Document:

Exhibit
10.13

 

INDEMNITY
AGREEMENT

 

THIS
INDEMNITY AGREEMENT (this “Agreement”) is made as of [●] , 2020, by and between Eos Energy Enterprises,
Inc., a Delaware corporation (the “Company”), and [●] (“Indemnitee”).

 

RECITALS

 

The
Company believes that, in order to attract and retain highly qualified persons to serve as directors or in other capacities, including
as officers, it must provide those persons with adequate protection through indemnification against the risk of claims and actions
against them arising out of their services to and activities on behalf of the Company. The Third Amended and Restated Certificate
of Incorporation (the “Charter”) and the Amended and Restated Bylaws (the “Bylaws”) of the
Company require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification
pursuant to applicable provisions of the Delaware General Corporation Law (“DGCL”). The Charter, Bylaws and
the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that
contracts may be entered into between the Company and members of the Board of Directors of the Company (the “Board”),
officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

 

The
Company desires and has requested Indemnitee to serve as a [director] [officer] of the Company and, in order to induce the Indemnitee
to serve as a [director] [officer] of the Company, the Company is willing to grant the Indemnitee the indemnification provided
for herein. Indemnitee is willing to so serve on the basis that such indemnification be provided.

 

The
parties by this Agreement desire to set forth their agreement regarding indemnification and the advancement of expenses. In consideration
of the mutual covenants and agreements set forth below, and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

 

TERMS
AND CONDITIONS

 

1. SERVICES
TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue
to serve as an officer, director, advisor, key employee or in any other capacity of the Company, as applicable, for so long as
Indemnitee is duly elected or appointed or retained or until Indemnitee tenders Indemnitee’s resignation or until Indemnitee
is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased
to serve as a director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 14.
This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to
the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

     

     

    

 

2. DEFINITIONS.
As used in this Agreement:

 

(a) References
to “agent” shall mean any person who is or was a director, officer or employee of the Company or a Subsidiary
of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity
as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company,
joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company
or a Subsidiary of the Company.

 

(b) (i)
A “change in control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
of any of the following: (A) any person (as defined below) is or becomes the beneficial owner (as defined below), directly or
indirectly, of securities of the Company representing 15% or more of the combined voting power of the Company’s then outstanding
securities, (B) during any period of two consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of that period constitute the Board of Directors of the Company, and any new director (other
than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in
clause (A), clause (C) or clause (D) of this Section 2(b)(i) or a director whose initial nomination for, or assumption of office
as, a member of the Board occurs as a result of an actual or threatened solicitation of proxies or consents for the election or
removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by
or on behalf of the Board) whose election by the Board or nomination for election by the Company’s stockholders was approved
by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority
of the members of the Board, (C) the effective date of a merger or consolidation of the Company with any other entity, other than
a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior to the merger
or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) at least 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately
after the merger or consolidation and with the power to elect at least a majority of the board of directors or other governing
body of the surviving entity, and (D) the approval by the stockholders of the Company of a complete liquidation of the Company
or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, and (E)
there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation
14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below),
whether or not the Company is then subject to those reporting requirement.

 

(ii) For
purposes of Section 2(b)(i), the following terms have the following meanings:

 

(I) “person”
has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that “person” shall
exclude (a) the Company, (b) any trustee or other fiduciary holding securities under an employee benefit plan of the Company,
and (c) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company.

 

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(II) “beneficial
owner” has the meaning given to that term in Rule 13d-3 under the Exchange Act.

 

(c) “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which that person is or was
serving at the request of the Company.

 

(d) “Delaware
Court” means the Court of Chancery of the State of Delaware.

 

(e)
“Enterprise” means the Company and any other corporation, constituent corporation (including any constituent
of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party,
limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is
or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee
or agent.

 

(f) “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(g) “Expenses”
shall be broadly construed and shall include, without limitation, all direct and indirect costs, fees and expenses of any type
or nature whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript
costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services
and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as
defined below), including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated
by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from
any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating
to any cost bond, supersedeas bond, or other appeal bond or its equivalent. “Expenses,” however, shall not include
amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(h) References
to “fines” includes any excise tax assessed on Indemnitee with respect to any employee benefit plan; references
to “serving at the request of the Company” includes any service as a director, officer, employee, agent or fiduciary
of the Company which imposes duties on, or involves services by, the director, officer, employee, agent or fiduciary with respect
to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee
shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this
Agreement.

 

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(i) “Independent
Counsel” means a law firm or a member of a law firm with significant experience in matters of corporation law and that
neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter
material to either party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim
for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any
person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(j) The
term “Person” has the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the
date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below)
of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any
corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership
of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company
or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the stockholders of the
Company in substantially the same proportions as their ownership of stock of the Company.

 

(k) The
term “Proceeding” includes any threatened, pending or completed action, suit, arbitration, mediation, alternate
dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding,
whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims),
criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party
or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action (or
failure to act) taken by Indemnitee or of any action (or failure to act) on Indemnitee’s part while acting as a director
or officer of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director,
officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether
or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or
advancement of expenses can be provided under this Agreement.

 

(l) The
term “Subsidiary,” with respect to any Person, means any corporation, limited liability company, partnership,
joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest
is owned, directly or indirectly, by that Person.

 

3. INDEMNITY
IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless
and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to
be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in
the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this
Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines,
penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection
with or in respect of those Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually, and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection with the Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee’s conduct was
unlawful.

 

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4. INDEMNITY
IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify,
hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is
threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right
of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4,
Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with the Proceeding or any claim, issue or matter therein, if Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No indemnification,
hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or
matter as to which Indemnitee has been finally adjudged by a court to be liable to the Company; provided, however, that the Company
shall indemnify, hold harmless and indemnify Indemnitee if the court in which the Proceeding was brought or the Delaware Court
determines that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly
and reasonably entitled to indemnification, to be held harmless or to exoneration.

 

5. INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement, to the
extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful,
on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company
shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses
actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful in the Proceeding
but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in the Proceeding,
the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against
all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully
resolved claim, issue or matter. If Indemnitee is not wholly successful in the Proceeding, the Company also shall, to the fullest
extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred
in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes
of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with
or without prejudice, shall be deemed to be a successful result as to the claim, issue or matter.

 

6. INDEMNIFICATION
FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding (including, without limitation, any Proceeding
to which Indemnitee was or is not a party or threatened to be made a party), Indemnitee shall, to the fullest extent permitted
by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith.

 

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7. ADDITIONAL
INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS. Notwithstanding any limitation in Section 3, Section 4
or Section 5, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate
Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the
right of the Company to procure a judgment in its favor) against all Expenses, judgments, liabilities, fines, penalties and amounts
paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of
those Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee
in connection with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section
7 on account of Indemnitee’s conduct that constitutes a breach of Indemnitee’s duty of loyalty to the Company or its
stockholders or is an act or omission not in good faith or that involves intentional misconduct or a knowing violation of the
law.

 

8. CONTRIBUTION
IN THE EVENT OF JOINT LIABILITY.

 

(a) To
the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided
for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,
holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether
for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with
any Proceeding without requiring Indemnitee to contribute to the payment, and the Company hereby waives and relinquishes any right
of contribution it may have at any time against Indemnitee.

 

(b) The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in the Proceeding) unless the settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(c)
The Company shall fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought
by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

9. EXCLUSIONS.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification,
advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a) for
which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement
provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement,
other indemnity or advancement provision or otherwise;

 

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(b) for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common
law; or

 

(c) in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part
of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless,
as provided pursuant to Section 8.1 of the Bylaws (or that provision as revised, amended or re-numbered), (i) the proceeding was
authorized by the Board of Directors, or (ii) the indemnification is required to be made under Section 8.3 of the Bylaws, or any
such provision as revised, amended or re-numbered, addressing the enforcement of an Indemnitee’s indemnification rights.
Indemnitee shall seek payments or advances from the Company only to the extent that the payments or advances are unavailable from
any insurance policy of the Company covering Indemnitee.

 

10. ADVANCES
OF EXPENSES; DEFENSE OF CLAIM.

 

(a) To
the fullest extent permitted by the DGCL, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by
Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within 30 days after the receipt
by the Company of a statement or statements requesting advances from time to time, prior to the final disposition of any Proceeding.
Advances shall, to the fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent
permitted by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s
ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall
include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses
incurred preparing and forwarding statements to the Company to support the advances claimed. To the fullest extent required by
applicable law, payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s
receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined
that Indemnitee is not entitled to be indemnified, held harmless or exonerated by the Company under the provisions of this Agreement,
the Charter, the Bylaws, applicable law or otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee
for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.

 

(b) The
Company will be entitled to participate in the Proceeding at its own expense.

 

(c) The
Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, liability,
fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

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11. PROCEDURE
FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

(a) Promptly
after receipt by Indemnitee of notice of the commencement of any action, suit or proceeding, Indemnitee shall, if a claim in respect
thereof is to be made against the Company hereunder, notify the Company in writing of the commencement thereof. The failure to
promptly notify the Company of the commencement of the action, suit or proceeding, or of Indemnitee’s request for indemnification,
will not relieve the Company from any liability that it may have to Indemnitee hereunder, except to the extent the Company is
actually and materially prejudiced in its defense of the action, suit or proceeding as a result of the failure. To obtain indemnification
under this Agreement, Indemnitee shall submit to the Company a written request therefor including any documentation and information
reasonably available to Indemnitee and reasonably necessary to enable the Company to determine whether and to what extent Indemnitee
is entitled to indemnification.

 

(b) With
respect to any action, suit or proceeding of which the Company is notified as provided in this Agreement, the Company shall, subject
to the last two sentences of this paragraph, be entitled to assume the defense of the action, suit or proceeding, with counsel
reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice of its election to do so. After delivery
of the notice, approval of that counsel by Indemnitee and the retention of that counsel by the Company, the Company will not be
liable to Indemnitee under this Agreement for any subsequently-incurred fees of separate counsel engaged by Indemnitee with respect
to the same action, suit or proceeding unless the employment of separate counsel by Indemnitee has been previously authorized
in writing by the Company. Notwithstanding the foregoing, if Indemnitee, based on the advice of his or her counsel, reasonably
concludes (with written notice being given to the Company setting forth the basis for the conclusion) that, in the conduct of
the defense, there is or is reasonably likely to be a conflict of interest or position between the Company and Indemnitee with
respect to a significant issue, then the Company will not be entitled, without the written consent of Indemnitee, to assume the
defense. In addition, the Company will not be entitled, without the written consent of Indemnitee, to assume the defense of any
claim brought by or in the right of the Company.

 

(c) To
the fullest extent permitted by the DGCL, the Company’s assumption of the defense of an action, suit or proceeding in accordance
with Section 11(b) will constitute an irrevocable acknowledgement by the Company that any loss and liability suffered by
Indemnitee and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement by or for the account
of Indemnitee incurred in connection therewith are indemnifiable by the Company under this Agreement.

 

(d) The
determination whether to grant Indemnitee’s indemnification request shall be made promptly and in any event within 30 days
following the Company’s receipt of a request for indemnification in accordance with Section 11(a). If the Company
determines that Indemnitee is entitled to indemnification or, as contemplated by Section 11(c), the Company has acknowledged
the entitlement, the Company will make payment to Indemnitee of the indemnifiable amount within the 30 day period. If the Company
is not deemed to have acknowledged the entitlement or the Company’s determination of whether to grant Indemnitee’s
indemnification request has not been made within the 30 day period, the requisite determination of entitlement to indemnification
shall, subject to Section 9, nonetheless be deemed to have been made and Indemnitee shall be entitled to indemnification,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of indemnification
under the DGCL.

 

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(e) If
(i) the Company determines that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company denies a
request for indemnification, in whole or in part, or fails to respond or make a determination of entitlement to indemnification
within 30 days following receipt of a request for indemnification as described above, (iii) payment of indemnification is not
made within the 30 day period, (iv) advancement of Expenses is not timely made in accordance with Section 10, or (v) the
Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes
any litigation or other action or proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended
to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in any court of competent jurisdiction
of his or her entitlement to indemnification or advancement of Expenses. Indemnitee’s Expenses incurred in connection with
successfully establishing Indemnitee’s right to indemnification or advancement of Expenses, in whole or in part, in any
such proceeding or otherwise shall also be indemnified by the Company to the fullest extent permitted by the DGCL.

 

(f) Indemnitee
shall be presumed to be entitled to indemnification and advancement of Expenses under this Agreement upon submission of a request
therefor in accordance with Section 10 or Section 11, as the case may be. The Company shall have the burden of proof
in overcoming the presumption, and the presumption shall be used as a basis for a determination of entitlement to indemnification
and advancement of Expenses unless the Company overcomes the presumption by clear and convincing evidence.

 

(g) If
there is a change in control of the Company, then with respect to all matters thereafter arising concerning the rights of Indemnitee
to indemnification and advancement of expenses under this Agreement, any other agreement or the Company’s Charter or Bylaws
now or hereafter in effect, the Company shall seek legal advice only from independent counsel selected by Indemnitee and approved
by the Company (which approval shall not be unreasonably withheld). In addition, upon written request by Indemnitee for indemnification
pursuant to Section 11(a), a determination, if required by the DGCL, with respect to Indemnitee’s entitlement thereto
shall be made by the independent counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to
Indemnitee. The Company shall pay the reasonable fees of the independent counsel referred to above.

 

12. SECURITY.
Notwithstanding anything herein to the contrary, to the extent requested by Indemnitee and approved by the Board, the Company
may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an
irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be
revoked or released without the prior written consent of Indemnitee.

 

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13. NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a) The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors,
or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right
of Indemnitee under this Agreement in respect of any Proceeding (regardless of when the Proceeding is first threatened, commenced
or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by Indemnitee in Indemnitee’s
Corporate Status prior to the amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute
or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would
be afforded currently under the Charter, the Bylaws or this Agreement, it is the intent of the parties that Indemnitee shall enjoy
by this Agreement the greater benefits so afforded by the change. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

(b) The
DGCL, the Charter and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make other
arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification
Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf
of Indemnitee or in the capacity as a director, officer, employee or agent of the Company, or arising out of Indemnitee’s
status as such, whether or not the Company would have the power to indemnify Indemnitee against that liability under the provisions
of this Agreement or under the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of any Indemnification
Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement
except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not
in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any Indemnification
Arrangement.

 

(c) To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which the person
serves at the request of the Company, Indemnitee shall be covered by the policy or policies in accordance with its or their terms
to the maximum extent of the coverage available for any director, officer, trustee, partner, managers, managing member, fiduciary,
employee or agent under the policy or policies. If, at the time the Company receives notice from any source of a Proceeding as
to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of the Proceeding to the insurers in accordance with the procedures
set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause the insurers
to pay, on behalf of Indemnitee, all amounts payable as a result of the Proceeding in accordance with the terms of the policies.

 

    10

     

    

 

(d) In
the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the
extent of the payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action
necessary to secure those rights, including execution of any documents necessary to enable the Company to bring suit to enforce
those rights.

 

(e) The
Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent
of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration
payments or advancement of expenses from the Enterprise. Notwithstanding any other provision of this Agreement to the contrary,
(i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration,
advancement, contribution or insurance coverage among multiple parties possessing those duties to Indemnitee prior to the Company’s
satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations
under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold
harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.

 

14. DURATION
OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves
as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee
or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee
serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding
(including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 8.3 of this Agreement)
by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting in any such capacity at the time any liability
or expense is incurred for which indemnification or advancement can be provided under this Agreement.

 

15. SEVERABILITY.
If any provision or provisions of this Agreement are held to be invalid, illegal or unenforceable for any reason whatsoever: (a)
the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion
of any Section, paragraph or sentence of this Agreement containing the provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (b) the provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible,
the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph, sentence or clause of
this Agreement containing the provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby.

 

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16. ENFORCEMENT
AND BINDING EFFECT.

 

(a) The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that
Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

(b) Without
limiting any of the rights of Indemnitee under the Charter or Bylaws as they may be amended from time to time, this Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements
and understandings, oral, written and implied, between the parties with respect to the subject matter hereof.

 

(c) The
indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
shall be binding upon and be enforceable by the parties and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company),
shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer,
trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s
request, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators
and other legal representatives.

 

(d) The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to
all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly 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.

 

(e) The
Company and Indemnitee acknowledge that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that a breach may cause Indemnitee irreparable harm. Accordingly, Indemnitee
may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or
specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be
entitled. Indemnitee shall, to the fullest extent permitted by law, be entitled to specific performance and injunctive relief,
including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds
or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking
may be required of Indemnitee by a court of competent jurisdiction. The Company hereby waives any such requirement of such a bond
or undertaking to the fullest extent permitted by law.

 

17. MODIFICATION
AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the
Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

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18. NOTICES.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (i) if delivered by hand and receipted for by the party to whom the notice or other communication shall have been directed,
(ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed
or (iii) when delivered by email, solely if delivery is confirmed:

 

(a) If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide
in writing to the Company.

 

(b) If
to the Company, to:

 

Eos
Energy Enterprises, Inc.

3920
Park Avenue

Edison,
New Jersey 08820

Attention:
Joe Mastrangelo

Email:
jmastrangelo@eosenergystorage.com

 

With
a copy, which shall not constitute notice, to:

 

Morrison
Cohen LLP

909
Third Avenue, 27th Floor

New
York, New York, 10022

Attention:
David LaGalia, Esq.

Zachary
Jacobs, Esq.

Email:
dlagalia@morrisoncohen.com

zjacobs@morrisoncohen.com

 

or
to any other address as may have been furnished to Indemnitee in writing by the Company.

 

19. APPLICABLE
LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. To the fullest
extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding
arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or
federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction
of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive
any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead
or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient
forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that
the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 18
or in any other manner permitted by law, shall be valid and sufficient service thereof.

 

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20. IDENTICAL
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile or electronic transmission in portable document format (.pdf) shall be effective
as delivery of a manually executed counterpart of this Agreement. Only one counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

21. MISCELLANEOUS.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect
the construction thereof.

 

22. PERIOD
OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company
against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two
years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that
if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.

 

23. ADDITIONAL
ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is
required to the fullest extent permitted by law, the Company undertakes to cause the act, resolution, approval or other procedure
to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

24. MAINTENANCE
OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period
for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable
insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions
and to ensure the Company’s performance of its indemnification obligations under this Agreement. Indemnitee shall be covered
by the policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director
or officer under the policy or policies. In all such insurance policies, Indemnitee shall be named as an insured in such a manner
as to provide Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s
directors and officers.

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, the parties have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

	 	EOS ENERGY ENTERPRISES, INC.
	 	 
	 	By:	                              
	 	Name: 	 
	 	Title:	 
	 	 
	 	INDEMNITEE
	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Indemnity Agreement]Document

Exhibit 10.23
Executive Compensation Notification 
Chairman, Chief Executive Officer and Chief Operating Officer

Fiscal 2021 Compensation Program of Chairman, Chief Executive Officer and Chief Operating Officer

Fiscal 2021 Base Salaries and Annual Incentive Bonus: The table below sets forth the fiscal 2021 base salaries and bonuses for Mr. Horton, Mr. Auld and Mr. Murray.
																					
					Annual Base Salary		Annual Incentive Bonus
	Name 		Office 		Fiscal 2021		Fiscal 2021
	Donald R. Horton		Chairman of the Board		$1,000,000		See Below
	David V. Auld		President and CEO		$700,000		See Below
	Michael J. Murray		Executive Vice President and COO		$500,000		See Below

Fiscal 2021 Annual Incentive Bonus: On November 3, 2020, the Compensation Committee approved performance-based goals for measuring short-term performance bonuses that may be earned by Mr. Horton, Mr. Auld and Mr. Murray during fiscal 2021. The fiscal 2021 performance goals were established under the Company’s 2018 Incentive Bonus Plan. The fiscal 2021 performance goals for Mr. Horton, Mr. Auld and Mr. Murray relates to achieving positive consolidated pre-tax income as set forth below.

Annual Incentive Bonus – Performance Related to Pre-Tax Income:

Mr. Horton. Under the fiscal 2021 incentive bonus program, Mr. Horton has the opportunity to earn the following performance-based bonus: 

(1)Up to 0.6% of Pre-Tax Income of the Company for the six-month period ending March 31, 2021, and
(2)Up to 0.6% of Pre-Tax Income of the Company for the six-month period ending September 30, 2021.

Mr. Auld. Under the fiscal 2021 incentive bonus program, Mr. Auld has the opportunity to earn the following performance-based bonus:

(1)Up to 0.4% of Pre-Tax Income of the Company for the six-month period ending March 31, 2021, and
(2)Up to 0.4% of Pre-Tax Income of the Company for the six-month period ending September 30, 2021.

Mr. Murray. Under the fiscal 2021 incentive bonus program, Mr. Murray has the opportunity to earn the following performance-based bonus:

(1)Up to 0.15% of Pre-Tax Income of the Company for the six-month period ending March 31, 2021, and
(2)Up to 0.15% of Pre-Tax Income of the Company for the six-month period ending September 30, 2021.

“Pre-Tax Income” shall mean income before income taxes, as publicly reported by the Company in its quarterly or annual financial statements, as applicable, prepared in accordance with generally accepted accounting principles. The financial statements shall mean the consolidated financial statements of the Company.

At the end of fiscal 2021, based on the performance of the Company, the Compensation Committee may use its sole discretion to adjust downward, in part or in whole, the Annual Incentive Bonus earned by the participant. Provided that, for the fiscal year ending September 30, 2021 no more than 0.6% of Pre-Tax Income for the year shall be paid to Mr. Horton, no more than 0.4% of Pre-Tax Income for the year shall be paid to Mr. Auld and no more than 0.15% of Pre-Tax Income for the year shall be paid to Mr. Murray.

Performance Restricted Stock Units: On November 3, 2020, the Compensation Committee approved an award of performance restricted stock units (“Performance RSUs”) pursuant to the Company's 2006 Stock Incentive Plan, as amended and restated ("2006 Plan"), to the following executive officers and in the following amounts:
															
	Name 		Office 		Target Number of Performance
Restricted Stock Units
	Donald R. Horton		Chairman of the Board		200,000
	David V. Auld		President and CEO		100,000
	Michael J. Murray		Executive Vice President and COO		30,000

The Performance RSUs relate to a three-year performance period beginning on October 1, 2020 and ending on September 30, 2023 (the “2023 Performance Period”). The Performance RSUs will vest if four performance goals are satisfied. The four performance goals are relative total shareholder return (“TSR”), relative return on investment (“ROI”), relative selling, general and administrative expense containment (“SG&A”) and relative gross profit (“GP”) (collectively, the “Performance Goals”). Each Performance Goal is weighted twenty-five percent (25%) of the target number of Performance RSUs. The target number of Performance RSUs may be increased to a maximum number of 400,000 for Mr. Horton, 200,000 for Mr. Auld and 60,000 for Mr. Murray upon maximum achievement of each of the four Performance Goals and decreased to a minimum number of zero upon minimum achievement of each of the four Performance Goals based on relative performance to the Company's peer group or the S&P 500 Index TSR, as applicable.

Additional terms related to the Compensation Programs herewithin are consistent with the programs previously reported by the Company in the Proxy Statement for the Annual Meeting held in January 2020.

Other Long-Term Benefits.
Mr. Horton, Mr. Auld and Mr. Murray may participate in two separate deferred compensation plans. The first plan allows the executive to make voluntary income deferrals. The second plan is a promise by the Company to pay benefits to the executive. If the executive is employed by the Company on the last day of the fiscal year (for example September 30, 2021), then the Company will establish a liability equal to 10% of his annual base salary as of the first day of the fiscal year (for example October 1, 2020). This liability will accrue earnings in future years at a rate established by the administrative committee.

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