Document:

Exhibit
10.3

 

CONCRETE
PUMPING HOLDINGS, INC.

2015 EQUITY
INCENTIVE PLAN

 

STOCK OPTION
GRANT NOTICE

 

Concrete Pumping
Holdings, Inc. (the “Company”), hereby grants to the individual listed below (the “Participant”),
pursuant to the Company’s 2015 Equity Incentive Plan (as may be amended from time to time, the “Plan”),
an option to purchase the number of shares (“Shares”) of the Company’s Common Stock set forth below
(the “Option”), subject to the terms and conditions set forth in this Grant Notice and in the Stock Option
Agreement attached hereto as Exhibit A (together, the “Option Agreement”) and the Plan, each of
which is incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined
meanings in this Option Agreement.

 

	Participant:	_________________________
	 	 
	Grant Date:	____________________, 20__
	 	 
	Vesting Commencement Date:	_________________________
	 	 
	Total Number of Shares Subject	 
	to Option:	____________________ Shares
	 	 
	Exercise Price Per Share:1	$____________________ 
	 	 
	Expiration Date:	____________________ 

 

	Type of Option:     	 ̈   Incentive Stock Option       ̈    Nonqualified Stock Option

 

	Vesting Schedule:  	[To be customized.]
	 	 
	Termination: 	[The Option shall terminate on the Expiration Date set forth above or, if earlier, as set forth in this Option Agreement, in either case, without payment or consideration therefor.]

 

By
his or her signature below, the Participant agrees to be bound by the terms and conditions of the Plan and this Option Agreement.
The Participant has received and reviewed this Option Agreement and the Plan in their entirety, has had an opportunity to obtain
the advice of counsel prior to executing this Option Agreement and fully understands the provisions of this Option Agreement and
the Plan. The Participant and, if applicable, his or her spouse, shall, concurrently with the execution of this Option Agreement,
sign and deliver to the Company the Consent of Spouse attached to this Grant Notice as Exhibit B. The Participant hereby
agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising
under the Plan or this Option Agreement.

 

	CONCRETE PUMPING 	 	PARTICIPANT	 
	HOLDINGS, INC.	 	 	 
	 	 	 	 	 
	By:	 	 	 
	Name: 	 	 	Print Name: 	 
	Title: 	 	 	Address: 	 
	Address:	 	  	 	 

 

 

1
Fair market value of a share of Common Stock on the Grant Date.

 

     

     

    

 

EXHIBIT A

 

STOCK OPTION
AGREEMENT

 

Pursuant
to this Stock Option Agreement (this “Option Agreement”), the Company hereby grants to the Participant
under the Plan an option to purchase the number of Shares indicated in the Stock Option Grant Notice (the “Grant Notice”)
at the exercise price per share set forth in the Grant Notice (the “Exercise Price”).

 

1.            Plan
Incorporated By Reference. Notwithstanding anything to the contrary anywhere else in this Option Agreement, this grant of an
Option is subject to the terms, definitions and provisions of the Plan,
which is incorporated herein by reference and which shall control in the event of any inconsistency between this Option Agreement
and the Plan.

 

2.             Incentive
Stock Option Designation. If designated in the Grant Notice as an Incentive Stock Option, this Option is intended to qualify
as an Incentive Stock Option as defined in Code Section 422; provided, however, that to the extent that the aggregate
Fair Market Value of the Common Stock with respect to which Incentive Stock Options (within the meaning of Code Section 422, but
without regard to Code Section 422(d)), including the Option, are exercisable for the first time by the Participant during any
calendar year (under the Plan and all other incentive stock option plans of the Company (or any “parent corporation”
or “subsidiary corporation” thereof within the meaning of Code Sections 424(e) or 424(f), respectively)) exceeds $100,000,
such options shall be treated as not qualifying under Code Section 422, but rather shall be treated as Non-Qualified Stock Options
to the extent required by Code Section 422. The rule set forth in the preceding sentence shall be applied by taking options into
account in the order in which they were granted. For purposes of these rules, the Fair Market Value of the Common Stock shall be
determined as of the time the option with respect to such stock is granted.

 

3.            Exercise
of Option.

 

(a)           Right
to Exercise.

 

(i)           This
Option shall be exercisable cumulatively according to the vesting schedule set out in the Grant Notice. For purposes of this Option
Agreement, Shares subject to this Option shall vest based on the Participant’s continued status as a Service Provider, unless
otherwise determined by the Administrator. 

  

(ii)          This
Option may not be exercised for a fraction of a Share. 

 

(iii)         In
the event of the Participant’s death, Disability or other termination of the Participant’s status as a Service Provider,
the exercisability of the Option shall be governed by Section 7 hereof. 

 

(iv)         If
the exercise of the Option following the termination of the Participant’s status as a Service Provider would be prohibited
at any time solely because the issuance of Shares would violate the registration requirements under the Securities Act or other
applicable securities laws, then the Option shall terminate on the earlier of (i) the Expiration Date of the Option as set forth
in the Grant Notice or (ii) the expiration of the three (3)-month period immediately following the post-termination period in which
the exercise of the Option would be in violation of such securities laws.

 

    	 	2	 

     

    

 

(v)          In
no event may this Option be exercised after the Expiration Date of this Option as set forth in the Grant Notice. 

 

(b)           Method
of Exercise. This Option shall be exercisable by written notice to the Company (in the form attached hereto as Exhibit A-1),
or such other form as the Administrator may prescribe (in any case, the “Exercise Notice”). The Exercise
Notice shall state the number of Shares for which the Option is being exercised, and such other representations and agreements
with respect to such Shares of Common Stock as may be required by the Company. The Exercise Notice shall be signed by the Participant
and shall be delivered in person or by certified mail to the Secretary of the Company or such other authorized representative of
the Company as the Administrator may designate. The Exercise Notice shall be accompanied by payment of the Exercise Price, including
payment of any applicable withholding tax.

 

(c)           Applicable
Law. No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise comply with all
relevant provisions of law and the requirements of any stock exchange upon which the Shares may then be listed. Assuming such compliance,
for income tax purposes, the Shares shall be considered transferred to the Participant on the date on which the Option is exercised
with respect to such Shares.

 

4.             Participant
Representations. If the Shares purchasable pursuant to the exercise of this Option have not been registered under the Securities
Act, at the time this Option is exercised, the Participant shall, if required by the Company, concurrently with the exercise of
all or any portion of this Option, deliver to the Company his or her Investment Representation Statement in the form attached hereto
as Exhibit A-2. In addition, the Company may require the Participant to make any further representations and warranties
as may be necessary or desirable under any applicable law or regulation before allowing the Option to be exercised.

 

5.            Method
of Payment. Payment of the Exercise Price shall be by cash or by check, payable to the order of the Company or, to the extent
permitted by the Administrator, any of the other forms of payment described in Section 5(f) of the Plan.

 

6.            Restrictions
on Exercise. This Option may not be exercised until the Plan has been approved by a majority of the stockholders of the Company
entitled to vote. In addition, if the issuance of Shares upon such exercise or if the method of payment for such Shares would constitute
a violation of any applicable federal or state securities or other law or regulation, then the Option may not be exercised.

 

7.            Termination
of Service Relationship. Following a termination of the Participant’s status as a Service Provider, the Option shall
remain outstanding and exercisable (to the extent vested) for a period of three (3) months following such termination, provided,
however, that notwithstanding the foregoing, (i) if the Participant’s status as a Service Provider is terminated for
Cause at any time, the Option shall terminate and be forfeited in full as of the start of business on the date of the Participant’s
termination for Cause, without regard to the Option’s vested status, and (ii) if the Participant’s status as a Service
Provider is terminated due to the Participant’s death or Disability at any time, the Option shall remain outstanding and
exercisable (to the extent vested) for a period of one year following such termination (and, in the case of the Participant’s
death, shall be exercisable by the Participant’s estate or by a person who acquires the right to exercise the Option by bequest
or inheritance). Notwithstanding the foregoing, (x) in no event shall any portion of the Option vest following termination of the
Participant’s status as a Service Provider, and (y) in no event shall any portion of the Option be exercisable after the
Expiration Date stated above. If the Participant (or the Participant’s estate, as applicable) does not exercise the Option
within the time specified herein following a termination of Service Provider status, the Option shall terminate.

 

    	 	3	 

     

    

 

8.            Non-Transferability
of Option. Except as may be expressly determined by the Administrator in accordance with Section 9(a) of the Plan, this Option
may not be transferred in any manner except by will or by the laws of descent or distribution and this Option may be exercised
during the lifetime of the Participant only by the Participant. The terms of this Option shall be binding upon the executors, administrators,
heirs, successors and assigns of the Participant.

 

9.            Adjustments.
The Participant acknowledges that the Option is subject to modification and termination in certain events as provided in this Option
Agreement and Section 8 of the Plan.

 

10.          Certain
Incorporations. Without limiting the generality of any other provision hereof, Sections 10(h) (“Lock-Up Period”),
10(i) (“Right of First Refusal”) and 10(j) (“Take-Along Rights”) of the Plan are hereby expressly
incorporated into this Option Agreement as if first set forth herein and applicable to this Option and any Shares issued upon the
exercise hereof.

 

11.           No
Effect on Service Provider Status. This Option Agreement is not an employment or service contract, and nothing contained in
this Option Agreement, the Grant Notice or the Plan shall be deemed to create in any way whatsoever any obligation on the Participant’s
part to continue as a Service Provider of the Company, or of the Company to continue the Participant’s Service Provider status
(in any form) with the Company. The Company shall have the right, which is hereby expressly reserved, to terminate or change the
Participant’s terms of employment or other service at any time for any reason whatsoever, with or without good cause, subject
to the terms of any written agreement between the Participant and the Company.

 

12.          Governing
Law. This Option Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto
shall be governed by the laws of the State of Delaware, without giving effect to principles of conflicts of law.

 

13.          Severability.
In the event that any provision in this Option Agreement is held invalid or unenforceable, such provision will be severable from,
and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Option Agreement,
which shall remain in full force and effect.

 

    	 	4	 

     

    

 

14.          Notices.
Any notice, demand or request required or permitted to be given by either the Company or the Participant pursuant to the terms
of this Option Agreement shall be in writing and shall be deemed given and received: (i) upon delivery, if delivered in person
or by e-mail, (ii) one business day after having been deposited for overnight delivery with Federal Express or another comparable
overnight courier service, or (iii) three (3) business days after having been deposited in any post office or mail depository regularly
maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, addressed to the parties at the
addresses of the parties set forth at the end of the Grant Notice or such other address as a party may request by notifying the
other in writing.

 

15.          Cooperation.
The Participant agrees, upon request, to execute any further documents or instruments necessary or desirable to carry out the purposes
or intent of this Option Agreement.

 

16.          Acknowledgement.
The Participant has reviewed this Option Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior
to executing this Option Agreement and fully understands all provisions of this Option Agreement.

 

17.          Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Option
Agreement.

 

18.          Entire
Agreement. This Option Agreement sets forth the entire agreement between the parties with respect to the Option and merges
all prior discussions between the parties.

 

    	 	5	 

     

    

 

EXHIBIT
A-1

 

CONCRETE
PUMPING HOLDINGS, INC. 

 

2015
Equity Incentive Plan

 

EXERCISE NOTICE

 

Concrete Pumping Holdings, Inc.

Attention: [Stock
Administration]

 

1.             Exercise
of Option. Effective as of today, ___________, _____, the undersigned (the “Participant”) hereby
elects to exercise the Participant’s option to purchase _________ shares of the Common Stock (the “Shares”)
of Concrete Pumping Holdings, Inc. (the “Company”), under and pursuant to the Company’s 2015 Equity
Incentive Plan (as amended from time to time, the “Plan”) and the Stock Option Agreement dated
_____________________ (the “Option Agreement”). Capitalized terms used herein without definition shall
have the meanings given in the Option Agreement.

 

	Date of Grant:	 	
	 	 	 
	Number of Shares as to which Option is Exercised:	 	
	 	 	 
	Exercise Price per Share:	 	$_______________
	 	 	 
	Total Exercise Price:	 	$______________
	 	 	 
	Certificate to be issued in name of:	 	
	 	 	 
	Cash Payment delivered herewith:	 ̈	$______________
	 	 	 
	Other form of consideration delivered herewith (only if approved by the Administrator):	 ̈	Form of Consideration: 

$_______________

 

Type
of Option:         ̈ Incentive
Stock Option        ̈ Non-Qualified
Stock Option

 

2.             Representations
of the Participant. The Participant acknowledges that the Participant has received, read and understood the Plan and the Option
Agreement. The Participant agrees to abide by and be bound by their terms and conditions.

 

3.             Rights
as Stockholder. Until the stock certificate evidencing Shares purchased pursuant to the exercise of the Option is issued (as
evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right
to vote or receive dividends or any other rights as a stockholder shall exist with respect to Shares subject to the Option, notwithstanding
the exercise of the Option. The Company shall issue (or cause to be issued) such stock certificate promptly after the Option is
exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate
is issued, except as provided in Section 8 of the Plan. The Participant shall enjoy rights as a stockholder until such time as
the Participant disposes of the Shares, subject to Section 4 below.

 

     

     

    

 

4.             The
Participant’s Rights to Transfer Shares. Without limiting the generality of any other provision hereof, the Participant
hereby expressly acknowledges that Sections 10(h) (“Lock-Up Period”), 10(i) (“Right of First Refusal”)
and 10(j) (“Take-Along Rights”) of the Plan are expressly incorporated into this Agreement and are applicable
to the Shares acquired by the Participant pursuant to this Exercise Notice.

 

5.            Transfer
Restrictions. Any transfer or sale of the Shares is further subject to restrictions on transfer imposed by any applicable state
and federal securities laws. Any transfer or attempted transfer of any of the Shares not in accordance with the terms of this Agreement,
and/or applicable law shall be void and the Company may enforce the terms of this Agreement by stop transfer instructions or similar
actions by the Company and its agents or designees.

 

6.            Tax
Consultation. The Participant understands that the Participant may suffer adverse tax consequences as a result of the Participant’s
purchase or disposition of the Shares. The Participant represents that the Participant has consulted with any tax consultants the
Participant deems advisable in connection with the purchase or disposition of the Shares and that the Participant is not relying
on the Company for any tax advice.

 

7.             Restrictive
Legends and Stop-Transfer Orders.

 

(a)           Legends.
The Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent
thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required
by state or federal securities laws:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE
SALE OR DISTRIBUTION THEREOF. THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
UNLESS AND UNTIL REGISTERED UNDER THE ACT AND SUCH LAWS OR, IN THE OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE
ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TAKE-ALONG RIGHTS, FORFEITURE PROVISIONS, TRANSFER RESTRICTIONS AND
A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S), AS SET FORTH IN A STOCK OPTION AGREEMENT BETWEEN THE ISSUER AND
THE ORIGINAL HOLDER OF THESE SHARES, COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH FORFEITURE PROVISIONS,
TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.

 

    	 	2	 

     

    

 

(b)           Stop-Transfer
Notices. The Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may
issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records.

 

(c)           Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise
transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord
the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

8.             Successors
and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement
shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth,
this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.

 

9.             Interpretation.
The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator
upon any questions arising under this Agreement.

 

10.           Governing
Law; Severability. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
excluding that body of law pertaining to conflicts of law. Should any provision of this Agreement be determined by a court of law
to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.

 

11.           Notices.
Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery
or upon deposit in the United States mail by certified mail, with postage and fees prepaid, addressed to the other party at its
address as shown below beneath its signature, or to such other address as such party may designate in writing from time to time
to the other party.

 

12.           Further
Instruments. The Participant hereby agrees to execute such further instruments and to take such further action as may be reasonably
necessary to carry out the purposes and intent of this Agreement including, without limitation, the Investment Representation Statement
in the form attached to the Option Agreement as Exhibit A-2.

 

13.           Delivery
of Payment. The Participant herewith delivers to the Company the full Exercise Price for the Shares, as well as any applicable
withholding tax. Payment of the Exercise Price shall be made in accordance with Section 5 of the Option Agreement.

 

14.           Entire
Agreement. The Plan and Option Agreement are incorporated herein by reference. This Agreement, the Plan, the Option Agreement
and the Investment Representation Statement constitute the entire agreement of the parties and supersede in their entirety all
prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof.

 

    	 	3	 

     

    

 

	Accepted by:	 	Submitted by:	 
	 	 	 	 
	CONCRETE PUMPING	 	PARTICIPANT	 
	HOLDINGS, INC.	 	 	 
	 	 	 	 	 	 
	By:	 	 	 
	 	Name: 	 	 	Participant	 
	 	
        Title: 
				
	 	 	 	 	 	 
	 	 	 	 	Address:	 
	 	 	 	 	 	 

 

    	 	4	 

     

    

 

EXHIBIT
A-2

 

INVESTMENT
REPRESENTATION STATEMENT

 

	PARTICIPANT	:	
	 	 	 
	COMPANY	:	Concrete Pumping Holdings, Inc.
	 	 	 
	SECURITY	:	Common Stock
	 	 	 
	AMOUNT	:	 
	 	 	 
	DATE	:	 

 

In
connection with the purchase of the above-listed shares of Common Stock (the “Securities”) of Concrete
Pumping Holdings, Inc. (the “Company”), the undersigned (the “Participant”)
represents to the Company the following:

 

(a)          The
Participant is aware of the Company’s business affairs and financial condition and has acquired sufficient information about
the Company to reach an informed and knowledgeable decision to acquire the Securities. The Participant is acquiring these Securities
for investment for the Participant’s own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

(b)          The
Participant acknowledges and understands that the Securities constitute “restricted securities” under the Securities
Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends
upon, among other things, the bona fide nature of the Participant’s investment intent as expressed herein. The Participant
understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable
if the Participant’s representation was predicated solely upon a present intention to hold these Securities for the minimum
capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price
of the Securities, or for a period of one year or any other fixed period in the future. The Participant further understands that
the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from
such registration is available. The Participant further acknowledges and understands that the Company is under no obligation to
register the Securities. The Participant understands that the certificate evidencing the Securities will be imprinted with a legend
which prohibits the transfer of the Securities unless they are registered or such registration is not required in the opinion of
counsel satisfactory to the Company and any other legend required under applicable securities laws or agreements.

 

     

     

    

 

(c)           The
Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which,
in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer
thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer
qualifies under Rule 701 at the time of the grant of the Option to the Participant, the exercise will be exempt from registration
under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), ninety (90) days thereafter (or
such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may under present law
be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including: (1) the resale
being made through a broker in an unsolicited “broker’s transaction” or in transactions directly with a
market maker (as this term is defined under the Exchange Act); and, in the case of an affiliate, (2) the availability of certain
public information about the Company, (3) the amount of Securities being sold during any three (3)-month period not exceeding the
limitations specified in Rule 144(e), and (4) the timely filing of a Form 144, if applicable. In the event that the Company
does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances
subject to the provisions of Rule 144, which requires the resale to occur not less than six months, or, in the event
the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, not less
than one year, after the later of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate
of the Company, within the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate, the satisfaction
of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above or, in the case of a non-affiliate
who subsequently holds the Securities less than one year, the satisfaction of the conditions set forth in section (2) of the paragraph
immediately above.

 

(d)          The
Participant further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied,
registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and
that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has
expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise
than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is
available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do
so at their own risk. The Participant understands that no assurances can be given that any such other registration exemption will
be available in such event.

 

	 	Signature of the Participant:
	 	 
	 	Participant

 

Date: _______________________, ____

 

     

     

    

  

EXHIBIT B

SPOUSAL CONSENT

 

The undersigned does hereby certify
that the undersigned is the spouse of _______________,
the individual who executed the above Stock Option Agreement (the “Agreement”). The undersigned acknowledges
that the undersigned’s spouse’s interest in the Shares (as defined in the Agreement) shall be irrevocably subject to
the restrictions and bound by the terms of the Agreement. The undersigned further understands and agree that the undersigned’s
community property interest in such securities, if any, shall similarly be subject to said restrictions and bound by said terms.
The undersigned agrees to execute and deliver such documents as may be necessary to carry out the intent of the Agreement.

 

Dated: __________, ____

 

	 	 
	 	Name:

 

— OR —

 

I, ___________________, the
person who executed the above Stock Option Agreement, do hereby certify that I am not married.

 

Dated: __________, ____

 

	 	 
	 	Name:Exhibit
10.4

 

Execution
Version

 

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT (this “Agreement”), dated as of July 11, 2014, is entered into by and between Brundage-Bone
Concrete Pumping, Inc. (the “Company”), and Bruce Young (“Executive”).

 

WHEREAS, the Company,
Concrete Pumping Holdings, Inc., Concrete Pumping Intermediate Holdings, LLC (“Buyer”), BB Merger Sub,
Inc. (“Merger Sub”), BBCP Representative, LLC and Raymond M. Johnson, as the sole trustee
of that certain Voting Trust are entering into that certain Agreement and Plan of Merger (the “Merger Agreement”)
concurrently with the execution of this Agreement, pursuant to which, among other things, at the Effective Time (as defined in
the Merger Agreement), Merger Sub shall merge with and into the Company, with the Company surviving as a wholly owned subsidiary
of Buyer (collectively, the “Transaction”);

 

 WHEREAS,
Executive is currently employed by the Company; and

 

WHEREAS, in connection
with the consummation of the Transaction, the Company desires to continue to employ Executive and Executive desires to accept
such continued employment with the Company, in each case, upon and subject to the terms and conditions set forth in this Agreement
and effective as of the Closing (the “Effective Date”).

 

 NOW,
THEREFORE, in consideration of the mutual agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

 

1.            
Term. Subject to the provisions for earlier termination hereinafter provided, Executive’s employment with the Company
under this Agreement shall be for a term commencing on the Effective Date and ending at 11:59 pm (MT) on the day immediately preceding
the first (1st) anniversary thereof (the “Initial Term”). Thereafter, Executive’s
employment with the Company under this Agreement shall continue for successive one (l)-year periods (each, a “Renewal
Term”), unless either party provides written notice to the other of its election not to renew the term (a “Non-Renewal”)
at least ninety (90) days prior to the commencement of such renewal period. The Initial Term and any Renewal Term(s) are referred
to collectively in this Agreement as the “Term.”

 

2.             
Position and Duties. During the Term, Executive shall serve as President and Chief Executive Officer of the Company, and
shall serve in such other or additional positions as the Company may determine from time to time. Without limiting the foregoing,
subject to Executive’s election or appointment to the Board of Directors of the Company (the “Board”)
and to the board of directors or similar body of each of the Company’s direct and indirect subsidiaries (each, a “Subsidiary
Board”), Executive shall serve on the Board and the Subsidiary Boards during the Term. Executive shall perform
such duties as are usual and customary for Executive’s position(s) and shall devote such time to the business and affairs
of the Company, its subsidiaries and its affiliates as is necessary to perform the services required hereunder. Executive shall
not engage in any other employment, occupation, consulting or other business activity during the Term; provided, however,
that it shall not be a violation of this Agreement for Executive to (i) provide services to Eco-Pan, Inc. (“Eco-Pan”)
from the period commencing on the Effective Date and ending on December 31, 2014 or (ii) serve as a member of the board of directors
of Eco-Pan, in each case, to the extent that such services do not, individually or in the aggregate, materially interfere with
Executive’s performance of his obligations hereunder. Executive agrees to observe and comply with the rules and policies
of the Company, as in effect from time to time, including, and without limitation, Executive’s obligations to the Company
upon a termination of employment as set forth herein.

     

     

    

 

3.              Location.
During the Term, Executive shall perform the services required by this Agreement at the Company’s headquarters in Seattle,
Washington (the “Principal Location”) or such other location as the Company shall determine, except
for travel to other locations as may be necessary to fulfill Executive’s duties and responsibilities hereunder.

 

4.              Compensation
and Benefits; Expenses. 

 

(a)             Base
Salary. During the Term, Executive shall receive a base salary (the “Base Salary”) of $275,000 per
year. The Base Salary shall be reviewed annually by the Board and may be increased (but not reduced) from time to time by the Board
in its sole discretion. The Base Salary shall be paid in accordance with the Company’s customary payroll practices, as in
effect from time to time, but no less often than monthly. 

 

(b)           Bonus.
With respect to the Company’s 2014 fiscal year, subject to and conditioned upon Executive’s continued employment with
the Company through the date on which annual bonuses are paid generally by the Company to its senior executives (except as otherwise
provided in Section 6 below), the Company shall pay to Executive a cash performance bonus (the “2014 Bonus”)
on such date. The amount of the 2014 Bonus shall be based on the attainment of Company and/or individual performance objectives
in accordance with the applicable Company bonus plan in which Executive participates during the Company’s 2014 fiscal year,
as determined by the Board acting in good faith. For each fiscal year of the Company ending during the Term, beginning with the
Company’s fiscal year 2015, Executive shall be eligible to earn a cash performance bonus (the “Annual Bonus”)
under the annual bonus program maintained by the Company from time to time, if any, based on the attainment of Company and/or
individual performance objectives, as determined by the Board acting in good faith. Executive’s target annual bonus shall
equal fifty-five percent (55%) of Executive’s Base Salary (the “Target Bonus”). The actual amount
of any Annual Bonus (if any) shall be determined by reference to the attainment of applicable performance objectives, as determined
by the Board in its sole discretion, and may equal zero. Any Annual Bonus shall be paid to Executive on the date on which annual
bonuses are paid generally by the Company to its senior executives with respect to such fiscal year, subject to and conditioned
on Executive’s continued employment with the Company through the applicable payment date (except as otherwise provided in
Section 6 of this Agreement).

 

(c)             Benefits.
During the Term, Executive will be eligible to participate in the health, welfare and retirement benefit plans, policies and programs
(including, as applicable, medical, dental, disability, life and accidental death insurance plans and programs) and any vacation
or paid-time-off policies or programs, in each case, as maintained by the Company for the benefit of its similarly-situated executives
from time to time. Nothing contained in this Section 4(c) shall create or be deemed to create any obligation on the part of the
Company to adopt or maintain any health, welfare, retirement, fringe or other benefit plan(s) or program(s) at any time. 

    	 	2	 

     

    

 

(d)           Equity
Award Eligibility. The parties hereto acknowledge and agree that, if the Company establishes an equity incentive plan (an “Equity
Plan”). Executive shall be eligible to receive equity awards thereunder, as determined by the Board acting in good faith.
Any such equity award(s), to the extent granted, shall be in such format and subject to such terms and conditions as the Company
may determine, in its sole discretion. 

 

(e)           
Car Allowance. In addition to the compensation described above, during the Term, the Company shall pay to Executive a car
allowance equal to $2,000 per month, subject to any applicable tax withholding requirements (the “Car Allowance”).
The Car Allowance shall be paid in installments in accordance with the Company’s customary payroll practices, as in effect
from time to time, but no less often than monthly.

 

(f)            Expenses.
During the Term, Executive shall be entitled to receive prompt reimbursement for all ordinary and necessary business expenses incurred
by Executive in the performance of Executive’s services hereunder in accordance with the policies, practices and procedures
of the Company applicable to similarly-situated executives of the Company, as in effect from time to time. 

 

(g)           Vacation.
During the Term, Executive shall be entitled to accrue, use and rollover paid vacation in accordance with the applicable policies
and practices of the Company, as in effect from time to time. 

 

5.            Termination
of Employment. 

 

(a)           Death
or Disability. Executive’s employment shall terminate automatically upon Executive’s death during the Term. The
Company may terminate Executive’s employment in the event of Executive’s Disability during the Term. For purposes of
this Agreement, “Disability” shall mean Executive is “disabled” within the meaning of Section
409A (as defined below). 

 

(b)          
Cause. Executive’s employment may be terminated at any time by the Company, for Cause (as defined below) or without
Cause in accordance with the terms of this Agreement. For purposes of this Agreement, “Cause” shall
mean the occurrence of one or more of the following:

 

(i)             Executive’s
conviction (that is non-appealable) of, or entry by Executive of a guilty or no contest plea to, a felony or other crime involving
moral turpitude; 

 

(ii)           The
entry of a civil judgment (that is non-appealable) against Executive involving the commission of an act of fraud, embezzlement
or dishonesty in connection with the performance of Executive’s services under this Agreement or otherwise involving the
Company; 

 

    	 	3	 

     

    

 

(iii)           Executive’s
willful failure to substantially perform or gross neglect of Executive’s duties (including, but not limited to, the failure
to follow any lawful directive from the Company within the reasonable scope of Executive’s duties) and Executive’s
failure to cure the same, to the extent capable of cure, within ten (10) days of receiving written notice from the Company; 

 

(iv)          Executive’s
performance of acts that are or would reasonably be expected to become materially detrimental to the Company or any affiliate of
the Company and Executive’s failure to cure the same, to the extent capable of cure, within ten (10) days of receiving written
notice from the Company; 

 

(v)            Executive’s
use of alcohol or illicit drugs in the workplace or otherwise in a manner that has or may reasonably be expected to have a detrimental
effect on Executive’s performance, Executive’s duties to the Company or the reputation of the Company or any affiliate
of the Company; 

 

(vi)          Executive’s
commission of a material violation of any applicable rule or policy of the Company of which Executive had notice prior to such
violation and Executive’s failure to cure the same, to the extent capable of cure, within ten (10) days of receiving written
notice from the Company; or 

 

(vii)         Executive’s
material breach of this Agreement or any other written agreement between Executive and the Company and/or its affiliates and Executive’s
failure to cure the same, to the extent capable of cure, within ten (10) days of receiving written notice from the Company. 

 

(c)          
Good Reason. Executive may terminate Executive’s employment at any time, for Good Reason (as defined below) or without
Good Reason, in accordance with the terms of this Agreement. For purposes of this Agreement, “Good Reason”
shall mean the occurrence of any one or more of the following events:

 

(i)             the
Company relocates Executive’s principal place of employment by more than fifty (50) miles from the Principal Location; 

 

(ii)            a
material reduction in Executive’s Base Salary by the Board; or 

 

(iii)           a
material reduction in Executive’s position and duties hereunder by the Board. 

 

 Notwithstanding
the foregoing, Executive’s termination shall not constitute a termination for “Good Reason” as a result of any
event in (i)-(iii) above unless (1) Executive first provides the Company or its successor with written notice thereof within ninety
(90) days after the occurrence of such event, (2) to the extent correctable, the Company or its successor fails to cure the circumstance
or event so identified within thirty (30) days after receipt of such notice, and (3) the effective date of Executive’s termination
for Good Reason occurs no later than thirty (30) days after the expiration of the Company’s cure period.

 

    	 	4	 

     

    

 

6.               Obligations
of the Company Upon Termination. 

 

(a)           Accrued
Obligations. In the event that Executive’s employment under this Agreement terminates during the Term for any reason,
upon such termination, the Company will pay to Executive in a single lump sum payment, within ten calendar (10) days after the
Termination Date (as defined below), or such earlier date as may be required by applicable law, the aggregate amount of (i) any
earned but unpaid Base Salary through the Termination Date, (ii) accrued but unused vacation through the Termination Date, and
(iii) unreimbursed business expenses incurred prior to the Termination Date that are reimbursable in accordance with Section 4(e)
above (together, the “Accrued Obligations”). Vested benefits (if any) under any employee benefit plans
shall be governed by the terms and conditions of the applicable plans. 

 

(b)       
Termination Without Cause, for Good Reason or due to a Non-Renewal of the Company. If, during the Term, the Company terminates
Executive’s employment without Cause, Executive terminates Executive’s employment for Good Reason or, during the period
commencing on the Effective Date and ending on the second (2nd) anniversary thereof, Executive’s employment terminates
due to a Non-Renewal of the Term by the Company (provided that Executive is willing and able at such time to continue providing
services to the Company pursuant to this Agreement), in any case, upon Executive’s “separation from service”
from the Company (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”))
(a “Separation from Service” and, the date of any such Separation from Service, the “Termination
Date”), subject to and conditioned upon Executive’s timely execution and non-revocation of a general release
of claims substantially in the form attached hereto as Exhibit A (the “Release”) and Executive’s
continued compliance with the provisions of Section 7 below (the “Restrictions”), Executive will be
entitled to receive the payments and benefits set forth below:

 

(i)          
The Company shall pay to Executive an amount in cash equal to twelve (12) months of Executive’s then-current Base Salary
(the “Cash Severance”). The Company shall pay the Cash Severance in substantially equal installments
in accordance with the Company’s normal payroll practices during the period commencing on the Termination Date and ending
on the twelve (12)-month anniversary thereof (the “Severance Period”), provided, that if the aggregate
period during which Executive is entitled to consider and/or revoke the Release spans two (2) calendar years, no payments under
this Section 6(b) shall be made prior to the beginning of the second (2nd) such calendar year;

 

(ii)          
The Company shall pay to Executive a pro-rated 2014 Bonus or Target Bonus, as applicable for the year in which the Termination
Date occurs, determined by multiplying Executive’s 2014 Bonus (as determined by the Board acting in good faith based on
actual performance through the Termination Date) or Target Bonus for the year in which the Termination Date occurs, as applicable,
by a fraction, the numerator of which equals the number of days elapsed during the calendar year in which the Termination Date
occurs through the Termination Date and the denominator of which equals 365 (the “Pro-Rated Bonus”).
The Pro- Rated Bonus shall be payable in a single lump-sum amount within sixty (60) days following the Termination Date, provided,
that if such sixty (60)-day period spans two (2) calendar years, the Pro-Rated Bonus shall be paid in the latter such calendar
year; and

 

    	 	5	 

     

    

 

(iii)       
   During the period commencing on the Termination Date and ending on the twelve (12)-month anniversary of the
Termination Date or, if earlier, the date on which Executive becomes eligible for coverage under a subsequent employer’s
group health plan (in any case, the “COBRA Period”), subject to Executive’s valid election to
continue healthcare coverage under Section 4980B of the Code and the regulation thereunder, the Company shall, in its sole discretion,
either (A) continue to provide to Executive and Executive’s dependents, at the Company’s sole expense, or (B) reimburse
Executive and Executive’s dependents for, coverage under its group health plan at the same levels in effect on the Termination
Date; provided, however, that if (I) any plan pursuant to which such benefits are provided is not, or ceases prior to the
expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury Regulation Section
1.409A-1(a)(5), (II) the Company is otherwise unable to continue to cover Executive or Executive’s dependents under its
group health plans, or (III) the Company cannot provide the benefit without violating applicable law (including, without limitation,
Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining Company subsidy shall
thereafter be paid to Executive in substantially equal monthly installments over the COBRA Period (or remaining portion thereof)
(the payments and benefits set forth in this Section 6(b)(iii), collectively, the “COBRA Benefits”).

 

 Notwithstanding
the foregoing, upon any breach by Executive of any of the Restrictions on or following the Termination Date, any unpaid portion
of the Cash Severance, Pro-Rated Bonus and/or COBRA Benefits (together, the “Severance”) shall cease
to be payable and shall be forfeited by Executive upon such breach, and any Severance amounts paid to Executive on or after the
date of any such breach shall be repaid by Executive to the Company immediately upon demand therefor.

 

(c)            Termination
due to Death or Disability. If during the Term, Executive’s employment terminates due to Executive’s death or the
Company due to Executive’s Disability, in either case, upon Executive’s Separation from Service from the Company, subject
to and conditioned upon Executive’s (or, if applicable, Executive’s estate’s) timely execution and non-revocation
of the Release and continued compliance with the Restrictions, Executive (or, if applicable, Executive’s estate) will be
entitled to receive the Pro-Rated Bonus, payable in a single lump-sum amount within sixty (60) days following the Termination Date;
provided, that if such sixty (60)-day period spans two (2) calendar years, the Pro-Rated Bonus shall be paid in the latter
such calendar year. 

 

(d)          
Other Terminations. If Executive’s employment is terminated for any reason not described in Section 6(b) or (c) above
(including, without limitation, due to a termination of Executive’s employment by the Company for Cause, by Executive without
Good Reason, due to a Non-Renewal of the Term by Executive, or due to a Non-Renewal of the Term by the Company following the second
(2nd) anniversary of the Effective Date), the Company will pay Executive only the Accrued Obligations within thirty
(30) days after the Termination Date (or such earlier date as may be required under applicable law).

 

    	 	6	 

     

    

 

(e)           Six-Month
Delay. Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation
any severance payments under Section 6 hereof, shall be paid to Executive during the six (6)-month period following Executive’s
Separation from Service if the Company determines that paying such amounts at the time or times indicated in this Agreement would
be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result
of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon
which such amount can be paid under Section 409A of the Code without resulting in a prohibited distribution, including as a result
of Executive’s death), the Company shall pay Executive a lump-sum amount equal to the cumulative amount that would have otherwise
been payable to Executive during such period (without interest).

 

(f)          Termination
of Offices and Directorships; Full Settlement. Upon termination of Executive’s employment for any reason, unless otherwise
specified in a written agreement between Executive and the Company, Executive shall be deemed to have resigned from all offices,
directorships, and other employment positions then held with the Company or its affiliates, if any, and shall take all actions
reasonably requested by the Company to effectuate the foregoing. Except as expressly provided in this Agreement or in any employee
benefit plan under which Executive is entitled to receive vested benefits (as described in Section 6(a) above, the Company shall
have no further obligations, and Executive shall have no further rights or entitlements, in connection with or following Executive’s
termination of employment. 

 

(g)           Obligations
of Executive Upon Termination. Upon termination of Executive’s employment for any reason, Executive shall return to the
Company (i) all keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software
and printers, wireless handheld devices, cellular phones and pagers), access or credit cards, Company identification, and any other
Company-owned property in Executive’s possession or control, and (ii) all documents and copies, including hard and electronic
copies, of documents in Executive’s possession relating to any Confidential Information (as defined below) including without
limitation, internal and external business forms, manuals, correspondence, notes and computer programs, and Executive shall not
make or retain any copy or extract of any of the foregoing. 

 

7.             Confidential
Information; Non-Competition; Non-Solicitation. To protect the trade secrets and Confidential Information (as defined below)
of the Company and its customers and clients that have been and will be entrusted to Executive, the business goodwill of the Company
and its subsidiaries that will be developed in and through Executive and the business opportunities that will be disclosed or entrusted
to Executive by the Company and its subsidiaries, and as an additional incentive for the Company to enter into this Agreement,
Executive agrees as follows: 

  

(a)           Nondisclosure
of Confidential Information. Executive acknowledges that it is the policy of the Company to maintain as secret and confidential
(i) all valuable and unique information, (ii) other information heretofore or hereafter acquired by the Company, or any affiliated
entity and deemed by it to be confidential, and (iii) information developed or used by the Company or any affiliated entity relating
to the business, operations, employees and/or customers of the Company or any affiliated entity including, but not limited to,
any employee information (all such information described in clauses (i), (ii) and (iii) above, other than information which is
(w) known by Executive as a result of Executive’s extensive experience in the Business generally and not specific to the
Company, (x) known to the public or becomes

 

    	 	7	 

     

    

  

known
to the public through no fault of Executive, (y) received by Executive on a non-confidential basis from a person that is not bound
by an obligation of confidentiality to the Company or its affiliates, or (z) in Executive’s possession prior to receipt from
the Company or its affiliates, as evidenced by Executive’s written records, is hereinafter referred to as “Confidential
Information”). The parties recognize that the services to be performed by Executive pursuant to this Agreement are
special and unique and that by reason of Executive’s employment by the Company, Executive has acquired and will acquire Confidential
Information. Executive recognizes that all such Confidential Information is the property of the Company. Accordingly, Executive
shall not, at any time during or after the Term, except in the proper performance of Executive’s duties under this Agreement,
directly or indirectly, without the prior written consent of the Company, disclose to any Person (as defined below) other than
the Company, whether or not such Person is a competitor of the Company, and shall use Executive’s best efforts to prevent
the publication or disclosure of any Confidential Information obtained by, or which has come to the knowledge of, Executive prior
or subsequent to the date hereof. “Person” shall mean any individual, corporation, limited liability
company, partnership, firm, or other business of whatever nature.

 

(b)           Non-Competition. 

 

(i)            
During the Term and during the period beginning on the date on which Executive’s employment with the Company terminates
for any reason and ending on the later of (A) the twelve-(12) month anniversary of the date on which the Term terminates for any
reason or (B) the last day of the Severance Period (together, the “Restricted Period”), Executive shall
not become (i) engaged in any manner, directly or indirectly, either alone or with any Person now existing or hereafter created,
that is engaged in or preparing to engage in, the Business (as defined below), or any portion thereof, in any region in which
the Company or any of its affiliates is then operating or has firm plans to operate (the “Geographic Area”),
or (ii) directly or indirectly, as a shareholder, bondholder, lender, officer, director, employee, consultant or otherwise,
perform services for, invest in, aid or abet or give information or financial assistance to any Person engaged in the Business,
or any portion thereof, in the Geographic Area, or any portion thereof; provided, however, that this Section 7(b)(i) shall
not be deemed to prohibit Executive from (x) serving as a member of the board of directors of Eco-Pan or (y) owning as an investment,
directly or indirectly, up to two percent (2%) of the securities of any publicly-traded company in the Geographic Area, or any
portion thereof. For purposes of this Agreement, “Business” shall mean the business of pumping, hauling,
transporting and/or disposing of concrete, cement or aggregates and any other type of business that the Company purses or engages
in following the Closing.

 

(ii)            If
the covenants set forth in Section 7(b)(i) are determined by any court of competent jurisdiction to be unenforceable by reason
of its extending for too great of a period of time or over too great a geographic area, or by reason of its being too extensive
in any other respect, such covenant shall be interpreted to provide for the longest period of time, over the greatest geographic
area and/or the broadest scope of activities and to otherwise have the broadest application, as shall be enforceable. The invalidity
or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof, which shall continue
in full force and effect. Without limiting
the foregoing, the covenants contained herein shall be construed as separate covenants, covering their respective subject matters,
with respect to each of the separate cities, counties and states of the United States, and each other country, and political subdivision
thereof, in which the Business is being conducted.

 

    	 	8	 

     

    

 

  

(c)           Non-Solicitation
of Customers and Suppliers. During the Restricted Period, Executive shall not, directly or indirectly, solicit or influence
or attempt to solicit or influence any customers or suppliers of the Company or any of its affiliates to terminate or limit their
relationship as customers or suppliers of the Company or any of its affiliates, or to divert their purchases, sales, supplies or
other activities with respect to the Business to any other Person. 

 

(d)          
Non-Solicitation of Employees. During the Restricted Period, Executive shall not, either directly or indirectly (i) solicit
for employment by any Person any employees, consultants, independent contractors or other service providers of the Company or
any of its affiliates or (ii) solicit, canvass, induce or encourage any employee or consultant of the Company or any of its affiliates
to leave the employment or consulting of or cease providing services to the Company or any of its affiliates; provided,
however, that the foregoing clauses (i) and (ii) shall not apply to a general advertisement or solicitation (or any hiring
pursuant to such advertisement or solicitation) that is not specifically targeted to such employees or consultants.

 

(e)           Non-Disparagement.
Executive agrees not to disparage the Company, any of its products or practices, or any of its directors, officers, agents, representatives,
stockholders or affiliates, either orally or in writing, during the Term or thereafter. The Company agrees not to disparage Executive
and to instruct its officers and directors not to disparage Executive, either orally or in writing, during the Term or thereafter. 

 

(f)           
Remedies. Executive acknowledges and understands that Sections 7(a), (b), (c),
(d) and (e) and the other provisions of this Agreement are of a special and unique nature, the breach of which cannot be adequately
compensated for in damages by an action at law, and that any breach or threatened breach of such provisions would cause the Company
irreparable harm. In the event of a breach or threatened breach by Executive of the provisions of this Agreement, the Company
shall be entitled to an injunction restraining him from such breach without the need to post bond therefor. Nothing contained
in this Section 7 shall be construed as prohibiting the Company from pursuing, or limiting the Company’s ability to pursue,
any other remedies available for any breach or threatened breach of this Agreement by Executive. The provisions of Section 8 below
relating to arbitration of disputes shall not be applicable to the Company to the extent it seeks a temporary or permanent injunction
in any court to restrain Executive from violating Section 7(a), (b), (c), (d) or (e) hereof.

 

(g)          Continuing
Operation, Survival. Except as specifically provided in this Section 7, none of the termination of Executive’s employment,
the Term or this Agreement will have any effect on the continuing operation of this Section 7, and this Section 7 shall continue
to apply in accordance with its terms during and after Executive’s employment with the Company, whether or not any other
provisions of this Agreement remain in effect at such time. 

 

    	 	9	 

     

    

 

8.            Arbitration. 

 

(a)          
Any controversy or dispute that establishes a legal or equitable cause of action (“Arbitration Claim”)
between any two or more Persons Subject to Arbitration (defined below), including without limitation any controversy or dispute,
whether based on contract, common law, or federal, state or local statute or regulation, arising out of, or relating to Executive’s
employment or the termination thereof, shall be submitted to final and binding arbitration as the sole and exclusive remedy for
such controversy or dispute. Notwithstanding the foregoing, this Agreement shall not require any Person Subject to Arbitration
to arbitrate pursuant to this Agreement any claims: (i) under a Company benefit plan subject to the Employee Retirement Income
Security Act, as amended; or (ii) as to which applicable law not preempted by the Federal Arbitration Act prohibits resolution
by binding arbitration. Either party may seek provisional non-monetary remedies in a court of competent jurisdiction to the extent
that such remedies are not available or not available in a timely fashion through arbitration. It is the parties’ intent
that issues of arbitrability of any dispute shall be decided by the arbitrator.

 

(b)         
“Persons Subject to Arbitration” means, individually and collectively, (i) Executive, (ii) any person
in privity with or claiming through, on behalf of or in the right of Executive, (iii) the Company, (iv) any past, present or future
affiliate, employee, officer, director or agent of the Company, and/or (v) any person or entity alleged to be acting in concert
with or to be jointly liable with any of the foregoing.

 

(c)          The
arbitration shall take place before a single neutral arbitrator at the JAMS office in Denver, Colorado. Such arbitrator shall be
provided through JAMS by mutual agreement of the parties to the arbitration; provided that, absent such agreement, the arbitrator
shall be selected in accordance with the rules of JAMS then in effect. The arbitrator shall permit reasonable discovery. The arbitration
shall be conducted in accordance with the JAMS rule applicable to employment disputes in effect at the time of the arbitration.
The award or decision of the arbitrator shall be rendered in writing; shall be final and binding on the parties; and may be enforced
by judgment or order of a court of competent jurisdiction. 

 

(d)           In
the event of arbitration relating to this Agreement, the non-prevailing party shall reimburse the prevailing party for all costs
incurred by the prevailing party in connection with such arbitration (including, without limitation, reasonable legal fees in connection
with such arbitration, including any litigation or appeal therefrom). 

 

(e)          WAIVER
OF TRIAL BY JURY OR COURT. EXECUTIVE AND COMPANY UNDERSTAND THAT BY AGREEING TO ARBITRATE ANY ARBITRATION CLAIM, THEY WILL NOT
HAVE THE RIGHT TO HAVE ANY ARBITRATION CLAIM DECIDED BY A JURY OR A COURT, BUT SHALL INSTEAD HAVE ANY ARBITRATION CLAIM DECIDED
THROUGH ARBITRATION. 

 

(f)           This
Section 8 shall be interpreted to conform to any applicable law concerning the terms and enforcement of agreements to arbitrate
employment disputes. To the extent any terms or conditions of this Section 8 would preclude its enforcement, such terms shall be
severed or interpreted in a manner to allow for the enforcement of this Section 8. To the extent applicable law imposes additional
requirements to allow enforcement of this Section 8, this Agreement shall be interpreted to include such terms or conditions. 

 

    	 	10	 

     

    

 

 9.          
Successors. This Agreement is personal to Executive and, without the prior written consent of the Company, shall not be
assignable by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit
of and be binding upon the Company and its successors and assigns.

 

10.         Directors’
and Officers’ Liability Insurance. During the Term and thereafter, the Company shall provide Executive with coverage
under the Company’s directors’ and officers’ liability policy applicable to members of the Company’s Board
and the Company’s officers, to the same extent as such coverage is provided to such members of the Board and officers. 

 

11.           Notice.
For the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered either personally, by reputable overnight courier or by United States
certified or registered mail, return receipt requested, postage prepaid, addressed as follows: 

 

 If
to Executive:

 At
Executive’s last known address

evidenced on the Company’s

payroll records.

 

 If
to the Company:

 Brundage-Bone
Concrete Pumping, Inc.

 6475
Downing Street

 Denver,
CO 80229

 Attn:
Chairman of the Board

 

 with
a copy (which shall not constitute notice) to:

 Peninsula
Pacific Strategic Partners

10250 Constellation Blvd, Suite 2230

Los Angeles, CA 90067

Attn: Mary Ellen Kanoff

 

 or
to such other address as any party may have furnished to the other in writing in accordance with this Agreement, except that notices
of change of address shall be effective only upon receipt.

 

12.           Section
409A. 

 

(a)          
To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Code and Department of Treasury
regulations and other interpretative guidance issued thereunder, including without limitation any such regulations or other such
guidance that may be issued after the Effective Date (collectively, “Section 409A”). Notwithstanding
any provision of this Agreement to the contrary, in the event that following the Effective Date, the Company determines that any
compensation or benefits payable under this Agreement may be subject to Section 409A, the Company may adopt such amendments to
this Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effect),
or take any other actions that the Company determines are necessary or appropriate to preserve the intended tax treatment of the
compensation and benefits payable hereunder, including without limitation actions intended to (i) exempt the compensation and
benefits payable under this Agreement from Section 409A, and/or (ii) comply with the requirements of Section 409A, provided,
that this Section 12 does not, and shall not be construed so as to, create any obligation on the part of the Company to adopt
any such amendments, policies or procedures or to take any other such actions. In no event shall the Company, its affiliates or
any of their respective officers, directors or advisors be liable for any taxes, interest or penalties imposed under Section 409A
or any corresponding provision of state or local law.

 

    	 	11	 

     

    

 

(b)          Any
right to a series of installment payments pursuant to this Agreement, including without limitation the Severance, is to be treated
as a right to a series of separate payments. To the extent permitted under Section 409A, any separate payment or benefit under
this Agreement or otherwise shall not be deemed “nonqualified deferred compensation” subject to Section 409A to the
extent provided in the exceptions in Treasury Regulation Section 1.409A- 1(b)(4), Section 1.409A-1(b)(9) or any other applicable
exception or provision of Section 409A. 

 

13.         Withholding.
All payments hereunder will be subject to any required withholding of federal, state and local taxes pursuant to any applicable
law or regulation and the Company and its affiliates shall be entitled to withhold any and all such taxes from amounts payable
hereunder. 

 

14.         Amendment;
Waiver; Survival. No provisions of this Agreement may be amended, modified, or waived unless agreed to in writing and signed
by Executive and by a duly authorized officer of the Company. No waiver by either party of any breach by the other party of any
condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same
or at any prior or subsequent time. The respective rights and obligations of the parties under this Agreement shall survive Executive’s
termination of employment and the termination of this Agreement to the extent necessary for the intended preservation of such rights
and obligations. 

 

15.          Governing
Law. The validity, interpretation, construction and performanceof this Agreement shall be governed by the laws of the
State of Colorado without regard to its conflicts of law principles.

 

16.         
Validity. The invalidity or unenforceability of any provision or provisionsof this Agreement will not affect the validity
or enforceability of any other provision of this Agreement, which will remain in full force and effect.

 

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

 

18.          Section
Headings. The section headings in this Agreement are for convenience of reference only, and they form no part of this Agreement
and will not affect its interpretation. 

 

    	 	12	 

     

    

 

19.          Effectiveness.
This Agreement shall become effective as of the Closing. Notwithstanding anything contained herein, in the event that the Merger
Agreement is terminated or the Closing otherwise does not occur for any reason, this Agreement shall automatically, and without
notice, terminate without any obligation on the part of any party hereto and the provisions of this Agreement shall be of no force
or effect. 

 

20.          Entire
Agreement. This Agreement sets forth the final and entire agreement of the parties with respect to the subject matter hereof
and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether
oral or written, by the Company and Executive, or any representative of the Company or Executive, with respect to the subject matter
hereof (including, without limitation, that certain Amended and Restated Employment Agreement, dated as of October 31, 2012, by
and between the Company and Executive). 

 

21.        Further
Assurances. The parties hereby agree, without further consideration, to execute and deliver such other instruments and to take
such other action as may reasonably be required to effectuate the terms and provisions of this Agreement. 

 

[Signature
Page Follows] 

 

    	 	13	 

     

    

  

 Executive
hereby represents and warrants to the Company that (a) Executive is entering into this Agreement voluntarily and that the performance
of Executive’s duties and responsibilities with the Company will not violate any agreement between Executive and any other
person, firm, organization or other entity, and (b) Executive is not bound by the terms of any agreement with any previous employer
or other party to refrain from competing, directly or indirectly, with the business of such previous employer or other party, in
any case, that would be violated by Executive’s entering into this Agreement and/or providing services to the Company pursuant
to the terms of this Agreement.

 

 IN
WITNESS WHEREOF, the parties have executed this Agreement effective the date first above written.

 

	 	BRUNDAGE-BONE CONCRETE PUMPING, INC. 
	 	 
	 	By: 	/s/ John Hudek
	 	 	Name: John Hudek 
	 	 	Title:
    Senior Vice President and Chief Financial Officer
	 	 	 
	 	“EXECUTIVE” 
	 	 
	 	/s/ Bruce Young
	 	Bruce Young 

 

Signature
Page to Employment Agreement

(Bruce
Young)

 

     

     

    

  

 EXHIBIT
A

 

 GENERAL
RELEASE

 

 For
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever
discharge the “Releasees” hereunder, consisting of Brundage-Bone Concrete Pumping, Inc. (the “Company”),
and its partners, subsidiaries, associates, affiliates, successors, heirs, assigns, agents, directors, officers, employees, representatives,
lawyers, insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner
of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability,
claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or
contingent (hereinafter called “Claims”), which the undersigned now has or may hereafter have against
the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof.

 

 The
Claims released herein include, without limiting the generality of the foregoing, any Claims in any way arising out of, based upon,
or related to the employment or termination of employment of the undersigned by the Releasees, or any of them; any alleged breach
of any express or implied contract of employment; any alleged torts or other alleged legal restrictions on Releasees’ right
to terminate the employment of the undersigned; and any alleged violation of any federal, state or local statute or ordinance including,
without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination In Employment Act, and the Americans With
Disabilities Act.1 Notwithstanding the foregoing, this general release (the “Release”) shall
not operate to release any rights or claims of the undersigned (i) to payments or benefits under Section 6 of that certain Employment
Agreement, dated as of June __, 2014, which payments and benefits (among other good and valuable consideration) are provided in exchange
for this Release, (ii) to any Claims for indemnification arising under any applicable indemnification obligation of the Company,
or (iii) to any Claims which cannot be waived by an employee under applicable law.

 

 THE
UNDERSIGNED ACKNOWLEDGES THAT THE UNDERSIGNED HAS BEEN ADVISED BY LEGAL COUNSEL AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA
CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS:

 

 “A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

 THE
UNDERSIGNED, BEING AWARE OF SAID CODE SECTION, HEREBY EXPRESSLY WAIVES ANY RIGHTS THE UNDERSIGNED MAY HAVE THEREUNDER, AS WELL
AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.

 

 

 

1 To
be updated to reflect applicable law.

 

     

     

    

  

 IN
ACCORDANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990, THE UNDERSIGNED IS HEREBY ADVISED AS FOLLOWS:

 

		A.	 THE UNDERSIGNED
HAS THE RIGHT TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS RELEASE; 

 

		B.	 THE UNDERSIGNED
HAS [TWENTY-ONE (21)]2 DAYS TO CONSIDER THIS RELEASE BEFORE SIGNING IT; AND 

 

		C.	 THE UNDERSIGNED
HAS SEVEN (7) DAYS AFTER SIGNING THIS RELEASE TO REVOKE THIS RELEASE, AND THIS RELEASE WILL BECOME EFFECTIVE UPON THE EXPIRATION
OF THAT REVOCATION PERIOD. 

 

 The
undersigned represents and warrants that there has been no assignment or other transfer of any interest in any Claim which the
undersigned may have against Releasees, or any of them, and the undersigned agrees to indemnify and hold Releasees, and each of
them, harmless from any liability, Claims, demands, damages, costs, expenses and attorneys’ fees incurred by Releasees, or
any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer. It
is the intention of the parties that this indemnity does not require payment as a condition precedent to recovery by the Releasees
against the undersigned under this indemnity.

 

 The
undersigned agrees that if the undersigned hereafter commences any suit arising out of, based upon, or relating to any of the Claims
released hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then the undersigned
agrees to pay to Releasees, and each of them, in addition to any other damages caused to Releasees thereby, all attorneys’
fees incurred by Releasees in defending or otherwise responding to said suit or Claim.

 

 The
undersigned further understands and agrees that neither the payment of any sum of money nor the execution of this Release shall
constitute or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently
taken the position that they have no liability whatsoever to the undersigned.

 

IN WITNESS
WHEREOF, the undersigned has executed this
Release
this          day of                                        20       .

 

	 	 
	  	 Bruce Young 

 

 

2
If multiple terminations are contemplated at the time of termination, this may need to be increased to 45 days.

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