Document:

Exhibit 4.2

 

DESCRIPTION OF CAPITAL STOCK

 

Atomera Incorporated.
(“Company”, “we”, “us” and “our”) has one class of securities registered under
Section 12 of the Securities Exchange Act of 1934, as amended, namely our common stock, par value $0.001 per share.

 

The following is a
summary of the rights of our common and of certain provisions of our Amended and Restated Certificate of Incorporation (“Certificate
of Incorporation”) and Amended and Restated Bylaws (“Bylaws”). For more detailed information, please see our
Certificate of Incorporation and Bylaws, which are incorporated by reference as exhibits to the Annual Report on Form 10-K to which
this description is an exhibit.

 

Common Stock

 

Our Certificate of
Incorporation authorizes us to issue up to 47,500,000 shares of common stock, $0.001 par value per share. As of
February 10, 2021, we had 22,622,670 shares of common stock outstanding, held by 206 stockholders of record.

 

Holders of shares of
common stock are entitled to one vote per share on all matters to be voted upon by the stockholders generally. Stockholders are
entitled to receive such dividends as may be declared from time to time by the Board out of funds legally available therefore,
and in the event of liquidation, dissolution or winding up of the company to share ratably in all assets remaining after payment
of liabilities. The holders of shares of common stock have no preemptive, conversion, subscription rights or cumulative voting
rights.

 

Preferred Stock

 

Our Certificate of
Incorporation authorizes us to issue up to 2,500,000 shares of preferred stock, $0.001 par value per share, of which no shares
were issued or outstanding as of February 10, 2021, Our board of directors is authorized to issue from time to time, without stockholder
authorization, in one or more designated series or classes, any or all of the authorized but unissued shares of preferred stock
with such dividend, redemption, conversion and exchange provisions as may be provided in the particular series. Any series of
preferred stock may possess voting, dividend, liquidation and redemption rights superior to that of the common stock. The rights
of the holders of common stock will be subject to and may be adversely affected by the rights of the holders of any preferred
stock that may be issued in the future. Issuance of a new series of preferred stock, while providing desirable flexibility in
connection with possible acquisition and other corporate purposes, could make it more difficult for a third party to acquire,
or discourage a third party from acquiring, a majority of the outstanding voting stock of our company.

 

Dividends

 

We have never paid cash
dividends on our common stock and we do not anticipate the payment of cash dividends on our common stock in the foreseeable future.

 

Anti-Takeover Effects of Certain Provisions of Delaware Law

 

We are subject to the
provisions of Section 203 of the Delaware General Corporation Law, or DGCL, an anti-takeover law. In general, Section 203 prohibits
a publicly held Delaware corporation from engaging in a “business combination’’ with an “interested stockholder’’
for a period of three years after the date of the transaction in which such stockholder became an interested stockholder, unless
the business combination is approved in a prescribed manner. For purposes of Section 203, a “business combination’’
includes a merger, asset sale or other transaction resulting in a financial benefit to the interested stockholder, and an “interested
stockholder’’ is a stockholder who, together with affiliates and associates, owns, or within three years prior, did
own, 15% or more of the voting stock.

 

Transfer Agent and Registrar

 

The transfer agent and registrar for our
common stock is American Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn, New York 11219

.Exhibit 10.9

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (“Agreement”) is entered into on January 26, 2021, to be effective on December 30, 2020
(“Effective Date”) by and between Atomera Incorporated, a Delaware corporation (“Company”),
and Scott A. Bibaud (“Executive”).

 

RECITAL

 

Company
is desirous of continuing to employ Executive in an executive capacity on the terms and conditions and for the consideration, hereinafter
set forth, and Executive is desirous of continuing to be employed by Company on such terms and conditions and for such consideration.

 

AGREEMENT

 

It is agreed as follows:

 

ARTICLE
I

 

DEFINITIONS AND INTERPRETATIONS

 

		1.1	Definitions.

 

(a)           
“Base Salary” shall mean Executive's annualized base salary as set forth in Section 4.1.

 

 (b)            “Board” shall mean the board of directors of Company.

 

(c)           
“Cause” shall mean a finding by the Company that Executive (i) has engaged in gross negligence
or willful misconduct in the performance of his duties at the Company, (ii) has materially breached this Agreement or the Confidentiality
Agreement, (iii) has willfully and materially breached a significant corporate policy or code of conduct established by Company,
(iv) has engaged in willful misconduct that is materially injurious to Company and its subsidiaries taken as a whole (monetarily
or otherwise), (v) has committed an act of fraud or embezzlement,(vi) has been convicted of (or pleaded no contest to) a criminal
act involving fraud, dishonesty, or moral turpitude, or (vii) has been convicted for any violation of U.S. or foreign securities
laws or has entered into a cease and desist order with the Securities and Exchange Commission alleging violation of U.S. or foreign
securities laws.

 

(d)           
“Change of Control” shall have the meaning given to it in the Company’s 2017 Stock Incentive
Plan.

 

 (e)            “Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(f)            
“Compensation Committee” shall mean the Compensation Committee of the Board.

 

 

 

    	 	1	 

     

    

 

(g)
          “Confidentiality Agreement” shall mean that certain Employee Confidentiality and Assignment Agreement
between Executive and the Company dated as of October 3, 2015.

 

(h)          
“Disability” shall mean that, as a result of Executive’s documented incapacity due to physical
or mental illness, Executive shall have been absent from the full-time performance of his duties for six consecutive months and
shall not have returned to full-time performance of his duties within 30 days after written notice of termination is given to
Executive by Company (provided, however, that such notice may not be given prior to 30 days before the expiration of such six
month period). Any determination of Disability shall be determined by an independent physician mutually acceptable to the Company
and the Executive.

 

 (i)             “Good Reason” shall mean the occurrence of any one or more of the following:

 

		i.	A diminution in Executive’s Annual Base Salary not in accordance with
Section 4.1;
	 	 	 
	 	ii.	A material diminution in Executive’s title, authority, duties, or responsibilities from those applicable to him as
of the Effective Date, including any change in title or a material change in the reporting structure so that Executive reports
to someone other than the Board;

 

		iii.	A material change in the geographic location at which Executive must perform
services, which for purposes of this Agreement includes only Company requiring Executive to involuntarily relocate to a geographic
location other than the Place of Employment in Section 2.6; or
	 	 	 
	 	iv	A material breach by Company of any provision of this Agreement (including, without limitation, the requirements of Section
2.2, 4.1, 4.2, 4.3, or 4.4 of this Agreement); or

 

		v.	A Change of Control.

 

Notwithstanding
the foregoing provisions of this Section 1.1(i) or any other provision in this Agreement to the contrary, any assertion by Executive
of a termination of employment for “Good Reason” shall not be effective unless all of the following conditions are
satisfied: (1) any condition described in clauses (i) through (v) of this Section 1.1(i) giving rise to the Executive’s termination
of employment must have arisen without Executive’s consent; (2) Executive must provide written notice to the Company of such
condition in accordance with Section 7.1 within 30 days of the initial existence of the condition; (3) the condition specified
in such notice must remain uncorrected for a period of 30 days following receipt of such notice by the Company; and (4) the date
of Executive’s termination of employment must occur within ninety days following the initial existence of the condition specified
in such notice.

 

(j)            
“Incentive Plan” shall mean the Mears Technologies, Inc. 2007 Stock Incentive Plan, the Atomera
Incorporated 2017 Stock Incentive Plan, and any other incentive compensation plans duly adopted by the Board.

 

(k)           
“Involuntary Termination” shall mean any termination of Executive’s employment with Company
which results from either:

 

		i.	termination by the Company without Cause; or

 

		ii.	A resignation by Executive for Good Reason;

 

 

 

    	 	2	 

     

    

 

Provided however, and for
the avoidance of doubt, the term “Involuntary Termination” shall not include a termination for Cause or any termination
as a result of death or Disability.

 

(l)            
“Payment Date” shall mean the later of (i) the date that is 30 days after Executive’s termination
of employment with Company or (ii) the date upon which the Release described in Section 5.5 becomes irrevocable by Company.

 

1.2          
Interpretations. In this Agreement, unless a clear contrary intention appears, (a) the words “herein,” “hereof,”
hereunder,” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section,
or other subdivision (b) reference to any Article or Section means such Article or Section hereof, (c) the word “including”
(and with correlative mean, “include”) means including, without limiting the generality of any description preceding
such term, and (d) where any provision of this Agreement refers to action to be taken by either party, or which such party is prohibited
from taking, such provision shall be applicable whether such action is taken directly or indirectly by such party.

 

ARTICLE
II

 

EMPLOYMENT AND DUTIES

 

2.1          
Employment. Effective as of the Effective Date and continuing for the period of time set forth in Section 3.1 of this
Agreement, Executive’s employment by Company shall be subject to the terms and conditions of this Agreement. As a condition
of his continued employment, Executive confirms that he will continue to be bound by his obligations under the Confidentiality
Agreement.

 

2.2          
Positions. From and after the Effective Date, Company shall employ Executive in the position of President and Chief
Executive Officer of the Company or in such other position or positions as the parties mutually may agree.

 

2.3          
Duties and Services. Executive agrees to serve in the position referred to in Section 2.2 and to perform diligently
and to the best of his abilities the duties and services appertaining to such office, as well as such additional duties and services
appropriate to such offices which the parties mutually may agree upon from time to time. Executive in his capacity as CEO shall
have all of the authorities, duties, and obligations of the CEO as provided under Section 3.8 of the Bylaws of the Company, as
amended. Executive also agrees to serve, if elected, as an officer or director of any wholly-owned subsidiary or affiliate of Company
so long as such service is commensurate with Executive’s duties and responsibilities to Company. Executive’s employment
shall also be subject to the policies maintained and established by Company that are of general applicability to Company’s
executive employees, as such policies may be amended from time to time.

 

2.4          
Other Interests. Executive agrees, during the period of his employment by Company, to devote substantially all of his
business time, energy, and best efforts to the business and affairs of Company and its affiliates and not to engage, directly or
indirectly, in any other business or businesses, whether or not similar to that of Company, except as herein permitted or with
the prior written consent of the Board. The foregoing notwithstanding, the parties recognize and agree that Executive may engage
in passive personal investment and charitable activities and serve on corporate boards of directors that, in any case, do not conflict
with the business and affairs of Company or interfere with Executive’s performance of his duties hereunder, which shall be
at the sole determination of the Board.

 

2.5          
Duty of Loyalty. Executive acknowledges and agrees that Executive owes a fiduciary duty of loyalty to act at all times
in the best interests of Company. In keeping with such duty, Executive shall make full disclosure to Company of all business opportunities
pertaining to Company’s business and shall not appropriate for Executive’s own benefit, or appropriate for the benefit
of any third party, business opportunities concerning Company’s business.

 

 

 

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2.6           Place
of Employment. Executive’s primary place of employment hereunder shall be at Company’s executive offices in or
within greater San Jose, California metropolitan area or such other place in the San Francisco Bay area as the Company may determine
from time-to-time.

 

ARTICLE III

 

TERM AND TERMINATION
OF EMPLOYMENT

 

3.1          
Term. Unless sooner terminated pursuant to other provisions hereof, Company agrees to employ Executive for the period
beginning on the Effective Date and ending on the fourth anniversary of the Effective Date.

 

	 	(a)	Should Executive’s employment with Company continue after expiration of the term set forth in Section 3.1 hereof, such continued
employment shall be at-will and he will not be eligible to receive any Severance Benefits from the Company upon termination from
employment for any reason.

 

3.2          
Company’s Right to Terminate. Notwithstanding the provisions of Section 3.1, Company shall have the right to terminate
Executive’s employment under this Agreement at any time for any of the following reasons:

 

		(a)	upon Executive’s death;

 

		(b)	upon Executive’s Disability;

 

		(c)	for Cause; or

 

		(d)	at any time, for any other reason whatsoever, in the sole discretion of the Board.

 

Prior to terminating Executive
for Cause, (i) Executive shall have been provided with fifteen (15) days prior written notice of the circumstances giving rise
to Cause, (ii) Executive shall have fifteen (15) days to remedy the circumstances constituting Cause, if curable, (iii) Executive
shall have had the opportunity to appear before the Board (without counsel) to discuss the circumstances constituting Cause, and
(iv) at least two- thirds (2/3) of the members of the Board (excluding Executive) shall have affirmatively voted to terminate Executive
for Cause.

 

3.3          
Executive’s Right to Terminate. Notwithstanding the provisions of Section 3.1, Executive shall have the right
to terminate his employment under this Agreement for any of the following reasons:

 

		(a)	for Good reason;

 

		(b)	at any time for any other reason whatsoever, in the sole discretion of Executive.

 

 

 

    	 	4	 

     

    

 

3.4          
Notice of Termination. If Company desires to terminate Executive’s employment hereunder at any time prior to
expiration of the term of employment as provided in Section 3.1, it shall do so by giving a 30-day written notice to Executive
that it has elected to terminate Executive’s employment hereunder and stating the effective date and reason for such termination,
provided that no such action shall alter or amend any other provisions hereof or rights arising hereunder. If Executive desires
to terminate his employment hereunder at any time prior to expiration of the term of employment as provided in Section 3.1, he
shall do so by giving a 30-day written notice to Company that he has elected to terminate his employment hereunder and stating
the effective date and reason for such termination, provided that no such action shall alter or amend any other provisions hereof
or rights arising hereunder.

 

3.5         
Deemed Resignations. Unless otherwise agreed to in writing by Company and Executive prior to the termination of Executive’s
employment, any termination of Executive’s employment shall constitute an automatic resignation of Executive as an officer
of Company and each affiliate of Company and an automatic resignation of Executive from the Board (if applicable) and from the
board of directors or similar governing body of any affiliate of Company and from the board of directors or similar governing body
of any corporation, limited liability entity, or other entity in which Company or any affiliate holds an equity interest and with
respect to which board or similar governing body Executive serves as Company’s or such affiliate’s designee or other
representative. Executive agrees to execute such documents and take such other actions as the Company may request to reflect such
resignation.

 

ARTICLE
IV

 

COMPENSATION AND BENEFITS

 

4.1         
Base Salary. Executive shall receive a base salary at the annualized rate of $375,000 (the “Base Salary”).
Executive’s Base Salary shall be reviewed by the Compensation Committee on an annual basis, and, in the sole discretion of
the Compensation Committee, such Base Salary may be increased, but not decreased (except (a) with the prior written consent of
Executive, or (b) in connection with, and in an amount substantially proportionate to, reductions made by Company to the annualized
base salaries of all other senior executives), effective as of any date determined by the Compensation Committee. Executive’s
Base Salary shall be paid in equal installments in accordance with Company’s standard policy regarding payment of compensation
to executives but no less frequently than monthly.

 

4.2          
Annual Bonus. Executive shall be eligible for an annual bonus of up to 60% of Executive’s Base Salary based on
performance criteria set by the Compensation Committee and to otherwise participate in Company’s annual bonus plan or plans
applicable to Executive, all as approved from time to time by the Compensation Committee in amounts to be determined by the Compensation
Committee based upon criteria established by the Compensation Committee.

 

4.3          
Long-Term Incentive. Subject to the sole discretion of the Compensation Committee, Executive shall also be eligible
for participation in the Incentive Plan or such other long-term incentive arrangement of Company as may from time to time be made
available to other executive officers of Company. Any awards made under the Incentive Plan or such other arrangements shall be
governed by Section 5.5 herein. However, shall there be any conflict between this Agreement and the Incentive Plan, this Agreement
shall govern.

 

4.4          
Other Perquisites. During his employment hereunder, Executive shall be afforded the following benefits as incidences
of his employment:

 

(a)           
Business and Entertainment Expenses. Subject to Company’s standard policies and procedures with respect to
expense reimbursement as applied to its executive employees generally, Company shall reimburse Executive for, or pay on behalf
of Executive, reasonable and appropriate expenses incurred by Executive for business-related purposes, including dues and fees
to industry and professional organizations and costs of entertainment and business development.

 

Company reserves the right to request valid documentation
and receipts relating to such expenses.

 

 

 

    	 	5	 

     

    

 

(b)           
Company Benefits. Executive and, to the extent applicable, Executive’s spouse, dependents, and beneficiaries,
shall be allowed to participate in all benefits, plans, and programs, including improvements or modifications of the same, which
are now, or may hereafter be, available to other executive employees of Company, subject to the eligibility requirements and other
terms of such plans and programs. Such benefits, plans, and programs shall include, without limitation, any profit-sharing plan,
thrift plan, health insurance or health care plan, life insurance, disability insurance, pension plan, supplemental retirement
plan, vacation and sick leave plan, and the like which may be maintained by Company. Company shall not, however, by reason of this
paragraph be obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such benefit plan or program,
so long as such changes are similarly applicable to executive employees generally.

 

ARTICLE V

 

EFFECT OF TERMINATION
ON COMPENSATION; ADDITIONAL PAYMENTS

 

5.1          
Termination Other Than an Involuntary Termination. If Executive’s employment hereunder shall terminate upon expiration
of the term provided in Section 3.1 hereof or if Executive’s employment hereunder shall terminate in any circumstances other
than an Involuntary Termination, then Company shall continue to provide all compensation and benefits to Executive hereunder until
the date of such termination of employment, and such compensation and benefits shall terminate contemporaneously with such termination
of employment.

 

5.2          
Involuntary Termination. Subject to the provisions of Sections 5.3 and 5.4 hereof, if Executive’s termination
of employment hereunder shall be an Involuntary Termination, then Company shall provide to Executive the following severance benefits
(the “Severance Benefits”):

 

(a)           
Company shall pay Executive a lump sum cash payment in an amount equal to eighteen (18) months of Executive’s Base
Salary, less applicable taxes and withholdings.

 

(b)           
Accelerate eighteen (18) months vesting of options or other types of equity granted to Executive;

 

(c)           
During the portion, if any, of the twelve (12)-month period commencing on the date of such Involuntary Termination that
Executive is eligible to elect and elects to continue coverage for himself and his eligible dependents under Company’s or
a subsidiary’s group health plans, as applicable, under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
and/or sections 601 through 608 of the Employee Retirement Income Security Act of 1974, as amended, Company shall promptly reimburse
Executive on a monthly basis for the difference between the amount Executive pays to effect and continue such coverage and the
employee contribution amount that active senior executive employees of Company pay for the same or similar coverage under such
group health plans; provided, however, that such reimbursement shall cease to be effective if and to the extent Executive becomes
eligible to receive medical and/or dental coverage from a subsequent employer (and any such eligibility shall be promptly reported
to Company in writing by Executive).

 

5.3           
Change of Control. In the event of a Change of Control, vesting of all options or other types of equity granted to Executive
shall fully vest immediately prior to such Change of Control.

 

5.4          
Release and Full Settlement. As a condition to the receipt of any severance compensation and benefits under this Agreement,
Executive must first execute a release and agreement, which, at a minimum, (a) shall release and discharge Company and its affiliates,
and their officers, directors, employees, and agents, from any and all claims or causes of action of any kind or character, including
all claims or causes of action arising out of Executive’s employment with Company or its affiliates or the termination of
such employment, and (b) must be effective and irrevocable within 55 days after the termination of Executive’s employment.
If Executive is entitled to and receives the benefits provided hereunder, performance of the obligations of Company hereunder will
constitute full settlement of all claims that Executive might otherwise assert against Company on account of Executive’s
termination of employment.

 

 

 

    	 	6	 

     

    

 

		5.5	Payments Subject to Section 409A of the Code.

 

(a)           
Subject to this Section 5.5, any severance payments that may be due under the Agreement shall begin only upon the date of
the Executive’s “separation from service” (determined as set forth below) which occurs on or after the termination
of Executive’s employment.

 

(b)           
The determination of whether and when Executive’s separation from service from the Company has occurred shall be made
in a manner consistent with and based on the presumptions set forth in Treasury Regulation Section 1.409A-1(h). Solely for purposes
of this Section 5.5(b), “Company” shall include all persons with whom the Company would be considered a single employer
under Section 414(b) and 414(c) of the Code.

 

(c)           
It is intended that each installment of the severance payments under the Agreement provided under shall be treated as a
separate “payment” for purposes of Section 409A of the Code. Neither the Company nor Executive shall have the right
to accelerate or defer the delivery of any such payments except to the extent specifically permitted or required by Section 409A
of the Code.

 

(d)          
Notwithstanding the foregoing provisions of this Article 5, if the payment of any severance compensation or severance benefits
under this Agreement would be subject to additional taxes and interest under Section 409A of the Code because the timing of such
payment is not delayed as provided in Section 409A(a)(2)(B) of the Code, then any such payments that Executive (or Executive’s
estate) would otherwise be entitled to during the first eighteen (18) months following the date of Executive’s termination
of employment shall be accumulated and paid on the date that is eighteen (18) months after the date of Executive’s termination
of employment (or if such payment date does not fall on a business day of Company, the next following business day of Company),
or such earlier date upon which such amount can be paid under Section 409A of the Code without being subject to such additional
taxes and interest. Executive hereby agrees to be bound by Company’s determination of its “specified employees”
(as such term is defined in Section 409A of the Code) in accordance with any of the methods permitted under the regulations issued
under Section 409A of the Code.

 

5.6          
Other Benefits. This Agreement governs the rights and obligations of Executive and Company with respect to the matters
set forth herein, including, without limitation, Executive’s Base Salary, certain perquisites of employment, and payments
upon termination of employment. Except as expressly provided herein, Executive’s rights and obligations both during the term
of his employment and thereafter, with respect to stock options, restricted stock, incentive and deferred compensation, life insurance
policies insuring the life of Executive, and other benefits under the plans and programs maintained by Company shall be governed
by the separate agreements, plans and other documents and

instruments governing such matters.

 

ARTICLE
VI

 

DISPUTE RESOLUTION

 

6.1          
General. Executive and Company explicitly recognize that no provision of this Article VI shall prevent either party
from seeking to resolve any dispute arising under the Confidentiality Agreement.

 

6.2          
Negotiation. The parties shall attempt in good faith to resolve any dispute arising out of or relating to this Agreement
and/or the Employee's employment with the Company and/or the termination of such employment promptly by negotiations between Executive
and an executive officer of Company who has authority to settle the controversy. Any party may give the other party written notice
of any dispute not resolved in the normal course of business. Within ten days after the effective date of such notice, Executive
and an executive officer of Company shall meet at a mutually acceptable time and place within the Boston, Massachusetts metropolitan
area, and thereafter as often as they reasonably deem necessary, to exchange relevant information and to attempt to resolve the
dispute. If the matter has not been resolved within 30 days of the disputing party's notice, or if the parties fail to meet within
ten days, either party may initiate arbitration of the controversy or claim as provided in Section 6.3 below. If a negotiator intends
to be accompanied at a meeting by an attorney, the other negotiator shall be given at least three business days' notice of such
intention and may also be accompanied by an attorney. All negotiations pursuant to this Section 6.2 shall be treated as compromise
and settlement negotiations for the purposes of the federal and state rules of evidence and procedure.

 

 

 

    	 	7	 

     

    

 

6.3          
Arbitration. Company and Executive agree that after efforts to negotiate any dispute in accordance with Section 6.2
have failed, then either party may be written notice (the “Notice”) demand arbitration of the dispute as set
out below, and each party hereto expressly agrees to submit to, and be bound by, such arbitration.

 

(a)           
Each party will, within ten business days of the Notice, nominate an arbitrator, who shall be a non-neutral arbitrator.
Each nominated arbitrator must be someone experienced in dispute resolution and of good character without moral turpitude and not
within the employ or direct or indirect influence of the nominating party. The two nominated arbitrators will, within ten business
days of nomination, agree upon a third arbitrator, who shall be neutral. If the two appointed arbitrators cannot agree on a third
arbitrator within such period, the parties may seek such an appointment through any permitted court proceeding or by the American
Arbitration Association (“AAA”). The three arbitrators will set the rules and timing of the arbitration, but
will generally follow the rules of the AAA and this Agreement where same are applicable and shall provide for a reasoned opinion.

 

(b)           
The arbitration hearing will in no event take place more than 180 days after the appointment of the third arbitrator.

 

(c)           
The arbitration will take place in the San Francisco, California metropolitan area unless otherwise unanimously agreed to
by the parties.

 

(d)           
The results of the arbitration and the decision of the arbitrators will be final and binding on the parties, and each party
agrees and acknowledges that these results shall be enforceable in a court of law.

 

(e)           
All administrative costs and expenses of the mediation and arbitration shall be borne equally by the Company and Executive
during the pendency of the proceedings. Such costs and expenses do not include attorney’s fees, expert witness fees or other
party generated expenses. Upon the conclusion of the proceedings, the prevailing party shall be entitled to recover reasonable
and necessary attorneys’ fees, expert witness fees, and costs and expenses of arbitration.

 

 (f)             This agreement to arbitrate applies, but shall not be limited, to the following:

 

i.             
Any claim alleging unlawful discrimination, harassment, or retaliation on any basis protected by any applicable federal,
state, or local law (for the avoidance of doubt, nothing herein prevents Employee from filing, cooperating with, or participating
in any proceeding before the EEOC or other federal or state fair employment practices agency (except that Employee acknowledges
that he/she may not be able to recover any monetary benefits in connection with any such claim, charge or proceeding));

 

ii.             
Any claim for wages, bonuses, severance, incentive compensation or other equity, employee benefits or other compensation,
whether pursuant to contract, state wage and hour laws (including without limitation M.G.L. c. 149, § 148 et. seq.),
the Fair Labor Standards Act, the Employee Retirement Income Security Act of 1974, as amended, or any other law concerning wages,
compensation or employee benefits.

 

iii.             Any claim
under any statute, law, or ordinance not expressly set forth above.

 

iv.           
Any claim arising out of any and all common law claims, including, but not limited to, tort claims, wrongful discharge claims,
contract claims, defamation claims and unfair business practices claims; and

 

v.            
Any claim relating to the interpretation, existence, validity, scope, or enforceability of this Section, including, but
not limited to, any claim that all or any part of this Section is void or voidable and any other challenge by Employee to the arbitrability
of any dispute under this Agreement (but not including a dispute about the class action waiver set forth below).

 

 

 

    	 	8	 

     

    

 

(g)            Notwithstanding anything set forth in Section 6.3(f) above, this agreement to arbitrate does not apply to claims or issues
arising from performance of services on any federal government contract, any claim for workers’ compensation or employment
benefits, claims for vested benefits under a plan fund or program covered by the Employee Retirement Income Security Act of 1974,
as amended, or claims arising out of or relating to the Confidentiality Agreement or otherwise concerning trade secrets, confidential
information, intellectual property (including patents, copyrights and trademarks), or other proprietary rights or property. Further
Company and Executive agree that only individual employee claims may be brought and that no claim may be brought or arbitrated
hereunder as a collective action on behalf of any others or as a class action absent a further specific agreement executed at the
time the dispute arises.

 

(h)          
Executive understands that this Agreement requires disputes that involve the matters subject to the Agreement and/or Executive’s
employment or termination, except those set forth in Section 6.3(g) above, be submitted to arbitration pursuant to this Section
6.3 rather than to a judge or jury in court.

 

ARTICLE
VII

 

MISCELLANEOUS

 

7.1          
Notices. Any and all notices and other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 6:30
p.m. (Eastern time) on any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States
(“Business Day”), (b)  the
next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile
number set forth on the signature pages attached hereto on a day that is not a Business Day or later than 6:30 p.m. (Eastern time)
on any Business Day, (c) the 2nd Business Day following the date of mailing, if sent by U.S. national recognized overnight
courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices
and communications shall be set forth on the signature pages attached hereto. All notices and demands to Executive or the Company
may be given to them at the following address:

 

	 	If to Executive:	                                        
	 	 	                                        
	 	 	 
	 	If to Company:	Atomera Incorporated
	 	 	750 University Avenue
	 	 	Suite 280
	 	 	Los Gatos, CA 95032

 

 

Such parties may designate in writing from time to time
such other place or places that such notices and demands may be given.

 

		7.2	Applicable Law; Submission to Jurisdiction.

 

(a)           
This Agreement is entered into under, and shall be governed for all purposes by, the laws of the State of California, without
regard to conflict of law principals thereof.

 

(b)          
With respect to any claim or dispute related to or arising under this Agreement that is not subject to arbitration, the
parties hereto hereby consent to the exclusive jurisdiction, forum, and venue of the state or federal (to the extent federal jurisdiction
exists) courts located in the State of California.

 

 

 

    	 	9	 

     

    

 

7.3          
No Waiver. No failure by either party hereto at any time to give notice of any breach by the other party of or to require
compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time.

 

7.4          
Severability. Any provision in this Agreement which is prohibited or unenforceable in any jurisdiction by reason of
applicable law shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without
invalidating or affecting the remaining provisions hereof, and any such prohibition or enforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

 

7.5           Counterparts. This Agreement
may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together will constitute
one and the same Agreement.

 

7.6          
Withholding of Taxes and Other Employee Deductions. Company may withhold from any benefits and payments made pursuant
to this Agreement all federal, state, city, and other taxes as may be required pursuant to any law or governmental regulation or
ruling and all other customary employee deductions made with respect to Company’s employees generally.

 

7.7          
Headings. The Section headings have been inserted for purposes of convenience and shall not be used for interpretive
purposes.

 

7.8          
Gender and Plurals. Wherever the context so requires, the masculine gender includes the feminine or neuter, and the
singular number includes the plural and conversely.

 

7.9          
Assignment. This Agreement shall be binding upon and inure to the benefit of Company and any successor of Company, by
merger or otherwise. This Agreement shall also be binding upon and inure to the benefit of Executive and his heirs, representative
and assigns. If Executive shall die prior to full payment of amounts due pursuant to this Agreement, such amounts shall continue
to be payable pursuant to the terms of this Agreement. Executive shall not have any right to pledge, hypothecate, anticipate, or
assign any portion of this Agreement or any of the rights hereunder, except by will or the laws of descent and distribution.

 

7.10       
Term. This Agreement has a term co-extensive with the term of employment provided in Section 3.1. Termination of this
Agreement shall not affect any right or obligation of any party which is accrued or vested prior to such termination. The provisions
of Section 3.5 shall survive the termination of this Agreement and shall be binding upon Executive and his or her legal representatives,
successors, and assigns following such termination.

 

7.11       
Entire Agreement. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof
and contains all of the covenants, promises, representations, warranties, and agreements between the parties with respect to such
subject matter. Without limiting the scope of the preceding sentence, all understandings and agreements preceding the date of execution
of this Agreement and relating to the subject matter hereof are hereby null and void and of no further force and effect, including,
without limitation, all prior employment and severance agreements, if any, by and between Company and Executive. Any modification
of this Agreement will be effective only if it is in writing and signed by the party to be charged.

 

7.12        
Expenses. Company shall reimburse Executive for his reasonable fees and expenses incurred by him incident to the negotiation,
preparation and execution of this Agreement.

 

[signature page to follow]

 

 

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have entered into this Agreement as of the date first written above.

 

	 	“Company”
	 	 
	 	Atomera
Incorporated
	 	A Delaware corporation
	 	 
	 	 
	 	By:    /s/ John D. Gerber                  
	 	Name:      John D. Gerber
	 	Title:        Chairman of the Board of Directors
	 	Date:         January 26, 2021
	 	 
	 	 
	 	 
	 	“Executive” 
	 	 
	 	Scott A. Bibaud
	 	 
	 	 
	 	   /s/ Scott A. Bibaud                  
	 	 
	 	Date:        January 26, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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