Document:

Exhibit 10.6

 

Execution Copy

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment
Agreement (this “Agreement”) is effective as of September 9, 2022 (the “Effective Date”) by and between XL Fleet
Corp. (the “Company”), a Delaware corporation, and Christian Fong (“Executive”). References below to the “Company”
shall include its subsidiaries and affiliates when applicable.

 

1. Roles and Duties. 

 

(a) President Role. Subject
to the terms and conditions of this Agreement, the Company shall employ Executive as its President, reporting to the Company’s Chief
Executive Officer. Executive shall have such duties and responsibilities as are reasonably determined by the Board and are consistent
with the duties customarily performed by Executive’s position in a similarly situated company in the United States. He will also
serve as Chief Executive Officer of Spruce Power. Executive shall become Chief Executive Officer of the Company, effective on February
15, 2023 or an earlier date if agreed by the Board of Directors of the Company (the “Board”) and Executive and shall, upon
becoming Chief Executive Officer of the Company, thereafter report directly to the Board. Executive accepts the employment upon the terms
and conditions set forth herein and agrees to perform such duties and discharge such responsibilities to the best of Executive’s
ability. In each of his positions, Executive shall have duties, authorities, and responsibilities of persons in similar capacities in
similarly sized companies, and such other duties, authorities and responsibilities as the Company may designate from time to time that
are not inconsistent with Executive’s position. The Board will consult with Executive in determining other persons to be appointed
to or nominated for election to the Board. During Executive’s employment, Executive shall devote all of Executive’s business
time and energies to the business and affairs of the Company. Notwithstanding the foregoing, nothing herein shall preclude Executive from
(i) performing services for such other companies as the Company may designate or permit; (ii) serving on boards, committees or similar
bodies of charitable or nonprofit organizations; (iii) fulfilling limited teaching, speaking and writing engagements; and (iv) managing
Executive’s personal investments and affairs; provided, however, that the activities set out in clauses (i), (ii), (iii) and (iv)
shall be limited by Executive to not individually or in the aggregate materially interfere or conflict with the performance of Executive’s
duties and responsibilities to the Company or contravene any restrictive covenants or codes of conduct; provided, that with respect to
the activities in clauses (ii) and/or (iii), Executive shall notify the Board of such activities.

 

(b) Board Membership.
Executive shall be appointed to the Board as of the Effective Date. The Company or the applicable Board committee will recommend Executive
to the Board for nomination, and the Board shall nominate Executive for election and, as appropriate, reelection to the Board. Executive
understands and agrees that, regardless of whether he is serving on the Board at the time, Executive shall not participate in any deliberations
or actions undertaken by the Board with respect to any determination that the Board may consider reaching with respect to matters covered
by Sections 2 or 3 below. Executive’s service as a Board member shall be without further compensation. Upon termination of Executive’s
employment with the Company, for any reason, Executive shall resign immediately from the Board and from any officer or board positions
at any affiliate, if any, for which Executive is then currently serving as a director or officer at the time of termination of employment,
absent agreement to the contrary by the Board Nominating and Governance Committee. Executive agrees to execute such documents, if any,
as are reasonably necessary or appropriate to effectuate such resignations. In the absence of any other written resignation proffered
to the Board, this Agreement, upon such termination, shall constitute such a written resignation.

 

    

     

    

 

2. Term of Employment.

 

(a) Term. Subject to
the terms hereof, Executive’s employment hereunder shall commence on the Effective Date and shall continue until terminated hereunder
by either party (such term of employment shall be referred to herein as the “Term”).

 

(b) Termination. Notwithstanding
anything else contained in this Agreement, Executive’s employment hereunder shall terminate upon the earliest to occur of the following:

 

(i) Death.
Immediately upon Executive’s death;

 

(ii) Termination
by the Company.

 

(A) If because of
Executive’s Disability (as defined below in Section 2(c)), written notice by the Company to Executive that Executive’s employment
is being terminated as a result of Executive’s Disability, which termination shall be effective on the date of such notice or such
later date as specified in writing by the Company;

 

(B) If for Cause
(as defined below in Section 2(d)), written notice by the Company to Executive that Executive’s employment is being terminated for
Cause, which termination shall be effective on the date of such notice or such later date as specified in writing by the Company, provided
that if prior to the effective date of such termination Executive has cured the circumstances giving rise to the Cause (if capable of
being cured as provided in Section 2(d)), then such termination shall not be effective; or

 

(C) If by the Company
for reasons other than under Sections 2(b)(ii)(A) or (B), written notice by the Company to Executive that Executive’s employment
is being terminated, which termination shall be effective thirty (30) days after the date of such notice.

 

(iii) Termination
by Executive.

 

(A) If for Good
Reason (as defined below in Section 2(e)), written notice by Executive to the Company that Executive is terminating Executive’s
employment for Good Reason and that sets forth the factual basis supporting the alleged Good Reason, which termination shall be effective
as provided in Section 2(e); provided that if prior to the effective date of such termination the Company has cured the circumstances
giving rise to the Good Reason if capable of being cured as provided in Section 2(e), then such termination shall not be effective; or

 

(B) If without Good
Reason, written notice by Executive to the Company that Executive is terminating Executive’s employment, which termination shall
be effective no fewer than thirty (30) days after the date of such notice, unless waived, in whole or in part, by the Company.

 

Notwithstanding anything in
this Section 2(b), the Company may at any point, under the conditions set forth in Section 2(b)(ii)(B), terminate Executive’s employment
for Cause prior to the effective date of any other termination contemplated hereunder; provided that if prior to the effective
date of such for-Cause termination Executive has cured the circumstances giving rise to the Cause (if capable of being cured as provided
in Section 2(d)), then such termination shall not be effective.

 

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(c) Definition of “Disability”.
For purposes of this Agreement, “Disability” shall mean that Executive is unable to perform the essential functions of his
position, with or without a reasonable accommodation, for a period of 120 calendar days within any rolling 12-month period (whether or
not consecutive) or is eligible for benefits under a long-term disability plan sponsored by the Company. The determination that Executive
is disabled hereunder, if disputed by the parties, shall be resolved by a physician reasonably satisfactory to Executive and the Company,
at the Company’s expense, and the determination of such physician shall be final and binding upon both Executive and the Company.
Executive hereby consents to such examination and consultation by a physician. The Company will keep all information it receives as a
result of such inquiry and determination confidential and will not use it for any purpose other than in connection with exercising its
rights under this Agreement.

 

(d) Definition of “Cause”.
As used herein, “Cause” shall mean: (i) willful misconduct or gross negligence with respect to any material aspect of the
Company’s business; (ii) refusal to follow the lawful directions of the Board; (iii) breach of a fiduciary duty owed to the Company
or its shareholders; (iv) any act of fraud, embezzlement or other material dishonesty with respect to the Company; (v) conviction, plea
of nolo contendere, guilty plea, or confession to a crime based upon an act of fraud, embezzlement or dishonesty or to a felony
or crime of moral turpitude; (vi) habitual abuse of alcohol or any controlled substance or reporting to work under the influence of alcohol
or any controlled substance (other than a controlled substance that Executive is properly taking under a current prescription), (vii)
misappropriation by Executive of any material assets or any business opportunities of the Company or any of its subsidiaries or affiliates;
(viii) a material failure to comply with the Company’s written policies or rules, as they may be in effect from time to time during
Executive’s employment, including policies and rules prohibiting discrimination or harassment; or (ix) a material breach of any
restrictive covenants agreement or any other written agreement between the Company or one of its subsidiaries and Executive, provided
that Executive will have thirty (30) days after notice from the Board to cure a failure or a breach under (vi), (viii) and (ix), to the
extent reasonably curable.

 

(e) Definition of “Good
Reason”. As used herein, “Good Reason” means the occurrence of any of the following events without Executive’s
consent; provided, that any resignation by Executive due to any of the following conditions will only be deemed for Good Reason if: (i)
Executive gives the Board written notice of the intent to terminate for Good Reason within thirty (30) days following the first occurrence
of the event that Executive believes constitutes Good Reason; (ii) the Company fails to cure, if curable, such event within thirty (30)
days following receipt of Executive’s written notice; and (iii) Executive actually resigns his employment within sixty (60) days
(or, if later, effective September 10, 2023) after delivering his notice to the Board based on any of the following: (a) failure to appoint
Executive as Chief Executive Officer of the Company effective no later than February 15, 2023; (b) a material reduction of Executive’s
Base Salary or Target Bonus as in effect immediately prior to the reduction; (c) a change in the geographic location of the place where
Executive principally performs services for the Company by more than fifty (50) miles from its existing location (other than in connection
with business travel); (d) the Board’s failure to nominate or re-nominate Executive for a seat on the Board; or (e) a material reduction
in Executive’s authority, duties or responsibilities (other than in connection with a Change of Control in which Executive retains
authority over the Company’s business that is similar to the pre-Change of Control authority other than such reductions as are typical
when becoming a senior executive of an acquirer’s subsidiary or that relate to ceasing to be the most senior executive of a publicly
traded corporation). For purposes of this Agreement, “Good Reason” shall be interpreted in a manner, and limited to the extent
necessary, so that it shall not cause adverse tax consequences for either party with respect to Section 409A (“Section 409A”)
of the Internal Revenue Code of 1986, as amended, and any successor statute, regulation and guidance thereto (the “Code”).

 

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(f) Prior Employer Compensation.
Executive knowingly waives any claim against the Company with respect to any compensatory agreement or arrangement he has or has had in
place with the Sellers (as defined in the Membership Interest Purchase and Sale Agreement by and among the Company, SF Solar Blocker 2
LLC, SF Solar Blocker 3 LLC, and Spruce Holding Company 3 Holdco LLC and HPS Investment Partners, LLC as Sellers’ Representative,
the “MPSA”) or Spruce Manager, LLC or any affiliates of the Sellers or any entities or businesses being purchased under the
MPSA, whether such claim for compensatory payments, damages, taxes, or penalties. Nothing in this section applies to the compensation
described in other sections of this Agreement nor does it apply to any ordinary compensatory payments due from the entities purchased
under the MPSA that have not yet been made because of normal payroll processing delays.

 

(g) Employment through First
Anniversary. Executive intends to remain employed by the Company until at least September 10, 2023. Notwithstanding anything herein
to the contrary, in the event that Executive’s employment ceases pursuant to the events described in Section 2(b)(ii)(C) or Section
2(b)(iii)(A), the effective date of Executive’s separation of service will be no earlier than September 10, 2023. If any such termination
of employment pursuant to Section 2(b)(ii)(C) or Section 2(b)(iii)(A) is contemplated on or before September 10, 2023, the Company or
Executive, as applicable, shall notify the other party in writing (the date of such notice, the “Notice Date”). Between the
Notice Date and September 10, 2023 (the “Transition Period”), the Executive will continue to remain employed by the Company,
absent an intervening termination for Cause. During the Transition Period, Executive will be expected to perform such transition and other
duties as reasonably requested by the Company in its discretion, at a level no less than necessary such that Executive’s “separation
from service” under Section 409A(a)(2)(A)(i) of the Code will occur no earlier than September 10, 2023. During the Transition
Period, the Executive will be paid his then applicable compensation and benefits (subject to the terms of the benefit plans). For the
avoidance of doubt, payments during the Transition Period will offset dollar for dollar the Company’s aggregate obligations (if
applicable) under Section 4(e)(i), provided that no change in the payment schedule shall occur. In addition, the Company’s obligations
under Section 4(e)(iii) shall be reduced by the number of full months occurring during the Transition Period.

 

3. Compensation.

 

(a) Base Salary. The
Company shall pay Executive a base salary (the “Base Salary”) at the annual rate of Six Hundred Fifty Thousand Dollars ($650,000.00).
The Base Salary shall be payable in substantially equal periodic installments in accordance with the Company’s payroll practices
as in effect from time to time. The Company shall deduct from each such installment all amounts required to be deducted or withheld under
applicable law or under any employee benefit plan in which Executive participates. Executive will be eligible for reasonable annual growth
in Base Salary under the oversight and judgment of, and recommendation of approval of, the Compensation Committee of the Board and the
approval of the Board. The amount of any salary increase will be determined by the Board in its discretion.

 

(b) Annual Performance Bonus.
Executive shall be eligible to receive an annual cash bonus (the “Annual Performance Bonus”) pursuant to the Company’s
bonus plan offered to Company executives, with a target bonus (the “Target Bonus”) equal to 100% of his then-current Base
Salary. The Annual Performance Bonus will be based on achieving annual performance metrics determined by the Compensation Committee (or
the Board) in its sole discretion after consultation with Executive, provided that any payments above the Target Bonus (if the metrics
are achieved) will be in the sole discretion of the Compensation Committee or the Board. The Annual Performance Bonus shall be paid to
Executive no later than March 15th of the calendar year immediately following the calendar year to which it relates. Executive
must be employed by the Company on the date that the Annual Performance Bonus is paid to Executive in order to be eligible for, and to
be deemed as having earned, such Annual Performance Bonus. The Company shall deduct from the Annual Performance Bonus all amounts required
to be deducted or withheld under applicable law or under any employee benefit plan in which Executive participates. Executive acknowledges
and agrees that any Annual Performance Bonus for calendar year 2022 shall be prorated for the period from the Effective Date to December
31, 2022. For the Annual Performance Bonus for the fiscal year ending December 31, 2023 (the “2023 Bonus”) only, if Executive
is employed by the Company as of the date such bonus is due to be paid to other members of the executive management team, the Annual Performance
Bonus will be no less than the Target Bonus, less applicable taxes and withholdings.

 

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(c) Signing Grant. Executive
shall be entitled to a signing bonus through a grant of Nine Hundred Nine Thousand Ninety One (909,091) fully vested shares of the common
stock of the Company (“Company Common Stock”) to be issued as of the Effective Date under and pursuant to the terms of the
XL Fleet Corp. 2020 Equity Incentive Plan (the “Equity Plan”) and as set forth in an accompanying award agreement, with the
number of shares reduced to reflect any employee withholding obligations with respect to the grant. Executive agrees to not dispose of
any of the shares so granted until at least the first anniversary of the date of grant (except in the case of a termination for Good Reason).

 

(d) Time-Based Equity Award.
Effective as of the Effective Date, Executive shall be granted restricted stock units (“RSUs”) with respect to Nine Hundred
Nine Thousand Ninety One (909,091) shares of Company Common Stock to be issued under and pursuant to the terms of the Equity Plan and
as set forth in an accompanying award agreement. The RSUs will vest 25% on the first anniversary of the Effective Date with the remainder
vesting in equal quarterly installments on the last day of each quarter (beginning September 30, 2023) over the following three years,
provided that Executive remains employed by the Company on each vesting date (except as otherwise provided in this Agreement).
Commencing with the 2024 performance year, Executive will be eligible to be considered for additional awards of equity compensation in
the sole discretion of the Board or the Compensation Committee, and consistent with Company practice regarding Company executives.

 

(e) Performance-Based Equity
Award. Effective as of the Effective Date, Executive shall also be granted additional RSUs (the “Ladder RSUs”) with respect
to One Million Six Hundred Sixty Six Thousand Six Hundred Sixty Six (1,666,666) shares of Company Common Stock to be issued under and
pursuant to the terms of the Equity Plan and an accompanying award agreement. The Ladder RSUs are described on Schedule I to this Agreement,
which forms a part of this Agreement.

 

(f) Vacation. The Company
acknowledges that Executive will manage his vacation in accordance with the Company’s flexible vacation policy, in a manner scheduled
to minimize disruption to the Company’s operations. Executive’s use of annual vacation time of six weeks or less will not
be deemed a breach of his duties to the Company. No unused vacation time will be paid to Executive upon termination of employment, unless
otherwise required by applicable law.

 

(g) Fringe Benefits.
While employed, Executive (and Executive’s spouse and/or eligible dependents to the extent provided in the applicable plans and
programs) shall be eligible to participate in and be covered under the health and welfare benefit plans and programs maintained by the
Company for the benefit of its employees from time to time, pursuant to the terms of such plans and programs and on the same terms and
conditions as those applicable to similarly situated senior executives. The terms of any such benefits shall be governed by the applicable
plan documents and Company policies in effect from time to time (and, to the extent this Agreement conflicts with such terms, the terms
of such benefit plans shall govern). Nothing contained herein shall create or be deemed to create any obligation on the part of the Company
to adopt or maintain any health, welfare, retirement or other benefit plan or program at any time or to create any limitation on the Company’s
ability to modify or terminate any such plan or program.

 

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(h) Reimbursement of Expenses.
The Company will pay directly to counsel or reimburse Executive for up to Twenty Five Thousand Dollars ($25,000) within fifteen (15) days
following receipt of a letter from his counsel that he has incurred and is expected to pay attorneys’ fees of at least the amount
sought with respect to the negotiations and all documentation relating to his becoming employed by the Company (including any review of
any equity compensation materials). In addition, the Company shall reimburse Executive for all ordinary and reasonable out-of-pocket business
expenses incurred by Executive in furtherance of the Company’s business in accordance with the Company’s policies with respect
thereto as in effect from time to time. Executive must submit any request for reimbursement no later than ninety (90) days following the
date that such business expense is incurred. All reimbursements provided under this Agreement shall be made or provided in accordance
with the requirements of Section 409A including, where applicable, the requirement that (i) any reimbursement is for expenses incurred
during Executive’s lifetime (or during a shorter period of time specified in this Agreement); (ii) the amount of expenses eligible
for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year; (iii) the
reimbursement of an eligible expense shall be made no later than the last day of the calendar year following the year in which the expense
is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

(i) Indemnification.
The Company will indemnify Executive through a separate Indemnification Agreement that will provide indemnity and advancement pursuant
to Delaware law in substantially the same form provided to other executive officers. The Company will purchase and maintain in effect
a directors and officers insurance policy and will insure Executive consistent with coverage provided to all Company directors and officers.

 

(j) Forfeiture/Clawback.
All compensation shall be subject to any forfeiture or clawback policy established by the Company generally for senior executives from
time to time and any other such policy required by applicable law.

 

(k) Required Stock Ownership.
Executive will be subject to a stock ownership requirement pursuant to which the Company’s chief executive officer is expected to
hold, phased in over a three year period, Company Common Stock valued at five times’ Executive’s Base Salary, with exceptions
permitting sale in the event of hardship or after ceasing to be employed.  Executive will be consulted in connection with the design
of the stock ownership requirement. In addition (and counting against the ownership rule while held), Executive agrees to retain at least
twenty percent (20%) of any shares received on vesting of any RSUs for a period of at least one year after distribution to him, net of
any required tax withholdings

 

4. Payments Upon Termination.

 

(a) Definition of Accrued
Obligations. For purposes of this Agreement, “Accrued Obligations” means: (i) the portion of Executive’s Base Salary
that has accrued prior to any termination of Executive’s employment with Company and has not yet been paid; (ii) the amount of any
expenses properly incurred by Executive on behalf of the Company prior to any such termination and not yet reimbursed; and (iii) any earned
but unpaid Annual Performance Bonus (except as provided under Section 3(b)). Executive’s entitlement to any other compensation or
benefit under any Company plan shall be governed by and determined in accordance with the terms of such plans, except as otherwise specified
in this Agreement.

 

(b) Termination by the Company
for Cause. If Executive’s employment hereunder is terminated by the Company for Cause, then the Company shall pay the Accrued
Obligations to Executive within the time provided by law for terminated employees and the Company shall have no further obligations to
Executive under this Agreement.

 

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(c) Termination by Executive
Without Good Reason. If Executive’s employment hereunder is terminated by Executive without Good Reason then the Company shall
pay the Accrued Obligations. The Company shall have no further obligations to Executive under this Agreement.

 

(d) Termination as a Result
of Executive’s Disability or Death. If Executive’s employment hereunder terminates as a result of Executive’s Disability
or death, the Company shall pay to Executive within the time provided by law (i) the Accrued Obligations; and (ii) a pro-rata portion
of Executive’s Target Bonus for the calendar year in which such termination occurs based on the period worked by Executive during
such calendar year prior to termination, with such payment to be made in one lump sum in accordance with Company’s normal payroll
practices and schedules as soon as practicable following the cessation of employment, less all customary and required taxes and employment-related
deductions. In addition, on the date of termination of Executive’s employment under this subsection, Executive shall become fully
vested in any and all equity awards with time-based vesting that would have vested during the twelve (12) month period following the termination
date. The Company shall have no further obligations with respect to any benefit or compensation to Executive under this Agreement.

 

(e) Termination by the Company
Without Cause or by Executive For Good Reason. In the event that Executive’s employment is terminated by action of the Company
without Cause, or Executive terminates Executive’s employment for Good Reason, then, in addition to the Accrued Obligations, Executive
shall receive the following, subject to the terms and conditions described in Section 4(g) (including Executive’s execution of the
Release (as defined herein)):

 

(i) Severance Payments.
Continuation of payments in an amount equal to the sum of eighteen (18) months of then-current Base Salary and 1.5 times the Target Bonus,
with the sum payable ratably over an eighteen (18) month period, less all customary and required taxes and employment-related deductions,
in accordance with the Company’s normal payroll practices (provided such payments shall be made at least monthly).

 

(ii) Equity Acceleration.
Full vesting in any and all equity awards with time-based vesting that would have vested during the twelve (12) month period following
the termination date, provided that no vesting shall occur after the date of termination until such date as the Release required below
becomes effective against Executive (at which time vesting will occur) and the portion subject to acceleration shall not be forfeited
until the earlier of (i) sixty (60) days after the date of termination without the Release’s becoming effective or (ii) Executive’s
notification to the Company that he will not execute or will revoke the Release.

 

(iii) COBRA Payment.
Payment of a lump sum equal to COBRA premiums at active employee rates for eighteen (18) months (and Executive shall have a duty to inform
Company of subsequent medical coverage to which he is entitled, with repayment to Company of COBRA premiums for unused months of coverage).

 

(iv) Effect on
Noncompetition Restrictions. If Executive’s termination for Good Reason is as a result of the Board’s not promoting him
to Chief Executive Officer by February 15, 2023 (and the Board’s reason for the lack of promotion does not cite Cause), the Restricted
Period, as defined in and applied to Section 4(a) of the Employee Covenants Agreement (as defined below), will be reduced to six (6) months,
beginning as of the later of (i) the Notice Date where applicable under Section 2(g) and (ii) September 10, 2023. If Executive’s
termination without Cause occurs before September 10, 2023, the Restricted Period, as defined in and applied to Section 4(a) of the Employee
Covenants Agreement, will be twelve (12) months beginning with the Notice Date. The Restricted Period for other purposes will remain as
stated in the Employee Covenants Agreement.

 

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Payment of the above described
severance payments and benefits are expressly conditioned on Executive’s execution without revocation of the Release and return
of Company property under Section 6. The Company will commence payment of the severance payments in Section 4(e)(i) and make the COBRA
Payment on the first payroll date whose cutoff date follows the date on which the Release required by Section 4(g) becomes effective and
non-revocable, provided, that if the 60-day period during which the Release is required to become enforceable and irrevocable crosses
a tax year, then the payments will be delayed until such subsequent calendar year; provided further that if such payments are delayed
until such subsequent year, the first such payment shall be a lump sum in an amount equal to the payments that would have come due since
Executive’s separation from service.

 

(f) Termination by the Company
Without Cause or by Executive For Good Reason in Connection with a Change of Control. In the event that a Change of Control of the
Company (as defined below) occurs and (a) within a period of two (2) years following the Change of Control, or (b) within a period of
ninety (90) days preceding the Change of Control if the termination is related to the Change of Control, Executive’s employment
is terminated without Cause, or Executive terminates Executive’s employment for Good Reason, then, in addition to the Accrued Obligations,
Executive shall receive the following, subject to the terms and conditions described in Section 4(g) (including Executive’s execution
of the Release):

 

(i) Severance Payments.
Payments in an amount equal to twice the sum of the then-current Base Salary and the Target Bonus, with the sum payable ratably over a
twenty-four (24) month period, less all customary and required taxes and employment-related deductions, in accordance with the Company’s
normal payroll practices (provided such payments shall be made at least monthly).

 

(ii) Equity Acceleration.
Full vesting of any and all equity awards outstanding as of the date of Executive’s termination, provided that no vesting shall
occur after the date of termination until such date as the Release becomes effective against Executive (at which time, subject to the
paragraph following Section 4(f)(iv), vesting will occur), and the portion subject to acceleration shall not be forfeited, subject to
the provisions of the paragraph following Section 4(f)(iv) until the earlier of (i) sixty (60) days after the date of termination without
the Release’s becoming effective or (ii) Executive’s notification to the Company that he will not execute or will revoke the
Release.

 

(iii) COBRA Payment.
Payment of a lump sum equal to COBRA premiums at active employee rates for eighteen (18) months (and Executive shall have a duty to inform
Company of subsequent medical coverage to which he is entitled, with repayment to Company of COBRA premiums for unused months of coverage).

 

If the termination without
Cause or termination for Good Reason precedes the Change of Control, no enhanced severance will be paid or extra vesting will occur unless
and until such time as the Change of Control closes, but the equity awards, if any, that would vest will remain unforfeited until the
earliest of the closing of the Change of Control, the cancellation of the Change of Control, or ninety (90) days after employment ends
(to determine if a Change of Control will occur). If the closing of the Change of Control occurs on the timing contemplated by this section,
the first payment of severance will include any enhanced severance not paid pending the completion of the Change of Control. Any enhanced
payment or vesting will be further conditioned on the Release’s becoming effective within sixty (60) days following the termination
of employment.

 

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Payment of the above described
severance payments and benefits are expressly conditioned on Executive’s execution without revocation of the Release and return
of Company property under Section 6. In the event that Executive is eligible for the severance payments and benefits under this Section
4(f), Executive shall not be eligible for any of the severance payments and benefits as provided in Section 4(e). The Company will commence
the severance payments in Section 4(f)(i) and make the COBRA Payment on the first payroll date whose cutoff date follows the date on which
the Release required by Section 4(g) becomes effective and non-revocable, provided, that if the time period during which the Release is
required to become enforceable and irrevocable crosses a tax year, then the payments will delayed until such subsequent calendar year;
provided further that if such payments are delayed until such subsequent year, the first such payment shall be a lump sum in an amount
equal to the payments that would have come due since Executive’s separation from service.

 

As used herein, a “Change
of Control” shall mean the occurrence of any of the following events: (i) Any “Person” (as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) or group of Persons (other than the Company or its affiliates) becomes
the “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing
fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities (the “Outstanding
Company Voting Securities”) (excluding for this purpose any such voting securities held by the Company, or any affiliate, parent
or subsidiary of the Company, or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions
(but excluding any bona fide financing event in which securities are acquired directly from the Company); (ii) the consummation of a merger
or consolidation of the Company with any other entity, other than a merger or consolidation (i) that results in the Outstanding Company
Voting Securities immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the Outstanding Company Voting Securities
(or such surviving entity or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof) outstanding
immediately after such merger or consolidation, or (ii) immediately following which the individuals who comprise the Board immediately
prior thereto constitute at least a majority of the board of directors (or other managing body) of the entity surviving such merger or
consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof; or (iii) the sale
or disposition by the Company of all or substantially all of the Company’s assets, other than (i) a sale or disposition by the Company
of all or substantially all of the Company’s assets to an entity, at least fifty percent (50%) of the combined voting power of the
voting securities of which are owned directly or indirectly by stockholders of the Company following the completion of such transaction
in substantially the same proportions as their ownership of the Company immediately prior to such sale or (ii) a sale or disposition of
all or substantially all of the Company’s assets immediately following which the individuals who comprise the Board immediately
prior thereto constitute at least a majority of the board of directors (or other managing body) of the entity to which such assets are
sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof; provided that, in each case, a transaction will not
be deemed a Change of Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A.

 

(g) Execution of Severance
Agreement and Release of Claims. The Company shall not be obligated to pay Executive any of the severance payments or benefits described
in this Section 4 unless and until Executive has executed (without revocation) a severance agreement and release of claims as described
below (the “Release”). The Release shall be in substantially the form attached hereto as Exhibit B (subject to revisions for
applicable law and changed circumstances). The final version of the Release must be provided to Executive not later than fifteen (15)
days following the effective date of termination of Executive’s employment by the Company and executed by Executive and returned
to the Company within sixty (60) days after such effective date. If Executive fails or refuses to return the Release within such 60-day
period, Executive’s severance payments and benefits to be paid hereunder shall be forfeited.

 

    9

     

    

 

(h) No Other Payments or
Benefits Owing. Except as expressly set forth herein, the payments and benefits set forth in this Section 4: (a) shall be the sole
amounts owing to Executive upon termination of Executive’s employment for the reasons set forth above, and Executive shall not be
eligible for any other payments or other forms of compensation or benefits; (b) shall be the sole remedy, if any, available to Executive
in the event that Executive brings any claim against the Company relating to the termination of Executive’s employment under this
Agreement; and (c) shall not be subject to set-off by the Company or any obligation on the part of Executive to mitigate or to offset
compensation earned by Executive in other pursuits after termination of employment, other than as specified herein with respect medical
benefits provided by another employer.

 

5. Confidentiality; Prohibited
Competition and Solicitation; Inventions Assignment. In light of the competitive and proprietary aspects of the business of the Company,
and as a condition of employment hereunder, Executive agrees to execute and abide by the Company’s Employee Covenants (the “Employee
Covenants Agreement”), attached as Exhibit A hereto.

 

6. Property and Records.
Upon the termination of Executive’s employment hereunder for any reason or for no reason, or if the Company otherwise requests,
Executive shall: (a) return to the Company all tangible business information and copies thereof (regardless how such confidential information
or copies are maintained), and (b) deliver to the Company any property of the Company which may be in Executive’s possession, including,
but not limited to, devices, smart phones, laptops, cell phones (the foregoing, “electronic devices”), products, materials,
memoranda, notes, records, reports or other documents or photocopies of the same. In the event that Executive is then using his personal
devices (whether computers, mobile phones or otherwise) in the service of Company business activities, Executive agrees to tender such
devices to Company to enable Company to recover and retrieve any Company information stored therein. Company shall return such devices
to Executive after such retrieval. Executive may retain copies of any exclusively personal data contained in or on the Company-owned electronic
devices returned to the Company pursuant to the foregoing. The foregoing notwithstanding, Executive understands and agrees that the Company
property belongs exclusively to the Company, it should be used for Company business, and Executive has no reasonable expectation of privacy
on any Company property or with respect to any information stored thereon. The Company agrees that it shall not use Executive’s
name, image, or likeness subsequent to the termination of Executive’s employment without Executive’s express written consent
other than as may be required by applicable law and in connection with securities filings.

 

7. Cooperation. During
and after Executive’s employment, Executive shall fully cooperate with the Company to the extent reasonable in the defense or prosecution
of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company (other than claims
directly or indirectly against Executive) which relate to events or occurrences that transpired while Executive was employed by the Company.
Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet
with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and
after Executive’s employment, Executive also shall fully cooperate with the Company to the extent reasonable in connection with
any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events
or occurrences that transpired while Executive was employed by the Company. The Company shall reimburse Executive for any reasonable out-of-pocket
expenses incurred in connection with Executive’s performance of obligations pursuant to this section.

 

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8. Code Sections 409A and
280G. 

 

(a) In the event that the payments
or benefits set forth in Section 4 of this Agreement constitute “non-qualified deferred compensation” subject to Section 409A,
then the following conditions apply to such payments or benefits:

 

(i) Any termination
of Executive’s employment triggering payment of benefits under Section 4 must constitute a “separation from service”
under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of such benefits can commence. To the
extent that the termination of Executive’s employment does not constitute a separation of service under Section 409A(a)(2)(A)(i)
of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services that are reasonably anticipated to be provided by Executive
to the Company at the time Executive’s employment terminates), any such payments under Section 4 that constitute deferred compensation
under Section 409A shall be delayed until after the date of a subsequent event constituting a separation of service under Section 409A(a)(2)(A)(i)
of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section 8(a) shall not cause any forfeiture of benefits
on Executive’s part, but shall only act as a delay until such time as a “separation from service” occurs.

 

(ii) Notwithstanding
any other provision with respect to the timing of payments under Section 4 if, at the time of Executive’s termination, Executive
is deemed to be a “specified employee” of the Company (within the meaning of Section 409A(a)(2)(B)(i) of the Code), then limited
only to the extent necessary to comply with the requirements of Section 409A, any payments to which Executive may become entitled under
Section 4 which are subject to Section 409A (and not otherwise exempt from its application) shall be withheld until the first (1st)
business day of the seventh (7th) month following the termination of Executive’s employment, at which time Executive
shall be paid an aggregate amount equal to the accumulated, but unpaid, payments otherwise due to Executive under the terms of Section
4.

 

(b) It is intended that each
installment of the payments and benefits provided under Section 4 of this Agreement shall be treated as a separate “payment”
for purposes of Section 409A. Neither the Company nor Executive shall have the right to accelerate or defer the delivery of any such payments
or benefits except to the extent specifically permitted or required by Section 409A.

 

(c) Notwithstanding any other
provision of this Agreement to the contrary, this Agreement shall be interpreted and at all times administered in a manner that avoids
the inclusion of compensation in income under Section 409A, or the payment of increased taxes, excise taxes or other penalties under Section
409A. The parties intend this Agreement to be in compliance with Section 409A. Executive acknowledges and agrees that the Company does
not guarantee the tax treatment or tax consequences associated with any payment or benefit arising under this Agreement, including but
not limited to consequences related to Section 409A.

 

(d) If any payment or benefit
Executive would receive under this Agreement, when combined with any other payment or benefit Executive receives pursuant to a Change
of Control (for purposes of this section, a “Payment”) would: (i) constitute a “parachute payment” within the
meaning of Section 280G the Code; and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the
“Excise Tax”), then such Payment shall be either: (A) the full amount of such Payment; or (B) such lesser amount (with cash
payments being reduced before stock option compensation) as would result in no portion of the Payment being subject to the Excise Tax,
whichever of the foregoing amounts, taking into account the applicable federal, state and local employments taxes, income taxes, and the
Excise Tax, results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all
or some portion of the Payment may be subject to the Excise Tax.

 

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9. General.

 

(a) Notices. Except as
otherwise specifically provided herein, any notice required or permitted by this Agreement shall be in writing and shall be delivered
as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written
verification of receipt; (iii) by telecopy or electronic mail transmission provided acknowledgment of receipt of electronic transmission
is provided; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt.

 

Notices to Executive shall be sent to the last known address
in the Company’s records or such other address as Executive may specify in writing.

 

Notices to the Company shall be sent to:

 

General Counsel

XL Fleet Corp.

47000 Liberty Drive

Wixom MI 48393

Attn: Stacey Constas, Esq. (sconstas@xlfleet.com)

 

(b) Modifications and Amendments.
The terms and provisions of this Agreement may be modified or amended only by written agreement executed by the parties hereto.

 

(c) Waivers and Consents.
The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by a written document executed
by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute
a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent
shall be effective only in the specific instance and for the purpose for which it was given and shall not constitute a continuing waiver
or consent.

 

(d) Assignment. The Company
may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially all of the Company’s
business or that aspect of the Company’s business in which Executive is principally involved. Executive may not assign Executive’s
rights and obligations under this Agreement without the prior written consent of the Company.

 

(e) Governing Law/Dispute
Resolution. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the law of the State of Delaware without giving effect to the conflict of law principles thereof. Any legal action or proceeding with
respect to this Agreement shall be brought in the courts of the State of Delaware or of the United States of America for the District
of Delaware. By execution and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of its property,
generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts.

 

(f) Headings and Captions.
The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify
or affect the meaning or construction of any of the terms or provisions hereof.

 

(g) Entire Agreement.
This Agreement, together with the other agreements specifically referenced herein, embodies the entire agreement and understanding between
the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating
to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this
Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

(h) Counterparts. This
Agreement may be executed in two or more counterparts, and by different parties hereto on separate counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. For all purposes an electronic signature shall
be treated as an original.

 

[SIGNATURE PAGE FOLLOWS]

 

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

	 	 
	 	XL FLEET CORP.
	 	 
	 	By: 	/s/ Eric Tech
	 	Name:  	Eric Tech
	 	Title: 	Chief Executive Officer
	 	 
	 	EXECUTIVE
	 	 
	 	By: 	/s/ Christian Fong
	 	Name: 	Christian Fong
	 	 

 

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Schedule I

 

Ladder RSUs

 

The Ladder RSUs shall become vested on the dates of certification by
the “Administrator,” as defined in the Equity Plan, of the Achievement of the applicable milestone stock prices (each
a “Milestone Stock Price”):

 

		1.	10% of the Ladder RSUs shall vest upon Achievement (as defined below) of a stock price that equals or
exceeds $3.23;

		2.	10% of the Ladder RSUs shall vest upon Achievement of a stock price that equals or exceeds $5.37;

 

		3.	10% of the Ladder RSUs shall vest upon Achievement of a stock price that equals or exceeds $7.50;

 

		4.	10% of the Ladder RSUs shall vest upon Achievement of a stock price that equals or exceeds $9.64;

 

		5.	10% of the Ladder RSUs shall vest upon Achievement of a stock price that equals or exceeds $11.77;

 

		6.	10% of the Ladder RSUs shall vest upon Achievement of a stock price that equals or exceeds $13.91;

 

		7.	10% of the Ladder RSUs shall vest upon Achievement of a stock price that equals or exceeds $16.04;

 

		8.	10% of the Ladder RSUs shall vest upon Achievement of a stock price that equals or exceeds $18.18;

 

		9.	10% of the Ladder RSUs shall vest upon Achievement of a stock price that equals or exceeds $20.31; and

 

		10.	10% of the Ladder RSUs shall vest upon Achievement of a stock price that equals or exceeds $22.45.

 

“Achievement” of each applicable Milestone Stock
Price shall be based on the average of the closing prices of the Company Common Stock on the New York Stock Exchange for a period of twenty
(20) consecutive trading days equaling or exceeding the applicable Milestone Stock Price, as measured and, if applicable, certified by
the Administrator as achieved within thirty (30) days after the end of each calendar quarter. The shares resulting from the vesting will
be distributed as soon as practicable and, in any event, within the short-term deferral period after vesting. For the avoidance of doubt,
upon the achievement of any of the Milestone Stock Prices described in clauses (1) through (10), above, the Milestone Stock Prices in
the preceding clauses shall also be deemed achieved, provided that no Milestone Stock Price will be treated as achieved more than once.
The Milestone Stock Prices will be adjusted as applicable in light of stock splits, or reverse stock splits and may be adjusted for stock
dividends or other capitalization events. Executive must remain employed by the Company on the date of determination of achievement. Vesting
of the Ladder RSUs will be rounded up for fractional shares to the next full share, provided that the total vested will not exceed the
amount of the grant. The Ladder RSUs will expire to the extent not vested within ten years of the date of grant.

 

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Exhibit A

 

ATTACHMENT A

 

XL FLEET CORP.

EMPLOYEE COVENANTS AGREEMENT 

 

In consideration of my employment
and/or continued employment with XL Fleet Corp., its subsidiaries, affiliates, successors, or assigns (collectively, the “Company”),
and my receipt of any compensation now and/or hereafter paid to me by the Company, I have executed this Covenants Agreement (this “Agreement”).
For purposes of this Agreement, the Company also refers to the entities and assets XL Fleet Corp. has purchased pursuant to the MPSA as
defined in the Employment Agreement (the “Employment Agreement”) to which the Agreement is attached (the “Spruce
Business”). I recognize and acknowledge that the Company is engaged in activities that involve, and continue to involve,
the use of proprietary business plans, methods, and technologies developed through the expenditure of substantial amounts of skill, time,
and money. As a result of such investments, the Company has developed certain Trade Secrets and Confidential Information (defined herein)
which give the Company significant advantages over its competitors. Due to the nature of my employment with the Company, I may have frequent
direct and indirect contact with various customers of the Company and may be presented with, have access to, and/or participate in the
development of Trade Secrets and Confidential Information. These constitute valuable, special, and unique assets of the Company, the misuse,
misapplication, or disclosure of which contrary to the terms of this Agreement may cause substantial loss of competitive advantage and
substantial and possibly irreparable damage to the business and asset value of the Company.

 

	1.	DEFINITIONS. The following capitalized terms are select
definitions used in this Agreement:

 

(a)   “Trade
Secrets” shall have the definition provided under applicable law as modified from time to time. The current definition includes,
but is not limited to, anything tangible or intangible or electronically kept or stored, which constitutes, represents, evidences, or
records a secret, whether scientific, technical, merchandising, production, or management information, design, process, procedure, formula,
invention, or improvement. Trade Secrets may also consist of: (i) any formula, pattern, device, or compilation of information that is
used in the Company’s business, and which gives it an opportunity to obtain an advantage over competitors who do not know or use
it; (ii) a formula for a chemical compound, a process of manufacturing, treating or preserving materials, a pattern for a machine or other
device, or a list of customers; or (iii) a process or device for continuous use in the operation of the business, and generally relates
to the production of goods or services. To the extent otherwise protectable as a Trade Secret, the Company’s Trade Secrets include,
but are not limited to, all of the Company’s knowledge regarding the research, development, manufacture, processing, marketing,
distribution, operation, and sale of the Company’s vehicle modification technologies, systems, and kits to improve fuel efficiency
and emissions, and any other product or service offered by the Company during my employment with the Company, including specifically knowledge
related to the Spruce Business. Trade Secrets also include anything described in this Section that the Company obtains from a third party
and which it treats as proprietary or designates as trade secret, whether or not owned or developed by the Company.

 

(b)   “Confidential
Information” shall mean any data or information, other than Trade Secrets, which is of value to the Company, and is not
generally known to competitors of the Company, whether written, fixed in other tangible form, or committed to memory. To the extent consistent
with the foregoing, Confidential Information includes, but is not limited to, all information about the Company’s business and affairs,
such as its executives, employees, and contractors, product specifications, designs, processes, data, concepts, ideas, product descriptions,
price lists, pricing policies, business methods, contracts and contractual relationships with customers and suppliers, customer and supplier
lists, current and anticipated customer requirements, current and planned distribution methods and processes, business plans, marketing
plans and techniques, finances and financial projections, market studies, computer software and programs (including without limitation
object and source code), systems, structures and architectures, proprietary intellectual property (including without limitation, know-how,
inventions, discoveries, patents, patent applications, and patentable subject matter, and copyrighted materials). Confidential Information
shall include, but not be limited to, all of the Company’s knowledge regarding the research, development, manufacture, processing,
marketing, distribution, operation, and sale of the Company’s vehicle modification technologies, systems, and kits to improve fuel
efficiency and emissions, knowledge related to the Spruce Business and any other product or service offered by the Company during my employment
with the Company. Confidential Information also includes anything described in this Section that the Company obtains from a third party
and which it treats as proprietary or designates as confidential information, whether or not owned or developed by the Company.

 

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(c)   The
terms “Confidential Information” and “Trade Secrets” shall not include any materials or information to the extent
that it: (i) is or becomes publicly known or generally utilized by others engaged in the same business or activities in which the Company
utilized, developed, or otherwise acquired such information, other than as the result of a breach of this Agreement; or (ii) is known
to me prior to my employment with the Company, having been lawfully received from parties other than the Company..

 

(d)   “Inventions”
shall mean all inventions, original works of authorship, developments, concepts, improvements, designs, discoveries, ideas, trademarks
or trade secrets, including, but not limited to, software, code, websites, algorithms, methods, content, packaging, surveys, reports,
contributions to Company’s proprietary business methods, marketing plans, and work product, whether or not patentable or registrable
under copyright or similar laws, that I may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed
or reduced to practice, during my employment with the Company.

 

		2.	NON-DISCLOSURE.

 

(a)   Trade
Secrets. During the term of my employment with the Company and after the termination thereof, whether such termination is at the instance
of the Company or me, I will not, except as expressly authorized or directed by the Company, use, copy, duplicate, transfer, transmit,
disclose, or permit any unauthorized person access to any Trade Secrets of the Company or of the Company’s customers, business partners
or subcontractors, or any related third- party, so long as they remain Trade Secrets as described in this Agreement.

 

(b)   Confidential
Information. During the term of employment with the Company and after my termination therefrom, whether such termination is at the
instance of the Company or me, I will not, except as expressly authorized or directed by the Company, use, copy, duplicate, transfer,
transmit, disclose, or permit any unauthorized person access to any Confidential Information of the Company, any of Company’s customers,
any of Company’s business partners or subcontractors, or any related third-party

 

(c)   Return.
Upon request of the Company and in any event upon the termination of employment with Company, I will deliver to the Company all memoranda,
notes, records, tapes, documentation, disks, manuals, files or other documents, and all copies thereof in any form, concerning or containing
Trade Secrets, Confidential Information, or Inventions that are in my possession, whether made or compiled by me, furnished to me, or
otherwise obtained by me.

 

		3.	ASSIGNMENT AND RELATED COVENANTS.

 

		(a)	Prior Inventions.

 

(i)   On
Schedule A, I have provided a list describing all inventions, original works of authorship, developments, improvements, and trade
secrets that were made by me prior to my employment with the Company (collectively, the “Prior Inventions”),
that belong to me, and which relate to the Company’s proposed business, products or research and development; or, if no such list
is attached, I represent that there are no such Prior Inventions. Under the heading “Assigned” on Schedule A, I have
listed those Prior Inventions that are being assigned to the Company hereunder, if any (collectively, the “Assigned Prior
Inventions”). If applicable, under the heading “Not Assigned” on Schedule A, I have listed those Prior
Inventions that are not being assigned to the Company hereunder, if any (collectively, the “Not Assigned Prior Inventions”).
I hereby assign to the Company, or its designee, all my right, title, and interest in and to any and all Assigned Prior Inventions, if
any, without any further consideration therefor. I agree that I will not incorporate, or permit to be incorporated, any Not Assigned Prior
Inventions owned by me or in which I have an interest into a Company product, process, or machine without the Company’s prior written
consent. Notwithstanding the foregoing sentence, if, in the course of my employment with the Company, I incorporate into a Company product,
process, or machine a Not Assigned Prior Invention owned by me or in which I have an interest, the Company is hereby granted and shall
have a non-exclusive, royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify, use, and sell such Prior Invention
as part of or in connection with such product, process, or machine.

 

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(b)   Inventions.
I agree that I will promptly make full written disclosure to the Company, will hold in trust for the sole right and benefit of the Company,
and hereby assign to the Company, or its designee, all my right, title, and interest in and to any and all Inventions, without any further
consideration therefor. I further acknowledge that all original works of authorship that are made by me (solely or jointly with others)
within the scope of and during the period of my employment with the Company and that are protectable by copyright are “works made
for hire”, as that term is defined in the United States Copyright Act. I understand and agree that the decision whether or not to
commercialize or market any Invention developed by me solely or jointly with others is within the Company’s sole discretion and
for the Company’s sole benefit and that no royalty will be due to me as a result of the Company’s efforts to commercialize
or market any such Invention.

 

(c)   Government
Contracting. I agree to assign to the United States government all my right, title, and interest in and to any and all Assigned Prior
Inventions and Inventions whenever such full title is required to be in the United States by a contract between the Company and the United
States or any of its agencies.

 

(d)   Exceptions.
I further understand that the foregoing assignment obligations do not apply to any Invention that I have developed entirely on my own
time without using the Company’s equipment, supplies, facilities, resources, trade Secrets, or Confidential Information except
for those Inventions that either: (A) relate at the time of conception or reduction to practice of the invention to the Company’s
business, or actual or demonstrably anticipated research or development of the Company; or (B) result from any work that I performed for
the Company. I will advise the Company promptly in writing of any inventions that I believe meet the foregoing criteria and not otherwise
disclosed on Schedule A.

 

(e)   Maintenance
of Records. I agree to keep and maintain adequate and current written records of the Assigned Prior Inventions and all Inventions
made by me (solely or jointly with others) during the term of my employment with the Company. The records will be in the form of notes,
sketches, drawings, and any other format that may be specified by the Company. The records will be available to and remain the sole property
of the Company at all times.

 

(f)   Patent
and Copyright Registrations. I agree to assist the Company, or its designee, at the Company’s expense, in every proper way to
secure the Company’s rights in the Assigned Prior Inventions and Inventions, and any copyrights, patents, mask work rights, or other
intellectual property rights relating thereto in any and all countries, including, but not limited to, the disclosure to the Company of
all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments, and all
other instruments that the Company shall deem necessary in order to apply for and obtain such rights and in order to assign and convey
to the Company, its successors, assigns, and nominees the sole and exclusive rights, title, and interest in and to such Inventions, and
any copyrights, patents, mask work rights, or other intellectual property rights relating thereto. I further agree that my obligation
to execute or cause to be executed, when it is in my power to do so, any such instrument or papers shall continue after the termination
of this Agreement. If the Company is unable because of my mental or physical incapacity or for any other reason to secure my signature
to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering Assigned Prior
Inventions or any Inventions, then I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents
as my agent and attorney-in-fact, to act for and in my behalf and stead to execute and file any such applications and to do all other
lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal
force and effect as if executed by me.

 

		4.	NON-COMPETITION.

 

(a)   In
order to protect the Company’s Trade Secrets, Confidential Information, property rights, goodwill and legitimate business interests,
during the term of my employment with the Company, and for the one (1) year period following the termination of my employment with the
Company (the “Restricted Period”) for any reason, I will not directly or indirectly, whether as owner, partner, shareholder,
director, manager, consultant, agent, employee, co-venturer or otherwise, engage, participate or invest in the
same or substantially similar activities as were performed by or for the Company (whether in connection with its XL Fleet business or
the business activities of Spruce Power and all of its affiliated entities) within the continental United States of America (each
a “Restricted Activity”); provided that the ownership restriction shall not prohibit an investment in publicly or privately
traded stock of a company representing less than three percent of the stock of such company, provided that I comply with the provisions
of my Employment Agreement and this Agreement other than such ownership restriction.

 

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(b)   The
Company, in its sole discretion, may elect to waive the restrictions set forth in Section 4(a). Such waiver shall be provided in writing
to me by the Company. Such waiver shall have no effect on my obligations under the remainder of this Agreement, which shall continue in
full force and effect in all respects. I acknowledge and agree that nothing in this Section 4(b) gives me an election as to compliance
with Section 4(a).

 

(c)   In
the event that I am considering a post- employment professional opportunity (including, but not limited to, in the role of employee, consultant,
contractor, owner, partner, or otherwise), that may commence during the Restricted Period, whether or not such opportunity represents
a potential violation of Section 4 (a) or not, I shall notify the General Counsel at the Company in writing of such opportunity.

 

		5.	NON-SOLICITATION.

 

(a)   During
the Restricted Period (as defined in Section 4), I will not, directly or indirectly, in any manner, other than for the benefit of the
Company:

 

(i)   call
upon, solicit, divert, take away, accept or conduct any business from or with any of the current or prospective customers, clients, vendors
or suppliers of the Company, to the extent in competition with, or to the detriment of, the Company; or

 

(ii)   solicit,
entice, or attempt to persuade any employee or consultant of the Company to leave the Company for any reason, or otherwise participate
in or facilitate the hire, directly or through another entity, of any person who is employed or engaged by the Company in the Spruce Business
or who was employed or engaged by the Company in the Spruce Business within six (6) months of any attempt to hire such person, reduced
to three (3) months if the decision to terminate the person’s employment was made after I have ceased to be employed by the Company.

 

		6.	REASONABLENESS OF RESTRICTIONS; TOLLING.

 

I acknowledge and agree that the provisions
of Sections 4 and 5 of this Agreement are necessary and reasonable to protect the Company’s Trade Secrets, Confidential Information,
property rights, goodwill and business interests. I further acknowledge and agree that the limitations and the types of employment which
are prohibited by Sections 4 and 5, including but not limited to Section 4(a), are narrow and reasonable in relation to the skills which
represent my principal salable asset both to the Company and to my other prospective employers, and that the specific but broad temporal
and geographical scope is reasonable and fair in light of the Company’s need to market its services and sell its products in a large
geographic area in order to maintain a sufficient customer base. I acknowledge and agree that the Restricted Period shall be tolled, and
shall not run during any period in which I am in violation of the terms of Section 4 and 5, to such extent as permitted under applicable
law.

 

		7.	SCOPE OF NONDISCLOSURE RESTRICTIONS

 

Nothing in this Agreement or elsewhere
prohibits me from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing
information to government agencies, filing a complaint with government agencies, or participating in government agency investigations
or proceedings. I acknowledge that I am not required to notify the Company of any such communications; provided, however, that nothing
herein authorizes the disclosure of information I obtained through a communication that was subject to the attorney-client privilege.
In addition, notwithstanding any provisions in this Agreement, pursuant to the federal Defend Trade Secrets Act, I cannot be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (a) in confidence to
a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting
or investigating a suspected violation of law; or (b) in a complaint or other document filed in a lawsuit or other proceeding, if such
filing is made under seal. In addition, if I file a lawsuit against the Company alleging retaliation for reporting a suspected violation
of law, I may disclose the trade secret to my attorney and use the trade secret information in the court proceeding, provided I file any
document containing the trade secret under seal and do not disclose the trade secret except pursuant to court order.

 

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		8.	REPRESENTATIONS AND WARRANTIES.

 

(a)   No
Violation. I am not subject to any employment, non-disclosure, confidentiality, non-compete, employee covenants, or other agreement
with any third party (including, but not limited to, any former employer) that would prevent or prohibit me from fulfilling my duties
for the Company. If am the subject of any such agreement, and have any doubt as to its applicability, I will provide a copy of such agreement
to the Company so that the Company can make a determination as to its effect on my ability to work for the Company.

 

(b)   Third-Party
IP. I agree not to use or include in any of my Inventions any copyrighted, restricted, or protected code, specifications, concepts,
trade secrets, or confidential information of any third party, or any other information which I would be prohibited from using by any
employment, non- disclosure, confidentiality, non-compete, employee covenants, or other agreement with any third party. If I am unsure
whether I may use or incorporate any third-party product or code or other work of any third party in any of my Inventions, I will check
with the Company’s management and experts prior to such use or incorporation.

 

		9.	GENERAL.

 

(a)   Further
Assurances. I agree to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. I
have not entered into and agree not to enter into any oral or written agreement in conflict with this Agreement.

 

(b)   Equitable
Relief. I agree that it would be impossible or inadequate to measure and calculate the Company’s damages from any breach or
threatened breach of the covenants set forth in this Agreement. Accordingly, I agree that if I breach or threaten to breach this Agreement,
the Company will have available, in addition to any other right or remedy available, the right to obtain an injunction from a court of
competent jurisdiction restraining such breach or threatened breach and to specific performance of any such provision of this Agreement.
I further agree that no bond or other security shall be required in obtaining such equitable relief and I hereby consent to the issuance
of such injunction and to the ordering of specific performance.

 

(c)   Governing
Law; Consent to Personal Jurisdiction. THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD FOR CONFLICTS
OF LAWS PRINCIPLES. I HEREBY EXPRESSLY CONSENT TO THE PERSONAL JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF DELAWARE
FOR ANY LAWSUIT FILED THERE AGAINST ME BY THE COMPANY ARISING FROM OR RELATING TO THIS AGREEMENT.

 

(d)   Effect.
This Agreement shall be deemed effective at the earlier to occur of the commencement of my employment relationship with the Company or
upon my initial possession, knowledge, or acquisition of the Company’s Trade Secrets or Confidential Information.

 

(e)   Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the Company and me relating to the subject matter
herein and supersedes all prior discussions between us, except as provided for a specified Good Reason as provided in the Employment Agreement.
No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing
signed by the party to be charged.

 

(f)   Severability.
If one or more of the provisions in this Agreement are deemed void by law, then the remaining provisions will continue in full force and
effect.

 

(g)   Successors
and Assigns. This Agreement will be binding upon my heirs, executors, administrators, and other legal representatives, and will be
for the benefit of the Company, its successors, and its assigns.

 

(h) Construction.
The language used in this Agreement will be deemed the language chosen by the parties to express their mutual intent,
and no rules of strict construction will be applied against either party.

 

(i)   Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be enforceable, and all of which together shall constitute
one agreement.

 

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		10.	EXPRESS ACKNOWLEDGEMENTS. I acknowledge and agree to each of the following items:

 

(a)   I
understand that this Agreement is not intended to change my status as an employee-at-will, and I understand that either the Company or
I may terminate my employment at any time with or without cause.

 

(b)   I
am executing this Agreement voluntarily and without any duress or undue influence by the Company or anyone else.

 

(c)   I
have carefully read this Agreement. I have asked any questions needed for me to understand the terms, consequences and binding effect
of this Agreement and fully understand such terms, consequences, and binding effect.

 

(d)   I
sought the advice of an attorney of my choice if I wanted to before signing this Agreement.

 

(e)   I
understand that any acquirer, purchaser of all or substantially all of the assets of the Company, or other successor or assign to the
Company or its business will be relying on my covenants and representations warranties in this Agreement in agreeing to acquire or purchase
the Company or its assets, and agree that this Agreement shall be enforceable by such successor or assign.

 

(f)   I
acknowledge that I have been afforded sufficient opportunity to review the terms of this Agreement.

 

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I have executed this Agreement on
the date set forth below, to be deemed effective at the earlier to occur of the commencement of my employment relationship with the Company
or upon my initial possession, knowledge, or acquisition of any of the Company’s Trade Secrets or Confidential Information; provided,
however, that if the latter date is vague or indeterminable, this Agreement shall be deemed effective as of the commencement of
my employment relationship with the Company.

 

	By:		
	Name:	Christian Fong 
	

 

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SCHEDULE A

 

PRIOR INVENTIONS

 

Assigned

 

		●	

 

Not
Assigned

 

		●	Renewable
                                            Power YieldCo corporate finance framework, and application to DG Solar portfolio design

 

		●	Framework
                                            and application of REIT eligibility for solar PV power systems, including content of IRS
                                            Private Letter Ruling (submitted prior to Execution Date, with no response from IRS).

 

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Exhibit B

 

Form of Separation Agreement and Release

 

DRAFT
1

 

CONFIDENTIAL

 

[Date]

 

Mr. Christian Fong

 

	Re:	Separation from Employment

 

Dear Christian:

 

As we have discussed, your employment with XL Fleet
Corp. (the “Company”) is ending/has ended effective [●], 20__ (the “Separation Date”). The purpose of this
letter agreement (the “Separation Agreement”) is to set forth the terms of your separation from the Company. Provision of
the Separation Benefits referenced in Section 2 of this Agreement is contingent on your agreement to and compliance with the terms of
this Agreement, as set forth below. You have [twenty-one (21)] calendar days to review this Agreement and sign it if you wish. This Agreement
shall become effective on the eighth (8th) day following the date on which you sign it
(the “Effective Date”).

 

1. Separation Date. Your employment
with the Company will end on the Separation Date, as described above. You will receive the Accrued Obligations as defined in your employment
agreement with the Company dated September 9, 2022 (the “Employment Agreement”). Other than as provided herein, any entitlement
you may have under a Company-provided benefit plan or program shall terminate as of the Separation Date, except as required by law and/or
in accordance with plan or program terms. As of the Separation Date: (a) your employment with the Company shall conclude; (b) you no longer
shall be entitled to payment of base salary, bonus or other form of compensation by virtue of your employment, except as set forth in
this Agreement and (c) you shall not represent yourself as an employee or agent of the Company.

 

2. Separation Benefits.
If you: (a) execute and do not revoke this Agreement a during the seven (7) calendar day release revocation period as described in
Section 8 below (the “Release Revocation Period”) and (b) fully comply with the terms and conditions set forth in this Agreement,
the Company agrees to provide you with the separation benefits specified in Section 4[(e)][(f)] of the Employment Agreement (together,
the “Separation Benefits”), subject to any delays [to determine the later occurrence of a Change of Control as set forth
in the Employment Agreement or as] required under Section 8(a)(i) of the Employment Agreement.

 

 

	1		NTD: The Parties agree that the Company may revise the release in light of additional statutes
or claims so that the Company receives the benefit of the fullest legally permissible release of claims and may also change the timing,
if required to obtain such release. This footnote is part of the form of release and is to be removed only when the Company finalizes
the letter agreement for execution.

 

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3. Acknowledgements and Affirmations by Both
Parties. You acknowledge and agree that the Separation Benefits are not intended to and do not constitute a severance plan or
confer a benefit on anyone other than the parties. You further acknowledge that except for the Separation Benefits and the Accrued Obligations,
you are not now and shall not in the future be entitled to any other compensation from the Company including, without limitation, other
wages, commissions, bonuses, incentive compensation, vacation pay, holiday pay, paid time off, stock, stock options, equity, or any other
form of compensation or benefit. You further understand and agree that you would not receive the Separation Benefits except for your execution
of this Agreement, and the fulfillment of the promises contained therein. You further affirm as follows: (a) you have not filed, caused
to be filed, or presently are a party to any claim against the Company; (b) you have been paid and/or have received all compensation,
wages, bonuses, commissions and/or benefits to which you may be entitled; (c) you have been granted any leave to which you were entitled
under the Family and Medical Leave Act or related state or local leave or disability accommodation laws; (d) that all of the Company’s
decisions regarding your pay and benefits through the Effective Date of this Agreement were not discriminatory based on age, disability,
race, color, sex, religion, national origin or any other classification protected by law; (e) you have no known workplace injuries or
occupational diseases; (f) you have not divulged any proprietary or confidential information of the Company and will continue to maintain
the confidentiality of such information consistent with Company policies and your agreement(s) with the Company and/or common law; (g)
you have not been retaliated against for reporting any allegations of wrongdoing by the Company or its officers, including any allegations
of corporate fraud; (h) you are not a Medicare or Medicaid beneficiary as of the date of this Agreement and, therefore, no conditional
payments have been made by Medicare or Medicaid.

 

4. No Contest of Unemployment. By
virtue of your separation of employment, you shall be entitled to apply for unemployment benefits. The determination of your eligibility
for such benefits (and the amount of benefits to which you may be entitled) shall be made by the appropriate state agency pursuant to 
applicable state law. Notwithstanding the foregoing, the Company agrees that it shall not contest any claim for unemployment benefits
by you (please note that the Company shall not be required to falsify any information).

 

5. Covenants & Warranties.
You expressly acknowledge and agree to the following:

 

(a) Return of Property and Records. Within
seven (7) business days following the Separation Date, you shall: (a) return to the Company all tangible business information and copies
thereof (regardless how such confidential information or copies are maintained), and (b) deliver to the Company any property of the Company
that may be in your possession, including, but not limited to, devices, smart phones, laptops, cell phones (the foregoing, “electronic
devices”), products, materials, memoranda, notes, records, reports or other documents or photocopies of the same. In the event that
you are then using your personal devices (whether computers, mobile phones or otherwise) in the service of Company business activities,
you agree to tender such devices to the Company to enable the Company to recover and retrieve any Company information stored therein.
The Company shall return such devices to you after such retrieval. You may retain copies of any exclusively personal data contained in
or on the Company-owned electronic devices returned to the Company pursuant to the foregoing. The foregoing notwithstanding, you understand
and agree that the Company property belongs exclusively to the Company, it should be used only for Company business, and you have no reasonable
expectation of privacy on any Company property or with respect to any information stored thereon

 

(b) Cooperation. You shall
use all reasonable efforts to cooperate fully with the Company to the extent reasonable in connection with any matter or event relating
to your employment or events that occurred during your employment, including assisting with: (i) the transition of your responsibilities
and duties to other personnel of the Company through [●], 20__; (ii) the defense or prosecution of any claims or actions now in
existence or which may be brought or threatened in the future against or on behalf of the Company which relate to events or occurrences
that transpired while you were employed by the Company; and (iii) any investigation or review of any federal, state or local regulatory
authority. Your cooperation in connection with such matters, actions and claims shall include being reasonably available to provide information
to, and if requested to meet with, the Company or its counsel at a mutually convenient time during normal working hours to prepare for,
attend and participate in any proceeding (including, without limitation, depositions, consultation, discovery or trial); to provide affidavits;
to assist with any audit, inspection, proceeding or other inquiry; and to act as a witness in connection with any litigation or other
legal proceeding affecting the Company which relates to events or occurrences that transpired while you were employed by the Company.
You further agree that should you be contacted (directly or indirectly) by any person or entity (for example, by any party representing
an individual or entity) adverse to the Company following the Separation Date, you shall notify the Company within three (3) business
days. The Company agrees to provide you reasonable compensation for your time provided pursuant to this paragraph if the Company requests
your cooperation after [●], 20__. The Company also agrees to reimburse you for any out-of-pocket expenses approved in advance by
the Company and incurred in connection with providing such cooperation under this Section. All requests for cooperation by the Company
pursuant to this paragraph must be reasonable and must not unreasonably disrupt any employment position that you hold in the future.
The Company also agrees to provide reasonable advance notice when requesting your cooperation pursuant to this paragraph. Notwithstanding
the foregoing, you shall have no obligation to sign any filings made with the Securities and Exchange Commission following the Separation
Date, nor shall you have any obligation to sign any documents on behalf of the Company.

 

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(c) Non-Disparagement.
You shall not make any oral or written communication to any person or entity that has the effect of professionally or personally disparaging,
damaging the reputation of, or otherwise working in any way to the detriment or adverse to the interests of, the Company or any of its
respective directors, officers, shareholders, employees, or agents (in each case known to you), and that you shall not engage in any conduct
that is intended to harm professionally or personally the reputation of the Company; provided that nothing in this Section shall restrict
you from making any disclosures mandated by state or federal law or from participating in an investigation with a state or federal agency
if requested by the agency to do so or as provided in Section 7 of the Employment Agreement. In addition, nothing in this letter agreement
prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any
other conduct that you have reason to believe is unlawful.

 

(d) No Further Actions. As of the Effective
Date, you have not: (i) filed any action, complaint, charge, grievance or arbitration against the Company; (ii) contacted any local, state
or federal governmental agency regarding the Company; (iii) encouraged any individual to file any action, complaint, charge, grievance
or arbitration against the Company; (iv) received information from any individual that such individual intends to file or threaten to
file an action, complaint, charge, grievance or arbitration against the Company; or (v) provided any information to any individual to
aid such individual in filing or threatening to file an action, complaint, charge, grievance or arbitration against the Company. You understand
that by signing this Agreement, you waive your right to any monetary recovery in connection with a local, state or federal governmental
agency proceeding and you waive your right to file a claim seeking monetary damages in any court, except as provided herein.

 

(e) Material Breach. A breach of any of the
above subsections shall constitute a material breach of this Agreement and, in addition to any other legal or equitable remedy available
to the Company, shall permit and entitle the Company to cease any additional payment or provision of the Separation Benefits. In addition
to any other penalties or restrictions that may apply under any this or any other applicable agreement, applicable law or otherwise, in
the event of a breach of any of the above subsections, you acknowledge and agree that: (a) you shall forfeit any vested unexercised options
and/or any shares held by you that were received in respect of your stock options or restricted stock unit awards effective as of the
date of such breach; and (b) this provision constitutes an amendment of each of those award agreements.

 

(f) No Wrongdoing. You represent and understand
that neither the benefits set forth in this Agreement nor the Company’s entering into this Agreement shall constitute an admission
by the Company of wrongdoing, and further, that as of the Separation Date, you have not reported any practice of the Company that you
believe to be in violation of any law, and further that if you were aware of a legitimate claim against the Company you informed the Company
of same or the Company was aware of same. Additionally, as of the Separation Date, to the best of your knowledge and based on the information
that was provided to you, you reaffirm the accuracy of the certifications that you signed during the course of your employment pursuant
to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.

 

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6. Release of Claims.

 

(a) Release.
You hereby agree and acknowledge that by signing this Agreement and accepting the consideration described herein, and for other good
and valuable consideration provided for in this Agreement, you are waiving and releasing your right to assert any form of legal
claim against the Company 2 whatsoever
for any alleged action, inaction or circumstance existing or arising from the beginning of time through the Separation Date. Your
waiver and release herein is intended to bar any form of legal claim, charge, complaint or any other form of action (jointly
referred to as “Claims”) against the Company seeking any form of relief including, without limitation, equitable relief
(whether declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever
(including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages,
attorneys’ fees and any other costs) against the Company, for any alleged action, inaction or circumstance existing or arising
through the Separation Date. Without limiting the generality of the foregoing, you specifically waive and release the Company from
any waivable claim arising from or related to your employment relationship with the Company and the separation therefrom through the
Separation Date including, without limitation:

 

		i.	Claims under any California, Colorado, Michigan, Texas or other state or federal statute, regulation or executive order (as amended)
relating to employment, discrimination, harassment, retaliation, fair employment practices, wages, hours, or other terms and conditions
of employment, including but not limited to the Title VII of the Civil Rights Act of 1964 and the Civil Rights Act of 1991, the Americans
With Disabilities Act, the Family and Medical Leave Act, the Equal Pay Act, the Employee Retirement Income Security Act of 1974, Section
1981 of U.S.C. Title 42, the Worker Adjustment and Retraining Notification Act, the National Labor Relations Act, the Immigration Reform
and Control Act, the Uniformed Services Employment and Reemployment Rights Act of 1994, Age Discrimination in Employment Act and Older
Workers Benefit Protection Act, the Civil Rights Acts of 1866 and 1871, the Genetic Information Non-Discrimination Act, the Lilly Ledbetter
Fair Pay Act, the Consolidated Omnibus Budget Reconciliation Act of 1985, the California Fair Employment and Housing Act, Cal. Gov’t
Code § 12900 et seq., the California Family Rights Act, Cal. Gov’t Code § 12945.2 and §19702.3, Cal. Labor
Code §1197.5 (California equal pay law), the California Unruh Civil Rights Act, Cal. Civil Code § 51 et seq., the California
Victims of Domestic Violence Employment Leave Act, Cal. Labor Code §§ 230 and 230.1, the California Moore-Brown-Roberti Family
Rights Act, Cal. Gov’t Code § 12945.2, Cal. Lab. Code § 233 (California kin care law), Cal. Code Regs. tit. 2, § 11035
et seq. (California pregnancy leave law), Cal. Lab. Code §§ 98.6 and 1102.5 (California whistleblower protection laws),
and Cal. Mil. & Vet. Code § 395.10 (California military family leave law), Colo. Rev. Stat. § 24-34-401 et seq. (Colorado
anti-discrimination and anti-retaliation law), the Colorado Family Care Act, 8-13.3-201 et seq., Colo. Rev. Stat. § 19-5-211
(Colorado adoption leave law), Colo. Rev. Stat. § 24-34-402.7 (Colorado domestic violence and crime victim leave law), Colo. Rev.
Stat. § 8-5-101 et seq. (Colorado equal pay law), and Colo. Rev. Stat. § 28-3-609 (Colorado military leave law), the
Michigan Elliott-Larsen Civil Rights Act, Mich. Comp. Laws § 37.2101 et seq., the Michigan Persons with Disabilities Civil Rights
Act, Mich. Comp. Laws § 37.1101 et seq., the Workforce Opportunity Wage Act, Mich. Comp. Laws § 408.411 et seq., Mich. Comp.
Laws § 408.471 et seq. (Michigan wage payment law), the Michigan Paid Medical Leave Act, Mich. Comp. Laws § 408.961 et seq.,
Mich. Comp. Laws § 37.1201 et seq. (Michigan genetic testing law), and the Michigan Whistleblowers’ Protection Act, Mich. Comp.
Laws § 15.361 et seq., the Texas Commission on Human Rights Act, Tex. Lab. Code Ann. § 21.001 et seq., Tex. Lab. Code Ann. §
21.401 et seq. (Texas genetic testing law), Tex. Lab. Code Ann. § 61.011 et seq. (Texas wage payment law), Tex. Lab. Code Ann. §
52.001 et seq. (Texas religious accommodation law), and Tex. Lab. Code Ann. § 21.055 et seq. (Texas whistleblower protection law),
all as amended and any similar California, Colorado, Michigan, Texas, or other state, local, or federal statute, ordinance, regulation
or executive order (as amended) relating to or other terms and conditions of employment; however, the identification of specific statutes
is for purposes of example only, and the omission of any specific statute, ordinance, or law shall not limit the scope of this general
release in any manner.

 

		ii.	Any and all claims for compensation, including but not limited to salary, wages, overtime, bonuses, commissions, incentive compensation,
vacation, holiday pay, sick leave pay, and severance that may be legally waived and released.

 

 

	2		For purposes of this Section, the “Company” means XL Fleet Corp. and its divisions,
affiliates, parents, subsidiaries and related entities, and its and their owners, shareholders, partners, directors, officers, employees,
trustees, agents, successors and assigns.

 

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		iii.	Claims under any California, Colorado, Michigan, Texas or other state or federal common law theory including, without limitation,
wrongful discharge, breach of express or implied contract, promissory estoppel, unjust enrichment, breach of a covenant of good faith
and fair dealing, violation of public policy, defamation, interference with contractual relations, intentional or negligent infliction
of emotional distress, invasion of privacy, misrepresentation, deceit, fraud or negligence or any claim to attorneys’ fees under
any applicable statute or common law theory of recovery.

 

		iv.	Claims under any California, Colorado, Michigan, Texas or other state or federal statute, regulation or executive order (as amended)
relating to violation of whistleblower protections, public policy or any other form of retaliation or wrongful termination under California,
Colorado, Delaware, Massachusetts, New Jersey or other state or federal statute, including the Sarbanes-Oxley Act of 2002.

 

		v.	Any other Claim arising under other California, Colorado, Michigan, Texas or other state or federal law

 

(b) Release Limitations; Participation in Agency
Proceedings. Notwithstanding the foregoing, this Section does not:

 

	 	i.	Release the Company from any obligation expressly set forth in this Agreement.

                                 

	 	ii.	Waive or release any legal claims, which you may not waive or release by law, including claims under any workers compensation or unemployment insurance laws, for reimbursement of expenses to the extent set forth in Cal. Lab. Code Section 2802, or under your indemnification agreement with the Company dated September 9, 2022.
	 	iii.	Prohibit you from challenging the validity of this release under federal law.

                                 

	 	iv.	Prohibit you from filing a charge or complaint of employment-related discrimination with the Equal Employment Opportunity Commission (“EEOC”) or similar state agency, or from participating in any investigation or proceeding conducted by the EEOC or similar state agency, or from responding to a request for information or documents (or providing information or documents) to the EEOC or similar state agency.

 

Your waiver and release, however, are intended
to be a complete bar to any recovery or personal benefit by or to you with respect to any claim (except those which cannot be released
under law), including those raised through a charge with the EEOC. Accordingly, nothing in this Section shall be deemed to limit the Company’s
right to seek immediate dismissal of such charge or complaint on the basis that your signing of this Agreement constitutes a full release
of any individual rights under the federal discrimination laws, or to seek restitution to the extent permitted by law of the economic
benefits provided to you under this Agreement in the event you successfully challenge the validity of this release and prevail in any
claim under the federal discrimination laws.

 

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(c) SECTION 1542 WAIVER. You understand and acknowledge
that you are releasing potentially unknown claims, and that you may have limited knowledge with respect to some of the claims being released.
You acknowledge that there is a risk that, after signing this Agreement, you may learn information that might have affected your decision
to enter into this Agreement. You assume this risk and all other risks of any mistake in entering into this Agreement and confirm that
it is your intention to release all claims that you have or may have against the Released Parties, whether known or unknown, suspected
or unsuspected. You agree that this Agreement is fairly and knowingly made. In addition, you expressly waive and release any and all rights
and benefits under Section 1542 of the Civil Code of the State of California (or any analogous law of any other state), which reads as
follows:

 

“A GENERAL RELEASE DOES NOT
EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”

 

(d) Consideration Acknowledgement. You acknowledge
and agree that, but for providing this waiver and release, you would not be receiving the consideration provided to you under the terms
of this Agreement.

 

7. Covenant Not to Sue. Subject to
Section 6 above, you covenant and agree that you will not now or at any time in the future commence, maintain, prosecute, or participate
in as a party, or permit to be filed by any other person on your behalf or as a member of any alleged class of persons, any action, suit,
proceeding, claim, or complaint of any kind against the Company with respect to any matter which arises from or relates to your employment
with the Company or the termination thereof or which is encompassed in the release set forth above. Nothing in this Agreement prevents
you from: (i) filing a claim to enforce the terms of this Agreement; (ii) asserting a claim arising after the Effective Date of this Agreement;
or (iii) filing a charge with the EEOC or participating in any EEOC investigation or proceeding. You promise, however, never to seek or
accept any damages, remedies or other relief for you personally with respect to any claim released by this Agreement. You acknowledge
that this Agreement does not limit your ability to communicate with any governmental agencies or otherwise participate in any investigation
or proceeding that may be conducted by any government agencies, including providing documents or other information, without notice to
the Company.

 

8. ADEA/OWBPA Review
and Revocation Period. You and the Company acknowledge that you are over the age of 40 and that you, therefore, have specific
rights under the Age Discrimination in Employment Act (“ADEA”) and the Older Workers Benefit Protection Act (the “OWBPA”),
which prohibit discrimination on the basis of age. It is the Company’s desire and intent to make certain that you fully understand
the provisions and effects of this Agreement, which includes a release of claims under the ADEA and OWBPA. To that end, you have been
encouraged and given the opportunity to consult with legal counsel for the purpose of reviewing the terms of this Agreement. Consistent
with the provisions of the ADEA and OWBPA, the Company is providing you with [twenty-one (21)] days in which to consider and accept
the terms of this Agreement by signing below and returning it to Stacey S. Constas, Esq., General Counsel, XL Fleet Corp., sConstas@xlfleet.com.
You may rescind your assent to this Agreement if, within seven (7) days after you sign this Agreement, you deliver by hand, electronic
mail or certified mail (certified, return receipt and postmarked within such 7-day period) a notice of rescission to Stacey S. Constas,
Esq., General Counsel, XL Fleet Corp., sConstas@xlfleet.com. You agree that any modifications, material or otherwise, made to this Agreement
do not restart or affect in any manner the original [twenty-one (21)] day consideration period.

 

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9. Company Affiliation – You agree
that, following the Separation Date, you will not hold yourself out as an officer, employee, or otherwise as a representative of the Company,
and you agree to update any directory information that indicates you are currently affiliated with the Company. Without limiting the foregoing,
you confirm that, within five days following the Separation Date, you will update (or have updated) any and all social media accounts
(including, but not limited to, LinkedIn, Facebook, and Twitter) to reflect that you are no longer employed by or associated with the
Company.

 

10. Taxes. The Company does not guarantee
the tax treatment or tax consequences associated with any payment or benefit arising under this Agreement including, but not limited to,
consequences related to Section 409A of the Internal Revenue Code of 1986, as amended.

 

11. Entire Agreement; Modification;
Waiver; Choice of Law; Enforceability. You acknowledge and agree that this Agreement, as well as the applicable Company equity
plan, equity award agreements, and Employee Covenants Agreement, constitutes the entire agreement between you and the Company, and supersedes
any and all prior oral contemporaneous oral and/or written agreements between you and the Company. No variations or modifications hereof
shall be deemed valid unless reduced to writing and signed by the parties hereto. The failure of the Company to seek enforcement of any
provision of this Agreement in any instance or for any period of time shall not be construed as a waiver of such provision or of the Company’s
right to seek enforcement of such provision in the future. This Agreement shall be deemed to have been made in Delaware and shall be governed
by and construed in accordance with the laws of Delaware, without giving effect to conflict of law principles. You agree that any action,
demand, claim or counterclaim relating to the terms and provisions of this Agreement, or to its breach, shall be commenced in Delaware
in a court of competent jurisdiction, and you further acknowledge that venue for such actions shall lie exclusively in Delaware. Both
parties hereby waive and renounce in advance any right to a trial by jury in connection with such legal action. The provisions
of this Agreement are severable, and if for any reason any part hereof shall be found to be unenforceable, the remaining provisions shall
be enforced in full.

 

12. Competency; Knowing and Voluntary Agreement.
By executing this Agreement, you are acknowledging that: (a) you are competent to execute this Agreement; (b) you have been afforded
sufficient time to understand the terms and effects of this Agreement; (c) your agreements and obligations hereunder are made voluntarily,
knowingly and without duress; (d) that neither the Company nor its agents or representatives have made any representations inconsistent
with the provisions of this Agreement; (e) that at the time of considering or executing this Agreement, you were not affected or impaired
by illness, use of alcohol, drugs or other substances or otherwise impaired; and (f) you certify that you are not a party to any bankruptcy,
lien, creditor- debtor or other proceedings which would impair your right or ability to waive all claims you may have against the Company.

 

[SIGNATURE PAGE FOLLOWS]

 

    29

    
		 	47000 Liberty Drive 
 Wixom MI 48393

    

  

This Agreement may be signed on one or more copies,
each of which when signed shall be deemed to be an original, and all of which together shall constitute one and the same Agreement. If
the foregoing correctly sets forth our understanding, please sign, date and return the enclosed copy of this Agreement to Stacey S. Constas,
General Counsel, XL Fleet Corp., sConstas@xflleet.com. Please return this Agreement no later than [twenty-one (21)] calendar days following
the date of this Agreement. If the Company does not receive your acceptance within the [twenty-one (21)] day timeframe, the Agreement
shall terminate and be of no further force or effect.

 

	 	Sincerely,
	 	 
	 	
    XL FLEET CORP.

    

	 	 
	 	By:	      
	 	 
	 	Its:	 
	 	 	 
	 	Date:	 

 

	Acknowledged and Agreed:	 
	 	 
	 	 
	
    Christian Fong

    
	 
	 	 
	Date:	                  	 

 

 

30Exhibit 10.7

 

XL FLEET CORP.

 

Restricted Stock Award Grant Notice

Restricted Stock Award Grant under the Company’s

2020 Equity Incentive Plan

 

	 	 	 	 
	1.	Name and Address of Participant:	 	
     Christian Fong

	 	 	 	 
	 	 	 	

     7775 Raphael Ln

    Littleton CO 80125-1810

	 	 	 
	2.	Date of Grant of	 	 
	 	Restricted Stock Award:	 	
    September 9, 2022

	 	 	 
	3.	Number of Shares underlying	 	 
	 	Restricted Stock Award (the “Shares”):	 	
    909,091

	 	 
	4.	Vesting of Award: This Restricted Stock Award shall vest as follows provided the Participant is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting:
	 	 	 
	 	Number of Shares	 	Vesting Date
	 	100% of the Shares 	 	Date of Grant set forth above.

 

Notwithstanding anything to the contrary in the
Restricted Stock Agreement or the Company’s 2020 Equity Incentive Plan, any shares of Company Common Stock (as defined in the Restricted
Stock Agreement attached hereto) delivered hereunder (after giving effect to any reduction to satisfy Participant’s tax and other
withholding obligations as described in Section 8(a) of the Restricted Stock Agreement attached hereto) shall not be transferable by the
Participant before the earlier of the first anniversary of the Date of Grant set forth above and the effective date of the Participant’s
Termination for Good Reason (as such term is used in the Executive Employment Agreement between the Company and the Participant of even
date herewith).

 

The Company and the Participant acknowledge receipt
of this Restricted Stock Award Grant Notice and agree to the terms of the Restricted Stock Agreement attached hereto and incorporated
by reference herein, the Company’s 2020 Equity Incentive Plan and the terms of this Restricted Stock Award as set forth above.

 

	 	XL Fleet Corp.
	 	 	 
	 	By:	
    /s/ Eric Tech 

	 	Name:	
    Eric Tech

	 	Title:	
    Chief Executive Officer

	 	 
	 	
    /s/ Christian Fong

	 	Participant

 

    

     

    

 

XL FLEET CORP.

 

RESTRICTED STOCK AGREEMENT –

 

INCORPORATED TERMS AND CONDITIONS

 

AGREEMENT (this “Agreement”) made
as of the date of grant set forth in the Restricted Stock Award Grant Notice between XL Fleet Corp. (the “Company”), a Delaware
corporation, and the individual whose name appears on the Restricted Stock Award Grant Notice (the “Participant”).

 

WHEREAS, the Company has adopted the 2020 Equity
Incentive Plan (the “Plan”), to promote the interests of the Company by providing an incentive for Employees, directors and
Consultants of the Company and its Affiliates;

 

WHEREAS, pursuant to the provisions of the Plan,
the Company desires to grant to the Participant shares of the Company’s common stock, $0.0001 par value per share (“Common
Stock”), in accordance with the provisions of the Plan, all on the terms and conditions hereinafter set forth, including the restriction
on transferability as set forth in the Restricted Stock Award Grant Notice; and

 

WHEREAS, the Company and the Participant understand
and agree that any terms used and not defined herein have the meanings ascribed to such terms in the Plan.

 

NOW, THEREFORE, in consideration of the promises
and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

1. Grant of Award. The Company hereby
grants to the Participant an award for the number of shares of Company Common Stock set forth in the Restricted Stock Award Grant Notice
(the “Award”). The Participant acknowledges receipt of a copy of the Plan.

 

2. Securities Law Compliance. The
Participant specifically acknowledges and agrees that any sales of shares of Common Stock shall be made in accordance with the requirements
of the Securities Act of 1933, as amended. The Company currently has an effective registration statement on file with the Securities and
Exchange Commission with respect to the Common Stock to be granted hereunder. The Company intends to maintain this registration statement
but has no obligation to do so. If the registration statement ceases to be effective for any reason, Participant will not be able to transfer
or sell any of the shares of Common Stock issued to the Participant pursuant to this Agreement unless exemptions from registration or
filings under applicable securities laws are available. Furthermore, despite registration, applicable securities laws may restrict the
ability of the Participant to sell his or her Common Stock, including due to the Participant’s affiliation with the Company. The
Company shall not be obligated to either issue the Common Stock or permit the resale of any shares of Common Stock if such issuance or
resale would violate any applicable securities law, rule or regulation.

 

3. Incorporation of the Plan. The
Participant specifically understands and agrees that the shares of Common Stock to be issued under the Plan will be issued to the Participant
pursuant to the Plan, a copy of which Plan the Participant acknowledges he or she has read and understands and by which Plan he or she
agrees to be bound. The provisions of the Plan are incorporated herein by reference.

 

4. Tax Liability of the Participant and
Payment of Taxes. The Participant acknowledges and agrees that any income or other taxes due from the Participant with respect to
the shares of Common Stock to be issued pursuant to this Agreement or otherwise sold shall be the Participant’s responsibility.
Without limiting the foregoing, the Participant agrees that the Company will withhold shares of Common Stock equivalent to the employment
tax withholding obligations of the Company with respect to this grant through reducing the number of shares of Common Stock entitled to
be issued to the Participant in an amount equal to the statutory minimum of the Participant’s total tax and other withholding obligations
due and payable by the Company. Fractional shares will not be retained to satisfy any portion of the Company’s withholding obligation.
Accordingly, the Participant agrees that in the event that the amount of withholding required would result in a fraction of a share being
owed, that amount will be satisfied by withholding the fractional amount from the Participant’s paycheck.

 

    2

     

    

 

5. Participant Acknowledgements and Authorizations.

 

The Participant acknowledges the following:

 

(a) The Company is not by the Plan or this Award
obligated to continue the Participant as an employee, director or consultant of the Company or an Affiliate.

 

(b) The Plan is discretionary in nature and may
be suspended or terminated by the Company at any time.

 

(c) The grant of this Award is considered a one-time benefit
and does not create a contractual or other right to receive any other award under the Plan, benefits in lieu of awards or any other benefits
in the future.

 

(d) The Plan is a voluntary program of the Company
and future awards, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any grant, the
amount of any award, vesting provisions and the purchase price, if any.

 

(e) The value of this Award is an extraordinary
item of compensation outside of the scope of the Participant’s employment or consulting contract, if any. As such the Award is not
part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses,
long-service awards, pension or retirement benefits or similar payments. The future value of the shares of Common Stock is unknown and
cannot be predicted with certainty.

 

(f) The Participant (i) authorizes the Company
and each Affiliate and any agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose
to the Company or any of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate
the grant of the Award and the administration of the Plan; and (ii) authorizes the Company and each Affiliate to store and transmit
such information in electronic form for the purposes set forth in this Agreement.

 

6. Notices. Any notices required or
permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile, registered or certified
mail, return receipt requested, addressed as follows:

 

If to the Company:

 

XL Fleet Corp.

47000 Liberty Drive

Wixom MI 48393

Attn: Stacey Constas, General Counsel

 

If to the Participant at the address set forth
on the Restricted Stock Award Grant Notice or to such other address or addresses of which notice in the same manner has previously been
given. Any such notice shall be deemed to have been given on the earliest of receipt, one business day following delivery by the sender
to a recognized courier service, or three business days following mailing by registered or certified mail.

 

    3

     

    

 

7. Assignment and Successors.

 

(a) This Agreement is personal to the Participant
and without the prior written consent of the Company shall not be assignable by the Participant otherwise than by will or the laws of
descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Participant’s legal representatives.

 

(b) This Agreement shall inure to the benefit
of and be binding upon the Company and its successors and assigns.

 

8. Governing Law. This Agreement shall
be construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the conflict of law principles
thereof. For the purpose of litigating any dispute that arises under this Agreement, whether at law or in equity, the parties hereby consent
to exclusive jurisdiction in the State of Delaware and agree that such litigation shall be conducted in the state courts of the State
of Delaware or the federal courts of the United States for the District of Delaware.

 

13. Severability. If any provision
of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, then such provision or provisions shall
be modified to the extent necessary to make such provision valid and enforceable, and to the extent that this is impossible, then such
provision shall be deemed to be excised from this Agreement, and the validity, legality and enforceability of the rest of this Agreement
shall not be affected thereby.

 

14. Entire Agreement. This Agreement,
together with the Plan, constitutes the entire agreement and understanding between the parties hereto with respect to the subject matter
hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation,
warranty, covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret, change or restrict the
express terms and provisions of this Agreement provided, however, in any event, this Agreement shall be subject to and governed by the
Plan.

 

15. Modifications and Amendments; Waivers
and Consents. The terms and provisions of this Agreement may be modified or amended as provided in the Plan. Except as provided in
the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document
executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute
a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent
shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver
or consent.

 

17. Data Privacy. By entering into
this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering
the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and data as the
Company or any such Affiliate shall request in order to facilitate the grant of options and the administration of the Plan; (ii) to
the extent permitted by applicable law waives any data privacy rights he or she may have with respect to such information, and (iii) authorizes
the Company and each Affiliate to store and transmit such information in electronic form for the purposes set forth in this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

4

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