Document:

EX-10.4

 Exhibit 10.4 

ENOVATION CONTROLS, INC. 

2014 LONG-TERM INCENTIVE PLAN 

FORM OF NONQUALIFIED STOCK OPTION AGREEMENT 

This NONQUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) is made and entered into as of the date of grant set forth below
(the “Date of Grant”) by and between Enovation Controls, Inc., a Delaware corporation (the “Company”), and the individual named below (the “Optionee”). Capitalized terms not defined herein shall
have the meaning ascribed to them in the Enovation Controls, Inc. Long-Term Incentive Plan (the “Plan”). Where the context permits, references to the Company shall include any successor to the Company. 

 

			
	Name of Optionee:	  	[    ]
		
	Shares Subject to Option:	  	[    ] shares of the Company’s Class A common stock, par value $0.00001 per share (“Company Stock”)
		
	Exercise Price Per Share:	  	$[    ]
		
	Date of Grant:	  	[    ]
		
	Vesting Date(s):	  	[     ]
		
	Expiration Date:	  	[    ]

 1. Number of Shares. The Company hereby grants to the Optionee an option (the “Option”)
to purchase the total number of shares of Company Stock set forth above as Shares Subject to Option (the “Option Shares”) at the Exercise Price Per Share set forth above (the “Exercise Price”), subject to all of the
terms and conditions of this Agreement and the Plan. 
 2. Nonqualified Stock Option. The Option is intended to be a nonqualified
stock option and is not intended to qualify as an “incentive stock option” within the meaning of Section 422 of the Code. 

3. Incorporation of Plan. The Plan is hereby incorporated by reference and made a part hereof, and the Option and this Agreement shall
be subject to all of the terms and conditions of the Plan. In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern. 

4. Option Term. The term of the Option and of this Agreement (the “Option Term”) shall commence on the Date of Grant
set forth above and, unless previously terminated pursuant to Section 7 of this Agreement, shall terminate upon the Expiration Date set forth above. As of the Expiration Date (or such earlier date set forth in Section 7), all rights of the
Optionee hereunder shall terminate. 

 5. Vesting. The Option shall vest and become exercisable with respect to the number of
Option Shares specified on the Vesting Date(s) set forth above, in each case provided that the Optionee has been continuously employed by the Company from the Date of Grant through such Vesting Date(s). If the Optionee’s employment terminates
due to death or disability the Option shall fully vest and be exercisable with respect to all Option Shares. If, within twenty-four (24) months following a Change in Control, the Company terminates the Optionee without Cause (as defined below)
or the Optionee voluntarily terminates his or her employment for Good Reason (as defined below), the Option shall fully vest and be exercisable with respect to all Option Shares. Any portion of the Option that is not vested as of the date of the
Optionee’s termination of employment shall be cancelled and forfeited at the time of such termination of employment. Except as set forth in Sections 7 or 8 hereof, once exercisable the Option shall continue to be exercisable at any time or
times prior to the Expiration Date (subject to applicable securities laws and Company policy). 
 (a)
“Cause” means “Cause” as defined in the Optionee’s employment agreement or in the absence of such an agreement or such a definition, Cause will mean (i) the Optionee’s demonstrated and material neglect or
continued failure or refusal to perform the material duties of the Optionee’s position (other than any such failure resulting from Optionee’s incapacity due to a disability), (ii) the Optionee’s conviction of a felony or a crime
involving moral turpitude, other than a traffic offense that is not punished by a sentence of incarceration or a felony related to hunting live game, (iii) proven or admitted act of fraud by the Optionee that is not de minimis and that
has caused, is causing, or reasonably is likely to cause harm to the Company or any of its affiliated or subsidiary entities, (iv) an act of misappropriation, theft or embezzlement by the Optionee, in each case that is not de minimis,
that has caused, is causing, or reasonably is likely to cause harm to the Company or any of its affiliated or subsidiary entities, (v) the Optionee’s willful, reckless, or grossly negligent misconduct that is materially injurious,
monetarily or otherwise, to the Company or any of its affiliated or subsidiary entities, or (vi) the Optionee’s use of illegal drugs in the course of, related to or connected with the business of the Company or any of its affiliated or
subsidiary entities. For this purpose, no act, or failure to act, on the Optionee’s part shall be considered “willful” unless done, or omitted to be done, by the Optionee not in good faith and without reasonable belief that the
Optionee’s action or omission was in the best interest of the Company or any of its affiliated or subsidiary entities. 

(b) “Good Reason” means “Good Reason” as defined in the Optionee’s employment agreement or in
the absence of such an agreement or such a definition, Good Reason will mean, without the Optionee’s express written consent, the occurrence of any of the following events: (i) a material adverse change in the Optionee’s title, the
nature or scope of the Optionee’s authority, powers, functions, duties, responsibilities, or reporting relationship; (ii) a material reduction in the Optionee’s rate of annual base salary; or (iii) a change in the Optionee’s
primary employment location to a location that is more than 50 miles from its location immediately prior to such relocation. The Optionee’s employment may be terminated by the Optionee for Good Reason only if (x) the Optionee provides the
Company (or its successor) with written notice of the event or circumstance giving rise to “Good Reason” within thirty (30) days after the Optionee has knowledge of the occurrence or existence of such event or circumstance, which
notice shall specifically identify the event or circumstance that the Optionee believes constitutes 

  
 - 2 - 

 
“Good Reason,” (y) the Company (or its successor) fails to correct the circumstance or event so identified within thirty (30) days after the receipt of such notice, and
(z) the Optionee resigns within thirty (30) days after the expiration of the cure period referenced in the preceding clause (y). 

6. Exercise. 

(a) In order to exercise the exercisable portion of the Option, the Optionee (or in the case of exercise after the
Optionee’s death or incapacity, the Optionee’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed exercise agreement in a form approved by the Company. 

(b) The Exercise Price shall be payable in full at the time of exercise either: (i) in cash or by personal check,
certified check, bank cashier’s check or wire transfer; (ii) in shares of Company Stock owned by the Optionee and valued at their Fair Market Value on the effective date of such exercise; (iii) in a broker assisted cashless exercise
or net exercise; or (iv) by any such other method as the Administrator may from time to time authorize in its sole discretion. 
 7.
Termination of Employment. Upon termination of the Optionee’s employment, the Option shall be treated as follows: 

(a) If such termination of employment is for any reason other than death or disability, the portion, if any, of the Option that
is outstanding and exercisable as of the date of such termination of employment shall remain exercisable for the 90-day period immediately following such termination of employment, but in no event following the Expiration Date. 

(b) If such termination of employment is on account of the Optionee’s death or disability, the portion, if any, of the
Option that is outstanding and exercisable as of the date of such termination of employment shall remain exercisable for the one-year period immediately following such termination of employment, but in no event following the Expiration Date. 

8. Change in Control. In the event of a Change in Control, the Option shall be treated in accordance with Section 3.01 of the Plan.

 9. Authority of the Administrator. The Administrator shall have full authority to interpret and construe the terms of the Plan and
this Agreement. The determination of the Administrator as to any such matter of interpretation or construction shall be final, binding and conclusive. 

10. Governing Law. This Agreement shall be construed and administered in accordance with the laws of the State of Delaware without
reference to its principles of conflicts of law. 

  
 - 3 - 

 11. Binding on Successors. The terms of this Agreement shall be binding upon the Optionee
and upon the Optionee’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees. 

12. Assignment and Transferability. Notwithstanding anything to the contrary in this Agreement, neither the Option, this Agreement nor
any rights granted herein shall be assignable or transferable by the Optionee, other than by will or the laws of descent or distribution, or as otherwise determined by the Administrator for estate planning purposes. 

13. Necessary Acts. The Optionee hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably
necessary to carry out the provisions of this Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws. 

14. Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding among the parties as to the subject
matter hereof, and supersede any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof. 

15. Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive
of the contents of any such Section. 
 16. Counterparts; Electronic Signature. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. The Optionee’s electronic signature of this Agreement shall have the same validity and effect as a
signature affixed by the Optionee’s hand. 
 17. Withholding Taxes. As a condition to exercise of the Option, the Optionee shall
be required to pay to the Company an amount the Company deems necessary to satisfy its current or future obligation to withhold federal, state or local income or other taxes that the Optionee and/or the Company incurs upon the Optionee’s
exercise of the Option. The Optionee may satisfy this withholding obligation: (a) in cash or by personal check, certified check, bank cashier’s check or wire transfer; (b) in shares of Company Stock owned by the Optionee and valued at
their Fair Market Value on the effective date of exercise of the Option; (c) in a broker assisted cashless exercise or net exercise; or (d) by any such other method as the Administrator may from time to time authorize in its sole
discretion. The Administrator, in its discretion, may deny the Optionee’s request to satisfy the withholding obligations using a method described in clause (a) or (b). 

18. Notices. All notices and other communications under this Agreement shall be in writing and shall be given by first class mail,
certified or registered with return receipt requested, and shall be deemed to have been duly given three days after mailing to the respective parties named below: 

  
 - 4 - 

					
		 	If to the Company:	  	Enovation Controls, Inc.
		 		  	5331 South 122nd East Avenue
		 		  	Tulsa, Oklahoma 74146
		 		  	Attention:                         
			
		 	If to the Optionee:	  	At the address in the Company’s payroll records.

 Either party hereto may change such party’s address for notices by notice duly given pursuant hereto. 

19. Amendment. No amendment or modification hereof shall be valid unless it shall be in writing and signed by both of the parties
hereto. 
 20. Acceptance. The Optionee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Optionee has read
and understand the terms and provision thereof, and accepts the Option subject to all the terms and conditions of the Plan and this Agreement. 

[Signature Page Follows] 

  
 - 5 - 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement on the day and
year first above written. 
  

			
	ENOVATION CONTROLS, INC.:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	OPTIONEE:
	
	  

	Name:	 	  

  
 - 6 -EX-10.5

 Exhibit 10.5 

ENOVATION CONTROLS, INC. 

2014 LONG-TERM INCENTIVE PLAN 

FORM OF RESTRICTED STOCK AGREEMENT 

This Restricted Stock Agreement (this “Agreement”) is made and entered into as of the date of grant set forth below (the
“Date of Grant”) by and between Enovation Controls, Inc., a Delaware corporation (the “Company”), and the individual named below (the “Grantee”). Capitalized terms not defined herein shall have the
meaning ascribed to them in the Enovation Controls, Inc. 2014 Long-Term Incentive Plan (the “Plan”). Where the context permits, references to the Company shall include any successor to the Company. 

 

			
	Name of Grantee:	  	[        ]
		
	Number of Restricted Shares:	  	[    ]
		
	Date of Grant:	  	__________ __, 20__
		
	Vesting Date(s):	  	[        ]

 1. Number of Shares. The Company hereby grants to the Grantee the total number of restricted shares of
the Company’s Class A Common Stock, par value $0.00001 per share (“Company Stock”) set forth above as Number of Restricted Shares (the “Restricted Shares”), subject to all of the terms and conditions
of this Agreement and the Plan. 
 2. Incorporation of Plan. The Plan is hereby incorporated by reference and made a part hereof, and
the Restricted Shares and this Agreement shall be subject to all of the terms and conditions of the Plan. In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern.

 3. Vesting. The Restricted Shares shall vest upon the date(s) set forth above as the Vesting Date(s), in each case provided that
the Grantee has been continuously employed by the Company from the Date of Grant through such Vesting Date(s). If the Grantee’s employment terminates due to death or disability all Restricted Shares shall become fully vested. If, within
twenty-four (24) months following a Change in Control, the Company terminates the Grantee without Cause (as defined below) or the Grantee voluntarily terminates his or her employment for Good Reason (as defined below), all Restricted Shares
shall become fully vested. If the Grantee’s employment with the Company terminates for any reason other than as described in the preceding two sentences, any unvested Restricted Shares then held by Grantee shall be immediately forfeited by the
Grantee and transferred to, and reacquired by, the Company. 
 (a) “Cause” means “Cause” as
defined in the Grantee’s employment agreement or in the absence of such an agreement or such a definition, Cause will mean (i) the Grantee’s demonstrated and material neglect or continued failure or refusal to perform the material
duties of the Grantee’s position (other than any such failure resulting from Grantee’s incapacity due to a disability), (ii) the Grantee’s conviction of a 

 
felony or a crime involving moral turpitude, other than a traffic offense that is not punished by a sentence of incarceration or a felony related to hunting live game, (iii) proven or
admitted act of fraud by the Grantee that is not de minimis and that has caused, is causing, or reasonably is likely to cause harm to the Company or any of its affiliated or subsidiary entities, (iv) an act of misappropriation, theft or
embezzlement by the Grantee, in each case that is not de minimis, that has caused, is causing, or reasonably is likely to cause harm to the Company or any of its affiliated or subsidiary entities, (v) the Grantee’s willful,
reckless, or grossly negligent misconduct that is materially injurious, monetarily or otherwise, to the Company or any of its affiliated or subsidiary entities, or (vi) the Grantee’s use of illegal drugs in the course of, related to or
connected with the business of the Company or any of its affiliated or subsidiary entities. For this purpose, no act, or failure to act, on the Grantee’s part shall be considered “willful” unless done, or omitted to be done, by the
Grantee not in good faith and without reasonable belief that the Grantee’s action or omission was in the best interest of the Company or any of its affiliated or subsidiary entities. 

(b) “Good Reason” means “Good Reason” as defined in the Grantee’s employment agreement or in
the absence of such an agreement or such a definition, Good Reason will mean, without the Grantee’s express written consent, the occurrence of any of the following events: (i) a material adverse change in the Grantee’s title, the
nature or scope of the Grantee’s authority, powers, functions, duties, responsibilities, or reporting relationship; (ii) a material reduction in the Grantee’s rate of annual base salary; or (iii) a change in the Grantee’s
primary employment location to a location that is more than 50 miles from its location immediately prior to such relocation. The Grantee’s employment may be terminated by the Grantee for Good Reason only if (x) the Grantee provides the
Company (or its successor) with written notice of the event or circumstance giving rise to “Good Reason” within thirty (30) days after the Grantee has knowledge of the occurrence or existence of such event or circumstance, which
notice shall specifically identify the event or circumstance that the Grantee believes constitutes “Good Reason,” (y) the Company (or its successor) fails to correct the circumstance or event so identified within thirty (30) days
after the receipt of such notice, and (z) the Grantee resigns within thirty (30) days after the expiration of the cure period referenced in the preceding clause (y). 

4. Change in Control. In the event of a Change in Control, the Restricted Shares shall be treated in accordance with Section 3.01
of the Plan. 
 5. Dividends. Any dividends or other distributions that are declared with respect to the shares of Company Stock
underlying the Restricted Shares between the Grant Date and the Vesting Date of the Restricted Shares shall be paid to the Grantee on or as soon as practicable following the Vesting Date of such Restricted Shares, and shall not be paid to the
Grantee in the event that such Restricted Shares do not become so vested. 
 6. Authority of the Administrator. The Administrator
shall have full authority to interpret and construe the terms of the Plan and this Agreement. The determination of the Administrator as to any such matter of interpretation or construction shall be final, binding and conclusive. 

  
 -2- 

 7. Governing Law. This Agreement shall be construed and administered in accordance with
the laws of the State of Delaware without reference to its principles of conflicts of law. 
 8. Binding on Successors. The terms of
this Agreement shall be binding upon the Grantee and upon the Grantee’s heirs, executors, administrators, personal representatives, transferees, assignees and successors in interest, and upon the Company and its successors and assignees. 

9. Assignment and Transferability. Prior to the Vesting Date, the Restricted Shares may not be transferred, assigned or otherwise
disposed of, and no transfer of the Grantee’s rights with respect to the Restricted Shares, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted. 

10. Legend on Certificates. The Grantee agrees that any certificate issued for Restricted Shares (or, if applicable, any book entry
statement issued for Restricted Shares) prior to the lapse of any outstanding restrictions relating thereto shall bear the following legend (in addition to any other legend or legends required under applicable federal and state securities laws):

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER (THE “RESTRICTIONS”) AS SET
FORTH IN THE ENOVATION CONTROLS, INC. 2014 LONG-TERM INCENTIVE PLAN AND A RESTRICTED STOCK AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND ENOVATION CONTROLS, INC., COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY. ANY ATTEMPT
TO DISPOSE OF THESE SHARES IN CONTRAVENTION OF THE RESTRICTIONS, INCLUDING BY WAY OF SALE, ASSIGNMENT, TRANSFER, PLEDGE, HYPOTHECATION OR OTHERWISE, SHALL BE NULL AND VOID AND WITHOUT EFFECT. 

11. Securities Laws Requirements. The Company shall not be obligated to issue shares of Company Stock to the Grantee free of the
restrictive legend described in Section 10 hereof or of any other restrictive legend, if such transfer, in the opinion of counsel for the Company, would violate the Securities Act (or any other federal or state statutes having similar
requirements as may be in effect at that time). The Company shall be under no obligation to register the Restricted Shares pursuant to the Securities Act or any other federal or state securities laws. 

12. Necessary Acts. The Grantee hereby agrees to perform all acts, and to execute and deliver any documents that may be reasonably
necessary to carry out the provisions of this Agreement, including but not limited to all acts and documents related to compliance with federal and/or state securities and/or tax laws. 

  
 -3- 

 13. Entire Agreement. This Agreement and the Plan contain the entire agreement and
understanding among the parties as to the subject matter hereof, and supersede any other agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof. 

14. Headings. Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive
of the contents of any such Section. 
 15. Counterparts; Electronic Signature. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. The Grantee’s electronic signature of this Agreement shall have the same validity and effect as a
signature affixed by the Grantee’s hand. 
 16. Notices. All notices and other communications under this Agreement shall be in
writing and shall be given by first class mail, certified or registered with return receipt requested, and shall be deemed to have been duly given three days after mailing to the respective parties named below: 

 

			
	If to the Company:	  	Enovation Controls, Inc.
		  	5331 South 122nd East Avenue
		  	Tulsa, Oklahoma 74146
		  	Attention: __________
	If to the Grantee:	  	At the address in the Company’s payroll records.

 Either party hereto may change such party’s address for notices by notice duly given pursuant hereto. 

17. Amendment. No amendment or modification hereof shall be valid unless it shall be in writing and signed by both of the parties
hereto. 
 18. Acceptance. The Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Grantee has read and
understand the terms and provision thereof, and accepts the Restricted Shares subject to all the terms and conditions of the Plan and this Agreement. 

19. Taxes. The Company may require the Grantee to pay to the Company an amount the Company deems necessary to satisfy its current or
future obligation to withhold federal, state or local income or other taxes that the Grantee incurs as a result of the award or vesting of the Restricted Shares. With respect to any required tax withholding, the Grantee may: (a) deliver to the
Company shares of Company Stock sufficient to satisfy the Company’s tax withholding obligations, based on the shares’ Fair Market Value at the time such determination is made; or (b) deliver cash to the Company sufficient to satisfy
its tax withholding obligations. The Administrator, in its discretion, may deny the Grantee’s request to satisfy its tax withholding obligations using a method described under clause (a). In the event the Administrator determines that the
aggregate Fair Market Value of the shares of Company Stock withheld as payment of any tax withholding obligation is insufficient to discharge that tax withholding obligation, then the Grantee must pay to the Company, in cash, the amount of that
deficiency immediately upon the Company’s request. 
 [Signature Page Follows] 

  
 -4- 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement on the day and
year first above written. 
  

			
	ENOVATION CONTROLS, INC.:
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

			
	GRANTEE:
	
	  

	Name:	 	  

  
 -5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}]]