Document:

Exhibit 10.37

 

INDEMNITY
AGREEMENT

 

THIS INDEMNITY AGREEMENT
(this “Agreement”) is made as of December 6, 2018, by and between Concrete Pumping Holdings, Inc., a
Delaware corporation (the “Company”), and  (“Indemnitee”).

 

RECITALS

 

WHEREAS, highly
competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities
unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims
and actions against them arising out of their service to and activities on behalf of such corporations;

 

WHEREAS, the Board
of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary
and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given
current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more
exclusions. At the same time, directors, officers and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would
have been brought only against the Company or business enterprise itself. The Second Amended and Restated Certificate of Incorporation
(the “Charter”) and the Bylaws of the Company (the “Bylaws”) require indemnification
of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to applicable provisions
of the Delaware General Corporation Law (“DGCL”). The Charter, Bylaws and the DGCL expressly provide
that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered
into between the Company and members of the board of directors, officers and other persons with respect to indemnification, hold
harmless, exoneration, advancement and reimbursement rights;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the
Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future;

 

WHEREAS, it is
reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to
advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue
to serve the Company free from undue concern that they will not be so protected against liabilities;

 

 

 

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WHEREAS, this
Agreement is a supplement to and in furtherance of the Charter and Bylaws of the Company and any resolutions adopted pursuant thereto,
and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

WHEREAS, Indemnitee
may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and the Company
desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that he be so indemnified; and

 

NOW, THEREFORE,
the Company and Indemnitee do hereby covenant and agree as follows:

 

TERMS AND
CONDITIONS

 

1.       SERVICES
TO THE COMPANY. In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or
continue to serve as an officer, director, advisor, key employee or any other capacity of the Company, as applicable, for so long
as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders his resignation or until Indemnitee is removed.
The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a
director, officer, advisor, key employee or in any other capacity of the Company, as provided in Section 17. This Agreement, however,
shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period
otherwise required by law or by other agreements or commitments of the parties, if any.

 

2.       DEFINITIONS.
As used in this Agreement:

 

(a)       References
to “agent” shall mean any person who is or was a director, officer or employee of the Company or a subsidiary
of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity
as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint
venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a
subsidiary of the Company.

 

(b)       The
terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings
set forth in Rule 13d¬3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

(c)       A
 “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
of any of the following events:

 

(i)       Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities
of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding
securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership
of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of
securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing
Directors (as defined below) and such acquisition would not constitute a Change in Control under part (iii) of this definition;

 

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(ii)       Change
in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by
the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two thirds of the directors
then still in office who were directors on the date hereof or whose election for nomination for election was previously so approved
(collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of
the members of the Board;

 

(iii)       Corporate
Transactions. The effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination, involving the Company and one or more businesses (a “Business Combination”),
in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were
the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities
of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more Subsidiaries (as defined below)) in substantially the same proportions as their ownership
immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2)
no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly,
of 15% or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors
of the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least
a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the
time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;

 

(iv)       Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement or series of agreements
for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the
Company’s current receivables or escrows due (or, if such stockholder approval is not required, the decision by the Board
to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

 

(v)       Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under
the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

(d)       “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving
at the request of the Company.

 

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(e)       “Delaware
Court” shall mean the Court of Chancery of the State of Delaware.

 

“Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below)
in respect of which indemnification is sought by Indemnitee.

 

(f)       “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed
in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request
of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent.

 

(g)       “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(h)       “Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation,
all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness
in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation
for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses also
shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without
limitation the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond
or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or
fines against Indemnitee.

 

(i)       References
to “fines” shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan;
references to “serving at the request of the Company” shall include any service as a director, officer,
employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee,
agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good
faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee
benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to, the best interests
of the Company” as referred to in this Agreement.

 

(j)       “Independent
Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporation law
and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any
matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise
to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

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(k)       The
term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as
in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any
Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined
below) of the Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under
an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly
or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(l)       The
term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional
tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved
as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any
action (or failure to act) taken by him or of any action (or failure to act) on his part while acting as a director or officer
of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, trustee,
general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether or not serving in
such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses
can be provided under this Agreement.

 

(m)       The
term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company,
partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity
interest is owned, directly or indirectly, by that Person.

 

3.       INDEMNITY
IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless
and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made,
a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right
of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3,
Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and
amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect
of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or
on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in
a manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding,
had no reasonable cause to believe that his conduct was unlawful.

 

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4.       INDEMNITY
IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall
indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or
is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right
of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4,
Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by him or on
his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the Company. No indemnification, hold harmless or
exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall
have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which the Proceeding
was brought or the Delaware Court shall determine upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.

 

5.       INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement,
to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and
is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in
part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against
all Expenses actually and reasonably incurred by him in connection therewith. If Indemnitee is not wholly successful in such Proceeding
but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding,
the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against
all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue
or matter. If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by
applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a
claim, issue or matter related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section
and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
shall be deemed to be a successful result as to such claim, issue or matter.

 

6.       INDEMNIFICATION
FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is,
by reason of his Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party or threatened
to be made a party, he shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against
all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

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7.       ADDITIONAL
INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS.

 

(a)       Notwithstanding
any limitation in Sections 3, 4, or 5, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless
and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding
by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts
paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such
Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection
with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7 on account
of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders
or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.

 

8.       CONTRIBUTION
IN THE EVENT OF JOINT LIABILITY.

 

(a)       To
the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for
in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,
holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether
for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with
any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right
of contribution it may have at any time against Indemnitee.

 

(b)       The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

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

 

9.       EXCLUSIONS.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification,
advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a)       for
which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement
provision, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement,
other indemnity or advancement provision or otherwise;

 

(b)       for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common
law; or

 

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(c)       except
as otherwise provided in Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part
of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against
the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any
part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration
payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law. Indemnitee shall seek payments
or Advances from the Company only to the extent that such payments or Advances are unavailable from any insurance policy of the
Company covering Indemnitee.

 

10.       ADVANCES
OF EXPENSES; DEFENSE OF CLAIM.

 

(a)       Notwithstanding
any provision of this Agreement to the contrary, and to the fullest extent not prohibited by applicable law, the Company shall
pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months)
in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting
such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted
by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s
ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or
exonerated under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing
a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company
to support the advances claimed. To the fullest extent required by applicable law, such payments of Expenses in advance of the
final disposition of the Proceeding shall be made only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee,
to repay the advanced amounts to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified
by the Company under the provisions of this Agreement, the Charter, the Bylaws of the Company, applicable law or otherwise. This
Section 10(a) shall not apply to any claim made by Indemnitee for which an indemnification, hold harmless or exoneration payment
is excluded pursuant to Section 9.

 

(b)       The
Company will be entitled to participate in the Proceeding at its own expense.

 

(c)       The
Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine,
penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

11.       PROCEDURE
FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

(a)       Indemnitee
agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,
information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification,
hold harmless or exoneration rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company
shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

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(b)       Indemnitee
may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement.
Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his sole discretion.
Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall
be determined according to Section 12(a) of this Agreement.

 

12.       PROCEDURE
UPON APPLICATION FOR INDEMNIFICATION.

 

(a)       A
determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in
the specific case by one of the following methods: (x) if a Change in Control shall have occurred, (i) by Independent
Counsel in a written opinion to the Board or (ii) if the Indemnitee so requests in writing, by a majority vote of the Disinterested
Directors, even though less than a quorum; or (y) if a Change of Control shall not have occurred: (i) by a majority vote of the
Disinterested Directors, even though less than a quorum of the Board, (ii) by a committee of such directors designated by majority
vote of such directors, (iii) if there are no Disinterested Directors or if such directors so direct, by Independent Counsel in
a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (iv) if so directed by the Board, by vote
of the stockholders. The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is
or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied.
If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days
after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with
respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’
fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall
be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company
hereby agrees to indemnify and to hold Indemnitee harmless therefrom.

 

(b)       In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof,
the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee
(unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company
advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets
the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. If the Independent
Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him of the identity of the Independent
Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company, as the case may be,
may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee,
as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground
that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined
in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent
a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and
substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn
or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after submission
by Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent Counsel shall have been
selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection
which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment
as Independent Counsel of a person selected by the Delaware Court, and the person with respect to whom all objections are so resolved
or the person so appointed shall act as Independent Counsel under Section 12(a) hereof. Upon the due commencement of any judicial
proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of
any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

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(c)       The
Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent
Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

 

13.       PRESUMPTIONS
AND EFFECT OF CERTAIN PROCEEDINGS.

 

(a)       In
making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption
in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure
of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement
of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel)
that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that
Indemnitee has not met the applicable standard of conduct.

 

(b)       If
the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled
to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor,
the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have
been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact,
or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with
the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited
under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional
fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in
good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.

 

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

 

(d)       For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action
is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the directors, manager, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the
Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member, or on
information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director, trustee,
general partner, manager or managing member, by an independent certified public accountant or by an appraiser or other expert selected
by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member.
The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which
Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

 

(e)       The
knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary,
agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement.

 

14.       REMEDIES
OF INDEMNITEE.

 

(a)       In
the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant
to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section
12(a) of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of
indemnification is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) of this Agreement within ten (10)
days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant
to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within
ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee
pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement,
Indemnitee shall be entitled to an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution
or advancement rights. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the provisions
of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not oppose
Indemnitee’s right to seek any such adjudication or award in arbitration.

 

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(b)       In
the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects
as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.

 

(c)       In
any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to be
indemnified, held harmless, exonerated to receive advancement of Expenses under this Agreement and the Company shall have the burden
of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advancement of Expenses, as the
case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12(a) of this Agreement
adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14,
Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is
made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or
lapsed).

 

(d)       If
a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(e)       The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that
the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(f)       The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested
by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the
fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding
or arbitration brought by Indemnitee: (i) to enforce his rights under, or to recover damages for breach of, this Agreement or any
other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Charter, or the Bylaws
now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit
of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification,
hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial proceeding
or arbitration was not brought by Indemnitee in good faith).

 

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(g)       Interest
shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, holds
harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing
with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement
of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.

 

15.       SECURITY.
Notwithstanding anything herein to the contrary, to the extent requested by Indemnitee and approved by the Board, the Company may
at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable
bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released
without the prior written consent of Indemnitee.

 

16.       NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a)       The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors,
or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right
of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced
or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in
his Corporate Status, prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by
statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than
would be afforded currently under the Charter, the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee
shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended
to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

(b)       The
DGCL, the Charter and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make other
arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification
Arrangements”) on behalf of Indemnitee against any liability asserted against him or incurred by or on behalf of
him or in such capacity as a director, officer, employee or agent of the Company, or arising out of his status as such, whether
or not the Company would have the power to indemnify him against such liability under the provisions of this Agreement or under
the DGCL, as it may then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall
not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly
provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect
the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.

 

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(c)       To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person
serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms
to the maximum extent of the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary,
employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as
to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures
set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers
to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

(d)       In
the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action
necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to
enforce such rights.

 

(e)       The
Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent
of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration
payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary,
(i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration,
advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s
satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations
under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold
harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.

 

17.       DURATION
OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee
serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary,
employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which
Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible
Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement)
by reason of his Corporate Status, whether or not he is acting in any such capacity at the time any liability or expense is incurred
for which indemnification or advancement can be provided under this Agreement.

 

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18.       SEVERABILITY.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each
portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby.

 

19.       ENFORCEMENT
AND BINDING EFFECT.

 

(a)       The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that
Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

(b)       Without
limiting any of the rights of Indemnitee under the Charter or Bylaws of the Company as they may be amended from time to time, this
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

 

(c)       The
indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct
or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets
of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company
or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise
at the Company’s request, and shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors
and administrators and other legal representatives.

 

(d)       The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform if no such succession had taken place.

 

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(e)       The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other
things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm
and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining
any other relief to which he may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent
permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The
Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent
jurisdiction, Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.

 

20.       MODIFICATION
AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by
the Company and Indemnitee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

21.       NOTICES.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed,
or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it
is so mailed:

 

(a)       If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide
in writing to the Company.

 

(b)       If
to the Company, to:

 

Concrete Pumping Holdings, Inc.

 

6461 Downing Street

 

Denver, Colorado 80229

 

Attention: Chief Financial Officer

 

With a copy, which shall not constitute notice, to

 

Winston & Strawn LLP

 

200 Park Avenue

 

New York, NY 10166

 

Attn: Joel L. Rubinstein

 

Fax No.: (212) 294-6787

 

or to any other address as may have been
furnished to Indemnitee in writing by the Company.

 

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22.       APPLICABLE
LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except
with respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted
by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out
of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court
in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware
Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to
the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any
claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or
is subject (in whole or in part) to a jury trial. To the fullest extent permitted by law, the parties hereby agree that the mailing
of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such other
manner as may be permitted by law, shall be valid and sufficient service thereof.

 

23.       IDENTICAL
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed
to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the
party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

24.       MISCELLANEOUS.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

 

25.       PERIOD
OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the
Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration
of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that
if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.

 

26.       ADDITIONAL
ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure
is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure
to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

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27.       MAINTENANCE
OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire
period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with
reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and
omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee
shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available
for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as
an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably
insured of the Company’s directors and officers.

 

[Signature Page Follows]

 

 

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

 

	 	CONCRETE PUMPING HOLDINGS, INC.	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	INDEMNITEE	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Address:	 	 

 

 

 

 

[Signature Page to Indemnity Agreement]

 

     

AmericasActive:12772155.5Exhibit 10.38

 

CONCRETE PUMPING HOLDINGS, INC.

2018 OMNIBUS INCENTIVE PLAN

 

Section
1.         General.

 

The name of the Plan is the Concrete Pumping
Holdings, Inc. 2018 Omnibus Incentive Plan (the “Plan”). The Plan intends to: (i) encourage the profitability
and growth of the Company through short-term and long-term incentives that are consistent with the Company’s objectives;
(ii) give Participants an incentive for excellence in individual performance; (iii) promote teamwork among Participants;
and (iv) give the Company a significant advantage in attracting and retaining key Employees, Directors and Consultants.
To accomplish such purposes, the Plan provides that the Company may grant Options, Stock Appreciation Rights, Restricted Shares,
Restricted Stock Units, Performance-Based Awards (including performance-based Restricted Shares and Restricted Stock Units), Other
Stock-Based Awards, Other Cash-Based Awards or any combination of the foregoing.

 

Section
2.          Definitions.

 

For purposes of the Plan, the following
terms shall be defined as set forth below:

 

(a)       “Administrator”
means the Board, or, if and to the extent the Board does not administer the Plan, the Committee appointed by the Board to administer
the Plan in accordance with Section 3 of the Plan.

 

(b)       “Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, the Person specified. An entity shall be deemed an Affiliate of the Company for purposes of this definition only
for such periods as the requisite ownership or control relationship is maintained.

 

(c)       “Articles
of Incorporation” means the articles of incorporation of the Company, as may be amended and/or restated from time to
time.

 

(d)       “Automatic
Exercise Date” means, with respect to an Option or a Stock Appreciation Right, the last business day of the applicable
term of the Option pursuant to Section 7(d) or the Stock Appreciation Right pursuant to Section 8(g).

 

(e)       “Award”
means any Option, Stock Appreciation Right, Restricted Share, Restricted Stock Unit, Performance-Based Award, Other Stock-Based
Award or Other Cash-Based Award granted under the Plan.

 

(f)        “Award
Agreement” means any agreement, contract or other instrument or document evidencing an Award. Evidence of an Award may
be in written or electronic form, may be limited to notation on the books and records of the Company and, with the approval of
the Administrator, need not be signed by a representative of the Company or a Participant.

 

(g)       “Bylaws”
means the bylaws of the Company, as may be amended and/or restated from time to time.

 

(h)       “Beneficial
Owner” (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.

 

(i)        “Board”
means the Board of Directors of the Company.

 

     

     

    

 

(j)        “Cause,”
with respect to any Participant, shall have the meaning assigned to such term in any Company or Company Affiliate employment,
severance, or similar agreement or Award Agreement with the Participant or, if no such agreement exists or the agreement does
not define “Cause,” Cause means (i) any conduct, action or behavior by the Participant, whether or not in connection
with the Participant’s employment, including, without limitation, the commission of any felony or a lesser crime involving
dishonesty, fraud, misappropriation, theft, wrongful taking of property, embezzlement, bribery, forgery, extortion or other crime
of moral turpitude, that has or may reasonably be expected to have a material adverse effect on the reputation or business of
the Company and its Subsidiaries and Affiliates or which results in gain or personal enrichment of the Participant to the detriment
of the Company and its Subsidiaries and Affiliates; (ii) a governmental authority, including, without limitation, the Environmental
Protection Agency or the Food and Drug Administration, has prohibited the Participant from working for or being affiliated with
the Company and its Subsidiaries and Affiliates or the business conducted thereby; (iii) the commission of any act by the
Participant of gross negligence or malfeasance, or any willful violation of law, in each case, in connection with the Participant’s
performance of his or her duties with the Company or a Subsidiary or Affiliate thereof; (iv) performance of the Participant’s
duties in an unsatisfactory manner after a written warning and a ten (10) day opportunity to cure or failure to observe material
policies generally applicable to employees after a written warning and a ten (10) day opportunity to cure; (v) breach of
the Participant’s duty of loyalty to the Company Group; (vi) chronic absenteeism; (vii) substance abuse, illegal
drug use or habitual insobriety; or (viii) violation of obligations of confidentiality to any third party in the course
of providing services to the Company and its Subsidiaries and Affiliates.

 

(k)       “Change
in Capitalization” means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out,
repurchase or other reorganization or corporate transaction or event, (ii) extraordinary dividend (whether in the form of
cash, Common Stock or other property), stock split or reverse stock split, (iii) combination or exchange of shares, (iv)
other change in corporate structure or (v) payment of any other distribution, which, in any such case, the Administrator
determines, in its sole discretion, affects the Shares such that an adjustment pursuant to Section 5 of the Plan is appropriate.

 

(l)        “Change
in Control” shall be deemed to have occurred if an event set forth in any one of the following paragraphs shall have
occurred following the Effective Date:

 

(i)       any
Person, other than the Company or a Subsidiary thereof, becomes the Beneficial Owner, directly or indirectly, of securities of
the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities,
excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of paragraph
(iii) below or any acquisition directly from the Company; or

 

(ii)      the
following individuals cease for any reason to constitute a majority of the number of Directors then serving on the Board: individuals
who, during any period of two (2) consecutive years, constitute the Board and any new Director (other than a Director whose initial
assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation,
relating to the election of Directors of the Company) whose appointment or election by the Board or nomination for election by
the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the
Directors then still in office who either were Directors at the beginning of the two (2) year period or whose appointment, election
or nomination for election was previously so approved or recommended; or

 

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(iii)     the
consummation of a merger or consolidation of the Company or any Subsidiary thereof with any other corporation, other than a merger
or consolidation (A) that results in the voting securities of the Company outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty
percent (50%) of the combined voting power of the voting securities of the Company (or such surviving entity or, if the Company
or the entity surviving such merger is then a subsidiary, the ultimate parent thereof) outstanding immediately after such merger
or consolidation, and (B) immediately following which the individuals who comprise the Board immediately prior thereto
constitute at least a majority of the Board of the entity surviving such merger or consolidation or, if the Company or the entity
surviving such merger is then a subsidiary, the ultimate parent thereof; or

 

(iv)     the
consummation of a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale
or disposition by the Company of all or substantially all of the Company’s assets, other than (A) a sale or disposition
by the Company of all or substantially all of the Company’s assets to an entity, at least fifty percent (50%) of the combined
voting power of the voting securities of which are owned directly or indirectly by stockholders of the Company following the completion
of such transaction in substantially the same proportions as their ownership of the Company immediately prior to such sale or (B)
a sale or disposition of all or substantially all of the Company’s assets immediately following which the individuals who
comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such
assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof.

 

For each Award that constitutes deferred
compensation under Code Section 409A, a Change in Control (where applicable) shall be deemed to have occurred under the Plan
with respect to such Award only if a change in the ownership or effective control of the Company or a change in ownership of a
substantial portion of the assets of the Company also constitutes a “change in control event” under Code Section 409A.

 

Notwithstanding the foregoing, a “Change
in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated
transactions immediately following which the holders of Common Stock immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets
of the Company immediately following such transaction or series of transactions.

 

(m)      “Change
in Control Price” shall have the meaning set forth in Section 12 of the Plan.

 

(n)       “Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. Any reference in the Plan to any
section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments
or successor provisions to such section, regulations or guidance.

 

(o)       “Committee”
means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion of the Board, the Committee
shall be composed entirely of individuals who meet the qualifications of a “non-employee director” within the meaning
of Rule 16b-3 under the Exchange Act and any other qualifications required by the applicable stock exchange on which the Common
Stock is traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator
specified in the Plan shall be exercised by the Committee. Except as otherwise provided in the Company’s Articles of Incorporation
or Bylaws, or any charter establishing the Committee, any action of the Committee with respect to the administration of the Plan
shall be taken by a majority vote at a meeting at which a quorum is duly constituted or unanimous written consent of the Committee’s
members.

 

    	 	3	 

     

    

 

(p)       “Common
Stock” means the common stock, par value $0.0001 per share, of the Company.

 

(q)       “Company”
means Concrete Pumping Holdings, Inc., a Delaware corporation (or any successor corporation, except as the term “Company”
is used in the definition of “Change in Control” above).

 

(r)       “Consultant”
means any consultant or independent contractor of the Company or an Affiliate thereof, in each case, who is not an Employee, Executive
Officer or non-employee Director.

 

(s)       “Disability,”
with respect to any Participant, shall have the meaning assigned to such term in any individual employment, severance or similar
agreement or Award Agreement with the Participant or, if no such agreement exists or the agreement does not define “Disability,”
Disability means that such Participant (i) is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months,
receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering
Employees of the Company or an Affiliate thereof.

 

(t)       “Director”
means any individual who is a member of the Board on or after the Effective Date.

 

(u)       “Effective
Date” shall have the meaning set forth in Section 19 of the Plan.

 

(v)       “Eligible
Recipient” means: (i) an Employee; (ii) a non-employee Director; or (iii) a Consultant, in each
case, who has been selected as an eligible recipient under the Plan by the Administrator. Notwithstanding the foregoing, to the
extent required to avoid the imposition of additional taxes under Code Section 409A, “Eligible Recipient” means:
an (1) Employee; (2) a non-employee Director; or (3) a Consultant, in each case, of the Company or a Subsidiary
thereof, who has been selected as an eligible recipient under the Plan by the Administrator.

 

(w)      “Employee”
shall mean an employee of the Company or an Affiliate thereof (which, for purposes of Incentive Stock Options, shall mean “parent”
or “subsidiary” as described in Treasury Regulation Section 1.421-1(h)), including an Executive Officer or Director
who is also an employee.

 

(x)        “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

(y)      “Executive
Officer” means each Participant who is an executive officer (within the meaning of Rule 3b-7 under the Exchange Act)
of the Company.

 

(z)       “Exercise
Price” means, with respect to any Award under which the holder may purchase Shares, the price per share at which a holder
of such Award granted hereunder may purchase Shares issuable upon exercise of such Award.

 

    	 	4	 

     

    

 

(aa)     “Fair
Market Value” as of a particular date shall mean: (i) if the Common Stock is admitted to trading on a national
securities exchange, the fair market value of a Share on any date shall be the closing sale price reported for such share on such
exchange on such date or, if no sale was reported on such date, on the last day preceding such date on which a sale was reported;
(ii) if the Shares are not then listed on a national securities exchange, the average of the highest reported bid and lowest
reported asked prices for the Shares as reported by the National Association of Securities Dealers, Inc. Automated Quotations
System or such other quotation system for the last preceding date on which there was a sale of such stock ; or (iii) if
the Shares are not then listed on a national securities exchange or traded in an over-the-counter market or the value of such
Shares is not otherwise determinable, such value as determined by the Committee in good faith and in a manner consistent with
Code Section 409A.

 

(bb)     “Free Standing Rights”
shall have the meaning set forth in Section 8(a) of the Plan.

 

(cc)      “Incentive Stock Option”
means an Option that is intended to satisfy the requirements applicable to an “incentive stock option” described in
Code Section 422.       

 

(dd)     “Nonqualified Stock Option”
means an Option that is not an Incentive Stock Option.

 

(ee)     “Option” means
an option to purchase Shares granted pursuant to Section 7 of the Plan.

 

(ff)       “Other Cash-Based Award”
means a cash Award granted to a Participant under Section 11 of the Plan, including cash awarded as a bonus or upon the attainment
of Performance Goals or otherwise as permitted under the Plan.

 

(gg)     “Other Stock-Based Award”
means a right or other interest granted to a Participant under the Plan that may be denominated or payable in, valued in whole
or in part by reference to, or otherwise based on or related to, Common Stock, including, but not limited to, unrestricted Shares
or dividend equivalents, each of which may be subject to the attainment of Performance Goals or a period of continued employment
or other terms or conditions as permitted under the Plan.

 

(hh)     “Participant”
means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority provided for in Section
3 of the Plan, to receive grants of Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units, Other Stock-Based
Awards, Other Cash-Based Awards or any combination of the foregoing, and, upon his or her death, his or her successors, heirs,
executors and administrators, as the case may be, solely with respect to any Awards outstanding at the date of the Eligible Recipient’s
death.

 

(ii)       “Performance-Based
Award” means any Award granted under the Plan that is subject to one or more performance goals. Any dividends or dividend
equivalents payable or credited to a Participant with respect to any unvested Performance-Based Award shall be subject to the same
performance goals as the Shares or units underlying the Performance-Based Award.

 

(jj)       “Performance Goals”
means performance goals based on one or more of the following criteria (or such other criteria as the Administrator may determine):
(i) earnings before interest and taxes; (ii) earnings before interest, taxes, depreciation and amortization; (iii)
net operating profit after tax; (iv) cash flow; (v) revenue; (vi) net revenues; (vii) sales; (viii)
days sales outstanding; (ix) scrap rates; (x) income; (xi) net income; (xii) operating income; (xiii)
net operating income; (xiv) operating margin; (xv) earnings; (xvi) earnings per share; (xvii) return
on equity; (xviii) return on investment; (xix) return on capital; (xx) return on assets; (xxi) return
on net assets; (xxii) total shareholder return; (xxiii) economic profit; (xxiv) market share; (xxv)
appreciation in the fair market value, book value or other measure of value of the Company’s Common Stock; (xxvi)
expense or cost control; (xxvii) working capital; (xxviii) volume or production; (xxix) new products; (xxx)
customer satisfaction; (xxxi) brand development; (xxxii) employee retention or employee turnover; (xxxiii)
employee satisfaction or engagement; (xxxiv) environmental, health or other safety goals; (xxxv) individual performance;
(xxxvi) strategic objective milestones; (xxxvii) days inventory outstanding; and (xxxviii) any combination
of, or as applicable, a specified increase or decrease in, any of the foregoing. Where applicable, the Performance Goals may be
expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease
in the particular criteria, and may be applied to one or more of the Company or an Affiliate thereof, or a division or strategic
business unit of the Company, or may be applied to the performance of the Company relative to a market index, a group of other
companies or a combination thereof, all as determined by the Committee. The Performance Goals may include a threshold level of
performance below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments
shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be
made (or at which full vesting shall occur).

 

    	 	5	 

     

    

 

(kk)     “Person” shall
have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof,
except that such term shall not include (i) a trustee or other fiduciary holding securities under an employee benefit plan
of the Company or any Subsidiary thereof, (ii) an underwriter temporarily holding securities pursuant to an offering of
such securities, or (iii) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of stock of the Company.

 

(ll)       “Related Rights”
shall have the meaning set forth in Section 8(a) of the Plan.

 

(mm)   “Restricted Shares”
means an Award of Shares granted pursuant to Section 9 of the Plan subject to certain restrictions that lapse at the end of a specified
period or periods.

 

(nn)     “Restricted Stock Unit”
means a notional account established pursuant to an Award granted to a Participant, as described in Section 10 of the Plan, that
is (i) valued solely by reference to Shares, (ii) subject to restrictions specified in the Award Agreement, and (iii)
payable in cash or in Shares (as specified in the Award Agreement). The Restricted Stock Units awarded to the Participant will
vest according to the time-based criteria or performance goal criteria specified in the Award Agreement.

 

(oo)     “Restricted
Period” means the period of time determined by the Administrator during which an Award or a portion thereof is subject
to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether
an Award has been earned.

 

(pp)     “Retirement”
means a termination of a Participant’s employment, other than for Cause and other than by reason of death or Disability,
on or after the attainment of age 65.

 

(qq)     “Rule 16b-3”
shall have the meaning set forth in Section 3(a) of the Plan.

 

(rr)       “Shares” means
shares of Common Stock reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a
merger, consolidation or other reorganization) security.

 

(ss)     “Stock Appreciation Right”
means the right pursuant to an Award granted under Section 8 of the Plan to receive an amount equal to the excess, if any, of (i)
the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares covered by such Award
or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.

 

(tt)       “Subsidiary”
means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise
controls, directly or indirectly, more than fifty percent (50%) of the voting shares or other similar interests or a sole general
partner interest or managing member or similar interest of such other Person. An entity shall be deemed a Subsidiary of the Company
for purposes of this definition only for such periods as the requisite ownership or control relationship is maintained. Notwithstanding
the foregoing, in the case of an Incentive Stock Option or any determination relating to an Incentive Stock Option, “Subsidiary”
means a corporation that is a subsidiary of the Company within the meaning of Code Section 424(f).

 

    	 	6	 

     

    

 

(uu)     “Substitute Award”
shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards granted
by a company or other entity in connection with a corporate transaction, such as a merger, combination, consolidation, or acquisition
of property or stock; provided, however, that in no event shall the term “Substitute Award” be construed to refer to
an award made in connection with the cancellation and repricing of an Option or Stock Appreciation Right.

 

Section
3.          Administration.

 

(a)       The
Plan shall be administered by the Administrator and shall be administered in accordance with, to the extent applicable, Rule 16b-3
under the Exchange Act (“Rule 16b-3”).

 

(b)       Pursuant
to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated
to it by the Board, shall have the power and authority, without limitation:

 

(i)       to
select those Eligible Recipients who shall be Participants;

 

(ii)      to
determine whether and to what extent Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units, Other Stock-Based
Awards, Other Cash-Based Awards or a combination of any of the foregoing, are to be granted hereunder to Participants;

 

(iii)     to
determine the number of Shares to be covered by each Award granted hereunder;

 

(iv)     to
determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder, including, but
not limited to, (A) the restrictions applicable to Awards and the conditions under which restrictions applicable to such
Awards shall lapse, (B) the Performance Goals and performance periods applicable to Awards, if any, (C) the
Exercise Price of each Award, (D) the vesting schedule applicable to each Award, (E) the number of Shares subject
to each Award and (F) subject to the requirements of Code Section 409A (to the extent applicable), any amendments to
the terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards and
accelerating the vesting schedule of such Awards;

 

(v)      to
determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing
Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units or Other Stock-Based Awards, Other Cash-Based Awards
or any combination of the foregoing granted hereunder;

 

(vi)     to
determine the Fair Market Value;

 

(vii)    to
determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination
of the Participant’s employment for purposes of Awards granted under the Plan;

 

(viii)       to
adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem
advisable;

 

    	 	7	 

     

    

 

(ix)      to
reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan, any Award Agreement or other instrument
or agreement relating to the Plan or an Award granted under the Plan; and

 

(x)       to
construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement relating
thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically
granted under the Plan or necessary and advisable in the administration of the Plan.

 

(c)       All
decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons,
including the Company and the Participants. No member of the Board or the Committee, or any officer or employee of the Company
or any Subsidiary thereof acting on behalf of the Board or the Committee, shall be personally liable for any action, omission,
determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee
and each and any officer or employee of the Company and of any Subsidiary thereof acting on their behalf shall, to the maximum
extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination
or interpretation.

 

Section
4.          Shares Reserved for Issuance Under the Plan.

 

(a)       Subject
to Section 5 of the Plan, the number of Shares that are reserved and available for issuance pursuant to Awards granted under the
Plan is 7,700,000 shares of Common Stock. The maximum number of Shares that may be issued pursuant to Options intended to be Incentive
Stock Options is 7,700,000 shares of Common Stock.

 

(b)       Notwithstanding
the foregoing, compensation paid to a non-employee Director, including cash fees and Awards under the Plan (based on the grant
date Fair Market Value of such Awards for financial reporting purposes), shall not exceed $450,000 per fiscal year in respect of
his or her service as a Director.

 

(c)       Shares
issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired
by the Company in the open market, in private transactions or otherwise. Any Shares subject to an Award under the Plan that, after
the Effective Date, are forfeited, canceled, settled or otherwise terminated without a distribution of Shares to a Participant
will thereafter be deemed to be available for Awards. In applying the immediately preceding sentence, if (i) Shares otherwise
issuable or issued in respect of, or as part of, any Award are withheld to cover taxes, such Shares shall be treated as having
been issued under the Plan and shall not again be available for issuance under the Plan, (ii) Shares otherwise issuable
or issued in respect of, or as part of, any Award of Options or Stock Appreciation Rights are withheld to cover the Exercise Price,
such Shares shall be treated as having been issued under the Plan and shall not again be available for issuance under the Plan,
and (iii) any Stock-settled Stock Appreciation Rights are exercised, the aggregate number of Shares subject to such Stock
Appreciation Rights shall be deemed issued under the Plan and shall not again be available for issuance under the Plan.

 

(d)       Substitute
Awards shall not reduce the Shares authorized for grant under the Plan. In the event that a company acquired by the Company or
any Affiliate or with which the Company or any Affiliate combines has shares available under a pre-existing plan approved by stockholders
and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such
pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula
used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party
to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant
under the Plan; provided that Awards using such available Shares shall not be made after the date awards or grants
could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to
individuals who were not employed by or providing services to the Company or its Affiliates immediately prior to such acquisition
or combination.

 

    	 	8	 

     

    

 

(e)       Any
Shares that become deliverable to a Participant pursuant to the Plan may be issued in certificate form in the name of the Participant
or in book-entry form in the name of the Participant.

 

Section
5.          Equitable Adjustments.

 

In the event of any Change in Capitalization,
an equitable substitution or proportionate adjustment shall be made, in each case, as may be determined by the Administrator, in
its sole discretion, in (i) the aggregate number of Shares reserved for issuance under the Plan, (ii) the kind and
number of securities and Exercise Price subject to outstanding Options and Stock Appreciation Rights granted under the Plan, provided,
however, that any such substitution or adjustment with respect to Options and Stock Appreciation Rights shall occur in accordance
with the requirements of Code Section 409A, and (iii) the kind and number of securities and purchase price (if applicable)
with respect to outstanding Restricted Shares or Other Stock-Based Awards granted under the Plan, in each case as may be determined
by the Administrator, in its sole discretion; provided, however, that any fractional Shares resulting from the adjustment
shall be eliminated. Such other equitable substitutions or adjustments shall be made as may be determined by the Administrator,
in its sole discretion. Without limiting the generality of the foregoing, in connection with a Change in Capitalization, the Administrator
may provide, in its sole discretion, for the cancellation of any outstanding Award granted hereunder in exchange for payment in
cash or other property having an aggregate Fair Market Value of the Shares covered by such Award, reduced by the aggregate Exercise
Price or purchase price thereof, if any. Notwithstanding anything contained in the Plan to the contrary, any adjustment with respect
to an Incentive Stock Option due to an adjustment or substitution described in this Section 5 shall comply with the rules of Code
Section 424(a), and in no event shall any adjustment be made which would render any Incentive Stock Option granted hereunder to
be disqualified as an incentive stock option for purposes of Code Section 422. The Administrator’s determinations pursuant
to this Section 5 shall be final, binding and conclusive.

 

Section
6.          Eligibility.

 

The Participants under the Plan shall be
selected from time to time by the Administrator, in its sole discretion, from among Eligible Recipients.

 

Section
7.          Options.

 

(a)       General.
The Committee may, in its sole discretion, grant Options to Participants. Solely with respect to Participants who are Employees,
the Committee may grant Incentive Stock Options, Nonqualified Stock Options or a combination of both. With respect to all other
Participants, the Committee may grant only Nonqualified Stock Options. Each Participant who is granted an Option shall enter into
an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion,
which Award Agreement shall specify whether the Option is an Incentive Stock Option or a Nonqualified Stock Option and shall set
forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of
the Option granted thereunder. The provisions of each Option need not be the same with respect to each Participant. More than one
Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be
subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent
with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award Agreement. The prospective
recipient of an Option shall not have any rights with respect to such Award, unless and until such recipient has received an Award
Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to
the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date.

 

    	 	9	 

     

    

 

(b)       Limits
on Incentive Stock Options. If the Administrator grants Incentive Stock Options, then to the extent that the aggregate fair
market value of Shares with respect to which Incentive Stock Options are exercisable for the first time by any individual during
any calendar year (under all plans of the Company) exceeds $100,000, such Options will be treated as Nonqualified Stock Options
to the extent required by Code Section 422.

 

(c)       Exercise
Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole discretion
at the time of grant; provided, however, that (i) in no event shall the Exercise Price of an Incentive Stock Option
be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the date of grant, and (ii) no Incentive
Stock Option granted to a ten percent (10%) stockholder of the Company’s Common Stock (within the meaning of Code Section
422(b)(6)) shall have an exercise price per share less than one-hundred ten percent (110%) of the Fair Market Value of a Share
on such date.

 

(d)       Option
Term. The maximum term of each Option shall be fixed by the Administrator, but in no event shall (i) an Option be exercisable
more than ten (10) years after the date such Option is granted, and (ii) an Incentive Stock Option granted to a ten
percent (10%) stockholder of the Company’s Common Stock (within the meaning of Code Section 422(b)(6)) be exercisable more
than five (5) years after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to
the applicable provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, the Administrator shall have the
authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as the Administrator,
in its sole discretion, deems appropriate. Notwithstanding any contrary provision herein, if, on the date an outstanding Option
would expire, the exercise of the Option, including by a “net exercise” or “cashless” exercise, would violate
applicable securities laws or any insider trading policy maintained by the Company from time to time, the expiration date applicable
to the Option will be extended, except to the extent such extension would violate Section 409A, to a date that is thirty (30) calendar
days after the date the exercise of the Option would no longer violate applicable securities laws or any such insider trading policy.

 

(e)       Exercisability.
Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of pre-established
Performance Goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide
that any Option shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions
at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding
anything to the contrary contained herein, an Option may not be exercised for a fraction of a share.

 

(f)       Method
of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the
number of Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in
cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect
to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received
under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon
exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the
date of surrender equal to the aggregate Exercise Price of the Shares as to which such Option shall be exercised, (iii)
any other form of consideration approved by the Administrator and permitted by applicable law or (iv) any combination of
the foregoing. In determining which methods a Participant may utilize to pay the Exercise Price, the Administrator may consider
such factors as it determines are appropriate; provided, however, that with respect to Incentive Stock Options, all such
discretionary determinations shall be made by the Administrator at the time of grant and specified in the Award Agreement.

 

(g)       Rights
as Stockholder. A Participant shall have no rights to dividends or any other rights of a stockholder with respect to the Shares
subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full for such Shares
and has satisfied the requirements of Section 15 of the Plan and the Shares have been issued to the Participant.

 

(h)       Termination
of Employment or Service.

 

(i)       Unless
the applicable Award Agreement provides otherwise, in the event that the employment or service of a Participant with the Company
and all Affiliates thereof shall terminate for any reason other than Cause, Retirement, Disability, or death, (A) Options
granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain exercisable
until the date that is ninety (90) days after such termination, on which date they shall expire, and (B) Options granted
to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of
business on the date of such termination. The ninety (90) day period described in this Section 7(h)(i) shall be extended to
one (1) year after the date of such termination in the event of the Participant’s death during such ninety (90) day
period. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term.

 

(ii)      Unless
the applicable Award Agreement provides otherwise, in the event that the employment or service of a Participant with the Company
and all Affiliates thereof shall terminate on account of Retirement, Disability or the death of the Participant, (A) Options
granted to such Participant, to the extent that they were exercisable at the time of such termination, shall remain exercisable
until the date that is one (1) year after such termination, on which date they shall expire and (B) Options granted
to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of
business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of
its term.

 

(iii)     In
the event of the termination of a Participant’s employment or service for Cause, all outstanding Options granted to such
Participant shall expire at the commencement of business on the date of such termination.

 

(iv)     For
purposes of this Section 7(h), Options that are not exercisable solely due to a blackout period shall be considered exercisable.

 

(i)       Other
Change in Employment Status. An Option may be affected, both with regard to vesting schedule and termination, by leaves of
absence, changes from full-time to part-time employment, partial disability or other changes in the employment status or service
of a Participant, as evidenced in a Participant’s Award Agreement.

 

(j)       Change
in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Options shall be subject
to Section 12 of the Plan.

 

    	 	10	 

     

    

 

Section
8.          Stock Appreciation Rights.

 

(a)       General.
Stock Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with all or
part of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after
the time of the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times
at which, grants of Stock Appreciation Rights shall be made, the number of Shares to be awarded, the price per Share, and all other
conditions of Stock Appreciation Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are
subject to the Option to which it relates and any Stock Appreciation Right must be granted with an Exercise Price not less than
the Fair Market Value of Common Stock on the date of grant. The provisions of Stock Appreciation Rights need not be the same with
respect to each Participant. Stock Appreciation Rights granted under the Plan shall be subject to the following terms and conditions
set forth in this Section 8 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan,
as the Administrator shall deem desirable, as set forth in the applicable Award Agreement.

 

(b)       Awards;
Rights as Stockholder. The prospective recipient of a Stock Appreciation Right shall not have any rights with respect to such
Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement,
executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period
as the Administrator may specify) after the award date.

 

(c)       Exercisability.

 

(i)       Stock
Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions
as shall be determined by the Administrator in the applicable Award Agreement.

 

(ii)       Stock
Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options
to which they relate shall be exercisable in accordance with the provisions of Section 7 above and this Section 8 of the Plan.

 

(d)       Payment
Upon Exercise.

 

(i)       Upon
the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares,
determined using the Fair Market Value, equal in value to the excess of the Fair Market Value as of the date of exercise over the
price per share specified in the Free Standing Right multiplied by the number of Shares in respect of which the Free Standing Right
is being exercised.

 

(ii)      A
Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise
and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares, determined using the
Fair Market Value, equal in value to the excess of the Fair Market Value as of the date of exercise over the Exercise Price specified
in the related Option multiplied by the number of Shares in respect of which the Related Right is being exercised. Options which
have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised.

 

(iii)     Notwithstanding
the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation Right in cash (or in any combination
of Shares and cash).

 

    	 	11	 

     

    

 

(e)       Rights
as Stockholder. A Participant shall have no rights to dividends or any other rights of a stockholder with respect to the Shares
subject to a Stock Appreciation Right until the Participant has given written notice of the exercise thereof, has satisfied the
requirements of Section 15 of the Plan and the Shares have been issued to the Participant.

 

(f)       Termination
of Employment or Service.

 

(i)       In
the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been
granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms and
conditions as shall be determined by the Administrator in the applicable Award Agreement.

 

(ii)      In
the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been
granted one or more Related Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions
as set forth in the related Options.

 

(g)       Term.

 

(i)       The
term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than
ten (10) years after the date such right is granted.

 

(ii)      The
term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more
than ten (10) years after the date such right is granted.

 

(h)       Change
in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Stock Appreciation Rights
shall be subject to Section 12 of the Plan.

 

(i)       Automatic
Exercise. Unless otherwise provided by the Administrator in an Award Agreement or otherwise, or as otherwise directed by the
Participant in writing to the Company, each vested and exercisable Stock Appreciation Right outstanding on the Automatic Exercise
Date with an Exercise Price per Share that is less than the Fair Market Value per Share as of such date shall automatically and
without further action by the Participant or the Company be exercised on the Automatic Exercise Date. The Company or any Affiliate
shall deduct or withhold an amount sufficient to satisfy all taxes associated with such exercise in accordance with Section 15.
Unless otherwise determined by the Administrator, this Section 8(i) shall not apply to a Stock Appreciation Right if the Participant’s
employment or service has terminated on or before the Automatic Exercise Date. For the avoidance of doubt, no Stock Appreciation
Right with an Exercise Price per Share that is equal to or greater the Fair Market Value per Share on the Automatic Exercise Date
shall be exercised pursuant to this Section 8(i).

 

Section
9.         Restricted Shares.

 

(a)       General.
Restricted Shares may be issued either alone or in addition to other Awards granted under the Plan. The Administrator shall determine
the Eligible Recipients to whom, and the time or times at which, grants of Restricted Shares shall be made; the number of Shares
to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Shares; the Restricted Period,
if any, applicable to Restricted Shares; the Performance Goals (if any) applicable to Restricted Shares; and all other conditions
of the Restricted Shares. If the restrictions, Performance Goals and/or conditions established by the Administrator are not attained,
a Participant shall forfeit his or her Restricted Shares in accordance with the terms of the grant. The provisions of the Restricted
Shares need not be the same with respect to each Participant.

 

    	 	12	 

     

    

 

(b)       Awards
and Certificates. The prospective recipient of Restricted Shares shall not have any rights with respect to any such Award,
unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed
and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the
Administrator may specify) after the award date. Except as otherwise provided in Section 9(c) of the Plan, (i) each Participant
who is granted an award of Restricted Shares may, in the Company’s sole discretion, be issued a stock certificate in respect
of such Restricted Shares; and (ii) any such certificate so issued shall be registered in the name of the Participant, and
shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to any such Award.

 

The Company may require that the stock certificates,
if any, evidencing Restricted Shares granted hereunder be held in the custody of the Company until the restrictions thereon shall
have lapsed, and that, as a condition of any award of Restricted Shares, the Participant shall have delivered a stock power, endorsed
in blank, relating to the Shares covered by such Award.

 

Notwithstanding anything in the Plan to
the contrary, any Restricted Shares (whether before or after any vesting conditions have been satisfied) may, in the Company’s
sole discretion, be issued in uncertificated form pursuant to the customary arrangements for issuing shares in such form.

 

(c)       Restrictions
and Conditions. The Restricted Shares granted pursuant to this Section 9 shall be subject to the following restrictions and
conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or thereafter:

 

(i)       The
Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such
restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion,
including, but not limited to, the attainment of certain Performance Goals, the Participant’s termination of employment or
service as a non-employee Director or Consultant of the Company or an Affiliate thereof, or the Participant’s death or Disability.

 

(ii)      Except
as provided in Section 16 of the Plan or in the Award Agreement, the Participant shall generally have the rights of a stockholder
of the Company with respect to Restricted Shares during the Restricted Period. Unless otherwise determined by the Administrator
in its discretion, Participants will be entitled to vote Restricted Shares. In the Administrator’s discretion and as provided
in the applicable Award Agreement, a Participant may receive dividends or dividend equivalents on an Award of Restricted Shares,
which will be payable in accordance with the terms of such grant as determined by the Administrator. Certificates for Shares of
unrestricted Common Stock may, in the Company’s sole discretion, be delivered to the Participant only after the Restricted
Period has expired without forfeiture in respect of such Restricted Shares, except as the Administrator, in its sole discretion,
shall otherwise determine.

 

(iii)     The
rights of Participants granted Restricted Shares upon termination of employment or service as a non-employee Director or Consultant
of the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement.

 

(d)       Change
in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Shares shall
be subject to Section 12 of the Plan.

 

    	 	13	 

     

    

 

Section
10.       Restricted Stock Units.

 

 

(a)       General.
Restricted Stock Units may be issued either alone or in addition to other Awards granted under the Plan. The Administrator
shall determine the Eligible Recipients to whom, and the time or times at which, grants of Restricted Stock Units shall be made;
the number of Restricted Stock Units to be awarded; the Restricted Period, if any, applicable to Restricted Stock Units; the Performance
Goals (if any) applicable to Restricted Stock Units; and all other conditions of the Restricted Stock Units. If the restrictions,
Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted
Stock Units in accordance with the terms of the grant. The provisions of Restricted Stock Units need not be the same with respect
to each Participant.

 

(b)       Award
Agreement. The prospective recipient of Restricted Stock Units shall not have any rights with respect to any such Award, unless
and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed
and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the
Administrator may specify) after the award date.

 

(c)       Restrictions
and Conditions. The Restricted Stock Units granted pursuant to this Section 10 shall be subject to the following restrictions
and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or, subject
to Code Section 409A, thereafter:

 

(i)       The
Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such
restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion,
including, but not limited to, the attainment of certain Performance Goals, the Participant’s termination of employment or
service as a non-employee Director or Consultant of the Company or an Affiliate thereof, or the Participant’s death or Disability.

 

(ii)      Participants
holding Restricted Stock Units shall have no voting rights. A Restricted Stock Unit may, at the Administrator’s discretion,
carry with it a right to dividend equivalents. Such right would entitle the holder to be credited with an amount equal to all cash
dividends paid on one Share while the Restricted Stock Unit is outstanding. The Administrator, in its discretion, may grant dividend
equivalents from the date of grant or only after a Restricted Stock Unit is vested.

 

(iii)     The
rights of Participants granted Restricted Stock Units upon termination of employment or service as a non-employee Director or Consultant
of the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement.

 

(d)       Settlement
of Restricted Stock Units. Settlement of vested Restricted Stock Units shall be made to Participants in the form of Shares,
unless the Administrator, in its sole discretion, provides for the payment of the Restricted Stock Units in cash (or partly in
cash and partly in Shares) equal to the Fair Market Value of the Shares that would otherwise be distributed to the Participant.

 

(e)       Rights
as Stockholder. Except as provided in the Award Agreement in accordance with Section 10(c)(ii), a Participant shall
have no rights to dividends or any other rights of a stockholder with respect to the Shares subject to Restricted Stock Units until
the Participant has satisfied all conditions of the Award Agreement and the requirements of Section 15 of the Plan and the Shares
have been issued to the Participant.

 

    	 	14	 

     

    

 

(f)       Change
in Control. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Stock Units
shall be subject to Section 12 of the Plan.

 

Section
11.       Other Stock-Based or Cash-Based Awards.

 

(a)       The
Administrator is authorized to grant Awards to Participants in the form of Other Stock-Based Awards or Other Cash-Based Awards,
as deemed by the Administrator to be consistent with the purposes of the Plan and as evidenced by an Award Agreement. The Administrator
shall determine the terms and conditions of such Awards, consistent with the terms of the Plan, at the date of grant or thereafter,
including any Performance Goals and performance periods. Common Stock or other securities or property delivered pursuant to an
Award in the nature of a purchase right granted under this Section 11 shall be purchased for such consideration, paid for at such
times, by such methods, and in such forms, including, without limitation, Shares, other Awards, notes or other property, as the
Administrator shall determine, subject to any required corporate action.

 

(b)       The
prospective recipient of an Other Stock-Based Award or Other Cash-Based Award shall not have any rights with respect to such Award,
unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed
and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the
Administrator may specify) after the award date.

 

(c)       Notwithstanding
anything herein to the contrary, upon a Change in Control, all outstanding Other Stock-Based Awards and Other Cash-Based Awards
shall be subject to Section 12 of the Plan.

 

Section
12.       Change in Control.

 

The Administrator may provide in the applicable
Award Agreement that an Award will vest on an accelerated basis upon the Participant’s termination of employment or service
in connection with a Change in Control or upon the occurrence of any other event that the Administrator may set forth in the Award
Agreement. If the Company is a party to an agreement that is reasonably likely to result in a Change in Control, such agreement
may provide for: (i) the continuation of any Award by the Company, if the Company is the surviving corporation; (ii)
the assumption of any Award by the surviving corporation or its parent or subsidiary; (iii) the substitution by the surviving
corporation or its parent or subsidiary of equivalent awards for any Award, provided, however, that any such substitution
with respect to Options and Stock Appreciation Rights shall occur in accordance with the requirements of Code Section 409A; or
(iv) settlement of any Award for the Change in Control Price (less, to the extent applicable, the per share exercise or
grant price), or, if the per share exercise or grant price equals or exceeds the Change in Control Price or if the Administrator
determines that Award cannot reasonably become vested pursuant to its terms, such Award shall terminate and be canceled without
consideration. To the extent that Restricted Shares, Restricted Stock Units or other Awards settle in Shares in accordance with
their terms upon a Change in Control, such Shares shall be entitled to receive as a result of the Change in Control transaction
the same consideration as the Shares held by stockholders of the Company as a result of the Change in Control transaction. For
purposes of this Section 12, “Change in Control Price” shall mean (A) the price per share of Common Stock paid
to stockholders of the Company in the Change in Control transaction, or (B) the Fair Market Value of a Share upon a Change in Control,
as determined by the Administrator. To the extent that the consideration paid in any such Change in Control transaction consists
all or in part of securities or other non-cash consideration, the value of such securities or other non-cash consideration shall
be determined in good faith by the Administrator.

 

    	 	15	 

     

    

 

Section
13.       Amendment and Termination.

 

(a)       The
Board or the Committee may amend, alter or terminate the Plan, but no amendment, alteration, or termination shall be made that
would impair the rights of a Participant under any Award theretofore granted without such Participant’s consent.

 

(b)       Notwithstanding
the foregoing, approval of the Company’s stockholders shall be obtained to increase the aggregate Share limit described in
Section 4.

 

(c)       Subject
to the terms and conditions of the Plan, the Administrator may modify, extend or renew outstanding Awards under the Plan, or accept
the surrender of outstanding Awards (to the extent not already exercised) and grant new Awards in substitution of them (to the
extent not already exercised).

 

(d)       Notwithstanding
the foregoing, no alteration, modification or termination of an Award will, without the prior written consent of the Participant,
adversely alter or impair any rights or obligations under any Award already granted under the Plan.

 

Section
14.       Unfunded Status of Plan.

 

The Plan is intended to constitute an “unfunded”
plan for incentive compensation. With respect to any payments not yet made or Shares not yet transferred to a Participant by the
Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor
of the Company.

 

Section
15.       Withholding Taxes.

 

Each Participant shall, no later than the
date as of which the value of an Award first becomes includible in the gross income of such Participant for federal, state and/or
local income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any
federal, state, or local taxes of any kind, domestic or foreign, required by law or regulation to be withheld with respect to the
Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the
Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due
to such Participant. Whenever cash is to be paid pursuant to an Award granted hereunder, the Company shall have the right to deduct
therefrom an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto. Whenever Shares
are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in
cash an amount sufficient to satisfy any related federal, state and local taxes, domestic or foreign, to be withheld and applied
to the tax obligations. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing
to have the Company withhold from delivery of Shares or by delivering already owned unrestricted shares of Common Stock, in each
case, having a value equal to the amount required to be withheld or such other greater amount up to the maximum statutory rate
under applicable law, as applicable to such Participant, if such other greater amount would not result in adverse financial accounting
treatment, as determined by the Administrator (including in connection with the effectiveness of FASB Accounting Standards Update
2016-09). Such Shares shall be valued at their Fair Market Value on the date of which the amount of tax to be withheld is determined.
Fractional share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares
to be delivered pursuant to an Award. The Company may also use any other method of obtaining the necessary payment or proceeds,
as permitted by law, to satisfy its withholding obligation with respect to any Option or other Award.

 

    	 	16	 

     

    

 

Section
16.       Non-United States Employees. 

 

Without
amending the Plan, the Administrator may grant Awards to eligible persons residing in non-United States jurisdictions on such terms
and conditions different from those specified in the Plan, including the terms of any award agreement or plan, adopted by the Company
or any Subsidiary thereof to comply with, or take advantage of favorable tax or other treatment available under, the laws of any
non-United States jurisdiction, as may in the judgment of the Administrator be necessary or desirable to foster and promote achievement
of the purposes of the Plan and, in furtherance of such purposes the Administrator may make such modifications, amendments, procedures,
subplans and the like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in
which the Company or its Subsidiaries operates or has employees.

 

Section
17.       Transfer of Awards.

 

No purported sale, assignment, mortgage,
hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation
of a security interest in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”)
by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written
consent of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator, and other than
by will, by the laws of descent and distribution. Any purported Transfer of an Award or any economic benefit or interest therein
in violation of the Plan or an Award Agreement shall be null and void ab initio, and shall not create any obligation or
liability of the Company, and any person purportedly acquiring any Award or any economic benefit or interest therein transferred
in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of such Shares. Unless otherwise
determined by the Administrator in accordance with the provisions of the immediately preceding sentence, an Option may be exercised,
during the lifetime of the Participant, only by the Participant or, during any period during which the Participant is under a legal
disability, by the Participant’s guardian or legal representative.

 

Section
18.       Continued Employment.

 

The adoption of the Plan shall not confer
upon any Eligible Recipient any right to continued employment or service with the Company or an Affiliate thereof, as the case
may be, nor shall it interfere in any way with the right of the Company or an Affiliate thereof to terminate the employment or
service of any of its Eligible Recipients at any time.

 

Section
19.       Effective Date and Approval Date.

 

The Plan will be effective as of the date
on which the Plan is approved by the Company’s stockholders (the “Effective Date”). The Plan will be unlimited
in duration and, in the event of Plan termination, will remain in effect as long as any Shares awarded under it are outstanding;
provided, however, that no Awards will be made under the Plan on or after the tenth anniversary of Effective Date.

 

Section
20.       Code Section 409A.

 

The intent of the parties is that payments
and benefits under the Plan comply with Code Section 409A (or an available exemption therefrom) to the extent subject thereto,
and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and be administered to be in accordance therewith.
Any payments described in the Plan that are due within the “short-term deferral period” as defined in Code Section 409A
shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary
in the Plan, to the extent required in order to avoid accelerated taxation and/or tax penalties under Code Section 409A, amounts
that would otherwise be payable and benefits that would otherwise be provided upon a “separation from service” to a
Participant who is a “specified employee” shall be paid on the first business day after the date that is six (6) months
following the Participant’s separation from service (or upon the Participant’s death, if earlier). In addition, for
purposes of the Plan, each amount to be paid or benefit to be provided to the Participant pursuant to the Plan, which constitute
deferred compensation subject to Code Section 409A, shall be construed as a separate identified payment for purposes of Code
Section 409A. Nothing contained in the Plan or an Award Agreement shall be construed as a guarantee of any particular tax
effect with respect to an Award. The Company does not guarantee that any Awards provided under the Plan will satisfy the provisions
of Code Section 409A, and in no event will the Company be liable for any or all portion of any taxes, penalties, interest or other
expenses that may be incurred by a Participant on account of any non-compliance with Code Section 409A.

 

    	 	17	 

     

    

 

Section
21.       Compensation Recovery Policy.

 

The Plan and all Awards issued hereunder
shall be subject to any compensation recovery and/or recoupment policy adopted by the Company to comply with applicable law, including,
without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or to comport with good corporate governance
practices, as such policies may be amended from time to time.

 

Section
22.       Governing Law.

 

The Plan shall be governed by and construed
in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law of such state.

 

Section
23.       Plan Document Controls.

 

The Plan and each Award Agreement constitute
the entire agreement with respect to the subject matter hereof and thereof; provided that in the event of any inconsistency
between the Plan and such Award Agreement, the terms and conditions of the Plan shall control.

 

    	 	18

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