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Fervo Energy Company
Stock Option Agreement
Granted Under
Amended and Restated 2019 Stock Incentive Plan
This Stock Option Agreement (this “Agreement”) is made between Fervo Energy Company, a Delaware corporation (the “Company”), and the Participant pursuant to the Amended and Restated 2019 Stock Incentive Plan (the “Plan”).
NOTICE OF GRANT
I.Participant Information
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Participant: | David Ulrey |
Participant Address: | |
II.Grant Information
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Grant Date: | December 29, 2025 |
Number of Shares: | 750,000 |
Exercise Price Per Share: | $ 4.25 (USD) |
Vesting Commencement Date: | December 29, 2025 |
Type of Option: | Incentive Stock Option / Nonstatutory Stock Option |
III.Vesting Schedule
The option will vest and become exercisable in accordance with the terms of the Plan.
IV.Final Exercise Date
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| 5:00 pm Eastern time on the date immediately preceding the 10th anniversary of the Grant Date |
This Agreement includes this Notice of Grant and the following Exhibits, which are expressly incorporated by reference in their entirety herein:
Exhibit A – Stock Option Agreement (General Terms and Conditions)
Exhibit B – Notice of Stock Option Exercise
Exhibit C – Fervo Energy Company Amended and Restated 2019 Stock Incentive Plan
IN WITNESS WHEREOF, the parties hereto have executed this Agreement.
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| FERVO ENERGY COMPANY | PARTICIPANT | | SPOUSAL CONSENT |
| /s/ Timothy Latimer | | /s/ David Ulrey | | |
Tim Latimer
President | | Name: David Ulrey | | Name: |