Document:

Exhibit 10.22

 

PURECYCLE TECHNOLOGIES, INC.

RESTRICTED STOCK AGREEMENT

 

WHEREAS, [________]
(the “Participant”) was granted Class C Units (“Incentive Units”) of PureCycle
Technologies, LLC, a Delaware limited liability company (“PureCycle LLC”) pursuant to an Incentive Unit
Award Agreement by and between PureCycle LLC and the Participant (including any amendments thereto, the “Incentive
Unit Agreement”), which Incentive Units are intended to be “profits interests” for U.S. tax purposes;

 

WHEREAS, a series of
mergers and other corporate transactions (collectively, the “Transaction”) will be completed as a result
of which PureCycle LLC will be wholly owned by PureCycle Technologies, Inc. (the “Company”), a
publicly traded corporation on the Nasdaq Capital Stock Market, LLC;

 

WHEREAS, as of immediately
prior to the Transaction, all or a portion of the Participant’s Incentive Units remain subject to vesting under the terms
of the Incentive Unit Agreement (the “Unvested Incentive Units”); and

 

WHEREAS, in connection
with the Transaction, the Participant’s Unvested Incentive Units will be converted into shares of common stock, par value
$0.001 per share (“Common Shares”) of the Company, subject to the restrictions and the terms and conditions
described herein.

 

NOW, THEREFORE, the
Company and the Participant hereby agree as follows, effective on the closing of the Transaction:

 

1.                 
Grant of Restricted Stock. Subject to and upon the terms, conditions and restrictions set forth in this Restricted
Stock Agreement between the Company and the Participant (the “Agreement”), the Company hereby grants
to the Participant as of the date of the closing of the Transaction (the “Date of Grant”) [________]
Common Shares that are subject to a substantial risk of forfeiture and transfer restrictions as described herein (the “Restricted
Shares”). The Restricted Shares are being granted as distributions on account of the Participant’s contribution
of the Unvested Incentive Units in connection with the Transaction.

 

2.                 
Restrictions on Transfer of Restricted Shares. The Restricted Shares shall not be transferable prior to Vesting
(as defined below) pursuant to Section 3 hereof other than by will or pursuant to the laws of descent and distribution.
Any purported transfer or encumbrance in violation of the provisions of this Section 2 shall be void, and the other
party to any such purported transaction shall not obtain any rights to or interest in such Restricted Shares.

 

3.                 
Vesting of Restricted Shares. The Restricted Shares covered by this Agreement shall become nonforfeitable
(“Vest” or similar terms) on the same proportional vesting schedule that would have applied to the related
Unvested Incentive Units under Section 3 or Section 6, as applicable, of the Incentive Unit Agreement, conditioned upon the Participant’s
continuous service with the Company or a subsidiary of the Company through each applicable vesting date. Any Restricted Shares
that do not so Vest will be forfeited, including (except as otherwise provided in Section 6 of the Incentive Unit Agreement) if
the Participant ceases to continue to provide services to the Company or a subsidiary of the Company prior to the applicable vesting
date. For purposes of this Agreement, “continuous service” (or substantially similar terms) means the absence of any
termination of the Participant’s employment or other service with the Company or a subsidiary of the Company. Continuous
service shall not be considered terminated in the case of transfers between locations of the Company and its subsidiaries.

 

     

     

    

 

4.                 
Section 83(b) Election. Within thirty (30) days following the Date of Grant, the Participant may make an election
with the Internal Revenue Service (an “83(b) Election”) under Section 83(b) of the Internal Revenue Code
of 1986, as amended (the “Code”) and, if an 83(b) Election is made, shall promptly provide a copy to
the Company. The form for making this election is attached hereto as Exhibit A for reference. The Participant acknowledges
that it is the Participant’s sole responsibility (and not the Company’s or any other person’s) to timely file
the 83(b) Election should Participant choose to do so.

 

5.                 
Rights as a Stockholder. The Participant shall have all the rights of a stockholder with respect to the Restricted
Shares, including the right to vote the Restricted Shares and receive all dividends paid thereon; provided, however,
that any additional Common Shares or other securities that the Participant may become entitled to receive pursuant to a stock dividend
or other distribution shall be subject to the same restrictions as the Restricted Shares covered by this Agreement.

 

6.                 
Retention of Stock Certificates by Company. The Restricted Shares will be issued either (a) in certificate
form or (b) in book entry form, registered in the name of the Participant, with legends or notations as applicable, referring to
the terms, conditions, and restrictions set forth in this Agreement. Certificates representing the Restricted Shares, if any, will
be held in custody by the Company together with a stock power endorsed in blank by the Participant with respect thereto, until
those Restricted Shares have Vested in accordance with Section 3.

 

7.                 
Adjustments. The Company shall make such adjustments to the number of Restricted Shares subject to this Agreement,
and the other terms and conditions of the grant evidenced by this Agreement, as the Company, in its sole discretion, determines,
in good faith, is equitably required to prevent dilution or enlargement of the rights of the Participant that otherwise would result
from any dividend, stock split, change in capital structure, merger, consolidation, spin-off, liquidation, distribution of assets
or other corporate transaction or event having a similar effect to any of the foregoing. Moreover, in the event of any such transaction
or event, the Company may provide in substitution for any or all outstanding Restricted Shares such alternative consideration (including
cash), if any, as it, in good faith, may determine to be equitable in the circumstances and shall require in connection therewith
the surrender of all such Restricted Shares so replaced.

 

8.                 
Withholding Taxes. To the extent that the Company is required to withhold federal, state, local or foreign
taxes in connection with the Restricted Shares, or any other payment to the Participant or under this Agreement, and the amounts
available to the Company for such withholding are insufficient, the Participant shall pay such taxes or make arrangements satisfactory
to the Company for payment of such taxes.

 

9.                 
Compliance With Law. The Company shall make reasonable efforts to comply with all applicable federal and state
securities laws; provided, however, notwithstanding any other provision of this Agreement, the Company shall not
be obligated to issue any Common Shares pursuant to this Agreement if the issuance thereof would result in a violation of any such
law.

 

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10.             
Compliance With Section 409A of the Code. To the extent applicable, it is intended that this Agreement comply
with or be exempt from the provisions of Section 409A of the Code. This Agreement shall be administered in a manner consistent
with this intent, and any provision that would cause this Agreement to fail to satisfy Section 409A of the Code shall have no force
or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by
Section 409A of the Code and may be made by the Company without the consent of the Participant). Any reference in this Agreement
to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated
with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

 

11.             
No Right to Future Grants or Employment. The grant of the Restricted Shares under this Agreement to the Participant
is being made on a one-time basis and it does not constitute a commitment to make any future grants. Nothing contained in this
Agreement shall confer upon the Participant any right to be employed or remain employed by the Company or any of its subsidiaries,
nor limit or affect in any manner the right of the Company or any of its subsidiaries to terminate the employment or adjust the
compensation of the Participant.

 

12.             
Relation to Other Benefits. The grant of the Restricted Shares and any payments made hereunder will not be
considered salary or other compensation for purposes of any severance pay or similar allowance, except as otherwise required by
law. Any economic or other benefit to the Participant under this Agreement shall not be taken into account in determining any benefits
to which the Participant may be entitled under any profit-sharing, retirement or other benefit or compensation plan maintained
by the Company or any of its subsidiaries and shall not affect the amount of any life insurance coverage available to any beneficiary
under any life insurance plan covering employees of the Company or any of its subsidiaries.

 

13.             
Amendments. This Agreement may be amended by the Company at any time and from time to time; provided,
however, that (a) no such amendment shall adversely affect the rights of the Participant under this Agreement without the
Participant’s written consent, and (b) the Participant’s consent shall not be required to an amendment that is deemed
necessary by the Company to ensure compliance with Section 409A of the Code or Section 10D of the Securities Exchange Act of 1934,
as amended.

 

14.             
Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any
reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions
hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

 

15.             
Electronic Delivery. The Company may, in its sole discretion, deliver any documents related to the Restricted
Shares by electronic means. The Participant hereby consents to receive such documents by electronic delivery.

 

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16.             
Governing Law. This Agreement shall be governed by and construed with the internal substantive laws of the
State of Delaware, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction.

 

17.             
Successors and Assigns. Without limiting Section 2 hereof, the provisions of this Agreement
shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of
the Participant and the successors and assigns of the Company.

 

18.             
Acknowledgement and Release. The Participant acknowledges that the Participant (a) has had an opportunity
to review the terms of this Agreement, (b) understands the terms and conditions of this Agreement and (c) agrees to such terms
and conditions. Further, the Participant (i) acknowledges that this Agreement, the Restricted Shares granted hereunder, and the
right to earnout shares pursuant to the merger agreement for the Transaction fully satisfy all rights the Participant previously
held with respect to the Unvested Incentive Units pursuant to the Incentive Unit Agreement; (ii) agrees that notwithstanding
any provisions herein or in the Incentive Unit Agreement or otherwise, the Company and PureCycle LLC do not guarantee the tax treatment
of the Incentive Units or the tax treatment of the Restricted Shares exchanged therefore; (iii) agrees that the Incentive Unit
Agreement will terminate upon the closing of the Transaction; and (iv) hereby releases the Company, PureCycle LLC and each of their
subsidiaries, affiliates, successors or assigns and each partner, officer, director, manager, equityholder, and employee of each
of them, from any claim, liability or obligation arising out of or relating to any rights the Participant had with respect to the
Unvested Incentive Units or regarding the tax treatment of the Incentive Units or the Restricted Shares. Finally, Participant acknowledges
that the Restricted Shares may be the subject of a market stand-off, lock-up or similar agreement entered into between the Company
and the Participant in connection with the Transaction, and the Participant hereby agrees to abide by the terms of (or execute,
to the extent the Participant has not already done so) any such agreement.

 

19.             
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together will constitute one and the same agreement.

 

[SIGNATURES
ON FOLLOWING PAGE]

 

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	 	PURECYCLE
    TECHNOLOGIES, INC.
	 	 
	 	By:	                        
	 	Name:	      	 
	 	Title:	 
	 	 
	 	 
	 	Participant Acknowledgment
    and Acceptance
	 	 
	 	 
	 	Print Name: 	                              
	 	 
	 	 
	 	Date:	 

 

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Exhibit A

 

Election Under Section 83(b) of the Internal Revenue Code

 

The undersigned taxpayer hereby elects,
pursuant to Section 83(b) of the Internal Revenue Code, to include in taxpayer’s gross income for the current taxable year,
the amount of any compensation taxable to taxpayer in connection with taxpayer’s receipt of the property described below:

 

	1.	The name, address, and taxpayer identification number of the undersigned are as follows:

 

Name: __________________________

 

Address:
_                                _______

 

Social
Security Number or Taxpayer ID: ________________

 

	2.	The property with respect to which the election is made is _________ shares of common stock (the
 “Restricted Shares”) of PureCycle Technologies, Inc., a Delaware corporation (the “Company”)
granted pursuant to the Restricted Stock Agreement between the Company and the undersigned (the “Award Agreement”).

 

	3.	Date on which the property was transferred: _____________.

 

	4.	Taxable year for which the election is being made: _________.

 

	5.	The property is subject to the following restrictions: The Restricted Shares are subject to forfeiture,
and shall become vested and nonforfeitable based on the undersigned’s continued service over time as described in the Award
Agreement. In addition, the Restricted Shares are subject to transfer and other restrictions set forth in such Award Agreement.

 

	6.	The fair market value of the property at the time of transfer (determined without regard to any
restriction other than a nonlapse restriction as defined in Section 1.83-3(h) of the Income Tax Regulations) is $_____ per share
x ________ Restricted Shares, for an aggregate value of $___________.

 

	7.	The amount paid for such Restricted Shares consisted of property with a fair market value equal
to the fair market value of such Restricted Shares at the time of transfer.
	 	 
	8.	The
amount to include in gross income is $0.

 

A copy of this statement was furnished
to the Company, to whom the taxpayer rendered the service underlying the transfer of property.

 

The undersigned understands that the
foregoing election may not be revoked except with the consent of the Commissioner of the Internal Revenue Service.

 

Date: _____________________________

 

Taxpayer’s Signature: _____________________________

 

Taxpayer’s Name (Printed): _____________________________Exhibit 10.24

 

CEO Executive Employment Agreement

 

This
CEO Executive Employment Agreement (the "Agreement") is made and entered into as of November
14, 2020 (the "Effective Date"),
by and between Michael Otworth (the "Executive") and PureCycle Technologies LLC, a Delaware limited liability
company (the "Company").

 

WHEREAS, the Board of Directors of the
Company (the "Board") has approved the Company entering into an employment agreement with the Executive;

 

WHEREAS, the Executive is now the Chief
Executive Officer of the Company and thus the key senior executive of the Company;

 

WHEREAS, the Executive has been performing
the role of Chief Executive Officer of the Company pursuant to agreements with Innventure Management Services LLC, the Company
and the Executive;

 

WHEREAS, the Company would like to enter
into a formal agreement with the Executive to set forth the terms of Executive’s employment with the Company.

 

NOW THEREFORE, in consideration of the
recitals and the mutual agreements herein set forth, the Company and the Executive agree as follows:

 

1.         
Term.
Subject to Section 5 of this Agreement, the Executive's initial term of employment hereunder (the "Initial Term")
shall be from the period beginning on the Effective Date until two (2) years after the Effective Date. After the Initial Term,
the Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for successive periods of one
year, unless either party provides written notice of its intention not to extend the term at least 90
days prior to the end of the Initial Term or one-year extension thereof. The cumulative period during which the Executive
is employed by the Company hereunder is hereinafter referred to as the "Employment Term." Notwithstanding the
foregoing, this Agreement shall terminate and be of no further force or effect if a business combination of the Company with a
company formed to raise capital through an initial public offering for the purpose of acquiring an existing company (a "SPAC
Transaction") is not completed on or before December 31, 2021.

 

2.         
Position
and Duties.

 

2.1          
Position.
During the Employment Term, the Executive shall serve as the Chief Executive Officer of
the Company, reporting only to the Board. In such position, the Executive shall have such
duties, authority, and responsibilities as are consistent with the Executive's position. For as long as the Executive serves as
Chief Executive Officer of the Company, the Executive will be nominated to the Board, serving as its Chairman as set forth in
the bylaws of the Company.

 

2.2          
Duties.
During the Employment Term, the Executive shall devote substantially all of his business
time and attention to the performance of the Executive's duties hereunder and will not engage in any other business, profession,
or occupation for compensation or otherwise which would conflict or interfere with the performance of such services either directly
or indirectly without the prior written consent of the Board.

 

     

     

    

 

3.            
Place
of Performance. The principal place of Executive's employment shall be the Company's principal executive office currently
located in Orlando, Florida; provided that, the Executive will be required to travel on
Company business during the Employment Term.

 

4.            
Compensation.

 

4.1          
Base
Salary. The Company shall pay the Executive an annual rate of base salary of $750,000
in periodic installments in accordance with the Company's customary payroll practices and applicable wage payment laws,
but no less frequently than monthly. The Executive's base salary shall be reviewed at least annually by the Board and the Board
may increase but not decrease the Executive's base salary during the Employment Term. The Executive's annual base salary, as in
effect from time to time, is hereinafter referred to as "Base Salary."

 

4.2          
Annual
Bonus.

 

(a)          
For each calendar year of the Employment Term beginning with the calendar year in
which a SPAC Transaction is consummated, the Executive shall be eligible to receive an annual bonus (the "Annual Bonus").
However, the decision to provide any Annual Bonus and the amount and terms of any Annual Bonus shall be in the sole and absolute
discretion of the Board.

 

(b)          
The Annual Bonus, if any, will be paid within two and a half (2 1/2) months after the end
of the applicable calendar year.

 

(c)          
Except as otherwise provided in Section 5, in order to be eligible to receive an Annual Bonus for any calendar year, the
Executive must be employed by the Company on the last day of such calendar year.

 

4.3          
SPAC Bonus. If (a) a SPAC Transaction (including the SPAC Transaction contemplated by the Agreement and Plan of
Merger by and among the Company, Roth CH Acquisition I Co. Parent Corp., Roth CH Acquisition I Co. and the other parties thereto
expected to be entered into in November 2020) is completed, and (b) the Executive remains continuously employed with the Company
through the completion of such SPAC Transaction, the Company shall pay the Executive a lump sum amount in cash equal to $5,000,000
on the date of the completion of such SPAC Transaction.

 

4.4          
Equity
Awards. During the Employment Term following the consummation of a SPAC Transaction,
the Executive shall be eligible to participate in the PureCycle Technologies LLC Amended and Restated Equity Incentive Plan or
any successor plan (the "Equity Plan"), subject to the terms of the Equity Plan, as determined by the Board or,
if applicable, the Compensation Committee of the Board, in its discretion.

 

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4.5         
 Fringe
Benefits and Perquisites. During the Employment Term, the Executive shall be entitled to fringe benefits and perquisites
consistent with those provided to similarly situated executives of the Company.

 

4.6          Employee
Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans,
practices, and programs maintained by the Company, as in effect from time to time (collectively, "Employee Benefit Plans"),
on a basis which is no less favorable than is provided to other similarly situated executives of the Company, to the extent
consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend
or terminate any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan
and applicable law.

 

4.7          Vacation;
Paid Time Off. PureCycle Technologies has an open vacation and sick day policy, provided that Employee meets the requirements
of employment. Employee is trusted to manage Employee’s own schedule as long as Employee is getting work done on time and
with high quality results.

 

4.8          Business
Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business,
entertainment, and travel expenses incurred by the Executive in connection with the performance of the Executive's duties hereunder
in accordance with the Company's expense reimbursement policies and procedures.

 

4.9          Indemnification.
The Company shall indemnify and hold the Executive harmless to the same extent as other
directors and officers of the Company for acts and omissions in the Executive's capacity as an officer, director, or employee
of the Company as set forth in the Company’s governing documents and any individual indemnification agreement with the Executive.

 

4.10        Liability
Insurance. The Company shall ensure that the Executive is covered at all times under the same Director and Officer (D&O)
insurance that is provided to members of the board of the Company.

 

5.         
Termination
of Employment. Notwithstanding anything herein to the contrary, the compensation and benefits described in this Section
5 shall be effective only after the consummation of a SPAC Transaction. The Employment Term and the Executive's employment hereunder
may be terminated by either the Company or the Executive at any time and for any reason or for no particular reason; provided
that, unless otherwise provided herein, either party shall be required to give the other party at least 30
days advance written notice of any termination of the Executive's employment. Upon termination of the Executive's employment
during the Employment Term, the Executive shall be entitled to the compensation and benefits described in this Section 5 and shall
have no further rights to any compensation or any other benefits from the Company or any of its affiliates.

 

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5.1          
Expiration
of the Term, For
Cause, or Without Good Reason.

 

(a)          
 The Executive's employment hereunder may be terminated upon either party's failure to
renew the Agreement in accordance with Section 1, by the Company for Cause, or by the Executive without Good Reason and the Executive
shall be entitled to receive:

 

(i)              
any accrued but unpaid Base Salary and accrued but unused vacation which shall be paid on the pay date immediately following
the date of the Executive’s termination in accordance with the Company’s normal payroll procedures;

 

(ii)             
any earned but unpaid Annual Bonus with respect to any completed calendar year immediately preceding the date of the Executive's
termination, which shall be paid on the otherwise applicable payment date except to the extent payment is otherwise deferred pursuant
to any applicable deferred compensation arrangement; provided that, if the Executive's employment is terminated by the Company
for Cause or the Executive resigns without Good Reason, then any such earned but unpaid Annual Bonus shall be forfeited;

 

(iii)            
reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid
in accordance with the Company's expense reimbursement policy; and

 

(iv)            
such employee benefits (including equity compensation), if any, to which the Executive may be entitled under the Company's
employee benefit plans as of the date of the Executive's termination; provided that, in no event shall the Executive be entitled
to any payments in the nature of severance or termination payments except as specifically provided herein.

 

Items 5.1(a)(i) through 5.1(a)(iv)
are referred to herein collectively as the "Accrued Amounts."

 

(b)          
For purposes of this Agreement, "Cause" shall mean:

 

(i)              
the Executive's willful failure to perform his duties
(other than any such failure resulting from incapacity due to physical or mental illness);

 

(ii)             
the Executive’s willful failure to comply with any valid and legal directive of the Board;

 

(iii)            
the Executive's willful engagement in dishonesty, illegal conduct, or misconduct,
which is, in each case, injurious to the Company or its affiliates;

 

(iv)            
the Executive's embezzlement, misappropriation, or fraud, whether or not related
to the Executive's employment with the Company;

 

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(v)            
 the Executive's conviction of or plea of guilty or nolo contendere to a crime that
constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude;

 

(vi)            
the Executive’s material violation of the Company’s written policies or codes
of conduct, including written policies related to discrimination, harassment, performance of illegal or unethical activities,
and ethical misconduct;

 

(vii)           
the Executive's material breach of any material obligation under this Agreement
or any other written agreement between the Executive and the Company; or

 

(viii)          
the Executive’s engagement in conduct that brings or is reasonably likely to bring the Company negative publicity
or into public disgrace, embarrassment, or disrepute.

 

For
purposes of this provision, none of the Executive's acts or failures to act shall be considered "willful" unless
the Executive acts, or fails to act, in bad faith or without reasonable belief that the action or failure to act was in the best
interests of the Company. The Executive's actions, or failures to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be in good faith and in the
best interests of the Company.

 

Except for a failure, breach, or
refusal which, by its nature, cannot reasonably be expected to be cured, the Executive shall have 10 business days from the delivery
of written notice by the Company within which to cure any acts constituting Cause.

 

(c)          
For purposes of this Agreement, "Good Reason" shall mean the occurrence of any of the following, in each
case during the Employment Term without the Executive's prior written consent:

 

(i)              
any material breach by the Company of any material provision of this Agreement or
any material provision of any other agreement between the Executive and the Company;

 

(ii)             
the Company's failure to obtain an agreement from any successor to the Company to
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform
if no succession had taken place, except where such assumption occurs by operation of law;

 

(iii)            
the Company's failure to nominate the Executive for election to the Board and to
use its best efforts to have him elected and re-elected, as applicable;

 

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(iv)             a material, adverse change in the Executive's title, authority, duties, or responsibilities
(other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law);
or

 

(v)              a
material adverse change in the reporting structure applicable to the Executive.

 

To
terminate his employment for Good Reason, the Executive must provide written notice
to the Company of the existence of the circumstances providing grounds for termination for Good Reason within 30
days of the initial existence of such grounds and the Company must have at least 30 days
from the date on which such notice is provided to cure such circumstances. If the Executive does not terminate his
employment for Good Reason within 30 days after the expiration of the Company’s cure period, then the Executive will
be deemed to have waived his right to terminate for Good Reason with respect to such grounds.

 

5.2          
Without
Cause or for Good Reason. The Employment Term and the Executive's employment hereunder may be terminated by the Executive
for Good Reason or by the Company without Cause. In the event of such termination, the
Executive shall be entitled to receive the Accrued Amounts and subject to the Executive's compliance with Section 6 of this Agreement
and the agreements referenced therein and his execution, within 21 days following receipt,
of a release of claims in favor of the Company, its affiliates and their respective officers and directors in a form provided
by the Company (the "Release") (such 21-day period, the "Release Execution Period"), and the
Release becoming effective according to its terms, the Executive shall be entitled to receive the following:

 

(a)          
A lump sum payment equal to Executive's Base Salary for the unexpired portion of the Initial Term, which shall be paid
within 30 days following the date of the Executive's termination.

 

(b)          
If the Executive timely and properly elects health continuation coverage under the
Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), the Company shall reimburse the Executive for
the difference between the monthly COBRA premium paid by the Executive for himself
and his dependents and the monthly premium amount paid by similarly situated active executives. Such reimbursement shall
be paid to the Executive on the first of the month immediately following the month in which
the Executive timely remits the premium payment. The Executive shall be eligible to receive such reimbursement until the earliest
of: (i) the twelve-month anniversary of the date of the Executive's termination; (ii) the
date the Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive becomes
eligible to receive substantially similar coverage from another employer or other source.
Notwithstanding the foregoing, if the Company's making payments under this Section 5.2(b) would violate the nondiscrimination
rules applicable to non-grandfathered, insured group health plans under the Affordable Care Act (the "ACA"),
or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder, the parties
agree to reform this Section 5.2(b) in a manner as is necessary to comply with the ACA.

 

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(c)          
The treatment of any outstanding equity awards shall be determined in accordance with the terms of the Equity
Plan and the applicable award agreements.

 

5.3          
Death
or Disability.

 

(a)          
The Executive's employment hereunder shall terminate automatically upon the Executive's death during the Employment Term,
and the Company may terminate the Executive's employment on account of the Executive's Disability.

 

(b)          
If the Executive's employment is terminated during the Employment Term on account of the Executive's death or Disability,
the Executive (or the Executive's estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

 

(i)              
the Accrued Amounts; and

 

(ii)             
a lump sum payment equal to the product of (i) the Annual Bonus, if any, that the
Executive otherwise would have earned for the calendar year that includes the date of the
Executive's termination had no termination occurred, based on achievement of the applicable performance goals for such year and
(ii) a fraction, the numerator of which is the number of days the Executive was employed by the Company during the year of termination
and the denominator of which is the number of days in such year (the "Pro Rata Bonus"), which shall be payable
on the date that annual bonuses are paid to the Company's similarly situated executives, but in no event later than two-and-a-half
(2 1/2) months following the end of the calendar year that includes the date of the Executive's
termination.

 

Notwithstanding any other provision
contained herein, all payments made in connection with the Executive's Disability shall be provided in a manner which is consistent
with federal and state law.

 

(c)          
For purposes of this Agreement, "Disability" shall mean the Executive's inability, due to physical or
mental incapacity, to perform the essential functions of his job, with or without reasonable
accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred twenty (120)
consecutive days. Any question as to the existence of the Executive's Disability as to which the Executive and the Company cannot
agree shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company.
The determination of Disability made in writing to the Company and the Executive shall be final and conclusive for all purposes
of this Agreement.

 

5.4          
Notice
of Termination. Any termination of the Executive's employment hereunder by the Company or by the Executive during the
Employment Term (other than termination pursuant to Section 5.3(a) on account of the Executive's death) shall be communicated
by written notice of termination ("Notice of Termination") to the other party hereto in accordance with Section
15. The Notice of Termination shall specify:

 

    -7- 

     

    

 

(a)          
the termination provision of this Agreement relied upon;

 

(b)          
to the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive's employment
under the provision so indicated; and

 

(c)          
the applicable date of termination, which shall be no less than 30 days following
the date on which the Notice of Termination is delivered if the Company terminates the Executive's employment without Cause, or
no less than 30 days following the date on which the Notice of Termination is delivered
if the Executive terminates his employment with or without Good Reason; provided that, the Company shall have the option to provide
the Executive with a lump sum payment in lieu of such notice.

 

5.5          
Resignation
of All Other Positions. Upon termination of the Executive's employment hereunder for any reason, the Executive agrees
to resign from all positions that the Executive holds as an officer or member of the Board (or a committee thereof) of the Company
or any of its affiliates.

 

6.         
Confidential
Information and Restrictive Covenants. As a condition of the Executive's employment with the Company and entitlement
to the compensation and benefits set forth herein, the Executive shall enter into and abide by the Restrictive Covenants Agreement
attached hereto as Exhibit A (the “Restrictive Covenants Agreement”).

 

7.         
Governing
Law, Jurisdiction, and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of Florida
without regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement shall
be brought only in a state or federal court located in the state of Florida, county of Orange. The parties hereby irrevocably
submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such
action or proceeding in such venue.

 

8.         
Entire
Agreement. Unless specifically provided herein, this Agreement, together with the Restrictive Covenants Agreement,
contains all of the understandings and representations between the Executive and the Company pertaining to the subject matter
hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and
oral, with respect to such subject matter.

 

9.         
Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed
to in writing and signed by the Executive and approved by the Board. No waiver by either of the parties of any breach by the other
party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver
of any similar or dissimilar provision or condition at the same or any prior or subsequent time.

 

    -8- 

     

    

 

10.      
 Severability.
Should any provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality,
or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided
above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set forth herein.

 

11.       
Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of
this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

12.       
Counterparts.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

13.       
Section
409A.

 

13.1        
General
Compliance. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed
and administered in accordance with such intent. Notwithstanding any other provision of this Agreement, payments provided under
this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any
nonqualified deferred compensation payments under this Agreement that may be excluded from Section 409A either as separation pay
due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent
possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate
payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a "separation
from service" under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and
benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion
of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of non-compliance with Section
409A.

 

13.2        
Specified
Employees. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive
in connection with his termination of employment is determined to constitute "nonqualified
deferred compensation" within the meaning of Section 409A and the Executive is determined to be a "specified employee"
as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following
the six-month anniversary of the date of the Executive's termination or, if earlier, on the Executive's death (the "Specified
Employee Payment Date"). The aggregate of any payments that would otherwise have been paid before the Specified Employee
Payment Date shall be paid to the Executive in a lump sum on the Specified Employee Payment
Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.

 

    -9- 

     

    

 

13.3       
 Reimbursements.
To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided
in accordance with the following:

 

(a)          
the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect
the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(b)          
any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year
following the calendar year in which the expense was incurred; and

 

(c)          
any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for
another benefit.

 

14.       
Successors
and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported
assignment by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this
Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, other business combination
(including a SPAC Transaction) or otherwise) to all or substantially all of the business or assets of the Company. This Agreement
shall inure to the benefit of the Company and permitted successors and assigns.

 

15.       
Notice.
Notices and all other communications provided for in this Agreement shall be given in writing by personal delivery, electronic
delivery, or by registered mail to the parties at the addresses set forth below (or such other addresses as specified by the parties
by like notice):

 

If to the Company:

 

PureCycle Technologies LLC

 

5950 Hazeltine National Drive, Suite 650

Orlando, FL 32822

 

If to the Executive: the most
recent mailing address provided by the Executive to the Company as reflected in the Company’s records.

 

16.       
Representations
of the Executive. The Executive represents and warrants to the Company that:

 

The
Executive's acceptance of employment with the Company and the performance of his duties
hereunder will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding
to which he is a party or is otherwise bound.

 

The
Executive's acceptance of employment with the Company and the performance of his duties
hereunder will not violate any non-solicitation, non-competition, or other similar covenant or agreement of a prior employer or
third-party.

 

    -10- 

     

    

 

17.      
 Withholding.
The Company or its designee shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes
in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

18.       
Survival.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall
survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

19.       
Acknowledgement
of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY
READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE
HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT.

 

[signature page
follows]

 

    -11- 

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the Effective Date.

 

	 	PURECYCLE
    TECHNOLOGIES LLC
	 	 
	 	 
	 	By	/s/
    Rick Brenner
	 	Name:
    Richard Brenner
	 	Title:
    Board Member

 

	EXECUTIVE	 
	 	 
	Signature:	/s/
    Michael Otworth	 
	Print
    Name: 	Michael
    Otworth	 

 

	PCT
    Board Approval:	 
	 	 
	Richard
    Brenner 	/s/
    Richard Brenner	 
	John
    Scott 	/s/
    John Scott	 
	Andy
    Glockner 	/s/
    Andy Glockner	 
	Tanya
    Burnell 	/s/
    Tanya Burnell	 
	Jim
    Donnally 	/s/
    Jim Donnally	 

 

     

     

    

 

Exhibit A

 

Form of Restrictive Covenants Agreement

 

[See attached]

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