Document:

EX-10.25

 Exhibit 10.25 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This Amended and Restated Employment Agreement (this “Agreement”), dated as of July 28, 2022 (the “Amendment
Effective Date”), is entered into by and between REV Renewables, LLC, a Delaware limited liability company (the “Company”), REV Renewables Ops, LLC, a Delaware limited liability company (“Rev Ops”),
and Edward Sondey (“Executive”) and supersedes and replaces in its entirety the Employment Agreement (the “Prior Agreement”) dated March 18, 2022 (the “Original Effective Date”) by and between
the Company, Rev Ops and Executive. With effect immediately upon the consummation of the Merger (as defined below) REV Renewables, LLC, a Delaware limited liability company will cause New PubCo (as defined below) to become a party to this Agreement
and the “Company” for all purposes of this Agreement upon and following the consummation of the Merger shall include New PubCo. Executive, the Company and Rev Ops are each referred to herein as a “Party” and collectively
as the “Parties.” 
 Background 

Executive is employed as the Chief Executive Officer of the Company and its subsidiary Rev Ops, pursuant to the terms of the Prior Agreement,
which superseded and replaced in its entirety that certain letter agreement, dated July 1, 2021, by and between Rev Ops (as the assignee of LS Power Development, LLC) and Executive (the “Offer Letter”). The Parties hereby
desire to amend and restate the Prior Agreement. 
 Immediately prior to the completion of the anticipated initial public offering (the
“IPO”) of Rev Renewables, Inc., a Delaware corporation (“New PubCo”), pursuant to that certain Agreement and Plan of Merger between the Company, New PubCo and Rev Merger Sub, LLC (“Merger Sub”), a
Delaware limited liability company and wholly-owned subsidiary of New PubCo, in addition to the other transactions contemplated thereby, the Company is expected to merge with and into Merger Sub, with Merger Sub surviving the merger as a wholly
owned subsidiary of New PubCo (such transaction, the “Merger”). 
 As of the Amendment Effective Date, Executive shall be an
employee of Rev Ops pursuant to the terms and conditions of this Agreement, and shall serve as the Chief Executive Officer of the Company in accordance with the terms and conditions of this Agreement. 

Agreement 
 1. Employment Period.
Executive’s employment hereunder shall be for a term commencing on the Original Effective Date and ending on the date Executive’s employment hereunder is terminated pursuant to Section 3. The period that Executive
is employed hereunder is referred to as the “Employment Period.” 
 2. Terms of Employment. 

(a) Position and Duties. 

(i) During the Employment Period, Rev Ops shall employ Executive, and Executive shall serve as Chief Executive Officer of the
Company. Executive shall perform such duties as are usual and customary for such positions and such other duties as the Board of Directors of the Company (the “Board”) shall from time to time reasonably assign to Executive in each
case without additional compensation. Executive shall report directly to the Board. The Company and its direct and indirect subsidiaries are referred to herein as the “Company Group.” 

 (ii) During the Employment Period and so long as (A) Executive is
actively serving in the capacity as Chief Executive Officer in good standing and (B) LS Power Development, LLC, together with its affiliates, owns directly or indirectly in excess of fifty percent (50%) of the common stock of the Company or its
successor, the Company will cause the Board to nominate Executive to serve as a member of the Board. 
 (iii)
Executive’s principal place of employment will be the Company’s offices located in New York, New York; provided, however, Executive acknowledges that Executive shall travel as required by Executive’s duties in his role as Chief
Executive Officer or as a director of the Company. 
 (iv) During the Employment Period, Executive agrees to devote all of
his business time, energy, skill and best efforts to the performance of his duties, responsibilities and functions for any member of the Company Group to the best of Executive’s abilities in a diligent, trustworthy, legal, professional and
efficient manner and shall comply in all material respects with all Company Group policies and procedures in effect from time to time. Notwithstanding the foregoing, during the Employment Period it shall not be a violation of this Agreement for
Executive to manage his personal investments, so long as such activities do not interfere with the performance of Executive’s responsibilities to the Company or any other member of the Company Group or otherwise violate any obligation that
Executive has to any member of the Company Group including pursuant to the Company’s insider trading policy as in effect from time to time. With the Board’s prior written consent, and subject to any terms and conditions imposed by the
Board in connection with such consent, Executive may serve on corporate, civic or charitable boards or committees consistent with the Company’s conflicts of interests policies and corporate governance guidelines as in effect from time to time.

 (v) Executive agrees that he will not take personal advantage of any business opportunity that arises during his
employment by any member of the Company Group and that could be of benefit to any member of the Company Group. In accordance with the Company’s policies and procedures in effect from time to time, Executive shall submit to the Board all
business, commercial and investment opportunities, and all offers presented to Executive or of which Executive becomes aware at any time during the Employment Period, which relate to the business of the Company Group as it is conducted during the
Employment Period (“Corporate Opportunities”). Unless approved by the Board, Executive shall not accept or pursue, directly or indirectly, any Corporate Opportunities on Executive’s own behalf. 

(vi) During the Employment Period and thereafter, Executive shall reasonably cooperate with any member of the Company Group in
and with respect to any internal investigation, any administrative, regulatory, governmental, or judicial investigation, audit, or proceeding or any dispute with a third party as reasonably requested by the Company

 
(including, but not limited to Executive being available to the Company for interviews and factual investigations, appearing at the Company’s request to give testimony without requiring
service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all relevant documents which are or may come into Executive’s possession, custody or control). 

(vii) In entering into this Agreement, Executive expressly represents that he is not the subject of, or a party to, any non-competition or non-solicitation agreement, or any other agreement, obligation, restriction or understanding that would prohibit Executive from executing this Agreement or
fully performing each of Executive’s duties and responsibilities hereunder, or would in any manner, directly or indirectly, limit or affect any of the duties and responsibilities that may now or in the future be assigned to Executive hereunder.

 (b) Compensation. 

(i) Base Salary. During the Employment Period, Executive shall receive a base salary (the “Base
Salary”) at the annualized rate of $750,000. The Base Salary shall be paid in accordance with the payroll practices of Rev Ops as then in effect (which currently provide for semi-monthly payment), but no less frequently than monthly. During
the Employment Period, the Base Salary shall be reviewed, and subject to Section 3(c) hereof may be adjusted, at least annually by the Board or the Compensation Committee of the Board (the “Compensation Committee”). The term
“Base Salary” as utilized in this Agreement shall refer to the Base Salary as may be so adjusted. 
 (ii) Annual
Bonus. In addition to the Base Salary, Executive shall be eligible, subject to the approval of the Compensation Committee or the Board, to participate in the Company’s annual incentive program and earn, for each calendar year ending during
the Employment Period, a discretionary annual cash performance bonus (an “Annual Bonus”) with a target award equal to 75% of Base Salary. Executive acknowledges that any Annual Bonus is subject to the approval of the Board or
Compensation Committee in its sole discretion. The performance goals and payout opportunities applicable to such Annual Bonus, if any, for the relevant year (the “Bonus Year”) shall be determined by the Board or the Compensation
Committee annually, in its sole discretion, but are currently expected to (A) be formulaic, utilizing financial metrics and established goals, with a focus on a few key outcomes (2-4 metrics) at
threshold, target and maximum levels of performance; and (B) provide an opportunity to earn 50% of the target award for threshold goal achievement ranging to 200% of the target award for maximum goal achievement. The Annual Bonus, if any,
payable in respect of any Bonus Year, is subject to Executive’s continuous employment through the date on which the Annual Bonus is paid. 

 (iii) Equity Awards. 

(A) Annual Equity Awards. In addition to the Base Salary and Annual Bonus, Executive shall be eligible to be granted,
for each calendar year ending during the Employment Period, an annual equity award (the “Annual Equity Award”) under the Rev Renewables, Inc. 2022 Long Term Incentive Plan as amended from time to time (together with any successor
equity incentive plans adopted by the Company or New PubCo, the “Equity Plan”). The Annual Equity Award for calendar year 2022 shall have a target aggregate grant date fair value, as determined by the Board or the Compensation
Committee as of the applicable date of grant, of $1,400,000 and will be granted within sixty (60) days following the time when shares of the New PubCo or one of its affiliates become listed on a public securities exchange (whether through an
initial public offering, special purpose acquisition company transaction, or otherwise) (a “Public Listing”). The form of each Annual Equity Award, if any, and the terms and conditions (including vesting) applicable to each Annual
Equity Award, shall be determined by the Board or the Compensation Committee annually, in its sole discretion, and may include one or more of the following: stock options, stock appreciation rights, restricted stock awards or units, vested stock
awards, dividend equivalents, other stock- or cash-based awards, cash awards and/or substitute awards. Each Annual Equity Award shall be subject in all respects to, and governed by, the terms and conditions set forth in the Equity Plan (if
applicable) and the applicable award agreement governing each such award. Executive acknowledges that any Annual Equity Award is subject to the approval of the Board or Compensation Committee in its sole discretion. Subject to the approval of the
Board or the Compensation Committee, it is currently expected that with respect to the Annual Equity Award for calendar year 2022 (1) payout opportunities for any performance-based restricted stock units granted will range from 50% of target for
threshold performance achievement to 200% of target for maximum performance achievement, (2) awards will be settled in shares, (3) any performance-based restricted stock units granted would contain a three-year performance period, and
(4) any time-based restricted stock units or stock options granted would have a ratable three-year vesting period. 

(B) IPO Equity Award. The Parties hereby acknowledge and agree that, prior to the Amendment Effective Date, Executive
was granted an equity-based award pursuant to that certain Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement by and between Executive and the Company dated as of June 15, 2022. 

(C) Future long term incentives for 2023 and beyond shall be structured as comparable private long term incentives until the
New PubCo achieves a Public Listing. Each comparable long term incentive award shall be subject in all respects to, and governed by, the terms and conditions set forth in the applicable award agreement governing each such award. 

(iv) Benefits. During the Employment Period, Executive shall be eligible to participate in substantially the same
benefit plans, practices, policies and programs generally made available to senior executives of the Company, subject to the terms and conditions of the applicable plans, practices, policies and programs in effect from time to time. Neither the
Company nor Rev Ops nor any other member of the Company Group shall, however, by reason of this Section 2(b)(iv), be obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such plan,
practice, policy or program, so long as such changes are similarly applicable to similarly situated executives of the Company generally. 

 (v) Business Expenses. 

(A) During the Employment Period, subject to Section 10(d), Executive shall be entitled to receive
reimbursement for (i) all reasonable business expenses actually incurred by Executive in the performance of Executive’s duties under this Agreement and (ii) the Attorney’s Fees (as defined below), provided, in each case,
Executive timely submits all documentation for such expenses or the Attorney’s Fees, as required by the applicable policy of the relevant member of the Company Group in effect from time to time. Any such reimbursement of expenses or the
Attorney’s Fees shall be made by the relevant member of the Company Group upon or as soon as practicable following receipt of such documentation (but in any event not later than the close of Executive’s taxable year following the taxable
year in which the expense is incurred by Executive). In no event shall any reimbursement be made to Executive for any expenses incurred after the Date of Termination. 

(B) The Company will reimburse Executive for an amount up to $20,000 attributable to the reasonable attorney’s fees
incurred by him in connection with the negotiation and documentation of this Agreement, the Prior Agreement, and any related agreements (the “Attorney’s Fees”). 

(C) The Parties acknowledge that, in connection with or shortly following the IPO, the Board expects to approve a Company
travel policy that would permit the Company’s Chief Executive Officer to be reimbursed for (a) Business Class airfare for commercial scheduled flights of approximately 3 hours or longer and flights to and from (i) St. Louis,
(ii) Houston, and (iii) San Francisco/San Jose and (b) first class Acela train fare for travel to and from Boston and Washington, DC. 

(vi) Vacation. During the Employment Period, Executive shall be entitled to paid vacation time each calendar year (pro-rated for any partial year of service) in accordance with the plans, policies, programs and practices of the Company applicable to similarly situated executives, and as in effect from time to time. 

3. Termination of Employment. Executive’s employment hereunder may end pursuant to any of the circumstances described in this
Section 3. 
 (a) Death or Disability. Executive’s employment hereunder shall automatically (and
without any further action by any person or entity) terminate upon Executive’s death and shall terminate upon notice from the Company due to Executive’s Disability. For purposes of this Agreement, “Disability” shall exist
if the Board determines that Executive is unable to perform the essential functions of Executive’s position (after accounting for reasonable accommodation, if applicable and required by applicable law), due to physical or mental impairment or
other incapacity that continues, or can reasonably be expected to continue, for a period in excess of 90 consecutive days or 180 days, whether or not consecutive, in any 12-month period. 

 (b) Cause. The Company may terminate Executive’s employment hereunder upon
notice to Executive for Cause or without Cause. For purposes of this Agreement, “Cause” shall mean with respect to Executive one or more of the following: 

(i) the conviction, indictment, or plea of nolo contendere to, a felony or a crime involving moral turpitude; 

(ii) the commission of any act or omission involving dishonesty, disloyalty or fraud, including with respect to the Company or
any of its affiliates or any of their customers or suppliers; 
 (iii) any conduct causing the Company or any of its
affiliates substantial public disgrace or disrepute or substantial economic harm; 
 (iv) the failure to perform
Executive’s material duties as reasonably and lawfully directed by the Board; 
 (v) any act or omission aiding or
abetting a competitor of the Company or any of its affiliates, whether or not resulting in a disadvantage or detriment to the Company or its affiliates; 

(vi) breach of any fiduciary duty, or an act of gross negligence or willful misconduct, with respect the Company or any of its
affiliates; 
 (vii) a failure to observe a material written Company policy or material written Company rules, policies, or
codes of conduct applicable to Executive, including applicable anti-harassment, anti-discrimination, anti-abuse and drug- and alcohol-free workplace policies; or 

(viii) any other material breach of this Agreement. 

(c) Good Reason. Executive’s employment may be terminated by Executive for Good Reason or by Executive without Good Reason. For
purposes of this Agreement, “Good Reason” shall mean if Executive resigns from employment (and, as a result, is no longer employed by any member of the Company Group) within thirty days following the conclusion of the Cure Period
(as defined below) and as a result of the occurrence of any one or more of the following events without Executive’s prior consent: 

(i) the Company reduces the amount of the targeted annual total cash compensation other than as part of a reduction that is
proportionate in all material respects in the targeted annual total cash compensation of the Company’s executive team as a whole (for the avoidance of doubt, any performance-based reduction shall not be a Good Reason); 

(ii) the Company materially diminishes Executive’s duties and responsibilities or demotes Executive; 

 (iii) following the Public Listing, the Compensation Committee does not
approve Executive’s (A) IPO Award or (B) Annual Equity Award in respect of the 2022 calendar year with a grant date fair value equal to no less than the target amount described in Section 2(b)(iii)(A) above;
or 
 (iv) the Company requires Executive to work from a location that is more than 75 miles from New York, New York. 

In the case of clauses (i), (ii), (iii) and (iv), written notice of Good Reason must be delivered by Executive to the Company within 30 days after the initial
occurrence of any such event in order for Executive’s resignation with Good Reason to be effective hereunder, and the Company must have failed to cure such event, to the extent curable, within 60 days following receipt of such notice (such 60
day period, the “Cure Period”). 
 (d) Notice of Termination. Any termination other than due to death shall be
communicated by Notice of Termination from one Party to the other Party given in accordance with Section 10(c) below. For purposes of this Agreement, a “Notice of Termination” means a written notice which
indicates the specific termination provision in this Agreement relied upon. 
 (e) Date of Termination. “Date of
Termination” means the date on which Executive’s employment terminates. 
 4. Obligations of the Company Upon Termination. 

(a) Without Cause or for Good Reason. If the Employment Period ends due to the Company’s termination of Executive’s employment
without Cause (and not due to death or Disability), or due to Executive’s resignation for Good Reason (and, as a result of such ending of the Employment Period, Executive is no longer employed by any member of the Company Group) (such
termination a “Qualifying Termination”), then Executive shall be paid or shall receive: 
 (i) if such
Qualifying Termination does not occur within the 12-month period following the date of the consummation of a Change in Control (as defined below), (A) an amount equal to 0.5 times the Base Salary in effect on
the Date of Termination, which amount shall be paid in substantially equal installments for the 6-month period following the Date of Termination, plus (B) any unpaid Annual Bonus payable to Executive
pursuant to Section 2(b)(ii) above for any Bonus Year preceding the year in which the Date of Termination occurs, payable based on actual performance at such times as the Annual Bonus is paid to similarly situated employees
of the Company (but in any event prior to March 15th of the year following the Bonus Year) (such bonus, the “Prior Year Bonus”), and (C) all unvested equity-based awards
granted under the Equity Plan held by Executive as of immediately prior to the Date of Termination shall remain outstanding, notwithstanding Executive’s termination of employment, and shall be eligible to continue to vest in accordance with the
terms and conditions provided in the applicable award agreements governing such awards for the 12-month period immediately following the Date of Termination and will be settled in accordance with the original
payment schedule applicable to such awards (the continued vesting determined pursuant to this Section 4(a)(i), the “Ongoing Vesting”); provided, however, with respect to any severance payments made
in installments pursuant to this Section 4(a)(i), the first installment of such severance pay shall be made on the Company’s first payroll date that is on or after the date that is sixty (60) days after the Date
of Termination, and such payment shall include (without interest) the number of such installments that would have been paid between the Date of Termination and such first payment date had such installments been paid on the Company’s regular
payroll dates during such period; 

 (ii) if such Qualifying Termination does occur within the 12-month period following the date of the consummation of a Change in Control (as defined below), (A) an amount equal to 2.00 times the Base Salary in effect on the Date of Termination, which amount shall be paid in
substantially equal installments for the 24-month period following the Date of Termination, plus (B) the Prior Year Bonus, if unpaid, and (C) all unvested equity-based awards granted under the Equity
Plan held by Executive as of immediately prior to the Date of Termination shall immediately vest and be settled in accordance with the terms of the applicable award agreement, notwithstanding Executive’s termination of employment, (the
accelerated vesting determined pursuant to this Section 4(a)(ii), the “Accelerated Vesting”); provided, however, with respect to any severance payments made in installments pursuant to this
Section 4(a)(ii), the first installment of such severance pay shall be made on the Company’s first payroll date that is on or after the date that is sixty (60) days after the Date of Termination, and such payment
shall include (without interest) the number of such installments that would have been paid between the Date of Termination and such first payment date had such installments been paid on the Company’s regular payroll dates during such period;
and 
 (iii) the following, to the extent applicable: (A) Executive’s earned but unpaid Base Salary through the
Date of Termination, (B) payment for accrued but unused vacation time existing as of the Date of Termination, to the extent required by the terms of the Company’s written vacation policy in effect from time to time, and (C) any vested
amounts due to Executive under any plan, program or policy of the Company, to the extent not previously paid (if any) (collectively, the “Accrued Obligations”), which shall be paid or provided, in each case, in the time periods
required by applicable law. 
 For purposes of this Agreement, “Change in Control” has the meaning given to such term in the Equity Plan.

 (b) Without Good Reason. If the Employment Period ends due to Executive’s resignation without Good Reason (and as a result of
such ending of the Employment Period, Executive is no longer employed by any member of the Company Group), then Executive shall be paid or shall receive: 

(i) an amount equal to 1.00 times the Base Salary in effect on the Date of Termination, which Severance Amount shall be paid in
substantially equal installments for the 12-month period following the Date of Termination (the amount determined pursuant to Section 4(a)(i), Section 4(a)(ii) or
this Section 4(b)(i), as applicable, the “Severance Amount”); provided, however, with respect to any severance payments made in installments pursuant to this
Section 4(b)(i), the first installment of such severance pay shall be made on the Company’s first payroll date that is on or after the date that is sixty (60) days after the Date of Termination, and such payment
shall include (without interest) the number of such installments that would have been paid between the Date of Termination and such first payment date had such installments been paid on the Company’s regular payroll dates during such period;
and 

 (ii) the Accrued Obligations. 

(c) Death(d) , Disability or With Cause. If Executive’s employment is terminated by reason of Executive’s death,
Executive’s Disability or is terminated by the Company with Cause, Executive, or to the extent applicable, Executive’s estate or legal beneficiaries, shall only be paid the Accrued Obligations when due under applicable law and the Company
shall have no severance obligations to Executive under this Agreement. 
 (e) Release and Continuing Obligations. Notwithstanding
anything herein to the contrary, it shall be a condition to Executive’s right to receive and retain the Severance Amount, the Ongoing Vesting or the Accelerated Vesting that Executive: (i) comply with the terms of Sections 6,
7 and 8 hereunder, and all other post-employment obligations set forth herein, and (ii) execute and deliver to the Company within 21 days (or 45 days, if so designated by the Company) after receipt from the Company, and not revoke
in any time provided by the Company to do so, a release of claims in a form reasonably acceptable to the Company (the “Release”), which Release shall not (A) impose additional
non-competition or non-solicitation covenants on Executive (provided, however, Executive shall remain subject to all
non-competition and non-solicitation covenants as agreed to in writing by Executive prior to the time of termination) or (B) require Executive to release any rights
Executive may have at the time of termination to: (i) any future indemnification rights, (ii) amounts owed (if any) under Section 4(a) or Section 4(b), as applicable, of this Agreement, (iii) any vested and accrued rights to
benefits under the Company’s tax qualified retirement plans, or (iv) subject to the terms of the Equity Plan, the applicable award agreements or the Company’s clawback policy then in effect, any vested equity-based incentive awards.

 5. Certain Excise Taxes. Notwithstanding anything to the contrary in this Agreement, if Executive is a “disqualified individual” (as
defined in Section 280G(c) of the Internal Revenue Code of 1986, as amended (the “Code”)), and the payments and benefits provided for in this Agreement, together with any other payments and benefits which Executive has the
right to receive from the Company or any of its respective affiliates, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement shall be
either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by Executive from the Company or any of their respective affiliates shall be one dollar ($1.00) less than three times Executive’s
“base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Executive shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in
full, whichever produces the better net after-tax position to Executive (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The reduction of
payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that
would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a
similar order. The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by the Company in good faith. If a reduced payment or benefit is made or

 
provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from the Company or any of its respective affiliates used in determining if a
“parachute payment” exists, exceeds one dollar ($1.00) less than three times Executive’s base amount, then Executive shall immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in
this Section 5 shall require the Company or any of its affiliates to be responsible for, or have any liability or obligation with respect to, Executive’s excise tax liabilities under Section 4999 of the Code or
for any penalties imposed in connection with any failure to comply with Section 4999 of the Code. 
 6. Confidentiality; Return of Materials.

 (a) In the course of, and prior to, Executive’s employment hereunder, Executive has been and will be, provided, and Executive has
had, and will have, access to, Confidential Information (as defined below). Both during the Employment Period and thereafter, except as expressly permitted by this Agreement or by directive of the Board, Executive shall not disclose any Confidential
Information to any person or entity and shall not use any Confidential Information for Executive’s own (or any other person’s) purposes, except for the benefit of the Company Group. The covenants of this
Section 6(a) shall apply to all Confidential Information, whether now known or later to become known to Executive during the period that Executive is employed by or affiliated with the Company or any other member of the
Company Group. 
 (b) Notwithstanding any provision of Section 6(a) to the contrary, Executive may make the
following disclosures and uses of Confidential Information: 
 (i) disclosures to other employees of a member of the Company
Group who have a need to know the information in connection with the businesses of the Company Group; 
 (ii) disclosures to
customers and suppliers when, in the reasonable and good faith belief of Executive, such disclosure is in connection with the performance of his duties under this Agreement, is itself subject to appropriate confidentiality restrictions and is in the
best interests of the Company Group; or 
 (iii) disclosures to a person or entity that has (x) been retained by a
member of the Company Group to provide services to one or more members of the Company Group, and (y) agreed in writing to abide by the terms of a confidentiality agreement in a form acceptable to the Company, as evidenced by approval of the
Company’s general counsel or chief legal officer. 
 (c) Upon the expiration of the Employment Period, and at any other time upon
request of the Company, Executive shall promptly surrender and deliver to the Company all documents (including electronically stored information) and all copies thereof and all other materials of any nature containing or pertaining to all
Confidential Information and any other Company Group property (including any Company Group-issued computer, mobile device or other equipment) in Executive’s possession, custody or control and he shall not retain any such documents or other
materials or property of the Company Group. Within five (5) days of any such request, Executive shall certify to the Company in writing that all such documents, materials and 

 
property have been returned to the Company. All trade secrets, non-public information, competitively valuable information, designs, ideas, concepts,
improvements, product developments, discoveries and inventions, whether copyrightable works or not, whether patentable or not, observations and data, that are conceived, made, developed or acquired by or disclosed to Executive, individually or in
conjunction with others, during the period that Executive is or has been employed or engaged by the Company or any other member of the Company Group or their respective affiliates (whether during business hours or otherwise and whether on the
Company’s premises or otherwise) that relate to any member of the Company Group’s or any of their respective affiliates’ businesses or properties, products or services (including all such information relating to corporate
opportunities, operations, future plans, methods of doing business, business plans, strategies for developing business and market share, research, financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisition
prospects, the identity of customers or acquisition targets or their requirements, the identity of investors, key contacts within customers’ organizations or within the organization of acquisition prospects, or marketing and merchandising
techniques, prospective names and marks) is defined as “Confidential Information.” Moreover, all documents, videotapes, written presentations, brochures, drawings, memoranda, notes, records, files, correspondence, manuals, models,
specifications, computer programs, e-mail, voice mail, electronic databases, maps, drawings, architectural renditions, models and all other writings or materials of any type including or embodying any of such
information, ideas, concepts, improvements, discoveries, inventions, innovations, developments, methods, designs, analyses, drawings, reports, patent applications and copyrightable work and other similar forms of expression are and shall be the sole
and exclusive property of the Company or the other applicable member of the Company Group or its respective affiliates and be subject to the same restrictions on disclosure applicable to all Confidential Information pursuant to this Agreement. For
purposes of this Agreement, Confidential Information shall not include any information that is or becomes generally available to the public other than as a result of a disclosure or wrongful act of or through Executive or any of his agents. 

(d) Notwithstanding the foregoing, nothing in this Agreement shall prohibit or restrict Executive from lawfully: (i) initiating
communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any governmental authority regarding a possible violation of any law;
(ii) responding to any inquiry or legal process directed to Executive from any such governmental authority (including the U.S. Securities and Exchange Commission); (iii) testifying, participating or otherwise assisting in any action or
proceeding by any such governmental authority relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law. Additionally, pursuant to the federal
Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state or
local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law; (B) is made to the individual’s attorney in relation to a lawsuit
for retaliation against the individual for reporting a suspected violation of law; or (C) is made in a complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal. Nothing in this Agreement requires Executive
to obtain prior authorization before engaging in any conduct described in this paragraph, or to notify the Company that he has engaged in any such conduct. 

 7. Non-Competition;
Non-Solicitation; Non-Disparagement. 
 (a) The Company
shall provide Executive access to Confidential Information for use only during the period of Executive’s employment with the Company or another member of the Company Group, and Executive acknowledges and agrees that the Company Group will be
entrusting Executive, in Executive’s unique and special capacity, with developing the goodwill of the Company Group, and as an express incentive for the Company to enter into this Agreement and for Executive to be employed hereunder, Executive
has voluntarily agreed to the covenants set forth in this Section 7. Executive agrees and acknowledges that the limitations and restrictions set forth herein, including geographical and temporal restrictions on certain
competitive activities, are reasonable in all respects, do not interfere with public interests, will not cause Executive undue hardship, and are material and substantial parts of this Agreement intended and necessary to prevent unfair competition
and to protect the Company Group’s Confidential Information, goodwill and legitimate business interests. 
 (b) While employed by the
Company or any other member of the Company Group (whether pursuant to this Agreement or otherwise) and continuing for the Post-Separation Period (as defined below), Executive agrees that Executive shall not, directly or indirectly: 

(i) Be employed or engaged by, or otherwise provide services to, any Competitor in the Market Area, which prohibition shall
prevent Executive from directly or indirectly: owning, managing, operating, or being an officer or director of, or being employed or engaged by, any Competitor; 

(ii) Solicit, induce, or encourage, any member of the Company Group’s employees, consultants, business customers, or
partners, to: (A) cease or lessen their employment, engagement, or relationship with any member of the Company Group; or (B) alter their relationship with any member of the Company Group in a manner adverse to the Company Group; or 

(iii) Hire any employee, consultant, business customer, or partner of any member of the Company Group. 

For purposes of this Agreement, “Competitor” means any person, business or other entity (including a business, division or business unit of a
business, whether or not incorporated, and any natural person), the primary business of which is developing, owning or investing in (or sponsoring investment vehicles that have one of their investment objectives either developing, owning or
investing in) power generation, transmission or distribution assets or other similar power assets located in the United States (the “Business”); provided, however a position with an investment bank shall not be presumed to be
a Competitor. 
 For purposes of this Agreement, “Market Area” means: (A) the United States; and (B) any other geographic area
(including such area within an applicable power market) where the Company or any other member of the Company Group does material business or has material plans to conduct material business, and for which Executive has material responsibility, during
the final 24 months of the period that Executive is employed by any member of the Company Group (or during the period of Executive’s employment with any member of the Company Group if Executive is employed by the Company or other members of the
Company Group for less than 24 months). 

 For purposes of this Agreement, “Post-Separation Period” means (A) with respect to the
terms of Section 7(b)(i) above: (i) six months following the date that Executive is no longer employed by any member of the Company Group, in the event such employment ends due to Executive’s resignation with Good
Reason or a termination by the Company (or another member of the Company Group, as applicable) without Cause or (ii) 12 months following the date that Executive is no longer employed by any member of the Company Group, in the event such employment
ends due to Executive’s resignation without Good Reason or a termination by the Company (or another member of the Company Group, as applicable) for Cause; and (B) with respect to the terms of Sections 7(b)(ii) and 7(b)(iii)
above, 24 months following the date that Executive is no longer employed by any member of the Company Group. 
 (c) Both during the
Employment Period and thereafter, Executive agrees not to disparage any member of the Company Group or any of such entities’ respective affiliates, officers, directors, employees, shareholders and/or agents in any manner intended or reasonably
likely to be harmful to them, their business, business reputation or personal reputation. The Company shall instruct its directors and officers not to, disparage Executive in any manner intended or reasonably likely to be harmful to him, his
business reputation or personal reputation. Nothing in this Agreement shall preclude Executive, the Company or any member of the Company Group from making disclosures permitted by Section 6(d) above, including making
truthful statements or disclosures, that are required by applicable law, regulation or legal process, or from filing a charge with, reporting possible violations to, or participating or cooperating with the Securities and Exchange Commission or any
other federal, state or local regulatory body or law enforcement agency, including in relation to any whistleblower, anti-discrimination or anti-retaliation provisions of federal, state or local law or regulation. Nothing in this Agreement shall
preclude any member of the Company Group from making truthful statements or disclosures in compliance with any provisions of federal, state or local law or regulation, including those promulgated by the Securities and Exchange Commission. 

(d) Executive acknowledges and agrees that Executive’s services are unique, Executive will be associated with developing (and be
materially associated with) the goodwill of the Company, and Executive has and will have access to Confidential Information and Company Intellectual Property. Accordingly, the Parties hereto agree that the Company and its subsidiaries would suffer
irreparable harm from a breach of Sections 6 and 7 by Executive and that money damages would not be an adequate remedy for any such breach of this Agreement. In recognition of the facts that irreparable injury will result to the
Company Group in the event of a breach by Executive of his obligations under this Section 7, that monetary damages for such breach would not be readily calculable and that the Company and other members of the Company Group would not have
an adequate remedy at law therefor, Executive acknowledges, consents and agrees that in the event of such breach, or the threat thereof, the Company and each other member of the Company Group shall be entitled, in addition to any other legal and
equitable remedies and damages available, to specific performance thereof and to temporary and permanent injunctive relief (without the necessity of posting a bond) to restrain the violation or threatened violation of such obligations by Executive.

 (e) Executive further acknowledges and agrees (i) that due to the proprietary nature of
the Company’s and its subsidiaries’ business and Executive’s executive role, the restrictions set forth in this Agreement are reasonable in all respects, including as to time and scope, and are necessary to ensure the preservation,
protection and continuity of the business, trade secrets and goodwill of the Company and the other members of the Company Group and (ii) that Executive has reviewed the provisions of this Agreement with Executive’s legal counsel, and
Executive enters into this Section 7 knowingly and voluntarily with full understanding of its terms. Executive further acknowledges and agrees that the Company Group’s business may be conducted throughout the Market
Area, and Executive’s knowledge of Confidential Information and association with the Company Group’s goodwill would result in Executive being able to materially harm the Company, and the Company Group, if he competes anywhere in the Market
Area in violation of this Section 7. Executive further acknowledges and agrees that he would inevitably violate Section 6 if he were to violate this Section 7, and that
Executive’s compliance with this Section 7 would not cause Executive undue hardship and would be consistent with public interests. Notwithstanding the foregoing, if, at the time of enforcement of
Section 6 or Section 7 of this Agreement, a court or Arbitrator holds that the restrictions stated herein are unreasonable under circumstances then existing or otherwise unenforceable for any
reason, the Parties hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the court or Arbitrator shall be allowed to revise, and
hereby is requested to revise, the restrictions contained herein to cover the maximum period, scope and area permitted by law. 
 8. Ownership of
Intellectual Property. 
 (a) Executive agrees that the Company, or another member of the Company Group shall own, and Executive hereby
assigns, all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all
inventions (whether or not patentable), discoveries, developments, improvements, innovations, works of authorship, mask works, designs, know-how, ideas, formulae, processes, techniques, data and information
authored, created, contributed to, made or conceived or reduced to practice, in whole or in part, by Executive during the period in which Executive is or has been employed by or affiliated with the Company or any other member of the Company Group,
whether or not registerable under U.S. law or the laws of other jurisdictions, that either (a) relate, at the time of conception, reduction to practice, creation, derivation or development, to any member of the Company Group’s businesses
or actual or anticipated research or development, or (b) were developed on any amount of the Company’s or any other member of the Company Group’s time or with the use of any member of the Company Group’s equipment, supplies,
facilities or Confidential Information (all of the foregoing collectively referred to herein as “Company Intellectual Property”), and Executive shall promptly disclose all Company Intellectual Property to the Company in
writing. To support Executive’s disclosure obligation herein, Executive shall keep and maintain adequate and current written records of all Company Intellectual Property made by Executive (solely or jointly with others) during the period in
which Executive is or has been employed by or affiliated with the Company or any other member of the Company Group in such form as may be specified from time to time by the Company. These records shall be available to, and remain the sole property
of, the Company at all times. 

 (b) All of Executive’s works of authorship and associated copyrights created during the
period in which Executive is employed by or affiliated with the Company or any other member of the Company Group and in the scope of Executive’s employment or engagement shall be deemed to be “works made for hire” within the meaning
of the Copyright Act. To the extent any right, title and interest in and to Company Intellectual Property cannot be assigned by Executive to the Company, Executive shall grant, and does hereby grant, to the Company Group an exclusive, perpetual,
royalty-free, transferable, irrevocable, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, use, sell, offer for sale, import, export, reproduce, practice and otherwise commercialize such rights,
title and interest. 
 (c) Executive recognizes that this Agreement will not be deemed to require assignment of any invention or intellectual
property that Executive developed entirely on Executive’s own time without using the equipment, supplies, facilities, trade secrets, or Confidential Information of any member of the Company Group. In addition, this Agreement does not apply to
any invention that qualifies fully for protection from assignment to the Company under any specifically applicable state law or regulation. 

(d) To the extent allowed by law, this Section applies to all rights that may be known as or referred to as “moral rights,”
“artist’s rights,” “droit moral,” or the like, including without limitation those rights set forth in 17 U.S.C. §106A (collectively, “Moral Rights”). To the extent Executive retains any Moral Rights
under applicable law, Executive hereby ratifies and consents to any action that may be taken with respect to such Moral Rights by or authorized by the Company or any member of the Company Group, and Executive hereby waives and agrees not to assert
any Moral Rights with respect to such Moral Rights. Executive shall confirm any such ratifications, consents, waivers, and agreements from time to time as requested by the Company. 

(e) All inventions (whether or not patentable), original works of authorship, designs, know-how, mask
works, ideas, trademarks or names, information, developments, improvements, and trade secrets of which Executive is the sole or joint author, creator, contributor, or inventor that were made or developed by Executive prior to Executive’s
employment with or affiliation with the Company or any other member of the Company Group, or in which Executive asserts any intellectual property right, and which are applicable to or relate in any way to the business, products, services, or
demonstrably anticipated research and development or business of any member of the Company Group (“Prior Inventions”) are listed on Exhibit A, and Executive represents that Exhibit A is a complete list of all such Prior
Inventions. If no such list is attached, Executive hereby represents and warrants that there are no Prior Inventions, and Executive shall make no claim of any rights to any Prior Inventions. If, in the course of Executive’s employment with or
affiliation with the Company or any other member of the Company Group, Executive uses in connection with or otherwise incorporates into the product, process, or device of any member of the Company Group a Prior Invention, the Company Group is hereby
granted and will have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify, use, import, export, offer for sale, sell and otherwise commercialize such Prior Invention as part of or in connection with
(i) such product, process, or device of any member of the Company Group and (ii) the conduct of the business of the Company Group. 

(f) Executive shall perform, during and after the period in which Executive is or has been employed by or affiliated with the Company or any
other member of the Company Group, all acts deemed necessary or desirable by the Company to permit and assist each member of the Company Group, at the Company’s expense, in obtaining and enforcing the full benefits, enjoyment, rights and title
throughout the world in the Company Intellectual Property and 

 
Confidential Information assigned, to be assigned, or licensed to the Company under this Agreement. Such acts may include execution of documents and assistance or cooperation (i) in the
filing, prosecution, registration, and memorialization of assignment of any applicable patents, copyrights, mask work, or other applications, (ii) in the enforcement of any applicable patents, copyrights, mask work, moral rights, trade secrets,
or other proprietary rights, and (iii) in other legal proceedings related to the Company Intellectual Property or Confidential Information. 

(g) In the event that the Company (or, as applicable, a member of the Company Group) is unable for any reason to secure Executive’s
signature to any document required to file, prosecute, register, or memorialize the assignment of any patent, copyright, mask work or other applications or to enforce any patent, copyright, mask work, moral right, trade secret or other proprietary
right under any Confidential Information or Company Intellectual Property (including derivative works, improvements, renewals, extensions, continuations, divisionals, continuations in part, continuing patent applications, reissues, and
reexaminations of such Company Intellectual Property), Executive hereby irrevocably designates and appoints the Company and each of the Company’s duly authorized officers and agents as Executive’s agents and
attorneys-in-fact to act for and on Executive’s behalf and instead of Executive (i) to execute, file, prosecute, register and memorialize the assignment of any
such application, (ii) to execute and file any documentation required for such enforcement, and (iii) to do all other lawfully permitted acts to further the filing, prosecution, registration, memorialization of assignment, issuance, and
enforcement of patents, copyrights, mask works, moral rights, trade secrets or other rights under the Confidential Information or Company Intellectual Property, all with the same legal force and effect as if executed by Executive. 

(h) In the event that Executive enters into, on behalf of any member of the Company Group, any contracts or agreements relating to any
Confidential Information or Company Intellectual Property, Executive shall assign such contracts or agreements to the Company (or the applicable member of the Company Group) promptly, and in any event, prior to Executive’s termination. If the
Company (or the applicable member of the Company Group) is unable for any reason to secure Executive’s signature to any document required to assign said contracts or agreements, or if Executive does not assign said contracts or agreements to
the Company (or the applicable member of the Company Group) prior to Executive’s termination, Executive hereby irrevocably designates and appoints the Company (or the applicable member of the Company Group) and each of the Company’s duly
authorized officers and agents as Executive’s agents and attorneys-in-fact to act for and on Executive’s behalf and instead ofExecutive to execute said
assignments and to do all other lawfully permitted acts to further the execution of said documents. 
 (i) The Company and Executive
acknowledge that Executive has provided services to the Company or another member of the Company Group prior to the Original Effective Date. Accordingly, if and to the extent that, prior to the Original Effective Date: (a) Executive conceived,
made, developed, acquired or received access to any information from or on behalf of the Company or any other member of the Company Group that would have been Confidential Information if conceived, made, developed, acquired or received after the
Original Effective Date; or (b) Executive conceived, created, authored, invented, developed, or reduced to practice any item, including any intellectual property rights with respect thereto, that would have been Company Intellectual Property if
conceived, created, authored, invented, developed, or reduced to practice after the Original Effective Date, then such information will be deemed Confidential Information under this Agreement and any such item will be deemed Company Intellectual
Property under this Agreement, and this Agreement will apply to such information or item as if conceived, created, authored, invented, developed, or reduced to practice following the Original Effective Date. 

 9. Successors and Third-Party Beneficiaries. 

(a) This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive. 

(b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. In addition, each member of
the Company Group that is not a signatory hereto shall be entitled to enforce Sections 6, 7 and 8 above as if a Party hereto. 
 10.
Miscellaneous. 
 (a) Governing Law; Submission to Jurisdiction. This Agreement shall in all respects be construed according to
the laws of the State of New York without regard to its conflict of laws principles that would result in the application of the laws of another jurisdiction. With respect to any claim or dispute related to or arising under this Agreement, the
Parties hereby consent to the arbitration provisions of Section 10(b) and recognize and agree that should any resort to a court be necessary and permitted under this Agreement, then they consent to the exclusive
jurisdiction, forum and venue of the state and federal courts (as applicable) located in New York County, New York. The Parties acknowledge and agree that they have voluntarily chosen the governing law, jurisdiction, forum and venue set forth herein
and that such law, jurisdiction, forum, and venue reasonably relates to the subject matter of this Agreement, and the Parties hereby waive any argument of forum inconveniens with respect to the jurisdiction, forum and venue set forth herein.

 (b) Arbitration 

(i) Subject to Section 10(b)(ii) and 10(b)(iv), any dispute, controversy or claim between Executive
and any member of the Company Group arising out of or relating to this Agreement or Executive’s employment or engagement with any member of the Company Group will be finally settled by arbitration in New York County, New York in accordance with
the then-existing American Arbitration Association (“AAA”) Employment Arbitration Rules. The arbitration award shall be final and binding on the Parties. Any arbitration conducted under this
Section 10 shall be private and kept confidential, and shall be heard by a single arbitrator (the “Arbitrator”) selected in accordance with the then-applicable rules of the AAA. The Arbitrator shall
expeditiously hear and decide all matters concerning the dispute. Except as expressly provided to the contrary in this Agreement, the Arbitrator shall have the power to (i) gather such materials, information, testimony and evidence as the
Arbitrator deems relevant to the dispute before him or her (and each Party will provide such materials, information, testimony and evidence requested by the Arbitrator), and (ii) grant injunctive relief and enforce specific performance. All
disputes shall be arbitrated on an individual basis, and each Party hereby foregoes and waives any right to arbitrate any dispute as a class action or collective action or on a consolidated basis or in a representative capacity on behalf of other
persons or 

 
entities who are claimed to be similarly situated, or to participate as a class member in such a proceeding. The decision of the Arbitrator shall be reasoned, rendered in writing, be final and
binding upon the disputing parties and the Parties agree that judgment upon the award may be entered by any court of competent jurisdiction. The Parties shall each pay one-half of the AAA costs and one-half of the fees charged by the Arbitrator. Otherwise, each Party shall pay its respective legal fees and costs associated with such arbitration and associated judgment. . This
Section 10(b) shall be subject to the Federal Arbitration Act, 9 U.S.C. § 1 et seq. 
 (ii)
Notwithstanding Section 10(b)(i), either party may make a timely application for, and obtain, judicial emergency or temporary injunctive relief to enforce any of the provisions of Sections 6, 7 or 8;
provided, however, that the remainder of any such dispute (beyond the application for emergency or temporary injunctive relief) shall be subject to arbitration under this Section 10(b). 

(iii) By entering into this Agreement and entering into the arbitration provisions of this
Section 10(b), THE PARTIES EXPRESSLY ACKNOWLEDGE AND AGREE THAT THEY ARE KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVING THEIR RIGHTS TO A JURY TRIAL. 

(iv) Nothing in this Section 10(b) shall prohibit a Party to this Agreement from instituting
litigation to enforce any arbitration award. Further, nothing in this Section 10(b) precludes Executive from filing a charge or complaint with a federal, state or other governmental administrative agency. 

(v) Notwithstanding anything in this Section 10(b), to the extent that any dispute, controversy or
claim between Executive and the Company or any other member of the Company Group arises out of or relates to the Equity Plan or the applicable award agreements governing the Annual Equity Awards (if any), such dispute, controversy or claim shall be
governed by the applicable dispute resolution terms and conditions set forth in such Equity Plan or award agreement(s), as applicable. 
 (c)
Notices. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other Party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to Executive: at Executive’s most recent address on the records of the Company. 

If to the Company: 
 REV
Renewables, LLC 
 Attn: General Counsel 

575 Fifth Avenue, Suite 2501 

New York, New York 10017 
 or to such other
address as either Party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 

 (d) Section 409A. 

(i) The Parties agree that this Agreement is intended to comply with the requirements of Section 409A of the Code and the
regulations promulgated thereunder (“Section 409A”) or an exemption therefrom. 
 (ii)
For purposes of this Agreement, each amount to be paid or benefit to be provided hereunder (including any right to a series of installment payments) shall be construed as a separate identified payment or a right to a series of separate payments for
purposes of Section 409A. 
 (iii) With respect to any reimbursement of expenses of, or any provision of in-kind benefits to, Executive, as specified under this Agreement, such reimbursement of expenses or provision of in-kind benefits shall be subject to the following
conditions: (a) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the reimbursement of expenses referred to in Section 105(b) of the Code; (b) the
reimbursement of an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and (c) the right to reimbursement or in-kind benefits shall not be
subject to liquidation or exchange for another benefit. 
 (iv) Any payments to be made under this Agreement upon a
termination of Executive’s employment shall only be made if such termination of employment constitutes a “separation from service” under Section 409A. 

(v) Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be
subject to additional taxes and interest under Section 409A if Executive’s receipt of such payment or benefit is not delayed until the earlier of (a) the date of Executive’s death or (b) the date that is six (6) months
after the Date of Termination (such date, the “Section 409A Payment Date”), then such payment or benefit shall not be provided to Executive (or Executive’s estate, if applicable) until the Section 409A
Payment Date. Notwithstanding the foregoing, the Company does not make any representation that the payments and benefits provided under this Agreement are exempt from, or compliant with, Section 409A and in no event shall the Company or any of
its respective affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of non-compliance with Section 409A. 

(e) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement. If any provision or term hereof is deemed to have exceeded applicable legal authority or shall be in conflict with applicable legal limitations, such provision shall be reformed and rewritten as necessary to
achieve consistency with such applicable law. 

 (f) Withholding. The Company may withhold and deduct from any amounts payable under
this Agreement (i) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling and (ii) any deductions consented to in writing by Executive. 

(g) No Waiver. Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or
the failure to assert any right Executive or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

(h) Employment At-Will. Executive acknowledges that his employment with the Company is “at-will” for all purposes and, subject to the termination and severance obligations contained in Sections 3 and 4 above, Executive hereby agrees that the Company (and any
other member of the Company Group that employs Executive) may dismiss him and terminate his employment at any time, with or without Cause. Inclusion under any benefit plan or compensation arrangement will not give Executive any right or claim to any
benefit hereunder except to the extent such right has become fixed under the express terms of this Agreement. 
 (i) Entire Agreement;
Satisfaction of Prior Obligations. This Agreement and, with respect to Section 2(b)(iv), the Equity Plan and the applicable award agreements governing the Annual Equity Awards and IPO Award (if any) contain the entire
agreement of the Parties with respect to the matters covered herein and supersede all prior and contemporaneous agreements and understandings, oral or written, between the Parties hereto concerning the subject matter hereof; provided,
however, this Agreement will complement (and not supersede or replace) any other agreement between Executive, on the one hand, and any member of the Company Group or any of their respective affiliates (including LS Power Development, LLC), on
the other hand, with respect to non-disclosure or protection of confidential information. This Agreement may be amended only by a written instrument executed by both Parties hereto. In entering into this
Agreement, Executive expressly represents, acknowledges and agrees that: (i) Executive has received all benefits, and received all salary, wages, and other compensation, and been paid all sums, owed to Executive by each member of the Company
Group and each of their respective affiliates for all services performed through the Effective Date; and (ii) the Offer Letter and the Prior Agreement have been terminated and are no longer in force or effect, and Executive has received all
sums, rights, and other entitlements to which he has ever been (and ever could be) entitled pursuant to the Offer Letter or the Prior Agreement, and all obligations of the Company Group and each member of the Company Group’s respective
affiliates pursuant to the Offer Letter and the Prior Agreement have been fully and forever satisfied. 
 (j) Survival11. .
Section 4 (Obligations of the Company Upon Termination), Section 6 (Confidentiality; Return of Materials), Section 7 (Non-Competition;
Non-Solicitation; Non-Disparagement), Section 8 (Ownership of Intellectual Property), Section 9 (Successors and
Third-Party Beneficiaries) and Section 10 (Miscellaneous) of this Agreement shall survive termination or expiration of the Employment Period and shall continue in effect following such time. 

(k) Representations and Warranties. Executive represents and warrants to the Company that (i) this Agreement is valid and binding
upon and enforceable against him in accordance with its terms, (ii) Executive is not bound by or subject to any contractual or other obligation that would 

 
be violated by his execution or performance of this Agreement, including, but not limited to, any non-competition agreement or other agreement or
obligation with any third party or prior employer and (iii) Executive is not subject to any pending or, to Executive’s knowledge, threatened claim, action, judgment, order or investigation that could adversely affect his ability to perform
his obligations under this Agreement or the business reputation of the Company. Executive has not entered into, and agrees that he will not enter into, any agreement either written or oral in conflict herewith. In performing his duties hereunder,
Executive will not use or disclose any trade secrets or legally protected information belonging to any prior employer or any entity that is not a member of the Company Group. The Company acknowledges that Executive is currently a member of each of
LS Power Partners II, LP; LS Power Partners III, LP; LS Power Partners IV, LP; and LS Power Capital, LP (collectively, the “Partnerships”). The Company acknowledges that Executive currently holds equity interests in the Partnerships
and is expected to continue to hold equity interests in the Partnerships, subject to the terms and conditions of those interests, as may be amended from time to time. The Company acknowledges that Executive shall not be deemed to be in violation of
Section 7(b)(i) hereof merely by virtue of Executive’s ownership of equity interests in the Partnerships. 

(l) Consultation with Counsel. Executive acknowledges that he has had a full and complete opportunity to consult with counsel and other
advisors of his own choosing concerning the terms, enforceability and implications of this Agreement, and that the Company has not made any representations or warranties to Executive concerning the terms, enforceability or implications of this
Agreement other than as reflected in the four corners of this Agreement. 
 (m) Counterparts. This Agreement may be executed
simultaneously in two or more counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument. 

(n) Deemed Resignations. Except as otherwise determined by the Board prior to the termination of Executive’s employment with the
Company or any member of the Company Group, any termination of Executive’s employment shall constitute, as applicable, an automatic resignation of Executive: (i) as an officer of the Company and each member of the Company Group;
(ii) from the Board; and (c) from the board of directors or board of managers (or similar governing body) of any member of the Company Group and from the board of directors or board of managers (or similar governing body) of any
corporation, limited liability entity, unlimited liability entity or other entity in which any member of the Company Group holds an equity interest and with respect to which board of directors or board of managers (or similar governing body)
Executive serves as such Company Group member’s designee or other representative. 
 [Signature page follows.] 

 IN WITNESS WHEREOF, Executive has hereunto set Executive’s hand and, pursuant to the
authorization from the Board, the Company and Rev Ops have caused these presents to be executed in its name on its behalf, all as of the Effective Date. 
  

			
	REV RENEWABLES, LLC
		
	 By:
	 	 /s/ Kathryn Wilson

			
	Name:	 	Kathryn Wilson
	Title:	 	Senior Vice President, General Counsel & Corporate Secretary

  

			
	REV RENEWABLES OPS, LLC
		
	 By:
	 	 /s/ Kathryn Wilson

			
	Name:	 	Kathryn Wilson
	Title:	 	Senior Vice President, General Counsel & Corporate Secretary

 EDWARD SONDEY 
  

			
	 By:
	 	 /s/ Edward Sondey

 EXHIBIT A 

PRIOR INVENTIONS 
 1. The
following is a complete list of all Prior Inventions relevant to the subject matter of Executive’s employment by the Company that have been made or conceived or first reduced to practice by Executive alone or jointly with others prior to
Executive’s employment with or affiliation with the Company or any other member of the Company Group: 
 Check appropriate space(s):

  

			
	 ☐
	  	 None.

		
	 ☐
	  	 See below:

		
		  	  

		
		  	  

		
		  	  

		
	 ☐
	  	 Due to confidentiality agreements with a prior employer, Executive cannot disclose certain Prior Inventions that would
otherwise be included on the above-described list.

		
	 ☐
	  	 Additional sheets attached.

 2. Executive proposes to bring to Executive’s employment the following devices, materials, and
documents of a former employer or other person to whom Executive has an obligation of confidentiality that is not generally available to the public, which materials and documents may be used in Executive’s employment pursuant to the express
written authorization of Executive’s former employer or such other person (a copy of which is attached to this Agreement): 
 Check
appropriate space(s): 
  

			
	 ☐
	  	 None.

		
	 ☐
	  	 See below.

		
		  	  

		
		  	  

		
	 ☐
	  	 Additional sheets attached.EX-10.1

  Exhibit 10.1

  BRIDGE PROMISSORY NOTE

  FOR VALUE RECEIVED, and subject to the terms and conditions set forth herein, Paramount Gold Nevada Corp., a Nevada corporation (the "Borrower"), hereby unconditionally promises to pay to the order of Seabridge Gold Inc., a company continued under the Canada Business Corporations Act, or its assigns (the "Noteholder," and together with the Borrower, the "Parties"), the principal amount of up to U.S. One Million Five Hundred Thousand ($1,500,000) Dollars, or such lesser aggregate of such amounts the Noteholder has disbursed to the Borrower pursuant to Section 2.2, together with all accrued interest thereon as provided in this Bridge Promissory Note (the "Note").

  1.Definitions; Interpretation. 

  1.1Capitalized terms used herein shall have the meanings set forth in this Section 1.

  "Advance" means each disbursement made by the Noteholder to the Borrower pursuant to Section 2.2.

  "Anti-Corruption Laws" means all laws, rules, and regulations of any jurisdiction applicable to the Borrower from time to time concerning or relating to bribery or corruption, including the United States Foreign Corrupt Practices Act of 1977.

  "Applicable Rate" means the rate equal to 12.0% per annum.

  "Borrower" has the meaning set forth in the introductory paragraph.

  "Borrowing Notice" has the meaning set forth in Section 2.2.

  "Business Day" means a day other than a Saturday, Sunday, or other day on which commercial banks in New York City are authorized or required by law to close.

  “Change of Control” means any transaction or event (including, without limitation, an issuance, sale or exchange of shares of stock or other equity interests, a merger or consolidation, or a dissolution or liquidation) occurring on or after the date hereof (whether or not approved by the board of directors of the Borrower), as a direct or indirect result of which the current owners of the Borrower fail to beneficially and directly own shares of the Borrower representing greater than 50% of the voting interests of all shares of stock then outstanding of the Borrower or cease to control the board of directors of the Borrower.

  "Commitment Period" means the period from the date hereof to the Maturity Date.

  "Debt" of the Borrower, means all (a) indebtedness for borrowed money; (b) obligations for the deferred purchase price of property or services, except trade payables arising in the ordinary course of business; (c) obligations evidenced by notes, bonds, debentures, or other similar instruments; (d) obligations as lessee under capital leases; (e) 

   

  

   

  obligations in respect of any interest rate swaps, currency exchange agreements, commodity swaps, caps, collar agreements, or similar arrangements entered into by the Borrower providing for protection against fluctuations in interest rates, currency exchange rates, or commodity prices, or the exchange of nominal interest obligations, either generally or under specific contingencies; (f) obligations under acceptance facilities and letters of credit; (g) guaranties, endorsements (other than for collection or deposit in the ordinary course of business), and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person, or otherwise to assure a creditor against loss, in each case, in respect of indebtedness set out in clauses (a) through (f) of a Person other than the Borrower, and (g) indebtedness of any partnership, unlimited liability company, or unincorporated joint venture in which the Borrower is a general partner, member, or a joint venturer, respectively (unless such Debt is expressly made non-recourse to the Borrower).

  "Default" means any of the events specified in Section 12 which constitute an Event of Default or which, upon the giving of notice, the lapse of time, or both, pursuant to Section 12, would, unless cured or waived, become an Event of Default.

  "Default Rate" means the Applicable Rate plus 3.0%.

  "Event of Default" has the meaning set forth in Section 12.

  "GAAP" means generally accepted accounting principles in the United States of America as in effect from time to time.

  "Governmental Authority" means the government of any nation or any political subdivision thereof, whether at the national, state, territorial, provincial, municipal or any other level, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of, or pertaining to, government.

  "Law" as to any Person, means the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law (including common law), statute, ordinance, treaty, rule, regulation, order, decree, judgment, writ, injunction, settlement agreement, requirement or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

  "Lien" means any mortgage, pledge, hypothecation, encumbrance, lien (statutory or other), charge, or other security interest.

  "Loan" means the aggregate of all Advances made to the Borrower under the terms of this Note in a principal amount not to exceed 1,500,000. 

  “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations, prospects or condition, financial or otherwise, of the Borrower taken as a whole, or (b) the validity or enforceability of this Note, or (c) the ability of the Borrower to perform its material obligations under this Note.

  2

  	 

  

   

  "Maturity Date" means the earlier of (a) September 30, 2023 and (b) the date on which all amounts under this Note shall become due and payable pursuant to Section 13.

  "Note" has the meaning set forth in the introductory paragraph. 

  "Noteholder" has the meaning set forth in the introductory paragraph. 

  "Parties" has the meaning set forth in the introductory paragraph. 

  "Permitted Debt" means Debt (a) existing or arising under this Note and any refinancing thereof; (b) existing as of the date of this Note and set out in Schedule A; (c) which may be deemed to exist with respect to swap contracts and entered into in the ordinary course of business and not for speculative purposes; (d) owed in respect of any netting services, overdrafts, and related liabilities arising from treasury, depository, and cash management services in connection with any automated clearinghouse transfers of funds; and (e) unsecured insurance premiums owing in the ordinary course of business. 

  "Person" means any individual, corporation, limited liability company, trust, joint venture, association, company, limited or general partnership, unincorporated organization, Governmental Authority, or other entity. 

  “Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by any Governmental Authority that are applicable to any party hereto, and shall be deemed to include those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury.

  1.2Interpretation. For purposes of this Note (a) the words "include," "includes," and "including" shall be deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; and (c) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Note as a whole. The definitions given for any defined terms in this Note shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. Unless the context otherwise requires, references herein to: (x) Schedules, Exhibits, and Sections mean the Schedules, Exhibits, and Sections of this Note; (y) an agreement, instrument, or other document means such agreement, instrument, or other document as amended, supplemented, and modified from time to time to the extent permitted by the provisions thereof; and (z) a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Note shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

  2.Loan Disbursement Mechanics. 

  2.1Commitment. Subject to Section 2.2, the Noteholder shall make available to the Borrower one or more Advances during the Commitment Period in an aggregate amount not to exceed the Loan.

  3

  	 

  

   

  2.2Advances. As a condition to the disbursement of any Advance, the Borrower shall, at least two (2) Business Days prior to the requested disbursement date, deliver to the Noteholder a written notice (the "Borrowing Notice") setting out (a) that no Default has occurred and is continuing; (b) the amount of the Advance, which amount must be in a minimum principal amount of $250,000; and (c) the date on which the Advance is to be disbursed. Each Borrowing Notice shall be deemed to repeat the Borrower's representations and warranties in Section 9 as of the date of such Borrowing Notice. Upon receipt of the Borrowing Notice, the Noteholder shall make available to the Borrower on the disbursement date the amount set out in the notice in immediately available funds.

  3.Payment Dates; Optional Prepayments.

  3.1Payment Dates. The aggregate unpaid principal amount of the Loan, all accrued and unpaid interest, and all other amounts payable under this Note shall be due and payable on the Maturity Date, unless otherwise provided in Section 13.

  3.2Optional Prepayments. The Borrower may prepay the Loan in whole or in part at any time or from time to time without penalty or premium by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. No prepaid amount may be reborrowed.

  3.3Mandatory Prepayments. The Loan shall be prepaid with the net proceeds of any financing by Borrower or any of its subsidiaries. 

  4.[Omitted]. 

  5.Interest.

  5.1Interest Rate. Except as otherwise provided herein, the outstanding principal amount of any Advance made hereunder shall bear interest at the Applicable Rate from the date such Advance was made until such Advance is paid in full, whether at maturity, upon acceleration, by prepayment, or otherwise.

  5.2Interest Payment. Interest shall be payable in arrears to the Noteholder together with each prepayment pursuant to Section 3.2 or 3.3 hereunder, and at maturity.

  5.3Default Interest. If any amount payable hereunder is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration, or otherwise, such overdue amount shall bear interest at the Default Rate from the date of such non-payment until such amount is paid in full.

  5.4Computation of Interest. All computations of interest shall be made on the basis of 365 or 366 days, as the case may be, and the actual number of days elapsed. Interest shall accrue on each Advance on the day on which such Advance is made, and shall not accrue on such Advance for the day on which it is paid.

  5.5Interest Rate Limitation. If at any time and for any reason whatsoever, the interest rate payable on any Advance shall exceed the maximum rate of interest permitted to be 

  4

  	 

  

   

  charged by the Noteholder to the Borrower under applicable Law, such interest rate shall be reduced automatically to the maximum rate of interest permitted to be charged under applicable Law.

  6.Payment Mechanics.

  6.1Manner of Payments. All payments of interest and principal shall be made in lawful money of the United States of America no later than 12:00 PM New York time on the date on which such payment is due by wire transfer of immediately available funds to the Noteholder's account at a bank specified by the Noteholder in writing to the Borrower from time to time.

  6.2Application of Payments. All payments made under this Note shall be applied first to the payment of any fees or charges outstanding hereunder, second to accrued interest, and third to the payment of the principal amount outstanding under the Note.

  6.3Business Day Convention. Whenever any payment to be made hereunder shall be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension will be taken into account in calculating the amount of interest payable under this Note.

  6.4Evidence of Debt. The Noteholder is authorized to record on the grid attached hereto as Exhibit A each Advance made to the Borrower and each payment or prepayment thereof. The entries made by the Noteholder shall, to the extent permitted by applicable Law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of the Noteholder to record such payments or prepayments, or any inaccuracy therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loan in accordance with the terms of this Note.

  6.5Rescission of Payments. If at any time any payment made by the Borrower under this Note is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or otherwise, the Borrower's obligation to make such payment shall be reinstated as though such payment had not been made. 

  7.Gross-up for Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction or withholding for any taxes except as required by applicable Laws; provided that if the Borrower shall be required to deduct or withhold any taxes from such payments, then (a) if the Noteholder is not eligible for an applicable tax credit, the sum payable shall be increased as necessary so that, after making all required deductions or withholdings, the Noteholder receives an amount equal to the sum it would have received had no such deduction or withholding been made, (b) the Borrower shall make such required deduction or withholding, and (c) the Borrower shall pay to the relevant Governmental Authority the full amount deducted or withheld in accordance with, and within the time limits prescribed by, applicable Law.  If after receipt by the Noteholder of any payments by the Borrower hereunder, the Noteholder determines that it is not eligible for a tax credit for such payments, the Borrower shall pay the Noteholder an additional amount so that the Noteholder 

  5

  	 

  

   

  receives an amount net of withholding equal to the sum it would have received had no deduction or withholding been made.

  8.Conditions Precedent. 

  8.1Unless the Noteholder otherwise agrees in writing or unless waived by the Noteholder in writing, the effectiveness of this Note is subject to the fulfilment of the following conditions:

  (a)the Borrower shall have executed and delivered this Note;

  (b)the representations and warranties set forth in this Note shall be true and accurate in all respects on and as of the date of this Note;

  (c)no default under this Note or any Event of Default shall have occurred and be continuing, nor shall the execution of this Note result in the occurrence of any Event of Default;

  (d)the Borrower shall have delivered to the Noteholder (a) a current certificate of status, compliance or good standing, as the case may be, in respect of the Borrower’s jurisdiction of incorporation, (b) certified copies of the Borrower’s constating documents, by-laws and the resolutions authorizing this Note and transactions hereunder, and (c) an officer’s certificate as to the incumbency of the officers of the Borrower;

  (e)all requisite governmental, regulatory and other approvals shall have been received by the Borrower; 

  (f)the Noteholder shall have received a legal opinion from counsel to the Borrower with respect to corporate matters and enforceability of this Note, in form and substance satisfactory to the Noteholder acting reasonably; and

  (g)the Noteholder shall have received such other documents and instruments as it may reasonably request.

  9.Representations and Warranties. The Borrower hereby represents and warrants to the Noteholder on the date hereof as follows:

  9.1Existence; Power and Authority; Compliance with Laws. The Borrower (a) is a corporation duly incorporated, validly existing, and in good standing under the laws of the state of its jurisdiction of organization, (b) has the requisite power and authority, and the legal right, to own, lease, and operate its properties and assets and to conduct its business as it is now being conducted, to execute and deliver this Note, and to perform its obligations hereunder, and (c) is in compliance with all Laws except to the extent that the failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

  6

  	 

  

   

  9.2Authorization; Execution and Delivery. The execution and delivery of this Note by the Borrower and the performance of its obligations hereunder have been duly authorized by all necessary corporate action in accordance with all applicable Laws. The Borrower has duly executed and delivered this Note.

  9.3No Approvals. No consent or authorization of, filing with, notice to, or other act by, or in respect of, any Governmental Authority or any other Person is required in order for the Borrower to execute, deliver, or perform any of its obligations under this Note.

  9.4No Violations. The execution and delivery of this Note and the consummation by the Borrower of the transactions contemplated hereby do not and will not (a) violate any Law applicable to the Borrower or by which any of its properties or assets may be bound; or (b) constitute a default under any material agreement or contract by which the Borrower may be bound.

  9.5Enforceability. The Note is a valid, legal, and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

  9.6No Litigation. No action, suit, litigation, investigation, or proceeding of, or before, any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower, threatened by or against the Borrower or any of its property or assets (a) with respect to the Note or any of the transactions contemplated hereby or (b) that would be expected to have a Material Adverse Effect the Borrower's financial condition or the ability of the Borrower to perform its obligations under the Note.

  10.Affirmative Covenants. Until all amounts outstanding under this Note have been paid in full, the Borrower shall:

  10.1Maintenance of Existence. (a) Preserve, renew, and maintain in full force and effect its corporate or organizational existence and (b) take all reasonable action to maintain all rights, privileges, and franchises necessary or desirable in the normal conduct of its business, except, in each case, where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

  10.2Compliance. (a) Comply with all Laws applicable to it and its business and its obligations under its material contracts and agreements, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect and (b) maintain in effect and enforce policies and procedures reasonably designed to achieve compliance in all material respects by the Borrower and its directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

  10.3Payment Obligations. Pay, discharge, or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith 

  7

  	 

  

   

  by appropriate proceedings, and reserves in conformity with GAAP with respect thereto have been provided on its books.

  10.4Notice of Events of Default. As soon as possible and in any event within two (2) Business Days after it becomes aware that an Event of Default has occurred, notify the Noteholder in writing of the nature and extent of such Event of Default and the action, if any, it has taken or proposes to take with respect to such Event of Default.

  10.5Further Assurances. Upon the request of the Noteholder, promptly execute and deliver such further instruments and do or cause to be done such further acts as may be necessary or advisable to carry out the intent and purposes of this Note.

  11.Negative Covenants. Until all amounts outstanding under this Note have been paid in full, the Borrower shall not, and shall cause it subsidiaries to not:

  11.1Indebtedness. Incur, create, or assume any Debt, other than Permitted Debt. 

  11.2Liens. Incur, create, assume, or suffer to exist any Lien on any of its property or assets, whether now owned or hereafter acquired, except for (a) Liens for taxes not yet due or which are being contested in good faith by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in conformity with GAAP; and (b) non-consensual Liens arising by operation of law, arising in the ordinary course of business, and for amounts which are not overdue for a period of more than 30 days or that are being contested in good faith by appropriate proceedings.

  11.3Line of Business. Enter into any business, directly or indirectly, except for those businesses in which the Borrower is engaged on the date of this Note or that are reasonably related thereto.

  11.4Asset Disposition. Sell, lease, assign, transfer, convey or otherwise dispose of its property or assets other than in the ordinary course of business in respect of obsolete assets.

  11.5Reorganizations. Amalgamate, merge, consolidate or effect any other transaction whereby any material part of its assets becomes the property of another Person.

  11.6Distributions.  Make any distribution, where a “distribution” means: (a) the declaration, payment or setting aside for payment of any dividend or other distribution on or in respect of any shares in the Borrower’s capital or equity or other ownership interests (including any return of capital), (b) the redemption, retraction, repurchase, retirement or other acquisition, in whole or in part, of any shares in the Borrower’s capital or any securities, instruments or contractual rights capable of being converted into, exchanged or exercised for shares in the Borrower’s capital, including, without limitation, options, warrants, conversion or exchange privileges and similar rights, (c) the payment of any management, consulting or similar fee or any bonus payment or comparable payment, or by way of gift or other gratuity, to (i) any director or officer of such Person; and (ii) any affiliate of such Person or director or officer thereof, (d) the making of any loan or advance or any other provision of credit to any shareholder, partner or owner of the Borrower, or (e) 

  8

  	 

  

   

  the payment of any principal, interest, fees or other amounts on or in respect of any loans, advances or other debt owing at any time by the Borrower to any shareholder of the Borrower, unless (i) in the cases of clauses (c), (d) and (e), such loans, advances, provisions of credit, or payments are made in the ordinary course of business, (ii) the Noteholder has previously consented, in writing, to such distribution (which consent shall not be unreasonably withheld) and (iii) no Event of Default has occurred and is continuing or would result after making such distribution;

  11.7No Transactions with Affiliates. Sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of their affiliates, except in the ordinary course of business at prices and on terms and conditions not less favourable to the Borrower than could be obtained on an arm’s-length basis from unrelated third parties.

  12.Events of Default. The occurrence and continuance of any of the following shall constitute an Event of Default hereunder:

  12.1Failure to Pay. The Borrower fails to pay (a) any principal amount of the Loan when due or (b) interest or any other amount when due and such failure continues for five (5) days after written notice to the Borrower.

  12.2Breach of Representations and Warranties. Any representation or warranty made by the Borrower to the Noteholder herein is incorrect in any material respect on the date as of which such representation or warranty was made.

  12.3Breach of Covenants. 

  The Borrower fails to observe or perform (a) any covenant, condition, or agreement contained in Section 10.4 or Section 11 or (b) any other material covenant, obligation, condition, or agreement contained in this Note, other than those specified in clause (a) and Section 12.1, and such failure continues for thirty (30) days after written notice to the Borrower. 

  12.4Cross-Defaults. The Borrower fails to pay when due any of its Debt in a principal amount in excess of $100,000 (other than Debt arising under this Note), or any interest or premium thereon, when due and such failure continues after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt.

  12.5Bankruptcy.

  (a)The Borrower commences any case, proceeding, or other action (i) under any existing or future Law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition, or other relief with respect to it or its debts or (ii) seeking appointment of a receiver, trustee, custodian, conservator, or other similar official for it or for all or any substantial part 

  9

  	 

  

   

  of its assets, or the Borrower makes a general assignment for the benefit of its creditors; 

  (b)There is commenced against the Borrower any case, proceeding, or other action of a nature referred to in Section 12.5(a) which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged, or unbonded for a period of sixty (60) days; 

  (c)There is commenced against the Borrower any case, proceeding, or other action seeking issuance of a warrant of attachment, execution, or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof; 

  (d)The Borrower takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in Section 12.5(a), Section 12.5(b), or Section 12.5(c) above; or 

  (e)The Borrower is generally not, or shall be unable to, or admits in writing its inability to, pay its debts as they become due.

  12.6Judgments. One or more judgments or decrees in excess of $100,000 shall be entered against the Borrower and all of such judgments or decrees shall not have been vacated, discharged, or stayed or bonded pending appeal within thirty (30) days from the entry thereof.

  12.7Change of Control. a Change of Control has occurred, and the Noteholder’s consent has not been obtained.

  12.8Termination. The Note is terminated or rescinded or any Person takes an action to terminate or rescind the Note.

  12.9Unenforceable. The Note for any reason ceases in whole or in any part to be a legal, valid, binding and enforceable obligation of the Borrower.

  13.Remedies. Upon the occurrence of any Event of Default and during the continuance of such Event of Default, the Noteholder may, at its option, by written notice to the Borrower (a) suspend its commitment to make any Advances hereunder; (b) declare the entire principal amount of the Loan, together with all accrued interest thereon and all other amounts payable under this Note, immediately due and payable; and/or (c) exercise any or all of its rights, powers or remedies under applicable Law; provided, however, that if an Event of Default described in Section 12.5 shall occur, the principal of and accrued interest on the Loan shall become immediately due and payable without any notice, declaration, or other act on the part of the Noteholder. 

  14.Miscellaneous.

  14.1Notices.

  10

  	 

  

   

  (a)All notices, requests, or other communications required or permitted to be delivered hereunder shall be delivered in writing, in each case to the address specified below or to such other address as such Party may from time to time specify in writing in compliance with this provision: 

  If to the Borrower:

  Paramount Gold Nevada Corp.

  665 Anderson Street

  Winnemucca, NV 89445

  Attention:  	Rachel Goldman

  Email: rachel@paramountnevada.com

   

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

  Duane Morris LLP

  1540 Broadway

  New York, NY 10036

  Attention:	James T. Seery

  Email:	jtseery@duanemorris.com

   

   If to the Noteholder:

  Seabridge Gold Inc.

  106 Front Street East, Suite 400

  Toronto, Ontario, Canada M5A 1E1

  Attention: C. Bruce Scott

  Email: bruce@seabridgegold.com

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

  Blake, Cassels & Graydon LLP

  11

  	 

  

   

  Suite 2600 – 595 Burrard St.

  Vancouver, British Columbia V7X 1L3

  Attention: Samantha Rossman

  Email: Samantha.rossman@blakes.com

  (b)Notices if (i) mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have been given when received; (ii) sent by facsimile during the recipient's normal business hours shall be deemed to have been given when sent (and if sent after normal business hours shall be deemed to have been given at the opening of the recipient's business on the next business day); and (iii) sent by email shall be deemed received upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "return receipt requested" function, as available, return email, or other written acknowledgment).

  14.2Expenses. The Borrower shall reimburse the Noteholder on demand for all reasonable and documented out-of-pocket costs, expenses, and fees (including reasonable expenses and fees of its external counsel) incurred by the Noteholder in connection with the enforcement of the Noteholder's rights hereunder.

  14.3Governing Law. This Note and any claim, controversy, dispute, or cause of action (whether in contract or tort or otherwise) based upon, arising out of, or relating to this Note, and the transactions contemplated hereby shall be governed by the laws of the State of New York.

  14.4Submission to Jurisdiction. 

  (a)The Borrower hereby irrevocably and unconditionally (i) agrees that any legal action, suit, or proceeding arising out of or relating to this Note may be brought in the courts of the State of New York or of the United States of America for the Southern District of New York and (ii) submits to the exclusive jurisdiction of any such court in any such action, suit, or proceeding. Final judgment against the Borrower in any action, suit, or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment. 

  (b)Nothing in this Section 14.4 shall affect the right of the Noteholder to (i) commence legal proceedings or otherwise sue the Borrower in any other court having jurisdiction over the Borrower or (ii) serve process upon the Borrower in any manner authorized by the laws of any such jurisdiction.

  14.5Venue. The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Note in any court referred to in Section 14.4 and the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

  12

  	 

  

   

  14.6Waiver of Jury Trial. THE BORROWER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY. 

  14.7Integration. This Note constitutes the entire contract between the Parties with respect to the subject matter hereof and supersedes all previous agreements and understandings, oral or written, with respect thereto. 

  14.8Successors and Assigns. This Note may be assigned or transferred by the Noteholder to any Person. The Borrower may not assign or transfer this Note or any of its rights hereunder without the prior written consent of the Noteholder. This Note shall inure to the benefit of, and be binding upon, the Parties and their permitted assigns.

  14.9Waiver of Notice. The Borrower hereby waives demand for payment, presentment for payment, protest, notice of payment, notice of dishonor, notice of nonpayment, notice of acceleration of maturity, and diligence in taking any action to collect sums owing hereunder.

  14.10Amendments and Waivers. No term of this Note may be waived, modified, or amended except by an instrument in writing signed by both of the Parties. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.

  14.11Headings. The headings of the various Sections and subsections herein are for reference only and shall not define, modify, expand, or limit any of the terms or provisions hereof.

  14.12No Waiver; Cumulative Remedies. No failure to exercise, and no delay in exercising on the part of the Noteholder, of any right, remedy, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. The rights, remedies, powers, and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers, and privileges provided by law.

  14.13Electronic Execution. The words "execution," "signed," "signature," and words of similar import in the Note shall be deemed to include electronic or digital signatures or electronic records, each of which shall be of the same effect, validity, and enforceability as manually executed signatures or a paper-based record-keeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S.C. §§ 7001 to 7031), the Uniform Electronic Transactions Act (UETA), or any state law based on the UETA, including the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301 to 309). 

  13

  	 

  

   

  14.14Severability. If any term or provision of this Note is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Note or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the Parties shall negotiate in good faith to modify this Note so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

  [signature page follows]

  14

  	 

  

   

  IN WITNESS WHEREOF, the Borrower has executed this Note as of December 9, 2022.

  		
	 
	 
 
PARAMOUNT GOLD NEVADA CORP.
 
 

	 
	By /s/ Rachel Goldman
Name: Rachel Goldman
Title: Chief Executive Officer

	 
By its acceptance of this Note, the Noteholder acknowledges and agrees to be bound by the provisions of Section 2.2. 
SEABRIDGE GOLD INC.
 
 
	 

	By /s/ Bruce Scott
Name: Bruce Scott
Title:Vice President, General Counsel and Corporate Secretary
	 

   

  15

  	 

  

   

  Exhibit A

  Advances and Payments on the Loan

  					
	Date of Advance
	Amount of Advance
	Amount of Principal Paid
	Unpaid Principal Amount of the Loan
	Name of Person Making the Notation

	  
	  
	  
	  
	  

	  
	  
	  
	  
	  

	  
	  
	  
	  
	  

	  
	  
	  
	  
	  

	  
	  
	  
	  
	  

	  
	  
	  
	  
	  

	  
	  
	  
	  
	  

	  
	  
	  
	  
	  

	  
	  
	  
	  
	  

	  
	  
	  
	  
	  

	  
	  
	  
	  
	  

   

  16

  	 

  

  Exhibit 10.1

  SCHEDULE A

  Permitted Debt

  2019 Secured Convertible Notes

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]