Document:

vois_8kex10-1.htm

Exhibit 10.1

 

LICENSE AGREEMENT

 

This License Agreement (this “Agreement”) is made and entered into as of December 18, 2012 (the “Effective Date”), by and among VOIS Inc., a Florida corporation (“Licensee”), and Mind Technologies, Inc., a Nevada corporation (“Licensor”). Licensee and Licensor are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

 

Recitals

 

A.     Licensor, as the result of expenditure of time, skill, effort and money has designed and developed, and is the owner of the entire right, title and interest in and to, that certain mind-controlled user interface software described in the attached and incorporated Exhibit A (the “Licensed Software”), the documentation associated therewith (the “Documentation”), and the trade names used in connection with the foregoing and identified on Exhibit A (the “Licensor Marks”) (the Licensed Software, Documentation and Licensor Marks, collectively the “Licensed Products”).  Licensee desires to obtain from Licensor, and Licensor desires to grant to Licensee, a non-exclusive right and license to use, develop and improve upon the Licensed Products in connection with the design, development, manufacture and sale of products incorporating and using the Licensed Products.  Licensee’s right to and use of the Licensed Products is governed by the terms of this Agreement.

 

B.     In consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be bound, agree as follows:

 

Agreement

 

1.     Definitions.  For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)     “Affiliate” means, with respect to an entity, a person or entity that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, the entity.  For purposes of this definition only, the term “control” means, with respect to an entity, the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of the entity, whether through the ownership of voting securities, by contract or otherwise.

 

(b)     “Improvement” means any improvement, enhancement, modification or derivative work of or to the Licensed Software and/or other improvements thereto by Licensor, including (i) all patents, trade secrets, copyrights and other intellectual property related thereto, and (ii) all documentation relating to the design, operation, functionality and use thereof.  Improvements shall include modifications of and additional functions to the Licensed Software and its library of functions.

 

(c)     “Licensee Fee” means the fees calculated and payable in accordance with paragraph 3 below.

 

  

  

  

(d)     “Licensed Software” means the software identified in the introductory recitals.

 

(e)     “Third Party” means any person or entity other than a Party or an Affiliate of a Party.

 

(f)     “Use” or “Using” means to access, install, download, copy or otherwise benefit from the functionality of the Licensed Software in accordance with the Documentation.

 

2.     Software License.  Subject to the terms and conditions of this Agreement, including payment of the License Fee, Licensor hereby grants to Licensee the non-exclusive, perpetual and worldwide license to use, operate, market make, have made, offer to sell, sell, have sold and otherwise transfer and commercially exploit the Licensed Products and any Improvements during the License Term (as defined below).  Licensor retains all of its rights to exploit, commercialize and otherwise use and practice the Licensed Software for any application or purpose.  Licensor shall deliver to Licensee all Documentation, build files and other information necessary to execute the Licensed Software, design descriptions, test plans and reports, user and/or service manuals, release notes and similar documentation.  The Licensed Software may be protected against unauthorized use.  Such protection may include, without limitation, requirements for an access code provided by Licensor.

 

3.     License Fee.  In consideration for the license and other rights granted herein, and in reliance on the representations of Licensor set forth in Section 4 hereof, Licensee shall pay Licensor a one-time fee, paid in advance on the Effective Date for the license and other rights granted herein, of 7,000,000 shares of restricted common stock of Licensee, par value $0.001 per share (the “License Shares”).  At the Effective Date, Licensee shall deliver to Licensor stock certificates representing the License Shares.

 

4.     Representations and Warranties of Licensor.

 

a.     Good and Marketable Title.  Licensor warrants that it is the sole owner of the Licensed Products and that, to the knowledge of Licensor, the Intellectual Property does not infringe the trademark, trade name, service mark, or other intellectual property rights of any third party.

 

b.     No Encumbrances. The Licensed Products are free and clear of liens, charges, encumbrances, pledges, mortgages, hypothecations, security interests and adverse claims of any and all nature whatsoever.

 

c.     Authorization. Licensor has full power and authority to enter into this Agreement, and to grant the license to the Licensed Documents to Licensee, and this Agreement constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms.

 

d.     Noncontravention. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which Licensor is subject, (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to which Licensor is a party or by which it is bound or to which any of its assets are subject, or (iii) result in the imposition or creation of a lien upon or with respect to the Licensed Products.

 

  

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e.     Acquisition of Stock Entirely for Own Account.  Licensor represents that it is acquiring the License Shares solely for investment for Licensor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that Licensor has no present intention of selling, granting any participation in, or otherwise distributing the same. The acquisition by Licensor of any of the License Shares shall constitute confirmation of the representation by Licensor that Licensor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to the License Shares.

 

f.     Disclosure of Information. Licensor has received all the information it considers necessary or appropriate for deciding whether to acquire the License Shares.  Licensor further represents that it has had an opportunity to ask questions and receive answers from Licensee regarding the terms and conditions of the offering of the License Shares and the business, properties, prospects and financial condition of Licensee.

 

g.     Investment Experience.  Licensor represents that it is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the License Shares.  Licensor also represents it has not been organized for the purpose of acquiring the License Shares.  Licensor acknowledges that any investment in the License Shares involves a high degree of risk, and represents that it is able, without materially impairing its financial condition, to hold the License Shares for an indefinite period of time and to suffer a complete loss of its investment.

 

h.     Accredited Investor. Licensor represents that it is an “accredited investor” within the meaning of Securities and Exchange Commission (“SEC”) Rule 501 of Regulation D, as presently in effect.

 

i.     Restrictions on Transfer.  Licensor understands that the License Shares are characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from Licensee in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act of 1933, as amended (the “Securities Act”), only in certain limited circumstances. In this connection, Licensor represents that it is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.  Licensor UNDERSTANDS AND ACKNOWLEDGES HEREIN THAT AN INVESTMENT IN LICENSEE’S SECURITIES INVOLVES AN EXTREMELY HIGH DEGREE OF RISK AND MAY RESULT IN A COMPLETE LOSS OF ITS INVESTMENT.  Licensor understands that the License Shares have not been and will not be registered under the Securities Act and have not been and will not be registered or qualified in any state in which they are offered, and thus Licensor will not be able to resell or otherwise transfer the License Shares unless they are registered under the Securities Act and registered or qualified under applicable state securities laws, or an exemption from such registration or qualification is available.  Licensor has no immediate need for liquidity in connection with this investment and does not anticipate that it will need to sell the License Shares in the foreseeable future.

 

  

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j.     Legends.  It is understood that the certificates evidencing the License Shares may bear one or all of the following legends:

 

i.     “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.”

 

ii.     Any legend required by the Bylaws of Licensee or applicable state securities laws.

 

5.     Licensee Derivative Works and Improvements.  All right, title and interest in and to any inventions, discoveries, developments, improvements, new uses, processes or know-how that are conceived or reduced to practice by Licensee or its Affiliates (or any of their respective employees, contractors or agents), alone or in conjunction with others, that are directly or indirectly associated with the Licensed Products shall be owned exclusively by Licensee.

 

6.     Assignment; Sublicense.  Except for Licensee’s right to sublicense the Licensed Products to end users in the sale or license of the Licensed Software, Licensee shall not assign rights under this Agreement or grant licenses and sublicenses to the Licensed Software and Improvements.

 

7.     Identification.  Licensee shall incorporate Licensor’s logo or identity into the Licensed Products and on any physical marketing brochures or materials used by Licensee.  Except as set forth above, neither Party shall use the name or identity of the other in connection with its products, manuals, websites or marketing literature, including references to the other Party or its products as using or being based upon the Licensed Software or Improvements, without the express written consent of the other, such consent not to be withheld unreasonably.

 

8.     Termination.  The term of this Agreement and the licenses granted by Licensor hereunder (the “License Term”) shall be perpetual unless terminated in accordance with the terms of this Agreement.  In the event of breach or default under this Agreement, this Agreement may be terminated after the aggrieved Party has given to the breaching or defaulting Party a written notice specifying the particular facts and circumstances of the breach or default, identifying the provisions of this Agreement which are violated by such alleged breach or default, and a period of thirty (30) days shall have expired after the day on which the notice is given without the breaching or defaulting Party curing such breach or default.  Following termination of this Agreement, Licensee shall surrender possession and control of the Licensed Products to Licensor, and Licensee shall not thereafter make use of the Licensed Products in marketing its goods or services; provided, however, Licensed Software which has already been licensed to end-users and which incorporates or makes use of the Licensed Products may continue to incorporate or make use of such Licensed Products for such end-users.  Sections 10, 11 and 12 shall survive any termination of this Agreement.

 

  

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9.     Protection of Intellectual Property. Licensor shall have sole discretion with respect to filing, prosecuting and maintaining any patents, copyrights or similar registrations (“Registrations”) relating to the Licensed Software and Improvements and to any ideas, designs, concepts and algorithms embodied therein.

 

10.     Representations and Warranties.

 

(a)     Licensor represents and warrants to Licensee and its end users that Licensor is the sole owner of the Licensed Products and the intellectual property represented thereby, and that, to the best of Licensor’s knowledge, the Licensed Products do not infringe the rights of any Third Party.

 

(b)     Licensor warrants to Licensee and its end users that the media on which the Licensed Software is recorded and delivered to Licensee is and shall be free from defects in materials and workmanship.

 

(c)     Licensor warrants to Licensee and its end users that the Licensed Software will function for its intended and stated purposes and will be free from material defects in design and function when used for such intended purposes.

 

11.     Indemnification by Licensor.

 

(a)     Licensor shall indemnify, defend and hold harmless Licensee and its shareholders, directors, officers, members, managers, employees, agents and end users, and their respective successors, heirs and assigns, against any and all claims, wherever brought and however denominated, including all damages in connection therewith, arising from any breach of Licensor’s obligations under this Agreement.  Licensee shall indemnify, defend and hold harmless Licensor and its shareholders, directors, officers, members, managers, employees and agents, and their respective successors, heirs and assigns, against any and all claims, wherever brought and however denominated, including all damages in connection therewith, arising from (i) any breach of Licensee’s obligations under this Agreement, or (ii) any claim by any end-user of the Licensed Software except to the extent such claim results from a breach of Licensor’s obligations hereunder.

 

(b)     A Party seeking indemnification hereunder (the “Indemnified Party”) shall give the Party against which the Indemnified Party seeks indemnification hereunder (the “Indemnifying Party”) prompt written notice of any claim with respect to which indemnification obligations apply, but any delay or failure of such notice shall not excuse Indemnifying Party’s indemnification obligations except to the extent that the Indemnifying Party’s legal position is actually prejudiced thereby.  The Indemnifying Party shall have the right to assume and control the defense and settlement of any such claim; except that Indemnified Party shall have the right to control, at the Indemnified Party’s expense, the defense and settlement of any such claim if: (i) the Indemnified Party reasonably determines that there is a conflict of interest between the Indemnifying Party and the Indemnified Party with respect to such claim; (ii) the Indemnifying Party fails to employ counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party within a reasonable time after the Indemnifying Party’s receipt of notice of the claim; or (iii) in the reasonable opinion of counsel to the Indemnified Party, the claim could result in the Indemnified Party becoming subject to injunctive or other non-monetary relief that could have a material adverse effect on the Indemnified Party’s ongoing business.  Any Party not controlling the defense shall have the right to participate in the claim at its own expense, but in any event shall cooperate with the controlling Party in the investigation and defense of the claim.

 

  

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(c)     If the Indemnifying Party is entitled to, and does, assume and control the defense and settlement of any claim with respect to which its indemnification obligations apply, then the Indemnifying Party shall not settle such claim without the Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld or delayed), unless (i) the sole relief provided in such settlement is monetary in nature and shall be paid in full by the Indemnifying Party, (ii) such settlement does not include any finding or admission of a violation by the Indemnified Party of any applicable laws or Third Party’s rights, and (iii) such settlement could not reasonably be construed to (A) limit or impair the validity or enforceability of the Licensed Software or Improvements or the Indemnified Party’s rights therein or (B) limit or adversely affect the conduct of the Indemnified Party.  Whenever the Indemnified Party controls the defense and settlement of a claim with respect to which the Indemnifying Party’s indemnification obligations apply, the Indemnifying Party shall not be liable for any settlement thereof effected by the Indemnified Party unless the Indemnified Party shall have obtained the Indemnifying Party’s prior written consent to the proposed settlement (which consent shall not be unreasonably withheld or delayed).

 

(d)     No liability shall attain against any officer, director, member, agent, or employee of Licensor; any such liability shall be paid solely from the assets of Licensor.

 

(e)     IN NO EVENT SHALL LICENSOR BE LIABLE TO LICENSEE FOR ANY INDIRECT, INCIDENTAL, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES INCLUDING LOSS OF PROFITS, LOSS OF BUSINESS, LOSS OF DATA, LOSS OF ANTICIPATED SAVINGS OR COSTS OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, ARISING FROM OR RELATED TO A BREACH OF THIS AGREEMENT OR THE OPERATION OR USE OF THE LICENSED SOFTWARE, INCLUDING WITHOUT LIMITATION SUCH DAMAGES ARISING FROM DAMAGE TO LICENSEE’S OR END-USERS’ EQUIPMENT, EVEN IF LICENSOR HAS NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.  THESE LIMITATIONS SHALL APPLY NOTWITHSTANDING THE FAILURE OF THE ESSENTIAL PURPOSE OF ANY LIMITED REMEDY.

 

12.     Confidentiality.

 

(a)     The term “Confidential Information” shall mean any information disclosed by one Party to the other (i) prior to the date of this Agreement but with respect to the subject matter hereof, or (ii) pursuant to this Agreement, in each case which is in written, graphic, machine readable or other tangible form and is marked “Confidential,” “Proprietary” or in some other manner to indicate its confidential nature. Confidential Information may also include oral information disclosed by one Party to the other pursuant to this Agreement, provided that such information is designated as confidential at the time of disclosure and reduced to a written summary by the disclosing Party, within thirty (30) days after its oral disclosure, which is marked in a manner to indicate its confidential nature and delivered to the receiving party. All source code for the Licensed Software, however, shall be considered Confidential Information whether or not it is so marked.

 

  

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(b)     Each Party shall treat as confidential (as set forth herein) all Confidential Information of the other Party, and shall not use such Confidential Information except as strictly necessary for the purposes of this Agreement or as otherwise authorized in writing by the disclosing Party. Each Party shall implement reasonable procedures to prohibit the unauthorized disclosure or misuse of the other Party’s Confidential Information and shall not intentionally disclose such Confidential Information to any third party except as strictly necessary for the purposes of this Agreement, and subject to confidentiality obligations similar to those set forth herein. Each of the Parties shall use at least the same procedures and degree of care that it uses to prevent the disclosure of its own confidential information of like importance to prevent the disclosure of Confidential Information disclosed to it by the other Party under this Agreement, but in no event less than reasonable care.

 

(c)     Notwithstanding the above, neither Party shall have liability to the other with regard to any Confidential Information of the other which: (i) was publicly available at the time it was disclosed or becomes publicly available through no fault of the receiving Party; (ii) was known to the receiving Party, without similar confidentiality restriction, at the time of disclosure; (iii) is disclosed with the prior written approval of the disclosing Party; (iv) was independently developed by the receiving without any use of the Confidential Information of the disclosing Party; or (v) becomes known to the receiving Party, without similar confidentiality restriction, from a source other than the disclosing Party without breach of this Agreement by the receiving Party.

 

In addition, each Party shall be entitled to disclose the other’s Confidential Information to the extent required by any order or requirement of a court, administrative agency, or other governmental body, provided that the receiving Party shall provide prompt, advance notice thereof to enable the disclosing Party to seek a protective order or otherwise prevent such disclosure.

 

13.     Entire Agreement; Amendments.  This Agreement constitutes the entire agreement among the Parties, and supersedes all previous negotiations, agreements and commitments, with respect to the subject matter hereof.  This Agreement shall not be released, discharged, amended or modified in any manner except by a written instrument purporting on its face to be such a release, discharge, amendment or modification and signed by duly authorized officers or representatives of each of the Parties hereto.

 

14.     Governing Law.  Any claim or controversy relating in any way to this Agreement shall be governed by and interpreted exclusively in accordance with the laws of the State of California, without regard to the conflicts of law principles thereof.

 

  

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15.     Partial Illegality.  If any provision of this Agreement, or the application thereof to any Party or circumstances, shall be declared void, illegal or unenforceable, the remainder of this Agreement shall be valid and enforceable if none of the Parties would thereby be deprived of the essential benefits of this Agreement.  In such event, the Parties shall use their best efforts to replace the invalid or unenforceable provision by a provision that, to the extent permitted by the applicable law, achieves the purposes intended under the invalid or unenforceable provision.

 

16.     Waiver of Compliance.  No provision of this Agreement shall be waived by any act, omission or knowledge of a Party or its agents or employees, except by an instrument in writing expressly waiving such provision and signed by a duly authorized officer of the waiving Party, which waiver shall be effective only with respect to the specific obligation and instance described therein.

 

17.     Rules of Construction. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be understood to be followed by the words “without limitation.”  Section and other headings contained in this Agreement are for reference purposes only and are not intended to define or limit the scope or intent of any provision of this Agreement.

 

18.     Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

 

19.     Assignment.  This Agreement shall be binding upon the successors and assignees of rights in the Licensed Software and, as to such successors and assigns:  (i) each reference herein to the name of the assigning Party shall be deemed to be a reference to the assignee; (ii) the Licensed Software and Improvements shall remain subject to the terms and conditions of this Agreement; and (iii) the assignor shall remain liable for its obligations hereunder unless released by the non-assigning Party.  Any such assignment shall be evidenced by a written agreement executed by the assignee in form and substance reasonably satisfactory to the non-assigning Parties.

 

20.     Bankruptcy.  This Agreement (including the licenses granted hereunder) are and shall otherwise be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code (11 U.S.C. Section 101 etseq., the “Code”), a license of rights to “intellectual property” as defined therein, and all obligations herein shall be deemed agreements supplementary to such licenses to intellectual property rights pursuant to Section 365(n) of the Code.  The Parties hereto agree that each Party, as a grantee of rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the Code.  The Parties hereto further agree that, in the event of the commencement of bankruptcy proceedings by or against a Party under the Code, the other Parties shall be entitled to retain the rights and licenses granted pursuant to this Agreement.  The Parties hereto further agree that, in the event of the commencement of a proceeding by or against a Party under the Code, the other Parties shall, pursuant to Sections 365(n)(3) and (4) of the Code, be entitled to any intellectual property or any embodiment thereof held by the trustee.

 

  

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IN WITNESS WHEREOF, each Party has caused this Software License Agreement to be executed by its respective duly authorized representative as of the Effective Date.

 

	 	
Mind Technologies, Inc.,

	 
	 	

a Nevada corporation

	 
	 	 	 	 
	
 

	
By: 

	/s/ Brent Fouch	 
	 	 	

Name: Brent Fouch

	 
	 	 	Title: Chief Executive Officer	 

 

	 	 	 	 

	 	
VOIS Inc.,

a Florida corporation

	 
	 	 	 	 
	
 

	
By: 

	/s/ Kerry Driscoll	 
	 	 	Name: Kerry Driscoll	 
	 	 	Title: Chief Executive Officer 	 

 

 

 

 

 

  

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Exhibit A

Licensed Software

Master Mind

Master Mind is a gaming application that allows users to play their favorite PC games with the power of their mind. Existing PC games can be played with the power of the user’s mind, rather than using the traditional computer keyboard and mouse.

Mind Mouse

Mind Mouse is a thought-controlled software application which allows the user to navigate the computer, click and double click to open programs, compose email and send with the power of the user’s mind.

Think-Tac-Toe

Think Tac Toe provides cognitive exercise for user’s playing Tic-Tac-Toe.Exhibit 10.21

 

DYCOM INDUSTRIES, INC. INCENTIVE STOCK
OPTION AGREEMENT

 

INCENTIVE
STOCK OPTION AGREEMENT dated as of _______________, 20___ (the "Award Document") between DYCOM INDUSTRIES, INC.,
a Florida corporation (the "Company"), and «Name» ("Participant").

WHEREAS, the Participant
is an officer or key employee of the Company or one of its Subsidiaries and, pursuant to the Company's 2012 Long-Term Incentive
Plan (the "Plan") and upon the terms and conditions hereinafter set forth, the Company desires to provide the
Participant with an additional incentive to remain in its employ and to increase his or her interest in the success of the Company
by granting stock options to the Participant intended to qualify as incentive stock options under Code Section 422 (the "Incentive
Stock Options" or "Stock Options") to purchase shares of common stock, par value $0.33 1/3 per share,
of the Company (the "Common Stock");

NOW, THEREFORE, in
consideration of the covenants and agreements herein contained, the parties hereto agree as follows:

1.Definitions; Incorporation
of Plan Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan, a copy
of which is attached hereto. This Award Document and the Stock Options shall be subject to the Plan, the terms of which are incorporated
herein by reference, and in the event of any conflict or inconsistency between the Plan and this Award Document, the Plan shall
govern. The date of grant with respect to the Stock Options (the "Date of Grant") is the date specified at the
foot of the signature page hereof.

2.Certain Restrictions.
None of the Stock Options or any rights or interests therein may be sold, transferred, assigned, pledged, or otherwise encumbered
or disposed of, except by will or the laws of descent and distribution. During the Participant's lifetime, a Stock Option shall
be exercisable only by the Participant or, if applicable, his legal representative.

3.Grant of Stock Options.
Subject to the terms and conditions contained herein and in the Plan, the Company hereby grants to the Participant, effective as
of the Date of Grant, the number of Stock Options specified at the foot of the signature page hereof. Each Stock Option shall entitle
the Participant to purchase, upon payment of the exercise price (the "Exercise Price") specified at the foot of
the signature page hereof, one share of Common Stock. The Stock Options shall be exercisable as hereinafter provided.

4.Terms and Conditions of
Stock Options.

(a)Vesting.
Subject to the terms and conditions contained herein and in the Plan,[_____________] of the Participant's Stock Options shall vest
and become exercisable as of [__________________, 20__] (each, a “Vesting Date”), provided that the Participant
remains in the continuous employ of the Company or a Subsidiary on the applicable Vesting Date.

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(b)Notice of
Exercise. Subject to Sections 4(c) and 4(f) hereof, the Participant (or the Participant’s legal representative,
as applicable) may exercise any or all of his or her vested Stock Options by giving written notice of exercise to the Secretary
of the Company in the manner designated by the Committee. The date of exercise of a Stock Option shall be the later of (i) the
date on which the Company receives such written notice or (ii) the date on which the conditions provided in Sections 4(c)
and 4(f) hereof are satisfied.

(c)Payment.
Subject to the terms and conditions of the Plan and this Award Document (including, without limitation, Section 7), unless otherwise
determined by the Committee in its sole discretion, prior to the issuance of shares of Common Stock acquired pursuant to the exercise
of Stock Options payment of the aggregate Exercise Price of all exercised Stock Options shall be made in full or in part 

(i) in cash, certified or bank
check, or such other instrument acceptable to the Committee;

(ii) by actual delivery to the
Company or attestation to ownership of freely transferable shares of Common Stock already owned and held by the Participant for
at least 6 months prior to the date of exercise with a Fair Market Value equal to the aggregate Exercise Price (or portion thereof)
of the Stock Options as of the date of exercise or the date of attestation;

(iii) through net share settlement
or similar procedure involving the withholding of shares of Common Stock subject to the Stock Options;

(iv) through a “cashless
exercise” procedure established with a broker as approved by the Committee in its sole discretion; or

(v) in any combination thereof.

(d)Term. The Participant’s
Stock Options shall terminate and no longer be exercisable on and after the tenth anniversary of the Date of Grant (the
“Grant Expiration Date”) or such earlier times as described herein and in the Plan. Notwithstanding the forgoing,
if the Grant Expiration Date falls on a date that the primary market on which the Common Stock trades is closed, the Grant Expiration
Date shall be the last trading date immediately preceding the tenth anniversary of the Date of Grant.

(e)Shareholder Rights.
The Participant will have no rights as a shareholder with respect to any shares of Common Stock issuable upon the exercise of a
Stock Option until such shares shall have been issued to the Participant. Subject to Section 13(b) of the Plan, no adjustment
shall be made for dividends or distributions or other rights in respect of any share of Common Stock for which the record date
is prior to the date on which the Participant shall become the holder of record thereof.

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(f)Limitation on Exercise.
A Stock Option shall not be exercisable unless and until (i) a registration statement under the Securities Act of 1933, as
amended, has been duly filed and declared effective pertaining to the Common Stock subject to such Stock Option and such Common
Stock shall have been qualified under applicable state "blue sky" laws, or (ii) the Committee in its sole discretion
determines that such registration and qualification are not required as a result of the availability of an exemption from registration
and qualification. The exercise of a Stock Option or the disposition of any shares of Common Stock issuable upon the exercise of
a Stock Option shall be subject to the Company's policies and procedures relating to employee trading in the Company's securities.

(g)Issuance of Shares.
After receiving proper notice of exercise, the Company shall issue the shares of Common Stock acquired upon exercise registered
in the name of the Participant or the Participant’s legal representative which shall be evidenced by stock certificates representing
the shares with the appropriate legends affixed thereto; appropriate entry on the books of the Company or of a duly authorized
transfer agent; or other appropriate means as determined by the Company.

(h)Dispositions of Common
Stock. If the Participant makes a disposition, within the meaning of Section 424(c) of the Code and the regulations promulgated
thereunder, of any share of Common Stock issued to the Participant in connection with the exercise of a Stock Option granted pursuant
to this Award Document within the two-year period commencing on the day after the Date of Grant or within the one-year period commencing
on the day after the date of transfer of shares of Common Stock to the Participant pursuant to such exercise, the Participant shall,
within ten (10) days of such disposition, notify the Company thereof, by delivery of written notice to the Company at its
principal executive office by one of the methods described in Section 9 of this Award Document.

(i)$100,000 Limitation.  With
respect to Incentive Stock Options granted to the Participant under the Plan, if the aggregate Fair Market Value (determined as
of the date the Incentive Stock Option is granted) of the number of shares with respect to which Incentive Stock Options are exercisable
for the first time by the Participant during any calendar year under all plans of the Company or a Subsidiary exceeds One Hundred
Thousand Dollars ($100,000) or such other limit as may be required by the Code, such Incentive Stock Options shall be treated,
to the extent of such excess, as non-qualified stock options.

5.Termination of Employment.

(a)Termination of Employment.  If
the Participant’s employment with the Company is terminated for any reason other than disability (as defined below) or death,
then all of his or her vested or unvested Stock Options shall terminate without payment, but only if the Participant has not exercised
such Stock Options before the date of his or her termination of employment.

(b)Disability.  If
the Participant is unable to continue his or her employment with the Company as a result of disability (as defined in the Company
long-term disability plan applicable to the Participant), the Participant may exercise his or her vested Stock Options at any time
within ninety (90) days following the date of his or her termination of employment (provided that in no event may the Participant
exercise the Stock Options following the expiration of their term), but only to the extent that such Participant was entitled to
exercise the Stock Options at the date of such termination. If such Stock Options are not exercised within the time specified herein,
the Stock Options shall terminate without payment.

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(c) Death. In the event of the Participant’s death, the Stock Options may be exercised, at any time within ninety (90)
days following the date of death, by the Participant’s legal representative (provided that in no event may the Participant
exercise the Stock Options following the expiration of their term), but only to the extent that the Participant was entitled to
exercise the Stock Options at the date of death. If such Stock Options are not exercised within the time specified herein, the
Stock Options shall terminate without payment.

6.Representations and Warranties.
The Participant is aware of and familiar with the restrictions imposed on the transfer of any Stock Options. The Participant represents
that (i) this Award Document has been duly executed and delivered by the Participant and constitutes a legal, valid and binding
agreement of the Participant, enforceable against the Participant in accordance with its terms, except as limited by any applicable
bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors' rights generally and by general principles
of equity and (ii) the Participant is acquiring shares of Common Stock hereunder for investment, solely for his own account
and not with a view to, or for resale with, the distribution or other disposition thereof.

7.Tax Withholding. To
the extent that (i) any Stock Options granted under this Award Document are deemed to be non-qualified stock options or (ii) the
Company otherwise determines that the exercise of a Stock Option would be subject to any tax withholding requirements, it shall
be a condition to the obligation of the Company to deliver shares of Common Stock pursuant to the exercise of such a Stock Option
that the Participant remit to the Company such amount as may be required by the Company for the purpose of satisfying any federal,
state, or local tax withholding requirements. The Company may, in its sole discretion, permit the Participant to satisfy any applicable
taxes by tendering shares of Common Stock, in an amount sufficient to satisfy any minimum required tax withholding obligations.
Shares withheld or tendered shall be valued using the Fair Market Value of a share of Common Stock on the date of exercise, or
such other appropriate date as may be determined by the Company.

8.Survival;
Assignment.

(a)All agreements,
representations and warranties made herein and in any certificates delivered pursuant hereto shall survive the issuance to the
Participant of the Stock Options and any shares of Common Stock and, notwithstanding any investigation heretofore or hereafter
made by the Participant or the Company or on the Participant's or the Company's behalf, shall continue in full force and effect.
Except as expressly provided in the Plan or this Award Document, the Participant may not assign any of his or her rights hereunder
whether voluntary or involuntary, by operation of law or otherwise. Whenever in this Agreement any of the parties hereto is referred
to, such reference shall be deemed to include the heirs and permitted successors and assigns of such party; and all agreements
herein by or on behalf of the Company, or by or on behalf of the Participant, shall bind and inure to the benefit of the heirs
and permitted successors and assigns of such parties hereto.

    	4

    	 

    
 

(b)The Company
shall have the right to assign to any of its affiliates any of its rights, or to delegate to any of its affiliates any of its obligations,
under this Award Document.

9.Notices.
All notices and other communications under this Award Document will be in writing and will be given by hand delivery to the other
party or by first class mail, overnight courier, or registered or certified mail, return receipt requested, postage prepaid, addressed
as follows:

If to the Participant:

at the last known address on record at the Company.

If to the Company:

Dycom Industries, Inc.

11770 U.S. Highway 1, Suite 101

Palm Beach Gardens, Florida 33408

Attention: General Counsel

or to such other address as any party
shall have furnished to the other in writing in accordance with this Section 9. Notice and communications shall be effective when
actually received by the addressee.

10.Compliance
with Code Section 409A. Notwithstanding any contrary provision herein or in the Plan, if a Stock Option is deemed to be a “deferral
of compensation” under Code Section 409A or any regulations or guidance promulgated thereunder or could cause any person
to be subject to excise taxes, accelerated taxation, interest or penalties under Code Section 409A, the Company may, in its sole
discretion and without the Participant’s consent, modify the Plan or this Award Document: (i) to comply with, or avoid being
subject to, Code Section 409A, or to avoid the imposition of any excise taxes, accelerated taxation, interest or penalties under
Code Section 409A, and (ii) to maintain, to the maximum extent practicable, the original intent of the applicable provision without
contravening the provisions of Code Section 409A. This Section 10 does not create an obligation on the part of the Company to modify
the Plan or this Award Document and does not guarantee that any person will not be subject to excise taxes, accelerated taxation,
interest or penalties under Code Section 409A.

11.Amendment.
Subject to applicable laws, rules and regulations, the Board or the Committee may, at any time, amend, modify or suspend this Award
Document; provided, however, that no amendment, modification or suspension of this Award Document shall (i)
be effective without the approval of the shareholders of the Company if such approval is required under applicable laws, rules
or regulations, including the rules of the New York Stock Exchange and (ii) materially and adversely alter or impair the rights
of the Participant without his or her consent. Notwithstanding the foregoing, the Board shall have broad authority to amend this
Award Document without the consent of the Participant to the extent it deems necessary or desirable to (x) comply with, take
into account changes in, or interpretations of, applicable tax laws, securities laws, employment laws, accounting rules and other
applicable laws, rules and regulations, (y) take into account unusual or nonrecurring events or market conditions (including,
without limitation, the events described in Section 13(b) of the Plan), or (z) take into account significant acquisitions or dispositions
of assets or other property by the Company.

    	5

    	 

    
 

12.Recoupment.
The Participant agrees that the Award granted under this Award Document shall be subject to any clawback or recoupment policies
and procedures that are required under applicable law, rule or regulation or Company policy as enacted, adopted or modified from
time to time.

13.No Rights
to Grants or Continued Employment. The Participant shall not have any claim or right to receive Awards under the Plan. Nothing
in the Plan or in this Award Document shall confer upon the Participant any right to continued employment with the Company or any
Subsidiary, as the case may be, or interfere in any way with the right of the Company or a Subsidiary to terminate the employment
of the Participant at any time, with or without cause.

14.Waiver.
The waiver by either party of compliance with any provision of this Award Document by the other party shall not operate or be construed
as a waiver of any other provision of this Award Document, or of any subsequent breach by such party of a provision of this Award
Document.

15.Entire Agreement.
This Award Document and the Plan set forth the entire agreement and understanding between the parties hereto and supersede all
prior agreements and understandings relating to the subject matter hereof. This Award Document may be executed in one or more counterparts,
each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement.
The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning
of any of the provisions of this Award Document.

16.Governing
Law. Except as to matters of federal law, this Award Document and actions taken hereunder shall be subject to, and construed
in accordance with, the laws of the State of Florida.

17. Acceptance.
The Participant acknowledges receipt of the Plan and this Award Document. The Participant has read and understands the terms and
provisions of the Plan and this Award Document, and by signing this Award Document accepts the Award subject to all of their terms
and conditions.

    	6

    	 

    
 

IN WITNESS WHEREOF,
the parties have executed this Award Document as of the day and year first above written.

	 	
        DYCOM INDUSTRIES, INC.

 

 

By: _________________________________________

         

 

PARTICIPANT

 

 

____________________________________________

«Name»

 

«Subsidiary»

 

Number of Incentive Stock Options: ________________

 

Exercise Price: $___________

 

Date of Grant: __________________, 20__

 

 

7

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