Document:

EX-4.5

 Exhibit 4.5 
  

 
 1 1 0 6 4 DE Number Dominion Energy® INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF VIRGINIA This
Certifies that SPECIMEN Is the owner of COMMON STOCK Shares CUSIP 25746U 10 9 See Reverse For Certain Abbreviations Dated: Fully Paid and Non-Assessable Shares of the Common Stock without Par Value of Dominion Energy, Inc. transferable on the books
of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender of this Certificate properly endorsed. This Certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar. Witness the
facsimile signatures of the Corporation’s authorized officers. COUNTERSIGNED AND REGISTERED: BROADRIDGE CORPORATE ISSUER SOLUTIONS, INC. By: 1717 ARCH STREET SUITE 1300 PHILADELPHIA, PA 19103 TRANSFER AGENT AND REGISTRAR AUTHORIZED OFFICER
Corporate Secretary President 

 

 
 Dominion Energy, Inc. KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED THE CORPORATION WILL REQUIRE A BOND OF
INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE. The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws
or regulations: JT TEN - as joint tenants with right of survivorship and not as tenants in common TEN ENT - as tenants by the entireties with right of survivorship TEN COM - as tenants in common UNIF TRNSFRS MIN ACT- Custodian (CUST) (Minor) under
Uniform Transfers to Minors Act (State) TOO SUBJ TO STA TOO RULES- TOD (Owner) (Benificiary) as transfer on death subject to the Securities Transfer Association Transfer on Death rules and not as POD (payable on death) Additional abbreviations may
also be used though not in the above list. For value received, hereby sell, assign and transfer unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING ZIP CODE OF ASSIGNEE
Shares of the capital stock represented by the within Certificate and do hereby irrevocably constitute and appoint Attorney to transfer the said stock on the books of the within-named Corporation with full power of substitution in the premises.
DATED SIGNATURE NOTICE: THE SIGNATURE TO THIS ASSIGNMENTMUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. THE SIGNATURE(S) MUST BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION, (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C.RULE 17Ad-15.Exhibit 4.2

Summary of Stock Option Grant

 

 

SUMMARY OF OPTION GRANT

2018 TAYLOR DEVICES, INC. STOCK OPTION PLAN

 

Name
of Optionee:

 

Address
of Optionee:

 

 

 

Taxpayer
Identification Number: 

 

Number
of Options: 

 

Exercise
Price per Share: 

 

Incentive Stock Options
Does Optionee have right to pay option price by 

ORmeans of Company
shares?

Non-Qualified Stock
OptionsYes ______No _______

 

Date of Grant:  Expiration Date:

 

STOCK OPTION AGREEMENT

 

The undersigned, TAYLOR DEVICES,
INC., a New York corporation with offices at 90 Taylor Drive, North Tonawanda, New York 14120 (the “Company”)
and the above named Optionee, an individual residing at the address shown in the above, hereby enter into this STOCK OPTION AGREEMENT
effective as of the Date of Grant (the “Agreement”), as stated above, upon the Terms and Conditions attached hereto
and expressly incorporated into this Agreement (the “Terms and Conditions”).

 

TAYLOR DEVICES, INC.

 

 

By:

Timothy J. Sopko, Chief Executive
Officer

 

The
undersigned Optionee hereby agrees to the Terms and Conditions, and acknowledges receipt from the Company of a copy of the 2018
Taylor Devices, Inc. Stock Option Plan.

OPTIONEE:

 

 

 

[NAME]

 

    	 

    	 

    

 

TERMS AND CONDITIONS

OF

2018 TAYLOR DEVICES, INC. STOCK OPTION PLAN

 

Optionee is an [employee/director]
of the Company. The Compensation Committee of the Company (the “Committee”) has determined that the Optionee is a key
employee of the Company, or has otherwise met the criteria necessary for the grant of options under the 2018 Taylor Devices, Inc.
Stock Option Plan (the “Plan”). The Plan was adopted by the Board of Directors of the Company and approved by shareholders
on November 2, 2018. The Committee has elected to grant options to the Optionee, which options shall be exercised in accordance
with this Agreement and the Plan; and

 

Optionee wishes to accept
this grant.

 

NOW,
THEREFORE, the Company and the Optionee agree as follows:

 

1.       Grant
of Options. By this Agreement, the Company grants to the Optionee, and the Optionee accepts from the Company as of the date
of this Agreement, on the terms and conditions set forth herein, options (individually or collectively referred to as the “Options”)
to purchase the number of shares of its Common stock, $0.025 par value (the “Common Stock”), at the purchase price
per share, set forth above in the Summary of Option Grant. As specified in such Summary of Option Grant, the Options are either
Incentive Stock Options, or Non-Qualified Stock Options which will not be treated as “Incentive Stock Options” under
the Internal Revenue Code of 1986, as amended (the “Code”). As provided in the Plan, to the extent that the aggregate
fair market value (determined as of the Grant Date) of Common Stock with respect to which Options are exercisable for the first
time by Optionee during any calendar year (under all plans of the Company and its Subsidiaries) exceeds one hundred thousand dollars
($100,000), the Options or portions thereof which exceed such limit (according to the order in which granted) shall be treated
as Non-Qualified Stock Options notwithstanding any inconsistent designation in the Summary of Option Grant.

 

The Options are issued
under and subject to all of the terms and conditions of the Plan. The Plan, except as expressly modified by the provisions set
forth in this Agreement, is hereby incorporated by reference into this Agreement. Terms defined in the Plan and not otherwise defined
in this Agreement shall have the meanings set forth in the Plan.

 

2.       Term
of Option. The Options shall terminate on and shall not be exercisable after the Expiration Date set forth above in the Summary
of Option Grant and in no event more than ten (10) years after the Date of Grant. In the event that the Options shall be designated
as Incentive Stock Options and granted to a more than ten percent (10%) shareholder of the Company, the Options shall terminate
not later than five (5) years after the Date of Grant, as set forth in this Agreement. Except as provided herein, the Options may
be exercised only during the continuance of the Optionee’s employment with the Company.

 

a.       An
Option held by an Optionee whose employment is terminated due to becoming Permanently and Totally Disabled shall terminate (i)
in the case of an Incentive Stock Option, one year after the date of termination of employment, and (ii) in the case of a Non-Qualified
Stock Option, upon its expiration date.

 

b.       An
Option held by an Optionee whose employment is terminated due to death or who dies within three months after termination of employment
shall terminate (i) in the case of an Incentive Stock Option, one year after the date of termination of employment, and (ii) in
the case of a Non-Qualified Stock Option, within one year from the date the Optionee's death, and the Option shall be exercisable
within such period of one year by the executor or administrator of the Optionee's estate or by the person to whom the Optionee
shall have transferred such right by last will and testament or by the laws of descent or distribution.

 

c.       An
Incentive Stock Option or a Non-Qualified Stock Option held by an Optionee whose employment terminates for cause, as determined
by the Committee, shall expire immediately upon the date of termination unless some other expiration date is fixed by the Committee.

 

d.       An
Option held by an Optionee whose employment terminates for any reason other than those specified in subsection (a), (b), or (c)
above shall expire (i) in the case of an Incentive Stock Option, three months after the date of termination of employment, and
(ii) in the case of a Non-Qualified Stock Option, unless another date is fixed by the Committee, eighteen months after the date
of termination.

 

e.       The
foregoing notwithstanding, no Option shall be exercisable after its expiration date.

 

Whether an authorized leave
of absence or an absence for military or governmental service shall constitute termination of employment for purposes of the Plan
shall be determined by the Committee, which determination shall be final, conclusive, and binding upon the affected Optionee and
any person claiming under or through such Optionee.

 

3.       Exercise
of Options. The Optionee shall exercise all or any part of the vested Options by giving written notice to the Company, in such
form as the Committee shall have prescribed or approved, of such election and of the number of shares he or she has elected to
purchase. The purchase price per share of the Options shall be the price set forth in the Summary of Option Grant above. The full
purchase price of the stock as to which the Options are being exercised shall be paid in cash; provided, however, that in lieu
of cash, with the approval of the Committee when the Options are granted or at or prior to exercise, an Optionee may exercise his
or her Options by tendering to the Company shares of Common Stock owned by him or her pursuant to Section 9(b) of the Plan.

 

4.       Shareholder
Rights. Neither the Optionee nor any transferee under this Agreement shall have any rights as a shareholder with respect to
any shares subject to Options until the date a stock certificate is issued evidencing ownership of such shares. The Company shall
deliver to the Optionee a certificate representing the shares as to which options have been exercised as soon as administratively
feasible following such exercise.

 

5.       Non-Transferability.
Options shall not be assignable or transferable by the Optionee other than by will or the laws of descent and distribution. During
the lifetime of an Optionee, the Options shall be exercisable only by such Optionee. Any transfer of Options attempted in violation
of this Agreement shall be void.

 

6.       Compliance
with Securities Laws. No Options shall be exercisable in whole or in part if at any time the Committee or the Board of Directors,
as the case may be, shall determine, in its discretion, that the listing, registration, or qualification of the shares subject
to such Options on any securities exchange or under any applicable law, or the consent or approval of any government regulatory
body, is necessary or desirable as a condition of or in connection with the granting of such Options or the issue of shares thereunder
unless such listing, registration, qualification, consent, or approval shall have been effected or obtained free of any conditions
not acceptable to the Board. If a registration statement under the Securities Act of 1933 with respect to shares issuable upon
exercise of any Options is not in effect at the time of exercise, the person exercising such Option shall give the Committee a
written statement, satisfactory in form and substance to the Committee, that he or she is acquiring the shares for his or her own
account for investment and not with a view to their distribution, and the Company may place upon any stock certificate for shares
issuable upon exercise of such Options such legend as the Committee may prescribe to prevent disposition of the shares in violation
of the Securities Act of 1933 and any other applicable law.

 

7.       Reporting.
In the event the Optionee disposes of the shares acquired from the Options and, as a result of the disposition, recognizes ordinary
income, the Optionee shall give written notice to the Company, as soon as reasonably practicable, of such disposition and the amount
taxable as ordinary income to the Optionee as a result of the disposition.

 

8.       Notices.
All notices provided for under this Agreement shall be in writing and shall be delivered by hand or sent by certified mail to the
addresses specified in the Summary of Option Grant above or to such other addresses that the respective parties may designate in
writing.

 

9.       No
Right to Employment. Nothing contained in this Agreement, nor the granting of any Options to the Optionee hereunder, shall
constitute or be evidence of any agreement or understanding, express or implied, on the part of the Company to employ or continue
employment of Optionee for any specific period.

 

10.       Interpretation.
This Agreement shall be governed by and construed under the laws of the State of New York, without reference to conflict-of-laws
principles. All decisions and interpretations made by the Committee or the Board of Directors with respect to any question arising
under this Agreement or the Plan shall be conclusive and binding upon the Optionee.

 

11.       Amendment.
No term, condition, understanding or agreement purporting to modify the terms of this Agreement shall be binding unless made in
writing and signed by both parties hereto.

 

12.       Waiver.
No failure of a party to exercise any power given to it under this Agreement or to insist upon strict compliance with any obligation
or condition thereunder, and no custom or practice of the parties at variance with the terms hereof shall constitute a waiver by
such party of its rights to demand exact compliance with the terms of this Agreement.

 

13.       Binding
on Heirs, etc. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and the Optionee
and his or her heirs, executors and administrators.

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