Document:

Exhibit 10.11

    

    

    EMPLOYMENT AGREEMENT

    

    

    This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of October 12, 2020 by and between Advent Technologies, Inc. (the “Company”)
      and James Coffey (the “Executive”), and is effective as of the Closing Date, as such term is defined in the Agreement and Plan of Merger by and among AMCI Acquisition Corp. (“Parent”), AMCI Merger Sub Corp., the Company and the other
      parties thereto, dated as of October 12, 2020 (as it may be amended, the “Merger Agreement”).  In the event that the Closing (as such term is defined in the Merger Agreement) does not occur, including without limitation due to the termination
      of the Merger Agreement, this Agreement will be void and of no force or effect.

    

    

    WHEREAS, the Executive possesses certain experience and expertise that qualifies him to provide the direction and leadership required by the Company; and

    

    

    WHEREAS, the Company desires to continue to employ the Executive and the Executive wishes to accept such continued employment;

    

    

    NOW, THEREFORE, in consideration of the mutual covenants contained herein and intending to be legally bound hereby, the Company and the Executive agree
      as follows:

    

    

    1.          Position and Duties.

    

    

    (a)          Effective as of the Closing Date, the Executive will
        continue to be employed by the Company, on a full-time basis, as its Chief Operating Officer and General Counsel.

    

    

     

    

    

    

    (b)          The Executive’s duties, authorities, and responsibilities
        shall be those typical of a Chief Operating Officer and General Counsel of a company with the size and scope of the Company.  The Executive agrees that, while employed by the Company, he will devote his reasonable best efforts, business judgment,
        skill and knowledge to the advancement of the business interests of the Company and its Affiliates and to the discharge of his duties and responsibilities for them.  Notwithstanding the foregoing, the Executive may (i) serve on the managing boards
        of for-profit or not-for-profit entities with the prior approval of the Board of Directors of Parent (including any committees thereof (subject to Nasdaq requirements), the “Board”), (ii) participate in charitable, community, trade, or
        industry groups and activities and, (iii) engage in personal investment activities, in each case to the extent such activities, individually or in the aggregate, do not materially interfere with the performance of the Executive’s duties under this
        Agreement, create a conflict of interest, or violate any provision of Section 3 of this Agreement.

    

    

    (c)          The Executive agrees that, while employed by the Company,
        he will comply in all material respects with all Company policies, practices and procedures and all codes of ethics or business conduct applicable to his position, as in effect from time to time.

    
      
        

    

    
    2.          Compensation and Benefits. 
        During the Executive’s employment hereunder, as compensation for all services performed by the Executive for the Company and its Affiliates, the Company will provide the Executive the following compensation and benefits:

    

    

    (a)          Base Salary.   The Company will pay the Executive a
        base salary at the rate of $475,000 (Four Hundred and Seventy-Five Thousand Dollars) per year, payable in monthly installments in accordance with the regular payroll practices of the Company and subject to increase (but not decrease) from time to
        time by the Board in its discretion (as adjusted, from time to time, the “Base Salary”).

    

    

    (b)          Bonus Compensation.  For each fiscal year completed
        during the Executive’s employment under this Agreement, beginning with fiscal year 2021, the Executive will be eligible to earn an annual bonus.  The Executive’s target bonus will be 100% (one hundred percent) of the Base Salary (the “Target
          Bonus”), with the actual amount of any such bonus to be determined by the Board in its discretion, based on the Executive’s performance and the Company’s performance against goals established by the Board in consultation with the Executive. 
        In order to receive any annual bonus hereunder, the Executive must be employed through last day of the fiscal year to which such bonus relates, except as provided in Sections 5(b) and 5(c) below.  Any bonus earned will be payable not later than two
        and one-half (2.5) months following the close of the fiscal year to which such bonus relates.

    

    

    (c)          Participation in Employee Benefit Plans.  The
        Executive will be entitled to participate in all employee benefit plans from time to time in effect for senior executives of the Company generally, except to the extent such plans are duplicative of benefits otherwise provided to the Executive
        under this Agreement (e.g., a severance pay plan).  The Executive’s participation will be subject to the terms of the applicable plan documents and generally applicable Company policies, as the same may be in effect from time to time, and any other
        restrictions or limitations imposed by law.

    

    

    (d)          Vacations.  The Executive will be entitled to accrue
        twenty-five (25) days of vacation per year, in addition to holidays observed by the Company.  Vacation may be taken at such times and intervals as the Executive shall determine, subject to the business needs of the Company.  Vacation shall
        otherwise be subject to the policies of the Company, as in effect from time to time.

    

    

    (e)          Business Expenses.  The Company will pay or
        reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of his duties and responsibilities for the Company, subject to any maximum annual limit and other restrictions on such expenses set by
        the Company and to such reasonable substantiation and documentation as may be specified by the Company from time to time.  The Executive’s right to payment or reimbursement hereunder shall be subject to the following additional rules: (i) the
        amount of expenses eligible for payment or reimbursement during any calendar year shall not affect the expenses eligible for payment or reimbursement in any other calendar year, (ii) payment or reimbursement shall be made not later than December 31
        of the calendar year following the calendar year in which the expense or payment was incurred and (iii) the right to payment or reimbursement shall not be subject to liquidation or exchange for any other benefit.

    
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    (f)          One-Time Signing Bonus.  The Company will provide
        the Executive with a one-time signing bonus in the amount of $250,000, paid in two equal installments, with the first such installment to be paid on the Company’s next regular payday following the Closing Date, and the second such installment to be
        paid on the Company’s next regular payday following the first (1st) anniversary of the Closing Date, provided that the Executive continues to be employed by the
        Company on the relevant payment date.

    

    

    3.          Confidential Information and Restricted
        Activities.

    

    

    (a)          Confidential Information.  During the course of the
        Executive’s employment with the Company, the Executive has learned and will continue to learn of Confidential Information, and has developed and will continue to develop Confidential Information on behalf of the Company and its Affiliates.  The
        Executive agrees that he will not use or disclose to any Person (except as required by applicable law or for the proper performance of his regular duties and responsibilities for the Company) any Confidential Information obtained by the Executive
        incident to his employment or any other association with the Company or any of its Affiliates; provided, however, that the provisions of this Section 3(a) will not prohibit (A) disclosure to the Executive’s legal or financial advisors to the extent
        reasonably required in connection with their services to the Executive, provided such advisers agree not to further disclose such information; (B) retention of any documents relating to the Executive’s compensation, benefits or ongoing obligations
        to the Company or any of its Affiliates and any information reasonably required for tax preparation purposes; or (C) any disclosure made in connection with the enforcement of any right or remedy relating to this Agreement or the transactions
        contemplated by the Merger Agreement.  The Executive agrees that this restriction will continue to apply after his employment terminates, regardless of the reason for such termination.  For the avoidance of doubt, (i) nothing contained in this
        Agreement limits, restricts or in any other way affects the Executive’s communicating with any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to such
        governmental agency or entity and (ii) the Executive will not be held criminally or civilly liable under any federal or state trade secret law for disclosing a trade secret (y) in confidence to a federal, state, or local government official, either
        directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (z) in a complaint or other document filed under seal in a lawsuit or other proceeding; provided, however,
        that notwithstanding this immunity from liability, the Executive may be held liable if he unlawfully accesses trade secrets by unauthorized means.

    

    

    (b)          Protection of Documents.  All documents, records and
        files, in any media of whatever kind and description, relating to the business, present or otherwise, of the Company or any of its Affiliates, and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by the
        Executive, shall be the sole and exclusive property of the Company.  The Executive agrees to safeguard all Documents and to surrender to the Company, at the time his employment terminates or at such earlier time or times as the Board or its
        designee may specify, all Documents then in his possession or control.  The Executive also agrees to disclose to the Company, at the time his employment terminates or at such earlier time or times as the Board or its designee may specify, all
        passwords necessary or desirable to obtain access to, or that would assist in obtaining access to, any information which the Executive has password-protected on any computer equipment, network or system of the Company or any of its Affiliates.

    
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    (c)          Assignment of Rights to Intellectual Property.  The
        Executive shall promptly and fully disclose all Intellectual Property to the Company.  The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) his full right, title and interest in and to all
        Intellectual Property.  The Executive agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of
        instruments of further assurance or confirmation) requested by the Company to assign the Intellectual Property to the Company (or as otherwise directed by the Company) and to permit the Company to enforce any patents, copyrights or other
        proprietary rights to the Intellectual Property.  The Executive will not charge the Company or any of its Affiliates for time spent in complying with these obligations but will be entitled to reimbursement for reasonably expenses incurred or paid
        by the Executive in connection with the same.  All copyrightable Intellectual Property that the Executive creates during his employment shall be considered “work made for hire” and shall, upon creation, be owned exclusively by the Company.

    

    

    (d)          Restricted Activities.  The Executive agrees that
        the following restrictions on his activities during and after his employment are necessary to protect the goodwill, Confidential Information, trade secrets and other legitimate interests of the Company and its Affiliates.  Therefore, in
        consideration of the SPAC Award (as defined below), the Non-Competition Payments (as defined below), the Executive’s continued employment with the Company, and the Executive being granted access to the trade secrets, other Confidential Information
        and good will of the Company and its Affiliates, the Executive agrees as follows:

    

    

    (i)          Non-Competition.

    

    

    (1)          While the Executive is employed by the Company and during
        the twelve (12)-month period immediately following termination of employment, except termination due to layoff or termination by the Company without Cause (in the aggregate, the “Non-Competition Period”), the Executive will not, in any way
        involving the Services, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, engage in or compete with, or undertake any planning to engage in or compete with, any business conducted or
        in active planning to be conducted by the Company or any of its Affiliates at any time during the Executive’s employment with the Company or, with respect to the portion of the Non-Competition Period that follows termination of the Executive’s
        employment, at the time of such termination, in the Restricted Area.  Notwithstanding the foregoing, nothing herein shall prohibit the Executive from engaging in the provision of legal services.

    

    

    (2)          Notwithstanding the foregoing, this Section 3(d)(i) will
        apply following termination of the Executive’s employment only if (i) the Company does not waive the restrictions set forth in Section 3(d)(i) at the time of termination and (ii) the Company pays the Executive at a rate equal to 50% of the
        Executive’s highest annualized base salary within the two (2) years immediately preceding termination of the Executive’s employment for the duration of the Non-Competition Period that follows such termination (the “Non-Competition Payments”);
        provided that the Executive’s right to receive and retain any Non-Competition Payments is conditioned on the Executive’s compliance in full with this Section 3(d)(i) following termination of the Executive’s employment; and provided, further, that
        any Severance Payments that the Executive is eligible to receive with respect to any given pay period pursuant to Sections 5(b) or 5(c) below (as applicable) shall be reduced by the amount of any Non-Competition Payments the Executive receives with
        respect to the same pay period.  For the avoidance of doubt, if the Company elects to waive the restrictions set forth in this Section 3(d)(i) at the time of termination, it will have no obligation to pay the Executive any Non-Competition
        Payments.  Any Non-Competition Payments that the Company elects to pay the Executive will be payable as salary continuation in accordance with the Company’s regular payroll practices, consistent with the requirements for the payment of wages under
        section 148 of chapter 149 of the Massachusetts general laws.

    
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    (ii)          Business Partner Non-Solicitation.  While the
        Executive is employed by the Company and during the eighteen (18)-month period immediately following termination of employment, regardless of the reason therefor (in the aggregate, the “Non-Solicitation Period”), the Executive will not,
        directly or indirectly, (a) solicit or encourage any customer, vendor, supplier or other business partner of the Company or any of its Affiliates to terminate or diminish his, her or its relationship with any of them or (b) seek to persuade any
        such customer, vendor, supplier or other business partner, or any prospective customer, vendor, supplier, or other business partner of the Company or any of its Affiliates, to conduct with anyone else any business or activity which such business
        partner or prospective business partner conducts or could conduct with the Company or any of its Affiliates; provided, however, that these restrictions shall apply (y) only with respect to those Persons who are or have been a
        business partner of the Company or any of its Affiliates at any time within the twelve (12)-month period immediately preceding the activity restricted by this Section 3(d)(ii) or whose business has been solicited on behalf of the Company or any of
        its Affiliates by any of their officers, employees or agents within such twelve (12)-month period, other than by form letter, blanket mailing or published advertisement, and (z) only if the Executive has performed work for such Person during his
        employment with the Company or any of its Affiliates or been introduced to, or otherwise had contact with, such Person as a result of his employment or other associations with the Company or one of its Affiliates or has had access to Confidential
        Information which would assist in his solicitation of such Person.

    

    

    (iii)          Employee Non-Solicitation.  During the
        Non-Solicitation Period, the Executive will not, directly or indirectly, (a) hire or engage, or solicit for hiring or engagement, any employee of the Company or any of its Affiliates or seek to persuade any such employee to discontinue employment
        or (b) solicit or encourage any independent contractor providing services to the Company or any of its Affiliates to terminate or diminish his, her or its relationship with any of them.  For the purposes of this Section 3(d)(iii), an “employee”
        or an “independent contractor” of the Company or any of its Affiliates is any Person who was such at any time during the twelve (12)-month period immediately preceding the activity restricted by this Section 3(d)(iii).  Notwithstanding the
        foregoing, nothing contained herein shall prohibit or restrict Executive from (1) engaging in any general solicitation not targeted at any employee of the Company or any of its Affiliates, including non-directed executive searches or placing
        general advertisements for employees in newspapers or other media of general circulation, or (2) hiring such Persons who have not been employees of the Company or any of its Affiliates for at least six (6) months prior to the time of hiring.

    
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    (e)          In signing this Agreement, the Executive gives the Company
        assurance that the Executive has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed on the Executive under this Section 3.  The Executive agrees without reservation that these restraints
        are necessary for the reasonable and proper protection of the Company and its Affiliates, and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area.  The Executive further agrees
        that, were the Executive to breach any of the covenants contained in this Section 3, the damage to the Company and its Affiliates would be irreparable.  The Executive therefore agrees that the Company, in addition and not in the alternative to any
        other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any such covenants, without having to post bond.  The Executive further agrees that the
        Non-Solicitation Period shall be tolled, and shall not run, during the period of any breach by the Executive of any of the covenants contained in Section 3(d)(ii) or 3(d)(iii) above.  The Executive and the Company further agree that, in the event
        that any provision of this Section 3 is determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, that provision
        shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law.  It is also agreed that each of the Company’s Affiliates shall have the right to enforce all of the Executive’s obligations to that Affiliate under
        this Agreement, including without limitation pursuant to this Section 3.  No claimed breach of this Agreement or other violation of law attributed to the Company or any of its Affiliates, or change in the nature or scope of the Executive’s
        employment or other relationship with the Company or any of its Affiliates, shall operate to excuse the Executive from the performance of his obligations under this Section 3.

    

    

    4.          Termination of Employment.  
        The Executive’s employment under this Agreement shall continue until terminated pursuant to this Section 4.

    

    

    (a)          By the Company For Cause.  The Company may terminate
        the Executive’s employment for Cause upon notice to the Executive setting forth in reasonable detail the nature of the Cause following a formal vote of the Board carrying at least a three-quarters (3/4) majority.  For purposes of this Agreement, “Cause”
        shall mean the occurrence of any of the following:  (i) the Executive’s material failure to perform (other than by reason of disability), or gross negligence in the performance of, the Executive’s duties and responsibilities to the Company or any
        of its Affiliates, which material failure or gross negligence, if capable of cure, is not cured by the Executive within thirty (30) days following the Board’s notice to the Executive of such material failure or gross negligence; (ii) the
        Executive’s material breach of any provision of this Agreement or any other written agreement by and between the Executive and the Company or any of its Affiliates, which material breach, if capable of cure, is not cured by the Executive within
        thirty (30) days following the Board’s notice to the Executive of such material breach; (iii) the Executive’s indictment for, or plea of nolo contendere to, a felony or other crime involving moral turpitude; (iv) other willful misconduct by the
        Executive with respect to his duties and responsibilities to the Company or any of its Affiliates that is or could reasonably be expected to be materially harmful to the business interests or reputation of the Company or any of its Affiliates; or
        (v) solely for purposes of Section 3(d)(i), the Executive’s violation of or disregard for any rule, procedure or policy of the Company or any of its Affiliates, or any other reasonable basis for Company dissatisfaction with the Executive, including
        for reasons such as lack of capacity or diligence, failure to conform to usual standards of conduct, or other culpable or inappropriate behavior.

    
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    (b)          By the Company Without Cause. The Company may
        terminate the Executive’s employment at any time other than for Cause upon notice to the Executive.

    

    

    (c)          By the Executive for Good Reason.  The Executive may
        terminate his employment for Good Reason, provided that (i) the Executive provides written notice to the Company, setting forth in reasonable detail the nature of the condition giving rise to Good Reason, within sixty (60) days of the initial
        existence of such condition, (ii) the condition remains uncured by the Company for a period of thirty (30) days following such notice and (iii) the Executive terminates his employment, if at all, not later than sixty (60) days after the expiration
        of such cure period.  For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following without the Executive’s consent:  (A) a reduction in the Executive’s Base Salary or Target Bonus opportunity; (B) a
        material diminution in the Executive’s authority, duties or responsibilities; (C) a relocation of the Executive’s principal office by more than thirty (30) miles; or (D) a material breach by the Company of this Agreement or any other material
        agreement between the Executive and the Company.

    

    

    (d)          By the Executive Without Good Reason.  The Executive
        may terminate his employment without Good Reason at any time upon sixty (60) days’ notice to the Company.  The Board may elect to waive such notice period or any portion thereof but, in  such event, will pay to the Executive the Base Salary for the
        period so waived.

    

    

    (e)          Death and Disability.  The Executive’s employment
        hereunder shall automatically terminate in the event of the Executive’s death during employment.  The Company may terminate the Executive’s employment, upon notice to the Executive, in the event that the Executive becomes disabled during his
        employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities hereunder (notwithstanding the
        provision of any reasonable accommodation) for a period of one hundred and eighty (180) days during any period of three hundred sixty-five (365) consecutive days.  If any question shall arise as to whether the Executive is disabled to the extent
        that he is unable to perform substantially all of his duties and responsibilities for the Company and its Affiliates, the Executive shall, at the Company’s request, submit to a medical examination by a physician selected by the Company to whom the
        Executive or the Executive’s guardian, if any, has no reasonable objection to determine whether the Executive is so disabled, and such determination shall for purposes of this Agreement be conclusive of the issue.

    
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    5.          Other Matters Related to Termination.

    

    

    (a)          Final Compensation.  In the event of termination of
        the Executive’s employment with the Company, howsoever occurring, the Company shall pay the Executive (i) the Base Salary for the final payroll period of his employment, through the date his employment terminates; (ii) compensation at the rate of
        the Base Salary for any vacation time earned but not used as of the date his employment terminates; (iii) any earned but unpaid annual bonus for the year prior to the year in which his employment terminates (which shall be paid at the same time
        that annual bonuses for such year are paid to similarly-situated active employees of the Company); and (iv) reimbursement, in accordance with Section 2(e) hereof, for business expenses incurred by the Executive but not yet paid to the Executive as
        of the date his employment terminates, provided that the Executive submits all expenses and supporting documentation required within sixty (60) days of the date his employment terminates, and provided further that such business expenses are
        reimbursable under Company policies then in effect (all of the foregoing, “Final Compensation”).  Except as otherwise provided in Section 5(a)(iii) or 5(a)(iv), Final Compensation will be paid to the Executive within thirty (30) days
        following the date of termination or such shorter period required by law.

    

    

    (b)          Severance Payments.  In the event of any termination
        of the Executive’s employment pursuant to Section 4(b) or Section 4(c) above, except as provided in Section 5(c) below, the Executive will be eligible to receive the following severance benefits:

    

    

    (i)          The Company will pay the Executive, in addition to Final Compensation, an
        aggregate amount equal to one (1) times the Base Salary plus the Target Bonus, payable in substantially equal installments over the period of twelve (12) months following the date of termination; and

    

    

    (ii)          Subject to the Executive’s timely election of continuation coverage under the
        Company’s group medical, dental, or vision plans pursuant to the federal law known as “COBRA” or similar state law, the Company will pay the Executive a cash amount equal (after all applicable taxes are paid) to the monthly premium cost of such
        coverage for the Executive (and his dependents, if applicable) until the earlier of (A) the date that is twelve (12) months from the date the Executive’s employment terminates or (B) the date that the Executive (and his dependents, if applicable)
        are no longer eligible to continue such coverage under COBRA.

    

    

    (c)          Severance Payments Upon a Change of Control.  In the
        event of any termination of the Executive’s employment pursuant to Section 4(b) or Section 4(c) above within (x) 12 months following a Change of Control or (y) within the sixty (60) day period prior to the date of a Change of Control where the
        Change in Control was under consideration at the time of the Executive’s termination, the Executive will be eligible to receive the following severance benefits in lieu of any severance benefits of any kind under Section 5(b):

    

    

    (i)          The Company will pay the Executive, in addition to Final Compensation, an
        aggregate amount equal to two (2) times the Base Salary plus the Target Bonus, payable in substantially equal installments over the period of twelve (12) months following the date of termination; and

    

    

    (ii)          Subject to the Executive’s timely election of continuation coverage under the
        Company’s group medical, dental, or vision plans pursuant to the federal law known as “COBRA” or similar state law, the Company will pay the Executive a cash amount equal (after all applicable taxes are paid) to the monthly premium cost of such
        coverage for the Executive (and his dependents, if applicable) until the earlier of (A) the date that is eighteen (18) months from the date the Executive’s employment terminates or (B) the date that the Executive (and his dependents, if applicable)
        are no longer eligible to continue such coverage under COBRA (subclauses (i) – (ii) of Section 5(b) or 5(c), as applicable, the “Severance Payments”).

    
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    (d)          Conditions To And Timing Of Severance Payments.  Any
        obligation of the Company to provide the Executive the Severance Payments is conditioned on his signing and returning, without revoking, to the Company a timely and effective separation agreement containing a general release of claims and other
        customary terms in the form provided to the Executive by the Company at the time that the Executive’s employment terminates (the “Separation Agreement”).  The Separation Agreement must become effective, if at all, by the sixtieth (60th)
        calendar day following the date the Executive’s employment terminates.  Any Severance Payments to which the Executive is entitled will be payable in the form of salary continuation in accordance with the normal payroll practices of the Company. 
        The first such payment will be made on the Company’s next regular payday following the expiration of sixty (60) calendar days from the date that the Executive’s employment terminates, but will be retroactive to the day following such date of
        termination.

    

    

    (e)          Treatment of SPAC Award Upon Certain Qualifying
          Terminations of Employment or Change of Control.

    

    

    (i)          If the Executive’s employment is terminated pursuant to Section 4(b) or Section
        4(c) either (x) within 12 months following a Change of Control or (y) within the sixty (60) day period prior to the date of a Change of Control where the Change in Control was under consideration at the time of Executive’s termination, (A) the
        Executive shall become fully vested and exercisable in the award of stock option and restricted stock units issued by Purchaser (as defined in the Merger Agreement) to the Executive pursuant to the terms of the Incentive Plan and an equity award
        agreement at or promptly following the Closing (such award, the “SPAC Award”) and (B) any outstanding award of stock options issued pursuant to the SPAC Award will remain exercisable until the earlier of (x) a period of one year following
        Executive’s termination date or (y) the original term of such award.  The accelerated vesting contemplated herein is conditioned upon Executive’s timely execution and nonrevocation of the Separation Agreement, as contemplated pursuant to Section
        5(d).

    

    

    (ii)          If, as of the date of a Change of Control the acquirer does not agree to
        assume or substitute for equivalent stock options any options held by Executive issued pursuant to the SPAC Award, such stock options shall become fully vested and exercisable as of the date of the Change in Control.

     

      

    (f)          Benefits Termination.  Except for any right the
        Executive may have under the federal law known as “COBRA” or other applicable law to continue participation in the Company’s group health and dental plans at his cost, the Executive’s participation in all employee benefit plans shall terminate in
        accordance with the terms of the applicable benefit plans based on the date of termination of his employment, without regard to any continuation of the Base Salary or other payment to the Executive following termination of his employment, and the
        Executive shall not be eligible to earn vacation or other paid time off following the termination of his employment.

    
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    (g)          Survival.  Provisions of this Agreement shall
        survive any termination of employment if so provided in this Agreement or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the Executive’s obligations under Section 3 of this
        Agreement.  The obligation of the Company to make payments or provide benefits to the Executive under Section 5(b), and the Executive’s right to retain the same, are expressly conditioned upon his continued full performance in all material respects
        of his obligations under Section 3 of this Agreement.   Upon termination by either the Executive or the Company, all rights, duties and obligations of the Executive and the Company to each other shall cease, except as otherwise expressly provided
        in this Agreement.

    

    

    6.          Timing of Payments and Section 409A.

    

    

    (a)          Notwithstanding anything to the contrary in this Agreement,
        if at the time the Executive’s employment terminates, the Executive is a “specified employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that would (but for this provision) be
        payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6)-month period or, if earlier, upon the Executive’s death; except (A) to the extent of amounts
        that do not constitute a deferral of compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its
        reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are not subject to the requirements of Section 409A of the Code
        (“Section 409A”).

    

    

    (b)          For purposes of this Agreement, all references to
        “termination of employment” and correlative phrases shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term
        “specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-1(i).

    

    

    (c)          Each payment made under this Agreement shall be treated as
        a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments.

    

    

    (d)          In no event shall the Company have any liability relating
        to the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A.

    
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    7.          Section 280G Modified
          Cutback. Notwithstanding any other provision of this Agreement, if any payment distribution or provision of a benefit by the Company or its Affiliates to or for the benefit of the Executive, whether paid or payable, distributed or
        distributable or provided or to be provided pursuant to the terms of this Agreement or otherwise (a “Payment”), (a) would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties with respect to such
        excise tax (such excise tax, together with any such interest or penalties, are hereinafter collectively referred to as the “Excise Tax”) and (b) the net after-tax amount of such Payments, after the Executive has paid all taxes due thereon
        (including, without limitation, the Excise Tax), would be less than the net after-tax amount of all such Payments otherwise due to the Executive in the aggregate if such Payments were reduced to an amount equal to 2.99 times the Executive’s “base
        amount” (as defined in Section 280G(b)(3) of the Code), then the aggregate amount of such Payments payable to the Executive shall be reduced to an amount that will equal 2.99 times the Executive’s base amount. To the extent any Payments are
        required to be so reduced, the Payments due to the Executive shall be reduced in the following order, unless otherwise agreed and such agreement is in compliance with Section 409A: (i) Payments that are payable in cash, with amounts that are
        payable last reduced first; (ii) Payments due in respect of any equity or equity derivatives included at their full value under Section 280G of the Code (rather than their accelerated value); (iii) Payments due in respect of any equity or equity
        derivatives valued at accelerated value under Section 280G of the Code, with the highest values reduced first (as such values are determined under Treasury Regulation Section 1 280G-I, Q&A 24); and (iv) all other non-cash benefits. The
        determination of any reduction in Payments in accordance with this Section 7 shall be made by the Company’s independent public accountants or another firm designated by the Company.

    

    

    8.          Definitions.  For
        purposes of this Agreement, the following definitions apply:

    

    

    “Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with the Company, where
      control may be by management authority, equity interest or otherwise.

    

    

    “Change of Control” has the meaning ascribed to such term in the Incentive Plan (as defined in the Merger Agreement).

    

    

    “Code” means the Internal Revenue Code of 1986, as amended.

    

    

    “Confidential Information” means any and all information of the Company and its Affiliates that is not generally available to the public.
      Confidential Information also includes any information received by the Company or any of its Affiliates from any Person with any understanding, express or implied, that it will not be disclosed.  Confidential Information does not include information
      that enters the public domain, other than through the Executive’s breach of his obligations under this Agreement or any other agreement between the Executive and the Company or any of its Affiliates.

    

    

    “Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions, works, concepts and ideas (whether or not
      patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others, whether or not during normal business hours or on or off Company premises) during
      the Executive’s employment that relate either to the business of the Company or any of its Affiliates or to any prospective activity of the Company or any of its Affiliates or that result from any work performed by the Executive for the Company or
      any of its Affiliates or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its Affiliates.

    
      - 11 -

      
        

    

    “Restricted Area” means any geographic area in which the Company or any of its Affiliates does business or is actively planning to do business
      during Executive’s employment or, with respect to the portion of the Non-Competition Period that follows the termination of the Executive’s employment, any geographic area in which the Executive, at any time within the last two (2) years of the
      Executive’s employment with the Company, provided services or had a material presence or influence.

    

    

    “Services” means any of the services that the Executive provided to the Company or any of its Affiliates at any time during the Executive’s
      employment with the Company or, with respect to the portion of the Non-Competition Period that follows the termination of the Executive’s employment, during the last two (2) years of the Executive’s employment with the Company.

    

    

    “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust or any other entity or
      organization, other than the Company or any of its Affiliates.

    

    

    9.          Conflicting Agreements.
        The Executive hereby represents and warrants that his signing of this Agreement and the performance of his obligations under it will not breach or be in conflict with any other agreement to which the Executive is a party or is bound, and that the
        Executive is not now subject to any covenants against competition or similar covenants or any court order that could affect the performance of his obligations under this Agreement.  The Executive agrees that the Executive will not disclose to or
        use on behalf of the Company any confidential or proprietary information of a third party without that party’s consent.

    

    

    10.          Withholding.  All
        payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company to the extent required by applicable law.

    

    

    11.          Assignment.  Neither
        the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, the Company may assign its rights
        and obligations under this Agreement without the Executive’s consent to one of its Affiliates or to any Person with whom the Company shall hereafter effect a reorganization, consolidate or merge, or to whom the Company shall hereafter transfer all
        or substantially all of its properties or assets.  This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of their respective successors, executors, administrators, heirs and permitted assigns.

    
      - 12 -

      
        

    

    12.          Severability.  If
        any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other
        than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

    

    

    13.          Miscellaneous.  This
        Agreement sets forth the entire agreement between the Executive and the Company, and replaces all prior and contemporaneous communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s
        employment; provided, however that this Agreement shall not supersede any prior assignment of intellectual property to the Company or any of its Affiliates.  This Agreement may not be modified or amended, and no breach shall be deemed to be waived,
        unless agreed to in writing by the Executive and an expressly authorized representative of the Board.  The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of
        this Agreement.  This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument.  This is a Massachusetts contract and shall be governed and
        construed in accordance with the laws of the State of Massachusetts, without regard to any conflict of laws principles that would result in the application of the laws of any other jurisdiction.

    

    

    14.          Notices.  Any
        notices provided for in this Agreement shall be in writing and shall be effective when delivered in person or deposited in the United States mail, postage prepaid, and addressed to the Executive at his last known address on the books of the Company
        or, in the case of the Company, to it at its principal place of business, attention of the Chairman of the Board, or to such other address as either party may specify by notice to the other actually received.

    

    

    
      - 13 -

      
        

    

    The Executive acknowledges that (1) the Company provided the Executive with this Agreement at least ten (10) business days before its effective date, (2)
      the Executive has been and is hereby advised of the Executive’s right to consult an attorney before signing this Agreement, and (3) the Executive has carefully read this Agreement and understands and agrees to all of the provisions in this Agreement.

    

    

    IN WITNESS WHEREOF, this Agreement has been executed by the Company, by its duly authorized representative, and by the Executive, as of the date first
      above written.

     

    

    	
            THE EXECUTIVE:

          	
            THE COMPANY:

          
	 	 	 
	 	
            Advent Technologies, Inc.

          
	 	 	 
	
            /s/ James Coffey

             

            

          	 	
            By:

          	
            /s/ Vasilis Gregoriou

          
	
            
              James Coffey

            

          	

          	
            
              Name: Vasilis Gregoriou

            

          
	 	 	
            
              
                Title: Chief Executive Officer

              

            

          

    

    

    
      

    

    

  

  - 14 -Exhibit 10.12

      

      

      ADVENT TECHNOLOGIES HOLDINGS, INC.

      2021 EQUITY INCENTIVE PLAN 

      

      

      1.          DEFINED TERMS

      

      

      Exhibit A, which is incorporated by reference, defines certain terms used in the Plan and includes certain operational rules related to those
        terms.

      

      

      2.          PURPOSE

      

      

      The Plan has been established to advance the interests of the Company by providing for the grant to Participants of Stock and Stock-based Awards.

      

      

      3.          ADMINISTRATION

      

      

      The Plan will be administered by the Administrator.  The Administrator has discretionary authority, subject only to the express provisions of the Plan,
        (a) to administer and interpret the Plan and any Awards; (b) to determine eligibility for and grant Awards; (c) to determine the exercise price or base value from which appreciation is measured, or the purchase price, if any, applicable to any
        Award; (d) to determine, modify, accelerate or waive the terms and conditions of any Award; (e) to determine the form of settlement of Awards (whether in cash, shares of Stock, other Awards or other property); (f) to prescribe forms, rules and
        procedures relating to the Plan and Awards; (g) to determine the time or times of receipt, type of and the number of shares of Stock covered by Awards, and (h) to otherwise do all things necessary or desirable to carry out the purposes of the Plan
        or any Award.  Determinations of the Administrator made with respect to the Plan or any Award are conclusive and bind all persons.

      

      

      4.          LIMITS ON AWARDS UNDER THE PLAN

      

      

      (a)          Number of Shares.  Subject to adjustment as provided in Section 7(b), the maximum number of shares of Stock that
            may be delivered in satisfaction of Awards under the Plan is 6,915,892 shares (the “Initial Share Pool”).  Up to 6,915,892 shares of Stock from the Share Pool may be delivered in satisfaction of ISOs, but nothing in this Section 4(a) will be
            construed as requiring that any, or any fixed number of, ISOs be awarded under the Plan.    For purposes of this Section 4(a), the number of shares of Stock delivered in satisfaction of Awards will be determined (i) by including shares of Stock
            withheld by the Company in payment of the exercise price or purchase price of the Award or in satisfaction of tax withholding requirements with respect to the Award, (ii) by including the full number of shares of Stock covered by any portion of
            the SAR that is settled in Stock (and not, for the avoidance of doubt, only the number of shares of Stock delivered in settlement thereof), and (iii) by excluding any shares of Stock underlying Awards settled in cash or that expire, become
            unexercisable, terminate or are forfeited to the Company without the delivery (or retention, in the case of Restricted Stock or Unrestricted Stock) of Stock.  For the avoidance of doubt, the Share Pool will not be increased by any shares of
            Stock delivered under the Plan that are subsequently repurchased using proceeds directly attributable to Stock Option exercises.  The limits set forth in this Section 4(a) will be construed to comply with Section 422.

      

      

      (b)          Substitute

              Awards.  The Administrator may grant Substitute Awards under the Plan.  To the extent consistent with the requirements of Section 422 and the
          regulations thereunder and other applicable legal requirements (including applicable stock exchange requirements), shares of Stock delivered in respect of Substitute Awards will be in addition to and will not reduce the Share Pool.
          Notwithstanding the foregoing or anything in Section 4(a) to the contrary, if any Substitute Award is settled in cash or expires, becomes unexercisable, terminates or is forfeited to or repurchased by the Company without the delivery (or
          retention, in the case of Restricted Stock or Unrestricted Stock) of Stock, the shares of Stock previously subject to such Award will not increase the Share Pool or otherwise be available for future grant under the Plan.  The Administrator will
          determine the extent to which the terms and conditions of the Plan apply to Substitute Awards, if at all.

      

      

      (c)          Type

              of Shares.  Stock delivered by the Company under the Plan may be authorized but unissued Stock, treasury Stock or previously issued Stock acquired by the Company.  No fractional shares of
          Stock will be delivered under the Plan.

      
        
          

      

      
      (d)          Director

              Limits.  Notwithstanding the foregoing, the aggregate value of all compensation granted or paid to any Director with respect to any calendar year, including Awards granted under the Plan and
          cash fees or other compensation paid by the Company to such Director outside of the Plan for his or her services as a Director during such calendar year, may not exceed $500,000 in the aggregate, calculating the value of any Awards based on the
          grant date Fair Market Value in accordance with the Accounting Rules, assuming a maximum payout.  For the avoidance of doubt, the limitation in this Section 4(d) will not apply to any compensation granted or paid to a Director for his or her
          services to the Company or a subsidiary other than as a Director.

      

      

      5.          ELIGIBILITY AND PARTICIPATION

      

      

      The Administrator will select Participants from among Employees and Directors of, and consultants and advisors to, the Company and its subsidiaries. 
        Eligibility for ISOs is limited to individuals described in the first sentence of this Section 5 who are Employees of the Company or of a “parent corporation” or “subsidiary corporation” of the Company as those terms are defined in Section 424 of
        the Code.  Eligibility for Stock Options, other than ISOs, and SARs is limited to individuals described in the first sentence of this Section 5 who are providing direct services on the date of grant of the Award to the Company or to a subsidiary of
        the Company that would be described in the first sentence of Section 1.409A-1(b)(5)(iii)(E) of the Treasury Regulations.

      

      

      6.          RULES APPLICABLE TO AWARDS

      

      

      (a)          All Awards.

      

      

      (1)          Award

              Provisions.  The Administrator will determine the terms and conditions of all Awards, subject to the limitations provided herein.  Each Award granted under the Plan shall be evidenced by an
          Award agreement in such form as the Administrator shall determine (any such agreement, an “Award Agreement”).  No term of an Award shall provide for automatic “reload” grants of additional Awards upon the exercise of an Option or SAR. By
          accepting (or, under such rules as the Administrator may prescribe, being deemed to have accepted) an Award, the Participant will be deemed to have agreed to the terms and conditions of the Award and the Plan.  Notwithstanding any provision of
          the Plan to the contrary, Substitute Awards may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined by the Administrator.

      

      

      (2)          Term

              of Plan.  No Awards may be made after ten years from the Date of Adoption, but previously granted Awards may continue beyond that date in accordance with their terms.

      

      

      (3)          Transferability.  Neither ISOs nor, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Section 6(a)(3), other Awards may be transferred other than by will or by the laws of
          descent and distribution.  During a Participant’s lifetime, ISOs and, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Section 6(a)(3), SARs and NSOs may be exercised only by the Participant
          or the Participant’s legal representative.  The Administrator may permit the gratuitous transfer (i.e., transfer not for value) of Awards other than ISOs, subject to applicable securities and other laws
          and such terms and conditions as the Administrator may determine.

      

      

      (4)          Vesting;

              Exercisability.  The Administrator will determine the time or times at which an Award vests or becomes exercisable and the terms and conditions on which a Stock Option or SAR remains
          exercisable.  Without limiting the foregoing, the Administrator may at any time accelerate the vesting and/or exercisability of an Award (or any portion thereof), regardless of any adverse or potentially adverse tax or other consequences
          resulting from such acceleration.  Unless the Administrator expressly provides otherwise, however, the following rules will apply if a Participant’s Employment ceases:

      

      

      (A)          Except as provided
          in (B) and (C) below, immediately upon the cessation of the Participant’s Employment each Stock Option and SAR (or portion thereof) that is then held by the Participant or by the Participant’s permitted transferees, if any, will cease to be
          exercisable and will terminate and each other Award that is then held by the Participant or by the Participant’s permitted transferees, if any, to the extent not then vested will be forfeited.

      

      

      (B)          Subject to (C) and
          (D) below, each vested and unexercised Stock Option and SAR (or portion thereof) held by the Participant or the Participant’s permitted transferees, if any, immediately prior to the cessation of the Participant’s Employment, to the extent then
          exercisable, will remain exercisable for the lesser of (i) a period of three months following such cessation of Employment or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to
          this Section 6(a)(4), and will thereupon immediately terminate.

      
        
          

      

      
      (C)          Subject to (D)
          below, each vested and unexercised Stock Option and SAR (or portion thereof) held by a Participant or the Participant’s permitted transferees, if any, immediately prior to the cessation of the Participant’s Employment due to his or her death or
          by the Company due to his or her Disability, to the extent then exercisable, will remain exercisable for the lesser of (i) the one-year period ending on the first anniversary of such cessation of Employment or (ii) the period ending on the latest
          date on which such Stock Option or SAR could have been exercised without regard to this Section 6(a)(4), and will thereupon immediately terminate.

      

      

      (D)          All Awards (whether
          or not vested or exercisable) held by a Participant or the Participant’s permitted transferees, if any, immediately prior to the cessation of the Participant’s Employment will immediately terminate upon such cessation of Employment if the
          termination is for Cause or occurs in circumstances that in the determination of the Administrator would have constituted grounds for the Participant’s Employment to be terminated for Cause (in each case, without regard to the lapsing of any
          required notice or cure periods in connection therewith).

      

      

      (5)          Additional

            Restrictions.  The Administrator may cancel, rescind, withhold or otherwise limit or restrict any Award at any time if the Participant is not in compliance with all applicable provisions of the Award Agreement and the Plan, or if the
          Participant breaches any agreement with the Company or its affiliates with respect to non-competition, non-solicitation, non-disparagement, confidentiality or other restrictive covenant.

      

      

      (6)          Recovery

              of Compensation.  The Administrator may provide in any case that any outstanding Award (whether or not vested or exercisable), the proceeds from the exercise or disposition of any Award or Stock acquired under any Award, and any
          other amounts received in respect of any Award or Stock acquired under any Award will be subject to forfeiture and disgorgement to the Company, with interest and other related earnings, if the Participant to whom the Award was granted (or the
          Participant’s permitted transferee) is not in compliance with any provision of the Plan or any applicable Award, any non-competition, non-solicitation, no-hire, non-disparagement, confidentiality, invention assignment, or other restrictive
          covenant by which he or she is bound.  Each Award will be subject to any policy of the Company or any of its subsidiaries that relates to trading on non-public information and permitted transactions with respect to shares of Stock, including
          limitations on hedging and pledging. In addition, each Award will be subject to any policy of the Company or any of its affiliates that provides for forfeiture, disgorgement, or clawback with respect to incentive compensation that includes Awards
          under the Plan and will be further subject to forfeiture and disgorgement to the extent required by law or applicable stock exchange listing standards, including, without limitation, Section 10D of the Exchange Act.  Each Participant, by
          accepting or being deemed to have accepted an Award under the Plan, agrees (or will be deemed to have agreed) to the terms of this Section 6(a)(6) and any clawback, recoupment or similar policy of the Company or any of its subsidiaries and
          further agrees (or will be deemed to have further agreed) to cooperate fully with the Administrator, and to cause any and all permitted transferees of the Participant to cooperate fully with the Administrator, to effectuate any forfeiture or
          disgorgement described in this Section 6(a)(6).  Neither the Administrator nor the Company nor any other person, other than the Participant and his or her permitted transferees, if any, will be responsible for any adverse tax or other
          consequences to a Participant or his or her permitted transferees, if any, that may arise in connection with this Section 6(a)(6).

      

      

      (7)          Taxes.  The grant of an Award and the issuance, delivery, vesting and retention of Stock, cash or other property under an Award are conditioned upon the full satisfaction by the Participant of all tax and other
          withholding requirements with respect to the Award.  The Administrator will prescribe such rules for the withholding of taxes and other amounts with respect to any Award as it deems necessary.  Without limitation to the foregoing, the Company or
          any parent or subsidiary of the Company will have the authority and the right to deduct or withhold (by any means set forth herein or in an Award Agreement), or require a Participant to remit to the Company or a parent or subsidiary of the
          Company, an amount sufficient to satisfy all U.S. and non-U.S. federal, state and local income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to participation in the Plan and legally
          applicable to the Participant and required by law to be withheld (including, any amount deemed by the Company, in its discretion, to be an appropriate charge to the Participant even if legally applicable to the Company or any parent or subsidiary
          of the Company).  The Administrator, in its sole discretion, may hold back shares of Stock from an Award or permit a Participant to tender previously-owned shares of Stock in satisfaction of tax or other withholding requirements (but not in
          excess of the maximum withholding amount consistent with the Award being subject to equity accounting treatment under the Accounting Rules).  Any amounts withheld pursuant to this Section 6(a)(7) will be treated as though such payment had been
          made directly to the Participant.  In addition, the Company may, to the extent permitted by law, deduct any such tax and other withholding amounts from any payment of any kind otherwise due to a Participant from the Company or any parent or
          subsidiary of the Company.

      
        - 2 -

        
          

      

      (8)          Dividend

              Equivalents.  The Administrator may provide for the payment of amounts (on terms and subject to such restrictions and conditions established by the Administrator) in lieu of cash dividends
          or other cash distributions with respect to Stock subject to an Award whether or not the holder of such Award is otherwise entitled to share in the actual dividend or distribution in respect of such Award; provided,

            however, that (a) dividends or dividend equivalents relating to an Award that, at the dividend payment date, remains subject to a risk of forfeiture (whether service-based or performance-based) shall be subject to the same risk of
          forfeiture as applies to the underlying Award and such additional limitations or restrictions as the Administrator may impose and (b) no dividends or dividend equivalents shall be payable with respect to Stock Options or SARs.  Any entitlement to
          dividend equivalents or similar entitlements will be established and administered either consistent with an exemption from, or in compliance with, the applicable requirements of Section 409A.

      

      

      (9)          Rights

              Limited.  Nothing in the Plan or any Award will be construed as giving any person the right to be granted an Award or to continued employment or service with the Company or any of its
          subsidiaries, or any rights as a stockholder except as to shares of Stock actually delivered under the Plan.  The loss of existing or potential profit in any Award will not constitute an element of damages in the event of a termination of a
          Participant’s Employment for any reason, even if the termination is in violation of an obligation of the Company or any of its subsidiaries to the Participant.

      

      

      (10)          Section

              409A.

      

      

      (A)          Without limiting
          the generality of Section 11(b) hereof, each Award will contain such terms as the Administrator determines and will be construed and administered, such that the Award either qualifies for an exemption from the requirements of Section 409A or
          satisfies such requirements.

      

      

      (B)          Notwithstanding
          anything to the contrary in the Plan or any Award Agreement, the Administrator may unilaterally amend, modify or terminate the Plan or any outstanding Award, including but not limited to changing the form of the Award, if the Administrator
          determines that such amendment, modification or termination is necessary or desirable to avoid the imposition of an additional tax, interest or penalty under Section 409A.  If any provision of the Plan would otherwise frustrate or conflict with
          this intent, the provision will be interpreted and deemed amended so as to avoid this conflict. If an operational failure occurs with respect to the requirements of Section 409A, any affected Participant shall fully cooperate with the Company to
          correct the failure, to the extent possible, in accordance with any correction procedure established by the Internal Revenue Service. No provision of the Plan shall be interpreted to transfer any liability for a failure to comply with Section
          409A from a Participant or any other Person to the Company.

      

      

      (C)          If a Participant is
          determined on the date of the Participant’s termination of Employment to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code, then, with regard to any payment that is considered nonqualified deferred
          compensation under Section 409A, to the extent applicable, payable on account of a “separation from service”, such payment will be made or provided on the date that is the earlier of (i) the first business day following the expiration of the
          six-month period measured from the effective date of such “separation from service” and (ii) the date of the Participant’s death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments delayed pursuant to this Section
          6(a)(10)(C) (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such delay) will be paid, without interest, on the first business day following the expiration of the Delay Period in a lump sum
          and any remaining payments due under the Award will be paid in accordance with the normal payment dates specified for them in the applicable Award Agreement.

      

      

      (D)          For purposes of
          Section 409A, each payment made under the Plan or any Award will be treated as a separate payment.

      
        - 3 -

        
          

      

      (E)          With regard to any
          payment considered to be nonqualified deferred compensation under Section 409A, to the extent applicable, that is payable upon a change in control of the Company or other similar event, to the extent required to avoid the imposition of an
          additional tax, interest or penalty under Section 409A, no amount will be payable unless such change in control constitutes a “change in control event” within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations.

      

      

      (b)          Stock Options
            and SARs.

      

      

      (1)          Time and Manner of Exercise.  Unless the Administrator expressly provides otherwise, no Stock Option or SAR will be deemed to have been exercised until the
          Administrator receives a notice of exercise in a form acceptable to the Administrator that is signed by the appropriate person and accompanied by any payment required under the Award.  The Administrator may limit or restrict the exercisability of
          any Stock Option or SAR in its discretion, including in connection with any Covered Transaction.  Any attempt to exercise a Stock Option or SAR by any person other than the Participant will not be given effect unless the Administrator has
          received such evidence as it may require that the person exercising the Award has the right to do so.

      

      

      (2)          Exercise Price.  The exercise price (or the base value from which appreciation is to be measured) per share of each Award requiring exercise must be no less than
          100% (in the case of an ISO granted to a 10-percent stockholder within the meaning of Section 422(b)(6) of the Code, 110%) of the Fair Market Value of a share of Stock, determined as of the date of grant of the Award, or such higher amount as the
          Administrator may determine in connection with the grant.

      

      

      (3)          Payment of Exercise Price.  Where the exercise of an Award (or portion thereof) is to be accompanied by payment, payment of the exercise price must be made by cash
          or check acceptable to the Administrator or, if so permitted by the Administrator and if legally permissible, (i) through the delivery of previously acquired unrestricted shares of Stock, or the withholding of unrestricted shares of Stock
          otherwise deliverable upon exercise, in either case that have a Fair Market Value equal to the exercise price; (ii) through a broker-assisted cashless exercise program acceptable to the Administrator; (iii) by other means acceptable to the
          Administrator; or (iv) by any combination of the foregoing permissible forms of payment.  The delivery of previously acquired shares in payment of the exercise price under clause (i) above may be accomplished either by actual delivery or by
          constructive delivery through attestation of ownership, subject to such rules as the Administrator may prescribe.

      

      

      (4)          Maximum Term.  The maximum term of Stock Options and SARs must not exceed 10 years from the date of grant (or five years from the date of grant in the case of an
          ISO granted to a 10-percent stockholder described in Section 6(b)(2) above).

      

      

      (5)          No Repricing.  Except in connection with a corporate transaction involving the Company (which term includes, without limitation, any stock dividend, stock split,
          extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares) or as otherwise contemplated by Section 7 below, the Company may not, without obtaining stockholder
          approval, (A) amend the terms of outstanding Stock Options or SARs to reduce the exercise price or base value of such Stock Options or SARs, (B) cancel outstanding Stock Options or SARs in exchange for Stock Options or SARs that have an exercise
          price or base value that is less than the exercise price or base value of the original Stock Options or SARs, or (C) cancel outstanding Stock Options or SARs that have an exercise price or base value greater than the Fair Market Value of a share
          of Stock on the date of such cancellation in exchange for cash or other consideration.

      

      

      7.          EFFECT OF CERTAIN TRANSACTIONS

      

      

      (a)          Mergers, etc.  Except as otherwise expressly provided in an Award Agreement  or other
          agreement or by the Administrator, the following provisions will apply in the event of a Covered Transaction:

      

      

      (1)          Assumption or Substitution.  If the Covered Transaction is one in which there is an acquiring or surviving entity, the Administrator may provide for (A) the
          assumption or continuation of some or all outstanding Awards or any portion thereof or (B) the grant of new awards in substitution therefor by the acquiror or survivor or an affiliate of the acquiror or survivor.

      
        - 4 -

        
          

      

      (2)          Cash-Out of Awards.  Subject to Section 7(a)(5) below, the Administrator may provide for payment (a “cash-out”), with respect to some or all Awards or any portion
          thereof (including only the vested portion thereof, with the unvested portion terminating as provided in Section 7(a)(4) below), equal in the case of each applicable Award or portion thereof to the excess, if any, of (A) the Fair Market Value of
          one share of Stock multiplied by the number of shares of Stock subject to the Award or such portion, minus (B) the aggregate exercise or purchase price, if any, of such Award or such portion thereof (or, in the case of a SAR, the aggregate base
          value above which appreciation is measured), in each case on such payment and other terms and subject to such conditions (which need not be the same as the terms and conditions applicable to holders of Stock generally), as the Administrator
          determines, including that any amounts paid in respect of such Award in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate.  For the avoidance of
          doubt, if the per share exercise or purchase price (or base value) of an Award or portion thereof is equal to or greater than the Fair Market Value of one share of Stock, such Award or portion may be cancelled with no payment due hereunder or
          otherwise in respect thereof.

      

      

      (3)          Acceleration of Certain Awards.  Subject to Section 7(a)(5) below, the Administrator may provide that any Award requiring exercise will become exercisable, in
          full or in part, and/or that the delivery of any shares of Stock remaining deliverable under any outstanding Award of Stock Units (including Restricted Stock Units and Performance Awards to the extent consisting of Stock Units) will be
          accelerated, in full or in part, in each case on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following the exercise of the Award or the delivery of the shares, as the case may be, to
          participate as a stockholder in the Covered Transaction.

      

      

      (4)          Termination of Awards upon Consummation of Covered Transaction.  Except as the Administrator may otherwise determine, each Award will automatically terminate (and
          in the case of outstanding shares of Restricted Stock, will automatically be forfeited) immediately upon the consummation of the Covered Transaction, other than (A) any Award that is assumed, continued or substituted for pursuant to Section
          7(a)(1) above, and (B) any Award that by its terms, or as a result of action taken by the Administrator, continues following the Covered Transaction.

      

      

      (5)          Additional Limitations.  Any share of Stock and any cash or other property or  other award delivered pursuant to Section 7(a)(1), Section 7(a)(2) or Section
          7(a)(3) above with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems appropriate, including to reflect any performance or other vesting conditions to which the Award was
          subject and that did not lapse (and were not satisfied) in connection with the Covered Transaction.  For purposes of the immediately preceding sentence, a cash-out under Section 7(a)(2) above or an acceleration under Section 7(a)(3) above will
          not, in and of itself, be treated as the lapsing (or satisfaction) of a performance or other vesting condition.  In the case of Restricted Stock that does not vest and is not forfeited in connection with the Covered Transaction, the Administrator
          may require that any amounts delivered, exchanged or otherwise paid in respect of such Stock in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate to
          carry out the intent of the Plan.

      

      

      (6)          Uniform Treatment.  For the avoidance of doubt, the Administrator need not treat Participants or Awards (or portions thereof) in a uniform manner, and may treat
          different Participants and/or Awards differently, in connection with a Covered Transaction.

      

      

      (b)          Changes in and
            Distributions with Respect to Stock.

      

      

      (1)          Basic Adjustment Provisions.  In the event of a stock dividend, stock split or combination of shares (including a reverse stock split), recapitalization or other
          change in the Company’s capital structure that constitutes an equity restructuring within the meaning of the Accounting Rules, the Administrator shall make appropriate adjustments to the maximum number of shares of Stock specified in Section 4(a)
          that may be delivered under the Plan, and shall make appropriate adjustments to the number and kind of shares of stock or securities underlying Awards then outstanding or subsequently granted, any exercise or purchase prices (or base values)
          relating to Awards and any other provision of Awards affected by such change.

      
        - 5 -

        
          

      

      (2)          Certain Other Adjustments.  The Administrator may in its sole discretion also make adjustments of the type described in Section 7(b)(1) above to take into account
          distributions to stockholders other than those provided for in Sections 7(a) and 7(b)(1), or any other event, if the Administrator determines that adjustments are appropriate to avoid distortion in the operation of the Plan or any Award.

      

      

      (3)          Continuing Application of Plan Terms.  References in the Plan to shares of Stock will be construed to include any stock or securities resulting from an adjustment
          pursuant to this Section 7.

      

      

      8.          LEGAL CONDITIONS ON DELIVERY OF STOCK

      

      

      The Company will not be obligated to deliver any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock previously
        delivered under the Plan until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares have been addressed and resolved; (ii) if the outstanding Stock is at the time of delivery listed on any
        stock exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the Award have been satisfied or waived.  The
        Company may require, as a condition to the exercise of an Award or the delivery of shares of Stock under an Award, such representations or agreements as counsel for the Company may consider necessary and appropriate to avoid violation of the
        Securities Act of 1933, as amended, or any applicable state or non-U.S. securities law.  Any Stock delivered to Participants under the Plan will be evidenced in such manner as the Administrator determines appropriate, including book-entry
        registration or delivery of stock certificates.  In the event that the Administrator determines that stock certificates will be issued in connection with Stock issued under the Plan, the Administrator may require that such certificates bear an
        appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates pending the lapse of the applicable restrictions.

      

      

      9.          AMENDMENT AND TERMINATION

      

      

      The Administrator may at any time or times amend the Plan or any outstanding Award for any purpose, and may at any time suspend or terminate the Plan
        as to any future grants of Awards; provided, however, that except as otherwise expressly provided in the Plan or the applicable Award Agreement, the Administrator may not, without the Participant’s consent,
        alter the terms of an Award so as to affect materially and adversely the Participant’s rights under the Award, unless the Administrator expressly reserved the right to do so in the applicable Award Agreement.  Any amendments to the Plan will be
        conditioned upon stockholder approval only to the extent, if any, such approval is required by applicable law (including the Code), regulations, or stock exchange requirements, as determined by the Administrator.  For the avoidance of doubt,
        without limiting the Administrator’s rights hereunder, no adjustment to any Award pursuant to the terms of Section 7 or Section 12 will be treated as an amendment requiring a Participant’s consent.

      

      

      10.          OTHER COMPENSATION ARRANGEMENTS

      

      

      The existence of the Plan or the grant of any Award will not affect the right of the Company or any of its subsidiaries to grant any person bonuses or
        other compensation in addition to Awards under the Plan.  The Company, in establishing and maintaining the Plan as a voluntary and unilateral undertaking, expressly disavows the creation of any rights in Participants or others claiming entitlement
        under the Plan or any obligations on the part of the Company or any of its subsidiaries, or the Administrator, except as expressly provided herein. No Award shall be deemed to be salary or compensation for the purposes of computing benefits under
        any employee benefit, severance, pension or retirement plan of the Company or any of its subsidiaries, unless the Administrator shall determine otherwise, applicable local law provides otherwise or the terms of such plan specifically include such
        compensation.

      

      

      11.          MISCELLANEOUS

      

      

      (a)          Waiver

              of Jury Trial.  By accepting or being deemed to have accepted an Award under the Plan, each Participant waives (or will be deemed to have waived), to the maximum extent permitted under
          applicable law, any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan or any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or which in the
          future may be delivered in connection therewith, and agrees (or will be deemed to have agreed) that any such action, proceedings or counterclaim will be tried before a court and not before a jury.  By accepting or being deemed to have accepted an
          Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to
          enforce the foregoing waivers.  Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed as limiting the ability of the Company and a Participant to agree to submit any dispute arising under the terms of the Plan or
          any Award to binding arbitration or as limiting the ability of the Company to require any individual to agree to submit such disputes to binding arbitration as a condition of receiving an Award hereunder.

      
        - 6 -

        
          

      

      (b)          Limitation of Liability.  Notwithstanding anything to the contrary in the Plan or any Award, neither the Company, nor any of its subsidiaries, nor the Administrator, nor any person acting on behalf of the Company, any of its subsidiaries, or the Administrator,
            will be liable to any Participant, to any permitted transferee, to the estate or beneficiary of any Participant or any permitted transferee, or to any other person by reason of any acceleration of income, any additional tax, or any penalty,
            interest or other liability asserted by reason of the failure of an Award to satisfy the requirements of Section 422 or Section 409A or by reason of Section 4999 of the Code, or otherwise asserted with respect to any Award.

      

      

      (c)          Unfunded

              Plan.  Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any
          other person.  The Company’s obligations under the Plan are unfunded, and no Participant will have any right to specific assets of the Company in respect of any Award.  Participants will be general
          unsecured creditors of the Company with respect to any amounts due or payable under the Plan.

      

      

      (d)          Severability.  If any provision of this Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or entity or Award, or would
          disqualify this Plan or any Award under any law deemed applicable by the Administrator, such provision shall be construed or deemed amended to conform to the applicable laws in the manner that most closely reflects the original intent of the
          Award or the Plan, or if it cannot be construed or deemed amended without, in the determination of the Administrator, materially altering the intent of this Plan or the Award, such provision shall be construed or deemed stricken as to such
          jurisdiction, person or entity or Award and the remainder of this Plan and any such Award shall remain in full force and effect.

      

      

      12.          ESTABLISHMENT OF SUB-PLANS

      

      

      The Administrator may at any time and from time to time (including before or after an Award is granted) establish, adopt, or revise any rules and
        regulations as it may deem necessary or advisable to administer the Plan for Participants based outside of the U.S. and/or subject to the laws of countries other than the U.S., including by establishing one or more sub-plans, supplements or
        appendices under the Plan or any Award Agreement for the purpose of complying or facilitating compliance with non-U.S. laws or taking advantage of tax favorable treatment or for any other legal or administrative reason determined by the
        Administrator.  Any such sub-plan, supplement or appendix may contain, in each case, (i) such limitations on the Administrator’s discretion under the Plan and (ii) such additional or different terms and conditions, as the Administrator deems
        necessary or desirable and will be deemed to be part of the Plan but will apply only to Participants within the group to which the sub-plan, supplement or appendix applies (as determined by the Administrator); provided, however,
        that no sub-plan, supplement or appendix, rule or regulation established pursuant to this provision shall increase the Share Pool.

      

      

      13.          GOVERNING LAW

      

      

      (a)          Certain

              Requirements of Corporate Law.  Awards and shares of Stock will be granted, issued and administered consistent with the requirements of applicable Delaware law relating to the issuance of
          stock and the consideration to be received therefor, and with the applicable requirements of the stock exchanges or other trading systems on which the Stock is listed or entered for trading, in each case as determined by the Administrator.

      

      

      (b)          Other

              Matters.  Except as otherwise provided by the express terms of an Award Agreement, under a sub-plan described in Section 12 or as provided in Section 13(a) above, the laws of the State of
          Delaware govern the provisions of the Plan and of Awards under the Plan and all claims or disputes arising out of or based upon the Plan or any Award under the Plan or relating to the subject matter hereof or thereof without giving effect to any
          choice or conflict of laws provision or rule that would cause the application of the laws of any other jurisdiction.

      

      

      (c)          Jurisdiction.  Subject to Section 11(a) and except as may be expressly set forth in an Award Agreement, by accepting (or being deemed to have accepted) an Award, each Participant
          agrees or will be deemed to have agreed to (i) submit irrevocably and unconditionally to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States District Court for the District of Delaware
          for the purpose of any suit, action or other proceeding arising out of or based upon the Plan or any Award; (ii) not commence any suit, action or other proceeding arising out of or based upon the Plan or any Award, except in the federal and state
          courts located within the geographic boundaries of the United States District Court for the District of Delaware; and (iii)  waive, and not assert, by way of motion as a defense or otherwise, in any such suit, action or proceeding, any claim that
          he or she is not subject personally to the jurisdiction of the above-named courts that his or her property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue
          of the suit, action or proceeding is improper or that the Plan or any Award or the subject matter thereof may not be enforced in or by such court.

      
        - 7 -

        
          

      

      EXHIBIT A

      

      

      Definition of Terms

      

      

      The following terms, when used in the Plan, have the meanings and are subject to the provisions set forth below:

      

      

      “Accounting Rules”:  Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any
        successor provision.

      

      

      “Administrator”:  The Compensation Committee, except with respect to such matters that are not delegated to
        the Compensation Committee by the Board (whether pursuant to committee charter or otherwise).  The Compensation Committee (or the Board, with respect to such matters over which it retains authority under the Plan or otherwise) may delegate (i) to
        one or more of its members (or one or more other members of the Board) such of its duties, powers and responsibilities as it may determine; (ii) to one or more officers of the Company the power to grant Awards to the extent permitted by Section 152
        or 157(c) of the Delaware General Corporation Law; and (iii) to such Employees or other persons as it determines such ministerial tasks as it deems appropriate.  For purposes of the Plan, the term “Administrator” will include the Board, the
        Compensation Committee, and the person or persons delegated authority under the Plan to the extent of such delegation, as applicable.

      

      

      “Award”:  Any or a combination of the following:

      

      

      (i) Stock Options.

      

      

      (ii) SARs.

      

      

      (iii) Restricted Stock.

      

      

      (iv) Unrestricted Stock.

      

      

      (v) Stock Units, including Restricted Stock Units.

      

      

      (vi) Performance Awards.

      

      

      (vii) Awards (other than Awards described in (i) through (vii) above) that are convertible into or otherwise based on Stock.

      

      

      “Board”:  The Board of Directors of the Company.

      

      

      “Cause”:  In the case of any Participant who is party to an employment, change of control or severance-benefit
        agreement, plan or policy with the Company or any of its subsidiaries that contains a definition of “Cause,” the definition set forth in such agreement applies with respect to such Participant for purposes of the Plan for so long as such agreement
        is in effect.  In every other case, “Cause” means, as determined by the Administrator, (i) a failure of the Participant to perform the Participant’s duties and responsibilities to the Company or any of its subsidiaries or negligence in the
        performance of such duties and responsibilities; (ii) the commission by the Participant of a felony or a crime involving moral turpitude; (iii) the commission by the Participant of theft, fraud, embezzlement, material breach of trust or any
        material act of dishonesty involving the Company or any of its subsidiaries; (iv) a significant violation by the Participant of the code of conduct of the Company or any of its subsidiaries of any material policy of the Company or any of its
        subsidiaries (including those relating to sexual harassment), or of any statutory or common law duty of loyalty to the Company or any of its subsidiaries; (v) a material breach of any of the terms of the Plan or any Award made under the Plan, or of
        the terms of any other agreement between the Company or any of its subsidiaries and the Participant; (vi) other conduct by the Participant that could be expected to be harmful to the business, interests or reputation of the Company or any of its
        subsidiaries; or (vii) willful misconduct with respect to the Participant’s duties.  If, subsequent to a Participant’s termination of employment other than for Cause, it is determined that such Participant’s employment could have been terminated
        for Cause, the Participant’s employment shall be deemed for purposes of the Plan and any Award issued thereunder to have been terminated for Cause retroactively to the date of the action or event giving rise to such Cause.

      
        - 8 -

        
          

      

      “Change of Control”: the occurrence of any of the following events:

       
      

      

      (i)          any “person” (as such term is used in
          Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting
          power represented by the Company’s then outstanding voting securities;

      

      

      (ii)          the consummation by the Company of a
          merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
          outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after
          such merger or consolidation (in substantially the same proportions relative to each other as immediately prior to the transaction); or

      

      

      (iii)          the consummation of the sale or
          disposition by the Company of all or substantially all of the Company's assets (it being understood that the sale or spinoff of one or more (but not all material) divisions of the Company shall not constitute the sale or disposition of all or
          substantially all of the Company’s assets).

      

      

      Further and for the avoidance of doubt, a transaction will not constitute a Change of Control if: (i) its sole purpose is to change the state of the
        Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.

      

      

      “Code”:  The U.S. Internal Revenue Code of 1986, as from time to time amended and in effect, or any successor
        statute as from time to time in effect.

      

      

      “Company”:  Advent Technologies Holdings, Inc.

      

      

      “Compensation Committee”:  The Compensation Committee of the Board.

      

      

      “Covered Transaction”:  The consummation of any of (i) a consolidation, merger or similar transaction or
        series of related transactions, including a sale or other disposition of stock, in which the Company is not the surviving corporation or which results in the acquisition of all or substantially all of the Company’s then outstanding common stock by
        a single person or entity or by a group of persons and/or entities acting in concert, (ii) a sale or transfer of all or substantially all the Company’s assets, (iii) a Change of Control, or (iv) a dissolution or liquidation of the Company.  Where a
        Covered Transaction involves a tender offer that is reasonably expected to be followed by a merger described in clause (i) (as determined by the Administrator), the Covered Transaction will be deemed to have occurred upon consummation of the tender
        offer.

      

      

      “Date of Adoption”:  The earlier of the date the Plan was approved by the Company’s stockholders or adopted by
        the Board, as determined by the Compensation Committee.

      

      

      “Director”:  A member of the Board who is not an Employee.

      
        - 9 -

        
          

      

      “Disability”:  In the case of any Participant who is party to an employment, change of control or
        severance-benefit agreement that contains a definition of “Disability” (or a corollary term), the definition set forth in such agreement applies with respect to such Participant for purposes of the Plan for so long as such agreement is in effect. 
        In every other case, “Disability” means, as determined by the Administrator, absence from work due to a disability for a period in excess of 90 days in any 12-month period that would entitle an employee of the Company to receive benefits under the
        Company’s long-term disability program as in effect from time to time (if the Participant were a participant in such program).

      

      

      “Employee”:  Any person who is employed by the Company or any of its subsidiaries.

      

      

      “Employment”:  A Participant’s employment or other service relationship with the Company or any of its
        subsidiaries.  Employment will be deemed to continue, unless the Administrator otherwise determines, so long as the Participant is employed by, or otherwise is providing services in a capacity described in Section 5 to, the Company or any of its
        subsidiaries; provided, that if a Participant is both an employee and a director or member of a board of directors of the Company and/or any of its affiliates, as applicable, Employment with respect to such Participant shall only mean service as an
        employee of the Company and/or its affiliates, unless the Administrator determines otherwise; provided, further, that if a Participant receives an Award in his or her capacity as an employee and later transitions to a consulting or
        non-employee service provider role, Employment with respect to such Participant shall only mean service as an Employee of the Company and/or its affiliates, unless the Administrator determines otherwise.  If a Participant’s employment or other
        service relationship is with any subsidiary of the Company and that entity ceases to be a subsidiary of the Company, the Participant’s Employment will be deemed to have terminated when the entity ceases to be a subsidiary of the Company unless the
        Participant transfers Employment to the Company or one of its remaining subsidiaries.  Notwithstanding the foregoing, in construing the provisions of any Award relating to the payment of “nonqualified deferred compensation” (subject to Section
        409A) upon a termination or cessation of Employment, references to termination or cessation of employment, separation from service, retirement or similar or correlative terms will be construed to require a “separation from service” (as that term is
        defined in Section 1.409A-1(h) of the Treasury Regulations), after giving effect to the presumptions contained therein) from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single “service
        recipient” with the Company under Section 1.409A-1(h)(3) of the Treasury Regulations.  The Company may, but need not, elect in writing, subject to the applicable limitations under Section 409A, any of the special elective rules prescribed in
        Section 1.409A-1(h) of the Treasury Regulations for purposes of determining whether a “separation from service” has occurred.  Any such written election will be deemed a part of the Plan.

      

      

      “Exchange Act”:  The Securities Exchange Act of 1934, as amended.

      

      

      “Fair Market Value”:  As of a particular date, as determined by the Administrator consistent with the rules of
        Section 422 and Section 409A, as applicable, (i) if the Stock is traded on the Nasdaq Capital Market (or any other national securities exchange on which the Stock is then listed), the closing price for a share of Stock for that date or, if no
        closing price is reported for that date, the closing price on the immediately preceding date on which a closing price was reported or (ii) in the event that the Stock is not traded on a national securities exchange, the fair market value of a share
        of Stock determined by the Administrator.

      

      

      “ISO”:  A Stock Option intended to be an “incentive stock option” within the meaning of Section 422.  Each
        Stock Option granted pursuant to the Plan will be treated as providing by its terms that it is to be an NSO unless, as of the date of grant, it is expressly designated as an ISO in the applicable Award Agreement.

      

      

      “NSO”:  A Stock Option that is not intended to be an “incentive stock option” within the meaning of Section
        422.

      

      

      “Participant”:  A person who is granted an Award under the Plan.

      

      

      “Performance Award”:  An Award subject to performance vesting conditions, which may include Performance
        Criteria.

      

      

      “Performance Criteria”:  Specified criteria, other than the mere continuation of Employment or the mere
        passage of time, the satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award.  A Performance Criterion and any targets with respect thereto need not be based upon an increase, a positive or improved
        result or avoidance of loss and may be applied to a Participant individually, or to a business unit or division of the Company or to the Company as a whole.  A Performance Criterion may also be based on individual performance and/or subjective
        performance criteria.  The Administrator may provide that one or more of the Performance Criteria applicable to an Award will be adjusted in a manner to reflect events (for example, but without limitation, acquisitions or dispositions) occurring
        during the performance period that affect the applicable Performance Criterion or Criteria.

      
        - 10 -

        
          

      

      “Plan”:  The Advent Technologies Holdings, Inc. 2021 Equity Incentive Plan, as from time to time amended and
        in effect.

      

      

      “Restricted Stock”:  Stock subject to restrictions requiring that it be forfeited, redelivered or offered for
        sale to the Company if specified performance or other vesting conditions are not satisfied.

      

      

      “Restricted Stock Unit”:  A Stock Unit that is, or as to which the delivery of Stock or of cash in lieu of
        Stock is, subject to the satisfaction of specified performance or other vesting conditions.

      

      

      “SAR”:  A right entitling the holder upon exercise to receive an amount (payable in cash or in shares of Stock
        of equivalent value) equal to the excess of the Fair Market Value of the shares of Stock subject to the right over the base value from which appreciation under the SAR is to be measured.

      

      

      “Section 409A”:  Section 409A of the Code and the regulations thereunder.

      

      

      “Section 422”:  Section 422 of the Code and the regulations thereunder.

      

      

      “Stock”:  Common stock of the Company, par value $0.0001 per share.

      

      

      “Stock Option”:  An option entitling the holder to acquire shares of Stock upon payment of the exercise price.

      

      

      “Stock Unit”:  An unfunded and unsecured promise, denominated in shares of Stock, to deliver Stock or cash
        measured by the value of Stock in the future.

      

      

      “Substitute Awards”:  Awards granted under the Plan in substitution for one or more equity awards of an
        acquired company that are converted, replaced or adjusted in connection with the acquisition.

      

      

      “Unrestricted Stock”:  Stock not subject to any restrictions under the terms of the Award.

       

      

      

  

  - 11 -

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