Document:

EXHIBIT 10.2

  

  

  

  

  

  
    TIME-BASED

    RESTRICTED STOCK AWARD

    

    

    Granted by

    

    

    ENERGY SERVICES OF AMERICA CORPORATION

    

    

    under the

    

    

    ENERGY SERVICES OF AMERICA CORPORATION

    2022 EQUITY INCENTIVE PLAN

    

    

    This restricted stock agreement (“Restricted Stock Award” or “Agreement”) is and will be subject in
      every respect to the provisions of the 2022 Equity Incentive Plan (the “Plan”) of Energy Services of America Corporation (the “Company”) which are incorporated herein by
      reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan and related prospectus has been provided or made available to each person granted a Restricted Stock Award pursuant to the Plan.  The holder of this
      Restricted Stock Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and
      interpretations of the Plan and this Agreement by the Committee appointed to administer the Plan (“Committee”) or the Board of Directors will be final, binding and conclusive upon the Participant and the
      Participant’s heirs, legal representatives, successors and permitted assigns.  Except where the context otherwise requires, the term “Company” will include the parent and all present and future subsidiaries of the Company as defined in Section 424(e)
      and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”).  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

     

    

    

      	
              1.

            	
              Name of Participant:___________________________________

            

    

    

      	
              2.

            	
              Date of Grant:___________________________________

            

      

     

    

      

     

    
      	
              3.

            	
              Total number of shares of Company common stock, $0.0001 par value per share, covered by the Restricted Stock
                  Award:____________

                (subject to adjustment pursuant to Section 9 hereof).

               

              

            

    

    
      	
              4.

            	
              Vesting Schedule.  Except as otherwise provided in this Agreement, this Restricted Stock Award first
                becomes earned in accordance with the vesting schedule specified herein.

               

              

            

    

    	
            Date

          	
            Number of Shares Vesting

          
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

    

    

    
      
        

    

    
    Vesting will automatically accelerate pursuant to Sections 2.7 and 4.1 of the Plan (in the event of death, Disability or Involuntary Termination at or following a Change in Control).

    

      	
              5.

            	
              Grant of Restricted Stock Award.

            

    

    

    The Restricted Stock Award will be in the form of issued and outstanding shares of Stock that will be either registered in the name of the Participant and held by the Company,
      together with a stock power executed by the Participant in favor of the Company, pending the vesting or forfeiture of the Restricted Stock, or registered in the name of, and delivered to, the Participant.  Notwithstanding the foregoing, the Company
      may, in its sole discretion, issue Restricted Stock in any other format (e.g., electronically) in order to facilitate the paperless transfer of such Awards.  The Restricted Stock awarded to the Participant will not be sold, encumbered, hypothecated
      or otherwise transferred except in accordance with the terms of the Plan and this Agreement.

     

    

    	6.	
            Terms and Conditions.

             

            

          

    	

          	6.1	
            The Participant will have the right to vote the shares of Restricted Stock awarded hereunder on matters which require shareholder vote.

             

            

          

    	

          	6.2	
            Any cash dividends or distributions declared with respect to shares of Stock subject to the Restricted Stock Award will be subject to the same vesting conditions applicable to the Restricted Stock Award and will,
              if vested, be delivered or paid at the same time as the restrictions on the Restricted Stock Award lapse.

             

            

          

    
      	
              7.

            	
              Delivery of Shares.

                  

               

                  

            

    

    Delivery of shares of Stock under this Restricted Stock Award will comply with all applicable laws (including, the requirements of the Securities Act), and the applicable
      requirements of any securities exchange or similar entity.

    

      	
              8.

            	
              Change in Control.

               

                  

            

    

    	

          	8.1	
            In the event of an Involuntary Termination at or following a Change in Control, all Restricted Stock Awards held by the Participant will become fully vested.

          

    

    

    	

          	8.2	
            A “Change in Control” will be deemed to have occurred as provided in Section 4.2 of the Plan.

          

    

      	
              9.

            	
              Adjustment Provisions.

            

    

    

      

    This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, will be adjusted upon the occurrence of the events
      specified in, and in accordance with the provisions of, Section 3.3 of the Plan.

    
      2

      
        

    

    

      	
              10.

            	
              Effect of Termination of Service on Restricted Stock
                    Award.

            

    

    

      

    10.1 This
        Restricted Stock Award will vest as follows:

     

      

    
      	
              (i)

            	
              Death.  In the event of the Participant’s Termination of Service by reason of the Participant’s death, all Restricted Stock will vest as to all shares
                subject to an outstanding Award, whether or not immediately vested, at the date of Termination of Service.

               

              

            

    

    
      	
              (ii)

            	
              Disability.  In the event of the Participant’s Termination of Service by reason of Disability, all Restricted Stock will
                  vest as to all shares subject to an outstanding Award, whether or not immediately vested, at the date of Termination of Service.

               

              

            

    

    
      	
              (iii)

            	
              Retirement.  In the event of the Participant’s Termination of Service by reason of the Participant’s Retirement, any Restricted Stock award that has
                not vested as of the date of Termination of Service will expire and be forfeited.  “Retirement” shall have the meaning set forth in Article 8 of the Plan.

               

              

            

    

    
      	
              (iv)

            	
              Termination for Cause.  If the Participant’s Service has been terminated for Cause, all Restricted Stock
                granted to a Participant that has not vested will expire and be forfeited.

               

              

            

    

    
      	
              (iv)

            	
              Other Termination.  If a Participant terminates Service for any reason other than due to death, Disability,
                Involuntary Termination at or following a Change in Control or for Cause, all shares of  Restricted Stock awarded to the Participant which have not vested as of the date of Termination of Service will expire and be forfeited.

              

            

    

    

      	
              11.

            	
              Miscellaneous.

            

    

    

    

    	

          	11.1	
            No Restricted Stock Award will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such rights.

             

            

          

    	

          	11.2	
            This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

             

            

          

    	

          	11.3	
            Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant.

             

            

          

    	

          	11.4	
            This Restricted Stock Award will be governed by and construed in accordance with the laws of the State of West Virginia.

          

    
      3

      
        

    

    	

          	11.5	
            This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Company will not be
              obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof.

             

            

          

    [Signature Page Follows]

    

    

    
      4

      
        

    

    IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the date of grant of this Restricted Stock Award set
      forth above.

    ENERGY SERVICES OF AMERICA CORPORATION

    By: _____________________________________________

    Its:_____________________________________________ 

      

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions hereof, including the terms and provisions of the 2022
      Equity Incentive Plan.  The undersigned hereby acknowledges receipt of a copy of the Company’s 2022 Equity Incentive Plan and related prospectus.

    PARTICIPANT

     

    

    _________________________________________________

    

    

    

     

    

    

    

  

  5EXHIBIT 10.3

  

  

  

  

  

  
    FORM OF

    INCENTIVE STOCK OPTION AWARD AGREEMENT

    

    

    Granted by

    

    

    ENERGY SERVICES OF AMERICA CORPORATION

    

    

    under the

    

    

    ENERGY SERVICES OF AMERICA CORPORATION

    2022 EQUITY INCENTIVE PLAN

    

    

    This stock option agreement (“Option”
      or “Agreement”) is and will be subject in every respect to the provisions of the 2022 Equity Incentive Plan (the “Plan”) of Energy Services of America Corporation (the “Company”), which
      are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement.  A copy of the Plan and related prospectus have been provided to each person granted a stock option pursuant to the Plan.  The holder of this
      Option (the “Participant”) hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all
      decisions under and interpretations of the Plan and this Agreement by the Committee appointed to administer the Plan (the “Committee”) or the Board
      of Directors will be final, binding and conclusive upon the Participant and the Participant’s heirs, legal representatives, successors and permitted assigns.  Except where the context otherwise requires, the term “Company” includes the parent and all
      present and future subsidiaries of the Company as defined in Section 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”).  Capitalized terms used herein but not defined will have the same meaning as in the Plan.

     

    

    
      	1.	
              Name of Participant:   _________________________

            

    

    
      
        	2.	
                Date of Grant:   _________________________

              

      

    

    

        

    
      	
              3.

            	
              Total number of shares of Company
                  common stock, $0.0001 par value per share, that may be acquired pursuant to this Option:___________

                (subject to adjustment pursuant to Section 9 hereof).

               

              

            

    

    
      	
              •

            	
              This Award is intended to be an Incentive Stock Option. The Option will be an Incentive Stock Option to the maximum extent permitted under the tax
                laws, which means that up to $100,000 of Options that vest in any one calendar year will be Incentive Stock Options (based on the exercise price of
                the Option).

               

              

            

    

    
      	
              •

            	
              Please note that for purposes of determining the maximum number of Options that can vest in any one calendar year as Incentive Stock Options, the
                Options granted to you pursuant to this Agreement that vest in a calendar year will be aggregated with any earlier Option grant you received that vest in the same calendar year.  If you vest in the maximum number of Incentive Stock Options
                in which you are permitted to vest for a calendar year under a prior Option Award, any Options that you receive under this Agreement that vest in the same calendar year will be considered Non-Qualified Stock Options.

            

    

    

      	4.	
              Exercise price per share: $ _______

              (subject to adjustment pursuant to Section 9 below) 

            

    

    	5.	
            Expiration Date of Option:  _________, 20      .  Notwithstanding anything in this Agreement to the contrary, no part of this Option may be exercised at any time on or after the expiration date.

          

    
      
        

    

    
    	6.	
            Vesting Schedule.  Unless sooner vested in accordance with the
              terms of the Plan and this Agreement, the Option granted hereunder will vest (i.e., become exercisable) in accordance with the following schedule:

          

    Vesting Date Number of Shares Exercisable

    

    

    

    

    As set forth in Section 10 of this Agreement, vesting will automatically accelerate pursuant to Sections 2.7 and 4.1 of the Plan in
      the event of death or Disability or an Involuntary Termination of Service at or following a Change in Control.

     

    

    	7.	
            Exercise Procedure and Delivery of Notice of Exercise of Option. 
              This Option may be exercised in whole or in part by the Participant’s delivery to the Company of written notice (the “Notice of Exercise of Option”
              attached hereto as Exhibit A or as otherwise acceptable to the Company) setting forth the number of shares with respect to which this Option is to be exercised, together with payment by cash or other means acceptable to the Committee, in
              accordance with Section 2.2(b) of the Plan.

             

            

          

    	8.	
            Delivery of Shares.  Delivery of shares of Stock upon the
              exercise of this Option will comply with all applicable laws (including the requirements of the Securities Act) and the applicable requirements of any securities exchange or similar entity.

          

     

    

    
      	9.	
              Adjustment Provisions.

            

    

    

      

    This Option, including the number of shares subject to the Option and the exercise price, will be adjusted upon
      the occurrence of the events specified in, and in accordance with the provisions of, Section 3.3 of the Plan.

    

      	10.	
              Accelerated Vesting and Exercisability Period.

            

    

    

      

    The vesting of this Option will accelerate as set forth in the following  provisions:

     

    

    
      	
              (i)

            	
              Death.  In the event of the Participant’s
                Termination of Service by reason of death, any unvested portion of the Option subject to this Agreement will vest and any unexercised portion of the Option may thereafter be exercised by the Participant’s legal representative or
                beneficiaries for a period of one (1) year from the Participant’s death; provided, that in order to obtain Incentive Stock Option treatment for Options exercised by heirs or devisees of the Participant, the Participant’s death must have
                occurred while employed or within three (3) months following Termination of Service.

               

              

            

    

    
      	
              (ii)

            	
              Disability.  In the event of the
                Participant’s Termination of Service by reason of the Participant’s Disability, any unvested portion of this Option will vest and any unexercised portion of the Option may thereafter be exercised by the Participant or the Participant’s
                legal representative for a period of one (1) year following the Termination of Service due to Disability.

               

              

            

    

    
      	
              (iii)

            	
              Change in Control.  In the event of the
                Participant’s Involuntary Termination of Service at or following a Change in Control, any unvested portion of the Option will vest and any unexercised portion of the Option may be exercised by the

            

    

    
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    Participant or the Participant’s legal representative for a period of one (1) year following the Participant’s Involuntary
      Termination of Service.

    

    

    
      	
              (iv)

            	
              Retirement.  In the event of the
                Participant’s Termination of Service by reason of the Participant’s Retirement, vested Options may be exercised for a period of one (1) year from the date of Termination of Service; provided that no Option shall be eligible for treatment as
                an Incentive Stock Option if the Option is exercised more than three (3) months following Termination of Service due to Retirement. Options that have not vested will expire and be forfeited on the date of Termination of Service by reason of
                Retirement.  “Retirement” shall have the meaning set forth in Article 8 of the Plan.

            

    

    

    

    
      	
              (v)

            	
              Termination for Cause.  In the event of the Participant’s Termination of Service for Cause, all Options subject to this Agreement that have not been exercised
                will immediately expire and be forfeited.

            

    

    

    

    
      	
              (vi)

            	
              Other Termination.  In the event of the Participant’s Termination from Service for any reason other than due to death, Disability, Involuntary Termination at or following a
                Change in Control or for Cause, this Option may thereafter be exercised, only to the extent it was exercisable at the time of the termination and only for a period of three (3) months following the termination.

            

    

    

    

    Incentive Option Treatment.  The
      Incentive Stock Options granted hereunder are subject to the requirements of Section 421 of the Internal Revenue Code.  No Option will be eligible for treatment as an Incentive Stock Option in the event such Option is exercised more than three months
      following Termination of Service (except in the case of Termination of Service due to Disability).

    

      	11.	
              Miscellaneous.

            

    

    

    

    	

          	11.1	
            No Option will confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of
              such rights.

          

    

    

    	

          	11.2	
            This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant.

          

    

    

    	

          	11.3	
            Except as otherwise provided by the Committee, Incentive Stock Options under the Plan are not transferable except (1) as designated by the Participant by will or by the
              laws of descent and distribution, (2) to a trust established by the Participant, or (3) between spouses incident to a divorce or pursuant to a domestic relations order, provided, however,  that in the case of a transfer described under (3),
              the Option will not qualify as an Incentive Stock Option as of the day of the transfer.

          

    

    

    	

          	11.4	
            Under current tax laws, an Option that is exercised as an Incentive Stock Option is not subject to ordinary income taxes so long as it is held for the requisite holding
              period, e.g., two (2) years from the date of grant of the Option and one (1) year from the date of exercise, whichever is later.

          

    

    

    	

          	11.5	
            This Agreement will be governed by and construed in accordance with the laws of the State of West Virginia.

          

    

    

    	

          	11.6	
            The granting of this Option does not confer upon the Participant any right to be retained in the service of the Company or any subsidiary.

          

    
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          	11.7	
            This Option is subject to forfeiture in accordance with the provisions of Section 7.16 of the Plan or as otherwise adopted by the Company.

          

    

    

    [Signature Page to Follow]

    
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    IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its name and on its behalf as of the
      date of grant of this Option set forth above.

    ENERGY SERVICES OF AMERICA CORPORATION

    By: ______________________________________________

    Its:_______________________________________________
        

      

    

    

    PARTICIPANT’S ACCEPTANCE

    The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including the
      terms and provisions of the Plan.  The undersigned hereby acknowledges receipt of a copy of the Plan and related prospectus.

    PARTICIPANT

     

    

     

    

     

    

    __________________________________________________

    

    

    

    

    

     

    

    

    

    
      5

      
        

    

    EXHIBIT A

    NOTICE OF EXERCISE OF OPTION

    

    

    I hereby exercise the stock option (the “Option”) granted to me by Energy Services of America Corporation (the “Company”) or its
      affiliate, subject to all the terms and provisions set forth in the Incentive Stock Option Agreement (the “Agreement”) and the Energy Services of America Corporation 2022 Equity Incentive Plan (the “Plan”) referred to therein, and notify you of my
      desire to purchase __________________ shares of common stock of the Company (“Common Stock”) for a purchase price of $______ per share.

    

    

    I elect to pay the exercise price by:

    

    

    	

          	___	
            Cash or personal, certified or cashier’s check in the sum of $_______, in full/partial payment of the purchase price.

          

    	

          	___	
            Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.*

          

    	

          	___	
            My check in the sum of $_______ and stock of the Company with a fair market
              value of $______, in full/partial payment of the purchase price.*

          

    

    

    	

          	___	
            A net settlement of the Option, using a portion of the shares obtained on exercise in payment of the exercise price of the Option (and, if applicable, any minimum
              required tax withholding).

          

    	

          	___	
            Selling  ______ shares from my Option shares through a broker in full/partial payment of the purchase price.

          

    I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to
      all terms and provisions set forth in the Agreement and the Plan.

    I hereby represent that it is my intention to acquire these shares for the following purpose:

    ___ investment

    ___ resale or distribution

    

    

    Please note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities
      Act of 1933) the shares you acquire through this Option exercise, the Company or transfer agent may require an opinion of counsel that such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option.

    Date: ____________, _____.                            _________________________________________

    Participant’s signature

    

    

    * If I elect to exercise by exchanging shares I already own, I will constructively
        return shares that I already own to purchase the new option shares.  If my shares are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged.  If the shares are held
        in “street name” by a registered broker, I must provide the Company with a notarized statement attesting to the number of shares owned that will be treated as having been exchanged.  I will keep the shares that I already own and treat them as if
        they are shares acquired by the option exercise.  In addition, I will receive additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire.

  

  6

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