Document:

EX-10.3

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of this 17th day of September, 2019, by and between Summit Community Bank, Inc., a West Virginia corporation (“Summit”), and Lorraine L. Brisell, an individual resident of the State of West
Virginia (“Employee”) (collectively, the “Parties”). 
 WHEREAS, Employee has considerable
experience, expertise and training in management related to the types of banking and services offered by Summit; 
 WHEREAS, Summit
desires that Employee be employed as Market President of Summit, and Employee desires to accept employment, subject to and on the terms and conditions set forth in this Agreement; 

WHEREAS, the parties are entering into this Agreement pursuant to Section 7.3(e) of the Agreement and Plan of Merger, dated
September 17, 2019 (“Merger Agreement”), by and between Summit Financial Group, Inc., a West Virginia corporation (“Summit Financial”) and Cornerstone Financial Services, Inc., a West Virginia corporation
(“Cornerstone”); 
 WHEREAS, Summit and Employee have read and understood the terms and provisions set forth in this
Agreement and have been afforded a reasonable opportunity to review this Agreement with their respective legal counsel. 
 NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth in this Agreement, Employee and Summit agree as follows: 

A. DURATION 

1.    Term. This Agreement shall become effective (the “Effective Date”) upon the merger of
Cornerstone Bank, Inc., a West Virginia banking corporation (“Cornerstone Bank”) with and into Summit and shall continue until the second anniversary thereof, unless terminated earlier as provided herein (“Term”).
If the Merger Agreement is terminated or not consummated for any reason before the Closing Date, as that term is defined in the Merger Agreement, this Agreement and the respective obligations of the parties hereto will be of no further force or
effect. The date on which this Agreement is terminated is hereinafter referred to as the “Termination Date.” 
 B.
COMPENSATION 
 2.    Salary and Bonus. All payments of salary and other compensation to Employee shall be
payable in accordance with Summit’s ordinary payroll and other policies and procedures. 

a.    During the term of this Agreement, Summit agrees to pay Employee a base salary of not less than
$200,000 annually, appropriately prorated for partial months at the commencement and end of the term of this Agreement. 

b.    Upon the Effective Date, Employee shall receive shares of restricted stock of Summit Financial with a
fair market value of $50,000 on the Effective Date, which shall vest on the second anniversary of the Effective Date. The restricted stock shall be granted pursuant to a restricted stock agreement containing terms and conditions established by the
Board of Directors of Summit Financial or a committee thereof. 

 c.    Summit shall have the right to deduct from any
payment of compensation to Employee hereunder any federal, state or local taxes required by law to be withheld with respect to such payments and any other amounts specifically authorized to be withheld or deducted by Employee. 

3.    Expenses. Summit shall reimburse Employee for all reasonable expenses, including, but not limited to, travel
expenses, lodging expenses, meals and entertainment expenses, and monthly country club dues, that Employee may incur in the performance of Employee’s duties and obligations under this Agreement; provided, however, that Employee shall be
required to submit receipts or other acceptable documentation to the cashier of Summit or such other officer designated by the Board of Directors of Summit to verify such expenses prior to any reimbursements. To the extent required by
Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), all reimbursements under this Agreement shall be paid no later than the last day of the calendar
year following the calendar year in which the expense was incurred. The amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year will not affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other calendar year. The rights to reimbursement or in-kind benefits provided under this Agreement are not
subject to liquidation or exchange for another benefit. 
 4.    Benefits. 

a.    Subject to the provisions of Paragraph 4(c) of this Agreement, Employee shall be entitled to receive
all fringe benefits afforded to all other similarly-situated employees of Summit, including but not limited to retirement plans, life insurance, disability, health and accident insurance benefits, subject to the terms and conditions thereof.
Employee’s receipt of such benefits shall be in accordance with Summit’s employment policies. 

b.    Employee shall be entitled to all paid leave as provided by Summit to other similarly-situated
employees. 
 c.    All employee benefits provided to Employee by Summit incident to Employee’s
employment shall be governed by the applicable plan documents, summary plan descriptions or employment policies, and may be modified, suspended or revoked at any time, in accordance with the terms and provisions of the applicable documents. 

5.    Acknowledgment. The Parties acknowledge that the compensation set forth herein and the other covenants and
agreements of Summit contained herein are fair and adequate compensation for Employee’s services and for the covenants of Employee as set forth herein. 

C. RESPONSIBILITIES 

6.    Position. Employee shall be employed as Market President of Summit and shall faithfully devote
Employee’s best efforts and Employee’s primary focus to Employee’s position(s) with Summit. Employee hereby agrees to devote her full business time and best efforts to the faithful performance of such duties and to the promotion and
forwarding of the business and affairs of Summit. 
 7.    Reporting. The parties acknowledge and agree that
during the term of this Agreement Employee shall serve as Market President for Summit and shall report directly to the Chief Executive Officer (or his or her designee) of Summit. 

8.    Duty of Loyalty. Employee acknowledges and agrees that, during the term of this Agreement, Employee has a
fiduciary duty of loyalty to Summit, and that Employee will not engage in any willful or intentional activity during the term of this Agreement, which will or could foreseeably harm the business, business interests, or reputation of Summit or the
reputation of the Board of Directors of Summit. 

  
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 9.    Competition and Corporate Opportunity. Employee shall not
directly or indirectly engage in competition with Summit or Summit Financial at any time during the existence of the employment relationship between Summit and Employee, and Employee will not on Employee’s own behalf, or as another’s agent
or employee, engage in any of the same or similar duties and/or Summit-related responsibilities required by Employee’s position with Summit, other than as an employee of Summit pursuant to this Agreement or as specifically approved by the Board
of Directors of Summit. In addition, without the prior written consent of the Board of Directors of Summit, Employee shall not usurp any corporate opportunity available to Summit. 

D. TERMINATION 

10.    Termination For Cause. This Agreement and Employee’s employment with Summit may be terminated by Summit
for Cause (as defined below) at any time effective upon written notice to Employee. Upon such termination by Summit for Cause, Employee shall only be entitled to receive any base salary and accrued benefits that have been earned by her through the
effective date of such termination, and no other amounts shall be due to Employee. For purposes hereof, the term “Cause” shall mean that the management of Summit has determined that any one or more of the following has occurred:

 a.    Employee has committed any fraud, embezzlement, misappropriation of funds, misrepresentation,
breach of fiduciary duty or other act of dishonesty against Summit or Employee has been convicted of any felony; 

b.    Employee has engaged or failed to engage in any action, gross or willful misconduct resulting in a
substantial loss to Summit or substantial damage to its reputation; provided that in no event will any act or omission by Employee be considered “willful” for purposes of this Section 10(b) if taken by Employee in the reasonable and
good faith belief that such act or omission was in the best interest of the Bank; or 
 c.    Employee
has neglected her duties hereunder or has willfully failed or refused to carry out the reasonable and lawful instructions of the Board concerning material job duties or actions consistent with Employee’s position, and such failure or
refusal has continued for a period of ten (10) business days following written notice from the Board. 

11.    Termination Without Cause. In addition, Summit may terminate this Agreement and Employee’s employment
with Summit at any time without Cause, effective upon written notice to Employee. Upon such termination by Summit without Cause, Employee shall be entitled to receive any wages, including accrued benefits, that have been earned by Employee through
the effective date of such termination. Subject to Paragraph 15 and the terms of this Paragraph 11, on the 60th day following such termination without Cause (provided that in no event shall
Employee, directly or indirectly, determine the taxable year of payment), Summit shall pay and Employee shall be entitled to receive a lump sum cash payment, less applicable withholdings, equal to the amount of base salary that Employee would have
received between (i) the effective date of such termination without Cause and (ii) the last day of the Term (such lump sum cash payment described in this Paragraph 11 is referred to as the “Severance Payment”).
Summit’s obligation to make the Severance Payment is subject to the Employee’s execution and non-revocation, as applicable, of a release and waiver agreement in favor of Summit and Summit Financial,
which form shall be provided to Employee in a timely fashion so that it may be signed and may become irrevocable after signing (“become effective”) within sixty (60) days after termination of employment; provided that, if Executive
shall fail to sign the release and waiver agreement so that it becomes effective 

  
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within such sixty (60) day time period after termination of employment, Summit’s obligation to make the Severance Payment shall cease on the date that is sixty (60) days after such
termination. For the avoidance of doubt, the termination of the Agreement by its terms following the Term shall not constitute a termination without Cause under this Paragraph 11. 

12.    Termination by Employee. Employee may terminate this Agreement and Employee’s employment with Summit at
any time effective upon at least thirty (30) calendar days prior written notice to Summit. Upon such termination by Employee, Employee shall only be entitled to receive any base salary and accrued but unpaid benefits which have been earned by
him through the effective date of such termination, and no other amounts shall be due to Employee. 

13.    Death. If Employee dies during the term of this Agreement and while in the employ of Summit, this Agreement
will terminate automatically, without notice, on the date of Employee’s death and Summit shall not have any further obligation to Employee or Employee’s estate under this Agreement (other than death benefits payable under any benefit plans
to which Employee is a party), except that Summit shall pay Employee’s estate that portion of Employee’s base salary accrued through the date on which Employee’s death occurred. 

14.    Disability. This Agreement will terminate immediately, without notice, in the event Employee is prevented
from performing Employee’s duties hereunder by reason of becoming physically or mentally disabled. For purposes of this Agreement, the term “disabled” shall mean that Employee shall be unable to perform her duties by reason of
any mental or physical disability which is expected to last at least six (6) months or result in death, as certified by the provider of an accident, long-term disability or health plan covering employees of Employer. Determination of such
disability shall be made by the provider of such accident, long-term disability or health plan covering said Employee or by the Social Security Administration. Upon the request of Employer, Employee must submit proof to Employer of the
provider’s determination or Social Security Administration’s determination of disability.    During any period prior to termination or expiration of the then current term of this Agreement, whichever is earlier, during
which Employee fails to perform Employee’s duties as a result of incapacity due to physical or mental illness, Employee shall continue to receive Employee’s full salary at the rate then in effect for such period until the earlier of
(i) the expiration of such then current term of this Agreement or (ii) the date on which Employee’s employment terminates pursuant to this Paragraph 14, provided that payments so made to Employee during such period shall be
reduced by the sum of the amounts, if any, payable to Employee under any disability benefit plans of Summit that were not previously applied to reduce such payment. 

In the event of a termination pursuant to Paragraph 13 or 14, Summit shall be relieved of all its obligations under this Agreement, except
that Summit shall pay to Employee, or to Employee’s estate in the event of Employee’s subsequent death, Employee’s base salary under Paragraph 2(a) through the date on which such termination shall have occurred and any accrued but
unpaid benefits, reduced during such period by the amount of any benefits received by Employee under any disability policy maintained by Summit and by any death benefits payable under the benefit plans referenced in Paragraph 4. All such payments to
Employee or to Employee’s estate shall be made in the same manner as other payroll obligations. 
 15.    Six-Month Delay. Notwithstanding any other provisions of this Agreement, if Employee is a Specified Employee (within the meaning of Code Section 409A) on Employee’s date of “separation from
service” under Section 409A and Treas. Reg. §1.409A-1(h), then if any payment of deferred compensation (within the meaning of Code Section 409A) is to be made upon or based upon
Employee’s separation from service other than by death, under any provision of this Agreement, and such payment of deferred compensation is to be made within six months after Employee’s date of separation from service, other than by death,
then such payment shall instead be made on the date which is six (6) months after such 

  
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separation from service of Employee (other than by death), provided further, however, that in the case of any payment of deferred compensation which is to be made in installments, with the first
such installment to be paid on or within six (6) months after the date of separation from service other than by death, then in such event all such installments which would have otherwise been paid within the date which is six (6) months
after such separation from service of Employee’s (other than by death) shall be delayed, aggregated, and paid, notwithstanding any other provision of this Agreement, on the date which is six (6) months after such separation from service of
Employee (other than by death), with the remaining installments to continue thereafter until fully paid hereunder. Notwithstanding any of the foregoing, or any other provision of this Agreement, no payment of deferred compensation upon or based upon
separation from service may be made under this Agreement before the date that is six (6) months after the date of separation from service or, if earlier, the date of death, if Employee is a Specified Employee on Employee’s date of
separation from service. This Paragraph 15 shall only apply to delay the payment of deferred compensation to Specified Employees as required by Code Section 409A and the regulations and guidance issued thereunder. 

16.    Confidentiality. 

a.    In the course of service to Summit, Employee will have access to (i) the identities of
Summit’s existing and prospective customers or clients, including names, addresses, credit status, and pricing levels; (ii) the buying and selling habits and customs of Summit’s existing and prospective customers or clients; (iii) non-public financial information about Summit and its affiliates; (iv) product and systems specifications, concepts for new or improved products and other product or systems data; (v) the
identities of, and special skills possessed by, Summit and/or Summit’s employees; (vi) the identities of and pricing information about Summit’s and/or its affiliate’s vendors; (vii) training programs developed by Summit;
(viii) pricing studies, information and analyses; (ix) current and prospective products and inventories; (x) financial models, business projections and market studies; (xi) Summit’s financial results and business conditions;
(xii) business plans and strategies; (xiii) special processes, procedures, and services of Summit and its vendors; and (xiv) computer programs and software developed by Summit and/or their consultants, all of which are confidential
and may be proprietary and are owned or used by Summit, or any of its subsidiaries or affiliates. Such information will hereinafter be called “Proprietary Information” and will include any and all items enumerated in the
preceding sentence and coming within the scope of the business of Summit or any of its subsidiaries or affiliates as to which Employee may have access, whether conceived or developed by others or by Employee alone or with others during the period of
service to the Bank, whether or not conceived or developed during regular working hours. Proprietary Information will not include any records, data or information which are in the public domain during or after the period of service by the Executive
provided the same are not in the public domain as a consequence of disclosure directly or indirectly by Employee in violation of this Agreement. 

b.    Employee will not during the term of the Agreement or at any time thereafter (a) disclose,
directly or indirectly, any Proprietary Information to any person other than Summit or executives thereof at the time of such disclosure who, in the reasonable judgment of Employee, need to know such Proprietary Information or such other persons to
whom Employee has been specifically instructed to make disclosure by the Board and in all such cases only to the extent required in the course of Employee’s service to Summit or (b) use any Proprietary Information, directly or indirectly,
for her own benefit or for the benefit of any other person or entity. At the termination of her employment, Employee will deliver to Summit all notes, letters, documents and records which may contain Proprietary Information which are then in her
possession or control and will destroy any and all copies and summaries thereof. 

  
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 c.    Employee also agrees upon any termination of her
employment to deliver to Summit promptly all items that belong to Summit and/or Summit Financial or that by their nature are for the use of employees of Summit and/or Summit Financial only, including, without limitation, all written and other
materials that are of a secret, proprietary or confidential nature relating to the business of Summit, Summit Financial and/or Summit Financial’s affiliates. All business developed and produced by Employee while in the employ of Summit
Financial and/or Summit is exclusive property of Summit Financial and/or Summit unless specifically excluded in this Agreement. Employee shall not, during the term of this Agreement or any time thereafter, intentionally interfere with any business
or contractual relationship of Summit Financial and/or Summit. 
 d.    Employee acknowledges that
Employee has been advised that pursuant to the Defend Trade Secrets Act, an individual will not be held criminal or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in
confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or
other document filed in a lawsuit or other proceeding, if such filing is made under seal. Employee further acknowledges that in the event that disclosure of trade secrets of Summit or Summit Financial was not done in good faith pursuant to the
above, Employee may be subject to substantial damages, including punitive damages and attorneys’ fees. 

17.    Survival. The provisions of Paragraphs 16-21, 24 and 28 shall
survive the termination of this Agreement. For the avoidance of doubt, should this Agreement expire and terminate by its own terms on the Termination Date, the provisions of Paragraphs 16-21, 24 and 28 shall
still survive the termination, and the Noncompetition provisions set forth in Section E below shall be applicable until the obligations thereunder are satisfied in accordance with their terms. 

E. NONCOMPETITION 

18.    Non-Competition and
Non-Solicitation. 
 a.    Employee acknowledges that
he has received substantial, valuable consideration, including Proprietary Information, as well as the confidential trade secret and proprietary information relating to the identity and special needs of Summit’s current and prospective
customers, Summit’s current and prospective services, Summit’s business projections and market studies, Summit’s business plans and strategies, Summit’s studies and information concerning special services unique to Summit.
Employee further acknowledges and agrees that this consideration, and the compensation provided to Employee under this Agreement, constitutes fair and adequate consideration for the execution of the
non-competition and non-solicitation restrictions set forth below. Accordingly, because of Summit’s legitimate business interests as described herein, other than in
any capacity for or on behalf of Summit, Employee agrees that for two (2) years following the date of Employee’s termination of employment with Summit for any reason, including under Paragraph 11 and the expiration of the term of this
Agreement, (the “Restricted Period”), Employee shall not: 
 i.    Within a
seventy-five (75) mile radius of West Union, West Virginia, perform services that compete against any business conducted by Summit and/or Summit Financial; or 

ii.    Solicit, contact, or accept business from any customer or client of Summit, Summit Financial,
Cornerstone Bank and/or Cornerstone (the “Relevant Entities”) for the 

  
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purpose of providing that customer or client with any services provided by the Relevant Entities. For purposes of this sub-paragraph (ii),
“customer” or “client” is limited to those individuals or entities with whom any of the Relevant Entities has conducted any business transaction during the twenty-four (24) months before the cessation of Employee’s
employment with Summit. 
 b.    Employee further acknowledges and agrees that considering
Employee’s relevant background, education and experience, Employee will be able to earn a livelihood without violating the foregoing restrictions. 

c.    In the event that this provision shall be deemed by any court of competent jurisdiction to be
unenforceable in whole or in part by reason of its extending for too long a period of time, or too great a geographical area or over too great a range of activities, or overly broad in any other respect or for any other reason, then and in such
event this Agreement shall be deemed modified and interpreted to extend over only such maximum period of time, geographical area or range of activities, or otherwise, so as to render these provisions valid and enforceable, and as so modified, these
provisions shall be enforceable and enforced. 
 Employee may not avoid the purpose and intent of this Paragraph 18 by engaging in conduct within the
geographically limited area from a remote location through means such as telecommunications, written correspondence, computer generated or assisted communications, or other similar methods. 

19.    Acknowledgement. Employee agrees that (a) this Agreement is entered into in connection with the sale to
Summit of the goodwill of the business of Cornerstone, including Cornerstone Bank, (b) Employee is receiving valuable consideration for this Agreement, (c) the restrictions imposed upon Employee by this Agreement are essential and
necessary to ensure Summit Financial and Summit acquires the goodwill of Cornerstone and Cornerstone Bank, and (d) all the restrictions (including particularly the time and geographical limitations) set forth in this Agreement are fair and
reasonable. 
 F. REMEDIES 

20.    Remedies. In the event that Employee violates any of the provisions set forth in this Agreement relating to
SECTION E. NONCOMPETITION, Employee acknowledges that Summit would suffer immediate and irreparable harm and would not have an adequate remedy at law for money damages. Accordingly, Employee agrees that, without the necessity of proving actual
damages or posting bond or other security, Summit may be entitled to temporary or permanent injunction or injunctions to prevent breaches of such performance and to specific enforcement of such covenants in addition to any other remedy to which
Summit may be entitled, at law or in equity. In such a situation, the parties agree that Summit may pursue any remedy available in any court of competent jurisdiction, including declaratory relief, concurrently or consecutively in any order as to
any breach, violation, or threatened breach or violation of any of the provisions set forth in this Agreement relating to SECTION E. NONCOMPETITION, and the pursuit of any particular remedy or remedies shall not be deemed an election of remedies or
waiver of the right to pursue any other remedy. 
 G. SEVERABILITY 

21.    Severability. If any term or other provision of this Agreement is held to be illegal, invalid or
unenforceable by any rule of law or public policy: (a) such term or provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision were not a part hereof;
(b) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid or unenforceable provision or by its severance from this 

  
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Agreement; and (c) there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and
still be legal, valid and enforceable. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only as broad as is enforceable. 

H. WAIVER 

22.    Waiver. The parties acknowledge and agree that the failure of either party to enforce any provision of this
Agreement shall not constitute a waiver of that particular provision, or of any other provisions of this Agreement. 
 I. SUCCESSORS AND
ASSIGNS 
 23.    Assignment. 

a.    Employee acknowledges and agrees that this Agreement may be assigned by Summit to any successor-in-interest and shall inure to the benefit of, and be fully enforceable by, any successor and/or assignee; and this Agreement will be fully binding upon, and may be
enforced by Employee against, any successor and/or assignee of Summit. 
 b.    Employee acknowledges and
agrees that Employee’s obligations, duties and responsibilities under this Agreement are personal and shall not be assignable, and that this Agreement shall be enforceable by Employee only. In the event of Employee’s death, this Agreement
shall be enforceable by Employee’s estate, executors and/or legal representatives, only to the extent provided herein. 
 J. CHOICE
OF LAW 
 24.    CHOICE OF LAW. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
AND ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, INTERPRETATION AND PERFORMANCE OF THIS AGREEMENT SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF WEST VIRGINIA, WITHOUT GIVING EFFECT TO PROVISION THEREOF REGARDING CONFLICT OF LAWS. IT IS
STIPULATED THAT THE STATE OF WEST VIRGINIA HAS A COMPELLING STATE INTEREST IN THE SUBJECT MATTER OF THIS AGREEMENT, AND THAT EMPLOYEE HAS OR WILL HAVE REGULAR CONTACT WITH THE STATE OF WEST VIRGINIA IN THE PERFORMANCE OF THIS AGREEMENT.

 K. MODIFICATION 

25.    The parties acknowledge and agree that this Agreement and the other agreements and plans referenced herein
constitute the complete and entire agreement between the parties; that each executed this Agreement based upon the express terms and provisions set forth herein; that, in accepting employment with Summit, Employee has not relied on any
representations, oral or written, which are not set forth in this Agreement; that no previous agreement, either oral or written, shall have any effect on the terms or provisions of this Agreement; and that all previous agreements, either oral or
written, are expressly superseded and revoked by this Agreement. No waiver shall be deemed a continuing waiver or a waiver of any subsequent breach or default, either of a similar or different nature, unless expressly so stated in writing. 

26.    Except as otherwise expressly provided in this Agreement, no conditions, usage of trade, course of dealing or
performance, understanding or agreement purporting to modify, vary, explain or 

  
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supplement the terms or conditions of this Agreement unless hereafter made (a) in writing, (b) referencing an express provision in this Agreement, (c) signed by the party to be
bound, and (d) in the case of Summit, approved by a disinterested majority of the Board of Directors of Summit. 
 L. LEGAL
CONSULTATION 
 27.    Each party acknowledges that it has carefully read this Agreement, that it has had an
opportunity to consult with attorneys concerning the meaning, import and legal significance of this Agreement, that it understands the terms of the Agreement, that all understandings and agreements between Employee and Summit relating to the
subjects covered in this Agreement are contained in it, and that it has entered into the Agreement voluntarily and not in reliance on any promises or representations by the other except those contained in this Agreement. 

M. MISCELLANEOUS 

28.    Employee shall, upon the request of Summit, testify or otherwise assist in litigation, arbitration, or other
disputes involving Summit, or any of the directors, officers, employees, subsidiaries, or parent corporations of either, at no additional cost during the term of this Agreement and at any time following the termination of this Agreement, provided
Summit reimburses Employee for all reasonable expenses she incurs in connection with such assistance. 
 29.    In the
event either party institutes litigation to enforce or protect its rights under this Agreement, the prevailing party in such litigation shall be entitled, in addition to all other relief, to reasonable attorneys’ fees, out-of-pocket costs and disbursements relating to such litigation. 

30.    This Agreement may be executed in counterparts (which counterparts may be delivered by facsimile or other commonly
used electronic means), each of which shall be considered one and the same agreement and shall become effective when both counterparts have been signed by each of the parties and delivered to the other party, it being understood that both parties
need not sign the same counterpart. 
 31.    Subject only to Summit’s rights described in Paragraph 20 (Remedies),
the parties agree to individual arbitration of all claims of any kind or character between them, including, but not limited to, all claims that relate to, result from, or in any way arise out of this Agreement or the employment relationship between
Employee and Summit. The arbitration shall be conducted in accordance with the Employment Dispute Arbitration Rules of the American Arbitration Association. Judgment upon the award rendered by the arbitrator may be entered in any court of competent
jurisdiction. In reaching his or her decision, the arbitrator shall have no authority to ignore, change, modify, add to or delete from any provision of this Agreement. The parties agree that claims shall be arbitrated on an individual basis only,
and that the panel shall not have jurisdiction to arbitrate any form of class or collective proceeding. The parties further agree that the arbitration panel shall have sole authority to decide all disputes between the parties, including, but not
limited to, threshold issues such as the interpretation, validity, revocability, or enforceability of this Agreement or any part thereof, or the arbitrability of the parties’ dispute or any part thereof (i.e., whether any
particular claim is subject to arbitration under this Agreement). 
 32.    THE PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY
OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION AND FURTHER AGREE THAT EITHER PARTY MAY FILE AN ORIGINAL OR A COPY OF THIS AGREEMENT WITH ANY COURT AS EVIDENCE OF THE CONSENT OF THE PARTIES TO WAIVER. 

33.    Summit shall not have any obligation to set aside, earmark or entrust any fund or money with which to pay its
obligations under this Agreement. Employee or any successor-in-interest to Employee 

  
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shall be and remain simply a general creditor of Summit in the same manner as any other creditor having a general unsecured claim. For purposes of the Internal Revenue Code of 1986, as amended,
Summit intends this Agreement to be an unfunded, unsecured promise to pay on the part of Summit. For purposes of Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Summit intends that this Agreement not be
subject to ERISA. If it is deemed subject to ERISA, it is intended to be an unfunded arrangement for the benefit of a select member of management, who is a highly compensated employee of Summit for the purpose of qualifying this Agreement for the
“top hat” plan exception under sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. At no time shall Employee have or be deemed to have any lien nor right, title or interest in or to any specific investment or to any assets of Summit. If
Summit elects to invest in a life insurance, disability or annuity policy upon the life of Employee, then Employee shall assist Summit by freely submitting to a physical examination and supplying such additional information necessary to obtain such
insurance or annuities. 
 34.    When a reference is made in this Agreement to a Paragraph or a Section, such
references shall be to a Paragraph or a Section of this Agreement unless otherwise indicated. The headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this
Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision in this Agreement. Each use herein of the masculine, neuter or feminine
gender shall be deemed to include the other genders. Each use herein of the plural shall include the singular and vice versa, in each case as the context requires or as is otherwise appropriate. The word “or” is used in the inclusive
sense. Any agreement or instrument defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or consent.
References to a person are also to its permitted successors or assigns. 
 35.    This Agreement is intended to comply
with or otherwise be exempt from the provisions of Section 409A and the regulations thereunder, and shall be interpreted consistent with that intent. In the event of any ambiguity in the terms of this Agreement, such term(s) shall be
interpreted and administered in a manner that avoids the incurrence of increased taxes or other penalties under Section 409A to the extent possible. Notwithstanding any provision of this Agreement to the contrary, to the extent any benefits to
which Employee is entitled under this Agreement upon a termination of Employee’s employment (“Severance Benefits”) constitute “non-qualified deferred compensation” subject to
Section 409A, then the following conditions apply to the payment of such benefits: (a) any termination of Employee’s employment triggering payment of Severance Benefits must constitute a “separation from service” under
Section 409A and Treas. Reg. §1.409A-1(h) before distribution of such benefits can commence. To the extent that the termination of Employee’s employment does not constitute a separation from
service under Section 409A and Treas. Reg. §1.409A-1(h) (as the result of further services that are reasonably anticipated to be provided by Employee to Summit at the time Employee’s employment
terminates), any Severance Benefits that constitute non-qualified deferred compensation under Section 409A shall be delayed until the date of a subsequent event constituting a separation from service
under Section 409A and Treas. Reg. §1.409A-1(h). For purposes of clarification, this provision shall not cause any forfeiture of benefits on Employee’s part, but shall only act as a delay until
such time as a “separation from service” occurs; (b) if at the time of Employee’s separation from service Employee is a “specified employee” (as defined under Section 409A), then to the extent that any amount to
which Employee is entitled in connection with her separation from service is subject to Section 409A, payments of such amounts to which Employee would otherwise be entitled during the six (6) month period following the separation from
service, as further set forth in Paragraph 15, will be accumulated and paid in a lump sum on the earlier of (i) the date which is six (6) months after the date of the separation from service, or (ii) the date of Employee’s death,
but only to the extent required to avoid Employee’s incurrence of any additional tax or interest under Section 409A or any 

  
 Page 10 

 
regulations or Treasury guidance promulgated thereunder; and (c) it is intended that each installment of the Severance Benefits shall be treated as a separate “payment” for
purposes of Section 409A. Notwithstanding any provision of this Agreement to the contrary, to the extent that any payment under the terms of this Agreement would constitute an impermissible acceleration of payments under Section 409A or
any regulations or Treasury guidance promulgated thereunder, such payments shall be made no earlier than at such times allowed under Section 409A. If any provision of this Agreement (or of any award of compensation) would cause Employee to
incur any additional tax or interest under Section 409A or any regulations or Treasury guidance promulgated thereunder, Summit may reform such provision; provided that Summit shall (i) maintain, to the maximum extent practicable, the
original intent of the applicable provision without violating the provisions of Section 409A and (ii) notify and consult with Employee regarding such amendments or modifications prior to the effective date of any such change. 

36.    Notwithstanding any other provision of this Agreement, nothing shall obligate Summit to make any payment to
Employee that is prohibited by the law, including but not limited to provisions of 12 U.S.C. § 1828(k), 12 C.F.R. Part 359 or any other applicable law, regulation or guidance; provided, however, Summit shall exercise commercially
reasonable efforts to obtain the approval of the Federal Deposit Insurance Corporation and the West Virginia Department of Banking (or such other applicable governmental authority), to make the payments provided for herein (or, to the extent that
they will not approve payment in full, such lesser portion as shall be acceptable to them). Furthermore, Summit hereby retains any and all legal right to demand the return of any payment made to Employee pursuant to this Agreement if Summit later
obtains information indicating that Employee has committed, is substantially responsible for, or has violated, the respective acts or omissions, conditions, or offenses outlined under 12 C.F.R. § 359.4(a)(4). 

N. NOTICES 

37.    All notices and other communications required or permitted to be given or delivered hereunder or by reason of the
provisions of this Agreement shall be in writing and shall be deemed to have been given properly if (a) delivered personally, (b) delivered by a recognized overnight courier service, (c) sent by United States mail, postage prepaid, or
(d) sent by facsimile or electronic transmission followed by a confirmation copy delivered by recognized overnight courier service the next day. Such notices, requests, consents and other communications shall be sent to the respective parties
as follows (or at such other address for a party as shall be specified by like notice to the other party): 
 If to Summit: 

Summit Community Bank, Inc. 
 310
N Main Street 
 Moorefield, West Virginia 26836 

Attention: H. Charles Maddy, III, Chief Executive Officer 

Facsimile: 304-530-6861 

If to Employee: 
 Lorraine L.
Brisell 
 P.O. Box 249 
 West
Union, WV 26456 
 38.    Any notice or other communication given pursuant to this Agreement shall be effective
(a) in the case of personal delivery, telex or facsimile transmission, when received; (b) in the case of mail, upon the earlier of actual receipt or five (5) business days after deposit with the United States Postal Service, first

  
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class certified or registered mail, postage prepaid, return receipt requested; and (c) in the case of a recognized overnight courier service, one (1) business day after delivery to the
courier service together with all appropriate fees or charges and instructions for overnight delivery. 
 [Signature page follows]

  
 Page 12 

 EXECUTED AS OF THE DATE FIRST WRITTEN ABOVE 

 

	
	EMPLOYEE
	
	 /s/ Lorraine L. Brisell

	Lorraine L. Brisell
	
	SUMMIT COMMUNITY BANK, INC.
	

 
			
		
	By:	 	 /s/ H. Charles Maddy, III

		 	H. Charles Maddy, III
		 	Chief Executive Officer

 [Signature page to Employment Agreement]Exhibit 10.1

 

EXCLUSIVE LICENSE AGREEMENT 

 

THIS EXCLUSIVE LICENSE
AGREEMENT (this “Agreement”) is entered into as of October 3, 2019 (the “Effective Date”),
by and between SG Blocks, Inc., a Delaware Corporation, having an address at 195 Montague Street, 14th Floor, Brooklyn Heights,
New York, NY 11201, USA (“Licensor”) and CPF MF 2019-1 LLC, a Delaware limited liability company, have an address
at 2247 Central Drive, Bedford TX 76201 USA (“Licensee”). The Licensor and the Licensee shall also individually
be referred to herein as a “Party” and jointly as the “Parties”.

 

WHEREAS, the
Licensor is a leading design and construction services firm using code-engineered cargo shipping containers for safe and sustainable
construction, across all asset classes and across the United States; and

 

WHEREAS, the
Licensor is the sole and exclusive owner of all rights, titles and interests in and to the ESR (as defined below); and

 

WHEREAS, the
Licensee desires to obtain an exclusive license in and to the Licensed Technology, solely with respect to the Field of Use (as
defined below) and solely within the Territory (as defined below), and Licensor desires to grant to Licensee such license, all
in accordance with and subject to the terms and conditions set forth under this Agreement;

 

NOW, THEREFORE,
in consideration of the promises and the mutual agreements and covenants herein contained, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby expressly acknowledged, the Parties, intending to be legally bound, hereby agree
as follows:

 

1. Definitions.
For the purposes of this Agreement, the terms below shall have the following definitions:

 

1.1 “Commercialization”
or “Commercialize” means any commercialization or development of any of the Licensed Technology and/or Products,
or any other utilizations, exploitation or disposition thereof, anywhere in the world, whether by the Licensee or by any Subsidiary
or contractor thereof or by a Sublicensee, including, without limitation, develop, contract, sublicense, manufacture, make, make
for others, use, distribute, promote, sell, offer for sale, import, export, market, pledge, mortgage, lease and/or make any other
disposition, utilization or exploitation, of any kind and in favor of any Person, including, without limitation, the development,
manufacturing, production, marketing, distribution, selling, promoting and offering of any of the Products

 

1.2 “Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities or otherwise. Without limiting the foregoing, Control will be presumed
to exist when a person, organization or entity (a) owns or directly controls fifty percent (50%) or more of the outstanding voting
capital stock or other ownership interest of the other organization or entity; or (b) possesses, directly or indirectly, the power
to elect or appoint fifty percent (50%) or more of the members of the governing body of the other organization or entity.

 

1.3 “ESR”
means the Evaluation Service Report issued to the Licensor by the International Code Council.

 

1.4 “Field
of Use” means design and project management platforms intended for residential use, including without limitation single-family
residences, multi-family residences, “tiny houses” mobile homes and “ADUs”, but specifically excluding
military housing.

 

     

     

    

 

1.5 “Gross
Revenue” means any and all revenues, payments, income and proceeds derived from, or as a result of, the Commercialization
of any of the Licensed Technology and/or any of the Products, from any source, by or on behalf of Licensee or any of its subsidiaries,
contractors and Sublicensees (in each case, an “Invoicing Entity”), whether in cash, credit, debt, equity (securities
or options to purchase securities, including convertible notes or securities or any other agreement or instrument that grants a
right to convert any amount to equity), in kind or otherwise, in any currency, including, but not limited to, compensation, fees,
royalties, commissions, sublicense fees, securities and collateral, insurance proceeds, interest payments, penalty payments, dividends,
collection of accounts receivables, cancellation fees or liquidated damages, for the relevant period for which the calculation
of Gross Revenues is being made, less only the following: (a) customary and reasonable trade, quantity, or cash discounts
to the extent actually allowed and taken; (b) amounts repaid or credited by reason of rejection or return, to the extent permitted
under the Licensee’s policies then in effect; (c) to the extent separately stated on purchase orders, invoices, or other
documents of sale, any taxes or other governmental charges actually levied on sale, transportation, import, export or delivery
of a Product; and (d) customary, reasonable and direct outbound transportation, packing and delivery charges, as well as prepaid
freight (including shipping insurance) actually incurred, provided that:

 

(a) in any transfers
of Licensed Technology and/or Products between an Invoicing Entity and a Subsidiary of such Invoicing Entity not for further transfer
or sale by such Subsidiary, Gross Revenue will be equal to the fair market value of the Licensed Technology and/or Products so
transferred, assuming an arm’s length transaction made in the ordinary course of business; and

 

(b) in the event that
an Invoicing Entity receives non-cash consideration for any Licensed Technology and/or Products or in the case of transactions
not at arm’s length with a non-Subsidiary of an Invoicing Entity, Gross Revenue will be calculated based on the fair market
value of such consideration or transaction, assuming an arm’s length transaction made in the ordinary course of business.

 

1.6 “Licensed
Authorizations” means the licenses, permits, approvals, authorizations and certifications issued or granted to the Licensor
by any governmental or regulatory authority which are listed on Exhibit A hereto, which include, for avoidance of
doubt the ESR, any plans previously approved by any state or local agency, all shop drawings and other supporting technical drawings
for any residential homes built previously as well as the use any photographs, renderings or other diagrams and material associated
with the construction, completion or design of previously constructed residential homes..

 

1.7 “Licensed
Domain Names” means the internet domain names registered in the name of the Licensor which are listed on Exhibit
B hereto.

 

1.8 “Licensed
Know-How” means all non-public documentation, information and materials, works of authorship, patents, if any, know-how,
intellectual property rights, data and databases, information or results, formulae, algorithms, processes, analyses, protocols,
inventions and discoveries (whether or not patentable), ideas (whether or not protectable under trade secret laws), concepts, techniques,
methods and technology, including as set forth on Exhibit C hereto, solely to the extent directly related to the
Field of Use, and which are owned or controlled by Licensor as of the Effective Date.

 

1.9 “Licensed
Know-How Developments” means (i) any improvements, updates, modifications or enhancements to the Licensed Know-How; and
(ii) any other invention, development or technology which is based on or derived from or cannot be exploited without use of the
Licensed Know-How, to the extent made, conceived or reduced to practice by or on behalf of the Licensee.

 

1.10 “Licensed
Technology” means (i) the Licensed Know-How, (ii) the Licensed Know-How Developments, (iii) the Licensed Trademarks,
(iv) the Licensed Domain Names, and (v) the Licensed Authorizations. It is hereby agreed that, in the event that Licensor becomes
the owner of rights in and to registered patents related to the Field of Use in the Territory, such patent rights shall be added
to the definition of Licensed Technology herein and shall be included within the license rights granted to Licensee hereunder in
accordance with the terms and conditions of this Agreement.

 

    -2-

     

    

 

1.11 “Licensed
Trademarks” means all trademarks, brand-names, trade names, DBAs, service marks, slogans, labels, logos and other trade
identifying symbols, with respect to the Field of Use, and which are owned or controlled by Licensor as of the Effective Date,
and which are listed on Exhibit D hereto.

 

1.12 “Licensor
Improvements” means any discoveries, improvements, modifications or derivatives of, under, or in respect of, the Licensed
Technology.

 

1.13 “Person”
means any individual, corporation, partnership, joint venture, limited liability company, association, joint-stock company, trust,
unincorporated organization or any other entity or organization.

 

1.14 “Products”
means any product, project, material, method, process or the rendering of any service which is covered by or derived from the Licensed
Technology, including, without limitation, real-estate development projects within the Field of Use, which include, for avoidance
of doubt, single family residences, multi-family residences, “tiny houses” and “ADUs.”

 

1.15 “Sublicense”
means (a) any right granted, license given or agreement entered into by the Licensee to or with any other Person, under or with
respect to, or permitting any Commercialization of, any of the Licensed Technology, or otherwise permitting any Commercialization
of Products (including the rendering and/or sale of any service included within the definition of Products); (b) any option or
other right granted by Licensee to any other Person to negotiate for or receive any of the rights described under subsection (a);
or (c) any standstill or similar obligation undertaken by the Licensee toward any other Person not to grant any of the rights described
in subsection (a) or (b) to any third party; in each case regardless of whether such grant of rights, license given or agreement
entered into is referred to or is described as a sublicense.

 

1.16 “Sublicense
Receipts” means any payments or other consideration that the Licensee or any of its Subsidiaries receives from a Sublicensee,
including, royalties (including royalties calculated on the basis of sales, milestone payments, license fees, license maintenance
fees and equity). In the event that the Licensee or any Subsidiary or contractor thereof receives non-cash consideration from a
Sublicensee or in the case of transactions not at arm’s length, Sublicense Receipts shall be calculated based on the fair
market value of such consideration or transaction, at the time of the transaction, assuming an arm’s length transaction made
in the ordinary course of business.

 

1.17 “Sublicensee”
means any Person granted a Sublicense.

 

1.18 “Subsidiary”
means, with respect to any Person, any other Person which directly or indirectly Controls, is Controlled by or is under common
Control with such Person.

 

1.19 “Territory”
means the United States of America including its legal territories, including, for avoidance of doubt, Puerto Rico, the US Virgin
Islands, and Guam.

 

1.20 In this Agreement,
unless the context otherwise requires: (i) the singular shall include the plural and vice-versa; (ii) the masculine gender shall
include the female gender; (iii) “including” or “includes” shall mean including, without limiting the generality
of any description preceding such terms; (iv) the use of the term “or” shall mean “and/or”; and (v) any
reference to the term “sale” shall include the sale, lease, licensing, rental, or other transfer or disposal of any
Licensed Product (including, any related service).

 

2. License
and Sublicenses.

 

2.1 License.
Subject to the terms and conditions of this Agreement, Licensor hereby grants to the Licensee an exclusive, nontransferable, with
the right to sublicense (as set forth under Section ‎2.3),
revocable license, solely as required to Commercialize the Licensed Technology in order to develop and Commercialize Products,
solely within the Field of Use and solely within the Territory, during the Term (as defined below) (the “License”).

 

    -3-

     

    

 

2.2 Subsidiaries
and Contractors. The License includes the right to have some or all of Licensee’s rights under Section ‎2.1
exercised or performed by Subsidiaries and third-party contractors, subcontractors, manufacturers, advisors, architects and engineers
of Licensee for the completion of specific projects, without such written consent and subject to the terms and conditions of this
Agreement; provided, that:

 

a) no such Subsidiary
or contractor shall be entitled to grant a Sublicense, whether directly or indirectly, to any third party;

 

b) Licensee shall be
responsible for the actions or omissions of such Subsidiaries or contractors in exercising rights granted hereunder, except to
the extent that Licensor directly and exclusively supervised any such Subsidiaries or contractors pursuant to the Services Agreement
referenced herein;

 

c) such Subsidiaries
or contractor does not pay any consideration (including any indirect consideration, such as dividends) to Licensee for the authorization
by the Licensee to exercise such rights; and

 

d) any Commercialization
of Licensed Technology and/or Products by such Subsidiary or contractor will be considered as Commercialization by Licensee.

 

2.3 Sublicenses.

 

2.3.1 Licensee shall
be entitled to grant Sublicenses under the License, subject to the prior written consent of Licensor. Licensor may reject a proposed
sublicense in its reasonable discretion, including, without limitation, on the grounds that the sublicense terms do not, or may
not, ensure that Licensor will receive sufficient payments with respect to any such sublicensee’s Gross Revenues.

 

2.3.2 Each Sublicense
shall be granted by Licensee in a bona-fide arm’s length transaction, for monetary consideration only and pursuant to a written
agreement with Licensee which shall be in compliance and consistent with, and subject to, the terms and conditions of this Agreement
(including, for avoidance of any doubt, the terms and conditions of the License, as set forth under Section ‎2.1),
and shall contain, among other things, provisions to the following effect:

 

(a) all provisions
necessary to ensure Licensee’s ability to perform its obligations under this Agreement;

 

(b) provisions
substantially similar to Section ‎8 (Indemnification; Insurance)
and Section ‎9 (Disclaimer; Limitation of Liability), whereby
limiting any liability of Licensor, and a section which also shall state that the Licensor and its Indemnitees (as defined in Section
‎8 below) are intended third party beneficiaries of such Sublicense
agreement for the purpose of enforcing such indemnification;

 

(c) that,
in the event of termination of the License, as set forth in Section ‎10.3.1,
any existing Sublicense shall terminate as well;

 

(d) provisions
for monetary consideration, including the payment of royalties by such Sublicensee to the Licensee, that substantially conforms
with the applicable provisions set forth in this Agreement;

 

(e) provisions
implementing Licensor’s rights to reports and to audit Sublicensees’ records pursuant to Section ‎4.4
hereof;

 

(f) the Sublicensee
shall not be entitled to sublicense its rights under such Sublicense agreement; and

 

(g) the Sublicensee
shall not be entitled to assign the Sublicense agreement without the prior written consent of the Licensor (including, for avoidance
of doubt in connection with any merger, consolidation, change of control, or sale of all or substantially all of its assets or
that portion of its business to which the Sublicense agreement relates).

 

    -4-

     

    

 

2.3.3 Licensee shall
provide Licensor with (a) the final agreed draft of the proposed Sublicense agreement at least thirty (30) days prior to the intended
execution thereof; and (b) a signed copy of each Sublicense agreement, within fourteen (14) days after the execution thereof. Any
amendments to a Sublicense agreement shall be subject to the prior written consent of Licensor and shall be subject to Licensee
providing Licensor with an executed copy of such amendments within fourteen (14) days after the execution thereof.

 

2.3.4 Licensee acknowledges
and agrees that (i) the grant of any Sublicense shall not relieve it of any of its obligations, duties and limitations under this
Agreement, and (ii) any act or omission by a Sublicensee that would have constituted a breach of this Agreement had it been an
act or omission by the Licensee, shall constitute a breach of this Agreement.

 

2.4 Rights Outside
the Field of Use. For avoidance of doubt, the License granted to Licensee herein is strictly limited to the Field of Use, and,
as such, Licensor shall be entitled to practice and commercially exploit the Licensed Technology, including licensing the Licensed
Technology to third parties, for all uses and in all manners outside the Field of Use, without any obligation to seek the consent
of the Licensee, or to account to the Licensee for any profits made as a result of any such license.

 

2.5 Title; No Other
Grant of Rights. For avoidance of doubt it is clarified that the entire right, title and interest in and to the Licensed Technology
and the Licensor Improvements shall be owned solely and exclusively by the Licensor, and except for the License expressly granted
herein to the Licensee, nothing in this Agreement shall be construed to confer any ownership interest, license or other rights
upon the Licensee by implication, estoppel or otherwise as to any technology, intellectual property rights, products or information
of the Licensor, regardless of whether such technology, intellectual property rights, products or information are dominant, subordinate
or otherwise related to any Licensed Technology licensed hereunder.

 

3. Consideration;
Fees. In consideration for the License granted hereunder, the Licensee shall pay Licensor the following:

 

3.1 Royalties.
During the Initial Term (as such term is defined below), the Licensee shall pay Licensor a royalty at the rate of five percent
(5%) on the first $20,000,000 of all Gross Revenues, (4.5%) on the next $30,000,000 of all Gross Revenues, and 5% of all Gross
Revenues thereafter, which royalty shall be further subject to the following minimum payment requirements (the “Royalty”):

 

(a) With respect to
the first year during the Term, the total aggregate amount of the Royalty shall not be less than US$500,000;

  

(b) With respect to
the second year during the Term, the total aggregate amount of the Royalty shall not be less than US$ 750,000;

 

(c) With respect to
the third year during the Term, the total aggregate amount of the Royalty shall not be less than US$1,500,000;

 

(d) With respect to
the fourth year during the Term, the total aggregate amount of the Royalty shall not be less than US$2,000,000; and

 

(e) With respect to
the fifth year during the Term, the total aggregate amount of the Royalty shall not be less than US$2,500,000.

 

If Licensee fails to
meet any of the minimums listed hereinabove, Licensee may request and will be granted, on a one time basis, a six month extension
for any given year.

 

To the extent that,
following the Initial Term, the Agreement is extended for one or more Additional Terms (as defined below), in accordance with Section
‎10.1 below, the Parties shall discuss, in good faith, the
rate of the Royalty and the minimum payment requirements thereof which shall apply with respect to any such Additional Terms.

 

    -5-

     

    

 

3.2 Sublicense Receipts.
Licensee shall pay Licensor an amount equal to fifty percent (50%) of all Sublicense Receipts.

 

3.3 Fees.

 

(a) Upon the signing
hereof, the Licensee shall pay the Licensor the fees set forth under Exhibit E hereto with respect to the Licensed
Technology.

 

(b) During the Term,
all costs and fees, of any kind and nature, associated with, or required in order to maintain in effect, the Licensed Technology,
including, without limitation, the Licensed Trademarks, the Licensed Domain Names and the Licensed Authorizations shall be borne
by Licensor. The Licensee shall, exclusively, be liable to pay any and all costs for any changes, advertisements or other adaptations
to the Licensed Domain Names that Licensee may reasonably request to implement and which are not detrimental to the Licensor or
the Licensor’s reputation or goodwill. Any such changes, advertisements or other adaptations to the Licensed Domain Names
shall be subject to the prior written consent of the Licensor. ,

 

4. Reports;
Payments; Records.

 

4.1 Reports.
Within thirty (30) days after the end of each calendar month during the Term, Licensee shall deliver to Licensor a report certified
as being correct by an officer of the Licensee which includes the following:

 

(a) details of the
Commercialization activities and initiatives undertaken by the Licensee in each country for the applicable calendar month;

 

(b) a calculation of
Gross Revenues for the applicable calendar month;

 

(c) the total amount
payable to the Licensor pursuant to this Agreement for the applicable calendar month, together with exchange rates used for conversion,
if such rates apply; and

 

(d) If no amounts are
due to the Licensor in the relevant calendar month, a corresponding statement shall be added.

 

4.2 Together with the
report set forth above, the Licensee shall forward to Licensor any reports received during such calendar month from its direct
or indirect Sublicensees in respect of such entities’ Commercialization of any of the Licensed Technology and/or Products.

 

4.3 Payment.
Within seven (7) days after the end of each calendar month, the Licensee shall pay Licensor all amounts due with respect to Gross
Revenues and Sublicense Receipts for the applicable Month. All payments of due under this Agreement shall be made against Licensor’s
invoice that shall be received by no later than fourteen (14) days following the delivery of the report.

 

4.4 Payment Currency.
All payments due under this Agreement shall be payable in U.S. Dollars unless agreed otherwise in writing. Conversion of foreign
currency to U.S. Dollars shall be made at the conversion rate as reported in the Wall Street Journal on the last working
day of the applicable calendar month. Such payments shall be without deduction of exchange, collection or other charges.

 

4.5 Records; Audit.

 

4.5.1 Licensee shall
maintain, and shall cause its Subsidiaries, contractors and Sublicensees to maintain, complete and accurate records of Commercialization
activities and initiatives undertaken with respect to the License, any amounts payable to Licensor in relation to such Commercialization,
and all Sublicense Receipts received by Licensee and its Subsidiaries and contractors, which records shall include a Product-by-Product
breakdown for each category listed above and shall contain sufficient information to permit Licensor to confirm the accuracy of
any reports or notifications delivered to Licensor under Section‎4.1.

 

    -6-

     

    

 

4.5.2 Licensee, its
Subsidiaries, its contractors and/or its Sublicensees, as applicable, shall retain such records relating to a given calendar month
for at least ten (10) years after the conclusion of that calendar month, during which time Licensor shall have the right, at its
expense, to cause an independent, certified public accountant (or, in the event of a non-financial audit (in full or in part),
other appropriate auditor) to inspect such records during normal business hours for the purposes of verifying the accuracy of any
reports and payments delivered under this Agreement and Licensee’s (or any of its Subsidiaries’ and Sublicensees’)
compliance with the terms hereof, upon reasonable prior notice to the audited entity.

 

4.5.3 The Parties,
acting in good faith and in customary manner, shall reconcile any underpayment or overpayment within thirty (30) days after the
auditor delivers the results of the audit. In the event that any audit performed under this Section ‎4.4.3
reveals an underpayment in excess of five percent (5%) in any calendar year, the audited entity shall bear the full cost of such
audit. If the Parties dispute any of the findings of the relevant audit, as set forth, the Licensee shall be required to pay to
the Licensor any amount not being disputed. Any disputed amount not reconciled by the Parties, as set forth, shall be resolved
by a mediator to be mutually selected by the Parties.

 

4.6 Late Payments.
Any payments by the Licensee that are not paid on or before the date such payments are due under this Agreement shall bear interest
at the higher of (a) one and one-half percent (1.5%) per calendar month; or (b) the maximum rate allowed by applicable law. Interest
shall accrue beginning on the first day following the due date for payment and shall be compounded monthly. Payment of such interest
by Licensee shall not limit, in any way, Licensor’s right to exercise any other remedies Licensor may have as a consequence
of the lateness of any payment.

 

4.7 Payment Method.
Each payment due to Licensor under this Agreement shall be paid by check or wire transfer of funds to Licensor’s bank account
in accordance with written instructions provided by Licensor. If made by wire transfer, such payments shall be marked so as to
refer to this Agreement.

 

4.8 Taxes; Withholding.
All amounts payable hereunder are exclusive of applicable value-added tax, which shall be added to amounts due hereunder as applicable.
If Licensee is required to withhold any amounts payable hereunder to Licensor due to the applicable laws of any country or applicable
double taxation treaty, such amount will be deducted from the payment to be made by Licensee and remitted to the appropriate taxing
authority for the benefit of Licensor. Licensee will withhold only such amounts as are required to be withheld by applicable law
in the country from which payment is being made or according to the applicable double taxation treaty and shall pay to Licensor
an additional amount that shall, after the deduction or withholding has been made, leave Licensor with the same amount as Licensor
would have been entitled to receive in the absence of any such requirement to make a deduction or withholding. Licensee shall submit
to Licensor originals of the remittance voucher and the official receipt evidencing the payment of the corresponding taxes with
the applicable royalty report. Licensee shall cooperate with Licensor to provide such information and records as Licensor may require
in connection with any application by Licensor to the tax authorities in any country, including attempt to obtain an exemption
or a credit for any withholding tax paid in any country.

 

5. Services Agreement.
Licensor may provide Licensee with professional services with respect to the Licensed Technology, in accordance with the terms
and conditions of a Service Agreement, in the form agreed upon by the Parties at any time. However, absent such a Service Agreement,
Licensor shall support Licensee in a good faith effort to generate Royalties, and Licensee shall be required to reimburse Licensor
only for employees’ time, materials and out of pocket expenses that are reasonably incurred and pre-approved. A schedule
setting forth the minimum hourly reimbursement for Licensor’s employees’ time is set forth in Exhibit F
hereto.

 

6. Representations
and Warranties.

 

6.1 Mutual Representations
and Warranties. Each Party hereby represents and warrants to the other Party that (a) all corporate actions required by such
Party in order to approve the signing, delivery and performance of this Agreement by such Party have been duly obtained; (b) such
Party has full power and authority to enter into this Agreement, and that this Agreement, when executed and delivered by such Party,
shall constitute valid and legally binding obligation of such Party, enforceable in accordance with its terms; and (c) the execution,
delivery and performance of this Agreement by such Party does not and will not, contradict or violate, result in a breach of, or
constitute a default under: (i) any court ruling or decree, any decision of a quasi-judicial body or any administrative order or
decision in any country concerning or applicable to such Party; (ii) any agreement, obligation, contract, commitment or restriction
to which such Party is a party or by which such Party is bound; (iii) any applicable law or regulation, or (iv) any of the organizational
documents of such Party.

 

    -7-

     

    

 

6.2
Licensor’s Representations and Warranties. Licensor hereby represents and warrants that (a)
it is the sole owner of all right, title and interest in the Licensed Technology, and
as far as it is aware, as of the execution hereof, no third party has any right in respect of the Licensed Technology and
the Licensed Technology is not subject to any liens, claims or encumbrances; (b) as far as
Licensor is aware, use of Licensed Technology as permitted hereunder will not infringe upon
the intellectual property of any third party; (c) it has not granted and will not grant any
rights in or to Licensed Technology which would be inconsistent with the rights granted to
the Licensee under this Agreement; and (d) the Licensor has provided to Licensee with all
information that Licensee has requested with respect to the Licensed Technology, and has not omitted to disclose any material fact
with respect to the Licensed Technology. Licensor represents that all of the information that it provided to the Licensee during
the diligence period were, to the best of its understanding at the time, true, accurate and complete, and that is has not knowingly
misrepresented any material fact with regard to the technology, its capabilities, past applications or approximate costs of implementation.

  

6.3 Licensee’s
Representations and Warranties. Licensee hereby represents and warrants that: (a) the Commercialization of the Licensed
Technology and/or any of the Products as permitted by Licensee under this Agreement does not and will not infringe on any intellectual
property rights or any other rights of any third party; and (b) Licensee shall comply, and will ensure that its Subsidiaries, contractors
and Sublicensees comply, with all applicable international, national, federal, state, regional and local laws and regulations in
exercising its rights hereunder and any Commercialization of the Licensed Technology and/or any of the Products.

 

7. Infringement
and Enforcement of Licensed Technology.

 

7.1
Immediately upon Licensee’s becoming aware of any infringement, theft, misappropriation or other unauthorized
use of the Licensed Technology, Licensee shall promptly inform Licensor. If Licensee or Licensor decides to pursue enforcement
of such Licensed Technology, such Party shall notify the other Party.

 

7.2 If Licensee and
Licensor agree to jointly pursue enforcement of the Licensed Technology, then the Parties shall share equally all costs, fees and/or
expenses incurred in connection with enforcement of the Licensed Technology, provided only that Licensor’s maximum exposure
for such costs, fees and expenses shall be the amount of Royalties paid and/or payable to Licensor by Licensee hereunder. Any payments
accruing from such action to enforce the Licensed Technology shall be paid to each of the Licensee and Licensor in proportion to
their respective contributions to all costs, fees and/or expenses incurred in such action.

 

7.3 In the event that
either Party shall determine, for any reason, that it does not choose to pursue enforcement of the Licensed Technology, then such
Party shall promptly notify the other Party of such decision. The Party choosing to pursue enforcement of the Licensed Technology
may then proceed with such enforcement action solely at its own expense and any and all recoveries shall be awarded solely and
exclusively to such Party.

 

    -8-

     

    

 

7.4 In the event that
Licensor chooses to enforce the Licensed Technology and Licensee chooses to not participate in such enforcement action, Licensee,
nevertheless, agrees to cooperate in the prosecution of such action by making available to Licensor records, information, evidence
and testimony by directors, officers, employees, consultants and agents of Licensee relevant to the substantial infringement of
the Licensed Technology.

 

8. Indemnification;
Insurance.

 

8.1 Indemnity.

 

(a) Each Party (the
“Indemnifying Party”) shall indemnify, defend and hold harmless the other Party, its Subsidiaries, and their
respective current and former directors, stockholders, officers, employees and agents and their respective successors, heirs and
assigns (collectively, the “Indemnitees”) from and against any claim, liability, cost, expense, damage, deficiency,
loss or obligation or any kind or nature (including reasonable attorney’s fees and other costs and expenses of litigation)
(collectively, “Claims”), arising out of any theory of liability (including actions in the form of tort, warranty,
or strict liability and regardless of whether such action has any factual basis) concerning any breach of this Agreement or acts
of negligence or willful misconduct by any of the Indemnifying Party or any of its Subsidiaries, contractors or Sublicensees (as
may be applicable).

  

(b) In addition, and
without derogating from Sub-section (a) above, the Licensee shall indemnify, defend and hold harmless the Licensor and its Indemnitees
from and against all Claims arising out of any theory of liability (including actions in the form of tort, warranty, or strict
liability and regardless of whether such action has any factual basis) concerning Commercialization of any of the Licensed Technology
and/or Products by the Licensee, or any of its Subsidiaries, contractors or Sublicensees, or concerning any other product, process,
or service that is made, used, or sold pursuant to any right or license granted to Licensee under this Agreement.

 

8.2 Procedures.
If any Indemnitee receives notice of any Claim, such Indemnitee shall, as promptly as is reasonably possible, give the Indemnifying
Party notice of such Claim; provided, however, that failure to give such notice promptly shall only relieve the Indemnifying
Party of any indemnification obligation it may have hereunder to the extent such failure diminishes the ability of the Indemnifying
Party to respond to or to defend the Indemnitee against such Claim. Indemnifying Party and the Indemnitee shall consult and cooperate
with each other regarding the response to and the defense of any such Claim and the Indemnifying Party shall, upon its acknowledgment
in writing of its obligation to indemnify the Indemnitee, be entitled to and shall assume the defense or represent the interests
of the Indemnitee in respect of such Claim, that shall include the right to select and direct legal counsel and other consultants
to appear in proceedings on behalf of the Indemnitee and to propose, accept or reject offers of settlement, all at its sole cost;
provided, however, that no such settlement shall be made without the written consent of the Indemnitee, not to be
unreasonably withheld, delayed or conditioned. Nothing herein shall prevent the Indemnitee from retaining its own counsel and participating
in its own defense at its own cost and expense.

 

8.3 Insurance.
Licensee shall maintain insurance that is reasonably adequate to fulfill any potential obligations hereunder. Such insurance shall
be obtained from a reputable insurance company. Licensor shall be added as co-insured parties under such insurance policy. Licensee
hereby undertakes to comply punctually with all obligations imposed upon it under such policies, including the obligation to pay
in full and punctually all premiums and other payments due under such policies. Licensee shall provide Licensor upon request with
written evidence of such insurance. Licensee shall continue to maintain such insurance after the expiration or termination of this
Agreement during any period in which Licensee or any Subsidiaries or Sublicensee continues to Commercialize Products, and thereafter
until the end of any applicable statute of limitation period.

 

    -9-

     

    

 

9. Disclaimers;
Limitation of Liability.

 

9.1 EXCEPT AS EXPLICITLY
PROVIDED UNDER THIS AGREEMENT, LICENSOR MAKES NO REPRESENTATION THAT THE LICENSED TECHNOLOGY WILL ENABLE THE DEVELOPMENT OF ANY
PRODUCTS. LICENSOR MAKES NO REPRESENTATION THAT THE PRACTICE OF THE LICENSED TECHNOLOGY OR THE COMMERCIALIZATION OF ANY PRODUCT,
OR ANY ELEMENT THEREOF, WILL NOT INFRINGE THE PROPRIETARY RIGHTS OR INTELLECTUAL PROPERTY RIGHTS OF ANY THIRD PARTY.

 

9.2 THE LICENSED TECHNOLOGY
IS PROVIDED “AS-IS” AND “AS AVAILABLE”. LICENSOR SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES,
AND, EXCEPT AS EXPLICITLY PROVIDED UNDER THIS AGREEMENT, LICENSOR DOES NOT MAKE ANY WARRANTY WITH RESPECT TO ANY TECHNOLOGY (INCLUDING,
THE LICENSED TECHNOLOGY), GOODS, SERVICES, RIGHTS OR OTHER SUBJECT MATTER OF THIS AGREEMENT, AND HEREBY DISCLAIMS WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING EXCEPT AS PROVIDED
FOR IN PARAGRAPH 9.3 BELOW.

 

9.3 To the extent that
Licensor has provided Licensee with cost estimates for the fabrication and manufacture of residential single family and/or multifamily
homes in Licensor’s existing pipeline as of the date of this agreement and the residential and/or multifamily homes cannot
be reasonably constructed and installed by professional manufacturers and installers at or below the those estimated costs after
accounting for all costs of using the technology, including the license fees, the licensee may withhold payment of any royalty
due to the Licensor on a dollar for dollar basis to offset its costs above the originally estimated amounts. Licensee will provide
Licensor with all detailed cost breakdowns and allow it to reasonably attempt to procure the manufacturing at better costs with
similar warranties and quality before exercising this option. For the avoidance of doubt, “Licensor’s existing pipeline”
shall be limited to the following projects: Monticello, NY phases 1-3; Guayama, Puerto Rico phases 1-3; and Humacao, Puerto Rico.

 

9.4 EXCEPT IN THE EVENT
OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT BY LICENSOR OR ONE OF ITS EMPLOYEES (IN THEIR CAPACITIES AS SUCH), IN NO EVENT SHALL
LICENSOR BE LIABLE FOR ANY USE BY LICENSEE OF THE LICENSED TECHNOLOGY, OR ANY LOSS, CLAIM, DAMAGE OR LIABILITY, OF WHATSOEVER KIND
OR NATURE, WHICH MAY ARISE FROM OR IN CONNECTION WITH LICENSEE’S PERFORMANCE UNDER THIS AGREEMENT, OR ANY ACTIONS OR CLAIMS
OR THE LIKE BY THE LICENSEE AND/OR ANY THIRD PARTY THAT THE LICENSED TECHNOLOGY MAY RESULT IN ANY INFRINGEMENT, DEPRAVATION, MISAPPROPRIATION
AND/OR VIOLATION OF THE INTELLECTUAL PROPERTY OR OTHER RIGHTS OF ANY PERSON OR ENTITY.

 

9.5 THE LICENSOR SHALL
NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, HOWEVER ARISING, EVEN IF IT HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES. LICENSOR’S LIABILITY FOR DAMAGES ARISING OUT OF, RELATING TO OR IN ANY WAY CONNECTED WITH THIS
AGREEMENT, AND THE LICENSE GRANTED HEREIN SHALL IN NO EVENT EXCEED THE TOTAL AMOUNT ACTUALLY PAID TO LICENSOR UNDER THIS AGREEMENT,
EXCEPT IN THE EVENT OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT BY LICENSOR.

 

10. Term and Termination.

 

10.1 Term. Subject
to Section ‎10.2 below, the term of this Agreement shall commence
as of the Effective Date and shall continue for a period of five (5) years (the “Initial Term”), and, unless
a Party shall notify the other Party in writing, as detailed below, that it does not desire to extend the term of this Agreement,
upon the lapse of the Initial Term, the Agreement shall automatically renew for an additional period of five (5) years (the “Additional
Term”, and together with the Initial Term, the “Term”).

 

    -10-

     

    

 

10.2 Termination.
Either Party may terminate this Agreement prior to the end of the Term, in accordance with and subject to the following terms and
conditions:

 

10.2.1 Termination
for Breach. In the event that either Party commits a material breach of its obligations under this Agreement and/or the Services
Agreement and fails to cure such breach within thirty (30) days after receiving written notice with respect thereto, the other
Party may terminate this Agreement immediately upon written notice to the Party in breach; provided, however, that
in the case of a breach of the Licensee’s obligations to make timely payments to Licensor hereunder, Licensee shall be entitled
to no more than two (2) such cure periods in any give calendar year and no more than six (6) such cure periods in any period of
five (5) calendar years, and further provided that any breach of Section ‎13.1
shall have a sixty (60) days’ cure period.

 

10.2.2 Termination
for Failure to meet Royalty Requirements. Licensor may terminate this Agreement at any time in the event that Licensee fails
to meet the Royalty minimum payment requirements set forth under Section ‎3.1
above.

 

10.2.3
Termination for Challenge of Licensed Technology. Licensor may terminate this Agreement
immediately upon written notice to the Licensee if Licensee, or any of its Subsidiaries or Sublicensees, commences an action in
which it challenges the validity, enforceability or scope of any Licensed Technology.

 

10.2.4
Termination for Bankruptcy or Insolvency. Licensor
may terminate this Agreement upon notice to the Licensee if Licensee becomes insolvent, is adjudged bankrupt, applies for judicial
or extra-judicial settlement with its creditors, makes an assignment for the benefit of its creditors, voluntarily files for bankruptcy
or has a receiver or trustee (or the like) in bankruptcy appointed by reason of its insolvency, or in the event an involuntary
bankruptcy action is filed against the Licensee and not dismissed within sixty (60) days, or if the Licensee becomes the subject
of liquidation or dissolution proceedings or otherwise discontinues business. Without derogating from the foregoing, subject to
applicable law and any rights of third-party creditors and/or stockholders of the Licensor, in the event of Licensor’s bankruptcy
or liquidation, the Parties shall negotiate in good faith the continued use of the Licensed Technology by the Licensee on terms
to be mutually agreed by the Parties. 

 

10.2.5
Termination for Cross Default. The parties understand that they may, in the future, jointly enter into additional
agreements that reference this Agreement and this Termination for Cross Default subsection. Should such an additional agreement
be terminated by either party pursuant to its terms, the terminating party shall also be entitled to terminate this Agreement.

 

10.3 Effects of
Expiration or Termination.

 

10.3.1
Upon the expiration or termination of this Agreement (for any reason) (a) the rights and License granted to
the Licensee by Licensor under this Agreement and the Services Agreement shall immediately, fully and irrevocably terminate and
Licensee shall have no further right to exploit Licensed Technology; (b) all rights in and to the Licensed Technology shall revert
to Licensor and Licensor shall have the unrestricted right to exploit Licensed Technology within or outside the Field of Use without
any obligation to the Licensee; (c) any existing agreements that contain a Sublicense shall terminate to the extent of such Sublicense;
and (d) the Services Agreement shall concurrently terminate as well and be void of any force and effect.

 

10.3.2 Licensee shall
return to Licensor, or, at the election of the Licensor, destroy, within fourteen (14) days of expiration or termination hereof,
all materials, in soft or hard copy, relating to the Licensed Technology and/or Products which are connected with the License,
and it may not make any further use thereof. An officer of the Licensee shall certify in writing compliance with such return or
destruction, as applicable. Licensor shall be entitled to conduct an audit in order to ascertain compliance with this provision
and Licensee agrees to allow access to Licensor or its representatives for this purpose.

 

    -11-

     

    

 

10.3.3 Termination
or expiration of this Agreement shall not relieve the Parties of obligations accruing prior to such termination or expiration,
including obligations to pay amounts accruing hereunder up to the date of termination or expiration.

 

10.3.4 The Parties’
respective rights, obligations, duties, undertakings and representations under Sections ‎2.5,
‎3, ‎6,
‎7, ‎8,
‎9, ‎10,
‎11, ‎12
and ‎13, as well as any rights, obligations, duties, undertakings
and representations which by their nature extend beyond the expiration or termination of this Agreement, shall survive any expiration
or termination of this Agreement for any reason.

 

11. Confidentiality.

 

11.1 Each Party agrees
that it will keep strictly confidential, and not disclose or use Confidential Information (as defined below) of the other Party
other than for the purposes of this Agreement. Each Party shall treat such Confidential Information with the same degree of care
as it keeps its own confidential information, but in all events no less than a reasonable degree of care. Each Party may disclose
the other Party’s Confidential Information only to those of its directors, officers, employees and consultants who have a
“need to know” such information in order to enable it to exercise its rights or fulfill its obligations under this
Agreement and are legally bound by agreements which impose confidentiality and non-use obligations not less restrictive than the
obligations set forth in this Agreement. For purposes of this Agreement, “Confidential Information” means any
scientific, engineering, technical, trade, financial, commercial or business information designated as confidential, or which otherwise
should reasonably be construed under the circumstances as being confidential disclosed by or on behalf of a Party hereto or any
of its directors, officers, employees or agents, whether in oral, written, electronic, graphic or machine-readable form or otherwise,
except to the extent such information: (i) was known to the receiving Party at the time it was disclosed, as evidenced by such
Party’s written records at the time of disclosure; (ii) is at the time of disclosure or later becomes publicly known under
circumstances involving no breach of this Agreement; (iii) is lawfully and in good faith made available to the receiving Party
by a third party who is not subject to obligations of confidentiality with respect to such information; or (iv) is independently
developed without the use of or reference to Confidential Information, as demonstrated by documentary evidence.

 

11.2 Each party may
disclose the terms of this Agreement to the extent required, in the reasonable
opinion of such party’s legal counsel, to comply with applicable laws and regulations; provided that the disclosing
Party agrees, at its own expense, to seek confidential treatment of such portions of this Agreement or such terms. Notwithstanding
the foregoing, each of the Licensor and Licensee may disclose commercial or
confidential terms of this Agreement, as necessary or required under applicable laws and regulations (subject to advice
of legal counsel), including securities laws and regulations of any applicable stock exchange.

 

11.3 Without derogating
from any of the foregoing, the Licensee specifically acknowledges and agrees that the Licensor is a publicly traded company and
that in the course of disclosure, Licensee may receive certain material non-public information (financial, commercial or other).
The Licensee is aware that United States securities laws impose restrictions on trading in securities when in possession of such
information. The Licensee further acknowledges and agrees that using such information and utilizing it to its benefit may cause
Licensor to be in violation of the applicable securities laws. The Licensee undertakes and agrees that it or any entity or person
on its behalf, shall not, directly or indirectly, utilize such information in a way which may be considered “insider trading”
or in any way which may be considered prohibited, restricted, inappropriate or otherwise in violation of applicable securities
and related laws.

 

11.4 Without derogating
from any of the foregoing, the Licensor specifically acknowledges and agrees that the Licensee is a wholly-owned subsidiary of
Crossroads Systems Inc., which is a publicly traded company and that in the course of disclosure, Licensor may receive certain
material non-public information (financial, commercial or other). The Licensor is aware that United States securities laws impose
restrictions on trading in securities when in possession of such information. The Licensor further acknowledges and agrees that
using such information and utilizing it to its benefit may cause Licensee to be in violation of the applicable securities laws.
The Licensor undertakes and agrees that it or any entity or person on its behalf, shall not, directly or indirectly, utilize such
information in a way which may be considered “insider trading” or in any way which may be considered prohibited, restricted,
inappropriate or otherwise in violation of applicable securities and related laws.

 

    -12-

     

    

 

11.5 Upon the expiration
or termination of this Agreement, or upon Licensor’s request (at any time), all or any portion requested of its Confidential
Information (including, but not limited to, tangible and electronic copies, notes, summaries or extracts of any such information)
will be promptly returned to the Licensor or, at the election of the Licensor, destroyed, and the Licensee will provide Licensor
with written certification stating that such Confidential Information has been so returned or destroyed.

 

12. Advertising,
Publicity and Publications.

 

12.1 Except as otherwise
explicitly permitted herein, Licensee shall not use any of the Licensed Trademarks or any other name, trade-name, trademark, service
mark, brand-name, slogan, label, logo, DBA or any other trade identifying symbol of the Licensor or any of its Subsidiaries or
divisions in any advertisement, sales materials, press release or any other public announcement without the prior written consent
of the Licensor, provided, however, that to the extent Licensee uses the name SG Blocks Residential
or SG Residential, Licensee shall add a visible footnote stating that SG Blocks Residential or SG Residential is
licensed to Licensee, and that Licensee is not an affiliate of SG Blocks Inc.

 

12.2 Any Party may
make announcements, publications, presentations and similar disclosures (i) relating to the general subject matter of this Agreement,
(ii) in connection with the marketing or sale of any Products, or (iii) in respect of the progress of the exercise of the License
granted hereunder; provided, however, that in so doing, the Party does not disclose Confidential Information of the
other Party or the commercial terms of this Agreement without having obtained the prior written consent of the other Party. Except
as provided in the immediately preceding sentence, no Party will make any public announcement regarding this Agreement without
the prior written consent of the other Party.

 

12.3 In any publication
(including advertisements, press release, sales and trade literature and instruction manuals) relating to the Licensed Technology
and/or any of the Products, Licensee shall, where practical, give due credit to the Licensor, as owner and licensor of the Licensed
Technology.

 

12.4 Licensee shall
ensure that under no circumstances shall any proposed publication or presentation (including presentation at any conference, lecture
or seminar) related to the Licensed Technology include or contain any Confidential Information of the Licensor.

 

13. Miscellaneous.

 

13.1 ESR. Licensor
shall use reasonable commercial efforts in order to maintain the ESR current and up to date for as long as this Agreement remains
in effect. In addition, the Licensor shall use reasonable commercial efforts to maintain the ESR with three (3) manufacturing facilities
with access to and authorization to produce pursuant to the ESR and shall, at the reasonable request of the Licensee, use reasonable
commercial efforts to add additional manufacturing facilities under the ESR.

 

13.2 Withdrawal
from LLC. The parties hereby agree that, as memorialized in the First Amendment to the Company Agreement of CPF GP 2019 LLC
attached hereto as Exhibit G, Licensor is resigning as a member of the CPF GP 2019 LLC, which was formed pursuant to the
Company Agreement of CPF GP 2019 LLC dated July 7, 2019. The parties further agree that the fees payable hereunder shall be deemed
part of the compensation to be paid by the parties with respect to Licensor’s withdrawal from such agreement.

 

13.3 No Security
Interest. Licensee shall not enter into any agreement under which the Licensee grants to or otherwise creates in any third
party a security interest in this Agreement or any of the rights granted to the Licensee herein. Any grant or creation of a
security interest purported or attempted to be made in violation of the terms of this Section ‎13.2
shall be null and void and of no legal effect.

 

    -13-

     

    

 

13.4 Entire Agreement.
This Agreement and the Services Agreement attached hereto and incorporated herein constitute the sole and exclusive agreement
and understanding of the Parties with respect to the subject matter hereof and supersedes any and all other agreements and understandings
between the Parties with respect thereto, whether oral or in writing. For avoidance of doubt that certain Term Sheet signed by
the Parties and/or any of their respective Subsidiaries, dated August 28, 2019, is hereby fully and irrevocably terminated and
void of any force and effect.

 

13.5 Amendment;
Waiver. This Agreement may be amended, modified, superseded or canceled, and any of the terms may be waived, only by a written
instrument executed by each Party or, in the case of waiver, by the Party waiving compliance. The delay or failure of either Party
at any time or times to require performance of any provisions hereof shall in no manner affect the rights at a later time to enforce
such performance. No waiver by either Party of any condition or of the breach of any term contained in this Agreement, whether
by conduct, or otherwise, in any one or more instances, shall be deemed to be, or considered as, a further or continuing waiver
of any such condition or of the breach of such term or any other term of this Agreement.

 

13.6 Notices.
All notices required or permitted by this Agreement shall be in writing and may be delivered personally, or may be sent by electronic
mail, overnight delivery or certified mail, return receipt requested, to the addresses of the Parties set forth above, unless the
Parties are subsequently notified of any change of address in accordance with this Section.

 

Any notice shall be
deemed to have been received, as follows: (a) by personal delivery, upon receipt; (b) by electronic mail or overnight delivery,
one (1) business day after transmission or dispatch; (c) by certified mail, as evidenced by the return receipt. If any notice terminating
this Agreement is sent by electronic mail, a confirming copy thereof shall be sent to the same address.

 

13.7 Governing Law;
Arbitration. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without
regard to the application of principles of conflicts of law that direct that the laws of another jurisdiction apply. The Parties
shall act in good faith and use best efforts to attempt to resolve any dispute which may arise under this Agreement. Any dispute
which is not resolved by the Parties as set forth within sixty (60) days shall be exclusively submitted to arbitration in New York
City, New York before a single arbitrator of the American Arbitration Association (“AAA”). The arbitrator shall
be selected by application of the rules of the AAA, or by mutual agreement of the Parties, except that such arbitrator shall be
an attorney admitted to practice law New York. The costs of the arbitration, including fees to be paid to the arbitrator,
shall be shared equally by the Parties. Each Party shall bear the cost of preparing and presenting its case to the arbitrator.
The award rendered by the arbitrator shall be final, and judgement may be entered upon it in accordance with applicable law in
any court of competent jurisdiction. No Party shall challenge the jurisdiction or venue provisions as provided in this section.

 

13.8 Injunctive
Relief. Notwithstanding Section ‎13.6 above, each Party
agrees and acknowledges that any violation or threatened violation of this Agreement may cause irreparable injury to the other
Party, and therefore, the other Party is entitled to seek equitable or injunctive relief and apply to competent legal courts for
a stop order with respect to such violation, removal of obstacles and/or indemnity of losses or any other appropriate equitable
or injunctive relief in any court worldwide having jurisdiction where such order or claim is filed, in addition to all other remedies
that may be available, in law, equity or otherwise.

 

13.9 Cumulative
Rights. All rights, powers and privileges conferred hereunder upon the Parties shall be cumulative and not restrictive under
any other or additional rights, powers and privileges conferred under any law, contract or equity.

 

13.10 Severability.
If any provision of this Agreement is ruled invalid or unenforceable by any court of competent jurisdiction, the remainder of this
Agreement shall not be affected and the invalid or unenforceable provision shall be reformed or construed to reflect the commercial
understandings between the Parties so that it would be valid, legal and enforceable to the maximum extent possible.

 

    -14-

     

    

 

13.11 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the Parties and their respective legal representatives, successors
and permitted assigns.

 

13.12 Preamble and
Exhibits. The Preamble and Exhibits to this Agreement constitute an integral part hereof.

 

13.13 Headings.
Section and subsection headings are inserted for convenience of reference only and do not form a part of this Agreement.

 

13.14 Counterparts.
The Parties may execute this Agreement in two or more counterparts, each of which shall be deemed an original.

 

13.15 No Agency
or Partnership. Nothing contained in this Agreement shall give either Party the right to bind or represent the other or be
deemed to constitute either Party as agent for or partner of the other or any third party.

 

13.16 Assignment
and Successors. The Licensee may not assign any of its rights and obligations under the Agreement, directly or indirectly,
including, in an event of merger, acquisition, consolidation or change of control, without Licensor’s prior written consent.
Subject to the foregoing, this Agreement shall inure to the benefit of the Party’s respective successors and assigns.

 

13.17 Force Majeure.
Neither Party will be responsible for delays resulting from causes beyond the reasonable control of such Party, including, without
limitation, fire, explosion, flood, war, strike, or riot, provided that the nonperforming Party uses best efforts to avoid or remove
such causes of nonperformance, uses best efforts to mitigate the effects of any such causes, and continues performance under this
Agreement with reasonable dispatch whenever such causes are removed.

 

13.18 Interpretation.
Each Party acknowledges and agrees that: (a) it and/or its counsel reviewed and negotiated the terms and provisions of this Agreement
and has contributed to its revision; (b) the rule of construction to the effect that any ambiguities are resolved against the drafting
Party shall not be employed in the interpretation of this Agreement; and (c) the terms and provisions of this Agreement shall be
construed fairly as to both Parties and not in favor of or against either Party, regardless of which Party was generally responsible
for the preparation of this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

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IN WITNESS WHEREOF, the Parties
have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

 

	SG BLOCKS, INC.	 	CPF MF 2019-1 LLC
	 	 	 	 	 
	By:	/s/ Paul Galvin	 	By:	/s/ Greg Jacobson
	 	 	 	 	 
	Name:	Paul Galvin	 	Name:	Greg Jacobson
	 	 	 	 	 
	Title:	Chief Executive Officer	 	Title:	Manager

 

[SIGNATURE PAGE TO LICENSE
AGREEMENT]

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