Exhibit
10.2


 


STERLING CONSTRUCTION
COMPANY, INC.


 


Restricted
Stock Award Agreement


 


	 	Award Date:	[___________, 2018]	 
	 	Award Recipient:	[Name of Participant]	 
	 	Shares of Common Stock:	[Total Shares]	 
	 	Expiration Date:	January 1, 2021	 


 


This
Restricted Stock Award Agreement (this "Agreement") is made effective as of the Award Date set forth above
and is entered into between you, the above-named Award Recipient, and Sterling Construction Company, Inc. (the "Company")
pursuant to the Company’s Stock Incentive Plan (the "Plan.") The Plan is hereby incorporated into this Agreement
by this reference. By signing this Agreement, you acknowledge that you have received a copy of the Plan and a summary description
of the Plan.


 


In consideration of the
award to you of the number of Shares of Common Stock of the Company set forth above (the "Shares") you and the
Company agree as follows:


 


		1.	Award of the Shares. The Company hereby awards to you, and you hereby accept the award of
the Shares subject to the terms and conditions set forth in this Agreement. Any additional shares of common stock of the Company
that are issued to you on account of the Shares as a result of stock dividends, stock splits or recapitalizations (whether by way
of mergers, consolidations, combinations or exchanges of shares or the like) will be subject to this Agreement and are included
in the definition of the word "Shares."



 


		2.	The Restrictions. Until the Shares vest in accordance with Section 3, below, you
may not sell, assign, transfer, pledge or otherwise dispose of or encumber any of the Shares or any of your rights or interests
in the Shares except by your will or according to the laws of descent and distribution (the "Restrictions.")



 


		3.	Expiration of the Restrictions. Unless the Shares have earlier been forfeited as provided
in this Agreement, the Restrictions will expire (i.e. the Shares will vest) as follows:



 


	 	
        Date

        (at 5:00 p.m. Central Time)
	Shares Vested	 
	 	January 1, 2019	[Tranche 1]	 
	 	January 1, 2020	[Tranche 2]	 
	 	January 1, 2021	[Tranche 3]	 



 

		3.1	Shares that are still subject to the Restrictions will also vest on the earliest to occur of the
following:



 


		(a)	A Change in Control of the Company (as that term is defined in the Plan.)



 


		(b)	Your employment is terminated without Cause (as defined below.)



 


		(c)	Your employment is terminated because you have become permanently disabled (as defined below.)



 


		(d)	Your death.



 


		4.	Forfeiture of the Shares. If either of the following events occurs, all of the Shares that
are then still subject to the Restrictions will be forfeited and returned to the Company without the payment of any compensation
to you:



 


		·	You resign your employment.



 


		·	Your employment is terminated for Cause.



 



     


     

    




		5.	Definitions. As used in this Agreement —



 


		5.1	The words "permanently disabled" mean that because of a physical or mental impairment,
you are unable to perform your duties and responsibilities as an employee for ninety or more days within a six-month period.



 


		5.2	"Cause" means —



 


		(a)	You were grossly negligent in the performance of your duties and/or your responsibilities; or you
refused to perform your duties and/or responsibilities.



 


		(b)	You committed an act of theft or other dishonesty, including, but not limited to an intentional
misapplication of the Company's or of any of its subsidiaries' funds or other property.



 


		(c)	You were convicted of any other criminal activity (other than a traffic violation or minor misdemeanor).



 


		(d)	You participated in any activity involving moral turpitude that is, or could reasonably be expected
to be injurious to the business or reputation of the Company.



 


		(e)	You used alcohol immoderately and /or used non-prescribed narcotics that had the effect of adversely
and materially affecting the performance of your duties.



 


		(f)	You committed a material breach of a Company policy.



 


		6.	Your Rights as a Stockholder. Except for the Restrictions and the other limitations and
conditions set forth in this Agreement, as owner of the Shares you will have all of the rights of a stockholder of the Company,
including the right to vote the Shares and to receive any dividends paid on the Shares.



 


		7.	The Shares.



 


		7.1	The Shares will be issued to you as a book entry by the Company's transfer agent, and you will
be advised of their issuance. When the Restrictions expire, subject to the provisions of Section 8, below, you may leave
the Shares in your account at the transfer agent; you may have your broker transfer the Shares electronically to your brokerage
account; or you may have the Shares delivered to you in the form of a stock certificate.



 


		7.2	Any of the Shares that are forfeited will be returned to the Company and canceled without the payment
of any compensation to you.



 


		8.	Securities and Other Laws. The Company may require as a pre-condition to the delivery of
the Shares to you —



 


		8.1	That the Shares shall have been duly listed, upon official notice of issuance, upon any national
securities exchange or automated quotation system on which the Company's common stock may then be listed or quoted;



 


		8.2	That either (a) a registration statement under the Securities Act of 1933 (the "Act")
relating to the Shares is in effect; or (b) in the opinion of counsel to the Company, the issuance of the Shares is exempt from
registration under the Act, in which event you shall have made such undertakings and agreements with the Company as the Company
may reasonably require; and



 


		8.3	That such other steps, if any, as counsel to the Company considers necessary to comply with any
law applicable to the Shares shall have been taken by you, by the Company or both. The Shares may be subject to such restrictions
as counsel for the Company considers necessary to comply with applicable laws.



 


		9.	Taxes. You agree to pay to the Company or to make provision satisfactory to the Company
for the payment of any taxes required by law to be paid by you, or that are required to be withheld from you relating to the Shares
no later than the date of the event creating the tax liability. To the extent permitted by law, the Company may deduct any such
tax obligation that is not paid when due from any payment of any kind due to you from the Company.



 



    
	[Name of Participant] Restricted Stock Agreement dated _____________, 2018	Page 2 of 3

 


     

    




		10.	Adjustment in Provisions. Upon any change from time to time in the outstanding common stock
of the Company by reason of a stock dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation,
split-up, spin-off, combination, exchange of shares or other such transaction affecting the Company’s common stock, the relevant
parts of this Agreement shall be appropriately adjusted by the Company, if necessary, to reflect such change in a fair manner.



 


		11.	Amendments. The Compensation Committee of the Board of Directors (the "Committee")
may amend, modify or terminate this Agreement, including by substituting another award of the same or a different type. Your consent
to such an action will be required unless the Committee determines that the action, taking into account any related action, would
not materially and adversely affect you.



 


		12.	Decisions by the Committee. Any dispute or disagreement that arises under, or as a result
of, or pursuant to, this Agreement shall be resolved by the Committee in its sole and absolute discretion, and any such resolution
or any other determination by the Committee under, or pursuant to, this Agreement, and any interpretation by the Committee of the
terms and conditions of this Agreement or the Plan shall be final, binding, and conclusive on all persons affected thereby.



 


In
Witness Whereof, you and the Company have signed this Agreement to be effective as of the Award Date.


 


	Sterling Construction Company, Inc.


	 	
         

	 	 	 
	 	 	 
	By: 	 	 	 
	 	Paul J. Varello	 	[Name of Participant]
	 	Chief Executive Officer	 	 


 


 


 





	[Name of Participant] Restricted
Stock Agreement dated _____________, 2018	Page 3 of 3