Exhibit 10.25
[Insert date]
[insert name]
[insert address]
Dear [name],
Letter of Confirmation of Benefit under Tritium Technologies, LLC (the Company) Shadow Equity Employee Scheme
We refer to your participation in the Tritium Technologies, LLC Shadow Equity Employee Plan (Plan).
As you may be aware, Tritium Holdings Pty Ltd (Tritium Holdings) completed a business combination transaction (Business Combination) with Decarbonization Plus Acquisition Corporation II on 13 January 2022, involving the transfer by shareholders in Tritium Holdings of all their shares in Tritium Holdings to Tritium DCFC Limited (Tritium DCFC) in exchange for ordinary shares in Tritium DCFC (Tritium DCFC Shares). Tritium DCFC Shares commenced trading on The Nasdaq Stock Market LLC (Nasdaq) on 14 January 2022.
It has been calculated that you are entitled to a Benefit (as that term is defined in the Plan) of USD [insert] under the Plan in connection with the completion of the Business Combination. This calculation adopts an Exit Value (as that term is defined in the Plan) of USD 14.7166282, which is the share price that was applied to ordinary shares in Tritium Holdings for the purposes of the Business Combination.
As payment of this Benefit, Tritium DCFC shall issue you [insert number] Tritium DCFC Shares (Specified Shares), which is equal to the aggregate amount of your Benefit divided by USD 10 per Tritium DCFC Share (rounded up to the nearest whole number of shares). The issue price of USD 10 per Tritium DCFC Share used for this calculation represents the price per Tritium DCFC Share at which shareholders in Tritium Holdings acquired Tritium DCFC Shares on completion of the Business Combination.
To the extent permitted by all applicable laws, neither Tritium DCFC, the Company nor any other subsidiary of Tritium DCFC will be responsible for any Tax (as that term is defined in the Plan) which may be payable by you in connection with the allocation of Tritium DCFC Shares to you.
Tritium DCFC, the Company or any other subsidiary of Tritium DCFC may withhold, or cause to be withheld, from the Specified Shares, Tritium DCFC Shares in satisfaction of any obligations for Tritium DCFC, the Company or any other subsidiary of Tritium DCFC to withhold or collect Taxes.
The number of Tritium DCFC Shares which may be so withheld or surrendered shall be limited to the number of Tritium DCFC Shares which have a value on the date of withholding no greater than the aggregate amount of such liabilities (rounded up to the nearest whole number of shares) based on the maximum individual statutory withholding rates in your applicable jurisdiction for any Taxes that Tritium DCFC, the Company or any other subsidiary of Tritium DCFC is obliged, or reasonably believes it is obliged, to account for to any taxation authority.
Attachment A to this letter sets out a summary of tax consequences for the allocation of Tritium DCFC Shares.
The Specified Shares will be issued to you, net of applicable tax withholding, and reflected in your account with Computershare within 10-20 business days from the date of this letter. These Tritium DCFC Shares will not be issued subject to any vesting conditions.