Document:

Exhibit 10.2

 

 

24 Godwin Avenue

Suite B-1

Midland Park, NJ 07432

Telephone: (201) 652-2042

Fax: (201) 221-7699

 

AMENDMENT NO. 1 TO

 

CONSULTING and ADVISORY AGREEMENT

 

Reference is made to
the Consulting and Advisory agreement dated as of July 16, 2013, between Energous Corporation (f/k/a DvineWave, Inc.) (“CLIENT”)
and Financial Consulting Strategies LLC, ("CONSULTANT") (the “CONSULTING AGREEMENT”).

 

The parties hereby agree
that, effective July 14, 2014:

 

Section 2. “Scope”
is amended to include the engagement of Howard Yeaton to serve as the Interim Chief Financial Officer of Energous Corporation,
a public company. CLIENT acknowledges and agrees that scope and authority as Interim Chief Financial Officer shall include:

 

		1.	Serving as a member of the senior management team of the company,

		2.	Coordination and review of all company filings with the Securities and Exchange Commission (“SEC”)

		3.	Unrestricted access to other members of the management team, legal counsel and other advisors, in order to be aware of and
provide direction in regard to financial and other matters that may need to be accounted for and disclosed within the company’s
financial statements and to the SEC.

		4.	Taking responsibility to sign Forms 10-Q and 10-K, (and the related officer certifications), as well as other financially oriented
filings with the SEC, as the Energous Corporation Interim Chief Financial Officer and Principal Financial Officer.

		5.	Oversee the production of monthly reports, as well as financial statements and cash flow projections for use by executive management,
as well as the Audit Committee and Board of Directors.

		6.	Attend, either in person or telephonically, Board and subcommittee meetings; including being the lead staff in connection with
the Audit Committee.

		7.	Supporting the Energous IR effort by assisting with the development of the Energous earnings press
release and script;

 

Section 4. “Compensation”
is amended to include compensation for providing the services of Interim Chief Financial Officer, which shall include (a) a monthly
retainer of $5,000, paid in advance for each month serving as Interim Chief Financial Officer, (b) for services in the role of
Chief Financial Officer which exceed 20 hours in any month, the payment for such additional hours of service at an hourly rate
for a Partner as provided for in Section 4. “Compensation,” and (c) the reimbursement of travel and related expenses
incurred in connection with performing the duties of the Interim Chief Financial Officer.

 

    	 

    	 

    

 

Energous Corporation (f/k/a DvineWave Inc.)

Consulting and Advisory Agreement

July 14, 2014

 

Section 6. “Indemnification”
is amended to acknowledge and agree that duties in the capacity of Interim Chief Financial Officer are protected and covered under
the Company’s directors’ and officers’ liability insurance policies and indemnification is provided on a basis
consistent with Energous Corporation’s indemnification policies covering other executive officers and pursuant to Section
6.2 of the Energous Corporation amended and restated bylaws.

 

 

Section 17. “Independent
Contractor Relationship” is determined not to apply to CONSULTANT in regard to services provided as Interim Chief Financial
Officer, given the nature of the responsibilities.

 

IN WITNESS WHEREOF, the parties hereto
have caused this Amendment No. 1 to this CONSULTING AGREEMENT to be executed by their respective offices thereunto duly authorized,
as of the date first written above.

 

	 	Energous Corporation (f/k/a DvineWave Inc.) (“CLIENT”)
	 	 	 
	 	By:	/s/ Stephen R. Rizzone
	 	 	Stephen R. Rizzone
	 	 	Chief Executive Officer
	 	 	 
	 	Financial Consulting Strategies LLC (“CONSULTANT”)
	 	 	 
	 	By:	/s/ Howard R. Yeaton
	 	 	Howard R. Yeaton
	 	 	Managing Principal

 

    	Page 2 of 2Exhibit 10.3

 

ENERGOUS CORPORATION

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

This Restricted Stock Unit Award Agreement
(this “Agreement”) is entered into as of August 14, 2014 (the “Effective Date”), by and between ENERGOUS
CORPORATION, a Delaware corporation (the “Company”), and Cesar Johnston (“Employee”).

 

WITNESSETH:

 

WHEREAS, the Board of Directors of the Company
(the “Board”) wishes to grant Employee Restricted Stock Units (the “RSUs” and each, a “RSU”)
in conjunction with, and as an inducement to, Employee’s acceptance of his appointment as Senior Vice President of Engineering
of the Company, subject to the terms provided in this Agreement and the offer letter by and between Employee and the Company dated
July 3, 2014 (the “Offer Letter”); and

 

WHEREAS, the Board anticipates that this
Agreement will promote the best interests of the Company and its shareholders by providing Employee a proprietary interest in the
Company with a stronger incentive to put forth maximum effort for the continued success and growth of the Company and its subsidiaries.

 

NOW, THEREFORE, in consideration of Employee
accepting employment with the Company and the benefits that the Company will derive in connection with the services to be rendered
by Employee thereunder, the Company and Employee hereby agree as follows:

 

1.    Grant; Vesting.
Subject to the terms and conditions of this Agreement, the Company grants to Employee one hundred thousand (100,000) RSUs. Each
RSU shall have a value equal to the fair market value of one (1) share of Company Common Stock (a “Share”). The RSUs
covered by this Agreement shall become earned by, and payable to, Employee in the amounts and on the dates shown on Annex 1
attached hereto.

 

2.    Compliance
with Laws. Employee agrees that Employee shall comply with (or provide adequate assurance as to future compliance with) all
applicable securities laws and income tax laws as determined by the Company as a condition precedent to the delivery of any Shares
pursuant to this Agreement. In addition, Employee agrees that, upon request, Employee will furnish a letter agreement providing
that (i) Employee will not distribute or resell any of said Shares in violation of the Securities Act of 1933, as amended, (ii)
Employee will indemnify and hold the Company harmless against all liability for any such violation and (iii) Employee will accept
all liability for any such violation.

 

3.    Designation
of Beneficiary. Employee may designate a beneficiary to receive payment in connection with the RSUs granted hereunder in the
event of Employee’s death while employed by the Company in accordance with the Company’s beneficiary designation procedures,
as in effect from time to time. If Employee does not designate a beneficiary or if Employee’s designated beneficiary does
not survive Employee, then Employee’s beneficiary will be Employee’s estate.

 

4.    Nature of RSUs.

 

(a)   Employee shall
not have any interest in any fund or in any specific asset or assets of the Company by reason of the RSUs granted hereunder, or
any right to exercise any of the rights or privileges of a stockholder with respect to the RSUs until Shares are issued in connection
with the RSUs.

 

(b)   Unless otherwise
provided by the Board and except as provided below, the RSUs, and the rights and privileges conferred hereby, may not be transferred,
sold, assigned, pledged or otherwise encumbered by Employee. The RSUs shall not be subjected to execution, attachment or similar
process. Any attempt to transfer or dispose of the RSUs or any interest in the RSUs in a manner contrary to the restrictions set
forth in this Agreement shall be void and of no effect.

 

    	 

    	 

    

 

(c)    The existence
of this Agreement shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or
all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business,
or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stocks ahead of
or convertible into, or otherwise affecting the Company’s Common Stock or the rights thereof, or the dissolution or liquidation
of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

 

5.    Adjustment
Provisions.

 

(a)   Share Adjustments:
In the event of any stock dividend, stock split, recapitalization, merger, consolidation, combination or exchange of shares of
Company stock, or the like, as a result of which shares of any class shall be issued in respect of the outstanding Shares, or the
Shares shall be changed in to the same or a different number of the same or another class of stock, or into securities of another
person, cash or other property (not including a regular cash dividend), the number of Shares subject to the RSUs shall be appropriately
adjusted in such equitable and proportionate amount as determined by the Board. No fractional Share shall be issued under the Agreement
resulting from any such adjustment but the Board, in its sole discretion, may make a cash payment in lieu of a fractional Share.

 

(b)   Acquisitions:
In the event of a merger or consolidation of the Company with another corporation or entity, or a sale or disposition by the Company
of all or substantially all of its assets, the Board shall, in its sole discretion, have authority to provide for (i) waiver in
whole or in party of any remaining restrictions or vesting requirements in connection with the RSUs granted hereunder, (ii) the
conversion of the outstanding RSUs into cash and/or (iii) the conversion of the RSUs into the right to receive securities, including
RSUs, of another person or entity upon such terms and conditions as are determined by the Board in its sole discretion.

 

(c)   Binding Effect:
For the avoidance of doubt, any adjustment, waiver, conversion or other action taken by the Board under this Section 5 shall be
conclusive and binding on Employee and the Company and any respective successors and assigns.

 

6.    Acknowledgments.

 

(a)   Employee acknowledges
having read this Agreement and agrees to be bound by all the terms and conditions of the Offer Letter and this Agreement.

 

(b)   Regardless of
any action the Company takes with respect to any or all income tax, payroll tax or other tax-related withholding (“Tax-Related
Items”), Employee acknowledges that the ultimate liability for all Tax-Related Items owed by Employee is and remains Employee’s
responsibility and that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items
in connection with any aspect of the grant of RSUs, including the grant and vesting of the RSUs, the subsequent sale of Shares
acquired upon the vesting of the RSUs and the receipt of any dividends; and (ii) does not commit to structure the terms of the
grant or any aspect of the RSUs to reduce or eliminate Employee’s liability for Tax-Related Items.

 

In the event the Company determines that
it must withhold any Tax-Related Items as a result of the grant of the RSUs, Employee agrees as a condition precedent of such grant
to make arrangements satisfactory to the Company to enable it to satisfy all withholding requirements, including, but not limited
to, withholding any applicable Tax-Related Items from the pay-out of the RSUs. In addition, Employee authorizes the Company to
fulfill its withholding obligations by all legal means, including, but not limited to: withholding Tax-Related Items from Employee’s
other cash compensation paid by the Company to Employee; withholding Tax-Related Items from the cash proceeds, if any, received
upon sale of any Shares received in payment for Employee’s RSUs; and at the time of payment, withholding Shares sufficient
to meet minimum withholding obligations for Tax-Related Items. The Company may refuse to issue and deliver Shares in payment of
any earned RSUs if Employee fails to comply with any withholding obligation.

 

    	2

    	 

    

 

7.    Notices.
The Company may, in its sole discretion, decide to deliver any documents related to this Agreement by electronic means. Employee
hereby consents to receive such documents by electronic delivery.

 

Any notice which either party hereto may
be required or permitted to give to the other shall be in writing and may be delivered personally, by intraoffice mail, by fax,
by electronic mail or other electronic means, or via a postal service, postage prepaid, to such electronic mail or postal address
and directed to such person as the Company may notify Employee from time to time; and to Employee at Employee’s electronic
mail or postal address as shown on the records of the Company from time to time, or at such other electronic mail or postal address
as Employee, by notice to the Company, may designate in writing from time to time.

 

8.    Entire Agreement.
This Agreement, together with the Offer Letter, constitutes the final understanding between Employee and the Company regarding
the RSUs.

 

9.    Amendment.
The Board may amend this Agreement; provided, however, that Employee’s consent to such action shall be required
unless the Board determines that the action, taking into account any related action, would not materially and adversely affect
Employee.

 

10.  Severability. In the
event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision
had not been included.

 

11.  Governing Law. 
This Agreement and all actions taken hereunder shall be governed by, and construed in accordance with, the laws of the State
of California, applied without regard to the laws of any other jurisdiction that otherwise would govern under conflict of law principles.

 

[Signature
Pages Follow]

 

    	3

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
these presents to be executed as of the date and year first above written, which is the date of the granting of the RSUs evidenced
hereby.

 

	 	ENERGOUS CORPORATION
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

The undersigned Employee hereby accepts
the foregoing RSUs and agrees to the several terms and conditions hereof.

 

	 	 
	 	Employee

 

[Signature
Page to RSU Award Agreement]

 

    	 

    	 

    

 

Annex 1

 

Vesting and Payment of Restricted Stock
Units

 

(a)   Time-Based
Vesting. Subject to the provisions of paragraph (b), Employee shall earn the RSUs according to the schedule set forth below
for so long as Employee remains continuously employed by the Company:

 

	Vesting Date	RSUs
	On July 14, 2015	25%
	On July 14, 2016	25%
	On July 14, 2017	25%
	On July 14, 2018	25%

  

(b)   Impact of
Termination. If Employee’s employment with the Company is terminated prior to any of the above vesting date(s) for any
reason (including Employee’s death or disability), then any RSUs that had not yet become earned and vested under paragraph
(a) above shall be immediately canceled as of the date of such termination.

 

(c)   Timing And
Form Of Payment. Any RSU that becomes earned and vested in accordance with paragraph (a) shall be paid to Employee as soon
as practicable upon vesting. Payment shall be made in the form of one Share for each RSU that is payable.

 

(d)   Section 409A.
This grant of RSUs is intended to comply with the requirements of Section 409A of the Code, to the extent applicable. Notwithstanding
any provision of this Agreement to the contrary, this Agreement shall be interpreted, operated and administered consistent with
this intent.

 

    	 

    	 

    

 

ENERGOUS CORPORATION

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

This Restricted Stock Unit Award Agreement
(this “Agreement”) is entered into as of August 14, 2014 (the “Effective Date”), by and between ENERGOUS
CORPORATION, a Delaware corporation (the “Company”), and Cesar Johnston (“Employee”).

 

WITNESSETH:

 

WHEREAS, the Board of Directors of the Company
(the “Board”) wishes to grant Employee Restricted Stock Units (the “RSUs” and each, a “RSU”)
in conjunction with, and as an inducement to, Employee’s acceptance of his appointment as Senior Vice President of Engineering
of the Company, subject to the terms provided in this Agreement and the offer letter by and between Employee and the Company dated
July 3, 2014 (the “Offer Letter”); and

 

WHEREAS, the Board anticipates that this
Agreement will promote the best interests of the Company and its shareholders by providing Employee a proprietary interest in the
Company with a stronger incentive to put forth maximum effort for the continued success and growth of the Company and its subsidiaries.

 

NOW, THEREFORE, in consideration of Employee
accepting employment with the Company and the benefits that the Company will derive in connection with the services to be rendered
by Employee thereunder, the Company and Employee hereby agree as follows:

 

12.  Grant; Vesting. Subject
to the terms and conditions of this Agreement, the Company grants to Employee twenty thousand (20,000) RSUs. Each RSU shall have
a value equal to the fair market value of one (1) share of Company Common Stock (a “Share”). The RSUs covered by this
Agreement shall become earned by, and payable to, Employee in the amounts and on the dates shown on Annex 1 attached hereto.

 

13.  Compliance with Laws.
Employee agrees that Employee shall comply with (or provide adequate assurance as to future compliance with) all applicable securities
laws and income tax laws as determined by the Company as a condition precedent to the delivery of any Shares pursuant to this Agreement.
In addition, Employee agrees that, upon request, Employee will furnish a letter agreement providing that (i) Employee will not
distribute or resell any of said Shares in violation of the Securities Act of 1933, as amended, (ii) Employee will indemnify and
hold the Company harmless against all liability for any such violation and (iii) Employee will accept all liability for any such
violation.

 

14.  Designation of Beneficiary.
Employee may designate a beneficiary to receive payment in connection with the RSUs granted hereunder in the event of Employee’s
death while a Service Provider with the Company in accordance with the Company’s beneficiary designation procedures, as in
effect from time to time. If Employee does not designate a beneficiary or if Employee’s designated beneficiary does not survive
Employee, then Employee’s beneficiary will be Employee’s estate.

 

15.  Nature of RSUs.

 

(a)   Employee shall
not have any interest in any fund or in any specific asset or assets of the Company by reason of the RSUs granted hereunder, or
any right to exercise any of the rights or privileges of a stockholder with respect to the RSUs until Shares are issued in connection
with the RSUs.

 

(b)   Unless otherwise
provided by the Board and except as provided below, the RSUs, and the rights and privileges conferred hereby, may not be transferred,
sold, assigned, pledged or otherwise encumbered by Employee. The RSUs shall not be subjected to execution, attachment or similar
process. Any attempt to transfer or dispose of the RSUs or any interest in the RSUs in a manner contrary to the restrictions set
forth in this Agreement shall be void and of no effect.

 

(c)   The existence
of this Agreement shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or
all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business,
or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stocks ahead of
or convertible into, or otherwise affecting the Company’s Common Stock or the rights thereof, or the dissolution or liquidation
of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

 

    	 

    	 

    

 

16.  Adjustment
Provisions.

 

(a)   Share Adjustments:
In the event of any stock dividend, stock split, recapitalization, merger, consolidation, combination or exchange of shares of
Company stock, or the like, as a result of which shares of any class shall be issued in respect of the outstanding Shares, or the
Shares shall be changed in to the same or a different number of the same or another class of stock, or into securities of another
person, cash or other property (not including a regular cash dividend), the number of Shares subject to the RSUs shall be appropriately
adjusted in such equitable and proportionate amount as determined by the Board. No fractional Share shall be issued under the Agreement
resulting from any such adjustment but the Board, in its sole discretion, may make a cash payment in lieu of a fractional Share.

 

(b)   Acquisitions:
In the event of a merger or consolidation of the Company with another corporation or entity, or a sale or disposition by the Company
of all or substantially all of its assets, the Board shall, in its sole discretion, have authority to provide for (i) waiver in
whole or in party of any remaining restrictions or vesting requirements in connection with the RSUs granted hereunder, (ii) the
conversion of the outstanding RSUs into cash and/or (iii) the conversion of the RSUs into the right to receive securities, including
RSUs, of another person or entity upon such terms and conditions as are determined by the Board in its sole discretion.

 

(c)   Binding Effect:
For the avoidance of doubt, any adjustment, waiver, conversion or other action taken by the Board under this Section 5 shall be
conclusive and binding on Employee and the Company and any respective successors and assigns.

 

17.  Acknowledgments.

 

(a)   Employee acknowledges
having read this Agreement and agrees to be bound by all the terms and conditions of the Offer Letter and this Agreement.

 

(b)   Regardless of
any action the Company takes with respect to any or all income tax, payroll tax or other tax-related withholding (“Tax-Related
Items”), Employee acknowledges that the ultimate liability for all Tax-Related Items owed by Employee is and remains Employee’s
responsibility and that the Company (i) makes no representations or undertakings regarding the treatment of any Tax-Related Items
in connection with any aspect of the grant of RSUs, including the grant and vesting of the RSUs, the subsequent sale of Shares
acquired upon the vesting of the RSUs and the receipt of any dividends; and (ii) does not commit to structure the terms of the
grant or any aspect of the RSUs to reduce or eliminate Employee’s liability for Tax-Related Items.

 

In the event the Company determines that
it must withhold any Tax-Related Items as a result of the grant of the RSUs, Employee agrees as a condition precedent of such grant
to make arrangements satisfactory to the Company to enable it to satisfy all withholding requirements, including, but not limited
to, withholding any applicable Tax-Related Items from the pay-out of the RSUs. In addition, Employee authorizes the Company to
fulfill its withholding obligations by all legal means, including, but not limited to: withholding Tax-Related Items from Employee’s
other cash compensation paid by the Company to Employee; withholding Tax-Related Items from the cash proceeds, if any, received
upon sale of any Shares received in payment for Employee’s RSUs; and at the time of payment, withholding Shares sufficient
to meet minimum withholding obligations for Tax-Related Items. The Company may refuse to issue and deliver Shares in payment of
any earned RSUs if Employee fails to comply with any withholding obligation.

 

    	 

    	 

    

 

18.  Notices. The Company
may, in its sole discretion, decide to deliver any documents related to this Agreement by electronic means. Employee hereby consents
to receive such documents by electronic delivery.

 

Any notice which either party hereto may
be required or permitted to give to the other shall be in writing and may be delivered personally, by intraoffice mail, by fax,
by electronic mail or other electronic means, or via a postal service, postage prepaid, to such electronic mail or postal address
and directed to such person as the Company may notify Employee from time to time; and to Employee at Employee’s electronic
mail or postal address as shown on the records of the Company from time to time, or at such other electronic mail or postal address
as Employee, by notice to the Company, may designate in writing from time to time.

 

19.  Entire Agreement.
This Agreement, together with the Offer Letter, constitutes the final understanding between Employee and the Company regarding
the RSUs.

 

20.  Amendment. The Board
may amend this Agreement; provided, however, that Employee’s consent to such action shall be required unless
the Board determines that the action, taking into account any related action, would not materially and adversely affect Employee.

 

21.  Severability. In the
event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect
the remaining parts of the Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision
had not been included.

 

22.  Governing Law. 
This Agreement and all actions taken hereunder shall be governed by, and construed in accordance with, the laws of the State
of California, applied without regard to the laws of any other jurisdiction that otherwise would govern under conflict of law principles.

 

[Signature
Pages Follow]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
these presents to be executed as of the date and year first above written, which is the date of the granting of the RSUs evidenced
hereby.

 

	 	ENERGOUS CORPORATION
	 	 	 	 
	 	By:	 
	 	 	Name: 	Stephen R. Rizzone
	 	 	Title:	President and Chief Executive Officer
	 	 	 	(Principal Executive Officer)

 

The undersigned Employee hereby accepts
the foregoing RSUs and agrees to the several terms and conditions hereof.

 

	 	 
	 	Employee

 

[Signature
Page to RSU Award Agreement]

 

    	 

    	 

    

 

Annex 1

 

Vesting and Payment of Restricted Stock
Units

 

(a)   Performance-Based
Vesting. Subject to Employee’s continued employment as of March 28, 2015, on such date Employee shall earn the RSUs based
on the satisfaction of the following performance-based vesting requirements:

 

The RSUs shall meet the performance-based
vesting requirement of this paragraph (a) to the extent the Company completes the following milestones, as determined in the discretion
of the Board of Directors, on or before the dates listed below:

 

	Milestone	RSUs
	Upon successful completion of the hiring plan by August 31, 2014	50%
	Upon Successful Completion of the Consumer Electronics Show 2015 Demonstration Plan*	50%

 

* “Successful
Completion of the Consumer Electronics Show 2015 Demonstration Plan” shall mean specifically enabling at least six (6) strategic
partners to have prototypical consumer products, WattUp enabled, demonstrable at the Consumer Electronics Show according to product
and performance specifications; 24 simultaneous users 0-5 feet from transmitter 16 watts into the space, 5-10 feet at 8 watts,
10-15 feet at 4 watts; all under software control with Bluetooth connectivity and full roaming capability.

 

Any RSUs not earned
as provided above shall be canceled as of the dates listed above.

 

(b)   Impact of
Termination. If Employee’s employment with the Company is terminated prior to March 28, 2015 for any reason (including
Employee’s death or disability), then any RSUs that had not yet become earned and vested under paragraph (a) above shall
be immediately canceled as of the date of such termination.

 

(c)   Timing And
Form Of Payment. Any RSU that becomes earned and vested in accordance with paragraph (a) shall be paid to Employee as soon
as practicable upon vesting. Payment shall be made in the form of one Share for each RSU that is payable.

 

(d)   Section 409A.
This grant of RSUs is intended to comply with the requirements of Section 409A of the Code, to the extent applicable. Notwithstanding
any provision of this Agreement to the contrary, this Agreement shall be interpreted, operated and administered consistent with
this intent.

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