Document:

Exhibit 4.20

 

 

CEO Agreement

 

between

 

ads-tec Energy GmbH, Heinrich-Hertz-Straße 1, 72622 Nürtingen,
represented by its shareholder ads-tec Energy PLC, this one represented by Prof. Kurt Lauk as its chairman of board of directors.

 

(hereafter "ads-tec Energy GmbH" or „company“)

 

and

 

Dipl.-Ing. Thomas Speidel, Lembergerweg 13, 71706 Markgröningen

 

Preliminary remark

 

Thomas Speidel has been working as managing director for ads-tec Energy
GmbH in Nürtingen and its subsidiaries for many years. The group of companies of which ads-tec Energy GmbH forms part (the “ads-tec
Group”) is continuing to develop at a highly dynamic pace. Based on the excellent cooperation to date, Thomas Speidel is now
also to take on further tasks with an even higher level of responsibility. In this connection the parties agree the following, expressly
maintaining all other provisions set out in the Managing Director's Contract between Thomas Speidel and ads-tec Holding GmbH together
with any amendment agreements, these shall remain unaffected by this CEO agreement:

 

1. Position, role, area of responsibility

 

All material
decisions to be made with regard to Thomas Speidel’s area of responsibility as CEO of ads-tec Energy GmbH will be made in Germany.
It is expected that Thomas Speidel will be working in Germany on behalf of ads-tec Energy GmbH and its affiliates except ads-tec
Energy plc and he will participate in day-to-day negotiation of sales contracts or perform key decision-making activities on behalf of
GmbH while in Germany. He also will keep his position as CEO of ads-tec Holding GmbH.

 

	ads-tec
    Energy GmbH

    Heinrich-Hertz-Straße 1

    D-72622 Nürtingen	Tel.:
    +49 7022 2522-0
 Fax: +49 7022 2522-400
 www.ads-tec.de, mailbox@ads-tec.de	Geschäftsführer:
    Thomas Speidel, Robert Vogt

    USt-IdNr.: DE31 56 72 626

    Registergericht Stuttgart HRB 762810	Baden-Württembergische
    Bank

    IBAN: DE88600501010405071830

    BIC: SOLADEST600

 

     

     

    

 

 

 

2. Parallel service contract
relationships, agreements with third parties

 

ads-tec
Energy GmbH is aware that Thomas Speidel will continue to perform the
duties at company and affiliated companies of ads -tec group, in particular with ads-tec Holding GmbH as
managing director in Germany. In turn, ads-tec Holding GmbH and
ads-tec Energy GmbH are aware that a key focus of Thomas Speidel's
future role will be to fulfil his new role as CEO of ads-tec Energy GmbH. ads-tec Energy GmbH is aware of and are acknowledging
and expressly consenting to Thomas Speidel acting as director and/or CEO of various group companies or taking on other management positions
for other legal entities where the majority shareholder is the Speidel family.

 

There is all-round mutual agreement on this.

 

3. Fixed remuneration 

 

A fixed remuneration
of EUR 400,000.00 gross will be paid by ads-tec Energy GmbH with effect from beginning of this agreement for services rendered by Thomas
Speidel to ads-tec Energy GmbH. Payment will be in twelve equal monthly instalments, in each case at the end of the month, into the account
of Thomas Speidel into which payments are currently made, in USD or –
if he chooses – in EUR. 

 

The fixed remuneration and the other remuneration
components will be deemed to fully compensate Thomas Speidel for his activity for company and - if applicable - its affiliates (other
than in respect of any role undertaken on behalf of ads-tec Energy plc which is compensated by the remuneration arrangements set out in
the Director Appointment letter.). Any overtime, based on the current individual regular weekly working hours of at least 40 hours, will
also be deemed paid. This is in accordance with the recommendations of Pearl Meyer.

 

4. Additional payments and benefits

 

In addition,
Thomas Speidel will receive the following additional payments with effect
from beginning of this agreement in respect of services rendered to ads-tec Energy GmbH in accordance with the recommendations referring
to remuneration of Pearl Meyer: 

 

		1.	Annual incentive: Annual target bonus of EUR 300,000.00 in the event that the targets set
out in the business plan are achieved in full (100 %). Notwithstanding such target, the specific amount, if any, of any annual bonus shall
be determined in ads-tec Group's compensation committee based on achievement of certain individual and Company goals to be established
by the ads-tec Group for each fiscal year. Any annual bonus will be paid within 90 days following the end of the fiscal year in which
the applicable services were performed, in accordance with the ads-tec Group's bonus payment practices in effect from time to time.

 

		2.	Long term incentive: During this contract, the CEO shall be eligible to participate in the
ads-tec Group wide long term incentive program at a level set by the compensation committee of the ads-tec Group and in line with competitive
market practices as defined at the time of the grant.

 

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		3.	Legal protection: The intention is for the CEO to be included in a D&O insurance policy
still to be taken out by ads-tec Group.

 

		4.	Transaction awards: Furthermore, the CEO will receive a transaction award in form of Restricted
Stock Units ("RSU") with a value of USD 750,000.00 as outlined and defined in the Pearl Meyer stock compensation recommendations
shown in the executive compensation part of the F-4 Filing.

 

Any intra-group transfer prices required
do not affect the employment relationship with Thomas Speidel.

 

5.   Commencement
and Termination

 

This Agreement shall apply with
effect from 23.12.2021. ads-tec Energy GmbH and the CEO may terminate their working relationship anytime ("employment at will")
in line with the company's then existing termination policy. Both parties, however, expect a term of contract until 31 December 2024.

 

6.   Governing
Law, Place of jurisdiction

 

This Agreement shall in all respects
be interpreted, enforced, and governed by the laws of Germany. With respect to any court action, parties agree on the courts which are
competent for Nürtingen, Germany.

 

	Dublin,
    4/19/2022	 	Nürtingen,
     4/19/2022

 

	/s/ Kurt Lauk	 	/s/ Thomas Speidel
	Prof. Kurt Lauk as	 	Dipl.-Ing. Thomas Speidel
	 	 	 
	Legal Representative of ads-tec Energy plc	 	 
	as sole shareholder and legal	 	 
	representative of ads-tec Energy GmbH	 	 

 

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Side letter to CEO Agreement from 4/19/2022

 

between

 

ads-tec Energy GmbH and Dipl.-Ing. Thomas
Speidel.

 

ads-tec Energy GmbH, Heinrich-Hertz-Straße
1, 72622 Nürtingen, Germany

 

ads-tec Energy plc, Mespil Business Centre,
Mespil House, Sussex Road, Dublin 4, Ireland,

 

ads-tec Energy Holding, Heinrich-Hertz-Straße
1, 72622 Nürtingen, Germany, and

 

Dipl.-Ing. Thomas Speidel, Lembergerweg
13, 71706 Markgröningen, Germany.

 

Clarifications and additions

 

		1.	The undersigning parties are aware, acknowledge and expressly consent that Thomas Speidel continues to
perform duties at each of the undersigning companies, in particular as managing director with ads-tec Holding GmbH in Germany, as CEO
with ads-tec Energy GmbH in Germany and as executive director with ads-tec Energy plc in Ireland, and that in the future he may perform
tasks for other affiliated companies of ads -tec group. All parties are aware that a key focus of Thomas Speidel's role will be to fulfil
his role as CEO of ads-tec Energy GmbH. All parties are expressly consenting to Thomas Speidel acting as director and/or CEO of various
group companies or taking on other management positions for other legal entities where the majority shareholder is the Speidel family.

 

		2.	Insofar as Mr Thomas Speidel provides services for an undersigning party without being remunerated by
these service-receiving company itself, the service-receiving companies will compensate each other at market conditions (dealing at arm's
length).

 

	Nürtingen,
     4/19/2022	 	/s/ Thomas Speidel
	place, date	 	 Legal representative of ads-tec Energy GmbH

 

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	Dublin,
    4/19/2022	 	/s/ Kurt Lauk
	place, date	 	Legal representative of ads-tec Energy plc.

 

 

 

 

 

	Nürtingen,
     4/19/2022	 	/s/ Thomas Speidel
	place, date	 	Legal representative of ads-tec Holding GmbH

 

 

 

 

 

	Nürtingen,
     4/19/2022	 	/s/ Thomas Speidel
	place, date	 	Dipl.-Ing. Thomas Speidel 

 

 

Seite 5 von
5Exhibit 4.24

 

 

 

 

Amendment to the Service Contract dated 13 March
2020

between

ads-tec Energy GmbH, Heinrich-Hertz-Straße 1, 72622 Nürtingen,
represented by its shareholder, ads-tec Energy PLC, represented, in turn, by its duly authorised director, CEO Thomas Speidel

– “ads E” –

and

 

Robert Vogt, Alois-Gessner-Weg 3, 73666 Baltmannsweiler

 

Preliminary remarks

 

Mr Vogt has been working for ads E in Nürtingen as commercial
director (Chief Financial Officer, “CFO”) since 1 April 2020. The ads-tec group is continuing to develop at a highly dynamic
pace and ads E has also agreed to perform certain services on behalf of other ads-tec group entities (the “Group Services”).
Based on the excellent cooperation to date, Mr Vogt is now also to take on further tasks with an even higher level of responsibility.
In this connection the parties agree, retroactively from 23 December 2021, the following, expressly maintaining all other provisions set
out in the Service Contract dated 13 March 2020 together with any amendment contracts:

 

		1.	Position, role, area of responsibility

 

		a)	Upon the expiry of 45 days after this Contract has become effective, i.e.,
with effect from 6 February 2022, Mr Vogt will additionally assume the duties of CAO (Chief Accounting Officer) employed by ads-E to perform
accounting services to ads E and in addition to perform certain of the Group Services on behalf of ads E for the ads-tec Energy group
of companies, consisting of ads-tec Energy plc and all its direct and indirect subsidiaries (“ads Group”).

 

		b)	Mr Vogt’s responsibilities will include, in particular, the management
of Controlling, Finance and Shared Services on behalf of ads E in the performance of the Group Services.

 

		2.	Parallel employment, agreements with affiliated companies

 

ads Group is aware that Mr Vogt will
continue to perform his duties at ads E as CFO to a reduced extent, however the reduction will be in correlation to the expansion of his
duties for ads E in relation to the Group Services as agreed in this Contract. Conversely, ads E is also aware that Mr Vogt’s future duties
will include acting as CAO. There is all-round mutual agreement on this.

 

	ads-tec
    Energy GmbH

    Heinrich-Hertz-Straße 1

    D-72622 Nürtingen	Tel.:+49
    7022 2522-0

    Fax:+49 7022 2522-400

    www.ads-tec.de, mailbox@ads-tec.de	Geschäftsführer:
    Thomas Speidel, Robert Vogt

    USt-IdNr.: DE31 56 72 626

    Registergericht Stuttgart HRB 762810	Baden-Württembergische
    Bank

    IBAN: DE88600501010405071830

    BIC: SOLADEST600

 

     

     

    

 

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		3.	Fixed remuneration 

 

The current fixed remuneration will be
increased to EUR 250,000.00 gross with effect from the commencement of this Contract. Payment will be made in twelve equal monthly instalments,
in each case at the end of each month, into the account of Mr Vogt into which payments are currently made.

 

The fixed remuneration
and the other remuneration components will be deemed to fully compensate Mr Vogt for his activity. Any overtime, based on the current
individual regular weekly working hours of at least 40 hours, will also be deemed paid.

 

		4.	Additional services

 

In addition, Mr Vogt will receive the
following further benefits for his services to the ads Group:

 

		a)	Discretionary bonus: Mr Vogt will receive a discretionary bonus of
up to EUR 112,500.00 gross per year in the event of 100% achievement of the targets set out in the ads Group business plan. Irrespective
of these targets, the amount of the annual bonus, if any, will be determined at the sole discretion of ads E based on the achievement
of certain personal and corporate targets set by ads E for each financial year. Insofar as such targets relate to the Group Services supplied
by ads E to the ads Group, ads E may consult with members of the ads Group in determining the extent to which such targets have been achieved.
Each annual bonus will be paid in EUR within 90 days of the end of the financial year in which the services to be assessed were performed
in accordance with the applicable ads Group rules for bonus payment, as amended from time to time.

 

		b)	Stock bonus: During the term of this Contract, Mr Vogt is eligible
to receive stock options and other stock option-based incentives under the Holdco 2021 Omnibus Incentive Plan or any successor plan (“Omnibus
Incentive Plan”) as additional remuneration for his employment with ads E. Such incentives will be made at the sole discretion of
the Remuneration Committee of the Board of Directors of the Holdco (ads-tec Energy plc) and ads-tec Energy plc is under no obligation
to grant any such incentives of stock-option based awards in any year. 

 

		c)	Legal protection: The intention is for Mr Vogt to be included in a
D&O insurance policy still to be taken out by ads Energy plc on behalf of the ads Group. Such insurance is currently not yet available.
Until this insurance is taken out with legal effect and until Mr Vogt is included in the group of insured persons, ads E agrees to create
earmarked provisions of up to EUR 5,000,000.00 for any potential legal defence for the executive employees of the ads Group.

 

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		d)	Sign on bonus: In addition, Mr Vogt will receive a sign on bonus in
the form of restricted stock units (RSUs) in the amount of USD 250,000.00 as set out and described in the ads-tec Energy plc “2021
Omnibus Incentive Plan”. Of these, 25% will become vested after a contractual term of one year in each case and become shares in
the Holdco (ads-tec Energy plc), i.e., a total of 100% after a term of four years, provided the service relationship still exists at that
time. In the event that the service relationship is terminated by the company without good cause within the meaning of section 626 German
Civil Code (BGB) for the company, all of the outstanding and vesting RSUs will become vested and due with immediate effect as of
the termination date. 

 

		5.	Amendment to 10.1 of the Service Contract 13 March 2020, provisions in the event of termination of the Service Contract

 

		a)	With regard to the current fixed term, according to which the Service Contract would end on 31 March 2023, the parties agree that
the Contract will be continued for an indefinite period with effect from 23 December 2021; the fixed term to 31 March 2023 will cease
to apply. Both parties may terminate the Contract with a notice period of six months to the end of a quarter.

 

		b)	If ads E terminates the Service Contract without the company having good cause within the meaning of section 626 German Civil Code
(BGB ), ads E undertakes to pay Mr Vogt a severance payment equal to half of the then current annual fixed salary. The severance
payment will be due for payment when the service relationship ends. The same applies if Mr Vogt terminates the Service Contract for a
good cause for which ads E or the ads Group is responsible.

 

		c)	In the event of a Change in Control (as such term is defined in the ads-tec Energy plc 2021 Omnibus Incentive Plan), Mr Vogt has a
one-time special right to terminate the Service Contract with a notice period of three months to the end of a month. If he exercises this
special right of termination, Mr Vogt will be entitled to payment of the severance pay in accordance with the preceding paragraph 2. The
special right of termination will only exist within three months after the date on which the Change in Control becomes legally effective,
of which Mr Vogt must be notified in writing.

 

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		6.	Continued validity in other respects 

 

All other provisions of the Service Contract dated
13 March 2020 and any amendment contracts will remain unchanged and continue to apply.

 

Nürtingen
(place), 01.02.2022 

 

	/s/ Thomas Speidel	 	/s/ Robert Vogt
	

Thomas Speidel as director of the shareholder, ads-tec Energy PLC

     
	 	

Robert Vogt, CAO

	/s/ Thomas Speidel	 	 
	Thomas Speidel, duly authorized for and on behalf of
ads-tec Energy GmbH, as employer

	 	 

 

 

 

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