Exhibit
10.11


 


STOCK
OPTION AGREEMENT


 


THIS
STOCK OPTION AGREEMENT is made as of the ___ day of ______, _____(the “Grant Date”) by and between
Propel Media, Inc., a Delaware corporation (the “Company”), and _______________
(“Employee”).


 


WHEREAS,
pursuant to the terms and conditions of the Company’s 2014 Long-Term Incentive Equity Plan (the “Plan”),
[and in accordance with that certain Employment Agreement (“Employment Agreement”), dated as of _______
___, ____, between the Company and the Employee,] the Board of Directors of the Company (the “Board”) authorized
the grant to the Employee of an option (the “Option”) to purchase an aggregate of __________ shares of the
authorized but unissued common stock of the Company, $.0001 par value (“Common Stock”), conditioned upon the
Employee’s acceptance thereof upon the terms and conditions set forth in this Agreement and subject to the terms of the
Plan (capitalized terms used herein and not otherwise defined have the meanings set forth in the Plan); and


 


WHEREAS,
the Employee desires to acquire the Option on the terms and conditions set forth in this Agreement and subject to the terms of
the Plan;


 


IT IS
AGREED:


 


1.            Grant of Stock Option. The Company hereby grants to the Employee the right and option to purchase all or any part of an
aggregate of _______ shares of the Common Stock (the “Option Shares”) on the terms and conditions set forth
herein and subject to the provisions of the Plan.


 


2.            [Non]-Incentive Stock Option. The Option represented hereby is [not] intended to be an Option that
qualifies as an “Incentive Stock Option” under Section 422 of the Internal Revenue Code of 1986, as amended.


 


3.            Exercise Price. The exercise price (the “Exercise Price”) of the Option is $____ per share, subject
to adjustment as hereinafter provided.


 


4.            Exercisability.
Subject to the terms and conditions of the Plan and this Agreement, this Option shall become exercisable as follows: _________.
After a portion of the Option becomes exercisable, it shall remain exercisable except as otherwise provided herein, until the
close of business on the day that is  ____ years from the Grant Date (the “Exercise Period”).


 






    	 



    	 



    

 


5.            Effect of Termination of Employment.


 


5.1.           
Termination Due to Death. If Employee’s employment by the Company terminates by reason of death, the portion of the
Option, if any, that was exercisable as of the date of death may thereafter be exercised by the legal representative of the estate
or by the legatee of the Employee under the will of the Employee, for a period of one year from the date of such death or until
the expiration of the Exercise Period, whichever period is shorter. The portion of the Option, if any, that was not exercisable
as of the date of death shall immediately terminate upon death.


 


5.2.           
Termination Due to Disability. If Employee’s employment by the Company terminates by reason of Disability, the portion
of the Option, if any, that was exercisable as of the date of termination of employment may thereafter be exercised by the Employee
or legal representative for a period of one year from the date of such termination or until the expiration of the Exercise Period,
whichever period is shorter. The portion of the Option, if any, that was not exercisable as of the date of Disability shall immediately
terminate upon disability.


 


5.3.           
Termination Due to Retirement. If Employee’s employment by the Company terminates due to Normal Retirement, then
the portion of the Option that was exercisable as of the date of termination of employment may be exercised for a period of one
year from the date of such termination or until the expiration of the Exercise Period, whichever is shorter. The portion of the
Option not yet exercisable on the date of termination of employment shall immediately expire.


 






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5.4.           Termination by the Company Without Cause [or by the Employee for Good Reason]. If Employee’s employment
is terminated by the Company without “Cause” [(as defined in the Employment Agreement) or by the Employee for “Good
Reason” (as defined in the Employment Agreement)], then [the Option shall become exercisable as to all the Option
Shares as of the date of termination, and the Option shall remain exercisable until the expiration of the Exercise Period.]/[the
portion of the Option that was exercisable as of the date of termination of employment may be exercised for a period of three
months from the date of such termination or until the expiration of the Exercise Period, whichever is shorter. The portion of
the Option not yet exercisable on the date of termination of employment shall immediately expire.]


 


5.4.1.     
[As used herein, “Cause” shall mean: (a) the refusal or failure by Employee to carry out specific directions
of the Employee’s supervisor which are of a material nature and consistent with Employee’s position at the Company;
(b) the commission by Employee of a material breach of any of the provisions of any agreement with the Company or of any written
policies or procedures of the Company; (c) fraud or dishonest action by Employee in Employee’s relations with the Company
or any of its subsidiaries or affiliates (“dishonest” for these purposes shall mean Employees knowingly or recklessly
making a material misstatement or omission for his personal benefit); or (d) the conviction of Employee of a felony under federal
or state law. Notwithstanding the foregoing, no “Cause” shall be deemed to exist with respect to Employee’s
acts described in clauses (a) or (b) above, unless the Company shall have given written notice to Employee within a period not
to exceed ten (10) calendar days of the initial existence of the occurrence, specifying the “Cause” with reasonable
particularity and, within thirty (30) calendar days after such notice, Employee shall not have cured or eliminated the problem
or thing giving rise to such “Cause”; provided, however, no more than two cure periods need be provided during any
twelve-month period.]


 


5.5.           
Other Termination.


 


5.5.1.     
If Employee’s employment is terminated for any reason other than (i) death, (ii) Disability, (iii) Normal Retirement, or
(iv) without Cause by the Company [or for Good Reason by the Employee], the Option shall expire on the date of termination
of employment.


 






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5.5.2.     
In the event the Employee’s employment is terminated by the Company for Cause, the Board, in its sole discretion, may annul
any award granted hereunder and require the Employee to return to the Company the economic benefit of any Option Shares purchased
hereunder by the Employee within the 6 month period prior to the date of termination. In such event, the Employee hereby agrees
to remit to the Company, in cash, an amount equal to the difference between the Fair Market Value of the Option Shares on the
date of termination (or the sales price of such Shares if the Option Shares were sold during such 6 month period) and the Exercise
Price of such Shares.


 


5.6.           
Competing With the Company. If Employee’s employment with the Company or a Subsidiary is terminated for any reason
whatsoever and [Employee violates any of the provisions of Section __ of the Employment Agreement]/[within 12 months after
the date thereof such Employee either (i) accepts employment with any competitor of, or otherwise engages in competition with,
the Company or any of its Subsidiaries, (ii) solicits any customers or employees of the Company or any of its Subsidiaries to
do business with or render services to the Holder or any business with which the Employee becomes affiliated or to which the Employee
renders services or (iii) uses or discloses to anyone outside the Company any confidential information or material of the Company
or any of its Subsidiaries in violation of the Company’s policies or any agreement between the Employee and the Company
or any of its Subsidiaries], the Board, in its sole discretion, may require the Employee to return to the Company the economic
value of any award that was realized or obtained by such Employee at any time during the period beginning on the date that is
6 months prior to the date such Employee’s employment is terminated; provided, however, that if Employee is a resident of
the State of California, such right must be exercised by the Company for cash within six months after the date of termination
of Employee’s service to the Company or within six months after exercise of the Option, whichever is later. In such event,
Employee agrees to remit the economic value to the Company in accordance with Section 5.5.2.


 


6.            Withholding
Tax. Not later than the date as of which an amount first becomes includible in the gross income of the Employee for Federal
income tax purposes with respect to the Option, the Employee shall pay to the Company, or make arrangements satisfactory to the
Board regarding the payment of, any Federal, state and local taxes of any kind required by law to be withheld or paid with respect
to such amount (“Withholding Tax”). The obligations of the Company under the Plan and pursuant to this Agreement
shall be conditional upon such payment or arrangements with the Company and the Company shall, to the extent permitted by law,
have the right to deduct any Withholding Taxes from any payment of any kind otherwise due to the Employee from the Company.


 






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7.            Adjustments.
In the event of any change in the shares of Common Stock of the Company as a whole occurring as the result of a common stock split,
or reverse split, common stock dividend payable on shares of Common Stock, combination or exchange of shares, or other extraordinary
or unusual event occurring after the grant of the Option, the Board shall determine, in its sole discretion, whether such change
equitably requires an adjustment in the terms of this Option or the aggregate number of shares reserved for issuance under the
Plan. Any such adjustments will be made by the Board, whose determination will be final, binding and conclusive.


 


8.            Method of Exercise.


 


8.1.           
Notice to the Company. The Option shall be exercised in whole or in part by written notice in substantially the form attached
hereto as Exhibit A directed to the Company at its principal place of business accompanied by full payment as hereinafter
provided of the exercise price for the number of Option Shares specified in the notice and of the Withholding Taxes, if any.


 


8.2.           
Delivery of Option Shares. The Company shall deliver a certificate for the Option Shares to the Employee as soon as practicable
after payment therefor.


 


8.3.           
Payment of Purchase Price.


 


8.3.1.     
Cash Payment. The Employee shall make cash payments by wire transfer, certified or bank check or personal check, in each
case payable to the order of the Company; the Company shall not be required to deliver certificates for Option Shares until the
Company has confirmed the receipt of good and available funds in payment of the purchase price thereof.


 


8.3.2.     
Cashless Payment. Provided that prior approval of the Company has been obtained, the Employee may use Common Stock of the
Company owned by him to pay the purchase price for the Option Shares by delivery of stock certificates in negotiable form which
are effective to transfer good and valid title thereto to the Company, free of any liens or encumbrances. Shares of Common Stock
used for this purpose shall be valued at the Fair Market Value.


 






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8.3.3.     
Payment of Withholding Tax. Any required Withholding Tax may be paid in cash or with Common Stock in accordance with Sections
8.3.1 and 8.3.2.


 


8.3.4.     
Exchange Act Compliance. Notwithstanding the foregoing, the Company shall have the right to reject payment in the form
of Common Stock if in the opinion of counsel for the Company, (i) it could result in an event of “recapture” under
Section 16(b) of the Securities Exchange Act of 1934; (ii) such shares of Common Stock may not be sold or transferred to the Company;
or (iii) such transfer could create legal difficulties for the Company.


 


9.            Transfer. [Except as may be set forth in the next sentence of this Section, the]/[The] Option shall not be transferable
by the Employee other than by will or by the laws of descent and distribution, and the Option shall be exercisable, during the
Employee’s lifetime, only by the Employee (or, to the extent of legal incapacity or incompetency, the Employee’s guardian
or legal representative). [Notwithstanding the foregoing, the Employee, with the approval of the Board, may transfer all or
a portion of the Option (i) (A) by gift, for no consideration, or (B) pursuant to a domestic relations order, in either case,
to or for the benefit of the Employee’s “Immediate Family” (as defined below), or (ii) to an entity in which
the Employee and/or members of Employee’s Immediate Family own more than fifty percent of the voting interest, in exchange
for an interest in that entity, subject to such limits as the Board may establish, and the transferee shall remain subject to
all the terms and conditions applicable to the Option prior to such transfer. The term “Immediate Family” shall mean
any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person sharing
the Employee’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent
beneficial interest, and a foundation in which these persons (or the Employee) control the management of the assets.]/[Notwithstanding
the foregoing, the Board may, in its sole discretion, permit transfer of the Option in a manner consistent with applicable tax
and securities law upon Employee’s request.]


 






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10.          Company Representations. The Company hereby represents and warrants to the Employee that:


 


10.1.       
the Company, by appropriate and all required action, is duly authorized to enter into this Agreement and consummate all of the
transactions contemplated hereunder; and


 


10.2.       
the Option Shares, when issued and delivered by the Company to the Employee in accordance with the terms and conditions hereof,
will be duly and validly issued and fully paid and non-assessable.


 


11.          Employee
Representations. The Employee hereby represents and warrants to the Company that:


 


11.1.       
he is acquiring the Option and shall acquire the Option Shares for his own account and not with a view towards the distribution
thereof;


 


11.2.       
he has received a copy of the Plan as in effect as of the date of this Agreement;


 


11.3.       
he has received a copy of all reports and documents required to be filed by the Company with the Securities and Exchange Commission
pursuant to the Exchange Act, within the last 24 months and all reports issued by the Company to its stockholders;


 


11.4.       
he understands that he is subject to the Company’s Insider Trading Policy and has received a copy of such policy as of the
date of this Agreement;


 


11.5.       
he understands that he must bear the economic risk of the investment in the Option Shares, which cannot be sold by him unless
they are registered under the Securities Act of 1933 (“1933 Act”) or an exemption therefrom is available thereunder
and that the Company is under no obligation to register the Option Shares for sale under the 1933 Act;


 


11.6.       
in his position with the Company, he has had both the opportunity to ask questions and receive answers from the officers and directors
of the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder and to obtain
any additional information to the extent the Company possesses or may possess such information or can acquire it without unreasonable
effort or expense necessary to verify the accuracy of the information obtained pursuant to Section 11.3 above;


 






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11.7.       
he is aware that the Company shall place stop transfer orders with its transfer agent against the transfer of the Option Shares
in the absence of registration under the 1933 Act or an exemption therefrom as provided herein; and


 


11.8.       
if, at the time of issuance of the Option Shares, the issuance of such shares have not been registered under the 1933 Act, the
certificates evidencing the Option Shares shall bear the following legends:


 


“The
shares represented by this certificate have been acquired for investment and have not been registered under the Securities Act
of 1933. The shares may not be sold or transferred in the absence of such registration or an exemption therefrom under said Act.”


 


“The
shares represented by this certificate have been acquired pursuant to a Stock Option Agreement dated as of March 6, 2015, a copy
of which is on file with the Company, and may not be transferred, pledged or disposed of except in accordance with the terms and
conditions thereof."


 


12.          Restriction on Transfer of Option Shares. Anything in this Agreement to the contrary notwithstanding, the Employee hereby
agrees that he shall not sell, transfer by any means or otherwise dispose of the Option Shares acquired by him unless (i) the
Option Shares are registered under the 1933 Act, or in the event that they are not so registered, an exemption from the 1933 Act
registration requirements is available thereunder and the Employee has furnished the Company with notice of such proposed transfer
and the Company’s legal counsel, in its reasonable opinion, shall deem such proposed transfer to be so exempt, and (ii)
such transfer is in compliance with the Company’s Insider Trading Policy, as in effect at such time.


 






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13.          Miscellaneous.


 


13.1.       
Notices. All notices, requests, deliveries, payments, demands and other communications which are required or permitted
to be given under this Agreement shall be in writing and shall be either delivered personally or sent by registered or certified
mail, or by private courier to the parties at their respective addresses set forth herein, or to such other address as either
party shall have specified by notice in writing to the other. Notice shall be deemed duly given hereunder when delivered or mailed
as provided herein.


 


13.2.       
Conflicts with the Plan. In the event of a conflict between the provisions of the Plan and the provisions of this Agreement,
the provisions of the Plan shall in all respects be controlling.


 


13.3.       
Employee and Stockholder Rights. The Employee shall not have any of the rights of a stockholder with respect to the Option
Shares until such shares have been issued after the due exercise of the Option. Nothing contained in this Agreement shall be deemed
to confer upon Employee any right to continued employment with the Company or any subsidiary thereof, nor shall it interfere in
any way with the right of the Company to terminate Employee in accordance with the provisions regarding such termination set forth
in the Employment Agreement.


 


13.4.       
Waiver. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed
as a waiver of any other or subsequent breach.


 


13.5.       
Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter
hereof. This Agreement may not be amended except by writing executed by the Employee and the Company.


 


13.6.       
Binding Effect; Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto and, to
the extent not prohibited herein, their respective heirs, successors, assigns and representatives. Nothing in this Agreement,
expressed or implied, is intended to confer on any person other than the parties hereto and as provided above, their respective
heirs, successors, assigns and representatives any rights, remedies, obligations or liabilities.


 


13.7.       
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (without
regard to choice of law provisions).


 


13.8.       
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way
limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.


 


[Signature
Page Follows]


 






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IN WITNESS
WHEREOF, the parties hereto have signed this Agreement as of the day and year first above:


 


	 	PROPEL
    MEDIA, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	EMPLOYEE:
	 	 
	 	 







 



    	 



    	 



    




  


EXHIBIT
A


 


FORM
OF NOTICE OF EXERCISE OF OPTION


 


 


                                            



                DATE


 


PROPEL
MEDIA, INC.


525 Washington
Blvd, Suite 2620


Jersey
City, New Jersey 07310


Attention:
General Counsel


 


Re:      Purchase
of Option Shares


 


Gentlemen:


 


In accordance
with my Stock Option Agreement, dated as of _____________, with Propel Media, Inc. (“Company”), under the Company’s
2014 Long-Term Incentive Equity Plan, I hereby irrevocably elect to exercise the right to purchase _____________ shares of the
Company’s common stock, par value $.0001 per share (“Common Stock”), which are being purchased for investment
and not for resale.


 


As payment
for my shares, enclosed is (check and complete applicable boxes):


 


	 	☐	a ☐
    personal     check or ☐ certified check or ☐ bank check payable to the order of “Propel Media, Inc.”
    in the sum     of $_____________;


 


	 	☐	confirmation of
    wire transfer in the amount of $_____________; and/or


 


	 	☐	with the consent
    of the Company, a certificate for _____________ shares of the Company’s Common Stock, free and clear of any encumbrances,
    duly endorsed, having a Fair Market Value (as such term is defined in the 2014 Long-Term Incentive Equity Plan) of $_____________.


 


I hereby
represent and warrant to, and agree with, the Company that:


 


	 	(i)	I am acquiring
    the Option Shares for my own account, for investment, and not with a view towards the distribution thereof;


 


	 	(ii)	I have received
    a copy of the Plan and all reports and documents required to be filed by the Company with the Commission pursuant to the Exchange
    Act within the last 24 months and all reports issued by the Company to its stockholders;


 


	 	(iii)	I understand that
    I must bear the economic risk of the investment in the Option Shares, which cannot be sold by me unless they are registered
    under the Securities Act of 1933 (“1933 Act”) or an exemption therefrom is available thereunder and that the Company
    is under no obligation to register the Option Shares for sale under the 1933 Act;


 






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	 	(iv)	I agree that I
    will not sell, transfer by any means or otherwise dispose of the Option Shares acquired by me hereby except in accordance
    with Company’s policy, if any, regarding the sale and disposition of securities owned by employees and/or directors
    of the Company;


 


	 	(v)	in my position
    with the Company, I have had both the opportunity to ask questions and receive answers from the officers and directors of
    the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder and to obtain
    any additional information to the extent the Company possesses or may possess such information or can acquire it without unreasonable
    effort or expense necessary to verify the accuracy of the information obtained pursuant to clause (ii) above;


 


	 	(vi)	my rights with
    respect to the Option Shares shall, in all respects, be subject to the terms and conditions of the Company’s 2014 Long-Term
    Incentive Equity Plan and the Agreement.


 


	 	(vii)	I am aware that
    the Company shall place stop transfer orders with its transfer agent against the transfer of the Option Shares in the absence
    of registration under the 1933 Act or an exemption therefrom as provided herein; and


 


	 	(viii)	if, at the time
    of issuance of the Option Shares, the issuance of such shares have not been registered under the 1933 Act, the certificates
    evidencing the Option Shares shall bear the following legends:


 


“The
shares represented by this certificate have been acquired for investment and have not been registered under the Securities Act
of 1933. The shares may not be sold or transferred in the absence of such registration or an exemption therefrom under said Act.”


 


“The
shares represented by this certificate have been acquired pursuant to a Stock Option Agreement dated as of March 6, 2015, a copy
of which is on file with the Company, and may not be transferred, pledged or disposed of except in accordance with the terms and
conditions thereof."


 


	 	(ix)	I am aware and
    understand that I may be subject to an Insider Trading Policy.


 



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Kindly
forward to me my certificate at your earliest convenience.


 


Very truly
yours,


 


	 	 	 
	(Signature)	 	(Address)
	 	 	 
	 	 	 
	(Print
    Name)	 	(Address)
	 	 	 
	 	 	 
	(Social
    Security Number)	 	 







 







 


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