Document:

Exhibit 10.1

 

		Restricted Stock 

Award Agreement

 

This RESTRICTED STOCK AWARD AGREEMENT, dated as
of [DATE] (the “Agreement”), by and between Servotronics, Inc., a Delaware corporation (the “Company”), and [NAME]
(the “Recipient”). Capitalized terms used but not otherwise defined in this Agreement shall have the respective meanings set
forth in the Servotronics, Inc. 2022 Equity Incentive Plan (the “Plan”).

 

WHEREAS, effective [GRANT DATE] (the “Date
of Grant”), the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the
Company granted the Recipient a Restricted Stock Award, pursuant to which the Recipient shall receive shares of the Company’s Common
Stock, par value $0.20 per share (“Common Stock”), pursuant to and subject to the terms and conditions of the Plan.

 

NOW, THEREFORE, in consideration of the Recipient’s
services to the Company and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

 

1.           
Number of Shares and Share Price. The Company hereby grants the Recipient a Restricted Stock Award (the “Stock Award”)
for [NUMBER] shares of Common Stock (the “Restricted Stock”) pursuant to the terms of this Agreement and the provisions of
the Plan.

 

2.           
Restrictions and Restricted Period.

 

(a)         
Restrictions. Restricted Stock granted hereunder may not be sold, assigned, transferred, pledged, hypothecated or otherwise
disposed of and shall be subject to a risk of forfeiture until the lapse of the Restricted Period (as defined below). The Company shall
not be required (i) to transfer on its books any Restricted Stock which shall have been sold or transferred in violation of any of the
provisions set forth in this Agreement, or (ii) to treat as owner of such shares or to accord the right to vote as such owner or to pay
dividends to any transferee to whom such shares shall have been so transferred.

 

(b)         
Lapse of Restrictions; Restricted Period. The restrictions set forth above shall lapse and the Restricted Stock shall become
freely transferable (provided, that such transfer is otherwise in accordance with federal and state securities laws) and non-forfeitable
as set forth in this Section 2(b).

 

(i)           
Restrictions with respect to the Restricted Stock shall lapse as follows: [NUMBER] shares on [FIRST VESTING DATE]; [NUMBER] shares
on [SECOND VESTING DATE] and [NUMBER] shares on [THIRD VESTING DATE] (each a “Vesting Date”).

 

     

     

    

 

(ii)         
Except as set forth in Section 3, each such lapse of restrictions shall occur only if the Recipient has remained employed by the
Company through the applicable Vesting Date (the “Restricted Period”). The portion of the Restricted Stock which does not
vest as of the applicable Vesting Date, and any related accrued but unpaid dividends that are at that time subject to restrictions as
set forth herein, shall, as of the applicable Vesting Date be forfeited to the Company without payment of any consideration by the Company,
and neither the Recipient nor any of his or her successors, heirs, assigns or personal representatives shall thereafter have any further
rights or interests in such shares of Restricted Stock or certificates.

 

(iii)        
In order to enforce the foregoing restrictions, the Committee may (A) require that the certificates representing the shares of
Restricted Stock remain in the physical custody of the Company or in book entry until any or all of such restrictions expire or have been
removed, and (B) cause a legend or legends to be placed on the certificates or book entry which make appropriate reference to the restrictions
imposed under the Plan.

 

(c)         
Rights of a Stockholder. Except as provided in this Section 2(c) and Section 2(d) of this Agreement, Recipient shall exercise
all ownership rights with respect to the Restricted Stock, provided that voting rights with respect to the Restricted Stock will be exercisable
only if the record date for determining shareholders entitled to vote falls on or after the Date of Grant and before the effective date
of a forfeiture of Restricted Stock under Section 2(b) of this Agreement. The Recipient shall have the same rights with respect to any
shares of Common Stock accruing to Restricted Stock as a result of any adjustment under Section 14 of the Plan.

 

(d)         
Dividends. Stock distributed in connection with a Common Stock split or Common Stock dividend, and other property distributed
as a dividend (including cash), shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with
respect to which such Common Stock or other property has been distributed. Notwithstanding the generality of the foregoing, cash dividends
paid on Restricted Stock shall be deferred for payment until the date of vesting (if any) of the related shares of Restricted Stock; provided
such deferral is in compliance with Section 409A of the Code, in cash, shares of Common Stock or other property.

 

3.           
Termination of Employment.

 

(a)         
Except as otherwise set forth in this Agreement, in the event that the Recipient ceases to be employed by the Company for any reason
prior to the lapse of the Restricted Period, then the Restricted Stock and any accrued but unpaid dividends that are at that time subject
to restrictions set forth herein, shall be forfeited to the Company without payment of any consideration by the Company, and neither the
Recipient nor any of his or her successors, heirs, assigns or personal representatives shall thereafter have any further rights or interests
in such shares of Restricted Stock or certificates.

 

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(b)         
In the event that the Recipient’s employment with the Company is terminated due to his death or Disability, then the Restricted
Period set forth in Section 2(b) hereof shall immediately lapse and the Restricted Stock shall become immediately and fully vested.

 

(c)         
In the event of a Change in Control, the provisions of Section 15 of the Plan shall control.

 

4.           
Miscellaneous.

 

(a)         
Amendments. This Agreement may be amended or modified only by the Committee; provided that any such amendment or modification
adversely affecting the rights of the Recipient hereunder must be consented to by the Recipient to be effective as against the Recipient.

 

(b)         
83(b) Election. Recipient understands that Section 83(a) of the Internal Revenue Code, taxes as ordinary income the fair
market value of the Restricted Stock as of the date that such shares of Restricted Stock vest in accordance with this Agreement. Recipient
understands that Recipient may elect to be taxed at the time that Restricted Shares are granted, rather than when and as vesting occurs,
by filing an election under Section 83(b) (an “83(b) Election”) of the Code with the Internal Revenue Service within thirty
(30) days from the date of the grant of the Restricted Stock. Recipient understands that, if an 83(b) Election is made, an additional
copy of such 83(b) Election is required to be filed with his/her federal income tax return for the calendar year in which the grant occurs
and must also provide a copy to the Company. Recipient acknowledges and understands that it is the Recipient’s sole decision, obligation,
and responsibility whether or not to file such 83(b) Election, and neither the Company nor the Company’s legal or financial advisors
shall have any obligation or responsibility with respect to such filing nor shall the Company or the Company’s legal or financial
advisors have any obligation or responsibility with respect to the Recipient’s decision to make or not make an 83(b) election. Recipient
further acknowledges that the Company has directed the Recipient to seek independent advice regarding the applicable provisions of the
Code, the income tax laws of any municipality, or state in which the Recipient may reside.

 

(c)         
No Right to Continued Employment. The granting of the Stock Award evidenced hereby and this Agreement shall impose no obligation
on the Company or any affiliate to continue the employment of the Recipient and shall not lessen or affect any right that the Company
or any affiliate may have to terminate the employment of such Recipient.

 

(d)         
Withholding and Taxes. No later than the date as of which an amount first becomes includible in the gross income of the
Recipient for income tax purposes or subject to the Federal Insurance Contributions Act withholding with respect to the Restricted Stock
granted hereunder, the Recipient will pay to the Company or make arrangements satisfactory to the Committee regarding the payment of,
any United States federal, state or local taxes of any kind required by law to be withheld with respect to such amount and in accordance
with Section 18(c) of the Plan. The obligations of the Company under the Stock Award will be conditional on such payment or arrangements,
and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Recipient.

 

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(e)         
Notices. Any notification required by the terms of this Agreement shall be given in writing and shall be deemed effective
upon personal delivery or within three (3) days of deposit with the United States Postal Service, by registered or certified mail, with
postage and fees prepaid. A notice shall be addressed to the Company, Attention: Corporate Secretary, at its principal executive office
and to the Recipient at the address that he or she most recently provided to the Company.

 

(f)          
Entire Agreement. This Agreement and the Plan constitute the entire contract between the parties hereto with regard to the
subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express
or implied) which relate to the subject matter hereof.

 

(g)         
Waiver. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent
breach or condition whether of like or different nature.

 

(h)         
Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company
and its successors and assigns and upon the Recipient, the Recipient’s assigns and the legal representatives, heirs and legatees
of the Recipient’s estate, whether or not any such person shall have become a party to this Award Agreement and have agreed in writing
to be joined herein and be bound by the terms hereof.

 

(i)           
Choice of Law. This Agreement shall be governed by the law of the State of New York (regardless of the laws that might otherwise
govern under applicable Mississippi principles of conflicts of law) as to all matters, including but not limited to matters of validity,
construction, effect, performance and remedies.

 

(j)           
Award Subject to Plan. By entering into this Agreement the Recipient agrees and acknowledges that the Recipient has received
and read a copy of the Plan. The Stock Award is subject to the Plan. The terms and provisions of the Plan as it may be amended from time
to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term
or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

 

(k)         
Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal
or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

 

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(l)           
Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

 

(m)       
Compensation Recoupment Policy. This Agreement shall be subject to any compensation recoupment policy of the Company that
is applicable by its terms to the Recipient and to Stock Awards of this type.

 

[Intentionally left blank]

 

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IN WITNESS WHEREOF, the undersigned have caused
this Agreement to be executed as of [DATE].

 

		 	SERVOTRONICS, INC.
	 	 	 
	 	 	Name:
	 	 	Title:

 

Acknowledged as of the date first written above:

 

RECIPIENT

 

Name:

 Title:

 

    6Exhibit 10.1

 

Form of Promissory Note

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE
THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED. 

 

PROMISSORY NOTE

 

	Principal Amount: $581,000	Issuance Date: December 21, 2022

 

Mountain
Crest Acquisition Corp. IV or its registered assigns or successors in interest (the “Maker”), promises to pay to the
order of CH Auto Technology Corporation Ltd., an entity formed under the laws of the Peoples Republic of China (the
“Payee”), the principal sum as set forth above (the “Principal Amount”) in lawful money of the United
States of America, on the terms and conditions described below. The Maker and Payee shall collectively be referred to as the “Parties.”
All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker
to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.
Principal. The principal balance of this Note shall be payable by the Maker on the earlier of: (i) the date on which Maker consummates
a business combination with target businesses, or (ii) the date the Maker liquidates if a business combination is not consummated (the
“Due Date”). The principal balance may be prepaid at any time. The principal balance shall be payable by the Maker either:
(i) in cash, or (ii) in shares of Maker’s common stock (the “Conversion Shares”), par value $0.0001, at the Payee’s
election in writing. Payee may elect to convert any outstanding principal balance into Conversion Shares, at any time when this Note remains
outstanding, at a fixed conversion price of $10.00 per share. Under no circumstances shall any individual, including but not limited to
any officer, director, employee or shareholder of the Maker, be personally obligated for any obligations or liabilities of the Maker hereunder.

 

     

     

    

 

2. Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3. Application of Payments. All payments
shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance
of this Note.

 

4. Forgiveness. The Maker and Payee and
others, entered into a certain agreement and plan of merger dated April 30, 2022 (the “Merger Agreement”), pursuant to which
the Maker shall consummate the initial business combination by May 15, 2023 (the “Combination Period”). The Note will be forgiven
by the Payee if the Maker is unable to consummate the initial business combination by the Due Date, except to the extent of any funds
held outside of the trust account (the “Trust Account”) maintained with Continental Stock Transfer & Trust Company
(“CST”) pursuant to an investment management trust agreement, dated as of June 29, 2021, as amended, by the Maker and CST.

 

For clarification purposes, the Note shall be due
and payable by the Maker on the Due Date in the event that the Maker consummates the initial business combination with or without the
Payee.

 

5.
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the Principal Amount due pursuant to this Note within five (5) business days
from the Due Date.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the
making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become
due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in
an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of
60 consecutive days.

  

6.
Remedies.

 

(a)
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this
Note to be due immediately and payable, whereupon the unpaid Principal Amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

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(b)
Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all
other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any
action on the part of Payee.

 

7.
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings
instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from
attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time
for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any
writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of
any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be
granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers,
guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.
Notices. All notices, statements or other documents which are required or contemplated by this Note shall be made in writing
and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic
transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other
address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication
so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

 

10.
Construction.  THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAW PROVISIONS THEREOF. The Parties irrevocably submits to the exclusive jurisdiction of any New York State or United States Federal
court sitting in The City of New York, Borough of Manhattan, over any suit, action or proceeding arising out of or relating to this Note.
The Parties irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the laying
of venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought
in such a court has been brought in an inconvenient forum.

 

11.
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 

 

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12.
Trust Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title,
interest or claim of any kind (“Claim”) in or to any distribution of or from the Trust Account of the Maker in
which the proceeds of the initial public offering (the “IPO”) (including the deferred underwriters discounts) are
deposited, as described in greater detail in the registration statement (file number 333-256449) and prospectus filed with the
Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

13.
Amendment; Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the
written consent of the Maker and the Payee.

 

14.
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation
of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, Maker, intending to
be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

 

	Mountain Crest Acquisition Corp. IV	 
	 	 
	By:	 	 
	 	Name:  Suying Liu	 
	 	Title: Chief Executive Officer	 

 

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