Exhibit
10.5


 


SPORTS
FIELD HOLDINGS, INC.


 


INCENTIVE
STOCK OPTION AGREEMENT


 


This
Incentive Stock Option Agreement (“Agreement”)
is made and entered into as of the date set forth below, by and between Sports Field Holdings, Inc., a Nevada corporation (the
“Company”), and the employee of the Company named in Section 1(b). (“Optionee”):


 


In
consideration of the covenants herein set forth, the parties hereto agree as follows:


 


1.
Option Information.


 


	 	(a)	Date
    of Option:	 	 
	 	 	 	 	 
	 	(b)	Optionee:	 	 
	 	 	 	 	 
	 	(c)	Number
    of Shares:	 	 
	 	 	 	 	 
	 	(d) 	Exercise
    Price: 	$	 
	 	 	 	 	 
	 	(e)	Vesting
    Schedule	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	(f)	Termination
    Date	 	 




 


2.
Acknowledgements.


 


(a)Optionee
is an employee of the Company.


 


(b)The
Board of Directors (the “Board” together with an authorized committee of the Board of Directors) and shareholders
of the Company have heretofore adopted the Sports Field Holdings, Inc. 2016 Equity and Incentive Plan (the “Plan”),
pursuant to which this Option is being granted.


 


(c)The
Board has authorized the granting to Optionee of an incentive stock option (“Option”) as defined in Section
422 of the Internal Revenue Code of 1986, as amended, (the “Code”) to purchase shares of common stock of the
Company (“Stock”) upon the terms and conditions hereinafter stated and pursuant to an exemption from registration
under the Securities Act of 1933, as amended (the “Securities Act”) provided by Rule 701 thereunder.


 


3.
Shares; Price. The Company hereby grants to Optionee the right to purchase, upon and subject to the terms and conditions
herein stated, the number of shares of Stock set forth in Section 1(c) above (the “Shares”) for cash (or other
consideration as is authorized under the Plan and acceptable to the Board, in their sole and absolute discretion) at the price
per Share set forth in Section 1(d) above (the “Exercise Price”), such price being not less than the fair market
value per share of the Shares covered by this Option as of the date hereof.


 


4.
Term of Option; Continuation of Employment. This Option shall expire, and all rights hereunder to purchase the Shares shall
terminate upon the Termination Date noted above. This Option shall earlier terminate subject to Sections 7 and 8 hereof upon,
and as of the date of, the termination of Optionee's employment if such termination occurs prior to the Termination Date. Nothing
contained herein shall confer upon Optionee the right to the continuation of his or her employment by the Company or to interfere
with the right of the Company to terminate such employment or to increase or decrease the compensation of Optionee from the rate
in existence at the date hereof.


 






     

     


    

 


5.
Vesting of Option. Subject to the provisions of Sections 7 and 8 hereof, this Option shall become exercisable during the
term of Optionee's employment according to terms deemed acceptable to the Board of Directors of Company in their sole and absolute
discretion according to the vesting schedule set forth in Section 1(e) above (the “Vesting Schedule”).


 


6.
Exercise. This Option shall be exercised by delivery to the Company of (a) written notice of exercise stating the number
of Shares being purchased (in whole shares only) and such other information set forth on the form of Notice of Exercise attached
hereto as Appendix A, (b) a check or cash in the amount of the Exercise Price of the Shares covered by the notice (or such other
consideration as has been approved by the Board of Directors consistent with the Plan) and (c) a written investment representation
as provided for in Section 13 hereof. Notwithstanding anything to the contrary contained in this Option, this Option may be exercised
by presentation and surrender of this Option to the Company at its principal executive offices with a written notice of the holder’s
intention to effect a cashless exercise, including a calculation of the number of shares of Common Stock to be issued upon such
exercise in accordance with the terms hereof (a “Cashless Exercise”). In the event of a Cashless Exercise, in lieu
of paying the Exercise Price in cash, the holder shall surrender this Option for that number of shares of Common Stock determined
by multiplying the number of Shares to which it would otherwise be entitled by a fraction, the numerator of which shall be the
difference between the then current Market Price per share of the Common Stock and the Exercise Price, and the denominator of
which shall be the then current Market Price per share of Common Stock. For example, if the holder is exercising 100,000 Options
with a per Option exercise price of $0.75 per share through a cashless exercise when the Common Stock’s current Market Price
per share is $2.00 per share, then upon such Cashless Exercise the holder will receive 62,500 shares of Common Stock. Market Price
is defined as the average of the last reported sale prices on the principal trading market for the Common Stock during the five
(5) trading days immediately preceding such date. This Option shall not be assignable or transferable, except by will or by the
laws of descent and distribution, and shall be exercisable only by Optionee during his or her lifetime, except as provided in
Section 8 hereof.


 


7.
Termination of Employment. If Optionee shall cease to be employed by the Company for any reason, whether voluntarily or
involuntarily, other than by his or her death, Optionee (or if the Optionee shall die after such termination, but prior to such
exercise date, Optionee's personal representative or the person entitled to succeed to the Option) shall have the right at any
time within three (3) months following such termination of employment or the remaining term of this Option, whichever is the lesser,
to exercise in whole or in part this Option to the extent, but only to the extent, that this Option was exercisable as of the
date of termination of employment and had not previously been exercised; provided, however: (i) if Optionee is permanently disabled
(within the meaning of Section 22(e)(3) of the Code) at the time of termination, the foregoing three (3) month period shall be
extended to six (6) months; or (ii) if Optionee is terminated “for cause” or by the terms of the Plan or this
Option Agreement or by any employment agreement between the Optionee and the Company, this Option shall automatically terminate
as to all Shares covered by this Option not exercised prior to termination. Unless earlier terminated, all rights under this Option
shall terminate in any event on the expiration date of this Option as defined in Section 4 hereof.


 


8.
Death of Optionee. If the Optionee shall die while in the employ of the Company, Optionee's personal representative or
the person entitled to Optionee's rights hereunder may at any time within one (1) year after the date of Optionee's death, or
during the remaining term of this Option, whichever is the lesser, exercise this Option and purchase Shares to the extent, but
only to the extent, that Optionee could have exercised this Option as of the date of Optionee's death; provided, in any case,
that this Option may be so exercised only to the extent that this Option has not previously been exercised by Optionee.


 






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9.
No Rights as Shareholder. Optionee shall have no rights as a shareholder with respect to the Shares covered by any installment
of this Option until the effective date of issuance of Shares following exercise of this Option, and no adjustment will be made
for dividends or other rights for which the record date is prior to the date such stock certificate or certificates are issued
except as provided in Section 10 hereof.


 


10.
Recapitalization. Subject to any required action by the shareholders of the Company, the number of Shares covered by this
Option, and the Exercise Price thereof, shall be proportionately adjusted for any increase or decrease in the number of issued
shares resulting from a subdivision or consolidation of shares or the payment of a stock dividend, or any other increase or decrease
in the number of such shares effected without receipt of consideration by the Company; provided however that the conversion of
any convertible securities of the Company shall not be deemed having been “effected without receipt of consideration
by the Company”.


 


In
the event of a proposed dissolution or liquidation of the Company, a merger or consolidation in which the Company is not the surviving
entity, or a sale of all or substantially all of the assets or capital stock of the Company (collectively, a “Reorganization”),
unless otherwise provided by the Board, this Option shall terminate immediately prior to such date as is determined by the Board,
which date shall be no later than the consummation of such Reorganization. In such event, if the entity which shall be the surviving
entity does not tender to Optionee an offer, for which it has no obligation to do so, to substitute for any unexercised Option
a stock option or capital stock of such surviving of such surviving entity, as applicable, which on an equitable basis shall provide
the Optionee with substantially the same economic benefit as such unexercised Option, then the Board may grant to such Optionee,
in its sole and absolute discretion and without obligation, the right for a period commencing thirty (30) days prior to and ending
immediately prior to the date determined by the Board pursuant hereto for termination of the Option or during the remaining term
of the Option, whichever is the lesser, to exercise any unexpired Option or Options without regard to the installment provisions
of this Agreement; provided, however, that such exercise shall be subject to the consummation of such Reorganization.


 


Subject
to any required action by the shareholders of the Company, if the Company shall be the surviving entity in any merger or consolidation,
this Option thereafter shall pertain to and apply to the securities to which a holder of Shares equal to the Shares subject to
this Option would have been entitled by reason of such merger or consolidation, and the installment provisions of this Agreement
shall continue to apply.


 


In
the event of a change in the shares of the Company as presently constituted, which is limited to a change of all of its authorized
Stock with a par value into the same number of shares of Stock without a par value, the shares resulting from any such change
shall be deemed to be the Shares within the meaning of this Option.


 


To
the extent that the foregoing adjustments relate to shares or securities of the Company, such adjustments shall be made by the
Board, whose determination in that respect shall be final, binding and conclusive. Except as hereinbefore expressly provided,
Optionee shall have no rights by reason of any subdivision or consolidation of shares of Stock of any class or the payment of
any stock dividend or any other increase or decrease in the number of shares of stock of any class, and the number and price of
Shares subject to this Option shall not be affected by, and no adjustments shall be made by reason of, any dissolution, liquidation,
merger, consolidation or sale of assets or capital stock, or any issue by the Company of shares of stock of any class or securities
convertible into shares of stock of any class.


 






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The
grant of this Option shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations
or changes in its capital or business structure or to merge, consolidate, dissolve or liquidate or to sell or transfer all or
any part of its business or assets.


 


11.
Additional Consideration. Should the Internal Revenue Service determine that the Exercise Price established by the Board
as the fair market value per Share is less than the fair market value per Share as of the date of Option grant, Optionee hereby
agrees to tender such additional consideration, or agrees to tender upon exercise of all or a portion of this Option, such fair
market value per Share as is determined by the Internal Revenue Service.


 


12.
Modifications, Extension and Renewal of Options. The Board or Committee, as described in the Plan, may modify, extend or
renew this Option or accept the surrender thereof (to the extent not theretofore exercised) and authorize the granting of a new
option in substitution therefore (to the extent not theretofore exercised), subject at all times to the Plan, and Section 422
of the Code. Notwithstanding the foregoing provisions of this Section 12, no modification shall, without the consent of the Optionee,
alter to the Optionee's detriment or impair any rights of Optionee hereunder.


 


13.
Investment Intent; Restrictions on Transfer.


 


(a)
Optionee represents and agrees that if Optionee exercises this Option in whole or in part, Optionee will in each case acquire
the Shares upon such exercise for the purpose of investment and not with a view to, or for resale in connection with, any distribution
thereof; and that upon such exercise of this Option in whole or in part, Optionee (or any person or persons entitled to exercise
this Option under the provisions of Sections 7 and 8 hereof) shall furnish to the Company a written statement to such effect,
satisfactory to the Company in form and substance. If the Shares represented by this Option are registered under the Securities
Act, either before or after the exercise of this Option in whole or in part, the Optionee shall be relieved of the foregoing investment
representation and agreement and shall not be required to furnish the Company with the foregoing written statement.




 


(b)
Optionee further represents that Optionee has had access to the financial statements or books and records of the Company, has
had the opportunity to ask questions of the Company concerning its business, operations and financial condition, and to obtain
additional information reasonably necessary to verify the accuracy of such information.




 


(c)
Unless and until the Shares represented by this Option are registered under the Securities Act, all certificates representing
the Shares and any certificates subsequently issued in substitution therefore and any certificate for any securities issued pursuant
to any stock split, share reclassification, stock dividend or other similar capital event shall bear legends in substantially
the following form:




 


			THESE
                                         SECURITIES HAVE NOT BEEN REGISTERED OR OTHERWISE QUALIFIED UNDER THE SECURITIES ACT OF
                                         1933 (THE 'SECURITIES ACT') OR UNDER THE APPLICABLE SECURITIES LAWS OF ANY STATE. NEITHER
                                         THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
                                         DISPOSED OF IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE
                                         SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS THEREFROM.



 






    	 	- 4 -	 



     


    

 


			THE
                                         SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO THAT CERTAIN INCENTIVE
                                         STOCK OPTION AGREEMENT DATED [●] BETWEEN THE COMPANY AND THE ISSUEE WHICH RESTRICTS
                                         THE TRANSFER OF THESE SHARES WHICH ARE SUBJECT TO REPURCHASE BY THE COMPANY UNDER CERTAIN
                                         CONDITIONS.



 


or
such other legend or legends as the Company and its counsel deem necessary or appropriate. Appropriate stop transfer instructions
with respect to the Shares have been placed with the Company's transfer agent.


 


14.
Effects of Early Disposition. Optionee understands that if an Optionee disposes of shares acquired hereunder within two
(2) years after the date of this Option or within one (1) year after the date of issuance of such shares to Optionee, such Optionee
will be treated for income tax purposes as having received ordinary income at the time of such disposition of an amount generally
measured by the difference between the purchase price and the fair market value of such stock on the date of exercise, subject
to adjustment for any tax previously paid, in addition to any tax on the difference between the sales price and Optionee's adjusted
cost basis in such shares. The foregoing amount may be measured differently if Optionee is an officer, director or ten percent
holder of the Company. Optionee agrees to notify the Company within ten (10) working days of any such disposition.


 


15.
Stand-off Agreement. Optionee agrees that in connection with any registration of the Company's securities under the Securities
Act, and upon the request of the Company or any underwriter managing an underwritten offering of the Company's securities, Optionee
shall not sell, short any sale of, loan, grant an option for, or otherwise dispose of any of the Shares (other than Shares included
in the offering) without the prior written consent of the Company or such managing underwriter, as applicable, for a period of
at least one year following the effective date of registration of such offering.


 


16.
Restriction Upon Transfer. The Shares may not be sold, transferred or otherwise disposed of and shall not be pledged or
otherwise hypothecated by the Optionee except as hereinafter provided.


 





(a)
Repurchase Right on Termination Other Than for Cause. For the purposes of this Section, a “Repurchase Event”
shall mean an occurrence of one of (i) termination of Optionee's employment by the Company, voluntary or involuntary and with
or without cause; (ii) retirement or death of Optionee; (iii) bankruptcy of Optionee, which shall be deemed to have occurred as
of the date on which a voluntary or involuntary petition in bankruptcy is filed with a court of competent jurisdiction; (iv) dissolution
of the marriage of Optionee, to the extent that any of the Shares are allocated as the sole and separate property of Optionee's
spouse pursuant thereto (in which case this Section shall only apply to the Shares so affected); or (v) any attempted transfer
by the Optionee of Shares, or any interest therein, in violation of this Agreement. Upon the occurrence of a Repurchase Event,
the Company shall have the right (but not an obligation) to repurchase all or any portion of the Shares of Optionee at a price
equal to the fair value of the Shares as of the date of the Repurchase Event.


 


(b)
Repurchase Right on Termination for Cause. In the event Optionee's employment is terminated by the Company “for
cause”, then the Company shall have the right (but not an obligation) to repurchase Shares of Optionee at a price equal
to the Exercise Price. Such right of the Company to repurchase Shares shall apply to 100% of the Shares for one (1) year from
the date of this Agreement; and shall thereafter lapse at the rate of twenty percent (20%) of the Shares on each anniversary of
the date of this Agreement. In addition, the Company shall have the right, in the sole discretion of the Board and without obligation,
to repurchase upon termination for cause all or any portion of the Shares of Optionee, at a price equal to the fair value of the
Shares as of the date of termination, which right is not subject to the foregoing lapsing of rights. In the event the Company
elects to repurchase the Shares, the stock certificates representing the same shall forthwith be returned to the Company for cancellation.


 






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(c)
Exercise of Repurchase Right. Any Repurchase Right under Paragraphs 16(a) or 16(b) shall be exercised by giving notice
of exercise as provided herein to Optionee or the estate of Optionee, as applicable. Such right shall be exercised, and the repurchase
price thereunder shall be paid, by the Company within a ninety (90) day period beginning on the date of notice to the Company
of the occurrence of such Repurchase Event (except in the case of termination of employment or retirement, where such option period
shall begin upon the occurrence of the Repurchase Event). Such repurchase price shall be payable only in the form of cash (including
a check drafted on immediately available funds) or cancellation of purchase money indebtedness of the Optionee for the Shares.
If the Company cannot purchase all such Shares because it is unable to meet the financial tests set forth under Nevada law, the
Company shall have the right to purchase as many Shares as it is permitted to purchase under such sections. Any Shares not purchased
by the Company hereunder shall no longer be subject to the provisions of this Section 16.


 


(d)
Right of First Refusal. In the event Optionee desires to transfer any Shares during his or her lifetime, Optionee shall
first offer to sell such Shares to the Company. Optionee shall deliver to the Company written notice of the intended sale, such
notice to specify the number of Shares to be sold, the proposed purchase price and terms of payment, and grant the Company an
option for a period of thirty days following receipt of such notice to purchase the offered Shares upon the same terms and conditions.
To exercise such option, the Company shall give notice of that fact to Optionee within the thirty (30) day notice period and agree
to pay the purchase price in the manner provided in the notice. If the Company does not purchase all of the Shares so offered
during foregoing option period, Optionee shall be under no obligation to sell any of the offered Shares to the Company, but may
dispose of such Shares in any lawful manner during a period of one hundred and eighty (180) days following the end of such notice
period, except that Optionee shall not sell any such Shares to any other person at a lower price or upon more favorable terms
than those offered to the Company.


 


(e)
Acceptance of Restrictions. Acceptance of the Shares shall constitute the Optionee's agreement to such restrictions and
the legending of his certificates with respect thereto. Notwithstanding such restrictions, however, so long as the Optionee is
the holder of the Shares, or any portion thereof, he shall be entitled to receive all dividends declared on and to vote the Shares
and to all other rights of a shareholder with respect thereto.


 


(f)
Permitted Transfers. Notwithstanding any provisions in this Section 16 to the contrary, the Optionee may transfer Shares
subject to this Agreement to his or her parents, spouse, children, or grandchildren, or a trust for the benefit of the Optionee
or any such transferee(s); provided, that such permitted transferee(s) shall hold the Shares subject to all the provisions of
this Agreement (all references to the Optionee herein shall in such cases refer mutatis mutandis to the permitted transferee,
except in the case of clause (iv) of Section 16(a) wherein the permitted transfer shall be deemed to be rescinded); and provided
further, that notwithstanding any other provisions in this Agreement, a permitted transferee may not, in turn, make permitted
transfers without the written consent of the Optionee and the Company.


 


(g)
Release of Restrictions on Shares. All other restrictions under this Section 16 shall terminate five (5) years following
the date of this Agreement, or when the Company's securities are publicly traded, whichever occurs earlier.


 


17.
Notices. Any notice required to be given pursuant to this Option or the Plan shall be in writing and shall be deemed to
be delivered upon receipt or, in the case of notices by the Company, five (5) days after deposit in the U.S. mail, postage prepaid,
addressed to Optionee at the address last provided to the Company by Optionee for his or her employee records.


 


18.
Agreement Subject to Plan; Applicable Law. This Option is made pursuant to the Plan and shall be interpreted to comply
therewith. A copy of such Plan is available to Optionee, at no charge, at the principal office of the Company. Any provision of
this Option inconsistent with the Plan shall be considered void and replaced with the applicable provision of the Plan. This Option
has been granted, executed and delivered in the State of Nevada, and the interpretation and enforcement shall be governed by the
laws thereof and subject to the exclusive jurisdiction of the courts located in the State of Nevada.




 



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In
Witness Whereof, the parties hereto have
executed this Option as of the date first above written.


 


	 	COMPANY:	SPORTS
    FIELD HOLDINGS, INC.
	 	 	a
    Nevada corporation
	 	 	 	 
	 	 	By:	 
	 	 	Name:	Jeromy
    Olson
	 	 	Title:	Chief
    Executive Officer
	 	 	 	 
	 	OPTIONEE:	 	 
	 	 	By:	 
	 	 	 	(signature)
	 	 	Name:	 







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Appendix
A


 


NOTICE
OF EXERCISE


 


SPORTS
FIELD HOLDINGS, INC.


_________________


_________________


_________________


 


Re:
Incentive Stock Option


 


1)Notice
is hereby given pursuant to Section 6 of my Incentive Stock Option Agreement that I elect to purchase the number of shares set
forth below at the exercise price set forth in my option agreement:


 


Incentive
Stock Option Agreement dated: ____________


 


Number
of shares being purchased: ____________


 


Exercise
Price: $____________


 


A
check in the amount of the aggregate price of the shares being purchased is attached.


 


OR


 


2)I
elect a cashless exercise pursuant to Section 6 of my Incentive Stock Option. The Average Market Price as of _______ was $_____.


 


I
hereby confirm that such shares are being acquired by me for my own account for investment purposes, and not with a view to, or
for resale in connection with, any distribution thereof. I will not sell or dispose of my Shares in violation of the Securities
Act of 1933, as amended, or any applicable federal or state securities laws. Further, I understand that the exemption from taxable
income at the time of exercise is dependent upon my holding such stock for a period of at least one year from the date of exercise
and two years from the date of grant of the Option.


 


I
understand that the certificate representing the Option Shares will bear a restrictive legend within the contemplation of the
Securities Act and as required by such other state or federal law or regulation applicable to the issuance or delivery of the
Option Shares.


 


I
agree to provide to the Company such additional documents or information as may be required pursuant to the Sports Field Holdings,
Inc. 2016 Equity and Incentive Plan.





	 	By:	 
	 	 	(signature)
	 	Name:	 


 


 


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