Document:

Exhibit 4.2

 

WARRANT AGENT AGREEMENT

 

This Warrant Agent Agreement
(this “Warrant Agreement”), dated as of ___, 2022 (the “Issuance Date”) between FlexEnergy Green
Solutions, Inc., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, LLC (the
 “Warrant Agent”).

 

WHEREAS, pursuant to the terms
of that certain Underwriting Agreement (“Underwriting Agreement”), dated ___, 2022, by and among the Company and Roth
Capital Partners, LLC, as the underwriter, the Company is engaged in a public offering (the “Offering”) of up to ___
shares (the “Shares”) of common stock, par value $0.0001 per share (the “Common Stock”) of the Company
and ____ Warrants (the “Warrants”) to purchase one share of Common Stock (such shares of Common Stock underlying the
Warrants, the “Warrant Shares”);

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form S-1 (File No. 333-260111)
(as the same may be amended from time to time, the “Registration Statement”), for the registration under the Securities
Act of 1933, as amended (the “Securities Act”), of the Shares, the Warrants and Warrant Shares, and the Registration
Statement was declared effective on ____ 2022;

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms set forth
in this Warrant Agreement in connection with the issuance, registration, transfer, exchange and exercise of the Warrants;

 

WHEREAS, the Company desires
to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation
of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations of the Company, and to
authorize the execution and delivery of this Warrant Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Warrant Agent. The Company
hereby appoints the Warrant Agent to act as agent for the Company with respect to the Warrants, and the Warrant Agent hereby accepts such
appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant Agreement (and
no implied terms or conditions).

 

2. Warrants.

 

2.1. Form of
Warrants. The Warrants shall be registered securities and shall be evidenced by a global certificate (“Global
Certificate”) in the form of Exhibit A, which shall be deposited on behalf of the Company with a custodian for
The Depository Trust Company (“DTC”) and registered in the name of Cede & Co., a nominee of DTC. If DTC
subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent
regarding making other arrangements for book-entry settlement. If the Warrants are not eligible for, or it is no longer necessary to
have the Warrants available in, book-entry form, the Company may instruct the Warrant Agent to provide written instructions to DTC
to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the Warrant Agent to deliver
to each Holder (as defined below separate certificates evidencing Warrants (“Definitive Certificates” and,
together with the Global Certificate, “Warrant Certificates”) , in the form of Exhibit D. The Warrants
represented by the Global Certificate are referred to as “Global Warrants”.

 

    -1-

     

    

 

2.2. Issuance and Registration
of Warrants.

 

2.2.1. Warrant Register.
The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration
of transfer of the Warrants. Any Person in whose name ownership of a beneficial interest in the Warrants evidenced by a Global Certificate
is recorded in the records maintained by DTC or its nominee shall be deemed the “beneficial owner” thereof, provided that
all such beneficial interests shall be held through a Participant (as defined below), which shall be the registered holder of such Warrants.

 

2.2.2. Issuance of Warrants.
Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver the Warrants in the DTC book-entry
settlement system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests
in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained (i) by DTC and (ii)
by institutions that have accounts with DTC (each, a “Participant”), subject to a Holder’s right to elect to
receive a Warrant in certificated form in the form of Exhibit D to this Warrant Agreement. Any Holder desiring to elect to receive
a Warrant in certificated form shall make such request in writing delivered to the Warrant Agent pursuant to Section 2.2.8, and shall
surrender to the Warrant Agent the interest of the Holder on the books of the Participant evidencing the Warrants which are to be represented
by a Definitive Certificate through the DTC settlement system. Thereupon, the Warrant Agent shall countersign and deliver to the Person
entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested.

 

2.2.3. Beneficial Owner;
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the Person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”, which term shall include
a Holder’s transferees, successors and assigns and a “Holder” shall include, if the Warrants are held in “street
name,” a Participant or a designee appointed by such Participant) as the absolute owner of such Warrant for purposes of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Notwithstanding
the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving
effect to any written certification, proxy or other authorization furnished by DTC governing the exercise of the rights of a holder of
a beneficial interest in any Warrant. The rights of beneficial owners in a Warrant evidenced by the Global Certificate shall be exercised
by the Holder or a Participant through the DTC system, except to the extent set forth herein or in the Global Certificate.

 

2.2.4. Execution.
The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an
 “Authorized Officer”), who need not be the same authorized signatory for all of the Warrant Certificates, either
manually or by facsimile signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent,
which need not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose
unless so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant Certificates ceases to be an
Authorized Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such
Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect
as though the person who signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant
Certificate, shall be an Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the date of the
execution of this Warrant Agreement any such person was not such an Authorized Officer.

 

    -2-

     

    

 

2.2.5. Registration of Transfer.
At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be registered and any Warrant Certificate
or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate or Warrant Certificates evidencing the
same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder desiring to register the transfer of
Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in writing delivered to the Warrant Agent,
and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing the Warrants the transfer of which
is to be registered or that is or are to be split up, combined or exchanged. Thereupon, the Warrant Agent shall countersign and deliver
to the Person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. The Warrant Agent may
require reasonable and customary payment with respect to a registration of transfer of Warrants or a split-up, combination or exchange
of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants and issuance of Warrant Shares to the Holder),
of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with such registration of transfer, split-up,
combination or exchange, together with reimbursement to the Warrant Agent of all reasonable expenses incidental thereto. All such fees
and expenses shall be paid by the Company, and not by the Holder.

 

2.2.6. Loss, Theft and Mutilation
of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory to them of the loss,
theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity or security in customary
form and amount, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender
to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on behalf of the Company, countersign
and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated.
The Warrant Agent may charge the Holder an administrative fee for processing the replacement of lost Warrant Certificates, which shall
be charged only once in instances where a single surety bond obtained covers multiple certificates. The Warrant Agent may receive compensation
from the surety companies or surety agents for administrative services provided to them.

 

2.2.7. Proxies. The Holder
of a Warrant may grant proxies or otherwise authorize any Person, including the Participants and beneficial holders that may own interests
through the Participants, to take any action that a Holder is entitled to take under this Warrant Agreement or the Warrants; provided,
however, that at all times that Warrants are evidenced by a Global Certificate, exercise of those Warrants shall be effected on
their behalf by Participants through DTC in accordance the procedures administered by DTC.

 

2.2.8. Warrant
Certificate Request. A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below)
pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the
exchange of some or all of such Holder’s Global Warrants for a Definitive Certificate evidencing the same number of Warrants,
which request shall be in the form attached hereto as Exhibit E (a “Warrant Certificate Request Notice”
and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice
Date” and the deemed surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants
evidenced by a Definitive Certificate, a “Warrant Exchange”), the Warrant Agent shall promptly effect the Warrant
Exchange and shall promptly issue and deliver to the Holder a Definitive Certificate for such number of Warrants in the name set
forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of the Warrants,
shall be manually executed by an authorized signatory of the Company, shall be in the form attached hereto as Exhibit D, and
shall be reasonably acceptable in all respects to such Holder. In connection with a Warrant Exchange, the Company agrees to deliver,
or to direct the Warrant Agent to deliver, the Definitive Certificate to the Holder within the earlier of (i) two (2) Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) of the Warrant Certificate Request
Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery
Date”). If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant
Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP of the
Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant
Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the
Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate
Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the
contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of
the Warrants evidenced by such Warrant Certificate and the terms of this Warrant Agreement, other than Sections 3.3 and 8 herein,
which shall not apply to the Warrants evidenced by the Definitive Certificate. For purposes of clarity, if there is a conflict
between the express terms of this Warrant Agreement and the Warrant Certificate in the form of Exhibit D hereto with respect
to terms of the Warrants, the terms of the Warrant Certificate shall govern and control.

 

    -3-

     

    

 

3. Terms and Exercise of Warrants.

 

3.1. Exercise Price.
Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of this Warrant Agreement,
to purchase from the Company the number of shares of Common Stock stated therein, at the price of $___ per whole share, subject to the
subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used in this Warrant Agreement refers
to the price per share at which shares of Common Stock may be purchased at the time a Warrant is exercised.

 

3.2. Duration of Warrants.
Warrants may be exercised only during the period (“Exercise Period”) commencing on ___, 2022 and terminating at 5:00
P.M., Eastern Standard Time (the “close of business”) on the third anniversary of the Issuance Date, ____ 2025 (“Expiration
Date”). Subject to the last sentence of Section 3.3.6(c), each Warrant not exercised on or before the Expiration Date shall
become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close of business
on the Expiration Date.

 

3.3. Exercise of Warrants.

 

3.3.1. Exercise and Payment.

 

(a) Exercise of the
purchase rights represented by a Warrant may be made, in whole or in part, at any time or times during the Exercise Period by
delivery to the Company or the Warrant Agent of the Notice of Exercise in the form annexed as Exhibit B hereto (the
 “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period following the date the Holder delivers the Notice of Exercise as aforesaid, the Holder
shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or
cashier’s check drawn on a United States bank unless the cashless exercise procedure set forth in Section 3.3.6 is
specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender a Warrant Certificate to the Company until the Holder has
purchased all of the Warrant Shares available thereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender such Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of
Exercise is delivered to the Company. Partial exercises of a Warrant resulting in purchases of a portion of the total number of
Warrant Shares available thereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of a Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the
face thereof.

 

    -4-

     

    

 

(b) Notwithstanding the foregoing
in this Section 3.3.1, a Holder whose interest in a Warrant is a beneficial interest in certificate(s) representing such Warrant held
in registered form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made
pursuant to this Section 3.3.1 by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form
for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable),
subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of this Warrant Agreement,
in which case this sentence shall not apply. Upon giving irrevocable instructions to its Participant to exercise Warrants, solely for
purposes of Regulation SHO, the holder whose interest in the Warrant is a beneficial interest shall be deemed to have exercised such Warrant,
regardless of when the applicable Warrant Shares are delivered to such holder.

 

3.3.2. Issuance of Warrant Shares.

 

(a) The Warrant Agent shall,
on the Trading Day following the date of exercise of any Warrant, advise the Company, and the transfer agent and registrar for the Company’s
Common Stock (the “Transfer Agent”), in respect of (i) the number of Warrant Shares indicated on the Notice of Exercise
as issuable upon such exercise with respect to such exercised Warrants, (ii) the instructions of the Holder or Participant, as the case
may be, provided to the Warrant Agent with respect to the delivery of the Warrant Shares and the number of Warrants that remain outstanding
after such exercise and (iii) such other information as the Company or the Transfer Agent shall reasonably request.

 

(b) The Company shall
cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the
Holder’s or its designee’s balance account with DTC through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration
statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being
exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share
register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to
such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2)
Trading Days of, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of
Trading Days comprising the Standard Settlement Period after, the delivery to the Company of the Notice of Exercise (such date, the
 “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all
corporate purposes to have become the holder of record of the Warrant Shares with respect to which the Warrant has been exercised,
irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the
case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days of and (ii) the number of Trading Days
comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to
deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay
to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per
Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share
Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer
agent that is a participant in the FAST program so long as the Warrants remains outstanding and exercisable. As used herein,
 “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the
Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of
Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York
City time) on the Initial Exercise Date, which may be delivered at any time after the time of execution of the Underwriting
Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the
Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that
payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by such Warrant Share Delivery
Date.

 

    -5-

     

    

 

3.3.3. Valid Issuance.
All Warrant Shares issued by the Company upon the proper exercise of a Warrant in conformity with this Warrant Agreement shall be validly
issued, fully paid and non-assessable.

 

3.3.4. No Fractional Exercise.
No fractional Warrant Shares will be issued upon the exercise of the Warrant. If, by reason of any adjustment made pursuant to Section
4, a Holder would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon
such exercise, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

3.3.5. No Transfer Taxes.
Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect
of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be
issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that if Warrant
Shares are to be issued in a name other than the name of the Holder, the Warrant when surrendered for exercise shall be accompanied by
the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a
sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day
processing of any Notice of Exercise and all fees to the DTC (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

3.3.6. Restrictive Legend
Events.

 

(a)       The
Company shall use its reasonable best efforts to maintain the effectiveness of the Registration Statement and the current status of
the prospectus included therein or to file and maintain the effectiveness of another registration statement and another current
prospectus covering the Warrants and the Warrant Shares at any time that the Warrants are exercisable. The Company shall provide to
the Warrant Agent and each Holder prompt written notice of any time that the Company is unable to deliver the Warrant Shares via DTC
transfer or otherwise without restrictive legend because (A) the Commission has issued a stop order with respect to the Registration
Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either
temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration Statement, either
temporarily or permanently, (D) the prospectus contained in the Registration Statement is not available for the issuance of the
Warrant Shares to the Holder or (E) otherwise (each a “Restrictive Legend Event”). To the extent that the
Warrants cannot be exercised as a result of a Restrictive Legend Event, the Company shall, at the election of the Holder, which
shall be given within five (5) days of receipt of such notice of the Restrictive Legend Event, either (A) rescind the previously
submitted Notice of Exercise and the Company shall return all consideration paid by registered holder for such shares upon such
rescission or (B) treat the attempted exercise as a cashless exercise as described in paragraph (ii) below and refund the cash
portion of the exercise price to the Holder.

 

    -6-

     

    

 

(b)       If
a Restrictive Legend Event has occurred, the Warrant may also be exercisable on a cashless basis. Notwithstanding anything herein to the
contrary, but without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to this
Section 3.3.6(b) or to receive cash payments pursuant to Section 3.3.2(b) and Section 3.3.8 herein, the Company shall not be required
to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. Upon a “cashless exercise”,
the Holder shall be entitled to receive the number of Warrant Shares equal to the quotient (if such quotient would be a positive number)
obtained by dividing (A-B) (X) by (A), where:

 

(A) =     as
applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
is (1) both executed and delivered pursuant to Section 3.3.1. hereof on a day that is not a Trading Day or (2) both executed and delivered
pursuant to Section 3.3.1. hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68)
of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the
VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the bid price of the Common Stock on
the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of
Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two
(2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant
to Section 3.3.1. hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is
a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 3.3.1. hereof after the close of “regular
trading hours” on such Trading Day;

 

(B) =     the
Exercise Price of the Warrant, as adjusted as set forth herein; and

 

(X) =     the
number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant if such exercise
were by means of a cash exercise rather than a cashless exercise.

 

(c)       If
the Warrant Shares are issued in such a cashless exercise, the Company acknowledges and agrees that, in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised and the Company
agrees not to take any position contrary thereto. Upon receipt of a Notice of Exercise for a cashless exercise, the Warrant Agent will
promptly deliver a copy of the Notice of Exercise to the Company to confirm the number of Warrant Shares issuable in connection with the
cashless exercise. The Company shall calculate and transmit to the Warrant Agent in a written notice, and the Warrant Agent shall have
no duty, responsibility or obligation under this Section 3.3.6 to calculate, the number of Warrant Shares issuable in connection with
any cashless exercise. The Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the Company, and
the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written instructions
or pursuant to this Warrant Agreement. Notwithstanding anything herein to the contrary, on the Expiration Date, the Warrant shall be automatically
exercised via cashless exercise pursuant to this Section 3.3.6.

 

    -7-

     

    

 

3.3.7. Disputes. In the
case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares issuable
in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant Shares that are not disputed.

 

3.3.8. Compensation for Buy-In
on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company
fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 3.3.2 pursuant
to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in
an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price
at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the
portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving
rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay
the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue
any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as
required pursuant to the terms hereof.

 

3.3.9. Beneficial
Ownership Limitation. The Company shall not affect any exercise of a Warrant, and a Holder shall not have the right to exercise
any portion of a Warrant, pursuant to Section 3 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons
acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution
Parties shall include the number of shares of Common Stock issuable upon exercise of such Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the
remaining, non-exercised portion of such Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties
and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including,
without limitation, any other securities of the Company which would entitle the holder thereof to acquire at any time shares of
Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any
time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, shares of Common
Stock (“Common Stock Equivalents”)) subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the
preceding sentence, for purposes of this Section 3.3.9, beneficial ownership shall be calculated in accordance with Section 13(d) of
the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely
responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this
Section 3.3.9 applies, the determination of whether a Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of a Warrant is exercisable shall be in the sole
discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of
whether a Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of a Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the
Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any
group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. For purposes of this Section 3.3.9, in determining the number of outstanding shares of Common
Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent
periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C)
a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock
outstanding.  Upon the written or oral request of a Holder, the Company shall within two (2) Trading Days confirm orally and in
writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common
Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including such Warrant, by
the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was
reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the
issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon exercise of a Warrant. The Holder, upon notice to the Company, may increase or
decrease the Beneficial Ownership Limitation provisions of this Section 3.3.9, provided that the Beneficial Ownership Limitation in
no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of
shares of Common Stock upon exercise of the Warrant held by the Holder and the provisions of this Section 3.3.9 shall continue to
apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is
delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 3.3.9 to correct this paragraph (or any portion hereof) which may be defective or
inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or
desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder
of a Warrant.

 

    -8-

     

    

 

4. Adjustments.

 

4.1. Adjustment upon
Subdivisions or Combinations. If the Company, at any time while the Warrants are outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of the Warrants), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock
outstanding immediately after such event, and the number of shares issuable upon exercise of each Warrant shall be proportionately
adjusted such that the aggregate Exercise Price of such Warrant shall remain unchanged. Any adjustment made pursuant to this Section
4.1 shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or
re-classification.

 

    -9-

     

    

 

4.2. Adjustment for Other
Distributions.

 

4.2.1. Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 4.1, if at any time the Company grants, issues or sells
any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any
class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number
of shares of Common Stock acquirable upon complete exercise of a Warrant (without regard to any limitations on exercise hereof, including
without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are
to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right
to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall
not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result
of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time,
if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

4.2.2 Pro Rata
Distributions. While any Warrant is outstanding, if the Company declares or makes any dividend or other distribution of its
assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a
 “Distribution”), at any time after the issuance of a Warrant, then, in each such case, the Holder shall be
entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of the Warrant (without regard to any limitations on
exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is
taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are
to be determined for the participation in such Distribution (provided, however, that, to the extent that the
Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership
of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the
Beneficial Ownership Limitation).

 

    -10-

     

    

 

4.3. Fundamental
Transaction. If, at any time while any Warrant ise outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or
indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of
its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or
exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one
or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons
whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of
Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of a Warrant, the Holder shall have the right to receive, for each
Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction,
at the option of the Holder (without regard to any limitation in Section 3.3.9 on the exercise of a Warrant), the number of shares
of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder
of the number of shares of Common Stock for which each Warrant is exercisable immediately prior to such Fundamental Transaction. For
purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to
the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to
the Alternate Consideration that such Holder receives upon any exercise of each Warrant following such Fundamental Transaction. The
Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the
 “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant Agreement and
the Warrants in accordance with the provisions of this Section 4.3 pursuant to written agreements in form and substance reasonably
satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall,
at the option of the Holder, deliver to the Holder in exchange for the applicable Warrants created by this Warrant Agreement a
security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to the Warrants that
are exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
the shares of Common Stock acquirable and receivable upon exercise of the Warrants (without regard to any limitations on the
exercise of the Warrants) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price
hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such
Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of the Warrant immediately prior to the consummation of such
Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such
Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such
Fundamental Transaction, the provisions of this Warrant Agreement and the Warrants referring to the “Company” shall
refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant Agreement and the Warrants with the same effect as if such Successor Entity had been
named as the Company herein and therein. The Company shall instruct the Warrant Agent in writing to mail by first class mail,
postage prepaid, to each Holder, written notice of the execution of any such amendment, supplement or agreement with the Successor
Entity. Any supplemented or amended agreement entered into by the successor corporation or transferee shall provide for adjustments,
which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4.3. The Warrant Agent
shall have no duty, responsibility or obligation to determine the correctness of any provisions contained in such agreement or such
notice, including but not limited to any provisions relating either to the kind or amount of securities or other property receivable
upon exercise of warrants or with respect to the method employed and provided therein for any adjustments, and shall be entitled to
rely conclusively for all purposes upon the provisions contained in any such agreement. The provisions of this Section 4.3 shall
similarly apply to successive reclassifications, changes, consolidations, mergers, sales and conveyances of the kind described
above.

 

    -11-

     

    

 

4.4. Other Events.
If any event occurs of the type contemplated by the provisions of Section 4.1 or 4.2 but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights, Adjustment Rights, phantom stock rights or other rights with
equity features to all holders of Common Stock for no consideration), then the Company’s Board of Directors will, at its discretion
and in good faith, make an adjustment in the Exercise Price and the number of Warrant Shares or designate such additional consideration
to be deemed issuable upon exercise of a Warrant, so as to protect the rights of the registered Holder. No adjustment to the Exercise
Price will be made pursuant to more than one sub-section of this Section 4 in connection with a single issuance.

 

4.5. Notices
to Holder.

 

4.5.1. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

4.5.2. Notice to
Allow Exercise by Holder. If (A) the Company declares a dividend (or any other distribution in whatever form) on the Common Stock,
(B) the Company declares a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company authorizes the granting
to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any
rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock,
any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially
all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or
(E) the Company authorizes the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in
each case, the Company shall cause to be delivered by email to the Holder at its last email address as it appears upon the Warrant Register
of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x)
the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record
shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in
the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder shall remain
entitled to exercise its Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

4.6. Voluntary Adjustment
By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of the Warrants,
subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed
appropriate by the board of directors of the Company.

 

4.7. Notices of
Changes in Warrant. Upon every adjustment of the Exercise Price or the number of Warrant Shares issuable upon exercise of a
Warrant, the Company shall give prompt written notice thereof to the Warrant Agent, which notice shall state the Exercise Price
resulting from such adjustment and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon
the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is
based. Upon the occurrence of any event specified in Sections 4.1 or 4.2, then, in any such event, the Company shall give written
notice to each Holder, at the last address set forth for such holder in the Warrant Register, as of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. The
Warrant Agent shall be entitled to rely conclusively on, and shall be fully protected in relying on, any certificate, notice or
instructions provided by the Company with respect to any adjustment of the Exercise Price or the number of shares issuable upon
exercise of a Warrant, or any related matter, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to
be taken by it in accordance with any such certificate, notice or instructions or pursuant to this Warrant Agreement. The Warrant
Agent shall not be deemed to have knowledge of any such adjustment unless and until it shall have received written notice thereof
from the Company.

 

    -12-

     

    

 

5. Restrictive Legends; Fractional Warrants.
If a Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not register that transfer until
the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the
Warrants must also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to effect any registration of
transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

 

6. Other Provisions Relating to Rights of Holders of Warrants.

 

6.1. No Rights as Stockholder.
Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants, shall not be entitled to vote
or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant
Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of Warrants, any of the rights of a stockholder
of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification
of share capital, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights
or rights to participate in new issues of shares, or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is
then entitled to receive upon the due exercise of Warrants.

 

6.2. Reservation of Common
Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that
will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

 

7. Concerning the Warrant Agent and Other Matters.

 

7.1. Instructions to Warrant
Agent. Any instructions given to the Warrant Agent orally, as permitted by any provision of this Warrant Agreement, shall be confirmed
in writing by the Company as soon as practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized and
protected for acting, or failing to act, in accordance with any oral instructions which do not conform with the written confirmation received
in accordance with this Section 7.1.

 

7.2. Fees and Expenses.

 

(a) Whether or not any
Warrants are exercised, for the Warrant Agent’s services as agent for the Company hereunder, the Company shall pay to the
Warrant Agent such fees as may be separately agreed between the Company and Warrant Agent and the Warrant Agent’s out of
pocket expenses in connection with this Warrant Agreement, including, without limitation, the fees and expenses of the Warrant
Agent’s counsel. While the Warrant Agent endeavors to maintain out-of-pocket charges (both internal and external) at
competitive rates, these charges may not reflect actual out-of-pocket costs, and may include handling charges to cover internal
processing and use of the Warrant Agent’s billing systems.

 

    -13-

     

    

 

(b) All amounts owed by the
Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the invoice date. Delinquent payments are subject
to a late payment charge of [_______] per month commencing 45 days from the invoice date. The Company agrees to reimburse the Warrant
Agent for any attorney’s fees and any other costs associated with collecting delinquent payments.

 

(c) No provision of this Warrant
Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of
any of its duties under this Warrant Agreement or in the exercise of its rights.

 

7.3. Duties and
Obligations of Warrant Agent. As agent for the Company hereunder, the Warrant Agent: (a) shall have no duties or obligations
other than those specifically set forth herein or as may subsequently be agreed to in writing by the Warrant Agent and the Company;
(b) shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or
genuineness of the Warrants or any Warrant Shares; (c) shall not be obligated to take any legal action hereunder; if, however, the
Warrant Agent determines to take any legal action hereunder, and where the taking of such action might, in its judgment, subject or
expose it to any expense or liability it shall not be required to act unless it has been furnished with an indemnity reasonably
satisfactory to it; (d) may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate,
instrument, opinion, notice, letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant
Agent and believed by it to be genuine and to have been signed by the proper party or parties; (e) shall not be liable or
responsible for any recital or statement contained in the Registration Statement or any other documents relating thereto; (f) shall
not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations relating
to the Warrants, including without limitation obligations under applicable securities laws; (g) may rely on and shall be fully
authorized and protected in acting or failing to act upon the written, telephonic or oral instructions with respect to any matter
relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying any such actions) of
officers of the Company, and is hereby authorized and directed to accept instructions with respect to the performance of its duties
hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection with
the Warrant Agent’s duties hereunder, and the Warrant Agent shall not be liable for any delay in acting while waiting for
those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the option of the
Warrant Agent, set forth in writing any action proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement and
the date on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable for
any action taken by, or omission of, the Warrant Agent in accordance with a proposal included in such application on or after the
date specified in such application (which date shall not be less than five Business Days after the date such application is sent to
the Company, unless the Company shall have consented in writing to any earlier date) unless prior to taking any such action, the
Warrant Agent shall have received written instructions in response to such application specifying the action to be taken or omitted;
(h) may consult with counsel satisfactory to the Warrant Agent, including its in-house counsel, and the advice of such counsel shall
be full and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith
and in accordance with the advice of such counsel; (i) may perform any of its duties hereunder either directly or by or through
nominees, correspondents, designees, or subagents, and it shall not be liable or responsible for any misconduct or negligence on the
part of any nominee, correspondent, designee, or subagent appointed with reasonable care by it in connection with this Warrant
Agreement; (j) is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any Person; and
(k) shall not be required hereunder to comply with the laws or regulations of any country other than the United States of America or
any political subdivision thereof.

 

    -14-

     

    

 

7.4. Liability of Warrant
Agent.

 

(a) In the absence of gross
negligence or willful or illegal misconduct on its part, the Warrant Agent shall not be liable for any action taken, suffered, or omitted
by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement. Anything in this Warrant
Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special, indirect, incidental, consequential
or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has been advised
of the possibility of such losses or damages and regardless of the form of action. Any liability of the Warrant Agent will be limited
in the aggregate to the amount of fees paid by the Company hereunder. The Warrant Agent shall not be liable for any failures, delays or
losses, arising directly or indirectly out of conditions beyond its reasonable control including, but not limited to, acts of government,
exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience, riots, rebellions, storms,
electrical or mechanical failure, computer hardware or software failure, communications facilities failures including telephone failure,
war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences.

 

(b) If any question or dispute
arises with respect to the proper interpretation of the Warrants or the Warrant Agent’s duties under this Warrant Agreement or the
rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall not be held liable or responsible for
its refusal to act until the question or dispute has been judicially settled (and, if appropriate, it may file a suit in interpleader
or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all Persons
interested in the matter which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory
to Warrant Agent and executed by the Company and each such Holder. In addition, the Warrant Agent may require for such purpose, but shall
not be obligated to require, the execution of such written settlement by all the Holders and all other Persons that may have an interest
in the settlement.

 

7.5. Indemnification.
The Company covenants to indemnify the Warrant Agent and hold it harmless from and against any loss, liability, claim or expense (“Loss”)
arising out of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses of
defending itself against any Loss, unless such Loss has been determined by a court of competent jurisdiction to be a result of the Warrant
Agent’s gross negligence or willful misconduct.

 

7.6. Termination. Unless
terminated earlier by the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier of the Expiration Date and
the date on which no Warrants remain outstanding (the “Termination Date”). On the Business Day following the Termination
Date, the Warrant Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement.
The Warrant Agent’s right to be reimbursed for fees, charges and out-of-pocket expenses as provided in this Section 8 shall survive
the termination of this Warrant Agreement.

 

7.7. Severability.
If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall
be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement among the parties to it
to the full extent permitted by applicable law.

 

7.8. Representations
and Warranties of the Company. The Company represents and warrants that: (a) it is duly incorporated and validly existing under
the laws of its jurisdiction of incorporation; (b) the offer and sale of the Warrants and the execution, delivery and performance of
all transactions contemplated thereby (including this Warrant Agreement) have been duly authorized by all necessary corporate action
and will not result in a breach of or constitute a default under the articles of association, bylaws or any similar document of the
Company or any indenture, agreement or instrument to which it is a party or is bound; (c) this Warrant Agreement has been duly
executed and delivered by the Company and constitutes the legal, valid, binding and enforceable obligation of the Company; (d) the
Warrants will comply in all material respects with all applicable requirements of law; and (e) to the best of its knowledge, there
is no litigation pending or threatened as of the date hereof in connection with the offering of the Warrants.

 

    -15-

     

    

 

7.9. Controlling Provisions.
In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement, as they may from time
to time be amended, the terms of this Warrant Agreement shall control.

 

7.10. Authorized Representatives.
Set forth in Exhibit C is a list of the names and specimen signatures of the persons authorized to act for the Company under this
Warrant Agreement (the “Authorized Representatives”). The Company shall, from time to time, certify to the Warrant
Agent the names and signatures of any other persons authorized to act for the Company under this Warrant Agreement.

 

7.11. Notices. Except
as expressly set forth elsewhere in this Warrant Agreement, all notices, instructions and communications under this Warrant Agreement
shall be in writing, shall be effective upon receipt and shall be addressed, if to the Company, to its address set forth beneath its signature
to this Warrant Agreement, or, if to the Warrant Agent, to American Stock Transfer & Trust Company, LLC, 6201 15th Avenue,
Brooklyn, N.Y. 11219, or to such other address of which a party hereto has notified the other party.

 

7.12. Governing Law, Etc.

 

(a) This Warrant Agreement shall
be governed by and construed in accordance with the laws of the State of New York. All actions and proceedings relating to or arising
from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of Manhattan in the City and
State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that any service of process may
be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder.
Each of the parties hereto hereby waives the right to a trial by jury in any action or proceeding arising out of or relating to this Warrant
Agreement.

 

(b) This Warrant Agreement shall
inure to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant Agreement may not be assigned,
or otherwise transferred, in whole or in part, by either party without the prior written consent of the other party, which the other party
will not unreasonably withhold, condition or delay; except that (i) consent is not required for an assignment or delegation of duties
by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation, sale of assets or other form of
business combination by Warrant Agent or the Company shall not be deemed to constitute an assignment of this Warrant Agreement.

 

(c) No provision of this
Warrant Agreement may be amended, modified or waived, except in a written document signed by both parties. The Company and the
Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable
and that the parties determine, in good faith, shall not adversely affect the interest of the Holders. All other amendments and
supplements shall require the vote or written consent of Holders of at least 50.1% of the then outstanding Warrants, provided that
adjustments may be made to the Warrant terms and rights in accordance with Section 4 without the consent of the Holders; provided
further, however, that no modification of the terms (including but not limited to the adjustments described in Section 4)
upon which the Warrants are exercisable or reducing the percentage required for consent to modification of this Warrant Agreement
may be made without the consent of the Holders of all of the then-outstanding Warrants.

 

    -16-

     

    

 

7.13. Payment of Taxes.
The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but the Company may require the Holders to pay any transfer
taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering any transfer of Warrants or any delivery
of any Warrant Shares unless or until the Persons requesting the registration or issuance shall have paid to the Warrant Agent for the
account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable satisfaction of the Company
and the Warrant Agent that such tax or charge, if any, has been paid.

 

7.14. Resignation of Warrant Agent.

 

7.14.1. Appointment of Successor
Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company, or such shorter period of time
agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor Warrant Agent, after giving thirty
(30) days’ notice in writing to the Warrant Agent or successor Warrant Agent, or such shorter period of time as agreed. If the office
of the Warrant Agent becomes vacant by resignation, termination or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days
after it has been notified in writing of such resignation or incapacity by the Warrant Agent, then the Warrant Agent or any Holder may
apply to any court of competent jurisdiction for the appointment of a successor Warrant Agent at the Company’s cost. Pending appointment
of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by
the Company. Any successor Warrant Agent (but not including the initial Warrant Agent), whether appointed by the Company or by such court,
shall be a Person organized and existing under the laws of any state of the United States of America, in good standing, and authorized
under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except for executing
and delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have no further duties, obligations,
responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement
and the resignation or removal of the Warrant Agent, including but not limited to its right to indemnity hereunder. If for any reason
it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant Agent shall execute and deliver, at the
expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor
Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any
and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority,
powers, rights, immunities, duties, and obligations.

 

7.14.2. Notice of Successor
Warrant Agent. If a successor Warrant Agent is appointed, the Company shall give notice thereof to the predecessor Warrant Agent and
the transfer agent for the Common Stock not later than the effective date of any such appointment.

 

7.14.3. Merger or
Consolidation of Warrant Agent. Any Person into which the Warrant Agent may be merged or converted or with which it may be
consolidated or any Person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party or any
Person succeeding to the shareowner services business of the Warrant Agent or any successor Warrant Agent shall be the successor
Warrant Agent under this Warrant Agreement, without any further act or deed.

 

    -17-

     

    

 

8. Miscellaneous Provisions.

 

8.1. Persons Having Rights
under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any Person or corporation other than the parties hereto and the
Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise,
or agreement hereof.

 

8.2. Examination of the
Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent
designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require any such holder to provide
reasonable evidence of its interest in the Warrants.

 

8.3. Counterparts.
This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

8.4. Effect of Headings.
The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation
thereof.

 

8.5. Conflicting Provisions.
If a Warrant is held in global form through DTC (or any successor depositary), such Warrant is issued subject to this Warrant Agreement.
To the extent any provision of a Warrant conflicts with the express provisions of this Warrant Agreement, the provisions of such Warrant
shall govern and be controlling.

 

8.6. Notices. Any notice,
statement or demand authorized by this Warrant Agreement to be given or made by the Company, the Warrant Agent or by the holder of any
Warrant to or on the Company or the Warrant Agent including, without limitation, any Notice of Exercise, shall be in writing and delivered
by e-mail, hand or sent by a nationally recognized overnight courier service, addressed (until another address is filed in writing by
the Company or the Warrant Agent) as set forth below and if to any holder any notice, statement or demand shall be given to the last address
set forth for such holder (if any) in the Warrant Register:

 

If to the Company, to:

 

FlexEnergy Green Solutions,
Inc.

112 Corporate Drive

Portsmouth, NH 03801

Attention: Chief Financial
Officer

Email: wes.kimmel@flexenergy.com

 

with a copy (which shall not
constitute notice) to:

 

Rutan & Tucker, LLP

18575 Jamboree Road, Ninth
Floor

Irvine, CA 92612

Attention: Gregg Amber

E-mail: gamber@rutan.com

 

    -18-

     

    

 

If to the Warrant Agent, to:

 

American Stock Transfer &
Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attention: Yvonne Rivera

E-mail: ReorgWarrants@astfinancial.com

 

Any notice or other communication or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered
via e-mail at the e-mail address set forth above prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after
the date of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth above on a day that
is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date
of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice
is required to be given.

 

9. Certain Definitions. As used herein,
the following terms have the following meanings:

 

(a) “Adjustment Right”
means any right granted with respect to any securities issued in connection with, or with respect to, any issuance, sale or delivery (or
deemed issuance, sale or delivery in accordance with Section 4) of Common Stock (other than rights of the type described in Section 4.2
and 4.3) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to, such
securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights) but excluding anti-dilution
and other similar rights (including pursuant to Section 4.4).

 

(b) “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

(c) “Business Day”
means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by
law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to
remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar
orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic
funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers
on such day.

 

(d) “Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

    -19-

     

    

 

(f) “Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed
or acquired after the date hereof.

 

(e) “Trading Day”
means any day on which the Common Stock is traded on the Trading Market, or, if the Trading Market is not the principal trading market
for the Common Stock, then on the principal securities exchange or securities market in the United States on which the Common Stock is
then traded, provided that “Trading Day” shall not include any day on which the Common Stock is are scheduled to trade on
such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading
on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or
market, then during the hour ending at 4:00 P.M., New York City time).

 

(g) “Trading Market”
means NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(or any successors to any of the foregoing).

 

(h) “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or
quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the “Pink Open Market”
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

[Signature Page Follows]

 

    -20-

     

    

 

IN WITNESS WHEREOF, this Warrant Agent Agreement
has been duly executed by the parties hereto as of the day and year first above written.

 

	 	 
		FLEXENERGY GREEN SOLUTIONS, Inc.
		 
		By:	 
	 	Name:
		Title:      
	 	 

 

	 	 
		American Stock Transfer & Trust Company, LLC
	 	 
		By:	 
	 	Name:
		Title:      
	 	 
		 

 

    -21-

     

    

 

EXHIBIT A

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
 & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

FLEXENERGY GREEN SOLUTIONS, INC.

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER _____, 2025

 

This certifies that the person
whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants set forth below. Each Warrant
entitles its registered holder to purchase from FlexEnergy Green Solutions, Inc., a company incorporated under the laws of the State of
Delaware (the “Company”), at any time prior to 5:00 P.M. (Eastern Standard Time) on _____, 2025, one share of common
stock, par value $0.0001 per share, of the Company (each, a “Warrant Share” and collectively, the “Warrant
Shares”), at an exercise price of $_____ per share, subject to possible adjustments as provided in the Warrant Agreement (as
defined below).

 

This Warrant Certificate,
with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be exchanged for another
Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates
surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate at the designated
office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant Agent may reasonably request and
duly stamped as may be required by the laws of the State of New York and of the United States of America.

 

The terms and conditions of
the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant Agent Agreement dated
as of ______, 2022 (the “Warrant Agreement”) between the Company and American Stock Transfer & Trust Company, LLC
(the “Warrant Agent”). A copy of the Warrant Agreement is available for inspection during business hours at the office
of the Warrant Agent.

 

This Warrant Certificate shall
not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory of the Warrant Agent.

 

     

     

    

 

IN WITNESS WHEREOF, this Warrant
certificate has been duly executed by the parties hereto as of the day and year first above written.

 

	 	 
		FLEXENERGY GREEN SOLUTIONS, Inc.
		 
	 	By:	 
		Name: 
	 	Title:      
		 

 

	 	 
		American Stock Transfer & Trust Company, LLC  
	 	 
		By:	 
	 	Name:
		Title:      
		 

 

  

PLEASE DETACH HERE

 

Certificate No.:_________ Number of Warrants:__________

 

WARRANT CUSIP NO.: ___________

 

     

     

    

 

EXHIBIT B

 

[FORM OF NOTICE OF EXERCISE]

 

NOTICE OF EXERCISE

 

To:        FlexEnergy Green
Solutions, Inc.

 

(1)  
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the
terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all
applicable transfer taxes, if any.

 

(2)  
Payment shall take the form of (check applicable box):

 

		 ̈	in lawful money of the United States; or

 

		 ̈	if permitted, the cancellation of such number of Warrant Shares
as is necessary, in accordance with the formula set forth in Section 3.3.6(b) of the Warrant Agreement, to exercise this Warrant with
respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in Section 3.3.6(b)
of the Warrant Agreement.

 

(3)  
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified
below:

 

_______________________________

 

 

The Warrant Shares shall be delivered to the following DWAC Account
Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity:

 ________________________________________________________________________

Signature of Authorized Signatory of Investing Entity: 

_________________________________________________

Name of Authorized Signatory:

 ___________________________________________________________________

Title of Authorized Signatory: 

____________________________________________________________________

Date:

 ________________________________________________________________________________________

 

     

     

    

 

EXHIBIT C

 

AUTHORIZED REPRESENTATIVES

 

	Name	 	Title	 	Signature
	 	 	 	 	 

 

     

     

    

 

EXHIBIT D

 

[FORM OF CERTIFICATED WARRANT]

 

     

     

    

 

EXHIBIT E

 

[FORM OF WARRANT CERTIFICATE REQUEST NOTICE]

 

WARRANT CERTIFICATE REQUEST NOTICE

 

To: American Stock
Transfer & Trust Company, LLC,

as Warrant Agent for
FlexEnergy Green Solutions, Inc. (the “Company”)

 

The undersigned Holder of Common Stock Purchase
Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive a Definitive Certificate
evidencing the Warrants held by the Holder as specified below:

 

		(1)	Name of Holder of Warrants in form of Global Warrants:	 

 

		(2)	Name of Holder in Definitive Certificate (if different from name of Holder of Warrants in form of Global Warrants):	 

 

		(3)	Number of Warrants in name of Holder in form of Global Warrants:	 

 

		(4)	Number of Warrants for which Definitive Certificate shall be issued:	 

 

		(5)	Number of Warrants in name of Holder in form of Global Warrants after issuance:	 

 

The Definitive Certificate shall be delivered
to the following address:

	 
	 
	 
	 

 

The undersigned hereby acknowledges and agrees
that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate, the Holder is deemed to have surrendered
the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Definitive
Certificate.

 

	Name of Holder: 	 

 

	Signature of Authorized Signatory of Holder: 	 

 

	Name of Authorized Signatory: 	 

 

	Title of Authorized Signatory: 	 

 

Date: _______________Exhibit 10.1

 

FLEXENERGY GREEN SOLUTIONS, INC. 2021 INCENTIVE
AWARD PLAN

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

    2

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    4

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    7

     

    

 

4.            Administration.

 

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

 

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

 

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

 

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

 

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

  

    8

     

    

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

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

 

7.            Options.

 

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

 

    10

     

    

 

 

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

 

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

 

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

 

    11 

     

    

 

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

 

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

 

8.            Stock
Appreciation Rights.

 

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

 

    12 

     

    

 

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

 

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

 

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

 

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

 

    13 

     

    

 

9.            Restricted
Stock and Restricted Stock Units.

 

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

 

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

 

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

 

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

 

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

 

    14 

     

    

 

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

 

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

 

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

 

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

 

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

 

    15 

     

    

 

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

 

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

 

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

 

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

 

    16 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    17 

     

    

 

13.            Amendments
and Termination.

 

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

 

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

 

14.            General.

 

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

 

    18 

     

    

 

(b)            Nontransferability.

 

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

 

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

 

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

 

    19 

     

    

 

(c)            Tax
Withholding and Deductions.

 

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

 

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

 

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

 

    20 

     

    

 

 

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

 

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

 

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

 

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

 

(i)            Government
and Other Regulations.

 

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

 

     21 

     

    

 

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

 

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

 

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

 

     22 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     23 

     

    

 

(r)            Code
Section 409A.

 

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

 

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

 

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

 

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

 

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

 

     24 

     

    

 

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

 

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

 

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

 

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

 

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

 

     25 

     

    

 

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

 

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

 

     26 

     

    

 

 

FLEXENERGY GREEN SOLUTIONS, INC.

 

STOCK OPTION GRANT NOTICE

(2021 INCENTIVE AWARD PLAN)

 

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

 

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

 

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

 

    

     

    

 

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

 

OTHER AGREEMENTS:

 

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

 

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

 

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

 

    -2-

     

    

 

EXHIBIT A

 

VESTING SCHEDULE

 

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

 

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

 

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

 

    EXHIBIT A 
 -1-

     

    

 

ATTACHMENT I

 

OPTION AGREEMENT

 

[See attached.]

 

    ATTACHMENT I
 -1-

     

    

 

 

FLEXENERGY GREEN SOLUTIONS, INC.

 

2021 INCENTIVE AWARD PLAN

 

OPTION AGREEMENT

(INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK OPTION)

 

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

 

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

 

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

 

    ATTACHMENT I
 -2-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    ATTACHMENT I
 -3-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

7.             EXERCISE.

 

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

 

    ATTACHMENT I
 -4-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    ATTACHMENT I
 -5-

     

    

 

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

 

10.           WITHHOLDING
OBLIGATIONS.

 

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

 

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

 

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

 

    ATTACHMENT I
 -6-

     

    

 

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

 

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

 

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

 

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

 

    ATTACHMENT I
 -7-

     

    

 

 

ATTACHMENT II

 

2021 INCENTIVE AWARD PLAN

 

[see attached]

 

    ATTACHMENT II

 -1- 

     

    

 

ATTACHMENT III

 

FORM OF NOTICE OF EXERCISE

 

[see attached]

 

    ATTACHMENT III
 -1-

     

    

 

FLEXENERGY GREEN SOLUTIONS, INC.

 

 

NOTICE OF EXERCISE

 

FlexEnergy Green Solutions, Inc.

112 Corporate Drive

Portsmouth, NH 03801

 

Date of Exercise: _____________, 20__

 

[Option Holder]

 

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

 

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

 

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

 

	 	Very truly yours,
	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

    ATTACHMENT III
 -2-

     

    

 

RESTRICTED STOCK AWARD AGREEMENT

 

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

 

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

 

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

 

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

 

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

 

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

 

3.            Restricted
Period; Vesting.

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

5.            Rights
as Stockholder; Dividends.

 

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

 

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

 

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

 

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

 

    2 

     

    

 

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

 

8.            Tax
Liability and Withholding.

 

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

 

(a)            tendering
a cash payment.

 

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

 

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

 

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

 

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

 

    3 

     

    

 

10.            [Non-competition
and Non-solicitation.

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)            the
Grantee hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or
permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without
the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting
any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages
or other available forms of relief.]

 

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

 

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

 

    4 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    5 

     

    

 

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

 

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

 

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

 

[signature
page follows]

 

    6 

     

    

 

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

 

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

 

[Signature Page to Restricted Stock Award Agreement] 

 

     

     

    

 

 

FLEXENERGY GREEN SOLUTIONS, INC. 2021
INCENTIVE AWARD PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

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

 

RECITALS

 

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

 

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

 

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

 

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

 

AGREEMENT

 

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

 

2.            Grant
of Restricted Stock Units; Vesting.

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

1       Update
for each Participant.

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

 

    -2-

     

    

 

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

 

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

 

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

 

11.          Reserved.

 

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

 

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

 

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

 

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

 

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

 

    -3-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

[signature page follows]

 

    -4-

     

    

 

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

 

	FLEXENERGY GREEN SOLUTIONS, INC.:	 	PARTICIPANT:

 

	By:	 	 	 
	 	Mark
    Schnepel, Chief Executive Officer 	 	[●]

 

[Signature Page
to Restricted Stock Unit Award Agreement] 

 

     

     

    

 

FLEXENERGY GREEN SOLUTIONS, INC.

AMENDMENT NO. 1 TO

FLEXENERGY GREEN SOLUTIONS, INC. 2021 INCENTIVE AWARD PLAN

 

THIS AMENDMENT NO. 1 (this
 “Amendment”) to the FlexEnergy Green Solutions, Inc. 2021 Incentive Award Plan (the “Plan”) of FlexEnergy
Green Solutions, Inc., a Delaware corporation (the “Company”), is effective as of December ___, 2021 (the “Effective
Date”). Capitalized terms used but not defined in this Amendment have the meanings given in the Plan.

 

WHEREAS, the Company previously
adopted the Plan, which had been approved by the board of directors and stockholders of the Company, under
which the Company is authorized to grant Awards to directors, officers, employees, consultants and advisors of
the Company; and

 

WHEREAS, the
Board has determined that it is in the best interests of the Company and its stockholders to amend the Plan to increase the aggregate
amount of Common Shares deliverable under the Plan from 1,585,767 to 1,651,431.

 

NOW, THEREFORE, the Plan is
hereby amended as follows:

 

1.       Effective
as of the Effective Date, Section 5(b) of the Plan is hereby amended to delete “1,585,767 Common Shares” therefrom and replace
it with “1,651,431 Common Shares”.

 

2.       Effective
as of the Effective Date, Section 7(a) of the Plan is hereby amended to delete “1,585,767 Common Shares” therefrom and replace
it with “1,651,431 Common Shares”.

 

3.       In
all other respects, the Plan, as amended by this Amendment, is hereby ratified and confirmed and shall remain in full force and effect.

 

IN WITNESS WHEREOF, the Company
has executed this Amendment as of the Effective Date.

 

	 	FlexEnergy Green Solutions, Inc.
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]