Document:

Exhibit 10.2
CONTANGO OIL & GAS COMPANY
THIRD AMENDED AND RESTATED 
2009 INCENTIVE COMPENSATION PLAN
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CONTANGO OIL & GAS COMPANY
THIRD AMENDED AND RESTATED 2009 INCENTIVE COMPENSATION PLAN
		1.	Purpose and History

The purpose of the Contango Oil & Gas Company Amended and Restated 2009 Incentive Compensation Plan (the “Plan”) is to provide (i) designated employees of Contango Oil & Gas Company (the “Company”) and its subsidiaries, (ii) non-employee members of the board of directors of the Company, and (iii) consultants who perform services for the Company and its subsidiaries with the opportunity to receive grants of stock options, stock units, stock awards, stock appreciation rights and other stock-based awards as well as cash awards.  The Company believes that the Plan will encourage the participants to contribute materially to the growth of the Company, thereby benefiting the Company’s stockholders, and will align the economic interests of the participants with those of the stockholders.
The Plan (styled as the Contango Oil & Gas Company 2009 Equity Compensation Plan) originally became effective as of September 1, 2009.  The Plan was amended and restated on April 10, 2014 to (1) clarify certain provisions of the Plan relating to Section 162(m) of the Code, (2) add cash awards to the Plan, and (3) make certain administrative clarifications to the Plan.  The Plan was further amended and restated on March 21, 2017 to (a) increase the number of shares reserved for issuance pursuant to the Plan; (b) extend the term of the Plan to March 21, 2027; (c) increase the individual limit applicable to awards granted to a single Participant in any single year; and (d) make certain administrative clarifications to the Plan.  The Plan is now being amended and restated to (I) increase the number of shares reserved for issuance pursuant to the Plan, and (II) eliminate certain outdated references to Section 162(m) of the Code.
		2.	Definitions

Whenever used in this Plan, the following terms will have the respective meanings set forth below:
(a)“ASC Topic 718” means the Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation, as amended or any successor accounting standard.
(b)“Board” means the Company’s Board of Directors.
(c)“Cash Award” means a cash award as described in Section 11.
(d)“Change of Control” shall be deemed to have occurred if:
(i)Any “person” (as such term is used in sections 13(d) and 14(d) of the Exchange Act) becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the securities of the Company representing either (x) the then outstanding shares of Company Stock (the “Outstanding Stock”) or (y) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding 

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Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control:  (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company or (D) any acquisition by any entity pursuant to a transaction that complies with clauses (A), (B) and (C) of paragraph (iii) below;
(ii)Individuals who constitute the Incumbent Board cease for any reason to constitute at least a majority of the Board; or 
(iii)Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company or an acquisition of assets of another entity (a “Business Combination”), in each case, unless, following such Business Combination, (A) the Outstanding Stock and Outstanding Company Voting Securities immediately prior to such Business Combination represent or are converted into or exchanged for securities which represent or are convertible into more than 50% of, respectively, the then outstanding shares of common stock or common equity interests and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors or other governing body, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity 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), (B) no person (excluding any employee benefit plan (or related trust) of the Company or the entity resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock or common equity interests of the entity resulting from such Business Combination or the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors or other governing body of such entity to the extent that such ownership results solely from ownership of the Company that existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors or similar governing body of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination.
Provided, however, that notwithstanding the definition of a Change of Control provided above, with respect to any award that is subject to section 409A of the Code, a “Change of Control” shall not occur unless that Change of Control also constitutes a “change in the ownership of a corporation,” a “change in the effective control of a corporation,” or a “change in the ownership of a substantial portion of a corporation’s assets,” in each case, within the meaning of 1.409A-3(i)(5) of the regulations promulgated under section 409A of the Code.
(e)“Code” means the Internal Revenue Code of 1986, as amended.

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(f)“Committee” means (i) with respect to Grants to Employees (other than as noted herein) and Consultants, the Compensation Committee of the Board or another committee appointed by the Board to administer the Plan, (ii) with respect to Grants made to Non-Employee Directors, the Board, and (iii) with respect to Grants to individuals that are subject to section 16 of the Exchange Act, a committee that consists of two or more persons appointed by the Board, all of whom shall be “nonemployee directors” within the meaning of Rule 16b-3(b)(3).
(g)“Company” means Contango Oil & Gas Company and any successor corporation.
(h)“Company Stock” means the common stock of the Company.
(i)“Consultant” means an advisor or consultant who performs services for the Employer.
(j)“Dividend Equivalent” means an amount calculated with respect to a Stock Unit, which is determined by multiplying the number of shares of Company Stock subject to the Stock Unit by the per-share cash dividend, or the per-share fair market value (as determined by the Committee) of any dividend in consideration other than cash, paid by the Company on its Company Stock.  If interest is credited on accumulated dividend equivalents, the term “Dividend Equivalent” shall include the accrued interest.
(k)“Employee” means an employee of the Employer (including an officer or director who is also an employee), but excluding any person who is classified by the Employer as a “contractor” or “consultant,” no matter how characterized by the Internal Revenue Service, other governmental agency or a court.  Any change of characterization of an individual by the Internal Revenue Service or any court or government agency shall have no effect upon the classification of an individual as an Employee for purposes of this Plan, unless the Committee determines otherwise.
(l)“Employer” means the Company and its subsidiaries.
(m)“Exchange Act” means the Securities Exchange Act of 1934, as amended.
(n)“Exercise Price” means the per share price at which shares of Company Stock may be purchased under an Option, as designated by the Committee.
(o)“Fair Market Value” of Company Stock means, unless the Committee determines otherwise with respect to a particular Grant, (i) if the principal trading market for the Company Stock is a national securities exchange, the last reported sale price of Company Stock on the relevant date or (if there were no trades on that date) the latest preceding date upon which a sale was reported, (ii) if the Company Stock is not principally traded on such exchange, the mean between the last reported “bid” and “asked” prices of Company Stock on the relevant date, as reported on the OTC Bulletin Board, or (iii) if the Company Stock is not publicly traded or, if publicly traded, is not so reported, the Fair Market Value per share shall be as determined by the Committee.

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(p)“Grant” means an Option, Stock Unit, Stock Award, SAR, Other Stock-Based Award or Cash Award granted under the Plan.
(q)“Grant Agreement” means the written instrument that sets forth the terms and conditions of a Grant, including all amendments thereto.
(r)“Incentive Stock Option” means an Option that is intended to meet the requirements of an incentive stock option under section 422 of the Code.
(s)“Incumbent Board” means the portion of the Board constituted of the individuals who are members of the Board as of the Second Restatement Effective Date and any other individual who becomes a director of the Company after the Second Restatement Effective Date and whose election or appointment by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Incumbent Board.
(t)“Non-Employee Director” means a member of the Board who is not an employee of the Employer.
(u)“Nonqualified Stock Option” means an Option that is not intended to be taxed as an incentive stock option under section 422 of the Code.
(v)“Option” means an option to purchase shares of Company Stock, as described in Section 7.
(w)“Other Stock-Based Award” means any Grant based on, measured by or payable in Company Stock (other than an Option, Stock Unit, Stock Award or SAR), as described in Section 10.
(x)“Participant” means an Employee, Consultant or Non-Employee Director designated by the Committee to participate in the Plan.
(y)“Plan” means this Contango Oil & Gas Company 2009 Equity Compensation Plan, as amended and as in effect from time to time.
(z)“SAR” means a stock appreciation right as described in Section 10.
(aa)“Second Restatement Effective Date” means March 21, 2017.
(bb)“Stock Award” means an award of Company Stock as described in Section 9.
(cc)“Stock Unit” means an award of a phantom unit representing a share of Company Stock, as described in Section 8.

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		3.	Administration

(a)Committee.  The Plan shall be administered and interpreted by the Committee.  Ministerial functions may be performed by an administrative committee comprised of Company employees appointed by the Committee.
(b)Committee Authority.  Except for Grants to the Company’s Chairman and its Chief Executive Officer, each of which shall require the approval of the Board, the Committee shall have the sole authority to (i) determine the Participants to whom Grants shall be made under the Plan, (ii) determine the type, size and terms and conditions of the Grants to be made to each such Participant, (iii) determine the time when the Grants will be made and the duration of any applicable exercise or restriction period, including the criteria for exercisability and the acceleration of exercisability, (iv) amend the terms and conditions of any previously issued Grant, subject to the provisions of Sections 17 and 18 below, and (v) deal with any other matters arising under the Plan.
(c)Committee Determinations.  The Committee shall have full power and express discretionary authority to administer and interpret the Plan, to make factual determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing the Plan and for the conduct of its business as it deems necessary or advisable, in its sole discretion.  The Committee’s interpretations of the Plan and all determinations made by the Committee pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having any interest in the Plan or in any awards granted hereunder.  All powers of the Committee shall be executed in its sole discretion, in the best interest of the Company, not as a fiduciary, and in keeping with the objectives of the Plan and need not be uniform as to similarly situated Participants.
		4.	Grants

(a)Grants under the Plan may consist of Options as described in Section 7, Stock Units as described in Section 8, Stock Awards as described in Section 9, SARs or Other Stock-Based Awards as described in Section 10, and Cash Awards as described in Section 11.  All Grants shall be subject to such terms and conditions as the Committee deems appropriate and as are specified in writing by the Committee to the Participant in the Grant Agreement.
(b)Notwithstanding any provision of the Plan to the contrary, on and after the Second Restatement Effective Date, the Committee shall not award more than 5% of the aggregate number of Shares that remain available as of the Second Restatement Effective Date plus any Shares that become available in the future pursuant to Grants that could vest in less than 12 months of the date of grant, subject, in each case, to the Committee’s authority under the Plan to vest Grants earlier, as the Committee deems appropriate and as permitted by any other section of this Plan.
(c)All Grants shall be made conditional upon the Participant’s acknowledgement, in writing or by acceptance of the Grant, that all decisions and determinations of the Committee shall be final and binding on the Participant, his or her beneficiaries and any 

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other person having or claiming an interest under such Grant.  Grants under a particular Section of the Plan need not be uniform as among the Participants.
		5.	Shares Subject to the Plan

(a)Shares Authorized.  The total aggregate number of shares of Company Stock that may be issued under the Plan is 12,500,000 shares, subject to adjustment as described in subsection (d) below.
(b)Source of Shares; Share Counting.  Shares issued under the Plan may be authorized but unissued shares of Company Stock or reacquired shares of Company Stock, including shares purchased by the Company on the open market for purposes of the Plan.  If and to the extent Options or SARs granted under the Plan terminate, expire, or are canceled, forfeited, exchanged or surrendered without having been exercised, and if and to the extent that any Stock Awards, Stock Units, or Other Stock-Based Awards are forfeited or terminated, or otherwise are not paid in full, the shares reserved for such Grants shall again be available for purposes of the Plan.  Shares of Stock surrendered in payment of the Exercise Price of an Option, and shares withheld or surrendered for payment of taxes, shall not be available for re-issuance under the Plan.  If SARs are granted, the full number of shares subject to the SARs shall be reserved for issuance under the Plan pending final settlement of the award.  If Stock Units are granted, the number of shares attributable to the “target” award level associated with the Stock Units shall be reserved for issuance under the Plan pending final settlement of the award.  To the extent that a Grant of Stock Units or Other Stock-Based Awards is designated in the Grant Agreement to be paid in cash, and not in shares of Company Stock, such Grants shall not count against the share limits in subsection (a).
(c)Individual Limits.  The maximum aggregate number of shares of Company Stock with respect to which all Grants may be made under the Plan to any individual during any calendar year shall be 1,000,000 shares, subject to adjustment as described in subsection (d) below.  With respect to an award that is not designated in shares of Company Stock, the maximum amount of the Grant to any individual during any calendar year shall not be valued at more than $2,500,000 on the date of grant.  The individual limits of this subsection (c) shall apply without regard to whether the Grants are to be paid in Company Stock or cash.  All cash payments (other than with respect to Dividend Equivalents) shall equal the Fair Market Value of the shares of Company Stock to which the cash payments relate.  A Participant may not accrue Dividend Equivalents during any calendar year in excess of $500,000.
(d)Adjustments.  If there is any change in the number or kind of shares of Company Stock outstanding (i) by reason of a stock dividend, spinoff, recapitalization, stock split, or combination or exchange of shares, (ii) by reason of a merger, reorganization or consolidation, (iii) by reason of a reclassification or change in par value, (iv) by reason of any change in capital structure or business of the Company or other corporate transaction or event that would be considered an “equity restructuring” within the meaning of ASC Topic 718, or (v) by reason of any other extraordinary or unusual event affecting the outstanding Company Stock as a class without the Company’s receipt of consideration, or if the value of outstanding shares of Company Stock is substantially reduced as a result of a spinoff or the Company’s payment of an extraordinary dividend or distribution, the maximum number of shares of Company Stock 

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available for issuance under the Plan, the maximum number of shares of Company Stock for which any individual may receive Grants in any year, the kind and number of shares covered by outstanding Grants, the kind and number of shares issued and to be issued under the Plan, and the price per share or the applicable market value of such Grants shall be equitably adjusted by the Committee to reflect any increase or decrease in the number of, or change in the kind or value of, the issued shares of Company Stock to preclude, to the extent practicable, the enlargement or dilution of rights and benefits under the Plan and such outstanding Grants; provided, however, that any fractional shares resulting from such adjustment shall be eliminated.  In addition, in the event of a Change of Control of the Company, the provisions of Section 15 of the Plan shall apply.  Any adjustments to outstanding Grants shall be consistent with section 409A or 424 of the Code, to the extent applicable.  Any adjustments determined by the Committee shall be final, binding and conclusive.
		6.	Eligibility for Participation

(a)Eligible Persons.  All Employees, including Employees who are officers or members of the Board, Consultants, and all Non-Employee Directors shall be eligible to participate in the Plan; provided, that, any such individual must be an “employee” of the Company or any of its parents or subsidiaries within the meaning of General Instruction A.1(a) (or any successor instruction) to Form S-8 if such individual is granted an award that may be settled in Company Stock.
(b)Selection of Participants.  The Committee shall select the Employees, Consultants, and Non-Employee Directors to receive Grants and shall determine the number of shares of Company Stock subject to each Grant.
		7.	Options

(a)General Requirements.  The Committee may grant Options to an Employee, Consultant or Non-Employee Director upon such terms and conditions as the Committee deems appropriate under this Section 7.  The Committee shall determine the number of shares of Company Stock that will be subject to each Grant of Options to Employees, Consultants and Non-Employee Directors.
(b)Type of Option, Price and Term.
(i)The Committee may grant Incentive Stock Options or Nonqualified Stock Options or any combination of the two, all in accordance with the terms and conditions set forth herein.  Incentive Stock Options may be granted only to Employees of the Company or its parents or subsidiaries, as defined in section 424 of the Code.  Nonqualified Stock Options may be granted to Employees, Consultants or Non-Employee Directors.
(ii)The Exercise Price of Company Stock subject to an Option shall be determined by the Committee and may be equal to or greater than the Fair Market Value of a share of Company Stock on the date the Option is granted.  However, an Incentive Stock Option may not be granted to an Employee who, at the time of grant, owns stock possessing more than 10% of the total combined voting power of all classes of stock of 

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the Company or any parent or subsidiary, as defined in section 424 of the Code, unless the Exercise Price per share is not less than 110% of the Fair Market Value of the Company Stock on the date of grant.
(iii)The Committee shall determine the term of each Option, which shall not exceed ten years from the date of grant.  However, an Incentive Stock Option that is granted to an Employee who, at the time of grant, owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary, as defined in section 424 of the Code, may not have a term that exceeds five years from the date of grant.
(c)Exercisability of Options.
(i)Options shall become exercisable in accordance with such terms and conditions as may be determined by the Committee and specified in the Grant Agreement.  The Committee may grant Options that are subject to achievement of performance goals or other conditions.  The Committee may accelerate the exercisability of any or all outstanding Options at any time for any reason.
(ii)The Committee may provide in a Grant Agreement that the Participant may elect to exercise part or all of an Option before it otherwise has become exercisable.  Any shares so purchased shall be restricted shares and shall be subject to a repurchase right in favor of the Company during a specified restriction period, with the repurchase price equal to the lesser of (A) the Exercise Price or (B) the Fair Market Value of such shares at the time of repurchase, or such other restrictions as the Committee deems appropriate.
(iii)Options granted to persons who are non-exempt employees under the Fair Labor Standards Act of 1938, as amended, may not be exercisable for at least six months after the date of grant (except that such Options may become exercisable, as determined by the Committee, upon the Participant’s death, disability or retirement, or upon a Change of Control or other circumstances permitted by applicable regulations).
(d)Termination of Employment or Service.  Except as provided in the Grant Agreement, an Option may only be exercised while the Participant is employed as an Employee or providing service as a Consultant or Non-Employee Director.  The Committee shall determine in the Grant Agreement under what circumstances and during what time periods a Participant may exercise an Option after termination of employment or service.
(e)Exercise of Options.  A Participant may exercise an Option that has become exercisable, in whole or in part, by delivering a notice of exercise to the Company.  The Participant shall pay the Exercise Price for the Option (i) in cash, (ii) if permitted by the Committee, by delivering shares of Company Stock owned by the Participant and having a Fair Market Value on the date of exercise equal to the Exercise Price or by attestation to ownership of shares of Company Stock having an aggregate Fair Market Value on the date of exercise equal to the Exercise Price, (iii) if permitted by the Committee, by a net exercise of the Option, (iv) by payment through a broker in accordance with procedures permitted by Regulation T of the 

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Federal Reserve Board, or (v) by such other method as the Committee may approve.  Shares of Company Stock used to exercise an Option shall have been held by the Participant for the requisite period of time to avoid adverse accounting consequences to the Company with respect to the Option.  Payment for the shares pursuant to the Option, and any required withholding taxes, must be received by the time specified by the Committee depending on the type of payment being made, but in all cases prior to the issuance of the Company Stock.
(f)Limits on Incentive Stock Options.  Each Incentive Stock Option shall provide that, if the aggregate Fair Market Value of the stock on the date of the grant with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year, under the Plan or any other stock option plan of the Company or a parent or subsidiary, as defined in section 424 of the Code, exceeds $100,000, then the Option, as to the excess, shall be treated as a Nonqualified Stock Option.  An Incentive Stock Option shall not be granted to any person who is not an Employee of the Company or a parent or subsidiary, as defined in section 424 of the Code.  No more than 12,500,000 shares may be issued under the Plan with respect to Incentive Stock Options.
		8.	Stock Units

(a)General Requirements.  The Committee may grant Stock Units to an Employee, Consultant or Non-Employee Director, upon such terms and conditions as the Committee deems appropriate under this Section 8.  Each Stock Unit shall represent the right of the Participant to receive a share of Company Stock or an amount based on the value of a share of Company Stock.  All Stock Units shall be credited to bookkeeping accounts on the Company’s records for purposes of the Plan.
(b)Terms of Stock Units.  The Committee may grant Stock Units that are payable on terms and conditions determined by the Committee, which may include payment based on achievement of performance goals.  Stock Units may be paid at the end of a specified vesting or performance period, or payment may be deferred to a date authorized by the Committee.  The Committee shall determine the number of Stock Units to be granted and the requirements applicable to such Stock Units.
(c)Payment With Respect to Stock Units.  Payment with respect to Stock Units shall be made in cash, in Company Stock, or in a combination of the two, as determined by the Committee.  The Grant Agreement shall specify the maximum number of shares that can be issued under the Stock Units.
(d)Requirement of Employment or Service.  The Committee shall determine in the Grant Agreement under what circumstances a Participant may retain Stock Units after termination of the Participant’s employment or service, and the circumstances under which Stock Units may be forfeited.
(e)Dividend Equivalents.  The Committee may grant Dividend Equivalents in connection with Stock Units, under such terms and conditions as the Committee deems appropriate.  Dividend Equivalents may be paid to Participants currently or may be deferred.  All Dividend Equivalents that are not paid currently shall be credited to bookkeeping accounts on the 

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Company’s records for purposes of the Plan.  Dividend Equivalents may be accrued as a cash obligation, or may be converted to additional Stock Units for the Participant, and deferred Dividend Equivalents may accrue interest, all as determined by the Committee.  The Committee may provide that Dividend Equivalents shall be payable based on the achievement of specific performance goals.  Dividend Equivalents may be payable in cash or shares of Company Stock or in a combination of the two, as determined by the Committee.  Notwithstanding the foregoing, with respect to Dividend Equivalents granted on or after the Second Restatement Effective Date, such Dividend Equivalents shall be subject to the same restrictions and a risk of forfeiture as the Stock Unit with respect to which the dividends accrue and shall not be paid unless and until such award has vested and been earned.
		9.	Stock Awards

(a)General Requirements.  The Committee may issue shares of Company Stock to an Employee, Consultant or Non-Employee Director under a Stock Award, upon such terms and conditions as the Committee deems appropriate under this Section 9.  Shares of Company Stock issued pursuant to Stock Awards may be issued for cash consideration or for no cash consideration, and subject to restrictions or no restrictions, as determined by the Committee.  The Committee may establish conditions under which restrictions on Stock Awards shall lapse over a period of time or according to such other criteria as the Committee deems appropriate, including restrictions based upon the achievement of specific performance goals.  The Committee shall determine the number of shares of Company Stock to be issued pursuant to a Stock Award.
(b)Requirement of Employment or Service.  The Committee shall determine in the Grant Agreement under what circumstances a Participant may retain Stock Awards after termination of the Participant’s employment or service, and the circumstances under which Stock Awards may be forfeited.
(c)Restrictions on Transfer.  While Stock Awards are subject to restrictions, a Participant may not sell, assign, transfer, pledge or otherwise dispose of the shares of a Stock Award except upon death as described in Section 14(a).  If certificates are issued, each certificate for a share of a Stock Award shall contain a legend giving appropriate notice of the restrictions in the Grant.  The Participant shall be entitled to have the legend removed when all restrictions on such shares have lapsed.  The Company may retain possession of any certificates for Stock Awards until all restrictions on such shares have lapsed.
(d)Right to Vote and to Receive Dividends.  The Committee shall determine to what extent, and under what conditions, the Participant shall have the right to vote shares of Stock Awards and to receive any dividends or other distributions paid on such shares during the restriction period.  The Committee may determine that Dividends on Stock Awards shall be withheld while the Stock Awards are subject to restrictions and that the Dividends shall be payable only upon the lapse of the restrictions on the Stock Awards, or on such other terms as the Committee determines.  Dividends that are not paid currently shall be credited to bookkeeping accounts on the Company’s records for purposes of the Plan.  Accumulated Dividends may accrue interest, as determined by the Committee, and shall be paid in cash, shares of Company Stock, or in such other form as Dividends are paid on Company Stock, as 

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determined by the Committee.  Notwithstanding the foregoing, with respect to Dividends granted on or after the Second Restatement Effective Date in connection with Stock Awards, such Dividends shall be subject to the same restrictions and a risk of forfeiture as the Stock Award with respect to which the Dividend accrues and shall not be paid unless and until such award has vested and been earned.
		10.	Stock Appreciation Rights and Other Stock-Based Awards

(a)SARs.  The Committee may grant SARs to an Employee, Consultant or Non-Employee Director separately or in tandem with an Option.  The following provisions are applicable to SARs:
(i)General Requirements.  The Committee shall establish the number of shares, the terms and the base amount of the SAR at the time the SAR is granted.  The base amount of each SAR shall be not less than the Fair Market Value of a share of Company Stock as of the date of Grant of the SAR.
(ii)Tandem SARs.  The Committee may grant tandem SARs either at the time the Option is granted or at any time thereafter while the Option remains outstanding; provided, however, that, in the case of an Incentive Stock Option, SARs may be granted only at the date of the grant of the Incentive Stock Option.  In the case of tandem SARs, the number of SARs granted to a Participant that shall be exercisable during a specified period shall not exceed the number of shares of Company Stock that the Participant may purchase upon the exercise of the related Option during such period.  Upon the exercise of an Option, the SARs relating to the Company Stock covered by such Option shall terminate.  Upon the exercise of SARs, the related Option shall terminate to the extent of an equal number of shares of Company Stock.
(iii)Exercisability.  An SAR shall become exercisable in accordance with such terms and conditions as may be specified.  The Committee may grant SARs that are subject to achievement of performance goals or other conditions.  The Committee may accelerate the exercisability of any or all outstanding SARs at any time for any reason.  The Committee shall determine in the Grant Agreement under what circumstances and during what periods a Participant may exercise an SAR after termination of employment or service.  A tandem SAR shall be exercisable only while the Option to which it is related is exercisable.
(iv)Grants to Non-Exempt Employees.  SARs granted to persons who are non-exempt employees under the Fair Labor Standards Act of 1938, as amended, may not be exercisable for at least six months after the date of grant (except that such SARs may become exercisable, as determined by the Committee, upon the Participant’s death, Disability or retirement, or upon a Change of Control or other circumstances permitted by applicable regulations).
(v)Exercise of SARs.  When a Participant exercises SARs, the Participant shall receive in settlement of such SARs an amount equal to the value of the 

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stock appreciation for the number of SARs exercised.  The stock appreciation for an SAR is the amount by which the Fair Market Value of the underlying Company Stock on the date of exercise of the SAR exceeds the base amount of the SAR as specified in the Grant Agreement.
(vi)Form of Payment.  The Committee shall determine whether the stock appreciation for an SAR shall be paid in the form of shares of Company Stock, cash or a combination of the two.  For purposes of calculating the number of shares of Company Stock to be received, shares of Company Stock shall be valued at their Fair Market Value on the date of exercise of the SAR.  If shares of Company Stock are to be received upon exercise of an SAR, cash shall be delivered in lieu of any fractional share.
(b)Other Stock-Based Awards.  The Committee may grant other awards not specified in Sections 7, 8 or 9 above that are based on or measured by Company Stock to Employees, Consultants and Non-Employee Directors, on such terms and conditions as the Committee deems appropriate.  Other Stock-Based Awards may be granted subject to achievement of performance goals or other conditions and may be payable in Company Stock or cash, or in a combination of the two, as determined by the Committee in the Grant Agreement.
		11.	Cash Awards

A Grant denominated in or settled in cash, as an element of or supplement to, or independent of any other Grant under this Plan, may be granted pursuant to this Section 11.  Cash Awards may be granted to Employees, Consultants and Non-Employee Directors, on such terms and conditions as the Committee deems appropriate.  Cash Awards may be granted subject to the achievement of performance goals or other conditions.
		12.	Deferrals

The Committee may permit or require a Participant to defer receipt of the payment of cash or the delivery of shares that would otherwise be due to the Participant in connection with any Grant.  The Committee shall establish rules and procedures for any such deferrals, consistent with applicable requirements of section 409A of the Code.
		13.	Withholding of Taxes

(a)Required Withholding.  All Grants under the Plan shall be subject to applicable federal (including FICA), state and local tax withholding requirements.  The Company may require that the Participant or other person receiving or exercising Grants pay to the Company the amount of any federal, state or local taxes that the Company is required to withhold with respect to such Grants, or the Company may deduct from other wages paid by the Company the amount of any withholding taxes due with respect to such Grants.
(b)Election to Withhold Shares.  If the Committee so permits, shares of Company Stock may be withheld to satisfy the Company’s tax withholding obligation with respect to Grants paid in Company Stock, at the time such Grants become taxable, up to an amount that does not exceed the maximum applicable withholding tax rate for federal (including 

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FICA), state and local tax liabilities, that may be utilized without creating adverse accounting treatment for the Company with respect to such award, as determined by the Committee.
		14.	Transferability of Grants

(a)Restrictions on Transfer.  Except as described in subsection (b) below, only the Participant may exercise rights under a Grant during the Participant’s lifetime, and a Participant may not transfer those rights except by will or by the laws of descent and distribution.  When a Participant dies, the personal representative or other person entitled to succeed to the rights of the Participant may exercise such rights.  Any such successor must furnish proof satisfactory to the Company of his or her right to receive the Grant under the Participant’s will or under the applicable laws of descent and distribution.
(b)Transfer of Nonqualified Stock Options to or for Family Members.  Notwithstanding the foregoing, the Committee may provide, in a Grant Agreement, that a Participant may transfer Nonqualified Stock Options to family members, or one or more trusts or other entities for the benefit of or owned by family members, consistent with the applicable securities laws, according to such terms as the Committee may determine; provided that the Participant receives no consideration for the transfer of an Option and the transferred Option shall continue to be subject to the same terms and conditions as were applicable to the Option immediately before the transfer.
		15.	Consequences of a Change of Control

(a)Grants prior to the Second Restatement Effective Date.  In the event of a Change of Control, the Committee may take any one or more of the following actions with respect to all outstanding Grants that were awarded prior to the Second Restatement Effective Date, without the consent of any Participant:  (i) the Committee may determine that outstanding Options and SARs shall be fully exercisable, and restrictions on outstanding Stock Awards, Stock Units and Other Stock-Based Awards shall lapse, as of the date of the Change of Control or at such other time as the Committee determines, (ii) the Committee may require that Participants surrender their outstanding Options and SARs in exchange for one or more payments by the Company, in cash or Company Stock as determined by the Committee, in an amount equal to the amount, if any, by which the then Fair Market Value of the shares of Company Stock subject to the Participant’s unexercised Options and SARs exceeds the Exercise Price or base amount, as applicable, and on such terms as the Committee determines, (iii) after giving Participants an opportunity to exercise their outstanding Options and SARs, the Committee may terminate any or all unexercised Options and SARs at such time as the Committee deems appropriate, (iv) with respect to Participants holding Stock Units, Other Stock-Based Awards or Dividend Equivalents, the Committee may determine that such Participants shall receive one or more payments in settlement of such Stock Units, Other Stock-Based Awards or Dividend Equivalents, in such amount and form and on such terms as may be determined by the Committee, or (v) the Committee may determine that Grants that remain outstanding after the Change of Control shall be converted to similar grants of the surviving corporation (or a parent or subsidiary of the surviving corporation).  Such acceleration, surrender, termination, settlement or conversion shall take place as of the date of the Change of Control or such other date as the Committee may specify.

13

(b)Grants On or Following the Second Restatement Effective Date.  In the event of a Change of Control, with respect to all outstanding Grants that were awarded on or following the Second Restatement Effective Date, the impact of a Change of Control shall be set forth in the applicable Grant Agreement; provided, however, that with respect to any award granted on or after the Second Restatement Effective Date, no such award may become vested in full automatically upon a Change of Control, except (i) if such acceleration is also contingent upon an involuntary termination of the Participant’s employment or services with the Company, any of its subsidiaries, or the surviving or successor entity (or a parent or subsidiary of the surviving entity) that occurs within the two (2) year period following the Change of Control, or (b) if such acceleration occurs with respect to an award that is not assumed, replaced, or converted by the surviving entity in any such Change of Control.  With respect to a Grant that is subject to performance-based vesting provisions, in the case of clause (b), acceleration shall assume attainment of the applicable performance criteria at the higher of (1) the “target” level (prorated based upon the length of time within the performance cycle that has elapsed prior to the Change of Control) or (2) actual achievement as of the date of such Change of Control.
(c)Other Transactions.  The Committee may provide in a Grant Agreement that a sale or other transaction involving a subsidiary or other business unit of the Company shall be considered a Change of Control for purposes of a Grant, or the Committee may establish other provisions that shall be applicable in the event of a specified transaction.
		16.	Requirements for Issuance of Shares

No Company Stock shall be issued in connection with any Grant hereunder unless and until all legal requirements applicable to the issuance of such Company Stock have been complied with to the satisfaction of the Committee.  The Committee shall have the right to condition any Grant made to any Participant hereunder on such Participant’s undertaking in writing to comply with such restrictions on his or her subsequent disposition of such shares of Company Stock as the Committee shall deem necessary or advisable, and certificates representing such shares may be legended to reflect any such restrictions.  Certificates representing shares of Company Stock issued under the Plan will be subject to such stop-transfer orders and other restrictions as may be required by applicable laws, regulations and interpretations, including any requirement that a legend be placed thereon.  No Participant shall have any right as a stockholder with respect to Company Stock covered by a Grant until shares have been issued to the Participant.
		17.	Amendment and Termination of the Plan

(a)Amendment.  The Board may amend or terminate the Plan at any time (including, without limitation, in response to a change in applicable law or regulations); provided, however, that if approval of the stockholders of the Company is required in order to comply with the Code or applicable laws, or to comply with applicable stock exchange requirements, then such amendment or termination shall not be effective until such approval is received.  No amendment or termination of this Plan shall, without the consent of the Participant, materially impair any rights or obligations under any Grant previously made to the Participant under the Plan, unless such right has been reserved in the Plan or the Grant Agreement, or except as provided in Section 18(b) below.

14

(b)No Repricing Without Stockholder Approval.  Except in connection with a corporate transaction involving the Company or a change in capitalization (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares), the terms of outstanding Grants may not be amended without shareholder approval to reduce the Exercise Price of outstanding Options or the base amount of outstanding SARs or cancel outstanding Options or SARs in exchange for cash, other property, other Grants or Options or SARs with an Exercise Price or base amount that is less than the Exercise Price or base amount of the original Options or SARs.
(c)Termination of Plan.  The Plan shall terminate on the day immediately preceding the tenth anniversary of the Second Restatement Effective Date, unless the Plan is terminated earlier by the Board or is extended by the Board with the approval of the stockholders.  The termination of the Plan shall not impair the power and authority of the Committee with respect to an outstanding Grant.
		18.	Miscellaneous

(a)Grants in Connection with Corporate Transactions and Otherwise.  Nothing contained in this Plan shall be construed to (i) limit the right of the Committee to make Grants under this Plan in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business or assets of any corporation, firm or association, including Grants to employees thereof who become Employees, or for other proper corporate purposes, or (ii) limit the right of the Company to grant stock options or make other stock-based awards outside of this Plan.  Without limiting the foregoing, the Committee may make a Grant to an employee of another corporation who becomes an Employee by reason of a corporate merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the Company in substitution for a grant made by such corporation.  The terms and conditions of the Grants may vary from the terms and conditions required by the Plan and from those of the substituted stock incentives, as determined by the Committee
(b)Compliance with Law.  The Plan, the exercise of Options or SARs and the obligations of the Company to issue or transfer shares of Company Stock under Grants shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required.  With respect to persons subject to section 16 of the Exchange Act, it is the intent of the Company that the Plan and all transactions under the Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act.  In addition, it is the intent of the Company that Incentive Stock Options comply with the applicable provisions of section 422 of the Code and that, to the extent applicable, Grants comply with the requirements of section 409A of the Code or an exception from such requirements.  To the extent that any legal requirement of section 16 of the Exchange Act or section 422 or 409A of the Code as set forth in the Plan ceases to be required under section 16 of the Exchange Act or section 422 or 409A of the Code, that Plan provision shall cease to apply.  The Committee may revoke any Grant if it is contrary to law or modify a Grant to bring it into compliance with any valid and mandatory government regulation.  The Committee may also adopt rules regarding the withholding of taxes on payments to Participants.  The Committee may, in its sole discretion, agree to limit its authority under this Section.

15

(c)Enforceability.  The Plan shall be binding upon and enforceable against the Company and its successors and assigns.
(d)Funding of the Plan; Limitation on Rights.  This Plan shall be unfunded.  The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any Grants under this Plan.  Nothing contained in the Plan and no action taken pursuant hereto shall create or be construed to create a fiduciary relationship between the Company and any Participant or any other person.  No Participant or any other person shall under any circumstances acquire any property interest in any specific assets of the Company.  To the extent that any person acquires a right to receive payment from the Company hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company.
(e)Rights of Participants.  Nothing in this Plan shall entitle any Employee, Consultant, Non-Employee Director or other person to any claim or right to receive a Grant under this Plan that has not been approved by the Committee and otherwise administered in accordance with the terms hereof.  Neither this Plan nor any action taken hereunder shall be construed as giving any individual any rights to be retained by or in the employment or service of the Employer.
(f)No Fractional Shares.  No fractional shares of Company Stock shall be issued or delivered pursuant to the Plan or any Grant.  The Committee shall determine whether cash, other awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.
(g)Employees Subject to Taxation Outside the United States.  With respect to Participants who are subject to taxation in countries other than the United States, the Committee may make Grants on such terms and conditions as the Committee deems appropriate to comply with the laws of the applicable countries, and the Committee may create such procedures, addenda and subplans and make such modifications as may be necessary or advisable to comply with such laws.
(h)Specified Employee under Section 409A of the Code.  Subject to any other restrictions or limitations contained herein, in the event that a “specified employee” (as defined under section 409A of the Code or the regulations promulgated thereunder) becomes entitled to a payment under a Grant which is subject to section 409A of the Code on account of a “separation from service” (as defined under section 409A of the Code or the regulations promulgated thereunder), to the extent required by the Code, such payment (or the applicable portion of such payment) shall not occur until the date that is six months plus one day from the date of such separation from service.  Any amount that is otherwise payable within the six-month period described herein will be aggregated and paid in a lump sum without interest.
(i)Severability.  If any provision of this Plan is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and the Plan shall be construed and enforced as if the illegal or invalid provision had never been included herein.  If any of the terms or provisions of this Plan or any Grant Agreement conflict with the requirements of Rule 16b-3 (as those terms or 

16

provisions are applied to eligible persons who are subject to section 16(b) of the Exchange Act) or section 422 of the Code (with respect to Incentive Stock Options), then those conflicting terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of Rule 16b-3 (unless the Board or the Committee, as appropriate, has expressly determined that the Plan or such Grant should not comply with Rule 16b-3) or section 422 of the Code.  With respect to Incentive Stock Options, if this Plan does not contain any provision required to be included herein under section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that provision had been set out at length herein; provided, further, that, to the extent any Option that is intended to qualify as an Incentive Stock Option cannot so qualify, that Option (to that extent) shall be deemed an Option not subject to section 422 of the Code for all purposes of the Plan.
(j)Governing Law.  The validity, construction, interpretation and effect of the Plan and Grant Agreements issued under the Plan shall be governed and construed by and determined in accordance with the laws of the state of Delaware, without giving effect to the conflict of laws provisions thereof.
(k)Clawback Policies.  To the extent required or advisable pursuant to applicable law or any applicable securities exchange listing standards, Grants and amounts paid or payable pursuant to or with respect to Grants under this Plan shall be subject to the provisions of any applicable clawback policies or procedures adopted by the Board, which clawback policies or procedures may provide for forfeiture, repurchase and/or recoupment of Grants and amounts paid or payable pursuant to or with respect to Grants.  Notwithstanding any provision of a Grant Agreement to the contrary, the Company reserves the right, without the consent of any Participant or beneficiary of any Grant, to adopt any such required or advisable clawback policies and procedures, including such policies and procedures applicable to the Grant Agreement with retroactive effect.

17Exhibit 10.1

 

COLLABORATION AGREEMENT

 

 

executed between

 

 

 

AINGURA IIoT, S.L.

 

on the one hand

 

 

and

 

 

IIOT-OXYS, Inc. on the
other

 

 

 

 

March 18, 2020

 

 

 

 

 

    	 	 	 

     

    

 

BETWEEN

 

Of one hand,

 

Mr. lmanol Kapanaga,
a Spanish national, of legal age, holding Spanish national identity card number XXXXXXXXXXXX and domiciled for these purposes
in San Antolin, 3, 20870 - Elgoibar (Gipuzkoa).

 

 

 

And of the other part,

 

Mr. Clifford L.
Emmons, a US national, of legal age, holding valid passport number XXXXXXXXX and domiciled for these purposes in 24 Freedom
Trail, Dennis, MA 02638.

 

 

 

ACTING

 

Mr. lmanol Kapanaga
for and on behalf of Aingura IloT, S.L. (hereinafter, "AINGURA" or the "Company"), with registered
office in Elgoibar (Gipuzkoa), Barrio San Antolin, 3, holding tax.payer identification number XXXXXXXXXXXX. His representative
authority for this act is conferred on him in his capacity of legal representative of the company.

 

Mr. Clifford L. Emmons
for and on behalf of IIOT-OXYS, Inc. (hereinafter, "OXYS"), with registered office in 705 Cambridge Street, Cambridge,
MA 02141, a Nevada, USA corporation, EIN #: XXXXXXXXXX. His representative authority for this act is conferred on him in his capacity
of legal representative of the company.

 

For the purposes of this document, AINGURA and OXYS
may be referred to jointly as the "Parties" or as the "Party" where reference is made to
each one of them separately.

 

Both Parties, acting
as stated above, mutually recognize each other's legal capacity to enter into this agreement and therefore,

 

 

 

 

 

 

    	 	1	 

     

    

WITNESSETH

 

	I.	Whereas AINGURA is a corporation formed for an indefinite term, having as its corporate
purpose the design, manufacture and integration of advanced systems to optimize industrial processes.

 

	II.	Whereas OXYS is a corporation formed for an indefinite term, having as its corporate purpose
providing Saas services of IloT and Al & ML Algorithms to monitor infrastructure health and increase productivity of manufacturing
operations.

 

	III.	Whereas AINGURA is interested in improving its commercial and distribution network for the promotion of its products and
services in the United States of America, and consequently, in cooperating with OXYS.

 

	IV.	Whereas OXYS has its own material, technical and organizational
resources which are suitable to exercise its activity in the United States of America, possesses all the authorizations and licences
required by the legislation in force and is up to date in its tax and labour obligations. In addition, OXYS is interested
in (i) assuming the promotion of acts and transactions in trade for and on behalf of the Company; and, subject to the execution
of the relevant individual agreements to be negotiated on a case by case basis between the Parties, (ii) co-performing
along with AINGURA the so-contracted common projects, on the terms indicated below.

 

	V.	Now therefore, having reached a full understanding, the Parties, willingly and of their
own accord, have agreed to enter into this COLLABORATION AGREEMENT (hereinafter, the "Agreement"), based
on the foregoing recitals, subject to the following

 

 

 

CLAUSES

 

 

 

ONE. -           SUBJECT-MATTER OF THE
AGREEMENT

 

	1.1	AINGURA hereby appoints and authorizes OXYS to act as the sales network of its services
and products (hereinafter, the "Services and Products"), for the price and under the sales conditions indicated
by the Company directly or indirectly for each case.

 

Consequently, OXYS
shall promote the sale of the Services and Products for and on behalf of AINGURA. OXYS shall send the Company
the purchase queries it receives from potential customers identified on Annex I, for their subsequent study by AINGURA
and to AINGURA potentially prepare offers and accept orders, without assuming OXYS the risk involved in such
transactions.

 

For the purposes of
this Agreement, "promotion" shall mean those activities aimed at encouraging third parties, customers or future
customers, to purchase the Company's Services and Products. These Services and Products, and the Clients vis-a-vis
wich they'll be promoted and, if so, performed on an exclusive way, will be added to this Agreement as Annex I.

 

 

    	 	2	 

     

    

 

 

	1.2	Likewise, OXYS may execute the sales contracts for the Services and Products for
and on behalf of AINGURA with its actual customers (Takeda and Gill Engineering), if mutually agreed by both Parties.

 

In particular, and
in order to rule out doubts, " execute" shall mean the conclusion by OXYS, for and on behalf of the Company,
of said agreements with third parties, as set forth in Clause Four herein.

 

	1.3	In addition, OXYS shall be authorized to take any steps it deems necessary for the successful outcome
of the transactions that it promotes or executes as per Clause 1.2 above.

 

	1.4	Additionally, both Parties agree that, subject to the execution of the relevant individual
agreements to be negotiated on a case by case basis between the Parties, they will co perform the so-contracted projects
signed by AINGURA, in which OXYS will be sub contractor, according to the allocation of tasks agreed for each project
in such individual agreements. For the avoidance of doubt, the agreement to be executed with such project's client shall be executed
by AINGURA.

 

TWO. -           ENTRY
INTO FORCE AND TERM OF THE AGREEMENT

 

	2.1	This Agreement shall enter into force on the date of its execution and shall have an initial term of one (1) year from
the execution date, and will be subject to the economic conditions established in Clause Four below.

 

Once said initial
period has passed, the Agreement shall be considered automatically extended for successive annual periods, unless either
Party notifies the other in writing of its express intention not to renew the Agreement at least TWO (2) months prior
to the date of termination of the Agreement.

 

THREE. -           PROCESSING
OF ORDERS AND TRANSACTIONS

 

	3.1	OXYS shall transmit queries regarding potential transactions
of customers from Annex I to AINGURA.

 

AINGURA shall be in charge of preparing,
where applicable, the relevant offers for the customer, including meeting with clients, with the collaboration of OXYS.

 

OXYS shall compile
when transferring the query to AINGURA sufficient information regarding: (i)
identification of the customer making the query, providing information on the business creditworthiness of the same, (ii)
configuration of the Product / Services to be offered, (iii) the intended delivery date, as well as (iv) any specific
or individual circumstances that may be necessary to adapt or personalize the Services and Products pursuant to the orders
received by OXYS from among the potential adaptation options.

 

Both Parties will jointly process
offers, establish prices, apply discounts or establish payment terms in relation to the Services and Products.

 

	3.2	AINGURA shall serve the Services and Products of the
transactions promoted by OXYS directly to the customers.

 

 

    	 	3	 

     

    

 

 

FOUR. -           EMUNERATION
OF OXYS

 

	4.1	Stage One: Money in Advance

 

OXYS shall receive,
before ten (I 0) calendar days after the signature of the Agreement, an amount of FOURTY
SIX THOUSAND AND FIVE HUNDRED US DOLLARS (US$46,500) (hereinafter, the "Money in Advance"), quantity that
is now the remaining amount that OXYS will invoice to its actual clients (Gill Engineering and TAKEDA).

 

Once OXYS receives
this money from its actual clients, the amount will be discounted from the remuneration of OXYS described on Clause 4.2.
The exact moment will be agreed between both Parties, within the duration of this Agreement.

 

	4.2	Stage Two: Commission

 

OXYS' remuneration
will consist of a commission (hereinafter, the "Commission") for all the sales of the Services and Products
made during the term of the Agreement with customers from Annex I within the abovementioned territory.

 

	4.2.1	The Commission to which OXYS will be entitled for each sale concluded as per above
will be determined by applying fifteen percent (15%) of the net sale price of the Services and Products sold, that is, the
sale price once the taxes, commercial discounts and technical works developed by OXYS on the contract have been deducted.

 

	4.2.2	Payment of the Commission: The Commission shall be payable by the Company to OXYS
according to the payment plan executed with the customer and no later than ten (10) calendar days from each payment made by
the final customer, by means of a bank transfer to the bank account indicated for this purpose by OXYS.

 

		(i)	The payment shall be subject to any events that may occur during the course of the payment. Consequently,
if the final customer does not comply, in whole or in part, with its payment obligations with the Company, the Commission
to be received by OXYS shall be reduced in proportion to the amount not paid by the final customer to the Company,
the Company undertaking to make its best efforts to obtain effective and full payment by the final customer. For sales
of the Services and Product concluded after the termination of the Agreement, OXYS shall be entitled to a Commission
if the sale is mainly due to the activity performed by OXYS while the Agreement is in force, provided that such
sale is concluded within the one (I) year following the termination of said Agreement.

 

	4.3	Stage Three: Fees

 

For all the projects
to be co-performed by the Parties according to the individual agreements to be executed, as the case may be, during the
term of the Agreement, OXYS' remuneration will consist of a payment of a fee (hereinafter, the "Fee") to
be agreed on a case by case basis.

 

	4.3.1	AINGURA shall be the Party in charge of receiving the payments of all the aforementioned
projects executed under the Agreement.

 

 

    	 	4	 

     

    

	4.3.2	The invoicing to the Clients shall be carried out according to the Milestones and amounts of the
signed Contracts by AINGURA.

 

	4.3.3	The Fees to be invoiced by OXYS to AINGURA shall be VAT included (if any).

 

	4.3.4	OXYS is intended to Invoice to AINGURA once OXYS has completed their work
or milestone(s).

 

	4.3.5	AINGURA shall not be compelled to carry out any payment, and will not accrue any delay interests,
unless the work has been accepted by the Client and it has previously received payment from them.

 

	4.3.6	If AINGURA receives an advance from the client at the beginning of the project, OXYS
will have the right to collect the proportional part of it, according to its percentage of participation in the execution of
the project. This advance will be deducted from subsequent invoices.

 

	4.3.7	AINGURA will provide OXYS with an advance payment at the beginning of each project,
with the limit of:

 

		(i)	the amount of the participation of OXYS in the project;

 

		(ii)	a cumulative amount of$ 110,000.

 

The accumulated amount of said advance will be reduced by deducting
from the invoices of OXYS issued to AINGURA, in mutual agreement.

 

	4.3.8	Each member, according to its own input in the contracts, shall be responsible for paying all taxes,
duties and similar changes that may be levied in connection with the performance of the services, and shall carry out all necessary
obligations towards the relevant fiscal authorities thereto.

 

FIVE. -          PERFORMANCE OF THE SERVICES AND
PRODUCTS

 

	5.1	ASSIGNMENT OF SERVICES

 

	5.1.1	Both Parties shall be responsible for the performance of their respective tasks agreed in
the relevant individual agreements, according to the terms and conditions agreed with the Client.

 

	5.1.2	The allocation of the works of each project will be done specifically on each project, on the basis
of this preliminary allocation performed by OXYS: 1T2020 75%, 2T2020 50%, 3T2020 35%, 4T2020 35% and 25% the rest of the duration
of the agreement.

 

	5.1.3	The performance of additional or complementary services shall be carried
out by that Party specially designated by mutual agreement.

 

	5.2	PERFORMANCE OF THE SERVICES

 

	5.2.1	The services agreed to be performed jointly under the relevant individual agreements shall be performed
in accordance to the terms and conditions agreed with the Client, with the individual agreement(s)
and with this Agreement. In the event of inconsistency between the content of the agreements with the Client and the individual
agreement(s) or this Agreement, the agreements with the Client shall prevail.

 

 

 

    	 	5	 

     

    

 

	5.2.2	In the event that it is deemed convenient, the Parties shall be entitled to enter into any
contract by means of which they subcontract the performance of the services of which they are responsible for. In such a case,
the Party shall assume all the obligations and liabilities that regarding those services result from the Contract with the
client.

 

	5.2.3	Each of the Parties shall assign for the performance of the services in relation to which
it is responsible according to what it is stated in the previous Clause, all the material and personnel means that are necessary
or convenient for the proper performance under the terms and conditions agreed with the Client and in the individual agreements.

 

	5.2.4	In the event that a Party wants to subcontract all or part of the services for which ,it
1s responsible, it shall obtain the prior consent of the other Party. In such a case, the Party that has carried
out the subcontracting shall be responsible before the other Party for the control and supervision of the subcontractor,
and for the damages and prejudices derived from the performance of the subcontractor.

 

SIX. -          NON-COMPETITION CLAUSE

 

	6.1.	Each Party undertakes to refrain from performing the professional activity of promotion or sale of identical or similar
and/or concurrent or competitive goods or services to those of the other Party, in those Clients decided to be treated
on an exclusive way, i.e. the clients listed in Annex This restriction shall be in full force and effect during the term
of the Agreement, as well as for one (1) year from the
date of expiration or termination of the Agreement with Clients having a contract in force with either of the Parties at the time
of expiration or termination.

 

	6.2	Either Party may pursue any client prospected but not having a contract in force at the
time of expiration or termination of the Agreement.

 

SEVEN. -           INTELLECTUAL
PROPERTY RIGHTS AND DISTINCTIVE SIGNS

 

The Parties recognize
and accept that the performance of OXYS activity entitles it to use trademarks and distinctive signs such as brands, trade
names, designs, logos, forms of advertising and any other intellectual property rights held by AINGURA.

 

In light of the above,
while this Agreement is in force, the Company authorizes OXYS, on a non exclusive and non-transferable basis
limited to promoting the obligations contained herein, to use said trademarks and distinctive signs at no charge.

 

OXYS authorizes
AINGURA to use its address as the commercial and postal address of AINGURA while this agreement is in force. Both
Parties expressly recognize that OXYS has no rights whatsoever in AINGURA's trademarks and distinctive signs
and that it shall not acquire any rights arising from the promotion and execution of the Services and Products. If
one Party detects any violations of the trademarks and distinctive signs for the other Party's of which it
may learn, it shall provide the other Party with all the support necessary or required to stop or prevent future violations
in relation to any right held by the Party in intellectual property.

 

 

    	 	6	 

     

    

 

EIGHT. -           THE
PARTIES' OBLIGATIONS

 

	8.1	OXYS Obligations

 

While this Agreement is in force,
OXYS in the performance of its professional activity shall act loyally and in good faith, safeguarding AINGURA 's
interests at all times.

 

In particular, OXYS shall:

 

		(i)	Act in mediating and promoting sales of the Services and Products, and co perform, as the
case may be, the projects agreed under the relevant individual agreements.

 

		(ii)	The Parties will hold regular meetings with a view to analyzing matters such as the status
of the projects, customers and applications, new development or market possibilities, etc.

 

In particular, OXYS shall regularly
inform Mr. Rafael Ibeas (Managing Director of AINGURA), to whom it shall send any information requested by the latter.

 

		(iii)	Handle the negotiations of the transactions entrusted to him diligently, sending the orders placed
to AINGURA for their acceptance, dispatch and conclusion, as the case may be.

 

		(iv)	Provide the Company with any information he may have that is necessary for the adequate
monitoring of the acts or transactions, the promotion entrusted to him hereunder and, in particular, any information regarding
the solvency of the third parties with which the transactions are pending.

 

		(v)	OXYS shall receive, on behalf of AINGURA any third-party claims regarding defects
or flaws in the quality or quantity of the Services and Products sold and provided as a result of the transactions brought
about, even if it has not concluded same, and shall send such claims, as soon as it becomes aware of same, to the Company, providing
in such event full collaboration in the defense of the Company's legitimate interests. If collaboration is required of OXYS,
AINGURA will pay upfront legal fees required.

 

		(vi)	Indemnification of OXYS. AINGURA hereby agrees to indemnify and hold harmless OXYS and
its present and future officers, directors, affiliates, employees and agents ("Indemnified Persons") from and
against any and all claims, liabilities, losses and damages (or actions in respect thereof), in any way related to or arising out
of the performance by such Indemnified Person of services under this Agreement that were performed following AINGURA's prior
written express consent, and to advance and reimburse each Indemnified Person on a monthly basis for reasonable legal and other
expenses incurred by it in connection with or relating to investigating, preparing to defend, or defending any actions, claims
or other proceeding (including any investigation or inquiry) arising in any manner out of or in connection with such Indemnified
Person's performance or non-performance under this Agreement (whether or not such Indemnified Person is a named party in such proceedings)
following AINGURA's prior written express consent; provided, owever, that AINGURA
shall not be responsible under this section for any claims, liabilities, losses, damages, or expenses to the extent that they
are finally judicially determined to result from actions taken by such Indemnified Person that constitute willful misconduct or
gross negligence.

 

 

    	 	7	 

     

    

  

		(vi)	Notify AINGURA, as soon as it learns of same, of any encroachment on, imitation, act or
conduct against the intellectual property rights inherent to the Services and Products or to the Company, providing
in such event, full collaboration to legitimately defend the Company's interests.

 

		(vii)	Support AINGURA in the acceptance and collection of invoices to customers under this Agreement
and, if necessary, to withhold the goods in relation to any order in respect of which the price has not been paid.

 

		(viii)	Keep AINGURA regularly informed of the existence of potential customers and the situation
of the market in which the Services and Products are sold. OXYS may keep the Company and the customers in
contact directly.

 

		(ix)	Inform the Company of any unforeseen circumstances beyond the control of the Parties
that prevent, in whole or in part, effective compliance with the obligations assumed pursuant to the Agreement.

 

		(x)	Execute a confidentiality agreement under the clauses, terms and conditions to be established by
both Parties.

 

	8.2	Obligations of the Company

 

In its relations with OXYS, the Company must act
loyally and in good faith. In particular, AINGURA shall:

 

		(i)	Make available to OXYS, sufficiently in advance and in an appropriate amount, all the documentation
and information necessary to perform its activities and, in particular, the catalogs, price guidelines depending on the model and
accessories and other technical information necessary to perform its activities in the context of this Agreement as instructed
by the Company.

 

		(ii)	Pay the Money in Advance, the Commission and the Fees agreed in the terms
established in Clause Four above.

 

		(iii)	Keep OXYS regularly informed of the satisfactory conclusion and, where applicable, of the
sales transactions promoted by OXYS.

 

		(iv)	Be responsible for any matters and activities that may occur after the sales such as the installation
of the Services and Products and provision of services during and after the warranty period.

 

		(v)	Where applicable, offer training and commercial or technical defense programs in relation to the
projects to be co-performed, as the case may be, together with OXYS.

 

 

 

 

    	 	8	 

     

    

 

NINE.
-           CONFIDENTIALITY
AND BUSINESS SECRETS

 

	9.1	The Parties undertake from today and indefinitely following expiration or termination of
this Agreement for any reason, not to disclose or use for their own or a third party's benefit, directly or indirectly,
any commercial, technical or financial information that is not public or confidential, of which they may have learned as a result
of the performance of this Agreement.

 

	9.2	In particular, any information or documentation exchange between both Parties in the course of
this Agreement shall be used exclusively for promoting and selling the Services and Products in performance of this
Agreement. Any other use, unless authorized in writing beforehand by the other Party, shall not be permitted and
shall entail a serious contractual breach of this Agreement.

 

TEN. -           ASSIGNMENT
AND OUTSOURCING

 

OXYS may not assign or transfer to third parties the
contractual position arising from this Agreement, or the rights and obligations hereunder, without the other Party's
prior written consent.

 

The rights conferred
on OXYS pursuant to this Agreement are personal, indivisible and nontransferable.

 

ELEVEN. -          PERSONAL
DATA

 

	11.	l Both OXYS and AINGURA undertake to keep all the information to which they have access pursuant to this Agreement
completely confidential and to only supply it to personnel belonged to both companies. In particular, both OXYS and
AINGURA undertake not to use the personal data obtained from the other Party or those which they have accessed,
for purposes other than those set out herein and not to disclose such data, not even for storage purposes to other persons.

 

	11.2	Likewise, both OXYS and AINGURA state that they have the necessary and appropriate
technical and organizational measures to guarantee the security of the personal data to which they have access as a result of its
relationship with the Company and avoid their alteration, loss, processing or unauthorized access.

 

	11.3	Once the contractual relationship has ended, both OXYS and AINGURA undertake to return
the processed personal data to the other Party and to destroy all copies of such data in its possession.

 

TWELVE.-       EARLY
TERMINATION

 

Notwithstanding the provisions of Clause Two, this Agreement
shall be terminated in advance at any time in the following cases:

 

		(i)	Due to the special relationship on which this Agreement is based, if OXYS does not act
in good faith or acts negligently or without caution in relation to the interests of AINGURA.

 

		(ii)	Due to a mutual agreement in writing by the Parties.

 

 

 

 

    	 	9	 

     

    

 

 

		(iii)	Due to prior notice of termination in writing by any of the Parties, based on a serious
breach of any of the obligations acquired by the other Party hereunder, without prejudice to the right of the nonbreaching Party
to choose to continue with the Agreement and require the other Party to comply in full with its obligations,
providing indemnification, in both cases, for the damage and loss caused by such breach and payment of interest.

 

In such an event, the
breaching Party shall have thirty (30) calendar days to remedy the situation. If following this term, in the opinion of
the nonbreaching Party, the breaching Party has not put a stop to its conduct or remedied the cause of the breach,
the nonbreaching Party shall be entitled to bring any action to which it may be entitled to pursuant to law.

 

		(iv)	Due to the effective cessation of OXYS activity.

 

		(v)	Failure of AINGURA to make timely payments to OXYS as outlined in this Agreement.

 

THIRTEEN. -          EFFECTS OF EXPIRATION
OR TERMINATION OF THE AGREEMENT

 

The expiration or termination
of this Agreement, for any reason and at any time, shall have the following effects:

 

	13.1	The rights and obligations of the Parties generated before that date shall not be affected.

 

	13.2	The Clauses of this Agreement that are applicable despite its expiration or termination,
shall continue in force and shall be observed by both Parties.

 

	13.3	OXYS shall return within a term of fifteen (15) calendar days all of the catalogs, material
and technical and commercial information provided by the Company or even that generated by OXYS in relation to the
same.

 

FOURTEEN. - NOTICES

 

Unless stipulated
otherwise, all important notices must be in writing. The Parties establish as their addresses for notification purposes
the addresses first above written. Both Parties may change their address by sending a written communication in this regard
to the other Party.

 

FIFTEEN.-       APPLICABLE
LAW

 

This Agreement shall be governed
by and interpreted according to its own terms and the legislation ofthe Kingdom of Spain.

 

SIXTEEN. -           DISPUTE
RESOLUTION

 

All disputes arising out of or in connection
with the present Agreement shall be settled under the Rules of Arbitration of the International Chamber of Commerce (ICC) by one
(1) arbitrator appointed in accordance with the said Rules. The place of arbitration shall
be New York (NY, USA) and the language of arbitration shall be English. The arbitration award shall be final and binding upon both
Parties

 

SEVENTEEN. -           INSURANCES

 

 

 

 

    	 	10	 

     

    

 

 

Each Party shall hire and maintain
an insurance policy against the risks, and for the coverage, as specified in the signed individual contracts, as the case may be.

 

EIGHTEEN. -           FINAL PROVISIONS

 

	18.1	This Agreement and its Annex constitute all the agreements entered into by the Parties in relation to the subject-matter
of the Agreement and supersede any other verbal or written agreements existing to date which the Parties deem concluded
and satisfied.

 

	18.2	No modification or amendment to this Agreement shall be valid unless made in writing and
signed by each Party.

 

	18.3	The Annex forms part of this Agreement and any modification thereof shall also be agreed
in writing and signed by both Parties.

 

	18.4	The headings of the clauses of this Agreement have been inserted for ease of reference.

 

	18.5	Should all or any part of any of the clauses of this Agreement be held null and void or
invalid only that clause or portion thereof shall be affected thereby. The Agreement shall otherwise continue to be valid
and shall be construed as if the null and void or invalid clause or portion thereof did not exist. For such purposes, only the
null and void or invalid provision of the Agreement shall be rendered invalid, and no other portion or provision of this
Agreement shall be rendered void or invalid, or impaired or affected as a result, unless deletion of the provision would
result in such a material change so as to affect the entire Agreement.

 

	18.6	The waiver by either Party to request exact compliance with the terms of this Agreement
shall not constitute, under any circumstances, a waiver of the rights to which that Party is entitled hereunder.

 

In witness whereof the Parties have signed this Agreement and its Annex in two (2) counterparts,
as one and the same agreement in the place and on the date first above written.

 

 

/s/ Imanol Kapanaga

For and on behalf of

AINGURA IIOT, S.L.

Mr. Imanol Kapanaga

 

 

 

/s/ Clifford L. Emmons

For and on behalf of

IIOT-OXYS, Inc.

Mr. Clifford L. Emmons

 

 

    	 	11

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