SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: S-1
Document Type: EX-10.4
Date Filed: 2026-05-15
Accession Number: 0001193125-26-227199
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526227199/d12401dex104.htm

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Exhibit 10.4

EROCK, INC.

EXECUTIVE
SEVERANCE PLAN

1. Purpose. The purpose of the ERock, Inc. Executive Severance Plan (the “Plan”) is to provide
severance benefits to certain employees of ERock, Inc. and its Affiliates in the event of a Qualifying Termination or Change in Control Qualifying Termination. The Plan is maintained for the purpose of providing benefits for a select group of
management or highly compensated employees.

2. Definitions.

(a) “Affiliate” means any entity in which the Company has a substantial direct or indirect equity interest.

(b) “Base Salary” means the Participant’s annualized base salary, as in effect immediately before the
Participant’s termination of employment (without regard to any reduction that constitutes Good Reason), excluding overtime, bonuses, incentive compensation or any other special payments.

(c) “Board” means the Board of Directors of the Company.

(d) “Cause” has the meaning set forth in the applicable Participation Agreement, or if such term is not defined in
such agreement, means a Participant’s (i) material breach of any written policy or code of conduct maintained by the Company or its Affiliates and applicable to the Participant, (ii) gross negligence or willful misconduct in
connection with the performance of the Participant’s duties, or violation of any law applicable to the workplace, (iii) breach of fiduciary duty, fraud, theft or embezzlement, (iv) commission, conviction or indictment of, or plea of
nolo contendere to, any felony (or state law equivalent) or any crime involving moral turpitude, or (v) willful failure or refusal, other than due to Disability, to perform the Participant’s duties to the Company and its Affiliates, or to
follow any lawful directive from the Company.

(e) “Change in Control” has the meaning set forth in the Equity
Plan.

(f) “Change in Control Qualifying Termination” means, during the Protection Period, a termination of the
Participant’s employment with the Employer by the Employer without Cause (other than by reason of death or Disability) or by the Participant for Good Reason.

(g) “CIC Severance Benefits” means:

(i) A lump sum payment in an amount equal to the Participant’s Severance Multiplier set forth on Exhibit A
multiplied by the sum of (A) the Participant’s Base Salary, and (B) the Participant’s Target Bonus, payable within 30 days following the date the Release becomes effective and irrevocable; provided, that if the period
during which the Release could become effective and irrevocable spans two calendar years, payment shall occur in the second calendar year;

(ii) A lump sum payment equal to the
pro-rata portion of the Participant’s Target Bonus, pro-rated based on the number of days the Participant is employed during such fiscal year, payable within 30
days following the date the Release becomes effective and irrevocable; provided, that if the period during which the Release could become effective and irrevocable spans two calendar years, payment shall occur in the second calendar year; and

(iii) Subject to the Participant’s timely election of continuation coverage under COBRA, the Company shall pay to the
group health plan provider(s) or the COBRA administrator a monthly payment equal to the premiums for the Participant’s and the Participant’s covered dependents’ participation in the Company’s group health plans pursuant to
COBRA for a period ending on the earlier of (A) the end of the Participant’s COBRA Period set forth on Exhibit A, or (B) the expiration of the Participant’s rights under COBRA; provided, however, that if the Employer
reasonably determines that it cannot pay such amounts to the group health plan provider(s) or the COBRA administrator (if applicable) without potentially violating applicable law (including Section 2716 of the Public Health Service Act), then
the Employer shall convert such payments to payroll payments directly to the Participant for the time period specified above on the Employer’s regular payroll dates (subject to tax withholdings as applicable). Notwithstanding the foregoing, if
the COBRA Period set forth on Exhibit A exceeds the maximum coverage continuation period available to the Participant under COBRA, the Company shall pay to the Participant a cash lump sum amount (subject to tax withholdings as applicable)
equal to the product of (x) the monthly COBRA premium that would be payable hereunder, and (y) the remaining number of months in the COBRA Period set forth on Exhibit A in excess of the maximum coverage continuation period available
to the Participant under COBRA, payable within 30 days following the expiration of the Participant’s rights under COBRA.

“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985 and any guidance and regulations promulgated thereunder.

(i) “COBRA Period” means the applicable COBRA period following the Termination Date for the
Participant’s Tier as set forth on Exhibit A or Exhibit B, as applicable.

(j) “Code” means
the Internal Revenue Code of 1986 and any guidance and regulations promulgated thereunder.

(k) “Committee”
means the Compensation Committee of the Board or another duly constituted committee of the Board designated by the Board as the Committee hereunder.

(l) “Company” means ERock, Inc. and its Affiliates (including the Employer), and shall include any successor.

(m) “Disability” means a Participant is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.

(n) “Employer” means Enchanted Rock Management, LLC or any other applicable Affiliate that employs a Participant.

(o) “Equity Plan” means the ERock, Inc. 2026 Equity Incentive Plan
or any successor equity incentive plan adopted by the Company.

(p) “ERISA” means the Employee Retirement Income
Security Act of 1974 and any guidance and regulations promulgated thereunder.

(q) “Good Reason” means the
occurrence of any of the following without the Participant’s written consent: (i) a material diminution in the Participant duties, responsibilities, or authority; (ii) a reduction of the Participant’s Base Salary of 10% or more
(unless pursuant to across-the-board reductions that affect all or substantially all senior management employees of the Company or its applicable Affiliate); or
(iii) a relocation of the Participant’s principal work location by more than 50 miles. Notwithstanding the foregoing, any assertion by the Participant of a termination for Good Reason shall not be effective unless: (A) the
Participant provides written notice to the Company of the existence of one or more of the foregoing conditions within 30 days after the initial occurrence of such condition(s); (B) the condition(s) specified in such written notice remain uncorrected
for 30 days following the Company’s receipt of such written notice; and (C) the date of the termination of the Participant’s employment with the Company occurs within 30 days after the end of such cure period.

(r) “Participant” means an Eligible Employee who executes a Participation Agreement. Participants shall be limited
to a select group of management or highly compensated employees of the Company.

(s) “Participation Agreement”
means a participation agreement entered into between the Company and the Participant in substantially the form attached hereto as Exhibit C.

(t) “Protection Period” means the period commencing on the date of a Change in Control and ending on the date that
is 24 months after such Change in Control.

(u) “Qualifying Termination” means a termination of the
Participant’s employment with the Company by the Company without Cause (other than by reason of death or Disability) outside of the Protection Period.

(v) “Restrictive Covenants” means the restrictive covenants set forth in the Participant’s Participation
Agreement, including with respect to confidentiality, non-competition and non-solicitation.

(w) “Severance Benefits” means:

(i) A cash amount equal to the Participant’s Severance Multiplier set forth on Exhibit B multiplied by the
sum of (A) the Participant’s Base Salary, and (B) the Participant’s Target Bonus, payable in substantially equal installments in accordance with the Employer’s standard payroll practices over a number of months equal to
the Participant’s Severance Multiplier multiplied by 12, the first payment of which will be paid within 30 days following the date the Release becomes effective and irrevocable; provided, that if the period during which the Release
could become effective and irrevocable spans two calendar years, the first payment shall occur in the second calendar year; provided, further, that the first installment shall include any amounts that would have been paid following the Termination
Date had such installments commenced on the first regularly scheduled payroll date following the Termination Date;

(ii) Payment of a pro-rata portion
of the Participant’s annual cash bonus for the fiscal year during which the Termination Date occurs, calculated based on actual performance of the applicable performance metrics and pro-rated based on
the number of days the Participant is employed during such fiscal year, payable at the same time as annual bonuses are paid to other senior management-level employees of the Employer and no later than March 15th of the year following the year of the
Termination Date; and