwise alter the size of the board of directors of Parent or Fusion Fuel Portugal; and

 

	 	●	remove any member of the board of directors of Fusion Fuel Portugal.

 

Transfer of Ordinary Shares. Subject
to the restrictions contained in the Amended Stock Escrow Agreement, and as otherwise set forth in the Business Combination Agreement,
and the lock-up restrictions contained in the Business Combination Agreement with respect to the Parent securities issued to the former
Fusion Fuel Shareholders in the Share Exchange and the lock-up restrictions applicable to shares issued to directors as part of their
compensation, and subject to any further restrictions contained in Parent’s M&A and the Irish Companies Act, any Parent shareholder
may transfer all or any of his or her Parent Ordinary Shares by an instrument of transfer in the usual or common form or any other form
approved by Parent’s board of directors.

 

Liquidation. On a return of capital
on winding-up or otherwise (other than on conversion, redemption or purchase of ordinary shares), assets available for distribution among
the holders of Parent Ordinary Shares shall be distributed among the holders thereof on a pro rata basis. If Parent’s assets available
for distribution are insufficient to repay all of the paid-up capital, the assets will be distributed so that the losses are borne by
Parent’s shareholders proportionately.

 

General Meetings of Shareholders. Shareholders’
meetings may be convened by the board of directors, by the board of directors on the requisition of the shareholders or, if the board
of directors fails to so convene a meeting, such extraordinary general meeting may be convened by the requisitioning shareholders where
the requisitioning shareholders hold not less than 10% of the paid up share capital of Parent. Any action required or permitted to be
taken at any annual or extraordinary general meetings may be taken only upon the vote of the shareholders at an annual or extraordinary
general meeting duly noticed and convened in accordance with Parent’s M&A and the Irish Companies Act. Unanimous consent of
the holders of the Class A Ordinary Shares and the Class B Ordinary Shares (for as long as there are any Class B Ordinary Shares outstanding)
shall be required before the shareholders may act by way of written resolution without a meeting.

 

Warrants

 

General. An aggregate of 8,869,633
Warrants are currently outstanding. Warrants that were automatically adjusted pursuant to the terms of the Old HL Warrants issued to certain
former shareholders of HL in private placements prior to HL’s initial public offering, Warrants that were automatically adjusted
pursuant to the terms of the Old HL Warrants issued to the former convertible noteholders of HL upon conversion of such notes in connection
with the Merger, and Warrants issued to the former Fusion Fuel Shareholders in the Share Exchange, in each case until transferred to a
third party, (i) will not be redeemable by Parent, (ii) may be exercised for cash or on a cashless basis at the holder’s option
as long as such warrants are held by the initial holders or their affiliates or permitted transferees, and (iii) are subject to a lockup
for a period of 12 months from the closing of the Transactions.

 

Exercisability. Each Warrant entitles
the registered holder to purchase one Class A Ordinary Share.

 

Exercise Price. $11.50 per share, subject
to adjustment.

 

The exercise price and number of Class A Ordinary Shares
issuable on exercise of the Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary
dividend or recapitalization, reorganization, merger or consolidation. However, the Warrants will not be adjusted for issuances of Class
A Ordinary Shares at a price below the Warrant exercise price.

 

     

     

    

 

Exercise Period. The Warrants are exercisable
at any time and from time to time until 5:00 p.m., New York City time on December 10, 2025, or earlier upon their redemption.

 

No Warrants will be exercisable for cash unless Parent
has an effective and current registration statement covering the Class A Ordinary Shares issuable upon exercise of the Warrants and a
current prospectus relating to such Class A Ordinary Shares. Notwithstanding the foregoing, in certain circumstances described in more
detail in the Amended and Restated Warrant Agreement, Warrant holders may exercise Warrants on a cashless basis pursuant to the exemption
provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption,
is not available, holders will not be able to exercise their Warrants on a cashless basis. In such event, each holder would pay the exercise
price by surrendering the warrants for that number of Class A Ordinary Shares equal to the quotient obtained by dividing (x) the product
of the number of Class A Ordinary Shares underlying the Warrants, multiplied by the difference between the exercise price of the Warrants
and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose
will mean the average reported last sale price of the Class A Ordinary Shares for the five (5) trading days ending on the trading day
prior to the date of exercise.

 

Parent has agreed to use its best efforts to file and
have an effective registration statement covering the Class A Ordinary Shares issuable upon exercise of the Warrants, to maintain a current
prospectus relating to those Class A Ordinary Shares until the earlier of the date the Warrants expire or are redeemed and the date on
which all of the Warrants have been exercised, and to qualify the resale of such shares under state blue sky laws, to the extent an exemption
is not available. However, there is no assurance that Parent will be able to do so and, if Parent does not maintain a current prospectus
relating to the Class A Ordinary Shares issuable upon exercise of the Warrants, holders will be unable to exercise their Warrants for
cash and Parent will not be required to net cash settle or cash settle the Warrant exercise.

 

Redemption of Warrants. Parent may call
the Warrants for redemption (excluding (i) certain Old HL Warrants issued to the former shareholders of HL in private placements prior
to HL’s initial public offering which were automatically adjusted into Warrants pursuant to the terms of the Old HL Warrants, (ii)
certain Old HL Warrants issued to the former convertible noteholders of HL upon conversion of such notes in connection with the Merger
and which were subsequently automatically adjusted into Warrants pursuant to the terms of the Old HL Warrants, and (iii) certain Warrants
issued to the former Fusion Fuel Shareholders in the Share Exchange, in each case, so long as such Warrants are held by such persons or
their affiliates and certain permitted transferees), in whole and not in part, at a price of $0.01 per Warrant:

 

	 	●	at any time after the Warrants become exercisable,

 

	 	●	upon not less than 30 days’ prior written notice of redemption to each Warrant holder,

 

	 	●	if, and only if, the reported last sale price of the Class A Ordinary Shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period ending on the third business day prior to the notice of redemption to warrant holders; and

 

	 	●	if, and only if, there is a current registration statement in effect with respect to the Class A Ordinary Shares underlying such Warrants.

 

The right to exercise will be forfeited unless the
Warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder of a
Warrant will have no further rights except to receive the redemption price for such holder’s Warrant upon surrender of such Warrant.

 

The redemption criteria for the Warrants have been
established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise price and provide a sufficient
differential between the then-prevailing share price and the Warrant exercise price so that if the share price declines as a result of
the redemption call, the redemption will not cause the share price to drop below the exercise price of the Warrants.

 

If Parent calls the Warrants for redemption as described
above, Parent’s management will have the option to require all holders that wish to exercise warrants to do so on a “cashless
basis.” In such event, each holder would pay the exercise price by surrendering the Warrants for that number of Class A Ordinary
Shares equal to the quotient obtained by dividing (x) the product of the number of Class A Ordinary Shares underlying the Warrants, multiplied
by the difference between the exercise price of the Warrants and the “fair market value” (defined below) by (y) the fair market
value. The “fair market value” shall mean the average reported last sale price of the Class A Ordinary Shares for the five
(5) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of Warrants.

 

 

     

     

    

 

Registered Form. The Warrants will be
held in registered form under the Amended and Restated Warrant Agreement between Continental Stock Transfer & Trust Company,
as warrant agent, and Parent. The Amended and Restated Warrant Agreement provides that the terms of the Warrants may be amended without
the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval, by written consent or vote,
of the holders of at least a majority of the then outstanding Warrants in order to make any change that adversely affects the interests
of the registered holders.

 

Manner of Exercise. The Warrants may
be exercised upon surrender of the holder’s Warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the Warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price, by certified or official bank check payable to Parent, for the number of Warrants being exercised.

 

Warrant holders may elect to be subject to a restriction
on the exercise of their Warrants such that an electing warrant holder would not be able to exercise its Warrants to the extent that,
after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the Class A Ordinary Shares outstanding.

 

No Rights as a Shareholder. The warrant
holders do not have the rights or privileges of holders of Class A Ordinary Shares and any voting rights until they exercise their Warrants
and receive Class A Ordinary Shares. After the issuance of Class A Ordinary Shares upon exercise of the Warrants, each holder will be
entitled to one vote for each Class A Ordinary Share held of record on all matters to be voted on by holders of Class A Ordinary Shares.

 

No Fractional Shares. No fractional shares
will be issued upon exercise of the Warrants. If, upon exercise of the Warrants, a holder would be entitled to receive a fractional interest
in a share, Parent will, upon exercise, round up to the nearest whole number the number of Class A Ordinary Shares to be issued to the
warrant holder.

 

Transfer Agent and Registrar

 

Parent’s transfer agent and warrant agent is
Continental Stock Transfer & Trust Company. Parent’s registrar is Link Group.

 

Listing

 

The Class A Ordinary Shares and Warrants are listed
on the Nasdaq Global Market under the symbols “HTOO” and “HTOOW”, respectively.

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