Document:

EX-10.20

 Exhibit 10.20 

AMENDED AND RESTATED LEASE AGREEMENT 

This Amended and Restated Lease Agreement (this “Agreement”) is made and entered into as of 1 May 2016 (the “Effective Date”) by and
between LIGIA GABRIELA SURGEON DE LAMASTUS (legal name), female, Panamanian, of legal age, widowed, with identity card No. X-XXX-XXXX (“LANDLORD”), on the one hand, and on the other hand, DAVID FRANK, male, American (USA), of
legal age, with passport No. XXXXXXXXX, acting in name and on behalf of AQUA BOUNTY PANAMA, S. de R.L., a company duly organized and existing under the laws of the Republic of Panama, registered under Microjacket 1017, Document 1363400 of the
Mercantile Section of the Public Registry of the Republic of Panama (“ABP”), duly authorized to that end, as registered before the Public Registry (each individually a “Party” and both collectively the
“Parties”). 
 RECITALS 

WHEREAS, LUIS LAMASTUS and ABP subscribed to a Usufruct Agreement dated as of 19 January 2009 for use of that parcel of 2.03 hectares described and
depicted in EXHIBIT A attached hereto (the “Parcel”), which is part of a property of approximately 21 hectares, located in Los Naranjos, District of Boquete, Province of Chiriqui, Republic of Panama (the “Property”). 

WHEREAS, ABP has developed on the Parcel an aquaculture project identified as the “Aqua Bounty Panama Project,” which consists of the production of
its genetically modified salmon (the “ABP Project”) and requires (i) the importation of AquAdvantage® Salmon (“AAS”) eggs from the facilities of AquaBounty Technologies,
Inc. (“ABT”) and (ii) grow-out of the AAS. 
 WHEREAS, the LANDLORD requested the National Land Authority of Panama (“ANATI”) to title
the Property in her name to obtain an official property title (the “Titling Proceeding”). 
 WHEREAS, the ABP Project is still in force and
requires that the Lease Agreement be amended for ABP to continue the ABP Project. 
 WHEREAS, the Property is under the total control and use of the
LANDLORD. 
 WHEREAS, the LANDLORD and ABP subscribed to a Lease Agreement (“Previous Agreement”) as of 24 August 2015. 

 WHEREAS, according to the Previous Agreement, it could be only modified by written agreement of the Parties and
no change in, addition to, or waiver of any of the terms and conditions of the Agreement were to be binding upon any Party unless approved by it in writing. 

WHEREAS, the LANDLORD and ABP wish to amend and restate the Previous Agreement. 

WHEREAS, the LANDLORD has demonstrated that the Parcel is free and clear from any encumbrances, liens, or restrictions and that all fees and taxes due to any
public or private institution in regard to the Property have been paid. 
 WHEREAS, the LANDLORD has demonstrated that there are no claims or disputes over
the possessory rights and/or title rights of the LANDLORD or of any other nature on the Parcel or on the Property. 
 WHEREAS, ABP has made and may make
capital investments in and improvements to the Parcel (“FACILITIES AND EQUIPMENT”), including, but not limited to, the following: 
  

	 	1.	The buildings contained on the Parcel, including, but not limited to, a quarantine building, an egg incubation system, a feed warehouse, and an office. 

 

	 	2.	The improvements to the Parcel, including, but not limited to, a small Low Head Oxygenator (“LHO”), a large LHO, a concrete water intake for water of the river for which ABP has obtained a provisional water
concession and distribution structure, a containment sump, and sedimentation pond outlet structures. 

  

	 	3.	Fry tanks and external grow-out tanks. 

  

	 	4.	Containment components, including, but not limited to, the filters and screens, filter boxes, containment sump screens, sedimentation ponds (including their outlet screens), and perimeter fencing. 

 

	 	5.	Water distribution components, including, but not limited to, river intake, pipes, a drainage canal, and sedimentation ponds. 

  

	 	6.	An electrical generation system, including, but not limited to, solar panels, a hydroelectric turbine, and associated electrical transmission and storage components. 

 NOW, THEREFORE, in consideration of the premises described above, and of the mutual benefits and obligations set
forth in this Agreement, the Parties agree to amend and restate the Previous Agreement to read as set forth in this Agreement. 
 The Recitals set forth
above are material to this Agreement and are hereby expressly incorporated herein. 
 ARTICLE 1. LEASE 

The LANDLORD hereby leases to ABP the following: 
  

	 	1.	The Parcel described in EXHIBIT A and all its inherent benefits. 

 ARTICLE 2. PARCEL AND WATER USE

 2.1 ABP shall only use the Parcel for activities related to the ABP Project. 

2.2 ABP shall use the Parcel with the diligence of a good pater familias and shall not knowingly allow the Parcel to be used for any unlawful purpose.

 2.3 ABP may make any additional improvements that it deems convenient and/or necessary to further develop the ABP Project without the approval of the
LANDLORD. 
 2.4 Unless there is a cause that originates from Acts of God, the ABP Project will have access to the River Flow at the same volumes that are
currently in use in the ABP Project and in no event shall these volumes be lower than 2170 gallons per minute of river water for the growout and fry. tanks. 

2.5 The water distribution system of the ABP Project will be managed by ABP. The LANDLORD will not diminish, increase, or in any way endanger the water levels
in the ABP Project’s drainage canal and sedimentation ponds without the written consent of ABP. The LANDLORD in no way will contaminate the waters of the ABP Project. Furthermore, the LANDLORD shall take all measures reasonably necessary to
guarantee that no third parties take any action that in any manner may jeopardize or endanger the quality of the water that is originated from the Water Flow and/or the water levels in the ABP Project. 

2.6 If the LANDLORD develops production facilities that require water use in her portion of the Property, ABP shall share with the LANDLORD, without any cost
to the LANDLORD, a portion of the water flow contained in the water distribution system, but only if the water requirements for the ABP Project are met first. 

 ARTICLE 3. TERM 

3.1 This Agreement shall have an initial term of two (2) years from the Effective Date and may be renewed for additional two-year terms at the exclusive option
of ABP through notice to the LANDLORD (such initial term and any renewal periods, collectively, the “Term”). If any third party files for title of the Parcel and/or the Property as part of the Titling Proceeding, the LANDLORD shall take
all steps that are required for ABP to continue to use the Parcel and the River Flow, as provided in this Agreement and to continue the ABP Project, in each case until ABP allows this Agreement to expire without renewal. 

ARTICLE 4. LANDLORD OBLIGATIONS AND PROHIBITIONS 

4.1 The LANDLORD shall guarantee ABP the peaceful and uninterrupted use of the Parcel. 

4.2 The LANDLORD shall make any repair that is needed to preserve the Parcel for the use of ABP for the purposes herein established. 

4.3 The LANDLORD shall not impose any liens or restrictions on the use of the Property during the Term and shall take all steps necessary to have any such
lien or restriction imposed by any third party removed. Shall the LANDLORD sell or transfer her possessory rights over the Property, the contract covering the sale or transfer of the possessory rights over the Property to the new owner shall include
the duty of the new owner to respect this Agreement. In any case, ABP has the right to exercise any actions that it deems convenient or necessary to guarantee that the Parcel and the FACILITIES AND EQUIPMENT are free and clear from any liens or
restriction of use. 
 4.4 The LANDLORD agrees not to modify or interfere with any of the existing AAS production facilities, containment, and/or water
distribution systems of the ABP Project without prior written authorization of ABP and/or ABT. The LANDLORD will not jeopardize, negatively impact, or increase effluent flow into the ABP Project drainage canal and sedimentation ponds without the
written authorization of ABP. The LANDLORD has knowledge that any unauthorized change to the facilities of the ABP Project that were previously inspected by the FDA could jeopardize ABT’s Food and Drug Administration (FDA) application. 

 ARTICLE 5. LANDLORD RIGHTS 

5.1 The LANDLORD is permitted to build on the Property outside the borders of the Parcel, in accordance with the Property borders established in EXHIBIT
A, as long as the construction and new infrastructure do not impede the operation of the ABP Project or damage or interfere with (i) the ABP Project infrastructure; (ii) the FACILITIES AND EQUIPMENT; (iii) containment elements; (iv) the River
Flow used in the ABP Project; and/or (v) the discharge of effluent. The LANDLORD must advise ABP in writing before making any additions or changes to the infrastructure of the ABP Project for ABP and shall await for ABP to authorize them. 

5.2 The LANDLORD has the right to receive technical assistance from ABP when needed. 

ARTICLE 6. ABP OBLIGATIONS 
 6.1 ABP shall provide
the LANDLORD with the monthly payment described in Article 8.1 of this Agreement. 
 ARTICLE 7. ABP RIGHTS 

7.1 ABP has the right to: 
  

	 	1.	Enter the ABP Project at any time without prior notice to the LANDLORD. 

  

	 	2.	Impose its technical and management parameters on the management of the ABP Project to guarantee the survival, performance, and production of the AAS. 

ARTICLE 8. PAYMENT 
 8.1 ABP agrees to pay the
LANDLORD a fee of US$15,000 per month (a total of US$180,000.00 per year) during the Term (the “FEE”), which covers all of the costs for the lease of the Parcel. 

8.2 The FEE shall be transferred to the following bank account designated by the LANDLORD within the first ten (10) days of every month: 

LIGIA GABRIELA SURGEON DE LAMASTUS 
 ACCOUNT # XX-XXX-XXXXX-X 

ABA XXXXXXXXX 
 Citibank, New York 10043 

111 Wall Street, USA 
 GLOBAL BANK CORP 

 SWIFT GLBLPAPA 

5056 Victoriano Lorenzo 
 PANAMA ,REPUBLIC OF PANAMA 

ARTICLE 9. LEGAL EXPENSES 
 9.1 If Panamanian legal
counsel is required to defend the ABP Project against any litigation or claim, ABP will assume the legal expenses if that litigation or claim arises out of (i) reasons not attributable to the LANDORD and/or (ii) reasons attributable to the ABP
Project or the AAS eggs. However, if the litigation or claim is a result of (i) a direct or indirect action of the LANDLORD, (ii) dispute on possessory rights on the Property, and/or (iii) inheritance rights involving the Property, then the LANDLORD
will bear said legal expenses. 
 ARTICLE 10. PRODUCT 

10.1 Product Ownership: ABP is the owner of all AAS and AAS eggs located on the Parcel. 

10.2 Product Sales: If the AAS and/or AAS eggs is approved for sale by U.S. and Panamanian authorities, ABP and/or ABT will determine to whom and in
what form the harvested AAS will be commercialized. 
 10.3 Product Processing: ABT and/or ABP will decide where to process the harvested AAS. If ABT
and/or ABP use the LANDLORD to process the AAS, ABT and/or ABP will pay the LANDLORD a competitively priced processing and packing fee that shall be agreed by both Parties. 

10.4 Sales Proceeds: If the AAS and/or AAS eggs is approved for sale by U.S. and Panamanian authorities, all sales proceeds from approved harvested AAS
will belong to ABP and/or ABT. 
 ARTICLE 11. PROPERTY TITLE 

11.1 The LANDLORD shall continue to pursue and obtain clear legal title to the Property from the appropriate authorities (ANATI) in Panama or any other
authority where the ownership title is to be obtained and further registered. 
 ARTICLE 12. PROMISE TO LEASE 

12.1 Once the Titling Proceeding is finished and title to the Property is registered under the name of the LANDLORD, the LANDLORD shall, if requested by ABP,
and at the option of ABP, either sign a new lease agreement with ABP on the same terms as this Agreement or renew through notice as provided in Article 3. 

 ARTICLE 13. PURCHASE RIGHTS 

13.1 If the LANDLORD receives an offer from a third party to purchase the Property, either in its entirety, or any portion of the Property (a “Purchase
Offer”), the LANDLORD will give ABP the right of first refusal to match the purchase offer under the same terms and conditions as offered by the third party. 

13.2 The LANDLORD is required to inform ABP in writing of any Purchase Offer within three (3) calendar days of receiving it. ABP will be considered to have
been informed when the LANDLORD receives electronic confirmation that its notice to ABP of the Purchase Offer has been delivered. Notwithstanding the above, the LANDLORD will make the necessary efforts to confirm with ABP that the Purchase Offer was
received by ABP. 
 13.3 ABP has fourteen (14) calendar days to respond to the LANDLORD with ABP’s counter-offer for the Purchase Offer. 

ARTICLE 14. CURE PERIOD 
 If any of the Parties
breaches the terms of this Agreement (“Breach”), the offended Party will deliver a written notice to the breaching Party (“Notice”) within thirty (30) calendar days of the Breach. The breaching Party will in turn have sixty (60)
calendar days to remedy its Breach (the “Cure Period”). If the breaching Party does not satisfactorily remedy its Breach within the Cure Period, the offended Party shall have the right to terminate this Agreement by written notice to the
breaching Party. Notwithstanding the above, if, in the sole and absolute opinion of ABP, the Breach endangers the ABP Project, upon Notice the LANDLORD will be obliged to immediately remedy the Breach, and, if it is not remedied, ABP will be
entitled to terminate this Agreement without Notice or judicial authorization. 
 ARTICLE 15. TERMINATION 

15.1 The occurrence of any of the following events shall be deemed to be and shall be treated as a default under this Agreement, and the Parties shall be
entitled to terminate this Agreement without the need of Notice or judicial authorization: 
  

	 	1.	The breach or failure by either Party in the due observance or performance of the obligations of this Agreement; 

	 	2.	The extinction of the possessory rights of the LANDLORD over the Property, unless such possessory rights evolve into property rights and title under the name of the LANDLORD; 

 

	 	3.	The death of the LANDLORD; 

  

	 	4.	The diminishment or contamination of the River Flow in such a manner as to impede ABP’s activities and/or the continued operation and further development of the ABP Project; 

 

	 	5.	The expiration of the Term; 

  

	 	6.	If either of the Parties files a petition of bankruptcy liquidation or dissolution, or has such a petition filed against it by any third party; and 

 

	 	7.	If any of the RECITALS described above are not verified or prove to be invalid. 

 15.2 The occurrence of the
following shall be deemed to be and shall be treated as a default under this Agreement, and the Parties shall be entitled to terminate this Agreement without judicial authorization, on prior notice of sixty (60) days: 

 

	 	1.	The abandonment by ABT. 

 ARTICLE 16. CONFLICT RESOLUTION 

If a dispute arises in connection with this Agreement, the Parties agree that their representatives will meet to attempt to resolve such controversy through a
conciliation managed by the Conciliation and Arbitration Center of the Chamber of Commerce of the Republic of Panama. 
 If the dispute is not resolved by
conciliation, such dispute shall be submitted to arbitration in law, at a proceeding administered by the Conciliation and Arbitration Center of the Chamber of Commerce of the Republic of Panama, to which rules the Parties unconditionally voluntarily
submit and claim knowledge thereof. The dispute shall be resolved in accordance with Panamanian substantive rules and the procedural rules of the Conciliation and Arbitration Center of the Chamber of Commerce of the Republic of Panama or, in its
defect, applicable procedural rules under Panamanian law. The arbitration shall take place in Panama City, Republic of Panama, and proceedings shall be in Spanish. The decision rendered pursuant to such arbitration shall be in writing and shall be
final, binding, and conclusive between the 

 
Parties. The Parties shall have no further recourse in regard to the decision, except as otherwise provided for annulment of such decisions under the laws of Panama. Once the decision is rendered
and is final, it will produce the effects of res judicata, and the Parties shall comply with the decision without delay. 
 All costs and expenses
related to the arbitration proceeding shall be borne by the Parties equally. Each Party will cover the costs of its own legal counsel and expert witnesses, except to the extent that they expressly agree otherwise or the arbitrators so decide in the
final decision. 
 ARTICLE 17. TAXES 
 The
LANDLORD shall timely pay any and all applicable fees or taxes relating to the Property that are due to any public or private institution during the Term. 

ARTICLE 18. GOVERNING LAW 
 This Agreement shall be
interpreted and enforced in accordance with the laws of the Republic of Panama. 
 ARTICLE 19. ENTIRE AGREEMENT 

This Agreement as hereby amended constitutes the entire Agreement between the Parties related to the subject matter herein, and the terms included herein may
not be contradicted by evidence of any prior Agreement or of any oral Agreement. 
 ARTICLE 20. NOTICES 

Any notice or communications required or submitted under this Agreement shall be in writing and sent to the following addresses: 

 

			
	For ABP:	 	
	 Name:
	 	David A. Frank
	 Domicile:
	 	Two Clock Tower Place, Suite 395, Maynard, MA 01754
	 Telephone:
	 	(978) 648-6048
	 Email:
	 	dfrank@aquabounty.com
	  
 For the LANDLORD:

	 Name:
	 	Ligia Gabriela Surgeon de Lamastus
	 Domicile:
	 	Lamasur, Los Naranjos, Avenida Central, Boquete, Provincia de Chiriquí, República de Panamá.
	 Telephone:
	 	507 6615 3679
	 Email:
	 	gabysurgeon@icloud.com

 ARTICLE 21. MODIFICATIONS 

This Agreement can be only modified by written agreement of the Parties. No change in, addition to, or waiver of any of the terms and conditions of this
Agreement shall be binding upon any Party unless approved by it in writing. 
 ARTICLE 22. ASSIGNMENT 

The Parties to this Agreement shall not assign any rights or obligations hereunder without the express written consent of the other Party. 

ARTICLE 23. SEVERABILITY 
 If it is determined that
any provision of this Agreement is invalid or not binding, in whole or in part, such invalidity shall be only in respect of that provision or portion thereof and the remainder of the same clause or all the remaining provisions of this Agreement
shall remain valid, in full force and binding on the Parties. 
 ARTICLE 24. CONFIDENTIALITY 

The Parties agree to maintain strict confidentiality of the terms of this Agreement. The Parties shall treat as confidential all information made available to
them under this Agreement and shall not disclose such confidential information without the written consent of the owner of that information. 
 The
foregoing restriction on use and disclosure shall not apply to confidential information that, at the time of disclosure or its becoming known to the recipient, the recipient can show: 

 

	 	1.	Is of public knowledge; or 

  

	 	2.	Came lawfully into the recipient’s possession otherwise than directly or indirectly from the owner without restriction on its subsequent disclosure or use by the recipient. 

The foregoing restriction on use and disclosure shall be maintained by the recipient until the confidential information: 

 

	 	1.	Becomes public knowledge through no fault or action on the recipient’s part; or 

	 	2.	Comes into the recipient’s possession free from any restriction from a third party (other than the owner or its affiliate) who has the lawful right to make such disclosure. 

Notwithstanding the foregoing restriction on use and disclosure, a Party may disclose confidential information to any competent governmental agencies having
authority to require such disclosure but informing such governmental agencies of the confidential nature of such information. 
 ARTICLE 25.
COUNTERPARTS 
 This Agreement may be executed in counterparts (and by different Parties in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when it shall have been executed by the Parties in their respective counterparts, and when taken together constitute a single
document. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the day and year first above written. 

 

	
	/s/ Gabriela Surgeon de Lamastus
	 LIGIA GABRIELA SURGEON DE LAMASTUS

LANDLORD

  

	
	/s/ David Frank    
	 DAVID FRANK
 AQUA BOUNTY PANAMA S.
DE R.L.

 EXHIBIT AExhibit

EXHIBIT 10.1

Employee (Non-Director) Form for Time & Performance Based Vesting Schedule

Restricted Stock Agreement: #XXX
Fair value per share on Grant Date XX/XX/XXXX - $XX.XX
THE RESTRICTED SHARES AWARDED UNDER THIS RESTRICTED STOCK AWARD AGREEMENTARE SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE UNTIL VESTED.
LMI AEROSPACE, INC.
RESTRICTED STOCK AWARD AGREEMENT
		
	TO:
	 XXXXXX

For the purposes set forth in the LMI Aerospace, Inc. (the "Company") 2015 Long-Term Incentive Plan, as the same may be amended from time to time (the "Plan"), you have been awarded by the Committee shares in words (XXXXX) shares of the common stock of the Company, $0.02 par value per share (the "Restricted Shares"), which award (the "Award") is subject to and conditioned upon your acceptance of this Restricted Stock Award Agreement (this "Agreement").

The terms of the Award are as set forth in this Agreement and in the Plan. The Plan is incorporated into this Agreement by reference, which means that this Agreement is limited by and subject to the express terms and provisions of the Plan. In the event of a conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. Capitalized terms that are not defined in this Agreement have the meanings given to them in the Plan. The more salient terms of the Award are summarized as follows:
1.    Grant Date:    XX/XX/XXXX    (the “Grant Date”)

2.    Number of Restricted Shares Subject to this Award: XXXXX (the “Restricted Shares”)

3.    Vesting Provisions.  

(a)    Subject to the terms and conditions herein, (i) XXXXX of the Restricted Shares (the “Milestone Shares”) shall remain unvested and restricted unless and until both the Company achieves one or more of the milestones referenced in Exhibit A (the “Milestones”) as assessed by the Committee following the end of the fiscal year XXXX and you have not experienced a Termination Event (as defined below) by the end of such fiscal year, and (ii) the remaining XXXXX of the Restricted Shares (the “Time Shares”) shall remain unvested and restricted unless and until the period of time commencing on the Grant Date and ending at the close of business on XXXX XX, XXXX (the “Time Period”) expires without you experiencing a Termination Event.

(b)    In furtherance of and without limiting the authority of the Committee to adjust the terms of the Award pursuant to Section 17 of the Plan, the Committee may adjust the vesting requirements of this Award to account for any of the events identified in such Section.

(c)    If one or more of the Milestones have been met and you have not experienced a Termination Event during the Time Period, then the number of the Restricted Shares associated with the Milestones that have been met as set forth in Exhibit A shall vest and become unrestricted for purposes of vesting hereunder. A “Termination Event” means the termination of your status as an Employee of the Company and its Affiliates for any reason other than your death or Permanent Disability.

(d)    Prior to vesting, the Restricted Shares shall not be sold, assigned, transferred or otherwise disposed of, or mortgaged, pledged or otherwise encumbered except as provided in this Agreement or in the Plan.

4.Termination.  All of the Milestone Shares shall terminate and be forfeited to the Company immediately upon the failure of the Company to achieve the Milestones as set forth in Section 3(a)(i). All of the Time Shares shall terminate and be forfeited to the Company immediately upon the occurrence of a Termination Event at any time prior to the expiration of the Time Period, other than for your death or permanent disability, as set forth in Section 3(a)(ii).

5.Rights as a Shareholder.  The Restricted Shares, when vested, will be represented by a stock certificate or certificates registered in your name upon your request. If requested by the Company, such certificate shall bear a legend in substantially the following form:
"The shares represented by this certificate are subject to the terms and conditions (including forfeiture and restrictions against transfer) contained in the LMI Aerospace, Inc. 2015 Long-Term incentive Plan. A copy of such Plan is on file in the office of LMI Aerospace, Inc."
You will deposit such certificates with the Company or its designee, together with stock powers or other instruments of assignment, each endorsed in blank, which will permit transfer to the Company of all or any portion of the Restricted Shares that shall have been forfeited. The Restricted Shares shall constitute issued and outstanding shares of Common Stock for all corporate purposes other than the right to receive and retain dividends or other distributions in respect of such shares ("Retained Distributions"). You will have the right to vote such Restricted Shares and to exercise all other rights, powers and privileges of a holder of Common Stock with respect to such shares, with the exception that (i) you will not be entitled to delivery of the stock certificate or certificates representing such Restricted Shares unless and until they are vested; (ii) the Company will retain custody of the stock certificate or certificates representing the Restricted Stock before vesting; (iii) the Company will retain custody of all distributions made or declared in respect of the Restricted Shares (and such Retained Distributions will be subject to the same restrictions, terms and conditions as are applicable to the Restricted Shares until such time, if ever, as the Restricted Shares with respect to which such Retained Distributions shall have been made, paid or declared shall have become vested, and such Retained Distributions shall not bear interest or be segregated in separate accounts); (iv) you may not sell, assign, transfer or otherwise dispose of, or mortgage, pledge, or otherwise encumber any Restricted Shares or any Retained Distributions unless and until the Restricted Shares vest; and (v) a breach of any restrictions, terms or conditions provided in the Plan or established by the Committee with respect to any Restricted Shares or Retained Distributions will cause a forfeiture of such Restricted Shares and any Retained Distributions with respect thereto.

6.Company Actions upon Vesting.  Upon the vesting of Restricted Shares in accordance with paragraph 3 above and the satisfaction of any other applicable restrictions, terms and conditions, all such Restricted Shares issued to you and any Retained Distributions with respect to such Restricted Shares shall be deemed vested and no longer subject to forfeiture. Upon your request, the Company shall promptly thereafter issue and deliver to you new stock certificates or instruments representing such Restricted Shares and other distributions registered in your name or, if deceased or disabled, your legatee, personal representative or distribute, which do not contain the legend set forth in Section 5 hereof. All such Retained Distributions, if any, less any amounts as are required to be withheld by law, shall be paid to you as of a date no later than two and 1⁄2 months after the year in which the Restricted Shares vest.

7.Beneficiary Designation.  You may designate a beneficiary for each outstanding grant of Restricted Shares in the event of your death. If no beneficiary is designated or the beneficiary does not survive you, the award shall be made to your surviving spouse, or, if there is none, to your estate.

8.Section 83(b) Election.  If you decide to file an election with the Internal Revenue Service to include the Fair Market Value of any of the Restricted Shares awarded hereunder in your gross income as of the date of this Award, you shall promptly furnish to the Company a copy of such election, together with the amount of any federal, state, local or other taxes required to be withheld, to enable the Company to claim an income tax deduction with respect to such election.

9.Taxes. Unless you have filed a Section 83(b) election as described in paragraph 8 above, the vesting of the Restricted Shares will trigger a taxable event. You are ultimately liable and responsible for all taxes owed in connection with the Award, regardless of any action the Company or any of its subsidiaries takes with respect to any tax withholding obligations that arise in connection with the Award. Neither the Company nor any of its subsidiaries makes any representation or undertaking regarding the treatment of any tax withholding in connection with the grant or vesting of the Award or the subsequent sale of Restricted Shares after the Restricted Shares have vested. The Company and its subsidiaries do not commit and are under no obligation to structure the Award to reduce or eliminate your tax liability.

10.Registration.  The Company currently has an effective registration statement on file with the Securities and Exchange Commission with respect to the Restricted Shares. The Company intends to maintain this registration but has no obligation to do so. If the registration ceases to be effective, you will not be able to transfer or sell the Restricted Shares even after the restrictions lapse unless exemptions from registration under applicable securities laws are available. Such exemptions from registration are limited and might be unavailable. You agree that any resale by you of Restricted Shares shall comply in all respects with the requirements of all applicable securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and the respective rules and regulations promulgated thereunder) and any other law, rule or regulation applicable thereto, as such laws, rules and regulations may be amended from time to time. The Company shall not be obligated to either issue the Restricted Shares or permit the resale of any shares following vesting, if such issuance or resale would violate any such requirements.

11.Limitation on Rights; No Right to Future Grants.  By entering into this Agreement and accepting the Award, you acknowledge that: (a) the Plan is discretionary and may be modified, suspended or terminated by the 

Board at any time as provided in the Plan; (b) the grant of the Award is a one-time benefit and does not create any contractual or other right to receive future grants of awards or benefits in lieu of awards; (c) all determinations with respect to any such future grants, including, but not limited to, the times when awards will be granted, the number of shares of Common Stock subject to each award, the award price, if any, and the time or times when each award will be settled, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the Award is not part of normal or expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-term service awards, pension or retirement benefits or similar payments; (f) the future value of the common stock subject to the Award is unknown and cannot be predicted with certainty; and (g) neither the Plan, the Award nor the issuance of the Restricted Shares confers upon you any right to any relationship with the Company or any subsidiary other than as expressly provided hereby or thereby.

12.Execution of Award Agreement.  Please acknowledge your acceptance of the terms and conditions of the Award by signing the original of this Agreement and returning it to the Corporate Secretary of the Company at the principal corporate offices of the Company at 411 Fountain Lakes Blvd., St. Charles, Missouri 63301. If you do not sign and return this Agreement, the Company is not obligated to provide you any benefit hereunder and may refuse to issue the Restricted Shares to you.

13.Governing Law.  The validity, construction, and effect of this Agreement and regulations relating to this Agreement, shall be determined in accordance with the internal laws, and not the law of conflicts, of the State of Missouri.

14.Rights and Remedies Cumulative.  All rights and remedies of the Company and you enumerated in this Agreement shall be cumulative and, except as expressly provided otherwise in this Agreement, none shall exclude any other rights or remedies allowed by law or in equity, and each of said rights or remedies may be exercised and enforced concurrently.

15.Headings.  Headings are given to the sections and subsections of this Agreement solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction-or interpretation of this Agreement or any provision thereof.

16.Entire Agreement.  This Agreement and the Plan constitute the entire agreement between the Company and you in respect of the subject matter of this Agreement, and this Agreement supersedes all prior and contemporaneous agreements between the parties hereto in connection with the subject matter of this Agreement. No officer, employee or other servant or agent of the Company, and no servant or agent of you is authorized to make any representation, warranty or other promise not contained in this Agreement. No change, termination or attempted waiver of any of the provisions of this Agreement shall be binding upon any party hereto unless contained in a writing signed by the party to be charged.

17.Successors and Assigns.  At the option of the Company, the rights of the Company under this Agreement may be transferable to any one or more persons or entities, and all covenants and agreements hereunder so transferred shall inure to the benefit of, and be enforceable by, such transferees.

Very truly yours,
LMI AEROSPACE, INC.

By: ________________________
Name: ______________________
Title: _______________________ 

ACCEPTANCE AND ACKNOWLEDGMENT
I, ___________________, a resident of _____________, accept and agree to the terms of the Award described in this Agreement and in the Plan, acknowledge receipt of a copy of this Agreement, the Plan and the applicable Plan Summary, and acknowledge that I have read them carefully and that I fully understand their contents.

Dated:  __________, 20XX

                    
XXX
XXX
XXX

Tax Payer ID: XXX-XX-XXXX

EXHIBIT A 
MILESTONES

 TO BE UPDATED WITH EACH GRANT

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