Document:

Exhibit 10.4

 

REGISTRATION RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of October [●], 2021 by and among
Fluence Energy, Inc., a Delaware corporation (the “Corporation”), and each Person identified on the Schedule
of Holders attached hereto as of the date hereof (such Persons, collectively, the “Original Equity Owners”).

 

RECITALS

 

WHEREAS, the Corporation is
contemplating an offer and sale of its shares of Class A common stock, par value $0.00001 per share (the “Class A
Common Stock” and, such shares, the “Shares”), to the public in an underwritten initial public
offering (the “IPO”);

 

WHEREAS, the Corporation desires
to use a portion of the net proceeds from the IPO to purchase LLC Interests (as defined below) of Fluence Energy, LLC, a Delaware limited
liability company (the “Company”), and the Company desires to issue its LLC Interests to the Corporation in
exchange for such portion of the net proceeds from the IPO;

 

WHEREAS, immediately prior
to or simultaneous with the purchase by the Corporation of the LLC Interests, the Corporation, the Company and the Original Equity Owners
will enter into that certain Third Amended and Restated Limited Liability Company Agreement of the Company (such agreement, as it may
be amended, restated, amended and restated, supplemented or otherwise modified form time to time, the “LLC Agreement”);

 

WHEREAS, in connection with
the closing of the IPO, (i) the Corporation will become the sole managing member of the Company, (ii) under the LLC Agreement,
the equity interests in the Company held by the Original Equity Owners prior to such time will be converted into common units (the “LLC
Interests”) of the Company, (iii) each Person identified on the Schedule of Holders attached hereto as a “Former
LLC Equity Owner” (such Persons, collectively, the “Former LLC Equity Owners”) will, through merger or
otherwise, exchange their direct and indirect interests in the LLC Interests for shares of Class A Common Stock, (iv) each Person
identified on the Schedule of Holders attached hereto as a “Continuing Equity Owner” (such Persons, collectively, the “Continuing
Equity Owners”) will become non-managing members of the Company, but otherwise continue to hold LLC Interests in the Company
and will receive newly issued shares of Class B-1 common stock of the Corporation, and (v) in consideration of the Corporation
acquiring the LLC Interests and becoming the managing member of the Company and for other good consideration, the Company has provided
the Continuing Equity Owners with a redemption right pursuant to which the Continuing Equity Owners can have their LLC interests redeemed
for, at the Corporation’s option, shares of Class A Common Stock or cash with the proceeds of a new issuance of Class A
Common Stock on the terms set forth in the LLC Agreement; and

 

WHEREAS, in connection with
the IPO and the transactions described above, the Corporation has agreed to grant to the Holders (as defined below) certain rights with
respect to the registration of the Registrable Securities (as defined below) on the terms and conditions set forth herein.

 

     

     

    

 

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

 

Section 1.     Definitions.
For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1:

 

“Adverse Disclosure”
means public disclosure of material, non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer
or the Chief Financial Officer of the Corporation, after consultation with external counsel to the Corporation, (i) would be required
to be made in any Registration Statement or prospectus filed with the SEC by the Corporation so that such Registration Statement or prospectus
would not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained
therein (in the case of any prospectus and any preliminary prospectus, in light of the circumstances under which they were made) not misleading
and would not be required to be made at such time but for the filing of such Registration Statement, prospectus or preliminary prospectus;
and (ii) the Corporation has a bona fide business purpose for not disclosing such information publicly.

 

“Affiliate”
of any Person means any other Person controlled by, controlling or under common control with such Person; provided that the Corporation
and its Subsidiaries shall not be deemed to be Affiliates of any Holder. As used in this definition, “control” (including,
with its correlative meanings, “controlling,” “controlled by” and “under common control with”) shall
mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership
of securities, by contract or otherwise).

 

“Agreement”
has the meaning set forth in the recitals.

 

“Business Day”
means any day of the year on which national banking institutions in New York are open to the public for conducting business and are not
required or authorized to close. With respect to any circumstances where actions are required by Qatar Holding LLC or any Affiliate of
Qatar Holding LLC under this Agreement, “Business Day” shall not include Friday, Saturday, Sunday or any other
day on which commercial banks in New York, New York or Doha, Qatar are authorized or required by law to close.

 

“Capital Stock”
means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock of such
corporation (whether voting or nonvoting and whether common or preferred), (ii) with respect to any Person that is not a corporation,
individual or governmental entity, any and all partnership, membership, limited liability company or other equity interests of such Person
that confer on the holder thereof the right to receive a share of the profits and losses of, or the distribution of assets of the issuing
Person, and (iii) any and all warrants, rights (including conversion and exchange rights) and options to purchase any security described
in the clause (i) or (ii) above.

 

“Class A
Common Stock” has the meaning set forth in the recitals.

 

“Class B
Common Stock” means the Corporation’s Class B-1 and/or B-2 common stock, par value $0.00001 per share.

 

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“Company”
has the meaning set forth in the recitals.

 

“Continuing Equity
Owners” has the meaning set forth in the recitals, and shall be deemed to include their respective Affiliates, immediate
family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder.

 

“Corporation”
has the meaning set forth in the recitals.

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with
all rules and regulations promulgated thereunder.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Former LLC Equity
Owners” has the meaning set forth in the recitals, and shall be deemed to include their respective Affiliates, immediate
family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder.

 

“Form S-3”
means such form under the Securities Act as in effect on the date hereof or any successor form under the Securities Act that permits significant
incorporation by reference of the Corporation’s subsequent public filings under the Exchange Act

 

“Free Writing
Prospectus” means a free-writing prospectus, as defined in Rule 405.

 

“Holder”
means any Person that is a party to this Agreement from time to time, as set forth on the signature pages hereto (or pursuant to
a Joinder hereto), so long as such Person continues to hold Registrable Securities.

 

“Initiating Holder”
has the meaning set forth in subsection 2(b).

 

“IPO”
has the meaning set forth in the recitals.

 

“Joinder”
has the meaning set forth in Section 15.

 

“LLC Agreement”
has the meaning set forth in the recitals.

 

“LLC Interests”
has the meaning set forth in the recitals.

 

“MNPI”
means material non-public information within the meaning of Regulation FD promulgated under the Exchange Act.

 

“Opt-Out Request”
has the meaning set forth in Section 16(b).

 

“Original Equity
Owners” has the meaning set forth in the recitals, and shall be deemed to include their respective Affiliates, immediate
family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder.

 

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“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Policies”
has the meaning set forth in Section 16.

 

“Public Offering”
means any sale or distribution to the public of Capital Stock of the Corporation pursuant to an offering registered under the Securities
Act, whether by the Corporation, by Holders and/or by any other holders of the Corporation’s Capital Stock.

 

“register,”
 “registered,” and “registration” refer to a registration effected by preparing and
filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness
of such registration statement or document.

 

“Registrable Securities”
means (i) any Class A Common Stock (A) issued by the Corporation in connection with the IPO in exchange for the LLC Interests
of the Former LLC Equity Owners, (B) issued by the Corporation in a Share Settlement in connection with (x) the redemption by
the Company of LLC Interests owned by any Continuing Equity Owners or (y) at the election of the Corporation, in a direct exchange
for LLC Interests owned by any Continuing Equity Owners, in each case in accordance with the terms of the LLC Agreement, (ii) any
Capital Stock of the Corporation or of any Subsidiary of the Corporation issued or issuable with respect to the securities referred to
in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger,
consolidation or other reorganization, and (iii) any other Shares owned, directly or indirectly, by Holders from time to time. As
to any particular Registrable Securities owned by any Person, such securities shall cease to be Registrable Securities on the date such
securities (a) have been sold or distributed pursuant to a Public Offering, (b) have been sold in compliance with Rule 144
following the consummation of the IPO so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed
upon the consummation of such sale, (c) have been repurchased by the Corporation or a Subsidiary of the Corporation, or (d) have
been sold or transferred sold by a person in a transaction in which his or her rights under this Agreements are not assigned. For purposes
of this Agreement, a Person shall be deemed to be a Holder, and the Registrable Securities shall be deemed to be in existence, whenever
such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with
a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not
such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of Registrable Securities
hereunder; provided a holder of Registrable Securities may only request that Registrable Securities in the form of Capital Stock
of the Corporation that is registered or to be registered as a class under Section 12 of the Exchange Act be registered pursuant
to this Agreement. For the avoidance of doubt, while LLC Interests and shares of Class B Common Stock may constitute Registrable
Securities, under no circumstances shall the Corporation be obligated to register LLC Interests or shares of Class B Common Stock,
and only Shares issuable upon redemption, exchange or conversion of LLC Interests will be registered.

 

“Registrable Securities
then outstanding” shall be determined by the number of shares of Class A Common Stock then outstanding (assuming the
exchange of all membership interests of the Company (other than membership interests held by the Corporation) for a corresponding number
of shares of Class A Common Stock in accordance with the LLC Agreement), and including all shares of Class A Common Stock issuable
upon such exchange, which are Registrable Securities.

 

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“Rule 144,”
 “Rule 158,” “Rule 405” and “Rule 415” mean,
in each case, such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange Commission,
as the same shall be amended from time to time, or any successor rule then in force.

 

“SEC”
means the Securities and Exchange Commission

 

“Schedule of Holders”
means the schedule attached to this Agreement entitled “Schedule of Holders,” which shall reflect each Holder from time to
time party to this Agreement.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together with all rules and
regulations promulgated thereunder.

 

“Share Settlement”
means “Share Settlement” as defined in the LLC Agreement.

 

“Shares”
has the meaning set forth in the recitals.

 

“Shelf Registration”
has the meaning set forth in Section 2(a).

 

“Shelf Registration
Statement” means a registration statement of the Corporation filed with the SEC on Form S-3 (or any other appropriate
form under the Securities Act) for an offering to be made on a continuous basis pursuant to Rule 415 (or any successor provision)
under the Securities Act covering all or any portion of the Registrable Securities, as applicable. To the extent that the Corporation
is a WKSI, a “Shelf Registration Statement” shall be deemed to refer to an “automatic shelf registration statement,”
as such term is defined in Rule 405 (or any successor or similar rule) of the Securities Act.

 

“Subsidiary”
means, with respect to the Corporation, any corporation, limited liability company, partnership, association or other business entity
of which (i) if a corporation, a majority of the total voting power of Capital Stock of such Person entitled (without regard to the
occurrence of any contingency) to vote in the election of directors is at the time owned or controlled, directly or indirectly, by the
Corporation, or (ii) if a limited liability company, partnership, association or other business entity, either (x) a majority
of the Capital Stock of such Person entitled (without regard to the occurrence of any contingency) to vote in the election of managers,
general partners or other oversight board vested with the authority to direct management of such Person is at the time owned or controlled,
directly or indirectly, by the Corporation or (y) the Corporation or one of its Subsidiaries is the sole manager or general partner
of such Person.

 

“Suspension Event”
has the meaning set forth in Section 2(c).

 

“Violation”
has the meaning set forth in Section 10(a).

 

“WKSI”
means a “well-known seasoned issuer” as defined under Rule 405.

 

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Section 2.     Request
for Registration.

 

(a)            Subject
to the terms and conditions of this Agreement, if the Corporation shall receive at any time following one hundred eighty (180) days after
the effective date of the registration of the IPO, a written request from the Holders of at least ten percent (10%) of the Registrable
Securities then outstanding that the Corporation file a registration statement under the Securities Act covering the registration of at
least ten percent (10%) of the Registrable Securities then outstanding, then the Corporation shall, within 10 days of the receipt thereof,
give written notice of such request to all Holders and shall, subject to the limitations of subsection 2(b), use its reasonable
best efforts to effect, as soon as practicable following the receipt of, and in any event within sixty (60) days of the receipt of, such
request, such registration (including, without limitation, filing post-effective amendments, appropriate qualifications under applicable
blue sky or other state securities laws, and appropriate compliance with the Securities Act) as would permit or facilitate the sale and
distribution of all Registrable Securities which the Holders request to be registered within 20 days of the mailing of such notice by
the Corporation; provided, however, that the Corporation shall not be obligated to effect any such registration, qualification or compliance
pursuant to this Section 2 in any particular jurisdiction in which the Corporation would be required to qualify to do business
or to execute a general consent to service of process in effecting such registration, qualification or compliance, unless the Corporation
is already subject to service in such jurisdiction and except as may be required by the Securities Act.

 

(b)            If
the Holders initiating the registration request under subsection 2(a) (each, an “Initiating Holder”)
intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Corporation
as a part of their request made pursuant to this Section 2 and the Corporation shall include such information in the written
notice referred to in subsection 2(a). The underwriter will be selected by the Corporation and shall be reasonably acceptable to
a majority in interest of the Initiating Holders. In such event, the right of any Holder to include his Registrable Securities in such
registration shall be conditioned upon such Holder’s participation in such underwriting (unless otherwise mutually agreed by a majority
in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities
through such underwriting shall (together with the Corporation as provided in subsection 5(f)) enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Section 2,
if the underwriter advises the Corporation in writing that marketing factors require a limitation of the number of equity interests to
be underwritten, then the Corporation shall so advise all Holders of Registrable Securities which would otherwise be underwritten pursuant
hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among all participating Holders
thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the amount of Registrable Securities of the Corporation
owned by each participating Holder; provided, however, that the number of Registrable Securities to be included in such
underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting.

 

(c)            Notwithstanding
the foregoing, if the Corporation shall furnish to the Initiating Holders a certificate signed by the Chief Executive Officer of the Corporation
stating that in the good faith judgment of the Board of Directors of the Corporation, it would be materially detrimental to the Corporation
and its Members for such registration statement contemplated by subsection 2(a) to be filed and it is therefore essential
to defer the filing of such registration statement, because such action would require the Corporation to make an Adverse Disclosure (such
event, a “Suspension Event”), upon giving prompt written notice to the Members, the Corporation shall have the
right to defer such filing for a period of time determined in good faith by the Board to be necessary for such purpose and in no event
longer than ninety (90) days after receipt of the request of the Initiating Holders, as applicable, and any time periods with respect
to filing or effectiveness thereof shall be tolled correspondingly; provided, however, that the Corporation may not utilize
this right more than once in any twelve-month period. In the event that the Corporation exercises its right under the preceding sentence,
the Corporation shall promptly give the Holders written notice thereof and shall use its reasonable best efforts to cause such registration
statement to become effective or to amend or supplement such registration statement on a post-effective basis or to take such action as
is necessary to permit resumed use of such registration statement or filing thereof as soon as reasonably practicable following the conclusion
of the applicable Suspension Event and its effect. The Corporation shall promptly give the Holders written notice of the conclusion of
any Suspension Event and its effect.

 

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(d)            In
addition, the Corporation shall not be obligated to effect, or to take any action to effect, any registration pursuant to this Section 2:

 

(i)            After
the Corporation has effected three (3) registrations on behalf of the Initiating Holders pursuant to this Section 2 and
such registrations have been declared or ordered effective; provided, however, that a registration pursuant to this Section 2
shall only count for the purposes of this clause (i) if at least seventy five percent (75%) of the Registrable Securities which Holders
request to be sold are sold in such requested registration;

 

(ii)            Prior
to 180 days after the effective date of the IPO registration statement; or

 

(iii)            If
the Initiating Holders propose to dispose of Registrable Securities that may be immediately registered on Form S-3 pursuant to a
request made pursuant to Section 4.

 

Section 3.     Corporation
Registration. If (but without any obligation to do so) the Corporation proposes to register (including for this purpose a registration
effected by the Corporation for persons other than the Holders) any of its equity interests under the Securities Act in connection with
the public offering of such securities solely for cash (other than (i) a registration statement on Form S-4 or any successor
form thereto, (ii) a registration in which the only equity interests being registered are equity interests issuable upon conversion
of debt securities which are also being registered, (iii) a registration on Form S-8 or (iv) a registration related to
a dividend reinvestment plan (each, a “Special Registration Statement”)), the Corporation shall, at such time, promptly
give each Holder written notice of such registration. Upon the written request of each Holder given within 20 days after mailing of such
notice by the Corporation, the Corporation shall, subject to the provisions of Section 8, cause to be registered under the Securities
Act all of the Registrable Securities that each such Holder has requested to be registered. If a Holder decides not to include all of
its Registrable Securities in any registration statement thereafter filed by the Corporation, such Holder shall nevertheless continue
to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be
filed by the Corporation with respect to offerings of its securities, all upon the terms and conditions set forth herein.

 

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Section 4.     Shelf
Registration.

 

(a)            After
the IPO, at any time when the Corporation qualifies to use a Form S-3, the Holders of at least ten percent (10%) of the Registrable
Securities then outstanding of the Corporation may make a written request (a “Shelf Notice”) to the Corporation to
file with the SEC a Shelf Registration Statement, which Shelf Notice shall specify the aggregate amount of Registrable Securities of such
Holder to be registered therein and the intended methods of distribution thereof (any such requested Shelf Registration Statement, a “Shelf
Registration”). Following the delivery of a Shelf Notice, the Corporation (i) shall file promptly (and, in any event, within
thirty (30) days following delivery of such Shelf Notice) with the SEC such Shelf Registration Statement (which shall be an automatic
Shelf Registration Statement if the Corporation qualifies at such time to file such a Shelf Registration Statement) relating to the offer
and sale of all Registrable Securities by the applicable Holder from time to time in accordance with the methods of distribution elected
by such Holder and set forth in the Shelf Registration Statement and (ii) shall use its reasonable best efforts to cause such Shelf
Registration Statement promptly to become effective under the Securities Act. Registrations effected pursuant to subsection 4(a) shall
not be counted as demands for registration or registrations effected pursuant to Sections 2 or 3, respectively.

 

(b)            The
Corporation shall not be obligated to effect any such registration pursuant to subsection 4(a): (i) if Form S-3 is not
available for such offering by the Holders; (ii) if the Corporation shall furnish to the Holders a certificate signed by the Chief
Executive Officer of the Corporation stating that in the good faith judgment of the Board of Directors of the Corporation, it would be
materially detrimental to the Corporation and its Members for such Shelf Registration to be effected at such time, or to delay or suspend
the effectiveness thereof, because of an applicable Suspension Event, in which event the Corporation shall have the right to defer the
filing of such Shelf Registration statement for a period of time determined in good faith by the Board to be necessary for such purpose
and in no event longer than 90 days after receipt of the request of the Holder or Holders under subsection 4(a); provided,
however, that the Corporation shall not utilize this right more than once in any 12-month period; (iii) in any particular
jurisdiction in which the Corporation would be required to qualify to do business or to execute a general consent to service of process
in effecting such registration, qualification or compliance, unless the Corporation is already subject to service in such jurisdiction
and except as may be required by the Securities Act; (iv) during the applicable lock-up period ending after the effective date of
a registration statement subject to Section 3 (v) if the Corporation has, within the twelve-month period preceding the
date of such request, already effected two (2) registrations on Form S-3 for the Holders, or (vi) if the aggregate price
to the public (net of any underwriters’ discounts or commissions) is less than $5,000,000. In the event that the Corporation exercises
its suspension right under this subsection 4(b), the Corporation shall promptly give the Holders written notice thereof and shall
use its reasonable best efforts to cause such registration statement to become effective or to amend or supplement such registration statement
on a post-effective basis or to take such action as is necessary to permit resumed use of such registration statement or filing thereof
as soon as reasonably practicable following the conclusion of the applicable Suspension Event and its effect. The Corporation shall promptly
give the Holders written notice of the conclusion of any Suspension Event and its effect.

 

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(c)            The
Corporation shall use its reasonable best efforts to keep a Shelf Registration Statement continuously effective under the Securities Act
in order to permit a prospectus forming a part thereof to be usable in connection with any Shelf Take- Down until the earliest of (i) the
date as of which all Registrable Securities held by the selling Holder have been sold pursuant to the Shelf Registration Statement or
another registration statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(a)(3) of
the Securities Act and Rule 174 thereunder) or otherwise cease to be Registrable Securities; (ii) the termination of this Agreement;
and (iii) such shorter period as the applicable Holder shall agree in writing (such period of effectiveness, the “Shelf
Period”) and to re-file such Shelf Registration Statement upon its expiration. The Corporation shall not be deemed to have used
its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Corporation voluntarily
takes any action (or omits to take any action), without the consent of the applicable Holder, that would result in such Holder not being
able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action
(or omission) is (x) reasonably necessary for the Corporation to avoid being required to make an Adverse Disclosure or (y) required
by applicable law, rule or regulation.

 

(d)            Promptly
upon delivery of any Shelf Notice pursuant to subsection 4(a) (but in no event more than five (5) Business Days after
delivery of the Shelf Notice), the Corporation shall deliver a written notice of such Shelf Notice to all Members other than the selling
Holder that delivered the Shelf Notice, and the Corporation shall include in such Shelf Registration all such Registrable Securities of
such Holders which the Corporation has received written requests for inclusion therein within five (5) Business Days after such written
notice is delivered to such Holders (each such Holder delivering such a request, together with such selling Holder, a “Shelf
Holder”).

 

(e)            Shelf
Take-Downs.

 

		(i)	Subject to subsection 4(b), an offering or sale of Registrable Securities pursuant to a Shelf Registration
Statement (each, a “Shelf Take-Down”) may be initiated at any time by any selling Holder.

 

(ii)            If
such selling Holder elects by written request to the Corporation, a Shelf Take-Down shall be in the form of an underwritten offering (such
written request, an “Underwritten Shelf Take-Down Notice”) and the Corporation shall amend or supplement the Shelf
Registration Statement for such purpose as soon as practicable. The Corporation shall have the right to select the managing underwriter
or underwriters to administer such offering; provided that such managing underwriter or underwriters shall be reasonably acceptable
to such Selling Holder.

 

(iii)            Promptly
upon delivery of such Underwritten Shelf Take-Down Notice (but in no event more than two (2) Business Days thereafter), the Corporation
shall promptly deliver a written notice (a “Underwritten Shelf Take-Down Corporation Notice”) of such Shelf Take-Down
to all Shelf Holders (other than the selling Holder that delivered the Underwritten Shelf Take-Down Notice), and the Corporation shall
include in such Shelf Take-Down all such Registrable Securities of such Shelf Holders that are Registered on such Shelf Registration Statement
for which the Corporation has received written requests, which requests must specify the aggregate amount of such Registrable Securities
of such Holders to be offered and sold pursuant to such Shelf Take-Down, for inclusion therein within two (2) Business Days after
the date that such Underwritten Shelf Take-Down Notice has been delivered.

 

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(iv)            If
the managing underwriter or underwriters of any proposed underwritten offering of Registrable Securities included in a Shelf Take-Down
informs the Members or the Corporation in writing that, in its or their opinion, the number of securities requested to be included in
such Shelf Take-Down exceeds the number that can be sold in such offering without being likely to have a significant adverse effect on
the price, timing or distribution of the securities offered or the market for the securities offered, the securities to be included in
such Shelf Take-Down shall be allocated (i) first, pro rata among the Shelf Holders that have requested to participate in
such Shelf Take-Down based on the relative number of Registrable Securities then held by each such Shelf Holder; provided that
any securities thereby allocated to a Shelf Holder that exceed such Shelf Holder’s request shall be reallocated among the remaining
requesting Shelf Holders in like manner; (ii) second, and only if all the Registrable Securities referred to in clause (i) have
been included in such Shelf Take-Down, to the Corporation up to the number of securities that the Corporation proposes to include in such
Shelf Take-Down that, in the opinion of the managing underwriter or underwriters, can be sold without having such adverse effect; and
(iii) third, and only if all of the securities referred to in clause (ii) have been included in such Shelf Take-Down, to those
Persons holding any other securities eligible for inclusion in such Shelf Take- Down, up to the number of securities that in the opinion
of the managing underwriter or underwriters, can be sold without having such adverse effect. For purposes of this subsection 4(e)(iv) concerning
apportionment, for any Shelf Holder that is a partnership, limited liability Corporation, or corporation, the partners, members, retired
partners, retired members, stockholders, and Affiliates of such Shelf Holder shall be deemed to be a single “selling Shelf Holder,”
and any pro rata reduction with respect to such selling Shelf Holder shall be based upon the aggregate number of Registrable Securities
owned by all Persons included in such “selling Shelf Holder,” as defined in this sentence.

 

Section 5.     Obligations
of the Corporation. Whenever required under this Agreement to effect the registration of any Registrable Securities, the Corporation
shall, as expeditiously as reasonably possible:

 

(a)            Prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use its reasonable best efforts to cause
such registration statement to become effective and keep such registration statement effective for (i) up to 120 days or until the
distribution described in such registration statement is completed, if earlier or (ii) in the case of any registration under Section 4,
until all the Registrable Securities are sold; provided, however, that, the Corporation shall provide each participating Holder
and its counsel reasonable opportunity to participate in the preparation of such registration statement.

 

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(b) Prepare and
file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration
statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered
by such registration statement for (i) up to 120 days or until the distribution described in such registration statement is completed,
if earlier, or (ii) in the case of any registration under Section 4, until all the Registrable Securities are sold and,
in connection with any registration on Form S-3 pursuant to Section 4, timely file all reports required under the Exchange
Act in order to maintain the right to continue to use such Form and to maintain such registration in effect; provided, however, that,
the Corporation shall provide each Holder and its counsel reasonable opportunity to participate in the preparation of such amendments,
supplements and prospectus.

 

(c) Before filing
any Free Writing Prospectus relating to an offer of Registrable Securities or any amendments or supplements thereto, furnish to the underwriters,
if any, and the Holders, if any, copies of such documents, which documents shall be subject to the review of such underwriters and any
Holders and their respective counsel.

 

(d)            Furnish
to the Holders, without charge, such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements
of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities
owned by them.

 

(e)            Use
its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities
or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Corporation shall not
be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process
in any such states or jurisdictions, unless the Corporation is already subject to service in such jurisdiction and except as may be required
by the Securities Act.

 

(f)            In
the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and
perform its obligations under such an agreement.

 

(g)            Promptly
make available for inspection by the Holder, any managing underwriter(s) participating in any disposition pursuant to such registration
statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the Holders, all information
reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify
the accuracy of the information in such registration statement and to conduct customary due diligence in connection therewith.

 

    	 	11	 

     

    

 

(B)            Promptly
notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the existence of any fact of which the Corporation is aware or the happening of any
event which has resulted in (A) the registration statement, as then in effect, containing an untrue statement of a material fact
or omitting to state a material fact required to be stated therein or necessary to make any statements therein not misleading or (B) containing
an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statements
therein, in the light of the circumstances under which they were made, not misleading.

 

(i)            Promptly
notify each selling Holder covered by such registration statement at any time when a prospectus relating thereto is required to be delivered
under the Securities Act, (A) of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement
or the initiation or threat of any proceedings for that purpose, or any request by the SEC for any amendment or supplement to, or additional
information in connection with, any registration statement, prospectus or prospectus supplement related to any of them, (B) of any
delisting or pending delisting of equity securities of the Corporation by any national securities exchange or market on which such equity
securities are then listed or quoted or (C) of the receipt by the Corporation of any notification with respect to the suspension
of the qualification of any Registrable Securities under the securities or blue sky laws of any jurisdiction or the initiation of any
proceeding for such purpose.

 

(j)            Use
its reasonable best efforts to prevent the issuance of any order suspending the effectiveness of registration statement covering any Registrable
Securities, and, if any order suspending the effectiveness of any such registration statement is issued, shall promptly use its reasonable
best efforts to obtain the withdrawal of such order.

 

(k)            In
the event of any event or occurrence giving rise to an obligation of the Corporation to send to the selling Members any notice pursuant
to subsection 5(j), promptly, and in no event later than twenty (20) days after the date of such event or occurrence, prepare and
file with the SEC, and furnish to the selling Members a reasonable number of copies of, a supplement or post-effective amendment to such
registration statement or related prospectus or any document incorporated therein by reference or file any other required document, and
shall use its reasonable best efforts to have such supplement or amendment declared effective, if required, as soon as possible after
filing, so that (i) such registration statement shall not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein not misleading and (ii) as thereafter delivered to
the purchasers of the Registrable Securities being sold thereunder, such prospectus shall not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

 

    	 	12	 

     

    

 

(l)            Promptly
notify each selling Holder, promptly after the Corporation receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed.

 

(a)            After
such registration statement becomes effective, promptly notify each selling Holder of any request by the SEC that the Corporation amend
or supplement such registration statement or prospectus.

 

(b)            Cause
all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued
by the Corporation are then listed.

 

(o)            Provide
a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration.

 

(p)            Furnish,
at the request of any Holder requesting registration of Registrable Securities pursuant to Agreement, on the date that such Registrable
Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Agreement, if such securities
are being sold through underwriters, (i) an opinion, dated such date, of the counsel representing the Corporation for the purposes
of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, including without
limitation any letter or opinion as to the absence of material misstatements or omissions in the registration statement or prospectus,
addressed to the underwriters and (ii) a letter dated such date (and another letter dated the date the underwriting agreement is
signed), from the independent certified public accountants of the Corporation, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters.

 

(q) [RESERVED];

 

(r)            Cooperate
with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable Securities
and their respective counsel in connection with any filings required to be made with FINRA.

 

(s)            Have
appropriate officers of the Corporation prepare and make presentations at a reasonable number of “road shows” and before analysts
and rating agencies, as the case may be, and other information meetings reasonably organized by the underwriters and otherwise use its
reasonable best efforts to cooperate as reasonably requested by the Holders and the underwriters in the offering, marketing or selling
of the Registrable Securities.

 

    	 	13	 

     

    

 

Section 6.     Furnish
Information. The Corporation may require that any selling Holder shall furnish to the Corporation such information regarding itself,
the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect
the registration of such Holder’s Registrable Securities. The Corporation shall have no obligation with respect to any registration
requested pursuant to Section 2 or Section 4 if, as a result of the application of the preceding sentence, the number of equity
interests, or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal
or exceed the number of equity interests or the anticipated aggregate offering price required to originally trigger the Corporation’s
obligation to initiate such registration as specified in subsection 4(a).

 

Section 7.     Expenses
of Registration.

 

(a)            Demand
Registration. All expenses (other than underwriting discounts and commissions) incurred in connection with a registration requested
under Section 2 (which right may be assigned as provided in Section 1), filings or qualifications pursuant to
Section 2, including (without limitation) all registration, filing and qualification fees, printers’ and accounting
fees, fees and disbursements of counsel for the Corporation, and the reasonable fees and disbursements of one counsel for the selling
Holders selected by Holders of a majority of the Registrable Securities to be registered, shall be borne by the Corporation; provided,
however, that the Corporation shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2
if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be
registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities
that were to be included in the withdrawn registration); provided further, however, that if at the time of such withdrawal, the
selling Holders have (i) learned of a material adverse change in the condition, business, or prospects of the Corporation from that
known to the selling Holders at the time of their request or have been advised by the underwriter that the registration should be withdrawn
(either a “Withdrawal Event”) and (ii) have withdrawn the request with reasonable promptness following the occurrence
of such Withdrawal Event, then the selling Holders shall not be required to pay any of such expenses and shall retain their rights pursuant
to Section 2. If the Holders are required to pay any expenses, such expenses shall be borne by the holders of the securities
(including Registrable Securities) requesting such registration in proportion to the number of securities for which registration was requested.
If the Corporation is required to pay the expenses due to a Withdrawal Event, then the Holders shall not forfeit their rights to a demand
registration.

 

(b)            Corporation
Registration. All expenses (other than underwriting discounts and commissions) incurred in connection with registrations, filings
or qualifications of Registrable Securities pursuant to Section 3 for each Holder (which right may be assigned as provided
in Section 15), including (without limitation) all registration, filing, and qualification fees, printers’ and accounting
fees, fees and disbursements of counsel for the Corporation and the reasonable fees and disbursements of one counsel for the selling Holder
or Holders selected by Holders of a majority of the Registrable Securities to be registered shall be borne by the Corporation.

 

    	 	14	 

     

    

 

(c)            Shelf
Registration. All expenses (other than underwriting discounts and commissions) incurred in connection with registrations, filings
or qualifications of Registrable Securities pursuant to Section 4 for each Holder (which right may be assigned as provided
in Section 15), including (without limitation) all registration, filing, and qualification fees, printers’ and accounting
fees, fees and disbursements of counsel for the Corporation and the reasonable fees and disbursements of one counsel for the selling Holder
or Holders selected by Holders of a majority of the Registrable Securities to be included in a registration or Shelf Takedown pursuant
to Section 4 shall be borne by the Corporation.

 

Section 8.     Underwriting
Requirements.

 

(i)            In
connection with any offering involving an underwriting of equity interests of the Corporation described in Section 3, the
Corporation shall not be required under Section 3 to include any of the Holders’ securities in such underwriting unless
they accept the terms of the underwriting as agreed upon between the Corporation and the underwriters selected by it (or by other persons
entitled to select the underwriters), and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize
the success of the offering by the Corporation. If the total amount of securities, including Registrable Securities, requested by Members
to be included in such offering exceeds the amount of securities sold other than by the Corporation that the underwriters determine in
their sole discretion is compatible with the success of the offering, then the Corporation shall be required to include in the offering
only that number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion will
not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling Holders pro rata
among them based on the relative number of Registrable Securities then held by each such participating Holder or in such other proportions
as shall mutually be agreed to by such selling Holders) but in no event shall (i) the amount of securities of the selling Holders
included in the offering be reduced below twenty-five percent (25%) of the total amount of securities included in such offering or (ii) any
securities held by a person who is not a Holder of Registrable Securities be included if any securities held by any selling Holder are
excluded. For purposes of the preceding parenthetical concerning apportionment, for any selling Holder which is a holder of Registrable
Securities and which is a partnership or corporation, the partners, retired partners and equity owners of such holder shall be deemed
to be a single “selling Holder,” and any pro-rata reduction with respect to such “selling Holder” shall
be based upon the aggregate amount of equity interests carrying registration rights owned by all entities and individuals included in
such “selling Holder,” as defined in this sentence.

 

Section 9.     Delay
of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration
as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement.

 

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Section 10.     Indemnification
and Contribution.

 

(a)            The
Corporation will indemnify and hold harmless each Holder, any underwriter (as defined in the Securities Act) for such Holder and each
person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, and each partner,
director, officer, member, manager, employee and agent of any of the foregoing, against any losses, claims, damages, or liabilities (or
actions in respect thereof) to which they may become subject under the Securities Act, the Exchange Act or other federal, state or common
law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the
following statements, alleged statements, omissions, alleged omissions or violations or alleged violations (collectively a “Violation”):
(i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any
preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or in any Free Writing Prospectus
that the Corporation has filed, or is required to file, under Rule 433(d) under the Securities Act, or any amendment or supplement
thereof (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make
the statements therein not misleading (in the case of any prospectus or amendment or supplement thereto, in light of the circumstances
under which they are made), or (iii) any violation or alleged violation by the Corporation of the Securities Act, the Exchange Act,
any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities
law; and the Corporation will pay to each such Holder, underwriter or controlling person and each other person entitled to indemnification
pursuant to this subsection 10(a), as incurred, any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained
in this subsection 10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action
if such settlement is effected without the consent of the Corporation (which consent shall not be unreasonably withheld, conditioned
or delayed), nor shall the Corporation be liable to any Holder, underwriter or controlling person for any such loss, claim, damage, liability,
or action to the extent that it arises out of or is based upon a Violation which occurs as a result of, in reliance upon and in conformity
with written information furnished expressly for use in such registration statement by any such Holder, underwriter or controlling person.

 

(b)            To the
fullest extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Corporation, each
of its directors, each of its officers who has signed the registration statement, each Person, if any, who controls the Corporation within
the meaning of the Securities Act, any underwriter, any other Holder selling securities in such registration statement, and any controlling
Person of any such other Holder against any losses, claims, damages, or liabilities to which any of the foregoing persons may become
subject, under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities
(or actions in respect thereto) arise out of or are based upon any Violation, that occurs as a result of, in reliance upon and in conformity
with written information furnished by or on behalf of such Holder expressly for use in such registration statement; and each such Holder
will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be indemnified pursuant to this subsection
10(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however,
that the indemnity agreement contained in this subsection 10(b) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be
unreasonably withheld, conditioned or delayed; provided, that in no event shall the aggregate amounts payable by any Holder by
way of indemnity under this subsection 10(b) exceed the net proceeds from the offering received by such Holder.

 

    	 	16	 

     

    

 

(c)            Promptly
after receipt by an indemnified party under this Section 10 of notice of the commencement of any action (including any governmental
action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is
to be made against any indemnifying party under this Section 10, deliver to the indemnifying party a written notice of the
commencement thereof and the indemnifying party shall have the right to participate in such action, and, to the extent the indemnifying
party so desires, participate jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel
mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties which
may be represented without conflict by one (1) counsel) shall have the right to retain one (1) separate counsel, with the reasonable
fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying
party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented
by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action, but only if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of
any liability to the indemnified party under this Section 10, but the omission so to deliver written notice to the indemnifying
party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 10.
No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent
to entry of any judgment or enter into any settlement that (x) does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release, in form and substance reasonably satisfactory to the indemnified party,
from all liability in respect to such claim or litigation, (y) includes a statement about or an admission of fault, culpability
or a failure to act by or on behalf of the indemnified party or (z) involves the imposition of equitable remedies or the imposition
of any obligations on the indemnified party or adversely affects the indemnified party other than as a result of financial obligations
for which such indemnified party would be entitled to indemnification hereunder.

 

(d)            If
the indemnification provided for in this Section 10 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in
lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a
result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying
party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions that resulted in such
loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided, that in no event shall, (x) any
contribution by a Holder under this subsection 10(d) exceed the net proceeds from the offering received by such Holder, except
in the case of willful fraud by such Holder and (y) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The relative
fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity
to correct or prevent such statement or omission.

 

    	 	17	 

     

    

 

(e)             Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered
into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control; provided, however, that that to the extent the underwriting agreement does not address a matter addressed
by this Agreement, the failure to address such matter shall not be deemed a conflict between the provisions of this Agreement and the
underwriting agreement.

 

(f)             Unless
otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of
the Corporation and Holders under this Section 10 shall survive the completion of any offering of Registrable Securities
in a registration statement under this Agreement, and otherwise shall survive the termination of this Agreement.

 

Section 11.            Reports
Under the Exchange Act. With a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities
Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Corporation to the
public without registration or pursuant to a registration on Form S-3, the Corporation shall, following the consummation of the
IPO:

 

(a)            make
and keep public information available, as those terms are understood and defined in SEC Rule 144, at all times after the effective
date of the registration statement filed by the Corporation for the IPO;

 

(b)            take
such action, including the voluntary registration of its equity interests under Section 12 of the Exchange Act, as is necessary
to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable
after the end of the fiscal year in which the first registration statement filed by the Corporation for the offering of its securities
to the general public is declared effective;

 

    	 	18	 

     

    

 

(c)            file
with the SEC in a timely manner all reports and other documents required of the Corporation under the Securities Act and the Exchange
Act; and

 

(d)            furnish
to any Holder upon request, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement
by the Corporation that it has complied with the reporting requirements of SEC Rule 144, the Securities Act and the Exchange Act
(at any time after ninety (90) days after the effective date of the registration statement filed by the Corporation for the IPO), or
that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a
copy of the most recent annual or quarterly report of the Corporation and such other reports and documents so filed by the Corporation,
and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC
which permits the selling of any such securities without registration or pursuant to such form (at any time after the Corporation has
become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Corporation
so qualifies to use such form).

 

Section 12.            Limitations
on Subsequent Registration Rights. The Corporation shall not, without the prior written consent of the Holders of a majority of the
outstanding Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Corporation
which would (a) allow such holder or prospective holder to include such securities in any registration filed under Section 2
or Section 3, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such
registration only to the extent that the inclusion of his securities will not reduce the amount of the Registrable Securities of the
Holders which is included,(b) allow such holder or prospective holder to make a demand registration which could result in such registration
statement being declared effective within 120 days of the effective date of any registration effected pursuant to Section 2 or (c) otherwise
conflict with the rights of Holders under this Agreement; provided, however, except as set forth in clause (c) above, this
Section 12 shall not limit the rights of the Corporation with respect to Special Registration Statements.

 

Section 13.            Lock-Up
Agreements.

 

(a)            In
connection with the IPO, each Holder (each a “Lock-Up Party”) has entered into a customary lock-up agreement with
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, as representatives (the “Representatives”) of the
several underwriters, pursuant to which each Lock-Up Party has agreed to certain restrictions relating to the shares of Capital Stock
and certain other securities held by them (collectively, the “Lock-Up Restrictions”). The Corporation may impose stop-transfer
instructions with respect to the shares of Capital Stock and other securities subject to the Lock-Up Restrictions.

 

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(b)            In
connection with (i) any offering involving an underwriting of equity interests of the Corporation described in Section 3
or (ii) any other underwritten offering in which Holders have an opportunity to participate under this Agreement and upon request
of the underwriters managing such offering, each Holder agrees not to sell, make any short sale of, loan, grant any option for the purchase
of, or otherwise dispose of any securities of the Corporation, however or whenever acquired (other than those included in the registration)
or engage in any swap or derivative transactions involving the Corporation’s securities (the “Lock-Up Restrictions”),
in each case as provided in an agreement with such managing underwriters, without the prior written consent of such managing underwriters,
for such period of time as may be requested by such managing underwriters (commencing as of the effective date of such registration or
pricing date of such offering as the case may be and ending no later than 90 days thereafter or the lesser of such period and any shorter
period agreed to by the managing underwriters) and to execute an agreement reflecting the foregoing as may be requested by the managing
underwriters at the time of such offering; provided that (i) no Holder will be required to agree to any Lock-Up Restrictions which
do not apply to each other Holder and (ii) any waiver of a Lock-Up Restriction by the underwriter for the benefit of one Holder
shall apply to all other Holders.

 

(c)            The
obligations described in subsection 13(b) shall apply only if all officers and directors of the Corporation, and all holders
of Registrable Securities holding at least five percent (5%) of the Corporation’s voting securities, enter into similar agreements,
and shall not apply to a registration relating solely to participants in the Corporation’s equity plans or a transaction covered
by Rule 145 under the Securities Act.

 

(d)            In
order to enforce the foregoing covenants, the Corporation may impose stop-transfer instructions with respect to the securities of each
Holder (and the securities of every other person subject to the restrictions in subsection 13(a) and subsection 13(b)).

 

Section 14.            Subsidiary
Public Offering. If, after an initial public offering of the Capital Stock of one of its Subsidiaries (including the Company), the
Corporation distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Corporation pursuant
to this Agreement shall apply, mutatis mutandis, to such Subsidiary, and the Corporation shall cause such Subsidiary to comply with such
Subsidiary’s obligations under this Agreement.

 

Section 15.           Transfer
of Registrable Securities. Notwithstanding anything to the contrary contained herein, except in the case of (i) a transfer to
the Corporation, (ii) a transfer by any Original Equity Owner to any of its Affiliates or to their respective equityholders, (iii) a
Public Offering, (iv) a sale pursuant to Rule 144 after the completion of the IPO or (v) a transfer in connection with
a sale of the Corporation, prior to transferring any Registrable Securities to any Person (including, without limitation, by operation
of law), the transferring Holder shall cause the prospective transferee to execute and deliver to the Corporation a joinder agreement
in the form attached as Exhibit A hereto (a “Joinder”) agreeing to be bound by the terms of this Agreement
whereupon such transferee shall be a “Holder” for purposes of this Agreement. The Corporation agrees to countersign any Joinder
executed by Affiliate of an Original Equity Owner to whom Registrable Securities have been transferred. Any transfer or attempted transfer
of any Registrable Securities in violation of any provision of this Agreement shall be void, and the Corporation shall not record such
transfer on its books or treat any purported transferee of such Registrable Securities as the owner thereof for any purpose.

 

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Section 16.            MNPI
Provisions.

 

(a)            Each
Holder acknowledges that the provisions of this Agreement that require communications by the Corporation or other Holders to such Holder
may result in such Holder and its directors, officers, employees, agents, attorneys, affiliates and financial and other advisors acquiring
MNPI (which may include, solely by way of illustration, the fact that an offering of the Corporation’s securities is pending or
the number of Corporation securities or the identity of the selling Holders).

 

(b)            Each
Holder shall have the right, at any time and from time to time (including after receiving information regarding any potential Public
Offering), to elect to not receive any notice that the Corporation or any other Holders otherwise are required to deliver pursuant to
this Agreement by delivering to the Corporation a written statement signed by such Holder that it does not want to receive any notices
hereunder (an “Opt-Out Request”); in which case and notwithstanding anything to the contrary in this Agreement
the Corporation and other Holders shall not be required to, and shall not, deliver any notice or other information required to be provided
to Holders hereunder to the extent that the Corporation or such other Holders reasonably expect would result in a Holder acquiring MNPI.
An Opt-Out Request may state a date on which it expires or, if no such date is specified, shall remain in effect indefinitely. A Holder
who previously has given the Corporation an Opt-Out Request may revoke such request at any time, and there shall be no limit on the ability
of a Holder to issue and revoke subsequent Opt-Out Requests; provided that each Holder shall use commercially reasonable efforts
to minimize the administrative burden on the Corporation arising in connection with any such Opt-Out Requests.

 

(c)             Each
Holder agrees that it will maintain the confidentiality of such MNPI and, to the extent such Holder is not a natural person, such confidential
treatment shall be in accordance with procedures adopted by it in good faith to protect confidential information of third parties delivered
to such Holder (“Policies”); provided that a holder may deliver or disclose MNPI to (i) its directors,
officers, employees, agents, attorneys, affiliates and financial and other advisors, but solely to the extent such disclosure reasonably
relates to its evaluation of exercise of its rights under this Agreement and the sale of any Registrable Securities in connection with
the subject of the notice, (ii) any federal or state regulatory authority having jurisdiction over such Holder, (iii) any Person
if necessary to effect compliance with any law, rule, regulation or order applicable to such Holder, (iv) in response to any subpoena
or other legal process, or (v) in connection with any litigation to which such Holder is a party; provided further, that in the
case of clause (i), the recipients of such MNPI are subject to the Policies or agree to hold confidential the MNPI in a manner substantially
consistent with the terms of this Section 16 and that in the case of clauses (ii) through (v), such disclosure is required
by law and such Holder shall promptly notify the Corporation of such disclosure to the extent such Holder is legally permitted to give
such notice.

 

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Section 17.            General
Provisions.

 

(a)            Amendments
and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified, terminated or waived only
with the prior written consent of the Corporation and each affected Holder. The failure or delay of any Person to enforce any of the
provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such Person
thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach
or default by any Person in the performance by that Person of his, her or its obligations under this Agreement shall not be deemed to
be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of
that Person under this Agreement.

 

(b)            Remedies.
The parties to this Agreement shall be entitled to enforce their rights under this Agreement specifically (without posting a bond or
other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights
existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable harm and money
damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder,
any party shall be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction
(without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement.

 

(c)            Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable
law or regulation in any jurisdiction, such prohibition, invalidity, illegality or unenforceability shall not affect the validity, legality
or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement shall
be reformed, construed and enforced in such jurisdiction as if such prohibited, invalid, illegal or unenforceable provision had never
been contained herein.

 

(d)            Entire
Agreement. Except as otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto
with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among
the parties hereto, written or oral, which may have related to the subject matter hereof in any way.

 

(e)            Successors
and Assigns. This Agreement shall bind and inure to the benefit and be enforceable by the Corporation and its successors and assigns
and the Holders and their respective successors and assigns (whether so expressed or not). In addition, whether or not any express assignment
has been made, the provisions of this Agreement which are for the benefit Holders are also for the benefit of, and enforceable by, any
subsequent or successor Holder.

 

    	 	22	 

     

    

 

(f)             Notices.
Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement shall be in writing and
shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail
f sent during normal business hours of the recipient but, if not, then on the next Business Day, (iii) one Business Day after it
is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is mailed
to the recipient by first class mail, return receipt requested. Such notices, demands and other communications shall be sent to the Corporation
at the address specified below and to any Original Equity Owner or to any other party subject to this Agreement at such address as indicated
on the Schedule of Holders, or at such address or to the attention of such other Person as the recipient party has specified by prior
written notice to the sending party. Any party may change such party’s address for receipt of notice by providing prior written
notice of the change to the sending party as provided herein. The Corporation’s address is:

 

Fluence Energy, Inc.

4601 Fairfax Drive, Suite 600

Arlington, Virginia 22203

Attn: General Counsel

Email: frank.fuselier@fluenceenergy.com

 

With a copy to:

 

Fluence Energy, Inc.

4601 Fairfax Drive, Suite 600

Arlington, Virginia 22203

Attn: Chief Financial Officer

 

Email: dennis.fehr@fluenceenergy.com

 

With a copy to (which shall not serve
as notice):

Latham & Watkins LLP

1271 Avenue of the Americas

New York, New York 10020

Attn: Senet S. Bischoff, Esq.

Facsimile: (212) 751-4864

 

or to such other address or to the
attention of such other Person as the recipient party has specified by prior written notice to the sending party.

 

(g)            Business
Days. If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time period shall
automatically be extended to the immediately following Business Day.

 

(h)            Governing
Law. The corporate law of the State of Delaware shall govern all issues and questions concerning the relative rights of the Corporation
and its stockholders. All other issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement
and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of New York, without
giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of New York.

 

    	 	23	 

     

    

 

(i)             MUTUAL
WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING
THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING
RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

(j)              CONSENT
TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS
OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION
OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE
PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S
RESPECTIVE ADDRESS SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS
TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION
TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY
WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM.

 

(k)            No
Recourse. Notwithstanding anything to the contrary in this Agreement, the Corporation and each Holder agrees and acknowledges that no
recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had against any current
or future director, officer, employee, general or limited partner or member of any Holder or of any Affiliate or assignee thereof, whether
by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable
law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be
incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current
or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation
of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on,
in respect of or by reason of such obligations or their creation.

 

(l)             Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of
this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation.

 

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

 

    	 	24	 

     

    

 

(n)            Counterparts.
This Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but
all such counterparts taken together shall constitute one and the same agreement.

 

(o)            Electronic
Delivery. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith
or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of
a photographic, photostatic, or similar reproduction of such signed writing using electronic mail shall be treated in all manner and
respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party
hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement
or instrument shall raise the use of electronic mail to deliver a signature or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of electronic mail as a defense to the formation or enforceability of a contract and
each such party forever waives any such defense.

 

(p)            Further
Assurances. In connection with this Agreement and the transactions contemplated hereby, each Holder shall execute and deliver any additional
documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions
of this Agreement and the transactions contemplated hereby.

 

(q)            No
Inconsistent Agreements. The Corporation shall not hereafter enter into any agreement with respect to its securities which is inconsistent
with or violates the rights granted to the Holders in this Agreement.

 

(r)             Termination.
Qatar Holding LLC shall have the option to terminate, at their sole discretion and solely with respect to Qatar Holding LLC and any of
its Affiliates or assignees who have delivered (or have the right to deliver) a Joinder or who otherwise have rights or obligations under
this Agreement, this Agreement and their rights and obligations hereunder (other than rights and obligations under Sections 10, 16 and
17 of this Agreement) if at any time (A) the Board no longer has a QIA Director and (B) the QIA Related Parties beneficially
own, directly or indirectly, in the aggregate less than ten percent (10%) of all issued and outstanding shares of Class A Common
Stock (including for this purpose the Underlying Class A Shares). Defined terms included in this subsection (r), other than “Affiliates”,
 “Agreement” and “Joinder” shall have the meanings set forth in the Stockholders Agreement of Fluence Energy, Inc.
dated as of [ ● ], 2021.

 

* * * * *

 

    	 	25	 

     

    

 

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

 

	 	FLUENCE ENERGY, INC.
	 	 
	 	By:	 
	 	Name:	Manuel Perez Dubuc
	 	Title:	Chief Executive Officer
	 	 
	 	By:	 
	 	Name:	Dennis Fehr
	 	Title:	Chief Financial Officer

 

[Signature Page to Registration Rights
Agreement]

 

    	 	 	 

     

    

 

	 	AES Grid Stability, LLC
	 	 
	 	By: [ ● ],
	 	its [ ● ]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Registration Rights
Agreement]

 

    	 	 	 

     

    

 

	 	SIEMENS INDUSTRY, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	By:	              
	 	Name:	 
	 	Title:	 

 

[Signature Page to Registration Rights
Agreement]

 

    	 	 	 

     

    

 

	 	QATAR HOLDING LLC
	 	 
	 	By: [ ● ],
	 	its [ ● ]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	      

 

[Signature Page to Registration Rights
Agreement]

 

    	 	 	 

     

    

 

SCHEDULE OF HOLDERS

 

	Holder
	 	Continuing
    Equity Owner/

    Former LLC Equity Owner

	AES
    Grid Stability, LLC	 	Continuing
    Equity Owner
	Siemens
    Industry, Inc.	 	Continuing
    Equity Owner
	Qatar
    Holding LLC	 	Former
    LLC Equity Owner

 

    	 	30	 

     

    

 

EXHIBIT A

 

REGISTRATION RIGHTS AGREEMENT JOINDER

 

The
undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of October [ ● ],
2021 (as the same may hereafter be amended, the “Registration Rights Agreement”), among Fluence Energy, Inc.,
a Delaware corporation (the “Corporation”), and the other person named as parties therein.

 

By executing and delivering this Joinder to the
Corporation, and upon acceptance hereof by the Corporation upon the execution of a counterpart hereof, the undersigned hereby agrees
to become a party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as a Holder of Registrable
Securities in the same manner as if the undersigned were an original signatory to the Registration Rights Agreement, and the undersigned’s
shares of Class A Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the extent
provided therein. The Corporation is directed to add the address below the undersigned’s signature on this Joinder to the Schedule
of Holders attached to the Registration Rights Agreement.

 

Accordingly, the undersigned has executed and
delivered this Joinder as of the day of _______________, 20__.

 

	 	Signature of Stockholder
	 	 
	 	 
	 	Print Name of Stockholder
	 	Its:
	 	 
	 	Address:

 

Agreed and Accepted as of _______________, 20__

 

	Fluence Energy, Inc.	 
	 	 
	By:	 	 
	Name:	 	 
	Its:	      	 

 

    	 	31Exhibit 10.5

 

 

FLUENCE
ENERGY, INC.

2021 INCENTIVE AWARD PLAN

 

 

ARTICLE
I.

Purpose

 

The Plan’s purpose is
to enhance the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions
to the Company by providing these individuals with equity ownership opportunities. Capitalized terms used in the Plan are defined in Article XI.

 

ARTICLE
II.

Eligibility

 

Service Providers are eligible
to be granted Awards under the Plan, subject to the limitations described herein.

 

ARTICLE
III.

Administration and Delegation

 

3.1              
Administration. The Plan is administered by the Administrator. The Administrator has authority to determine which Service
Providers receive Awards, grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The
Administrator also has the authority to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements
and to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct
defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any Award as it deems necessary or appropriate
to administer the Plan and any Awards. The Administrator’s determinations under the Plan are in its sole discretion and will be
final and binding on all persons having or claiming any interest in the Plan or any Award.

 

3.2              
Appointment of Committees. To the extent Applicable Laws permit, the Board may delegate any or all of its powers under the
Plan to one or more Committees. The Board may abolish any Committee or re-vest in itself any previously delegated authority at any time.

 

ARTICLE
IV.

Stock Available for Awards

 

4.1              
Number of Shares. Subject to adjustment under Article VIII and the terms of this Article IV, Awards
may be made under the Plan covering up to the Overall Share Limit. Shares issued under the Plan may consist of authorized but unissued
Shares, Shares purchased on the open market or treasury Shares.

 

4.2               Share
Recycling. If all or any part of an Award expires, lapses or is terminated, exchanged for cash, surrendered, repurchased,
canceled without having been fully exercised or forfeited, in any case, in a manner that results in the Company acquiring Shares at
a price not greater than the price (as adjusted to reflect any Equity Restructuring) paid by the Participant for such Shares or not
issuing any Shares covered by the Award, the unused Shares covered by the Award will, as applicable, become or again be available
for Award grants under the Plan. Further, Shares delivered (either by actual delivery or attestation) to the Company by a
Participant to satisfy the applicable exercise or purchase price of an Award and/or to satisfy any applicable tax withholding
obligation (including Shares retained by the Company from the Award being exercised or purchased and/or creating the tax obligation)
will not, as applicable, become or again be available for Award grants under the Plan. The payment of Dividend Equivalents in cash
in conjunction with any outstanding Awards shall not count against the Overall Share Limit.

 

     

     

    

 

4.3              
Incentive Stock Option Limitations. Notwithstanding anything to the contrary herein, no more than 9,500,000 Shares may be
issued pursuant to the exercise of Incentive Stock Options.

 

4.4              
Substitute Awards. In connection with an entity’s merger or consolidation with the Company or the Company’s
acquisition of an entity’s property or stock, the Administrator may grant Substitute Awards in respect of any options or other stock
or stock-based awards granted before such merger or consolidation by such entity or its affiliate in accordance with Applicable Laws.
Substitute Awards may be granted on such terms as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan.
Substitute Awards will not count against the Overall Share Limit (nor shall Shares subject to a Substitute Award be added back to the
Shares available for Awards under the Plan as provided in Section 4.2 above), except that Shares acquired by exercise of substitute Incentive
Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under
the Plan. Additionally, in the event that a company acquired by the Company or any Affiliate or with which the Company or any Affiliate
combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition
or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate,
using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration
payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan
and shall not count against the Overall Share Limit (and Shares subject to such Awards shall not be added to the Shares available for
Awards under the Plan as provided above in Section 4.2); provided that Awards using such available shares shall not be made after the
date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall
only be made to individuals who were not Employees or Directors prior to such acquisition or combination.

 

4.5              
Non-Employee Director Compensation. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish
compensation for non-employee Directors from time to time, subject to the limitations in the Plan. The Administrator will from time to
time determine the terms, conditions and amounts of all such non-employee Director compensation in its discretion and pursuant to the
exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem relevant from time
to time, provided that the sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance
with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor thereto) of Awards granted to
a non-employee Director as compensation for services as a non-employee Director during any fiscal year of the Company may not exceed $500,000,
increased to $750,000 for a non-employee Director’s initial fiscal year of service as a non-employee Director. The Administrator
may make exceptions to these limits for individual non-employee Directors in extraordinary circumstances, as the Administrator may determine
in its discretion, provided that the non-employee Director receiving such additional compensation may not participate in the decision
to award such compensation or in other contemporaneous compensation decisions involving non-employee Directors.

 

ARTICLE
V.

Stock Options and Stock Appreciation Rights

 

5.1               General.
The Administrator may grant Options or Stock Appreciation Rights to Service Providers subject to the limitations in the Plan,
including any limitations in the Plan that apply to Incentive Stock Options. The Administrator will determine the number of Shares
covered by each Option and Stock Appreciation Right, the exercise price of each Option and Stock Appreciation Right and the
conditions and limitations applicable to the exercise of each Option and Stock Appreciation Right. A Stock Appreciation Right will
entitle the Participant (or other person entitled to exercise the Stock Appreciation Right) to receive from the Company upon
exercise of the exercisable portion of the Stock Appreciation Right an amount determined by multiplying the excess, if any, of the
Fair Market Value of one Share on the date of exercise over the exercise price per Share of the Stock Appreciation Right by the
number of Shares with respect to which the Stock Appreciation Right is exercised, subject to any limitations of the Plan or that the
Administrator may impose and payable in cash, Shares valued at such Fair Market Value or a combination of the two as the
Administrator may determine or provide in the Award Agreement.

 

    2 

     

    

 

5.2              
Exercise Price. The Administrator will establish each Option’s and Stock Appreciation Right’s exercise price
and specify the exercise price in the Award Agreement. Unless otherwise determined by the Administrator, the exercise price will not be
less than 100% of the Fair Market Value of a Share on the grant date of the Option or Stock Appreciation Right.

 

5.3              
Duration. Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement,
provided that, unless otherwise determined by the Administrator in accordance with Applicable Laws, the term of an Option or Stock Appreciation
Right will not exceed ten years. Notwithstanding the foregoing, if the Participant, prior to the end of the term of an Option or Stock
Appreciation Right, violates the non-competition, non-solicitation, confidentiality or other similar restrictive covenant provisions of
any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company or any
Affiliate, the right of the Participant and the Participant’s transferees to exercise any Option or Stock Appreciation Right issued
to the Participant shall terminate immediately upon such violation unless the Administrator otherwise determines.

 

5.4              
Exercise. Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise,
in a form the Administrator approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation
Right, together with, as applicable, payment in full (i) as specified in Section 5.5 for the number of Shares for which the Award
is exercised and (ii) as specified in Section 9.5 for any applicable taxes. Unless the Administrator otherwise determines, an Option
or Stock Appreciation Right may not be exercised for a fraction of a Share.

 

5.5              
Payment Upon Exercise. Subject to Section 10.8, any Company insider trading policy (including blackout periods) and
Applicable Laws, the exercise price of an Option must be paid by:

 

(a)               
cash, wire transfer of immediately available funds or by check payable to the order of the Company, provided that the Company may
limit the use of one of the foregoing payment forms if one or more of the payment forms below is permitted;

 

(b)               
if there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (A) delivery (including
telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company
to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) the Participant’s delivery to the Company
of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash
or a check sufficient to pay the exercise price; provided that such amount is paid to the Company at such time as may be required by the
Administrator;

 

(c)               
to the extent permitted by the Administrator, delivery (either by actual delivery or attestation) of Shares owned by the Participant
valued at their Fair Market Value;

 

    3 

     

    

 

(d)               
 to the extent permitted by the Administrator, surrendering Shares then issuable upon the Option’s exercise valued at their
Fair Market Value on the exercise date;

 

(e)               
to the extent permitted by the Administrator, delivery of any other property that the Administrator determines is good and valuable
consideration; or

 

(f)                
to the extent permitted by the Company, any combination of the above payment forms approved by the Administrator.

 

ARTICLE
VI.

Restricted Stock; Restricted Stock Units

 

6.1              
General. The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider,
subject to the Company’s right to repurchase all or part of such shares at their issue price or other stated or formula price from
the Participant (or to require forfeiture of such shares) if conditions the Administrator specifies in the Award Agreement are not satisfied
before the end of the applicable restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator
may grant to Service Providers Restricted Stock Units, which may be subject to vesting and forfeiture conditions during the applicable
restriction period or periods, as set forth in an Award Agreement. The Administrator will determine and set forth in the Award Agreement
the terms and conditions for each Restricted Stock and Restricted Stock Unit Award, subject to the conditions and limitations contained
in the Plan.

 

6.2              
Restricted Stock.

 

(a)               
Dividends. Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect
to such Shares, unless the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise,
if any dividends or distributions are paid in Shares, or consist of a dividend or distribution to holders of Common Stock of property
other than an ordinary cash dividend, the Shares or other property will be subject to the same restrictions on transferability and forfeitability
as the shares of Restricted Stock with respect to which they were paid.

 

(b)               
Stock Certificates. The Company may require that the Participant deposit in escrow with the Company (or its designee) any
stock certificates issued in respect of shares of Restricted Stock, together with a stock power endorsed in blank.

 

(c)               
Section 83(b) Election. If a Participant makes an election under Section 83(b) of the Code to be taxed with respect to the
Restricted Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which such Participant would
otherwise be taxable under Section 83(a) of the Code, such Participant shall be required to deliver a copy of such election to the Company
promptly after filing such election with the Internal Revenue Service along with proof of the timely filing thereof.

 

6.3              
Restricted Stock Units.

 

(a)               
Settlement. The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably
practicable after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election,
in a manner intended to comply with Section 409A.

 

    4 

     

    

 

(b)               
Stockholder Rights. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted
Stock Unit unless and until the Shares are delivered in settlement of the Restricted Stock Unit.

 

(c)               
Dividend Equivalents. If the Administrator provides, a grant of Restricted Stock Units may provide a Participant with the
right to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled
in cash or Shares and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect
to which the Dividend Equivalents are granted and subject to other terms and conditions as set forth in the Award Agreement.

 

ARTICLE
VII.

Other Stock or Cash Based Awards

 

7.1              
Other Stock or Cash Based Awards may be granted to Participants, including Awards entitling Participants to receive Shares to be
delivered in the future and including annual or other periodic or long-term cash bonus awards (whether based on specified Performance
Criteria or otherwise), in each case subject to any conditions and limitations in the Plan. Such Other Stock or Cash Based Awards will
also be available as a payment form in the settlement of other Awards, as standalone payments and as payment in lieu of compensation to
which a Participant is otherwise entitled. Other Stock or Cash Based Awards may be paid in Shares, cash or other property, as the Administrator
determines. Subject to the provisions of the Plan, the Administrator will determine the terms and conditions of each Other Stock or Cash
Based Award, including any purchase price, performance goal (which may be based on the Performance Criteria), transfer restrictions, and
vesting conditions, which will be set forth in the applicable Award Agreement.

 

ARTICLE
VIII.

Adjustments for Changes in Common Stock and Certain Other Events

 

8.1              
Equity Restructuring(a). In connection with any Equity Restructuring, notwithstanding anything to the contrary in this Article VIII,
the Administrator will equitably adjust each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which may
include adjusting the number and type of securities subject to each outstanding Award and/or the Award’s exercise price or grant
price (if applicable), granting new Awards to Participants, and making a cash payment to Participants. The adjustments provided under
this Section 8.1 will be nondiscretionary and final and binding on the affected Participant and the Company; provided that the Administrator
will determine whether an adjustment is equitable.

 

8.2               Corporate
Transactions. In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other securities,
or other property), reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation,
dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or
exchange of Common Stock or other securities of the Company, Change in Control, issuance of warrants or other rights to purchase
Common Stock or other securities of the Company, other similar corporate transaction or event, other unusual or nonrecurring
transaction or event affecting the Company or its financial statements or any change in any Applicable Laws or accounting
principles, the Administrator, on such terms and conditions as it deems appropriate, either by the terms of the Award or by action
taken prior to the occurrence of such transaction or event (except that action to give effect to a change in Applicable Law or
accounting principles may be made within a reasonable period of time after such change) and either automatically or upon the
Participant’s request, is hereby authorized to take any one or more of the following actions whenever the Administrator
determines that such action is appropriate in order to (x) prevent dilution or enlargement of the benefits or potential benefits
intended by the Company to be made available under the Plan or with respect to any Award granted or issued under the Plan, (y) to
facilitate such transaction or event or (z) give effect to such changes in Applicable Laws or accounting principles:

 

    5 

     

    

 

(a)               
To provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal
to the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the
Participant’s rights under the vested portion of such Award, as applicable; provided that, if the amount that could have been obtained
upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights, in any case, is
equal to or less than zero, then the Award may be terminated without payment;

 

(b)               
To provide that such Award shall vest and, to the extent applicable, be exercisable as to all shares covered thereby, notwithstanding
anything to the contrary in the Plan or the provisions of such Award;

 

(c)               
To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be
substituted for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate
adjustments as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Administrator;

 

(d)               
To make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding Awards
and/or with respect to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Article IV
hereof on the maximum number and kind of shares which may be issued) and/or in the terms and conditions of (including the grant or exercise
price), and the criteria included in, outstanding Awards;

 

(e)               
To replace such Award with other rights or property selected by the Administrator; and/or

 

(f)                
To provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.

 

8.3              
Administrative Stand Still. In the event of any pending stock dividend, stock split, combination or exchange of shares,
merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary
transaction or change affecting the Shares or the share price of Common Stock, including any Equity Restructuring or any securities offering
or other similar transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award for up
to sixty days before or after such transaction.

 

8.4               General.
Except as expressly provided in the Plan or the Administrator’s action under the Plan, no Participant will have any rights due
to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares of any
class or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided with
respect to an Equity Restructuring under Section 8.1 above or the Administrator’s action under the Plan, no issuance by
the Company of Shares of any class, or securities convertible into Shares of any class, will affect, and no adjustment will be made
regarding, the number of Shares subject to an Award or the Award’s grant price or exercise price (if applicable). The
existence of the Plan, any Award Agreements and the Awards granted hereunder will not affect or restrict in any way the
Company’s right or power to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the
Company’s capital structure or its business, (ii) any merger, consolidation dissolution or liquidation of the Company or sale
of Company assets or (iii) any sale or issuance of securities, including securities with rights superior to those of the Shares or
securities convertible into or exchangeable for Shares. The Administrator may treat Participants and Awards (or portions thereof)
differently under this Article VIII.

 

    6 

     

    

 

ARTICLE
IX.

General Provisions Applicable to Awards

 

9.1              
Transferability. Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other
than Incentive Stock Options, Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by
operation of law, except by will or the laws of descent and distribution, or, subject to the Administrator’s consent, pursuant to
a domestic relations order, and, during the life of the Participant, will be exercisable only by the Participant. References to a Participant,
to the extent relevant in the context, will include references to a Participant’s authorized transferee that the Administrator specifically
approves.

 

9.2              
Documentation. Each Award will be evidenced in an Award Agreement, which may be written or electronic, as the Administrator
determines. Each Award may contain terms and conditions in addition to those set forth in the Plan.

 

9.3              
Discretion. 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 Administrator need not treat Participants or Awards (or
portions thereof) uniformly.

 

9.4              
Termination of Service; Change in Status. The Administrator will determine, in its sole discretion, the effect of all matters
and questions relating to any Termination of Service, including, without limitation, whether a Termination of Service has occurred, whether
a Termination of Service resulted from a discharge for Cause and all questions of whether a particular leave of absence constitutes a
Termination of Service or whether any other change or purported change in a Participant’s Service Provider status affects an Award
and the extent to which, and the period during which, the Participant, the Participant’s legal representative, conservator, guardian
or Designated Beneficiary may exercise rights under the Award, if applicable.

 

9.5               Withholding.
Each Participant must pay the Company, or make provision satisfactory to the Administrator for payment of, any taxes required by
Applicable Law to be withheld in connection with such Participant’s Awards by the date of the event creating the tax
liability. The Company may deduct an amount sufficient to satisfy such tax obligations based on the applicable statutory withholding
rates (or such other rate as may be determined by the Company after considering any accounting consequences or costs) from any
payment of any kind otherwise due to a Participant. Subject to Section 10.8 and any Company insider trading policy (including
blackout periods), Participants may satisfy such tax obligations (i) in cash, by wire transfer of immediately available funds, or by
check made payable to the order of the Company, provided that the Company may limit the use of one of the foregoing payment forms if
one or more of the payment forms below is permitted, (ii) to the extent permitted by the Administrator, in whole or in part by
delivery of Shares, including Shares retained from the Award creating the tax obligation, valued at their Fair Market Value, (iii)
if there is a public market for Shares at the time the tax obligations are to be satisfied, unless the Company otherwise determines,
(A) delivery (including telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a
broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy the tax obligations, or (B) delivery
by the Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to
deliver promptly to the Company cash or a check sufficient to satisfy the tax withholding; provided that such amount is paid to the
Company at such time as may be required by the Administrator, or (iv) to the extent permitted by the Company, any combination of the
foregoing payment forms approved by the Administrator. If any tax withholding obligation will be satisfied under clause (ii) of the
immediately preceding sentence by the Company’s retention of Shares from the Award creating the tax obligation and there is a
public market for Shares at the time the tax obligation is satisfied, the Company may elect to instruct any brokerage firm
determined acceptable to the Company for such purpose to sell on the applicable Participant’s behalf some or all of the Shares
retained and to remit the proceeds of the sale to the Company or its designee, and each Participant’s acceptance of an Award
under the Plan will constitute the Participant’s authorization to the Company and instruction and authorization to such
brokerage firm to complete the transactions described in this sentence.

 

    7 

     

    

 

9.6              
Amendment of Award; Repricing. The Administrator may amend, modify or terminate any outstanding Award, including by substituting
another Award of the same or a different type, changing the exercise or settlement date, and converting an Incentive Stock Option to a
Non-Qualified Stock Option. The Participant’s consent to such action will be required unless (i) the action, taking into account
any related action, does not materially and adversely affect the Participant’s rights under the Award, or (ii) the change is permitted
under Article VIII or pursuant to Section 10.6. Notwithstanding the foregoing or anything in the Plan to the contrary, the Administrator
may not, without the approval of the stockholders of the Company, (i) reduce the exercise price per share of outstanding Options or Stock
Appreciation Rights (ii) cancel outstanding Options or Stock Appreciation Rights in exchange for Options or Stock Appreciation Rights
with an exercise price per share that is less than the exercise price per share of the original Options or Stock Appreciation Rights,
or (iii) cancel outstanding underwater Options or Stock Appreciation Rights in exchange for cash or other Awards.

 

9.7              
Conditions on Delivery of Stock. The Company will not be obligated to deliver any Shares under the Plan or remove restrictions
from Shares previously delivered under the Plan until (i) all Award conditions have been met or removed to the Company’s satisfaction,
(ii) as determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have been satisfied,
including any applicable securities laws and stock exchange or stock market rules and regulations, and (iii) the Participant has
executed and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy
any Applicable Laws. The Company’s inability to obtain authority from any regulatory body having jurisdiction, which the Administrator
determines is necessary to the lawful issuance and sale of any securities, will relieve the Company of any liability for failing to issue
or sell such Shares as to which such requisite authority has not been obtained.

 

9.8              
Acceleration. The Administrator may at any time provide that any Award will become immediately vested and fully or partially
exercisable, free of some or all restrictions or conditions, or otherwise fully or partially realizable.

 

9.9               Additional
Terms of Incentive Stock Options. The Administrator may grant Incentive Stock Options only to employees of the Company, any of
its present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Code, respectively, and
any other entities the employees of which are eligible to receive Incentive Stock Options under the Code. If an Incentive Stock
Option is granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of the Fair Market Value of a
Share on the Option’s grant date, and the term of the Option will not exceed five years. All Incentive Stock Options will be
subject to and construed consistently with Section 422 of the Code. By accepting an Incentive Stock Option, the Participant
agrees if requested by the Company to give prompt notice to the Company of dispositions or other transfers (other than in connection
with a Change in Control) of Shares acquired under the Option made within (i) two years from the grant date of the Option or (ii)
one year after the transfer of such Shares to the Participant, specifying the date of the disposition or other transfer and the
amount the Participant realized, in cash, other property, assumption of indebtedness or other consideration, in such disposition or
other transfer. Neither the Company nor the Administrator will be liable to a Participant, or any other party, if an Incentive Stock
Option fails or ceases to qualify as an “incentive stock option” under Section 422 of the Code. Any Incentive Stock
Option or portion thereof that fails to qualify as an “incentive stock option” under Section 422 of the Code for
any reason, including becoming exercisable with respect to Shares having a fair market value exceeding the $100,000 limitation under
Treasury Regulation Section 1.422-4, will be a Non-Qualified Stock Option.

 

    8 

     

    

 

 

ARTICLE
X.

Miscellaneous

 

10.1          
No Right to Employment or Other Status. No person will have any claim or right to be granted an Award, and the grant of
an Award will not be construed as giving a Participant the right to continued employment or any other relationship with the Company or
any Affiliate. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant
free from any liability or claim under the Plan or any Award, except as expressly provided in an Award Agreement.

 

10.2          
No Rights as Stockholder; Certificates. Subject to the Award Agreement, no Participant or Designated Beneficiary will have
any rights as a stockholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares.
Notwithstanding any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws require, the Company
will not be required to deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such
Shares may be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). The Company may
place legends on stock certificates issued under the Plan that the Administrator deems necessary or appropriate to comply with Applicable
Laws.

 

10.3          
Effective Date and Term of Plan. The Plan will become effective on the Pricing Date and, unless earlier terminated by the
Board, will remain in effect until the earlier of (i) the earliest date as of which all Awards granted under the Plan have been satisfied
in full or terminated and no Shares approved for issuance under the Plan remain available to be granted under new Awards or (ii) the earlier
of the tenth anniversary of (A) the date the Plan was adopted by the Board or (B) the date the Plan was approved by the Company’s
stockholders, but Awards previously granted may extend beyond that date in accordance with the Plan. If the Plan is not approved by the Company’s stockholders, the Plan will not
become effective and no Awards will be granted under the Plan.

 

10.4          
Amendment of Plan. The Administrator may amend, suspend or terminate the Plan at any time; provided that no amendment, other
than an increase to the Overall Share Limit, may materially and adversely affect any Award outstanding at the time of such amendment in
a manner disproportionate to other similarly-situated Awards without the affected Participant’s consent. No Awards may be granted
under the Plan during any suspension period or after Plan termination. Awards outstanding at the time of any Plan suspension or termination
will continue to be governed by the Plan and the Award Agreement, as in effect before such suspension or termination. The Company will
obtain stockholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws.

 

10.5           Provisions
for Foreign Participants. The Administrator may modify Awards granted to Participants who are foreign nationals or employed
outside the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations or
customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters.

 

    9

     

    

 

10.6          
Section 409A.

 

(a)               
General. The Company intends that all Awards be structured to comply with, or be exempt from, Section 409A, such that
no adverse tax consequences, interest, or penalties under Section 409A apply. Notwithstanding anything in the Plan or any Award Agreement
to the contrary, the Administrator may, without a Participant’s consent, amend this Plan or Awards, adopt policies and procedures,
or take any other actions (including amendments, policies, procedures and retroactive actions) as are necessary or appropriate to preserve
the intended tax treatment of Awards, including any such actions intended to (A) exempt this Plan or any Award from Section 409A,
or (B) comply with Section 409A, including regulations, guidance, compliance programs and other interpretative authority that
may be issued after an Award’s grant date. The Company makes no representations or warranties as to an Award’s tax treatment
under Section 409A or otherwise. The Company will have no obligation under this Section 10.6 or otherwise to avoid the taxes,
penalties or interest under Section 409A with respect to any Award and will have no liability to any Participant or any other person
if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant “nonqualified deferred compensation”
subject to taxes, penalties or interest under Section 409A.

 

(b)               
Separation from Service. If an Award constitutes “nonqualified deferred compensation” under Section 409A,
any payment or settlement of such Award upon a termination of a Participant’s Service Provider relationship will, to the extent
necessary to avoid taxes under Section 409A, be made only upon the Participant’s “separation from service” (within
the meaning of Section 409A), whether such “separation from service” occurs upon or after the Termination of Service
of a Participant. For purposes of this Plan or any Award Agreement relating to any such payments or benefits, references to a “termination,”
 “termination of employment,” Termination of Service or like terms means a “separation from service.”

 

(c)               
Payments to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s)
of “nonqualified deferred compensation” required to be made under an Award to a “specified employee” (as defined
under Section 409A and as the Administrator determines) due to his or her “separation from service” will, to the extent
necessary to avoid taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such
 “separation from service” (or, if earlier, until the specified employee’s death) and will instead be paid (as set forth
in the Award Agreement) on the day immediately following such six-month period or as soon as administratively practicable thereafter (without
interest). Any payments of “nonqualified deferred compensation” under such Award payable more than six months following the
Participant’s “separation from service” will be paid at the time or times the payments are otherwise scheduled to be
made.

 

10.7           Limitations
on Liability. Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, other employee or
agent of the Company or any Affiliate will be liable to any Participant, former Participant, spouse, beneficiary, or any other
person for any claim, loss, liability, or expense incurred in connection with the Plan or any Award, and such individual will not be
personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an
Administrator, director, officer, other employee or agent of the Company or any Affiliate. The Company will indemnify and hold
harmless each director, officer, other employee and agent of the Company or any Affiliate that has been or will be granted or
delegated any duty or power relating to the Plan’s administration or interpretation, against any cost or expense (including
attorneys’ fees) or liability (including any sum paid in settlement of a claim with the Administrator’s approval)
arising from any act or omission concerning this Plan unless arising from such person’s own fraud or bad faith.

 

    10

     

    

 

10.8          
Lock-Up Period. The Company may, at the request of any underwriter representative or otherwise, in connection with registering
the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise
transferring any Shares or other Company securities during a period of up to one hundred eighty days following the effective date of a
Company registration statement filed under the Securities Act, or such longer period as determined appropriate by the underwriter or the
Administrator.

 

10.9          
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 by and among the Company and any Affiliate
exclusively for implementing, administering and managing the Participant’s participation in the Plan. The Company and the 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 Shares held in the Company or
any Affiliate; and Award details, to implement, manage and administer the Plan and Awards (the “Data”). The
Company and the 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 the 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 such 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 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 such Participant, request additional information about the storage and processing of the Data regarding
such Participant, recommend any necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this
Section 10.9 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 Administrator’s discretion, the Participant may forfeit any outstanding Awards if
the Participant refuses or withdraws the consents in this Section 10.9. For more information on the consequences of refusing or withdrawing
consent, Participants may contact their local human resources representative.

 

10.10       
Severability. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality
or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid
provisions had been excluded, and the illegal or invalid action will be null and void.

 

10.11       
Governing Documents. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between
a Participant and the Company (or any Affiliate) that the Administrator has approved, the Plan will govern, unless it is expressly specified
in such Award Agreement or other written agreement that a specific provision of the Plan will not apply.

 

10.12       
Governing Law. The Plan and all Awards will be governed by and interpreted in accordance with the laws of the State of Delaware,
disregarding any state’s choice-of-law principles requiring the application of a jurisdiction’s laws other than the State
of Delaware.

 

    11

     

    

 

10.13       
 Claw-back Provisions. All Awards (including any proceeds, gains or other economic benefit the Participant actually or constructively
receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company
claw-back policy as in effect from time to time, including any claw-back policy adopted to comply with Applicable Laws (including the
Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder).

 

10.14       
Titles and Headings. The titles and headings in the Plan are for convenience of reference only and, if any conflict, the
Plan’s text, rather than such titles or headings, will control.

 

10.15       
Conformity to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with
Applicable Laws. Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance with
Applicable Laws. To the extent Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary to conform
to Applicable Laws.

 

10.16       
Relationship to Other Benefits. No payment under the Plan will be taken into account in determining any benefits under any
pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Affiliate except as
expressly provided in writing in such other plan or an agreement thereunder.

 

10.17       
Broker-Assisted Sales. In the event of a broker-assisted sale of Shares in connection with the payment of amounts owed by
a Participant under or with respect to the Plan or Awards, including amounts to be paid under the final sentence of Section 9.5:
(a) any 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; (b) such Shares may be sold as part of a block trade with other Participants in the Plan in which all participants receive
an average price; (c) 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; (d) to the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will
pay such excess in cash to the applicable Participant as soon as reasonably practicable; (e) the Company and its designees are under no
obligation to arrange for such sale at any particular price; and (f) in the event the proceeds of such 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.

 

ARTICLE
XI.

Definitions

 

As used in the Plan, the following
words and phrases will have the following meanings:

 

11.1          
“Administrator” means the Board or a Committee to the extent that the Board’s powers or authority
under the Plan have been delegated to such Committee.

 

11.2          
“Affiliate” means (i) any Subsidiary and (ii) any other person or entity that directly or indirectly
controls, is controlled by or is under common control with the Company or Fluence Energy, LLC. 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 such person or entity, whether through the ownership of voting or other securities, by contract or otherwise. For the avoidance of
doubt, AES or Siemens are not Affiliates.

 

    12

     

    

 

11.3          
 “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 Stock is listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction
where Awards are granted.

 

11.4          
“Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights,
Restricted Stock, Restricted Stock Units or Other Stock or Cash Based Awards.

 

11.5          
“Award Agreement” means a written agreement evidencing an Award, which may be electronic, that contains
such terms and conditions as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.

 

11.6          
“Board” means the Board of Directors of the Company.

 

11.7          
“Cause” means (i) if a Participant is a party to a written employment, severance or consulting agreement
with the Company or any of its Affiliates or an Award Agreement in which the term “cause” is defined (a “Relevant
Agreement”), “cause” as defined in the Relevant Agreement, and (ii) if no Relevant Agreement exists, (A) a material
breach by the Participant of any of his or her obligations set forth in any written agreement with the Company or any of its Affiliates
as the same may then be in effect; (B) fraud, embezzlement, theft or other material dishonesty by the Participant in connection with services
to or otherwise with respect to the Company or any of its Affiliates; (C) the Participant’s commission of any act or omission that
results in or could reasonably be expected to result in any material damage or harm to the business, property or reputation of the Company
or any of its Affiliates; (D) the Participant’s commission of, indictment for, or a plea of nolo contendere to, any felony under
any state, federal or foreign law or any crime involving moral turpitude or dishonesty; (E) the Participant’s unlawful use (including
being under the influence) or possession of illegal drugs, or repeated intoxication with alcohol, at the premises of the Company or any
of its Affiliates or otherwise while performing (or holding himself or herself as performing) services for or on behalf of the Company
or any of its Affiliates; (vi) Participant’s prolonged and unexcused absence from work (other than by reason of Disability); or
(F) refusal or failure by the Participant to attempt in good faith to follow or carry out the reasonable instructions of the Board or
the Participant’s supervisor which failure, if curable, does not cease within fifteen (15) days after written notice of such failure
is given to the Participant by the Company or any Affiliate.

 

11.8          
“Change in Control” means and includes each of the following:

 

(a)                A
transaction or series of transactions (other than an offering of Common Stock (including an acquisition by underwriters for intended
resale) to the general public through a registration statement filed with the Securities and Exchange Commission or a transaction or
series of transactions that meets the requirements of clauses (i) and (ii) of subsection (c) below) whereby any
 “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and
14(d)(2) of the Exchange Act) (other than one or more underwriters purchasing shares in an offering with the intent of reselling
them to the general public, the Company, any of its Affiliates, an employee benefit plan maintained by the Company or any of its
Affiliates, or a “person” or “group” of “persons” (as such terms are used in Sections 13(d) and
14(d)(2) of the Exchange Act) that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common
control with, the Company, Siemens AG or any of its subsidiaries or affiliates (“Siemens”), The AES
Corporation or any of its subsidiaries or affiliates (“AES”), or any “group” of
 “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) of which AES or Siemens is a
member so long as AES and/or Siemens (individually or in the aggregate) directly or indirectly has beneficial ownership (within the
meaning of Rule 13d-3 under the Exchange Act) of a greater percentage of the combined voting power of the Company’s securities
outstanding immediately after such acquisition than any other member of such “group”) directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50
% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or

 

    13

     

    

 

(b)               
During any period of two consecutive years, individuals who constitute the Board at the beginning of such period, together with
any new Director(s) whose election or nomination for election was (a) previously so approved by a vote of at least 75% of the other Directors,
or (b) was made by The AES Corporation, Siemens Industry, Inc. or Qatar Holding LLC or their respective successors pursuant to the terms
of the Stockholders Agreement of contemporaneous date herewith, cease for any reason to constitute a majority of the Board; or

 

(c)               
The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of
all or substantially all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition
of assets or stock of another entity, in each case other than a transaction:

 

(i)                
which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either
by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction,
controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets
or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly
or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately
after the transaction, and

 

(ii)              
after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the
Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (ii) as beneficially
owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior
to the consummation of the transaction.

 

Notwithstanding the foregoing,
if a Change in Control constitutes a payment event with respect to any Award (or portion of any Award) that provides for the deferral
of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional taxes under Section 409A,
the transaction or event described in subsection (a), (b) or (c) with respect to such Award (or portion thereof) shall only constitute
a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a “change in control event,”
as defined in Treasury Regulation Section 1.409A-3(i)(5).

 

The Administrator shall have
full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred
pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided
that any exercise of authority in conjunction with a determination of whether a Change in Control is a “change in control event”
as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

 

11.9          
“Code” means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

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11.10       
 “Committee” means one or more committees or subcommittees of the Board, which may include one or more
Directors or executive officers of the Company, or one or more committees consisting of executive officers of the Company, in each case,
to the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each member
of the Committee will be, at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3, a “non-employee
director” within the meaning of Rule 16b-3; however, a Committee member’s failure to qualify as a “non-employee director”
within the meaning of Rule 16b-3 will not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan.

 

11.11       
“Common Stock” means the Class A common stock, par value $0.00001 per share, of the Company.

 

11.12       
“Company” means Fluence Energy, Inc., a Delaware corporation, or any successor.

 

11.13       
 “Consultant” means any person, including any adviser, engaged by the Company or its parent or Affiliate
to render services to such entity if the consultant or adviser: (i) renders bona fide services to the Company; (ii) renders
services not in connection with the offer or sale of securities in a capital-raising transaction and does not directly or indirectly promote
or maintain a market for the Company’s securities; and (iii) is a natural person.

 

11.14       
“Designated Beneficiary” means the beneficiary or beneficiaries the Participant designates, in a manner
the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated.
Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

 

11.15       
“Director” means a Board member.

 

11.16       
“Disability” means the Board has made a good faith determination that the Participant has become physically
or mentally incapacitated or disabled such that the Participant is unable to perform for the Company substantially the same services,
with or without accommodation, as the Participant performed prior to incurring such incapacity or disability, and such incapacity or disability
exists for an aggregate of three (3) calendar months in any twelve (12) month period. In connection with making such determination,
the Company, at its option and expense, shall be entitled to select and retain a physician to confirm the existence of such incapacity
or disability, and the determination made by such physician shall be binding on the parties for the purposes of this Plan and any Award
Agreements.

 

11.17       
“Dividend Equivalents” means a right granted to a Participant under the Plan to receive the equivalent
value (in cash or Shares) of dividends paid on Shares.

 

11.18       
 “Employee” means any employee of the Company or any of its Affiliates.

 

11.19       
“Equity Restructuring” means a nonreciprocal transaction between the Company and its stockholders, such
as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash dividend, that affects the number or
kind of Shares (or other Company securities) or the share price of Common Stock (or other Company securities) and causes a change in the
per share value of the Common Stock underlying outstanding Awards.

 

11.20       
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

11.21        “Fair
Market Value” means, as of any date, the value of Common Stock determined as follows: (i) if the Common Stock is
listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Common Stock as quoted on
such exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as
reported in The Wall Street Journal or another source the Administrator deems reliable; (ii) if the Common Stock is not traded
on a stock exchange but is quoted on a national market or other quotation system, the closing sales price on such date, or if no
sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street
Journal or another source the Administrator deems reliable; or (iii) in any case the Administrator may determine the Fair Market
Value in its discretion to the extent such determination does not constitute a “material revision” to the Plan under
applicable stock exchange or stock market rules and regulations (or otherwise require stockholder approval).

 

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11.22       
“Greater Than 10% Stockholder” means an individual then owning (within the meaning of Section 424(d)
of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or its parent or subsidiary corporation,
as defined in Section 424(e) and (f) of the Code, respectively.

 

11.23       
“Incentive Stock Option” means an Option intended to qualify as an “incentive stock option”
as defined in Section 422 of the Code.

 

11.24       
“Non-Qualified Stock Option” means an Option not intended or not qualifying as an Incentive Stock Option.

 

11.25       
“Option” means an option to purchase Shares.

 

11.26       
“Other Stock or Cash Based Awards” means cash awards, awards of Shares, and other awards valued wholly
or partially by referring to, or are otherwise based on, Shares or other property.

 

11.27       
“Overall Share Limit” means the 9,500,000 Shares.

 

11.28       
 “Participant” means a Service Provider who has been granted an Award.

 

11.29        “Performance
Criteria” mean the criteria (and adjustments) that the Administrator may select for an Award to establish performance
goals for a performance period, which may include the following: net earnings or losses (either before or after one or more of
interest, taxes, depreciation, amortization, and non-cash equity-based compensation expense); gross or net sales or revenue or sales
or revenue growth; net income (either before or after taxes) or adjusted net income; profits (including but not limited to gross
profits, net profits, profit growth, net operation profit or economic profit), profit return ratios or operating margin; budget or
operating earnings (either before or after taxes or before or after allocation of corporate overhead and bonus); cash flow
(including operating cash flow and free cash flow or cash flow return on capital); return on assets; return on capital or invested
capital; cost of capital; return on stockholders’ equity; total stockholder return; return on sales; costs, reductions in
costs and cost control measures; expenses; working capital; earnings or loss per share; adjusted earnings or loss per share; price
per share or dividends per share (or appreciation in or maintenance of such price or dividends); regulatory achievements or
compliance; implementation, completion or attainment of objectives relating to research, development, regulatory, commercial, or
strategic milestones or developments; market share; economic value or economic value added models; division, group or corporate
financial goals; customer satisfaction/growth; customer service; employee
satisfaction; recruitment and maintenance of personnel; human resources
management; supervision of litigation and other legal matters; strategic
partnerships and transactions; financial ratios (including those measuring liquidity,
activity, profitability or leverage); debt levels or reductions; sales-related
goals; business development goals; financing and other capital raising
transactions; cash on hand; acquisition
activity; investment sourcing activity; marketing initiatives; ESG initiatives or
goals; and other measures of performance selected by the Board or Committee whether or not listed herein, any of which may be
measured in absolute terms, as compared to any incremental increase or decrease or qualitatively in the Board or Committee’s
sole discretion. Such performance goals also may be based solely by reference to the Company’s performance or the performance
of an Affiliate, division, business segment or business unit of the Company or an Affiliate, or based upon performance relative to
performance of other companies or upon comparisons of any of the indicators of performance relative to performance of other
companies. The Committee may provide for exclusion of the impact of an event or occurrence which the Committee determines should
appropriately be excluded, including (a) restructurings, discontinued operations, extraordinary items, and other unusual,
infrequently occurring or non-recurring charges or events, (b) asset write-downs, (c) litigation or claim judgments or settlements,
(d) acquisitions or divestitures, (e) reorganization or change in the corporate structure or capital structure of the Company, (f)
an event either not directly related to the operations of the Company, an Affiliate, division, business segment or business unit or
not within the reasonable control of management, (g) foreign exchange gains and losses, (h) a change in the fiscal year of the
Company, (i) the refinancing or repurchase of bank loans or debt securities, (j) unbudgeted capital expenditures, (k) the issuance
or repurchase of equity securities and other changes in the number of outstanding shares, (l) conversion of some or all of
convertible securities to Common Stock, (m) any business interruption event (n) the cumulative effects of tax or accounting changes
in accordance with U.S. generally accepted accounting principles, or (o) the effect of changes in other laws or regulatory rules
affecting reported results.

 

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11.30       
“Plan” means this 2021 Incentive Award Plan, as may be amended from time to time.

 

11.31       
“Pricing Date” means the date upon which the Company’s Registration Statement on Form S-1 filed
with the Securities and Exchange Commission relating to the registered underwritten public offering of shares of Common Stock becomes
effective.

 

11.32       
 “Restricted Stock” means Shares awarded to a Participant under Article VI subject to certain vesting
conditions and other restrictions.

 

11.33       
“Restricted Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement date,
one or more Shares or an amount in cash or other consideration determined by the Administrator to be of equal value as of such settlement
date, subject to certain vesting conditions and other restrictions.

 

11.34       
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act.

 

11.35       
“Section 409A” means Section 409A of the Code and all regulations, guidance, compliance programs
and other interpretative authority thereunder.

 

11.36       
“Securities Act” means the Securities Act of 1933, as amended.

 

11.37       
“Service Provider” means an Employee, Consultant or Director.

 

11.38       
“Shares” means shares of Common Stock.

 

11.39       
“Stock Appreciation Right” means a stock appreciation right granted under Article V.

 

11.40       
“Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain
of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at
the time of the determination, securities or interests representing at least 50% of the total combined voting power of all classes of
securities or interests in one of the other entities in such chain.

 

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11.41       
 “Substitute Awards” shall mean Awards granted or Shares issued by the Company in assumption of, or in
substitution or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired
by the Company or any Affiliate or with which the Company or any Affiliate combines.

 

11.42       
“Termination of Service” means the date the Participant ceases to be a Service Provider.

 

* * * * *

 

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