Document:

Exhibit
10.1

 

DIRECTOR
INDEMNIFICATION AGREEMENT

 

THIS
DIRECTOR INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this ___ day of June,
2016, by and between SG Blocks, Inc., a Delaware corporation (the “Corporation”), and ______________________
(“Agent”).

 

RECITALS

 

WHEREAS,
the Corporation wishes to enter into this Agreement to set forth certain rights and obligations of the Agent and the Corporation
with respect to the Agent’s service as a director of the Corporation;

 

WHEREAS,
it is essential to the Corporation that it be able to retain and attract as directors and officers the most capable persons available;

 

WHEREAS,
increased corporate litigation has subjected directors and officers to litigation risks and expenses, and the limitations on the
availability of directors and officers liability insurance have made it difficult for the Corporation to attract such persons;

 

WHEREAS,
the board of directors of the Corporation (the “Board”) has determined that the difficulty in attracting
and retaining such persons is detrimental to the best interests of the Corporation’s stockholders and that the Corporation
should contractually obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted
by applicable law so that they will serve the Corporation free from undue concern that they will not be so indemnified;

 

WHEREAS,
Agent performs a valuable service to the Corporation in Agent’s capacity as a director of the Corporation;

 

WHEREAS,
the Corporation’s Bylaws (the “Bylaws”) include provisions providing for the indemnification of
the directors, officers, employees and other agents of the Corporation, including persons serving at the request of the Corporation
in such capacities with other corporations or enterprises, as authorized by the General Corporation Law of the State of Delaware
(as amended, “DGCL”);

 

WHEREAS,
the Corporation’s Certificate of Incorporation (the “Charter”), the Bylaws and the DGCL, by their
non-exclusive nature, permit contracts between the Corporation and its directors, officers, employees and other agents with respect
to indemnification of such persons;

 

WHEREAS,
in recognition of Agent’s need for (a) substantial protection against personal liability as a condition to Agent’s
service to the Corporation in Agent’s capacity as a director of the Corporation in addition to Agent’s reliance on
the Bylaws, which Agent believes is inadequate in the present circumstances, and (b) specific contractual assurance of Agent’s
rights to full indemnification against risks and expenses (regardless of, among other things, any amendment to or revocation of
the Charter and/or the Bylaws, any change in the composition of the Board or change in control of the Corporation);

 

WHEREAS,
the Corporation intends that this Agreement provide Agent with greater protection than that which is provided by the Bylaws; and

 

WHEREAS,
in order to induce Agent to serve as a director of the Corporation, the Corporation has determined and agreed to enter into this
Agreement with Agent.

 

     

     

    

 

NOW,
THEREFORE, in consideration of Agent’s service as a director of the Corporation following the date hereof, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Corporation and Agent hereby
agree as follows:

 

1.              Indemnity of Agent.
The Corporation agrees to hold harmless and indemnify Agent to the fullest extent authorized or permitted by law, the provisions
of the Charter and the Bylaws, as the same may be amended from time to time (but, only to the extent that such amendment permits
the Corporation to provide broader indemnification rights than such law, the Charter or the Bylaws permitted prior to adoption
of such amendment). For purposes of this Agreement, the meaning of the phrase “to the fullest extent authorized or permitted
by law” shall include, without limitation, (a) to the fullest extent authorized or permitted by the provision of the DGCL
that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or
replacement of the DGCL or such provision thereof, and (b) to the fullest extent authorized or permitted by any amendments to
or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify
its directors and officers.

 

2.              Additional Indemnity.
In addition to and not in limitation of the indemnification otherwise provided for herein, and subject only to the exclusions
set forth in Section 3 hereof, the Corporation further agrees to hold harmless and indemnify Agent:

 

(a)           against any and all (i) expenses (including attorneys’
fees), retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and
binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily
incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or
preparing to be a witness in any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, including any appeal thereof
or related thereto (each, a “Proceeding”), or responding to, or objecting to, a request to provide discovery
in any Proceeding, (ii) damages, judgments, fines and amounts paid in settlement and any other amounts that Agent becomes legally
obligated to pay (including any federal, state or local taxes imposed on Agent as a result of receipt of reimbursements or advances
of expenses under this Agreement) and (iii) the premium, security for, and other costs relating to any costs bond, supersedes
bond, or other appeal bond or its equivalent, whether civil, criminal, arbitrational, administrative or investigative with respect
to any Proceeding (items under clauses, (i), (ii) and (iii), collectively, the “Expenses”) actually
and reasonably incurred by Agent, or on Agent’s behalf, because of any claim or claims made against or by him in connection
with any Proceeding, whether formal or informal (including an action by or in the right of the Corporation), to which Agent is,
was or at any time becomes a party or a witness, or is threatened to be made a party to, a participant in or a witness with respect
to, by reason of the fact that Agent is, was or at any time becomes a director, officer, employee or other agent of the Corporation,
or is or was serving or at any time serves at the request of the Corporation as a director, officer, employee or other agent of
another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise (“Corporate Status”);

 

(b)           against any and all Expenses actually and reasonably
incurred by Agent, or on Agent’s behalf, if Agent is, or is threatened to be made, a party to or a participant in any Proceeding
by or in the right of the Corporation to procure a judgment in its favor;

 

(c)           against any and all Expenses actually and reasonably
incurred by Agent, or on Agent’s behalf, if Agent is, by reason of his or her Corporate Status, a witness in any Proceeding
to which Agent is not a party and is not threatened to be made a party; and

 

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(d)           otherwise to the fullest extent as may be provided
to Agent by the Corporation under the non-exclusivity provisions of the DGCL, the Charter and the Bylaws.

 

3.             Limitations on Additional Indemnity.
No indemnity pursuant to Section 2 hereof shall be paid by the Corporation:

 

(a)           on account of any claim or Proceeding against
Agent for an accounting of profits made from the purchase or sale by Agent of securities of the Corporation pursuant to the provisions
of Section 16(b) of the Securities Exchange Act of 1934, as heretofore or hereafter amended (the “Exchange Act”),
or similar provisions of any federal, state or local law if the final, non-appealable judgment of a court of competent jurisdiction
finds Agent to be liable for disgorgement under Section 16(b) of the Exchange Act;

 

(b)           on account of Agent’s conduct that is established
by a final, non-appealable judgment of a court of competent jurisdiction as knowingly fraudulent or deliberately dishonest or
that constituted willful misconduct;

 

(c)           for which payment is actually made to Agent under
a valid and collectible insurance policy or under a valid and enforceable indemnity clause, bylaw or agreement, except in respect
of any excess beyond payment actually received by Agent under such insurance, clause, bylaw or agreement;

 

(d)           if and to the extent indemnification is prohibited
by applicable law; or

 

(e)           in connection with any Proceeding (or part thereof)
initiated by Agent, against the Corporation or its directors, officers, employees or other agents, unless (i) such indemnification
is expressly required to be made by law, (ii) the Corporation has joined in the Proceeding (or relevant part thereof), (iii) the
Board has consented to the initiation of such Proceeding, (iv) such indemnification is provided by the Corporation, in its sole
discretion, pursuant to the powers vested in the Corporation under the DGCL, or (v) the Proceeding (or relevant part thereof)
is initiated pursuant to Section 12 hereof.

 

4.            Continuation of Indemnity.
All agreements and obligations of the Corporation contained herein shall continue during the period Agent is a director, officer,
employee or other agent of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee
or other agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise) and shall
continue thereafter so long as Agent shall be subject to any possible claim or threatened, pending or completed Proceeding, whether
civil, criminal, arbitrational, administrative or investigative, including any appeal thereof or relating thereto, in respect
of which Agent is granted rights of indemnification or advancement of Expenses hereunder, in each case, by reason of the fact
of the Agent’s Corporate Status.

 

5.            Partial Indemnification.
Agent shall be entitled under this Agreement to indemnification by the Corporation for a portion of the Expenses, judgments, fines
and amounts paid in settlement and any other amounts that Agent becomes legally obligated to pay in connection with any Proceeding
referred to in Section 2 hereof even if not entitled hereunder to indemnification for the total amount thereof, and the
Corporation shall indemnify Agent for the portion thereof to which Agent is entitled.

 

6.            Notification and Defense of Claim.
To obtain indemnification under this Agreement, Agent shall submit to the Corporation a written request therefor. As soon as practicable,
and in any event, not later than thirty (30) days after Agent becomes aware, by written or other overt communication, of any pending
or threatened litigation, claim or assessment, Agent will, if a claim in respect thereof is to be made against the Corporation
under this Agreement, notify the Corporation of such pending or threatened litigation, claim or assessment, but the omission so
to notify the Corporation will not relieve it from any liability which it may have to Agent otherwise than under this Agreement
and any delay in so notifying the Corporation shall not constitute a waiver by Agent of any rights under this Agreement. With
respect to any such pending or threatened litigation, claim or assessment as to which Agent notifies the Corporation of the commencement
thereof:

 

(a)           the Corporation will be entitled to participate
therein at its own expense;

 

(b)           except as otherwise provided below, the Corporation
may, at its option and jointly with any other indemnifying party similarly notified and electing to assume such defense, assume
the defense thereof, with counsel reasonably satisfactory to Agent. After notice from the Corporation to Agent of its election
to assume the defense thereof, the Corporation will not be liable to Agent under this Agreement for any legal or other expenses
subsequently incurred by Agent in connection with the defense thereof except for reasonable costs of investigation or otherwise
as provided below. Agent shall have the right to employ separate counsel in such Proceeding but the fees and expenses of such
counsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of Agent unless
(i) the employment of counsel by Agent has been authorized by the Corporation, (ii) Agent shall have reasonably concluded, and
so notified the Corporation, that there may be a conflict of interest between the Corporation and Agent in the conduct of the
defense of such action, or (iii) the Corporation shall not in fact have employed counsel to assume the defense of Agent in connection
with such action, in any of such cases the fees and expenses of Agent’s separate counsel shall be at the expense of the
Corporation. The Corporation shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Corporation
or as to which Agent shall have made the conclusion provided for in clause (ii) above; and

 

(c)           the Corporation shall not be liable to indemnify
Agent under this Agreement for any amounts paid in settlement of any action or claim effected without its written consent, which
consent shall not be unreasonably withheld, conditioned or delayed. The Corporation shall not enter into any settlement in connection
with a Proceeding in any manner which would impose any Expenses, penalties (whether civil or criminal) or limitation on Agent
without Agent’s written consent, which may be given or withheld in Agent’s sole discretion.

 

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7.            Expenses.
The Corporation shall advance, to the extent not prohibited by law, all Expenses actually and reasonably incurred by Agent in
connection with any Proceeding promptly following request therefor, but in any event no later than twenty (20) days after the
receipt by the Corporation of a written statement or statements requesting such advances (which shall include invoices received
by Agent in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal
work performed or to expenditure made that would cause Agent to waive any privilege accorded by applicable law shall not be included
with the invoice) from time to time, whether prior to or after the final disposition of any Proceeding. The right to advancement
described in this Section 7 is vested. Advances shall be unsecured and interest free. Advances shall be made without regard
to Agent’s ability to repay the expenses and without regard to Agent’s ultimate entitlement to indemnification under
the other provisions of this Agreement. The execution and delivery to the Corporation of this Agreement shall constitute an undertaking
by Agent to the fullest extent required by law to repay all advances if and to the extent that it is ultimately determined by
a court of competent jurisdiction in a final, non-appealable judgment that Agent is not entitled to be indemnified by the Corporation,
and Agent shall qualify for advances immediately upon such execution and delivery. The right to advances under this Section
7 shall in all events continue until final disposition of any Proceeding, including any appeal therein.

 

8.            Contribution.

 

(a)           Whether or not the indemnification provided in
Section 2 is available, in respect of any Proceeding in which the Corporation is jointly liable with Agent (or would be
if joined in such Proceeding), the Corporation shall pay, in the first instance, the entire amount of any judgment or settlement
of such Proceeding without requiring Agent to contribute to such payment and the Corporation hereby waives and relinquishes any
right of contribution it may have against Agent. The Corporation shall not enter into any settlement of any Proceeding in which
the Corporation is jointly liable with Agent (or would be if joined in such Proceeding) unless such settlement provides for a
full and final release of all claims asserted against Agent.

 

(b)           Without diminishing or impairing the obligations
of the Corporation set forth in Section 8(a), if, for any reason, Agent shall elect or be required to pay all or any portion
of any judgment or settlement in any threatened, pending or completed Proceeding in which the Corporation is jointly liable with
Agent (or would be if joined in such Proceeding), the Corporation shall contribute to the amount of Expenses, judgments, fines
and amounts paid in settlement actually and reasonably incurred and paid or payable by Agent in proportion to the relative benefits
received by the Corporation and all officers, directors or employees of the Corporation, other than Agent, who are jointly liable
with Agent (or would be if joined in such Proceeding), on the one hand, and Agent, on the other hand, from the transaction from
which such Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit
may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Corporation and
all officers, directors or employees of the Corporation other than Agent who are jointly liable with Agent (or would be if joined
in such Proceeding), on the one hand, and Agent, on the other hand, in connection with the events that resulted in such expenses,
judgments, fines or settlement amounts, as well as any other equitable considerations which the law may require to be considered.
The relative fault of the Corporation and all officers, directors or employees of the Corporation, other than Agent, who are jointly
liable with Agent (or would be if joined in such Proceeding), on the one hand, and Agent, on the other hand, shall be determined
by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage,
the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive.

 

(c)           The Corporation hereby agrees to fully indemnify
and hold Agent harmless from any claims of contribution which may be brought by officers, directors or employees of the Corporation,
other than Agent, who may be jointly liable with Agent.

 

(d)           To the fullest extent permissible under applicable
law, if the indemnification provided for in this Agreement is unavailable to Agent for any reason whatsoever, the Corporation,
in lieu of indemnifying Agent, shall contribute to the amount actually and reasonably incurred by Agent, whether for judgments,
fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating
to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the Corporation and Agent as a result of the event(s)
and/or transaction(s) giving cause to such Proceeding and/or (ii) the relative fault of the Corporation (and its directors, officers,
employees and agents) and Agent in connection with such event(s) and/or transaction(s).

 

9.             Presumptions and Effect of Certain Proceedings.

 

(a)           In making a determination with respect to Agent’s
entitlement to indemnification hereunder, the person, persons or entity making such determination shall, to the fullest extent
not prohibited by law, presume that Agent is entitled to indemnification under this Agreement if Agent has submitted a request
for indemnification in accordance with Section 6 hereof. If the Corporation contests any claim or assertion that that Agent
is entitled to indemnification hereunder, the Corporation shall, to the fullest extent not prohibited by law, have the burden
of proof to overcome such presumption in connection with the making by such person, persons or entity of any determination with
respect to Agent’s entitlement to indemnification.

 

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(b)           Without limiting the foregoing, if any Proceeding
is disposed of on the merits or otherwise (including a disposition without prejudice), without (i) the final disposition being
adverse to Agent, (ii) a final adjudication by a court of competent jurisdiction that Agent was liable to the Corporation, (iii)
a plea of guilty (iv) a final adjudication by a court of competent jurisdiction that Agent did not act in good faith, and in a
manner Agent reasonably believed to be in or not opposed to the best interests of the Corporation, or (v) with respect to any
criminal proceeding, a final adjudication by a court of competent jurisdiction that Agent had reasonable cause to believe Agent’s
conduct was unlawful, Agent shall be considered for the purposes hereof to have been wholly successful with respect thereto.

 

(c)           The termination of any Proceeding or of any claim,
issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall
not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Agent to indemnification
or create a presumption that Agent did not act in good faith and in a manner which he or she reasonably believed to be in or not
opposed to the best interests of the Corporation or, with respect to any criminal Proceeding, that Agent had reasonable cause
to believe that such Agent’s conduct was unlawful.

 

(d)           For purposes of any determination of good faith,
Agent shall be deemed to have acted in good faith to the extent Agent relied in good faith on (i) the records or books of account
of the Corporation, including financial statements, (ii) information supplied to Agent by the officers of the Corporation in the
course of their duties, (iii) the advice of legal counsel for the Corporation or the Board or counsel selected by any committee
of the Board or (iv ) information or records given or reports made to the Corporation by an independent certified public accountant,
an appraiser, investment banker or other expert selected with reasonable care by the Corporation or its Board or any committee
of the Board.

 

10.          Information Sharing.
To the extent that the Corporation receives a request or requests from a governmental third party or other licensing or regulating
organization (the “Requesting Agency”), whether formal or informal, to produce documentation or other
information concerning an investigation, whether formal or informal, being conducted by the Requesting Agency, and such investigation
is reasonably likely to include review of any actions or failures to act by Agent, the Corporation shall promptly give notice
to Agent of said request or requests and any subsequent request. In addition, the Corporation shall provide Agent with a copy
of any and all information or documentation that the Corporation shall provide to the Requesting Agency.

 

11.          No Imputation.
The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Corporation or the Corporation
itself shall not be imputed to Agent for purposes of determining any rights under this Agreement.

 

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12.          Enforcement.

 

(a)           Any right to indemnification or advances granted
by this Agreement to Agent shall be enforceable by or on behalf of Agent in any court of competent jurisdiction if (i) the claim
for indemnification or advances is denied, in whole or in part, (ii) no disposition of such claim is made within ninety (90) days
of request therefor, (iii) advancement of Expenses is not timely made pursuant to Section 7, (iv) payment of indemnification
pursuant to this Agreement is not made within ten (10) days after a determination has been made that Agent is entitled to indemnification
or (v) the Corporation or any other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable,
or institutes any litigation or other action or proceeding designed to deny, or to recover from, Agent the benefits provided or
intended to be provided to Agent hereunder. Agent shall be entitled to an adjudication by the Delaware Court of Chancery of Agent’s
entitlement to such indemnification or advancement of Expense, and the Corporation shall not oppose Agent’s right to seek
any such adjudication in accordance with this Agreement. Agent, in such enforcement action, if successful in whole or in part,
shall be entitled to be paid also the Expenses of prosecuting Agent’s claim. It shall be a defense to any action for which
a claim for indemnification is made under Section 2 hereof (other than an action brought to enforce a claim for advance
or reimbursement of Expenses under this Agreement, provided that the required undertaking has been tendered to the Corporation)
that Agent is not entitled to indemnification because of the limitations set forth in Section 3 hereof. Neither the failure
of the Corporation (including the Board or any committee of the Board, or the Corporation’s stockholders or any subgroup
of such stockholders) to have made a determination prior to the commencement of such enforcement action that indemnification of
Agent is proper in the circumstances, nor an actual determination by the Corporation (including the Board or any committee of
the Board, or the Corporation’s stockholders or any subgroup of such stockholders) that such indemnification is improper,
shall be a defense to the action or create a presumption that Agent is not entitled to indemnification under this Agreement or
otherwise.

 

(b)           To the fullest extent not prohibited by law,
the Corporation shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 12 that
the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
that the Corporation is bound by all the provisions of this Agreement. If a determination shall have been made pursuant to this
Agreement that Agent is entitled to indemnification, the Corporation shall be bound by such determination in any Proceeding commenced
pursuant to this Section 12, absent (i) a misstatement by Agent of a material fact, or an omission of a material fact necessary
to make Agent’s statements not materially misleading, in connection with the request for indemnification, or (ii) a prohibition
of such indemnification under applicable law.

 

13.          Subrogation.
In the event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of Agent, who shall execute all documents required and shall do all acts that may be necessary to secure such
rights and to enable the Corporation effectively to bring suit to enforce such rights.

 

14.          Non-Exclusivity of Rights.
The rights conferred on Agent by this Agreement shall not be exclusive of any other right which Agent may have or hereafter acquire
under any statute, provision of the Charter or Bylaws, agreement, vote of stockholders or directors, or otherwise, both as to
action in Agent’s official capacity and as to action in another capacity while holding office. To the extent that a change
in applicable law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would
be afforded currently under the Charter or Bylaws and this Agreement, it is the intent of the parties hereto that Agent shall
enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions expressly set forth herein
or therein. Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any other
right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. Except as expressly set forth herein, the assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or
remedy.

 

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15.          Insurance.
To the extent that the Corporation maintains an insurance policy or policies providing liability insurance for directors, trustees,
general partners, managing members, officers, employees, agents or fiduciaries of the Corporation, Agent shall be covered by such
policy or policies (including with respect to prior service) to the same extent as the most favorably-insured persons under such
policy or policies in a comparable position.

 

16.          Enforcement; Survival of Rights.

 

(a)           The Corporation expressly confirms and agrees
that the Corporation has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Agent
to serve as a director of the Corporation, and the Corporation acknowledges that Agent is relying upon this Agreement in serving
the Corporation in such capacity.

 

(b)           The rights conferred on Agent by this Agreement
shall continue after Agent has ceased to be a director, officer, employee or other agent of the Corporation or to serve at the
request of the Corporation as a director, officer, employee or other agent of another corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise, and shall inure to the benefit of Agent’s heirs, executors and administrators.

 

(c)           The Corporation shall require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of
the Corporation expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation
would be required to perform if no such succession had taken place.

 

(d)           The Corporation and Agent agree herein that a
monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and
further agree that such breach may cause Agent and the Corporation irreparable harm. Accordingly, the parties hereto agree that
each of the Corporation and the Agent may enforce this Agreement by seeking injunctive relief and/or specific performance hereof,
without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance,
they shall not be precluded from seeking or obtaining any other relief to which they may be entitled. The Corporation and Agent
further agree that they shall be entitled to such specific performance and injunctive relief, including temporary restraining
orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection
therewith. The Corporation and Agent acknowledge that in the absence of a waiver, a bond or undertaking may be required by the
Delaware Court of Chancery, and they hereby waive any such requirement of such a bond or undertaking.

 

17.          Separability.
Each of the provisions of this Agreement is a separate and distinct agreement and independent of the others, so that if any provision
hereof shall be held to be invalid, illegal or unenforceable for any reason, (a) such invalidity, illegality or unenforceability
shall not affect the validity, legality or enforceability of the remaining provisions of this Agreement (including without limitation,
each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that
is not itself invalid, illegal or unenforceable) and such other provisions shall remain enforceable to the fullest extent permitted
by law, (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to
give the maximum effect to the intent of the parties hereto, and (c) to the fullest extent possible, the provisions of this Agreement
(including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the
intent manifested thereby. Furthermore, if this Agreement shall be invalidated in its entirety on any ground, then the Corporation
shall nevertheless indemnify Agent to the fullest extent provided by the Charter, the Bylaws, the DGCL or any other applicable
law.

 

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18.          Governing Law.
This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without
regard to its principles of conflicts of laws. The Corporation and Agent hereby irrevocably and unconditionally (a) agree
that any action or proceeding arising out of or in connection with this Agreement may be brought in the Delaware Court of Chancery,
(b) consent to submit to the jurisdiction of the Delaware Court of Chancery for purposes of any action or proceeding arising
out of or in connection with this Agreement, (c) waive any objection to the laying of venue of any such action or proceeding
in the Delaware Court of Chancery, and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding
brought in the Delaware Court of Chancery has been brought in an improper or inconvenient forum.

 

19.          Amendment and Termination.
No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by both
parties hereto.

 

20.          Identical Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence
the existence of this Agreement.

 

21.          Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
(a) upon delivery if delivered by hand to the party to whom such communication was directed or (b) upon the third business day
after the date on which such communication was mailed if mailed by certified or registered mail with postage prepaid:

 

(a)           If to Agent, at the address indicated on the
signature page hereof.

 

(b)           If to the Corporation, to:

 

SG
Blocks, Inc.

Attn: Chief Executive Officer

912
Bluff Road

Brentwood,
Tennessee 37027

 

or
to such other address as either party may have furnished to the other.

 

22.          Headings.
The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction hereof.

 

(signature
page follows)

 

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IN
WITNESS WHEREOF, the parties hereto have executed, or caused to be executed, this Indemnification Agreement on and as of the
day and year first above written.

 

	 	SG BLOCKS, INC.
	 	 	 
	 	By:	 
	 	Name:	Paul Galvin
	 	Title:	Chief Executive Officer
	 	 	 
	 	AGENT
	 	 	 
	 	 
	 	 
	 	 	 
	 	Address:
	 	 
	 	 
	 	 

  

 

9Exhibit 10.10

 

SG
BLOCKS, INC.

STOCK INCENTIVE PLAN

 

1.           Establishment,
Purpose, Duration.

 

a.       History;
Amendment and Restatement. The Board of SG Blocks, Inc. (the “Company”) adopted the SG Blocks, Inc.
Stock Option Plan effective as of October 26, 2016 (the “Effective Date”), with 1.5 million Shares reserved
for issuance thereunder, subject to stockholder approval within 12 months thereafter in order to authorize the issuance of Incentive
Stock Options to Employees thereunder. The Board desires to amend and restate the SG Blocks, Inc. Stock Option Plan in order to,
among other things, increase the number of Shares reserved for issuance thereunder and to authorize other types of Awards thereunder,
in addition to Stock Options. Therefore, effective as of January 30, 2017 (the “Restatement Date”),
the SG Blocks, Inc. Stock Option Plan is hereby amended and restated in its entirety as set forth herein as the SG Blocks, Inc.
Stock Incentive Plan (the “Plan”), subject to the approval of the Plan by the stockholders of the Company
in order to authorize the issuance of Incentive Stock Options to Employees hereunder. Definitions of capitalized terms used in
the Plan are contained in Section 2 of the Plan.

 

b.       Reverse
Stock Split. The Board has approved a 1-for-3 reverse stock split of the Company’s Shares to be effected on or around
February 2017. If such split does not occur on or before March 31, 2017, the Shares as presented in this Plan shall be automatically
multiplied by three to reflect such Shares on a pre-reverse split basis.

 

c.       Purpose.
The purpose of the Plan is to attract and retain Directors, Consultants, and officers and other key Employees of the Company and
its Subsidiaries and to provide to such persons incentives and rewards for superior performance.

 

d.       Duration.
No Award may be granted under the Plan after the day immediately preceding the tenth (10th) anniversary of the Effective Date,
or such earlier date as the Board shall determine. The Plan will remain in effect with respect to outstanding Awards until no
Awards remain outstanding.

 

2.           Definitions.
As used in the Plan, the following definitions shall apply.

 

“Applicable
Law” means the applicable requirements relating to the administration of equity-based compensation plans under U.S.
state corporate laws, U.S. federal and state securities laws, the Code, the rules of any stock exchange or quotation system on
which the Shares are listed or quoted and the applicable laws of any other country or jurisdiction where Awards are granted under
the Plan.

 

“Award”
means an award of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Shares, Restricted
Share Units, Other Share-Based Awards, or Cash-Based Awards granted pursuant to the terms and conditions of the Plan.

 

“Award
Agreement” means either: (a) an agreement, in written or electronic format, entered into by the Company and a Participant
setting forth the terms and provisions applicable to an Award granted under the Plan; or (b) a statement, in written or electronic
format, issued by the Company to a Participant describing the terms and provisions of such Award, which need not be signed by
the Participant.

 

     

     

    

 

“Board”
means the Board of Directors of the Company.

 

“Cash-Based
Award” shall mean a cash Award granted pursuant to Section 11 of the Plan.

 

“Cause”
shall have the meaning provided in the applicable employment agreement or consulting agreement between the Participant and the
Company, if any, or if there is no such agreement that defines the term, “Cause” shall mean (a) the willful and continued
failure of the Participant to perform substantially the Participant’s duties with the Company or any of its Subsidiaries
(other than any such failure resulting from any medically determined physical or mental impairment), which failure is not cured
by the Participant within 20 calendar days after a written demand for substantial performance is delivered to the Participant
by the Committee which specifically identifies the manner in which the Committee believes that the Participant has not substantially
performed the Participant’s duties; (b) the engaging by the Participant in illegal conduct, gross misconduct, gross insubordination
or gross negligence that is materially and demonstrably injurious to the Company’s business or financial condition; (c)
a conviction, guilty plea or plea of nolo contendere of the Participant for any crime involving dishonesty or for any felony;
or (d) a material breach by the Participant of a fiduciary duty of loyalty or care to the Company or any of its Subsidiaries.

 

“Change
in Control” means, except as otherwise provided in the applicable Award Agreement, the occurrence of any of the
following: (a) an acquisition after the date hereof by an individual or legal entity or “group” (as described in Rule
13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital
stock of the Company, by contract or otherwise) of in excess of fifty percent (50%) of the voting securities of the Company (other
than by means of conversion or exercise of convertible debt or equity securities of the Company); (b) the Company merges into
or consolidates with any other Person, or any Person merges into or consolidates with the Company and, after giving effect to
such transaction, the stockholders of the Company immediately prior to such transaction own less than fifty percent (50%) of the
aggregate voting power of the Company or the successor entity of such transaction; or (c) the Company sells or transfers all or
substantially all of its assets to another Person and the stockholders of the Company immediately prior to such transaction own
less than fifty percent (50%) of the aggregate voting power of the acquiring entity immediately after the transaction.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Committee”
means the Compensation Committee of the Board or such other committee or subcommittee of the Board as may be duly appointed to
administer the Plan and having such powers in each instance as shall be specified by the Board. To the extent required by Applicable
Law, the Committee shall consist of two or more members of the Board, each of whom is a “non-employee director” within
the meaning of Rule 16b-3 promulgated under the Exchange Act, an “outside director” within the meaning of regulations
promulgated under Section 162(m) of the Code, and an “independent director” within the meaning of applicable rules
of any securities exchange upon which Shares are listed.

 

    	 	2	 

     

    

 

“Company”
has the meaning given such term in Section 1(a) and any successor thereto.

 

“Consultant”
means an independent contractor who performs services for the Company or a Subsidiary in a capacity other than as an Employee
or Director.

 

“Date
of Grant” means the date specified by the Committee on which the grant of an Award is to be effective. The Date
of Grant shall not be earlier than the date of the resolution and action therein by the Committee. In no event shall the Date
of Grant be earlier than the Effective Date.

 

“Director”
means any individual who is a member of the Board and who is not an Employee.

 

“Effective
Date” has the meaning given such term in Section 1(a).

 

“Employee”
means any employee of the Company or a Subsidiary; provided, however, that for purposes of determining whether any
person may be a Participant for purposes of any grant of Incentive Stock Options, the term “Employee” has the meaning
given to such term in Section 3401(c) of the Code, as interpreted by the regulations thereunder and Applicable Law.

 

“Exchange
Act” means the Securities Exchange Act of 1934 and the rules and regulations thereunder, as such law, rules and
regulations may be amended from time to time.

 

“Fair
Market Value” means the value of one Share on any relevant date, determined under the following rules: (a) the closing
sale price per Share on that date as reported on the principal exchange on which Shares are then trading, if any, or if applicable
the Nasdaq Capital Market, or if there are no sales on that date, on the next preceding trading day during which a sale occurred;
(b) if the Shares are not reported on a principal exchange or national market system, the average of the closing bid and asked
prices last quoted on that date by an established quotation service for over-the-counter securities; or (c) if neither (a) nor
(b) applies, (i) with respect to Stock Options, Stock Appreciation Rights and any Award of stock rights that is subject to Section
409A of the Code, the value as determined by the Committee through the reasonable application of a reasonable valuation method,
taking into account all information material to the value of the Company, within the meaning of Section 409A of the Code, and
(ii) with respect to all other Awards, the fair market value as determined by the Committee in good faith.

 

“Incentive
Stock Option” or “ISO” means a Stock Option that is designated as an Incentive Stock Option and that
is intended to meet the requirements of Section 422 of the Code.

 

“Nonqualified
Stock Option” means a Stock Option that is not intended to meet the requirements of Section 422 of the Code
or otherwise does not meet such requirements.

 

    	 	3	 

     

    

 

“Other
Share-Based Award” means an equity-based or equity-related Award not otherwise described by the terms of the Plan,
granted in accordance with the terms and conditions set forth in Section 10.

 

“Participant”
means any eligible individual as set forth in Section 5 who holds one or more outstanding Awards.

 

“Performance-Based
Exception” means the performance-based exception from the tax deductibility limitations of Section 162(m) of
the Code.

 

“Performance
Objectives” means the performance objective or objectives established by the Committee with respect to an Award
granted pursuant to the Plan. Any Performance Objectives may relate to the performance of the Company or one or more of its Subsidiaries,
divisions, departments, units, functions, partnerships, joint ventures or minority investments, product lines or products, or
the performance of the individual Participant, and may include, without limitation, the Performance Objectives set forth in Section
13(b). The Performance Objectives may be made relative to the performance of a group of comparable companies, or a published or
special index that the Committee, in its sole discretion, deems appropriate, or the Company may select Performance Objectives
as compared to various stock market indices. Performance Objectives may be stated as a combination of the listed factors.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, joint venture, trust or other entity or
organization.

 

“Plan”
means this SG Blocks, Inc. Stock Incentive Plan, as amended from time to time, and for the period from the Effective Date to the
Restatement Date, the SG Blocks, Inc. Stock Option Plan.

 

“Restricted
Shares” means Shares granted or sold pursuant to Section 8 as to which neither the substantial risk of forfeiture
nor the prohibition on transfers referred to in such Section 8 has expired.

 

“Restricted
Share Unit” means a grant or sale of the right to receive Shares or cash at the end of a specified restricted period
made pursuant to Section 9.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Share”
means a share of common stock of the Company, $0.01 par value per share, or any security into which such Share may be changed
by reason of any transaction or event of the type referred to in Section 15.

 

“Stock
Appreciation Right” means a right granted pursuant to Section 7.

 

“Stock
Option” means a right to purchase a Share granted to a Participant under the Plan in accordance with the terms and
conditions set forth in Section 6. Stock Options may be either Incentive Stock Options or Nonqualified Stock Options.

 

    	 	4	 

     

    

 

“Subsidiary”
means: (a) with respect to an Incentive Stock Option, a “subsidiary corporation” as defined under Section 424(f) of
the Code; and (b) for all other purposes under the Plan, any corporation or other entity in which the Company owns, directly or
indirectly, a proprietary interest of more than fifty percent (50%) by reason of stock ownership or otherwise.

 

“Ten
Percent Stockholder” means any Participant who owns more than ten percent of the combined voting power of all classes
of stock of the Company, within the meaning of Section 422 of the Code.

 

3.           Shares
Available Under the Plan.

 

a.       Shares
Available for Awards. The maximum number of Shares that may be issued or delivered pursuant to Awards under the Plan shall
be one million five hundred thousand (1,500,000) (all of which may be granted with respect to Incentive Stock Options). Shares
issued or delivered pursuant to an Award may be authorized but unissued Shares, treasury Shares, including Shares purchased in
the open market, or a combination of the foregoing. The aggregate number of Shares available for issuance or delivery under the
Plan shall be subject to adjustment as provided in Section 15.

 

b.       Share
Counting. The following Shares shall not count against the Share limit in Section 3(a): (i) Shares covered by an Award that
expires or is forfeited, canceled, surrendered, or otherwise terminated without the issuance of such Shares; (ii) Shares covered
by an Award that is settled only in cash; (iii) Shares tendered in payment of the exercise price of a Stock Option; (iv) Shares
withheld by the Company or any Subsidiary to satisfy a tax withholding obligation with respect to any Award; (v) Shares that are
repurchased by the Company with Stock Option proceeds; and (vi) Shares granted through the assumption of, or in substitution for,
outstanding awards granted by a company to individuals who become Employees or Directors as the result of a merger, consolidation,
acquisition or other corporate transaction involving such company and the Company or any of its Subsidiaries (except as may be
required by reason of the rules and regulations of any stock exchange or other trading market on which the Shares are listed).
This Section 3(b) shall apply to the number of Shares reserved and available for Incentive Stock Options only to the extent consistent
with applicable Treasury Regulations relating to Incentive Stock Options under the Code.

 

c.       Per
Participant Limits. Subject to adjustment as provided in Section 15 of the Plan, the following limits shall apply with respect
to Awards that are intended to qualify for the Performance-Based Exception: (i) the maximum aggregate number of Shares that may
be subject to Stock Options or Stock Appreciation Rights granted in any calendar year to any one Participant shall be 1,000,000
Shares; (ii) the maximum aggregate number of Restricted Shares and Shares issuable or deliverable under Restricted Share Units
and Other Share-Based Awards granted in any calendar year to any one Participant shall be 1,000,000 Shares; and (iii) the maximum
aggregate cash compensation that can be paid pursuant to Cash-Based Awards or Other Share-Based Awards granted in any calendar
year to any one Participant shall be $1,000,000.

 

d.       Limit
on Non-Employee Director Awards. Notwithstanding any other provision of the Plan to the contrary, the aggregate grant date
fair value (computed as of the date of grant in accordance with applicable financial accounting rules) of all Awards granted to
any Director during any single calendar year, taken together with any cash fees paid to such person during such calendar year,
shall not exceed $150,000.

 

    	 	5	 

     

    

 

4.           Administration
of the Plan.

 

a.       In
General. The Plan shall be administered by the Committee. Except as otherwise provided by the Board, the Committee shall have
full and final authority in its discretion to take all actions determined by the Committee to be necessary in the administration
of the Plan, including, without limitation, discretion to: select Award recipients; determine the sizes and types of Awards; determine
the terms and conditions of Awards in a manner consistent with the Plan; grant waivers of terms, conditions, restrictions and
limitations applicable to any Award, or accelerate the vesting or exercisability of any Award, in a manner consistent with the
Plan; construe and interpret the Plan and any Award Agreement or other agreement or instrument entered into under the Plan; establish,
amend, or waive rules and regulations for the Plan’s administration; and take such other action, not inconsistent with the
terms of the Plan, as the Committee deems appropriate. To the extent permitted by Applicable Law, the Committee may, in its discretion,
delegate to one or more Directors or officers of the Company any of the Committee’s authority under the Plan. The acts of
any such delegates shall be treated hereunder as acts of the Committee with respect to any matters so delegated.

 

b.       Determinations.
The Committee shall have no obligation to treat Participants or eligible Employees, Directors or Consultants uniformly, and the
Committee may make determinations under the Plan selectively among Participants who receive, or Employees, Directors or Consultants
who are eligible to receive, Awards (whether or not such Participants or eligible Employees, Directors or Consultants are similarly
situated). All determinations and decisions made by the Committee pursuant to the provisions of the Plan and all related orders
and resolutions of the Committee shall be final, conclusive and binding on all persons, including the Company, its Subsidiaries,
stockholders, Directors, Employees, Consultants, Participants and their estates and beneficiaries.

 

c.       Authority
of the Board. The Board may reserve to itself any or all of the authority or responsibility of the Committee under the Plan
or may act as the administrator of the Plan for any and all purposes. To the extent the Board has reserved any such authority
or responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers of the
Committee hereunder, and any reference herein to the Committee (other than in this Section 4(c)) shall include the Board. To the
extent that any action of the Board under the Plan conflicts with any action taken by the Committee, the action of the Board shall
control.

 

5.           Eligibility
and Participation. Each Employee, Director and Consultant is eligible to participate in the Plan. Subject to the provisions
of the Plan, the Committee may, from time to time, select from all eligible Employees, Directors and Consultants those to whom
Awards shall be granted and shall determine, in its sole discretion, the nature of any and all terms permissible by Applicable
Law and the amount of each Award.

 

    	 	6	 

     

    

 

6.           Stock
Options. Subject to the terms and conditions of the Plan, Stock Options may be granted to Participants in such number, and
upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

a.       Award
Agreement. Each Stock Option shall be evidenced by an Award Agreement that shall specify the exercise price, the term of the
Stock Option, the number of Shares covered by the Stock Option, the conditions upon which the Stock Option shall become vested
and exercisable and such other terms and conditions as the Committee shall determine and which are not inconsistent with the terms
and conditions of the Plan. The Award Agreement also shall specify whether the Stock Option is intended to be an Incentive Stock
Option or a Nonqualified Stock Option. No dividend equivalents may be granted with respect to the Shares underlying a Stock Option.

 

b.       Exercise
Price. The exercise price per Share of a Stock Option shall be determined by the Committee at the time the Stock Option is
granted and shall be specified in the related Award Agreement; provided, however, that in no event shall the exercise price
per Share of any Stock Option be less than one hundred percent (100%) of the Fair Market Value of a Share on the Date of Grant.

 

c.       Term.
The term of a Stock Option shall be determined by the Committee and set forth in the related Award Agreement; provided, however,
that in no event shall the term of any Stock Option exceed ten (10) years from its Date of Grant.

 

d.       Exercisability.
Stock Options shall become vested and exercisable at such times and upon such terms and conditions as shall be determined by the
Committee and set forth in the related Award Agreement. Such terms and conditions may include, without limitation, the satisfaction
of (a) performance goals based on one or more Performance Objectives, and (b) time-based vesting requirements.

 

e.       Exercise
of Stock Options. Except as otherwise provided in the Plan or in a related Award Agreement, a Stock Option may be exercised
for all or any portion of the Shares for which it is then exercisable. A Stock Option shall be exercised by the delivery of a
notice of exercise to the Company or its designee in a form specified by the Company which sets forth the number of Shares with
respect to which the Stock Option is to be exercised and full payment of the exercise price for such Shares. The exercise price
of a Stock Option may be paid, in the discretion of the Committee and as set forth in the applicable Award Agreement: (i) in cash
or its equivalent; (ii) by tendering (either by actual delivery or attestation) previously acquired Shares having an aggregate
Fair Market Value at the time of exercise equal to the aggregate exercise price; (iii) by a cashless exercise (including by withholding
Shares deliverable upon exercise and through a broker-assisted arrangement to the extent permitted by Applicable Law); (iv) by
a combination of the methods described in clauses (i), (ii) and/or (iii); or (v) through any other method approved by the Committee
in its sole discretion. As soon as practicable after receipt of the notification of exercise and full payment of the exercise
price, the Company shall cause the appropriate number of Shares to be issued to the Participant.

 

    	 	7	 

     

    

 

f.       Special
Rules Applicable to Incentive Stock Options. Notwithstanding any other provision in the Plan to the contrary:

 

(i)       Incentive
Stock Options may be granted only to Employees of the Company and its Subsidiaries. The terms and conditions of Incentive Stock
Options shall be subject to and comply with the requirements of Section 422 of the Code.

 

(ii)       To
the extent that the aggregate Fair Market Value of the Shares (determined as of the Date of Grant) with respect to which an Incentive
Stock Option is exercisable for the first time by any Participant during any calendar year (under all plans of the Company and
its Subsidiaries) is greater than $100,000 (or such other amount specified in Section 422 of the Code), as calculated under Section
422 of the Code, then the Stock Option shall be treated as a Nonqualified Stock Option.

 

(iii)       No
Incentive Stock Option shall be granted to any Participant who, on the Date of Grant, is a Ten Percent Stockholder, unless (A)
the exercise price per Share of such Incentive Stock Option is at least one hundred and ten percent (110%) of the Fair Market
Value of a Share on the Date of Grant, and (B) the term of such Incentive Stock Option shall not exceed five (5) years from the
Date of Grant.

 

7.           Stock
Appreciation Rights. Subject to the terms and conditions of the Plan, Stock Appreciation Rights may be granted to Participants
in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

a.       Award
Agreement. Each Stock Appreciation Right shall be evidenced by an Award Agreement that shall specify the exercise price, the
term of the Stock Appreciation Right, the number of Shares covered by the Stock Appreciation Right, the conditions upon which
the Stock Appreciation Right shall become vested and exercisable and such other terms and conditions as the Committee shall determine
and which are not inconsistent with the terms and conditions of the Plan. No dividend equivalents may be granted with respect
to the Shares underlying a Stock Appreciation Right.

 

b.       Exercise
Price. The exercise price per Share of a Stock Appreciation Right shall be determined by the Committee at the time the Stock
Appreciation Right is granted and shall be specified in the related Award Agreement; provided, however, that in no event
shall the exercise price per Share of any Stock Appreciation Right be less than one hundred percent (100%) of the Fair Market
Value of a Share on the Date of Grant.

 

c.       Term.
The term of a Stock Appreciation Right shall be determined by the Committee and set forth in the related Award Agreement; provided,
however, that in no event shall the term of any Stock Appreciation Right exceed ten (10) years from its Date of Grant.

 

d.       Exercisability
of Stock Appreciation Rights. A Stock Appreciation Right shall become vested and exercisable at such times and upon such terms
and conditions as may be determined by the Committee and set forth in the related Award Agreement. Such terms and conditions may
include, without limitation, the satisfaction of (i) performance goals based on one or more Performance Objectives, and (ii) time-based
vesting requirements.

 

    	 	8	 

     

    

 

e.       Exercise
of Stock Appreciation Rights. Except as otherwise provided in the Plan or in a related Award Agreement, a Stock Appreciation
Right may be exercised for all or any portion of the Shares for which it is then exercisable. A Stock Appreciation Right shall
be exercised by the delivery of a notice of exercise to the Company or its designee in a form specified by the Company which sets
forth the number of Shares with respect to which the Stock Appreciation Right is to be exercised. Upon exercise, a Stock Appreciation
Right shall entitle a Participant to an amount equal to (i) the excess of (A) the Fair Market Value of a Share on the exercise
date over (B) the exercise price per Share, multiplied by (ii) the number of Shares with respect to which the Stock Appreciation
Right is exercised. A Stock Appreciation Right may be settled in whole Shares, cash or a combination thereof, as specified by
the Committee in the related Award Agreement.

 

8.           Restricted
Shares. Subject to the terms and conditions of the Plan, Restricted Shares may be granted or sold to Participants in such
number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

a.       Award
Agreement. Each Restricted Shares Award shall be evidenced by an Award Agreement that shall specify the number of Restricted
Shares, the restricted period(s) applicable to the Restricted Shares, the conditions upon which the restrictions on the Restricted
Shares will lapse and such other terms and conditions as the Committee shall determine and which are not inconsistent with the
terms and conditions of the Plan.

 

b.       Terms,
Conditions and Restrictions. The Committee shall impose such other terms, conditions and/or restrictions on any Restricted
Shares as it may deem advisable, including, without limitation, a requirement that the Participant pay a purchase price for each
Restricted Share, restrictions based on the achievement of specific Performance Objectives, time-based restrictions or holding
requirements or sale restrictions placed on the Shares by the Company upon vesting of such Restricted Shares. Unless otherwise
provided in the related Award Agreement or required by Applicable Law, the restrictions imposed on Restricted Shares shall lapse
upon the expiration or termination of the applicable restricted period and the satisfaction of any other applicable terms and
conditions.

 

c.       Custody
of Certificates. To the extent deemed appropriate by the Committee, the Company may retain any certificates representing Restricted
Shares in the Company’s possession until such time as all terms, conditions and/or restrictions applicable to such Shares
have been satisfied or lapse.

 

d.       Rights
Associated with Restricted Shares during Restricted Period. During any restricted period applicable to Restricted Shares:
(i) the Restricted Shares may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated; (ii) unless
otherwise provided in the related Award Agreement, the Participant shall be entitled to exercise full voting rights associated
with such Restricted Shares; and (iii) the Participant shall be entitled to all dividends and other distributions paid with respect
to such Restricted Shares during the restricted period. The Award Agreement may require that receipt of any dividends or other
distributions with respect to the Restricted Shares shall be subject to the same terms and conditions as the Restricted Shares
with respect to which they are paid.

 

    	 	9	 

     

    

 

9.           Restricted
Share Units. Subject to the terms and conditions of the Plan, Restricted Share Units may be granted or sold to Participants
in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

 

a.       Award
Agreement. Each Restricted Share Unit Award shall be evidenced by an Award Agreement that shall specify the number of units,
the restricted period(s) applicable to the Restricted Share Units, the conditions upon which the restrictions on the Restricted
Share Units will lapse, the time and method of payment of the Restricted Share Units, and such other terms and conditions as the
Committee shall determine and which are not inconsistent with the terms and conditions of the Plan.

 

b.       Terms,
Conditions and Restrictions. The Committee shall impose such other terms, conditions and/or restrictions on any Restricted
Share Units as it may deem advisable, including, without limitation, a requirement that the Participant pay a purchase price for
each Restricted Share Unit, restrictions based on the achievement of specific Performance Objectives or time-based restrictions
or holding requirements.

 

c.       Form
of Settlement. Restricted Share Units may be settled in whole Shares, cash or a combination thereof, as specified by the Committee
in the related Award Agreement.

 

d.       
Dividend Equivalents. Restricted Share Units may provide the Participant with dividend equivalents, on either a current
or deferred or contingent basis, and either in cash or in additional Shares, as determined by the Committee in its sole discretion
and set forth in the related Award Agreement.

 

10.          Other
Share-Based Awards. Subject to the terms and conditions of the Plan, Other Share-Based Awards may be granted to Participants
in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion. Other Share-Based
Awards are Awards that are valued in whole or in part by reference to, or otherwise based on the Fair Market Value of, Shares,
and shall be in such form as the Committee shall determine, including without limitation, unrestricted Shares or time-based or
performance-based units that are settled in Shares and/or cash.

 

a.       Award
Agreement. Each Other Share-Based Award shall be evidenced by an Award Agreement that shall specify the terms and conditions
upon which the Other Share-Based Award shall become vested, if applicable, the time and method of settlement, the form of settlement
and such other terms and conditions as the Committee shall determine and which are not inconsistent with the terms and conditions
of the Plan.

 

b.       Form
of Settlement. An Other Share-Based Award may be settled in whole Shares, cash or a combination thereof, as specified by the
Committee in the related Award Agreement.

 

c.       Dividend
Equivalents. Other Share-Based Awards may provide the Participant with dividend equivalents, on either a current or deferred
or contingent basis, and either in cash or in additional Shares, as determined by the Committee in its sole discretion and set
forth in the related Award Agreement.

 

11.          Cash-Based
Awards. Subject to the terms and conditions of the Plan, Cash-Based Awards may be granted to Participants in such amounts
and upon such other terms and conditions as shall be determined by the Committee in its sole discretion. Each Cash-Based Award
shall be evidenced by an Award Agreement that shall specify the payment amount or payment range, the time and method of settlement
and the other terms and conditions, as applicable, of such Award which may include, without limitation, restrictions based on
the achievement of specific Performance Objectives.

 

    	 	10	 

     

    

 

12.          Compliance
with Section 409A. Awards granted under the Plan shall be designed and administered in such a manner that they are either
exempt from the application of, or comply with, the requirements of Section 409A of the Code. To the extent that the Committee
determines that any award granted under the Plan is subject to Section 409A of the Code, the Award Agreement shall incorporate
the terms and conditions deemed necessary by the Committee to avoid the imposition of an additional tax under Section 409A of
the Code upon a Participant. Notwithstanding any other provision of the Plan or any Award Agreement (unless the Award Agreement
provides otherwise with specific reference to this Section 12): (a) an Award shall not be granted, deferred, accelerated, extended,
paid out, settled, substituted or modified under the Plan in a manner that would result in the imposition of an additional tax
under Section 409A of the Code upon a Participant; and (b) if an Award is subject to Section 409A of the Code, and if the Participant
holding the award is a “specified employee” (as defined in Section 409A of the Code, with such classification to be
determined in accordance with the methodology established by the Company), then, to the extent required to avoid the imposition
of an additional tax under Section 409A of the Code upon a Participant, no distribution or payment of any amount shall be made
before the date that is six (6) months following the date of such Participant’s “separation from service” (as
defined in Section 409A of the Code) or, if earlier, the date of the Participant’s death. Although the Company intends to
administer the Plan so that Awards will be exempt from, or will comply with, the requirements of Section 409A of the Code, the
Company does not warrant that any Award under the Plan will qualify for favorable tax treatment under Section 409A of the Code
or any other provision of federal, state, local, or non-United States law. The Company shall not be liable to any Participant
for any tax, interest, or penalties the Participant might owe as a result of the grant, holding, vesting, exercise, or payment
of any Award under the Plan.

 

13.          Compliance
with Section 162(m).

 

a.       In
General. Notwithstanding anything in the Plan to the contrary, Awards may be granted in a manner that is intended to qualify
for the Performance-Based Exception. As determined by the Committee in its sole discretion, the grant, vesting, exercisability
and/or settlement of any Restricted Shares, Restricted Share Units, Other Share-Based Awards and Cash-Based Awards intended to
qualify for the Performance-Based Exception shall be conditioned on the attainment of one or more Performance Objectives during
a performance period established by the Committee and must satisfy the requirements of this Section 13.

 

b.       Performance
Objectives. If an Award is intended to qualify for the Performance-Based Exception, then the Performance Objectives shall
be based on specified levels of or growth in one or more of the following criteria: revenues, weighted average revenue per unit,
earnings from operations, operating income, earnings before or after interest and taxes, operating income before or after interest
and taxes, net income, cash flow, earnings per share, debt to capital ratio, increase in market capitalization, economic value
added, return on total capital, return on invested capital, return on equity, return on assets, total return to stockholders,
earnings before or after interest, taxes, depreciation, amortization or extraordinary or special items, operating income before
or after interest, taxes, depreciation, amortization or extraordinary or special items, return on investment, free cash flow,
cash flow return on investment (discounted or otherwise), net cash provided by operations, cash flow in excess of cost of capital,
operating margin, profit margin, contribution margin, stock price and/or strategic business criteria consisting of one or more
objectives based on meeting specified product development, strategic partnering, research and development, market penetration,
geographic business expansion goals, cost targets, customer satisfaction, gross or net additional customers, average customer
life, employee satisfaction, management of employment practices and employee benefits, supervision of litigation and information
technology, and goals relating to acquisitions or divestitures of subsidiaries, affiliates and joint ventures.

 

    	 	11	 

     

    

 

c.       
Establishment of Performance Goals. With respect to Awards intended to qualify for the Performance-Based Exception, the
Committee shall establish: (i) the applicable Performance Objectives and performance period, and (ii) the formula for computing
the payout. Such terms and conditions shall be established in writing while the outcome of the applicable performance period is
substantially uncertain, but in no event later than the earlier of: (x) ninety days after the beginning of the applicable performance
period; or (y) the expiration of twenty-five percent (25%) of the applicable performance period.

 

d.       
Certification of Performance. With respect to any Award intended to qualify for the Performance-Based Exception, the Committee
shall certify in writing whether the applicable Performance Objectives and other material terms imposed on such Award have been
satisfied, and, if they have, ascertain the amount of the payout or vesting of the Award. Notwithstanding any other provision
of the Plan, payment or vesting of any such Award shall not be made until the Committee certifies in writing that the applicable
Performance Objectives and any other material terms of such Award were in fact satisfied in a manner conforming to applicable
regulations under Section 162(m) of the Code.

 

e.       Negative
Discretion. With respect to any Award intended to qualify for the Performance-Based Exception, after the date that the Performance
Objectives are required to be established in writing pursuant to Section 13(c), the Committee shall not have discretion to increase
the amount of compensation that is payable upon achievement of the designated Performance Objectives. However, the Committee may,
in its sole discretion, reduce the amount of compensation that is payable upon achievement of the designated Performance Objectives.

 

14.          Transferability.
Except as otherwise determined by the Committee, no Award or dividend equivalents paid with respect to any Award shall be transferable
by the Participant except by will or the laws of descent and distribution; provided, that if so determined by the Committee,
each Participant may, in a manner established by the Board or the Committee, designate a beneficiary to exercise the rights of
the Participant with respect to any Award upon the death of the Participant and to receive Shares or other property issued or
delivered under such Award. Except as otherwise determined by the Committee, Stock Options and Stock Appreciation Rights will
be exercisable during a Participant’s lifetime only by the Participant or, in the event of the Participant’s legal
incapacity to do so, by the Participant’s guardian or legal representative acting on behalf of the Participant in a fiduciary
capacity under state law and/or court supervision.

 

    	 	12	 

     

    

 

15.          Adjustments.
In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification
Topic 718, or any successor thereto), such as a stock dividend, stock split, reverse stock split, spinoff, rights offering, or
recapitalization through a large, nonrecurring cash dividend, the Committee shall cause there to be an equitable adjustment in
the number and kind of Shares specified in Sections 3(a) and 3(c) of the Plan and, with respect to outstanding Awards, in the
number and kind of Shares subject to outstanding Awards and the exercise price or other price of Shares subject to outstanding
Awards, in each case to prevent dilution or enlargement of the rights of Participants. In the event of any other change in corporate
capitalization, or in the event of a merger, consolidation, liquidation, or similar transaction, the Committee may, in its sole
discretion, cause there to be an equitable adjustment as described in the foregoing sentence, to prevent dilution or enlargement
of rights; provided, however, that, unless otherwise determined by the Committee, the number of Shares subject to
any Award shall always be rounded down to a whole number. Notwithstanding the foregoing, the Committee shall not make any adjustment
pursuant to this Section 15 that would (i) cause any Stock Option intended to qualify as an ISO to fail to so qualify, (ii) cause
an Award that is otherwise exempt from Section 409A of the Code to become subject to Section 409A, or (iii) cause an Award that
is subject to Section 409A of the Code to fail to satisfy the requirements of Section 409A. The determination of the Committee
as to the foregoing adjustments, if any, shall be conclusive and binding on all Participants and any other persons claiming under
or through any Participant.

 

16.          Fractional
Shares. The Company shall not be required to issue or deliver any fractional Shares pursuant to the Plan and, unless otherwise
provided by the Committee, fractional Shares shall be settled in cash.

 

17.          Withholding
Taxes. To the extent required by Applicable Law, a Participant shall be required to satisfy, in a manner satisfactory to the
Company or Subsidiary, as applicable, any withholding tax obligations that arise by reason of the exercise of a Stock Option or
Stock Appreciation Right, the vesting of or settlement of Shares under an Award, an election pursuant to Section 83(b) of
the Code or otherwise with respect to an Award. The Company and its Subsidiaries shall not be required to issue or deliver Shares,
make any payment or recognize the transfer or disposition of Shares until such obligations are satisfied. The Committee may permit
or require these obligations to be satisfied by having the Company withhold a portion of the Shares that otherwise would be issued
or delivered to a Participant upon exercise of a Stock Option or Stock Appreciation Right or upon the vesting or settlement of
an Award, or by tendering Shares previously acquired, in each case having a Fair Market Value equal to the minimum amount required
to be withheld or paid, or such other amount as will not result in an adverse accounting consequence to the Company. Any such
elections are subject to such conditions or procedures as may be established by the Committee and may be subject to disapproval
by the Committee.

 

18.          Foreign
Employees. Without amending the Plan, the Committee may grant Awards to Participants who are foreign nationals, or who are
subject to Applicable Law of one or more non-United States jurisdictions, on such terms and conditions different from those specified
in the Plan as may in the judgment of the Committee be necessary or desirable to foster and promote achievement of the purposes
of the Plan, and, in furtherance of such purposes, the Committee may approve such sub-plans, supplements to or amendments, modifications,
restatements or alternative versions of this Plan as may be necessary or advisable to comply with provisions of Applicable Law
of other countries in which the Company or its Subsidiaries operate or have employees.

 

    	 	13	 

     

    

 

19.          Compensation
Recovery Policy.

 

a.       Compensation
Recovery Policy. Any Award granted to a Participant shall be subject to forfeiture or repayment pursuant to the terms of any
applicable compensation recovery policy adopted by the Company, including any such policy that may be adopted to comply with Applicable
Law.

 

b.       Set-Off
and Other Remedies. To the extent that amounts are not immediately returned or paid to the Company as provided in this Section
19, the Company may, to the extent permitted by Applicable Law, seek other remedies, including a set off of the amounts so payable
to it against any amounts that may be owing from time to time by the Company or a Subsidiary to the Participant for any reason,
including, without limitation, wages, or vacation pay or other benefits; provided, however, that, except to the extent
permitted by Treasury Regulation Section 1.409A-3(j)(4), such offset shall not apply to amounts that are “deferred compensation”
within the meaning of Section 409A of the Code.

 

20.          Change
in Control. In the event of a Change in Control, the Committee, in its sole discretion, may take such actions, if any, as
it deems necessary or desirable with respect to any Award that is outstanding as of the date of the consummation of the Change
in Control. Such actions may include, without limitation, and without the consent of any affected Participant: (a) the acceleration
of the vesting, settlement and/or exercisability of an Award; (b) the payment of a cash amount in exchange for the cancellation
of an Award; (c) the cancellation of Stock Options and/or Stock Appreciation Rights without payment therefor if the Fair Market
Value of a Share on the date of the Change in Control does not exceed the exercise price per Share of the applicable Awards; and/or
(d) the issuance of substitute Awards that substantially preserve the value, rights and benefits of any affected Awards.

 

21.          Amendment,
Modification and Termination.

 

a.       In
General. The Board may at any time and from time to time, alter, amend, suspend or terminate the Plan in whole or in part;
provided, however, that no alteration or amendment that requires stockholder approval in order for the Plan to comply
with any rule promulgated by the SEC or any securities exchange on which Shares are listed or any other Applicable Law shall be
effective unless such amendment shall be approved by the requisite vote of stockholders of the Company entitled to vote thereon
within the time period required under such applicable listing standard or rule.

 

    	 	14	 

     

    

 

b.       Adjustments
to Outstanding Awards. The Committee may in its sole discretion at any time (i) provide that all or a portion of a Participant’s
Stock Options, Stock Appreciation Rights and other Awards in the nature of rights that may be exercised shall become fully or
partially exercisable; (ii) provide that all or a part of the time-based vesting restrictions on all or a portion of the outstanding
Awards shall lapse, and/or that any Performance Objectives or other performance-based criteria with respect to any Awards shall
be deemed to be wholly or partially satisfied; or (iii) waive any other limitation or requirement under any such Award, in each
case, as of such date as the Committee may, in its sole discretion, declare. Unless otherwise determined by the Committee, any
such adjustment that is made with respect to an Award that is intended to qualify for the Performance-Based Exception shall be
made at such times and in such manner as will not cause such Awards to fail to qualify under the Performance-Based Exception.
Additionally, the Committee shall not make any adjustment pursuant to this Section 21(b) that would cause an Award that is otherwise
exempt from Section 409A of the Code to become subject to Section 409A, or that would cause an Award that is subject to Section 409A
of the Code to fail to satisfy the requirements of Section 409A.

 

c.       Prohibition
on Repricing. Except for adjustments made pursuant to Sections 16 or 21, the Board or the Committee will not, without the
further approval of the stockholders of the Company, authorize the amendment of any outstanding Stock Option or Stock Appreciation
Right to reduce the exercise price. No Stock Option or Stock Appreciation Right will be cancelled and replaced with an Award having
a lower exercise price, or for another Award, or for cash without further approval of the stockholders of the Company, except
as provided in Sections 15 or 20. Furthermore, no Stock Option or Stock Appreciation Right will provide for the payment, at the
time of exercise, of a cash bonus or grant or sale of another Award without further approval of the stockholders of the Company.
This Section 21(c) is intended to prohibit the repricing of “underwater” Stock Options or Stock Appreciation Rights
without stockholder approval and will not be construed to prohibit the adjustments provided for in Sections 15 or 20.

 

d.       Effect
on Outstanding Awards. Notwithstanding any other provision of the Plan to the contrary (other than Sections 15, 20, 21(b)
and 23(d)), no termination, amendment, suspension, or modification of the Plan or an Award Agreement shall adversely affect in
any material way any Award previously granted under the Plan, without the written consent of the Participant holding such Award;
provided that the Committee may modify an ISO held by a Participant to disqualify such Stock Option from treatment as an
“incentive stock option” under Section 422 of the Code without the Participant’s consent.

 

22.          Applicable
Law. The obligations of the Company with respect to Awards under the Plan shall be subject to Applicable Law and such approvals
by any governmental agencies as the Committee determines may be required. The Plan and each Award Agreement shall be governed
by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction
or interpretation of the Plan to the substantive law of another jurisdiction.

 

23.          Miscellaneous.

 

a.       Conditions
on Delivery of Shares. The Company will not be obligated to deliver any Shares pursuant to the Plan or to remove restrictions
from Shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction
of the Company, (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the issuance and
delivery of such Shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock
market rules and regulations, and (iii) the Participant has executed and delivered to the Company such representations or agreements
as the Company may consider appropriate to satisfy the requirements of Applicable Law. Unless and until the Shares have been registered
under the Securities Act of 1933, as amended, each certificate evidencing any Shares delivered pursuant to the Plan shall bear
a restrictive legend specified by the Company.

 

    	 	15	 

     

    

 

b.       No
Right of Continued Employment or Service. The Plan shall not confer upon any Participant any right with respect to continuance
of employment or other service with the Company or any Subsidiary, nor shall it interfere in any way with any right the Company
or any Subsidiary would otherwise have to terminate such Participant’s employment or other service at any time. No Employee,
Director or Consultant shall have the right to be selected to receive an Award under the Plan, or, having been so selected, to
be selected to receive future Awards. Awards granted under the Plan shall not be considered a part of any Participant’s
normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation,
termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits
or similar payments.

 

c.       Unfunded,
Unsecured Plan. Neither a Participant nor any other person shall, by reason of participation in the Plan, acquire any right
or title to any assets, funds or property of the Company or any Subsidiary, including without limitation, any specific funds,
assets or other property which the Company or any Subsidiary may set aside in anticipation of any liability under the Plan. A
Participant shall have only a contractual right to an Award or the amounts, if any, payable under the Plan, unsecured by any assets
of the Company or any Subsidiary, and nothing contained in the Plan shall constitute a guarantee that the assets of the Company
or any Subsidiary shall be sufficient to pay any benefits to any person.

 

d.       Severability.
If any provision of the Plan is or becomes invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan
or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended or limited
in scope to conform to Applicable Law or, in the discretion of the Committee, it shall be stricken and the remainder of the Plan
shall remain in full force and effect.

 

e.       Acceptance
of the Plan. By accepting any benefit under the Plan, each Participant and each person claiming under or through any such
Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, all of the terms
and conditions of the Plan and any action taken under the Plan by the Committee, the Board or the Company, in any case in accordance
with the terms and conditions of the Plan.

 

f.       Successors.
All obligations of the Company under the Plan and with respect to Awards shall be binding on any successor to the Company, whether
the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or other event, or a sale
or disposition of all or substantially all of the business and/or assets of the Company and references to the “Company”
herein and in any Award Agreements shall be deemed to refer to such successors.

 

 

 

 

[END
OF DOCUMENT]

 

16

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