Document:

Exhibit 10.19

 

FREYR
AS

 

NOTICE
OF GRANT OF STOCK OPTION

 

Pursuant
to that certain Engagement Agreement duly executed and entered into as of the 1st day of March 2019, by and between
FREYR AS, a Norwegian corporation with company registration number 920 388 620 (“Company”) and EDGE Global LLC,
a Pennsylvania limited liability company with registration number 82-3080542 (“Participant”) (“Engagement
Agreement”), notice is hereby given of the following option grant (the “Award”) to acquire ordinary
shares in the Company:

 

	 	Participant:	EDGE
    Global LLC
	 	 	 
	 	Grant
    Date:	May
    15, 2019
	 	 	 
	 	Vesting
    Commencement Date:	May
    15, 2019
	 	 	 
	 	Exercise
    Price:	Lower
    of a) the subscription price of the New Capital Raise as defined in the Engagement Agreement or b) pre-money valuation of
    200 million NOK calculated on a fully diluted basis.
	 	 	 
	 	Number
    of Option Shares:	8,315,902
    (Eight Million Three Hundred Fifteen Thousand Nine Hundred and Two) shares (the “Option Shares”)
	 	 	 
	 	Expiration
    Date:	5
    years from Grant Date – May 15, 2024
	 	 	 
	 	Type
    of Option:	Nonqualified
    Stock Option (NQSO)
	 	 	 
	 	Vesting
    Schedule:	The
    Option Shares shall vest immediately.

 

Entire
Agreement. Participant understands and agrees that the Award is granted subject to and in accordance with the terms of as
set forth in the Stock Option Terms attached hereto as Exhibit A (the “Stock Option Terms”).
Participant understands that any Option Shares purchased under the Option will be subject to the terms set forth in the Stock
Purchase Agreement attached hereto as Exhibit B.

 

Definitions.
All capitalized terms in this Notice shall have the meaning assigned to them in this Notice, or in the attached Stock Option
Terms.

 

[The
remainder of this page is intentionally left blank.]

 

     

     

    

 

IN
WITNESS WHEREOF, this Notice has been delivered on May 15, 2019.

 

	FREYR AS	 	PARTICIPANT
	 	 	 
	By: 	/s/ Torstein Dale Sjøtveit	 	By: 	/s/ Peter Matrai
	Name:  	Torstein Dale Sjøtveit	 	Name: 	Peter Matrai
	Title: 	Chairman	 	Title: 	Co-Founder and Partner
	 	 	Address:  	143 South 2nd street, Philadelphia, PA,

 USA
19106
	 	 	 
	By: 	/s/ Tore Ivar Slettemoen	 	By:	/s/ Tom Einar Jensen
	Name:  	Tore Ivar Slettemoen	 	Name: 	Tom Einar Jensen
	Title: 	Co-Founder and Partner	 	Title: 	Co-Founder and Partner
	 	 	 	 	 	 

    2

     

    

 

EXHIBIT
A

 

STOCK
OPTION TERMS

 

 

3Exhibit 10.20

 

 

Private & confidential to

 

Steffen Føreid (the
‘Participant’)

 

Stock Options

 

1,000,000 stock options are granted to the Participant on the
terms set out in this allocation letter, in the Stock Option policy and in any resolutions decided upon by either the Board of
Directors or Annual General Assembly.

 

The Options will be subscribed by Freyr AS (the ‘Company’)
and transferred to the Participant immediately after vesting. The Options are granted without consideration from the Participant
other than the relevant Exercise price.

 

The Participant shall pay the Exercise price for each Option
that is exercised. The Exercise Price is determined by the Board of Directors of the Company according to the Stock Option Plan.

 

Grant schedule

 

	 	 	Grant date	 	Options granted	 	Exercise price	 	 
	 	 	24.07.2020	 	375 000	 	1.50 NOK	 	 
	 	 	Financial close 1st facility (Fast track)	 	375 000	 	1.50 NOK	 	options earmarked for the Optionee at the relevant Exercise price, granted after 12 months in the job.
	 	 	Financial close 2nd facility	 	250 000	 	1.50 NOK	 	 
	 	 	TOTAL	 	1 000 000	 	 	 	 
	Vesting date	 	 	 	01.10.2023	 	 	 	 
	Exercise period	 	 	 	01.10.23 - 30.09.25	 	 	 	 

 

Options that have not been exercised by 17:00 hours (CET) on
30.09.25 will lapse without any consideration and may not be exercised by the Participant.

 

	Date: 24th July 2020	 	Date:
	 	 	 
	Place: Oslo	 	Place:
	 	 
	/s/ Tom Jensen	 	/s/ Steffen Føreid
	Tom Jensen, CEO Freyr AS	 	ParticipantExhibit 10.21

 

 

Private & confidential to

 

Tove Nilsen Ljungquist (the
‘Participant’)

 

Stock Options

 

1.000.000 stock options are granted to the Participant on the
terms set out in this allocation letter, in the Stock Option policy and in any resolutions decided upon by either the Board of
Directors or Annual General Assembly.

 

The Options will be subscribed by FREYR AS (the ‘Company’)
and transferred to the Participant immediately after vesting. The Options are granted without consideration from the Participant.

 

The Participant shall pay the Exercise price for each Option
that is exercised. The Exercise Price is determined by the Board of Directors of the Company according to the Stock Option Plan,
however, Management will put the stock options award forward to the Board for approval with an Exercise Price equivalent to the
volume weighted average share price the five days leading up to the date of signing the employment contract.

 

Grant schedule

 

	 	Grant date	Options granted	Exercise price	 
	 	
        On signing employment

        contract
	375 000	NOK 1,73	 
	 	Financial Close Fast track	375 000	NOK 1,73	options earmarked for the Optionee at the relevant Exercise price, granted after 12 months in the job.
	 	Financial Close Phase 1 16GWh	250 000	NOK 1,73	 
	 	TOTAL	1 000 000	 	 
	Vesting date	01.10.2023	 
	Exercise period	01.10.23 - 30.09.25	 

 

Options that have not been exercised by 17:00 hours (CET) on
30.09.25 will lapse without any consideration and may not be exercised by the Participant.

  

	Date: 30th September 2020	 	
        Date: 30th September 2020

         

	Place: Oslo	 	I have read the 2019 Stock Option Plan, and accept the terms of such Plan
	 	 	 
	
        /s/ Tom Jensen
	 	
        /s/ Tove Nilsen Ljungquist

	FREYR AS	 	Participant
	Tom Jensen, CEO	 	Tove Nilsen LjungquistExhibit 10.22

 

 

Private & confidential to

 

Jan Arve Haugan (the ‘Participant’)

 

Stock Options

 

2.500.000 stock options are granted to the Participant on the
terms set out in this allocation letter, in the Stock Option policy and in any resolutions decided upon by either the Board of
Directors or Annual General Assembly.

 

The Options will be subscribed by Freyr AS (the ‘Company’)
and transferred to the Participant immediately after vesting. The Options are granted without consideration from the Participant
other than the relevant Exercise price.

 

The Participant shall pay the Exercise price for each Option
that is exercised. The Exercise Price is determined by the Board of Directors of the Company according to the Stock Option Plan,
however, Management will put this stock options award forward to the Board for approval with an Exercise Price for all 3 granting
dates equivalent to the volume weighted average share price the thirty days leading up to the date of signing the employment contract.

 

Grant schedule

 

	 	Grant
date
	Options
    granted	Exercise
    price	 
	 	On
    signing of employment contract	833
    334	 	 
	 	Financial
    Close 1st commercial plant	833
    334	 	
	 

 	Financial
Close 2nd commercial plant	833
333	 	Exercise
price based on 30-day weighted trading average prior to employment  
	 	 	 	 	 
	 	TOTAL	2
    500 000		 
	Vesting date
	01.01.2024	 
	Exercise period
	01.01.24
    - 31.12.25	 

 

Options that have not been exercised by 17:00 hours (CET) on
31.12.25 will lapse without any consideration and may not be exercised by the Participant.

 

	Date: 31.12.2020	 	Date: 31.12.20	 
	 	 	 	 
	/s/
    Tom Jensen	 	/s/
    Jan Arve Haugan	08/01/2021
	Chief Executive Officer	 	Jan
    Arve Haugan	
	Freyr AS	 	ParticipantDocument

            Exhibit 10.2

Term Sheet for Taco de Haan

The parties shall work together in good faith to promptly complete and execute: (i) a full employment agreement which shall supercede any and all other employment agreements; and (ii) other necessary ancillary documents/agreements. Such documents are intended to be consistent with the Term Sheet and intended to include other customary terms that are consistent with applicable policies and practices.

						
	Parties	Taco de Haan (“Executive”)

Fluor BV ("Company”)
Taurus avenue 155 in (2132 LS) Hoofddorp, Netherlands

	Effective Date	January 11, 2021
	Employment Period	Indefinite employment (no change). Existing years of service based on initial hire start date of employment (1 Nov. 1995) will be retained.

Executive’s transfer to Stork will be addressed via a separate tripartite “Employment Transfer Agreement” at a later date as mutually agreed.

	Position/Title	Will have a change in title to “EVP, Office of the CEO”; Executive will no longer be a Section 16b Officer when Stork moves to discontinued operations.

	Labor Grade Level	No change (remain LG 35)
	Duties/Reporting relationships
	Duties: No change

Reporting relationships: No change

	Annual base salary	Remains the same and is subject to annual review by Fluor Corp.’s Board of Directors.

The Company will continue to apply a quarterly exchange rate correction at its expense from US$ salary to Euro based on Aug. 4, 2017 exchange rate while Executive is employed by the Company.

Executive’s compensation and other terms of employment upon transfer to Stork to be addressed in a Stork Employment & Employee Transfer Agreement (not the Fluor employment agreement).

	Annual bonus	No change. The bonus shall in no event be included in the calculation of any (employment) benefits, any other calculations or severance payment.

	Long Term Incentives (“LTI”)
	No change of target from 2020 level. Notwithstanding the foregoing, any such LTI awards to be addressed via separate documents (not employment agreement) as per current practice. The LTI, regardless of when it is issued, shall in no event be included in the calculation of any (employment) benefits, any other calculations or severance payment.

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	Employee benefits and Fringe benefits
	No change

	Expenses
	No change

	Retention Bonus
	Treatment of outstanding retention agreement in the form of special Restricted Stock Units award will be addressed in a separate document (outside the Employment Agreement) to permit for full vesting following a successful Stork Change in Control (“SCIC”) that takes place before the set retention date (11 Nov. 2022). This retention bonus shall in no event be included in the calculation of any (employment) benefits, any other calculations or severance payment.

	Transaction Bonus
	Executive will be eligible for a transaction bonus based on 50% of gross base annual salary (including holiday pay), subject to applicable withholdings, if there is a Stork divestiture within a specific time-frame that will be set forth in a separate Transaction Bonus Agreement. The “trigger” for the SCIC benefits will be the sale of 100% of Stork’s shares or assets. Notwithstanding the foregoing, Executive will have an opportunity to earn a pro- rated Transaction Bonus if less than 100% but more than 75% of Stork’s stock or assets are successfully divested. The Transaction Bonus and corresponding conditions for payment of any such transaction bonus will be set forth in detail in a separate Transaction Bonus Agreement (not in the employment agreement). This Transaction Bonus shall in no event be included in the calculation of any (employment) benefits, any other calculations or severance payment.

	Treatment of LTI awards after SCIC
	Notwithstanding the retirement age requirements, treatment of outstanding LTI following a successful SCIC will be addressed in a separate LTI document at the time of sale to permit for continued vesting in accordance with normal Fluor policy.

Any new LTI awards granted in 2021 (and subsequently) will permit continued vesting, in accordance with normal Fluor policy, following a successful SCIC. This will be addressed in a separate LTI document.

	Indemnification
	Indemnification Agreement with Fluor Corp. dated June 5, 2017 agreement remains in place.

	Directors’ & Officers’ Insurance
	No change

	Termination Notice under Fluor employment
	The employment contract may be terminated by Executive in compliance with the current statutory notice period and the Company may terminate the employment contract subject to 12 months’ notice; notice to be issued in writing. The employment contract will automatically end in any event without notice being required on the day on which the Executive reaches state pension age. Executive’s transfer to Stork shall not trigger the termination notice requirements for either party.

2

															
	Termination Notice under Stork employment
	The employment contract may be terminated by Executive in compliance with the current statutory notice period. If Executive is terminated by Stork, Stork will provide Executive with a notice period of 12 months. This will be addressed in a separate Stork employment agreement. The employment contract will automatically end in any event without notice being required on the day on which the Executive reaches state pension age. The successful completion of a SCIC (without a corresponding termination of Executive’s employment) shall not trigger any right to termination notice.
	
	Severance	Executive shall receive one (1) year gross base salary (including holiday pay) as a severance payment, subject to applicable withholdings, upon Executive’s involuntary termination of employment by the company (except if Executive is terminated upon reaching state pension age). This severance payment is intended to include all severance that becomes due under Dutch law and company policy. Executive will therefore not be entitled to additional severance under Dutch law or company policy. The calculation of the severance payment shall not include any annual bonus, retention bonus, transaction bonus, or any LTI. Executive’s transfer to Stork shall not trigger the right to severance pay. The successful completion of a SCIC (without a corresponding written notice of termination of Executive’s employment) shall not trigger any right to severance.
	
	Termination for “cause”
	Executive shall not receive any severance benefits or retention/transaction bonus if Executive is terminated for cause, within the meaning of article 7:677, 7:678, or if Executive is terminated for culpable behavior within the meaning of article 7:669 of the Dutch Civil Code, or for violating the employment agreement, or for conduct that is a violation of the policies of the Company or the Code of Business Conduct and Ethics. Executive shall be entitled only to a cash payment equal to the sum of (a) Executive's unpaid base salary through the date of termination and (b) accrued and unused vacation pay.

Outstanding LTI will be governed by the underlying awards and agreements.
	
	Restrictive Covenants
	Executive will comply with applicable restrictive covenants while Executive remains employed by a Fluor subsidiary.	
	Return of Company Property
	Executive shall be required to return all property belonging to the Company or its affiliates (including, but not limited to, any Company- provided laptops, computers, cell phones, and similar address books, wireless electronic mail devices or other equipment, or documents and property belonging to the Company or any of its affiliates) upon termination of employment.
	
	Regulatory Investigation; Cooperation
	Executive must agree to cooperate with the Company in connection with any claims, complaints, charges, actions, lawsuits or similar proceedings which may be brought against the Company or its affiliates. The Company will expect cooperation both during and after the employment relationship ends.
	

3

															
	Non-Disclosure / Confidentiality
	Executive must agree not to directly or indirectly, transmit or disclose to any person or entity any Confidential Information (as defined by the Company in the employment agreement) or use any Confidential Information for Executive’s own benefit or the benefit of any other company. Confidentiality and non-disclosure covenants will be subject to standard exceptions (e.g., disclosure required by law, to tax/legal advisors and immediate family and permitted whistleblower matters).
	
	Definitive Documentation
	The parties shall work together in good faith to promptly complete and execute: (i) a full employment agreement which shall supercede any and all other employment agreements; and (ii) other necessary ancillary documents/agreements. Such documents are intended to be consistent with the Term Sheet and intended to include other customary terms that are consistent with applicable policies and practices.
	

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