Document:

EX-4.1

 ALCATEL LUCENT 

ARTICLES OF ASSOCIATION AND BY-LAWS 

July 30, 2015 
  

 
 

 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

 ARTICLES OF ASSOCIATION AND BY-LAWS 

Article 1 – Legal Form 
 The
Company, made up of holders of existing shares and shares that may be issued in the future, is in the form of a “société anonyme” governed by the statutory and regulatory provisions in force at present and in the
future and by the present Articles of association and by-laws. 
 Article 2 - Purpose

 The purpose of the Company in all countries shall be: 
  

	1/	The study, the manufacture, the development and the business of all devices, equipment and software relating to domestic, industrial, civilian or military applications and other applications related to electricity,
telecommunications, data processing, electronics, space industry, nuclear power, metallurgy and generally to all means of production and transmission of power or communications (cables, batteries and other components) and all possible activities
related to operations and services in connection with the above-mentioned means. 

  

	2/	The acquisition, the use and the sale or transfer of all patents, licenses, royalties, manufacturing processes and secrets, knack, patterns, trademarks or software related to the devices and equipment mentioned in the
above paragraph. 

  

	3/	The creation, the acquisition, the use, the transfer, the leasing of all industrial or commercial premises, factories, buildings, equipment and machines of any kind, necessary or useful for the implementation of its
objects. 

  

	4/	The acquisition of equity participations in any company, association, partnership, French or other, irrespective of its legal form, object and activity. 

 

	5/	The management of shares and securities, investment by any means whatsoever, and in particular by acquisition, increase in capital, take-over or merger. 

 

	6/	The creation, the acquisition, the taking of lease or granting, the management of all companies, French or others, whatever their activities, and in particular in the financial, industrial, commercial, mining,
agricultural fields or connected to the activities described in paragraph 1. 

  

	7/	The management of its own assets, fixed or moveable, and of any assets, irrespective of their structure. 

 The
above shall be carried out by the Company, directly or indirectly, by way of forming companies, contributions, subscription or purchase of securities or corporate rights, merger, take-over, capital investment by a silent partner, partnerships or in
any other way. 
 In general, the Company may carry out all industrial, commercial, financial operations, fixed or moveable property, connected, directly or
indirectly, wholly or in part, to the above-mentioned object and to similar or related objects. 

  
 PAGE 2 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

 Article 3 - Name 

The name of the Company is: 
 Alcatel Lucent 

Article 4 – Registered office 

The registered office is at 148/152, Route de la Reine – 92100 Boulogne-Billancourt. 

Article 5 - Duration 
 Except in the
case of an early termination or extension agreed by an extraordinary Shareholders’ Meeting, the duration of the company shall be ninety nine years as of July 1, 1987. 

Article 6 - Capital 
 The share
capital is set at one hundred and forty-one million, two hundred and thirty three thousand, four hundred and sevetheen euro and five cent (€ 141,233,417.05). It is made up of two billion eight hundred and twenty-four million six hundred
and sixty eight thousand three hundred and fourty one shares (2,824,668,341) with a par value of five cent (0.05 Euro) each, fully paid up. 

Article 7 – Form, registration, holders, thresholds of shares 

Shares shall be registered until fully paid up. 
 Fully paid-up
shares shall be registered or bearer shares as the Shareholder chooses, subject to the provisions of (2) below. Further to the statutory requirement to notify the Company of certain percentage share holdings, any Shareholder, natural or legal
person holding a number of Company shares equal to or in excess of: 
  

	1/	2% of the total number of the shares must, within a period of five trading days from the date on which this share ownership threshold is reached, inform the company of the total number of shares that he owns, by letter
or fax. This notification shall be renewed under the same conditions each time a further threshold of 1% is reached. 

  

	2/	3% of the total number of the shares must, within a period of five trading days from the date on which this share ownership threshold is reached, request the registration of his shares. This obligation to register
shares shall apply to all the shares already held as well as to any which might be acquired subsequently in excess of this threshold. The copy of the request for registration, sent by letter or fax to the company within fifteen days from the date on
which this share ownership threshold is reached, shall be deemed to be a notification that the threshold has been reached. A further request shall be sent in the same conditions each time a further threshold of 1% is reached, up to 50%.

 Calculation of the thresholds in (1) and (2) above shall include indirectly held shares and shares equivalent to existing shares
as defined in Article L. 233-7 and seq. of the Commercial Code. 
 Shareholders must certify that all securities owned or held as defined in the
preceding paragraph are included in each such declaration and must also indicate the date(s) of acquisition. 

  
 PAGE 3 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

 Should Shareholders not comply with the provisions set forth in (1) and (2) above, voting rights
for shares exceeding the declarable thresholds shall, at the request of one or more Shareholders holding at least 3% of share capital, be withdrawn under the conditions and within the limits laid down by law. 

Any shareholder whose shareholding falls below either of the thresholds provided for in (1) and (2) above must also inform the company thereof,
within the same period of five days and in the same manner. 
 Shares shall be materialized by registration in the owner’s name in the books of the
issuing Company or of an authorized intermediary. 
 Transfers of registered securities shall be made from one account to another. The registration,
transfer and disposal of securities shall be carried out in accordance with the laws and regulations in force. 
 Where the parties are not exempted from
such formalities by law, the Company may require certification of signed declarations, transfer or assignment orders in accordance with the laws and regulations in force. 

The Company may, in accordance with the laws and regulations in force, request from all organizations or authorized intermediaries any information concerning
Shareholders or holders of securities with immediate or future voting rights, their identity, the number of securities they hold and the possible limitations imposed on them. 

Article 8 – Paying-up of the shares 

The total amount of the shares issued by way of increase in capital and to be paid-up in cash is payable under the conditions set out by the Board of
Directors. The calling-up of capital is notified to the subscribers and Shareholders at least ten days before the date fixed for each payment, by a notice inserted in a legal journal appearing in the place where the registered office of the Company
is situated, or by individual recorded delivery. 
 Any delay in the payment of sums due shall incur, in itself, and without the need for any formalities,
the payment of interest at the legal rate, on a daily basis, starting from the date of the demand for payment without prejudice to the personal action that the Company can exercise against the defaulting Shareholder and the means of enforcement
provided for by law. 
 Article 9 – Rights and obligations of shares 

Each share shall give entitlement to Company assets and distribution of profits in the proportions set out in Articles 24 and 25 below, with the exception of
rights attached to shares of different categories that may be created. 
 Tax charges shall be levied as a whole on all shares without distinction, such
that each share in a same Class shall give entitlement to payment of the same net amount on any distribution or reimbursement made during the Company’s term or on liquidation. 

Shareholders shall be liable only up to the nominal amount of each share held. Any call to pay in capital in excess of such amount is prohibited. 

  
 PAGE 4 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

 Dividends and income from shares issued by the Company shall be paid under the conditions authorized or
provided for by the regulations in force and in such a way as the Shareholders’ Meeting or, failing that, the Board of Directors, shall decide. 

Rights and obligations shall remain attached to a share regardless of who holds the share. 

Ownership of a share entails as of right acceptance of the Company’s Articles of Association and by-laws and of resolutions of the Shareholders’
Meeting. 
 Shares are indivisible with regard to the Company; joint owners of shares must be represented by a single person. Shares with usufruct must be
identified as such in the share registration. 
 Article 10 – Creditors of Shareholders 

Creditors of a Shareholder may not, by whatsoever means, cause the goods or assets of the Company to be placed under seal, divided or sold by auction and may
not interfere in any way with the Company’s management. In the exercise of their rights they must rely on Company records and resolutions of Shareholders’ Meeting. 

Article 11 – Issuance of securities representing debt 

The company may contract borrowings as and when needed by means of the issuance of securities representing debt, under the conditions provided by law. 

Article 12 – Management 
 The
Company shall be managed by a Board of Directors consisting of no less than six and no more than fourteen members. 
 Each Director must hold at least 500
Company shares. 
 Article 13 – Term of office for Director – Age limit 

The Directors are elected for a period of three years. Exceptionally, the Shareholders’ Meeting may appoint a Director for a period of one or two years
in order to stagger the Directors’ terms of office. Outgoing Directors shall be eligible for re-election, subject to the provisions below. 
 A
Director appointed to replace another Director shall hold office only for the remainder of his predecessor’s term of office. 
 The maximum age for
holding a Directorship shall be 70. This age limit does not apply if less than one third, rounded up to the nearest whole number, of serving Directors have reached the age of 70. No Director over 70 years hold may be appointed if as a result more
than one third of the serving Directors rounded up as defined above, are over 70 years hold. 
 If for any reason whatsoever the number of serving Directors
over 70 years hold should exceed one third as defined above, the oldest Director(s) shall automatically be deemed to have retired at the ordinary Shareholders’ Meeting called to approve the accounts of the financial year in which the proportion
of Directors over 70 years hold was exceeded, unless the proportion was re-established in the interim. 

  
 PAGE 5 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

 Directors representing legal persons shall be taken into account when calculating the number of Directors to
which the age limit does not apply. 
 Directors representing legal persons must replace any 70 year old representative at the latest at the ordinary
Shareholders’ Meeting called to approve the accounts of the financial year in which such representative reached the age of 70. 
 The age limitations
set forth in this Article shall apply to any Chairman of the Board of Directors, provided that such Chairman is not also the Chief Executive Officer of the Company, in which case the age limitation set forth in Article 18 shall apply. 

Article 14 – Board Observers 

On proposal of the Chairman, the Board of Directors must propose to the Shareholders’ Meeting the appointment of two Board Observers satisfying the
conditions described hereunder. The Board observers shall be called to the meetings of the Board of Directors and shall participate in a consultative capacity. The Board Observers are elected for a period of three years. Exceptionally, the
Shareholders’ Meeting may appoint a Board Observer for a period of two years in order to stagger the Board observers’ terms of office. Outgoing Board Observers shall be eligible for re-election. 

They shall be, at the time of their appointment, both salaried employees of the Company or of an affiliate and members of a mutual fund in accordance with the
conditions set out below. All mutual funds meeting the conditions below may nominate candidates for appointment as Board Observers. 
 With regard to the
above provisions: 
  

	1.	An affiliate of the Alcatel Lucent group shall be defined as any company in which Alcatel Lucent directly or indirectly holds at least half of the voting rights and/or any company in which an Alcatel Lucent
affiliate directly or indirectly holds at least half of the voting rights. 

  

	2.	The mutual funds referred to above are those formed as a result of a Company share holding scheme in which the Company or an affiliate is a participant and having at least 75% of its portfolio in Company shares.

 If for any reason one of the Board Observers appointed by the Shareholders’ Meeting as provided above should no longer meet the joint
conditions defined above (employee of the group or an affiliate and member of a mutual fund), he shall automatically be deemed to have retired one calendar month after the joint conditions are no longer met. 

Should the number of Board observers meet the joint conditions as defined above (employment in the group and membership of a mutual fund) fall below the
number of two for any reason whatsoever, the Board of Directors must make up its numbers within three months either by appointment upon the affirmative vote of the majority of the Directors present or represented, subject to ratification by the
nearest shareholders’ meeting, or by calling a Shareholders’ Meeting to appoint a Board observer meeting the conditions defined hereunder. 
 On
the Chairman’s proposal, the board of Directors can propose to the Annual Shareholders’ Meeting the appointment of one or more Board Observers who do not meet the above requirements, among the shareholders or not, it being specified that
total number of Board observers shall not exceed six. 
 The Board Observers’ compensation shall be determined by the Shareholders Meeting on a yearly
basis and allocated by the Board of Directors. 

  
 PAGE 6 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

 Article 15 — Meetings of the Board of Directors 

 

	1.	Board shall meet as often as required in the interest of the Company at the corporate headquarters or any other location, either in France or abroad, as determined by the Chairman in consultation with the Chief
Executive Officer. 

 The meeting is called by the Chairman as stipulated by law, by any means, even verbally, and may be
called at the request of the Chief Executive Officer or at least one-third of the Directors. 
 An agenda clearly stating matters to be
discussed shall be attached to each notice of meeting. 
 In the event the Chairman and the Vice-Chairman or Chairmen cannot attend, the
Chairman or, if he does not do so, the Board may designate for each meeting the Director who shall chair the meeting. 
  

	2.	Any Director, whether a natural person or the standing representative of a legal person, may give another Director power of attorney to represent him at a board meeting; the authorized agent must show proof of his power
of attorney at the start of the meeting. Directors may hold only one power of attorney per meeting which shall be valid for a specific meeting only. 

Except in the cases excluded by law, Directors who participate in meetings of the board of Directors by means of videoconferencing or of
telecommunication enabling them to be identified and guaranteeing their effective participation under the conditions provided by applicable law, shall be deemed to be present for the purposes of calculating the meeting’s quorum and majority.

  

	3.	Except as stipulated in Paragraphs 3 and 4 of Article 16 below, for resolutions governing the choice of management, resolutions shall be adopted under the quorum and majority laid down by law. In the event of a tie,
neither the Chairman nor any Director acting as chairman shall have casting vote. 

  

	4.	The minutes of the meetings shall be drawn up and copies shall be certified and delivered in accordance with the law. 

  

	5.	On the Chairman’s proposal, the Board may authorize members of management or third parties to attend Board meetings; they shall not have a vote 

Article 16 — Powers and duties of the Board of Directors 
  

	1/	The Board of Directors is vested with complete authority granted to it by the legislation in effect. 

The Board shall determine the business strategies of the company and shall ensure their implementation. 

Subject to the authority expressly reserved for the Shareholders, and within the limits of the corporate purpose, the Board of Directors shall
deal with any question that affects the company’s operations, and governs the affairs of the company through its deliberations. 
  

	2/	The Board of Directors shall decide whether the management of the company will be performed by the Chairman of the Board of Directors or by a Chief Executive Officer. 

The Board of Directors may deliberate on this choice only if at least two-thirds of its current members are present. When it has been unable to
deliberate because the required quorum is not present, the Board of Directors must meet a second time to deliberate again within a maximum period of ten days. 

  
 PAGE 7 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

	3/	The Board’s decision with respect to the management method of the company shall be made by a two-thirds majority of the Directors present or represented, and shall remain valid until a new decision from the Board.

  

	4/	Each Director shall receive all of the information necessary to perform the duties of his office and may obtain any document he deems useful. 

 

	5/	Notwithstanding statutory provisions, particularly those concerning the chairman of the Board of Directors or the Chief Executive Officer, if he is a Director, Directors do not in the exercise of their management enter
into any personal or joint undertaking with regard to the Company’s commitments; within the limits set by the laws in force, they shall only be liable for performance of their appointed duties. 

Article 17 — Chairman, Vice-Chairmen, Chief Executive Officer, 

Deputy Chief Executive Officers, and Secretary 
  

	1.	The Board of Directors shall appoint, under a simple majority vote of the Directors present or represented, from among its members a Chairman for a term not to exceed the term of his/her position as a Director.

 The Chairman of the Board of Directors shall perform the missions assigned to him by law; in particular, he shall ensure the
proper functioning of the company’s governing bodies. He shall chair meetings of the Board of Directors, organize the work of the Board, and ensure that the Directors are able to fulfill their mission. 

The Board of Directors shall appoint, if it so wishes, one or more Vice-Chairman, and shall set their term of office which may not exceed their
term as Director. The Vice-Chairman, or the most senior Vice-Chairman, shall perform the duties of the Chairman when he is unable to do so. 
  

	2.	If the Board of Directors does not assign the general management of the Company to the Chairman, the Board of Directors shall appoint, under a simple majority vote of the Directors present or represented, whether from
among its members or outside the board, a Chief Executive Officer for a term, determined by the Board of Directors at the time of such appointment, not to exceed, if applicable, the term of his/her position as a Director. 

 

	3.	The Chief Executive Officer is invested as of right with the fullest power to act in all circumstances as the Company’s behalf, within the limits of the corporate purpose and subject to the powers expressly
invested in Shareholders’ Meetings by law and the powers specifically invested in the Board of Directors. 

 The Chief
Executive Officer shall represent the company in its relations with third parties. He shall represent the company in the courts. 
 When the
Chairman of the Board of Directors assumes the management of the company, the provisions of this Article and the law governing the Chief Executive Officer shall apply to him. 

  
 PAGE 8 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

	4.	On the proposal of the Chief Executive Officer, the Board of Directors may authorize one or more persons to assist him, who shall have the title of Senior Executive Vice-President. 

A maximum of five Senior Executive Vice-Presidents may be appointed. 

The scope and duration of the powers delegated to Senior Executive Vice-Presidents shall be determined by the Board of Directors in agreement
with the Chief Executive Officer. 
 Senior Executive Vice-Presidents have the same authority as the Chief Executive Officer with respect to
third persons. 
 In the event the office of Chief Executive Officer becomes vacant, the duties and powers of the Senior Executive
Vice-Presidents shall continue until the appointment of a new Chief Executive Officer, unless otherwise decided by the Board of Directors. 
  

	5.	The Board of Directors on the recommendation of the Chairman or the Chief Executive Officer, the chairman or the Chief Executive Officer themselves and the Senior Executive Vice President or Vice Presidents,
may, within the limits set by law, delegate such powers as they or he deem fit, either for the management or conduct of the Company’s business or for one or more specific purposes, to all authorized agents, whether members of the board or not
or member of the Company or not, individually or as committees. Such powers may be standing or temporary and may or may not be delegated to deputies. 

All or some of such authorized agents may also be authorized to authenticate all copies or extracts of all documents for which certification
procedures are not laid down by law, and in particular all powers of attorney, Company accounts and Articles of association and by-laws, and to issue all certificates pertaining thereto. 

Powers of attorney granted by the board of Directors, the Chairman, the Chief Executive Officer or the Senior Executive Vice President or Vice
Presidents pursuant to the present Articles of association and by-laws shall remain effective should the terms of office of the Chairman, the Chief Executive Officer, the Senior Executive Vice President, or Directors expires at the time such powers
of attorney were granted. 
  

	6.	The Board shall appoint a secretary and may also appoint a deputy secretary under the same terms. 

Article 18 – Age limit for Chief Executive Officer and Deputy Executive Officers 

The Chief Executive Officer and Deputy Executive Officers may hold office for the period set by the Board of Directors, but this period shall not exceed their
term of office as Directors, if applicable, nor in any event shall such period extend beyond the date of the Ordinary Shareholders’ Meeting called to approve the financial statements for the fiscal year in which they shall have reached
68 years of age. The same age limit shall apply to the Chairman when he/she is also the Chief Executive Officer. When the Chairman does not also occupy the position of Chief Executive Officer, he may hold the office of Chairman for the period
set by the Board of Directors, but this period shall not exceed his/her term of office as Director, subject to the terms set forth in Article 13. 

  
 PAGE 9 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

 Article 19 — Remuneration of Corporate Officers and Directors 

 

	1.	The remuneration for the Chairman of the Board of Directors, the Chief Executive Officer, and the Senior Executive Vice-President or Vice-Presidents shall be set by the Board of Directors. Said remuneration may be fixed
and/or proportional. 

  

	2.	The Shareholder’s Meeting may award and set Directors’ fees which shall remain unchanged until amended by a new resolution. 

The Board shall distribute said amount among the Directors as it sees fit and as required by law. 

Directors may not receive from the Company any remuneration, permanent or not, other than those specified by the law or nor contrary to it. 

Article 20 – Statutory auditors 

The ordinary Shareholders’ Meeting shall appoint at least two statutory auditors to undertake the duties required by law. The auditors may be
reappointed. 
 The Shareholders’ Meeting shall appoint as many deputy auditors as statutory auditors pursuant to paragraph 1 above. 

Article 21 — Shareholders’ Meetings 
  

	1.	Ordinary and extraordinary Shareholder’s Meetings shall be convened and held according to the rules and procedures laid down by law. 

The duly constituted Shareholders’ Meeting shall represent all the Shareholders. 

Its decisions are binding on all Shareholders, including those not present or dissenting. 

 

	2.	Meetings shall take place at the registered office or at any other place specified in the notice of Meeting. 

  

	3/	A shareholder may participate in a Shareholders’ Meeting in person, by mail or by proxy upon presentation of proof of identity and upon proof of registration of his shareholding in the company, at midnight (French
time) on the second Business Day prior to the Shareholders’ Meeting either in the shareholders’ register held by the company or in the register of bearer shares held by the authorized intermediary. Entry in the register of bearer shares
held by the authorized intermediary shall be proved by a certificate of attestation of the shareholding to be delivered by the authorized intermediary within the time and on the terms and conditions stipulated in the regulations in force.

 Subject to the terms and conditions defined by regulations and the procedures defined by the Board of Directors,
Shareholders may participate and vote in all Ordinary or Extraordinary Shareholders’ Meetings by video-conferencing or any electronic communication method, including internet, that allows identification of the Shareholder. 

 

	4/	Subject to the conditions defined by regulations Shareholders may send their proxy or mail voting form for any Ordinary or Extraordinary Meeting either in paper form or, on the decision of the Board of Directors
published in the notices of meetings, by electronic transmission. The electronic signature of the form consists, by a prior decision of the Board of directors, of any process of identifying which safeguards its link with the electronic form to which
it relates by a login and password or any other process in the conditions defined by regulations in force. 

  
 PAGE 10 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

 In order to be considered, all necessary forms for votes by mail or by proxy must be received
at the Company’s registered offices or at the location stated in the notice of the Meeting at least two days before any Shareholders’ Meeting. This time limit may be shortened by decision of the Board of Directors. Instructions given
electronically that include a proxy or power of attorney may be accepted by the company under the conditions and within the deadlines set by the regulations in effect. 
  

	5.	The Meeting may be rebroadcast by video-conferencing or electronic transmission. If applicable, this will be mentioned in the notice of Meeting. 

 

	6/	A shareholder who has voted by correspondence, sent a delegation of power or requested an admission card or certificate of attestation of shareholding may nevertheless transfer all or part of the shares in respect of
which he has voted by correspondence, sent a delegation of power or requested an admission card or certificate of attestation of shareholding. However, if the transfer of ownership occurs prior to midnight (French time) on the second Business Day
prior to the Shareholders’ Meeting, upon notification by the authorized intermediary which holds the share register, the company shall cancel or amend, as the case may be, the vote by correspondence, the delegation of power, the admission card
or the certificate of attestation of shareholding. Notwithstanding any agreement to the contrary, no transfer of ownership after midnight (French time) on the second Business Day prior to the Shareholders’ Meeting, whatever means are used,
shall be notified by the authorized intermediary or taken in to account by the company.” 

  

	7.	The Shareholders’ Meeting shall be chaired either by the Chairman or Vice Chairman of the Board of Directors, or by a Director appointed by the Board of Directors or by the Chairman. 

Shareholders shall appoint the officers of the Meeting made up of the Chairman, two tellers and a secretary. 

The tellers shall be the two members of the Meeting representing the largest number of votes or, should they refuse, those who comme after in
descending order until the duties are accepted. 
  

	8.	Copies or extracts of the minutes may be authentificated by the Chairman of the Board of Directors, the secretary of the Shareholders’ Meeting, or the Director appointed to chair the Meeting. 

Article 22- Voting rights 
 Without
prejudice to the following provisions, each member of the Shareholders’ Meeting has as many votes as shares that he/SHE owns or represents. 
 However,
double voting rights are attached to all fully paid up registered shares, registered in the name of the same holder for at least three years. 
 Double
voting rights shall be cancelled as of right for any share that is converted into a bearer share or whose ownership is transferred. However, the period set here above shall not be interrupted, nor existing rights cancelled, where ownership is
transferred, the shares remaining in registered form, as a result of intestate or testamentary succession, the division between spouses of a common estate, or donation inter vivos in favor of a spouse or heirs. 

Voting rights in all ordinary, extraordinary or special Shareholders’ Meetings belong to the usufructuary. 

  
 PAGE 11 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

 Article 23- Financial year 

The financial year shall begin on January 1st and end on December 31st. 
 Article 24 – Allocation of profits 

The difference between the proceeds and the expenses of the financial year, after provisions, constitutes the profits or the losses for the financial year.
From the profits, minus previous losses, if any, shall be deducted the sum of 5% in order to create the legal reserves, until such legal reserves are at least equal to 1/10th of the share capital.
Additional contributions to the legal reserves will be required if the legal reserves fall below, for any reason, that fraction. 
 The distributable
profits shall be the profits for the financial year minus the previous losses and the above-mentioned deduction plus income carried over. The Shareholders’ Meeting, on a proposal of the board, may decide to carry over some or all of the
profits, to allocate them to reserve funds of whatever kind or to distribute them to the Shareholders as a dividend. 
 Besides, the Shareholders’
Meeting may decide the distribution of sums deducted from the optional reserves, either as initial or additional dividends or as special distribution. In this case, the decision indicates clearly the items from which the said sums are deducted.
However, the dividends are deducted first from the distributable profits of the financial year. 
 The ordinary Shareholders’ Meeting may grant each
Shareholder, for all or part of the dividend distributed or the interim dividend, the option to receive payment of the dividend or interim dividend in cash or in shares. 

The Shareholders’ Meeting or the Board of Directors, in the case of an interim dividend, fix the date from which the dividend shall be distributed. 

Article 25 - Dissolution and liquidation 

The Shareholders’ Meeting, under the quorum and majority conditions laid down by law, may, at any time and for any reason whatsoever, decide the early
dissolution of the Company. 
 When the Company reaches its due date, or in the event of early dissolution, the Shareholders’ Meeting shall decide the
manner of liquidation, appoint one or more liquidators and set their powers, their terms of office and their remuneration. 
 In the event of the death,
resignation or indisposition of the liquidators the ordinary Shareholders’ Meeting, called under the condition laid down by law, shall take steps to replace them. 

The Shareholders’ Meeting shall retain the same powers during liquidation as in the Company’s course of business. 

On completion of the liquidation the Shareholders shall be called to approve the liquidator’s accounts and discharge him and to record the closing of the
liquidation. 
 The liquidator(s) shall carry out their duties under the conditions laid down by law. In particular, they shall realize all the
Company’s movable and fixed assets, including by private treaty, and extinguish all its liabilities. They may also, with the authorization of the extraordinary Shareholders’ Meeting, transfer the Company’s entire assets or contribute
them to another company, in particular by way of a merger. 

  
 PAGE 12 

 THIS DOCUMENT IS A TRANSLATION FROM FRENCH INTO ENGLISH, DELIVERED AT THE REQUEST OF THE RECIPIENT
AND HAS NO OTHER VALUE THAN AN INFORMATIVE ONE. 
 SHOULD THERE BE ANY DIFFERENCE BETWEEN THE FRENCH AND THE ENGLISH VERSION, ONLY THE TEXT IN
FRENCH LANGUAGE SHALL BE DEEMED AUTHENTIC AND BINDING. 
  
  

 

 Assets remaining after all liabilities have been extinguished shall first be used to pay Shareholders a sum
equal to the paid up and non-redeemed capital. Any surplus shall constitute profits and shall be divided between all the Shareholders, subject to rights related to shares of different classes, if any. 

Article 26 - Disputes 
 Any disputes
that may arise during the Company’s term or at its liquidation, whether between Shareholders and the Company or between Shareholders themselves where they concern Company matters, shall be subject to the jurisdiction of the competent courts.

  
 PAGE 13Exhibit 10.1

Amended and
Restated Employment Agreement

This Amended
and Restated Employment Agreement (the "Agreement") is made and entered into as of December 10, 2015, by and between
Craig Lindberg (the "Executive") and Quantum Materials Corp., a Nevada corporation (the "Company")
(collectively, the "Parties").

WHEREAS,
the Company previously entered into an Employment Agreement (the “Initial Employment Agreement”) with the Executive
on June 15, 2015 with an effective date of April 2, 2015;

WHEREAS,
the Company granted the Executive 14,300,000 stock options per the Initial Employment Agreement;

WHEREAS,
the Company’s board of directors (the “Board”) desires that the Executive surrender 4,300,000 of the stock options
previously granted to the Executive;

WHEREAS,
the Company acknowledges that the desire for such surrender is in no part the result of any action by or fault of the Executive;

WHEREAS,
the Company further acknowledges that in agreeing to the aforementioned surrender of stock options, the Executive is acting in
the best interests of the Company rather than in his personal best interests;

WHEREAS,
the Company desires to employ the Executive on the terms and conditions set forth in this Agreement;

WHEREAS,
the Executive desires to be employed by the Company on the terms and conditions set forth in this Agreement; and

WHEREAS,
the Executive and the Company will enter into a separate Amended and Restated Restricted Stock Award Agreement, which shall remain
in full force and effect after the Parties execute this Agreement, and which shall survive the termination of this Agreement for
any reason, notwithstanding any other term in this Agreement.

NOW, THEREFORE,
in consideration of the mutual covenants, promises and obligations set forth in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

1.                 
Term of this Agreement. The Executive's employment with the Company shall commence as of April 2, 2015 (the
"Effective Date") and shall continue, subject to the terms of this Agreement, until either party terminates Executive’s
employment as set forth in this Agreement. There shall be no definite term of employment. Nothing specified in this Agreement is
intended or shall be construed to alter the at-will nature of the employment relationship. The Executive or the Company may terminate
this Agreement and the employment relationship at any time and for any reason (by providing thirty (30) days’ advanced written
notice to the other party). The Executive shall, however, be entitled to receive compensation upon termination of employment under
certain circumstances as set forth below in Section 5.

2.                 
Position and Duties.

2.1             
Position and Responsibilities. During the Employment Term, the Executive shall serve as the Chief Financial Officer
of the Company, reporting to the Chief Executive Officer. In that capacity, the Executive shall (i) be responsible for the operations
and other general management affairs of the Company; (ii) perform any services, duties or responsibilities consistent with the
Executive’s position; and (iii) perform such services, duties and responsibilities, as shall be determined from time-to-time
by the Chief Executive Officer or as may otherwise be required to effectively perform the Executive’s position. The Executive
may from time-to-time be required to travel within the United States and overseas in the performance of the Executive’s services,
duties and responsibilities, and will be obliged to travel to such locations as the Company, the Chief Executive Officer, the Board,
or the performance of the Executive’s services, duties, and responsibilities reasonably require, with the costs of such travel
to be paid by the Company in accordance with the Company’s travel reimbursement policies, as amended from time to time.

    

     

    

2.2             
Full-Time and Energy Devoted to Executive’s Employment. During the Employment Term, the Executive shall (i)
devote substantially all of the Executive’s business time, attention, skill, and energy to the business of the Company and
the performance of the Executive's services, duties and responsibilities under this Agreement; (ii) use the Executive’s best
efforts, skill and knowledge in the performance of the Executive’s services, duties and responsibilities and to promote the
success of the Company’s business; (iii) serve the Company’s interests faithfully, efficiently and diligently; (iv)
put in whatever time, energy or attention is necessary to accomplish the Executive’s duties and expectations; (v) cooperate
with the reasonable and lawful directives of the Board in the furtherance of the best interests of the Company; and (vi) comply
with the Company’s policies and procedures as well as all applicable laws, rules and regulations.

2.3             
Executive is Not Currently Bound By a Conflicting Agreement. The Executive hereby represents to the Company that
the execution and delivery of this Agreement by the Executive and the performance by the Executive of Executive’s services,
duties and responsibilities under this Agreement does not and shall not constitute a breach of, or otherwise contravene, the terms
of any other non-compete agreement, employment agreement or other agreement or policy to which the Executive is a party or otherwise
bound.

2.4             
No Engagement in Conflicting Obligations. The Executive shall not engage in any other business, profession or occupation
for compensation or otherwise which would conflict or interfere with the Executive’s performance or ability to perform the
Executive’s services, duties and responsibilities under this Agreement. Notwithstanding the foregoing, the Executive will
be permitted to (i) with the prior written consent of the Board (which consent will not be unreasonably withheld or delayed)
act or serve as a director, trustee, committee member or principal of any type of business, civic or charitable organization as
long as such activities are disclosed in writing to the Company's Chief Executive Officer in accordance with the Company's Employee
Handbook, and (ii) purchase or own less than five percent (5%) of the publicly traded securities of any corporation; provided that,
such ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that
controls, such corporation; provided further that, the activities described in clauses (i) and (ii) of this Section 3.4 do not
interfere with the performance of the Executive's services, duties and responsibilities under this Agreement. The Company expressly
consents to Executive’s continued service as a director, member, or equivalent for My Body and Soul (a 501(c)(3) non-profit),
Popsicle Compression, LLC, Lone Star Drill Bits, LLC, and/or Fast Felt, Inc.

 

3.                 
Place of Performance. The principal place of Executive's employment shall be in Houston, Texas, where he shall
work from his home until the Company opens a formal office in Houston, Texas. Executive may be required to travel on Company business
during the Employment Term.

4.                 
Compensation.

4.1             
Base Salary. Until such time as the Company records its first $10,000,000 in revenue (the “Revenue Trigger”),
the Company shall pay the Executive an annual rate of base salary of no less than $120,000.00; after the occurrence of the Revenue
Trigger, the Company shall pay the Executive an annual rate of base salary of no less than $260,000.00; in either case in periodic
installments in accordance with the Company's customary payroll practices, but no less frequently than monthly. The Executive's
annual base salary, as in effect from time to time, shall be referred to in this Agreement as "Base Salary".

    2 

     

    

4.2             
Annual and Special Bonuses. Executive shall be eligible for an annual bonus based on personal performance and/or
Company performance metrics to be determined by the Company and Executive on an annual basis (“Target Bonus”). To the
extent the Company pays dividends or makes distributions of profit to its shareholders at a time when Executive’s Option
units remain unvested and/or vested but unexercised, the Company shall, at the same time it distributes dividends or profits to
shareholders, pay Executive a bonus equal in amount to the distribution of dividends or profits he would have received at such
time if he had been a holder of shares of Company stock equal in number to the number of option or other units issued to him which
remain subject to vesting and/or exercise by Executive as of such date (“Special Bonus”). The Special Bonus shall only
apply to options issued under this Agreement and shall not apply to subsequent options granted to the Executive.

4.3             
Equity Awards. The Company has previously granted Executive a right to purchase 14,300,000 shares of the Company’s
common stock (“Option”), $0.001 par value per share, pursuant to the Company’s 2013 Employee Benefit and Consulting
Services Compensation Plan (“Equity Plan”). The Executive’s Option rights will vest 100% on the date of this
Agreement. All other terms and conditions of such awards shall be governed by the terms and conditions of the Equity Plan and the
applicable Grant of Option agreement, which incorporates certain provisions in this Agreement. Simultaneous with the signing of
this Agreement, the Executive shall surrender the 4,300,000 options issued upon the signing of the Initial Employment Agreement
for cancellation.

4.4             
Employee Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit
plans, practices and programs maintained by the Company, as in effect from time to time (collectively, "Employee Benefit
Plans"), on a basis which is no less favorable than is provided to other similarly situated executives of the Company,
to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right
to amend or cancel any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit
Plan and applicable law.

4.5             
Vacation. During the Employment Term, the Executive shall be entitled to four weeks of paid vacation days per calendar
year (prorated for partial years) in accordance with the Company's vacation policies, as in effect from time to time.

4.6             
Business Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket
business, entertainment and travel expenses incurred by the Executive in connection with the performance of the Executive's duties
hereunder in accordance with the Company's expense reimbursement policies and procedures.

4.7             
Indemnification. In the event that the Executive is made a party or threatened to be made a party to any action,
suit, or proceeding, whether civil, criminal, administrative or investigative (a "Proceeding"), other than any
Proceeding initiated by the Executive or the Company related to any contest or dispute between the Executive and the Company or
any of its affiliates with respect to this Agreement or the Executive's employment hereunder, by reason of the fact that the Executive
is or was a director or officer of the Company, or any affiliate of the Company, or is or was serving at the request of the Company
as a director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise,
the Executive shall be indemnified and held harmless by the Company to the maximum extent permitted under applicable law from and
against any liabilities, costs, claims and expenses, including all costs and expenses incurred in defense of any Proceeding (including
attorneys' fees). Costs and expenses incurred by the Executive in defense of such Proceeding (including attorneys' fees) shall
be paid by the Company in advance of the final disposition of such litigation upon receipt by the Company of: (i) a written request
for payment; (ii) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment
is being sought; and (iii) an undertaking adequate under applicable law made by or on behalf of the Executive to repay the amounts
so paid if it shall ultimately be determined that the Executive is not entitled to be indemnified by the Company under this Agreement.
The Company shall secure and maintain insurance covering its contractual indemnity obligations set forth herein, and shall separately
secure and maintain directors and officers liability insurance coverage pursuant to which Executive shall be covered as a named
or additional assured.

    3 

     

    

4.8             
Clawback Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based
compensation, or any other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement
with the Company which is subject to recovery under any law, government regulation or stock exchange listing requirement, will
be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange
listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing
requirement).

5.                 
Termination of Employment. The Employment Term and the Executive's employment
hereunder may be terminated by either the Company or the Executive at any time and for any reason; provided that, unless otherwise
provided herein, either party shall be required to give the other party at least thirty (30) days advance written notice of any
termination of the Executive's employment. Upon termination of the Executive's employment during the Employment Term, the Executive
shall be entitled to the compensation and benefits described in this Section  5
and shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates. 

5.1             
For Cause or Without Good Reason.  

(a)               
The Executive's employment hereunder may be terminated by the Company for Cause or by the Executive without Good Reason.
If the Executive's employment is terminated by the Company for Cause or by the Executive without Good Reason, the Executive shall
be entitled to receive:

		(i)	any accrued but unpaid Base Salary and accrued but unused vacation, which shall be paid within
one (1) week following the Termination Date (as defined below);

		(ii)	reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall
be subject to and paid in accordance with the Company's expense reimbursement policy; and

		(iii)	such employee benefits (including equity compensation), if any, as to which the Executive may be
entitled under the Company's employee benefit plans as of the Termination Date; provided that, in no event shall the Executive
be entitled to any payments in the nature of severance or termination payments except as specifically provided herein.

    4 

     

    

 

Items 5.1(a)(i) through 5.1(a)(iii)
are referred to herein collectively as the "Accrued Amounts".

(b)              
For purposes of this Agreement, "Cause" shall mean:

		(i)	the Executive's willful and repeated failure to perform his duties (other than any such failure
resulting from incapacity due to physical or mental illness);

		(ii)	the Executive's willful and repeated failure to comply with any valid and legal directive of the
Board;

		(iii)	the Executive's intentional engagement in dishonesty, illegal conduct or gross misconduct, which
is, in each case, materially injurious to the Company or its affiliates;

		(iv)	the Executive's embezzlement, intentional misappropriation or fraud, whether or not related to
the Executive's employment with the Company;

		(v)	the Executive's conviction of or plea of guilty or nolo contendere to a crime that constitutes
a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude;

		(vi)	the Executive's willful and repeated violation of a material policy of the Company;

		(vii)	the Executive's willful unauthorized disclosure of Confidential Information (as defined below);
or

		(viii)	the Executive's knowing and intentional material breach of any material obligation under this Agreement
or any other written agreement between the Executive and the Company.

For purposes of this provision,
no act or failure to act on the part of the Executive shall be considered "willful" unless it is done, or omitted to
be done, by the Executive in bad faith or without reasonable belief that the Executive's action or omission was in the best interests
of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon
the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good
faith and in the best interests of the Company.

In the event of conduct the Company
contends Executive has engaged in conduct described in (i), (ii), (vi), (vii) or (viii) above, termination of the Executive's employment
shall not be deemed to be for Cause unless the Company gives Executive notice of the specific conduct at issue in writing and a
reasonable opportunity to cure same, after which, if the Company contends it remains uncured, the Company must deliver to the Executive
a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the Board finding in good faith that
there is Cause to terminate Executive’s employment.

(c)               
For purposes of this Agreement, "Good Reason" shall mean the occurrence of any of the following, in each
case during the Employment Term without the Executive's written consent:

		(i)	a material reduction in the Executive's Base Salary;

    5 

     

    

 

		(ii)	a relocation of the Executive's principal place of employment by more than ten (10) miles, except
for required travel on Company business to an extent substantially consistent with the Executive's business travel obligations
as of the date of relocation;

		(iii)	any material breach by the Company of any material provision of this Agreement or any material
provision of any other agreement between the Executive and the Company;

		(iv)	the Company's failure to obtain an agreement from any successor to the Company to assume and agree
to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession
had taken place, except where such assumption occurs by operation of law;

		(v)	a material adverse change in the Executive's title, authority, duties or responsibilities (other
than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law); or

		(vi)	a material adverse change in the reporting structure applicable to the Executive.

The Executive cannot terminate
his employment for Good Reason unless he has provided written notice to the Company of the existence of the circumstances providing
grounds for termination for Good Reason within sixty (60) days of the initial existence of such grounds and the Company has had
at least thirty (30) days from the date on which such notice is provided to cure such circumstances, if curable. If the Executive
does not terminate his employment for Good Reason within one hundred twenty (120) days after the first occurrence of the applicable
grounds, then the Executive will be deemed to have waived his right to terminate for Good Reason with respect to such grounds.

Notwithstanding the foregoing,
in the event that a Change in Control (as defined below) occurs during the Employment Term, the Executive may terminate his employment
for any reason during the thirty (30) day period following the Change in Control and such termination shall be deemed to be for
Good Reason.

5.2             
Without Cause or for Good Reason. The Employment Term and the Executive's employment hereunder may be terminated
by the Executive for Good Reason or by the Company without Cause. In the event of such termination, the Executive shall be entitled
to receive the Accrued Amounts and subject to the Executive's compliance with Section  6,
Section  7, Section  8 and
Section  9 of this Agreement and his execution of a release of claims in favor
of the Company, its affiliates and their respective officers and directors in a form provided by the Company (the "Release")
and such Release becoming effective within fifty-two (52) days following the Termination Date (such within fifty-two (52) day period,
the "Release Execution Period"), the Executive shall be entitled to receive the following: 

(a)               
a lump sum payment equal to two times the sum of the Executive's Base Salary and Target Bonus for the year in which the
Termination Date occurs, which shall be paid within seven (7) days following the effective date of the Release;

(b)              
If the Executive timely and properly elects continuation coverage under the Consolidated Omnibus Reconciliation Act of 1985
("COBRA"), the Company shall pay the full premium to insure Executive and his dependents until the earliest of:
(i) the eighteen-month anniversary of the Termination Date; (ii) the date the Executive is no longer eligible to receive COBRA
continuation coverage; and (iii) the date on which the Executive becomes eligible to receive substantially similar coverage from
another employer.

    6 

     

    

(c)               
To the extent any equity granted to Executive that is subject to time vesting is not already vested as of the Termination
Date, all unvested equity shall immediately vest and all restrictions on the transferability of such equity shall be lifted on
the Termination Date.

5.3             
Death or Disability.  

(a)               
The Executive's employment hereunder shall terminate automatically upon the Executive's death during the Employment Term,
and the Company may terminate the Executive's employment on account of the Executive's Disability.

(b)              
If the Executive's employment is terminated during the Employment Term on account of the Executive's death or Disability,
the Executive (or the Executive's estate and/or beneficiaries, as the case may be) shall be entitled to receive the Accrued Amounts
and the following:

		(i)	if before the Revenue Trigger, a lump sum payment equal to two times the sum of the Executive's Base Salary and Target Bonus
for the year in which the Termination Date occurs, and if after the Revenue Trigger, one times the sum of the Executive's Base
Salary and Target Bonus for the year in which the Termination Date occurs, which in either case shall be paid within seven (7)
days following the Termination Date;

		(ii)	If the Executive’s family timely and properly elects continuation coverage under the Consolidated Omnibus Reconciliation
Act of 1985 ("COBRA"), the Company shall pay the full premium to insure his spouse and dependents until the eighteen-month
anniversary of the Termination Date.

		(iii)	To the extent any equity granted to Executive that is subject to time vesting is not already vested as of the Termination Date,
all unvested equity shall immediately vest and all restrictions on the transferability, subject to SEC Rule 144, of such equity
shall be lifted on the Termination Date.

 

(c)               
For purposes of this Agreement, Disability shall mean the Executive's inability, due to physical or mental incapacity, to
substantially perform his duties and responsibilities under this Agreement for one hundred eighty (180) days out of any three hundred
sixty-five (365) day period. Any question as to the existence of the Executive's Disability as to which the Executive and the Company
cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company.
If the Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and
those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in
writing to the Company and the Executive shall be final and conclusive for all purposes of this Agreement.

    7 

     

    

5.4             
Change in Control Termination.  

(a)               
Notwithstanding any other provision contained herein, if the Executive's employment hereunder is terminated by the Executive
for Good Reason or by the Company without Cause (other than on account of the Executive's death or Disability), in each case within
twelve (12) months following a Change in Control, the Executive shall be entitled to receive the Accrued Amounts and subject to
the Executive's compliance with Section  6, Section  7,
Section  8 and Section  9
of this Agreement and his execution of a Release which becomes effective within fifty-two (52) days following the Termination Date,
the Executive shall be entitled to receive a lump sum payment equal to 2.99 times the sum of the Executive's Base Salary and Target
Bonus for the year in which the Termination Date occurs (or if greater, the year immediately preceding the year in which the Change
in Control occurs), which shall be paid within seven (7) days following the effective date of the Release, and to the extent any
equity granted to Executive that is subject to time vesting is not already vested as of the Termination Date, all unvested equity
shall immediately vest and all restrictions on the transferability of such equity shall be lifted on the Termination Date. 

(b)              
If the Executive timely and properly elects continuation coverage under the Consolidated Omnibus Reconciliation Act of 1985
("COBRA"), the Company shall pay the full premium to insure Executive and his dependents until the earliest of:
(i) the eighteen-month anniversary of the Termination Date; (ii) the date the Executive is no longer eligible to receive COBRA
continuation coverage; and (iii) the date on which the Executive becomes eligible to receive substantially similar coverage from
another employer.

(c)               
For purposes of this Agreement, "Change in Control" shall mean the occurrence of any of the following:

		(i)	one person (or more than one person acting as a group) acquires ownership of stock of the Company
that, together with the stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market
value or total voting power of the stock of such corporation; provided that, a Change in Control shall not occur if any person
(or more than one person acting as a group) owns more than fifty percent (50%) of the total fair market value or total voting power
of the Company's stock and acquires additional stock;

		(ii)	one person (or more than one person acting as a group) acquires (or has acquired during the twelve-month
period ending on the date of the most recent acquisition) ownership of the Company's stock possessing twenty-five percent (25%)
or more of the total voting power of the stock of such corporation;

		(iii)	a majority of the members of the Board are replaced during any twelve-month period by directors
whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election;

		(iv)	Stephen Squires no longer holds the position of Chief Executive Officer or ceases to be a Director
of the Company; or

		(v)	the sale of all or substantially all of the Company's assets.

5.5             
Notice of Termination. Any termination of the Executive's employment hereunder by the Company or by the Executive
during the Employment Term (other than termination pursuant to Section 5.3(a) on account of the Executive's death) shall be communicated
by written notice of termination ("Notice of Termination") to the other party hereto in accordance with Section
 26. The Notice of Termination shall specify: 

(a)               
The termination provision of this Agreement relied upon;

(b)              
To the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive's employment
under the provision so indicated; and

    8 

     

    

(c)               
The applicable Termination Date.

5.6             
Termination Date. The Executive's Termination Date shall be:

(a)               
If the Executive's employment hereunder terminates on account of the Executive's death, the date of the Executive's death;

(b)              
If the Executive's employment hereunder is terminated on account of the Executive's Disability, the date that it is determined
that the Executive has a Disability;

(c)               
If the Company terminates the Executive's employment hereunder for Cause, the date the Notice of Termination is delivered
to the Executive;

(d)              
If the Company terminates the Executive's employment hereunder without Cause, the date specified in the Notice of Termination,
which shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered; and

(e)               
If the Executive terminates his employment hereunder with or without Good Reason, the date specified in the Executive's
Notice of Termination, which shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered.

Notwithstanding
anything contained herein, the Termination Date shall not occur until the date on which the Executive incurs a "separation
from service" within the meaning of Section 409A.

5.7             
Resignation of All Other Positions. Upon termination of the Executive's employment hereunder for any reason, the
Executive shall be deemed to have resigned from all positions that the Executive holds as an officer or member of the board of
directors (or a committee thereof) of the Company or any of its affiliates.

5.8                
IRS Section 280G.  

(a)               
If any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment
or benefits received in connection with a Change in Control or the Executive’s termination of employment, whether pursuant
to the terms of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred
to herein as the “280G Payments”) constitute “parachute payments” within the meaning of Section
280G of the Code and would, but for this Section 5.8, be subject to the excise tax imposed under Section 4999 of the Code (the
“Excise Tax”), then such 280G Payments shall be reduced in a manner determined by the Company (by the minimum
possible amounts) that is consistent with the requirements of Section 409A until no amount payable to the Executive will be subject
to the Excise Tax. If two economically equivalent amounts are subject to reduction but are payable at different times, the amounts
shall be reduced (but not below zero) on a pro rata basis.

(b)              
All calculations and determinations under this Section 5.8 shall be made by an independent accounting firm or independent
tax counsel appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding
on the Company and the Executive for all purposes. For purposes of making the calculations and determinations required by this
Section 5.8, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section
280G and Section 4999 of the Code. The Company and the Executive shall furnish the Tax Counsel with such information and documents
as the Tax Counsel may reasonably request in order to make its determinations under this Section 5.8. The Company shall bear all
costs the Tax Counsel may reasonably incur in connection with its services.

    9 

     

    

6.                 
Cooperation. The Parties agree that certain matters in which the Executive will be involved during the Employment
Term may necessitate the Executive's cooperation in the future. Accordingly, following the termination of the Executive's employment
for any reason, to the extent reasonably requested by the Board, the Executive shall cooperate with the Company in connection with
matters arising out of the Executive's service to the Company; provided that, the Company shall make reasonable efforts to minimize
disruption of the Executive's other activities. The Company shall reimburse the Executive for reasonable expenses incurred in connection
with such cooperation and, to the extent that the Executive is required to spend substantial time on such matters, the Company
shall compensate the Executive at an hourly rate.

7.                 
Confidential Information. The Executive understands and acknowledges that during the Employment Term, he will
have access to and learn about Confidential Information, as defined below.

7.1             
Confidential Information Defined.  

(a)               
Definition. For purposes of this Agreement, "Confidential Information" includes, but is not limited
to, all information not generally known to the public, in spoken, printed, electronic or any other form or medium, relating directly
or indirectly to: business processes, practices, methods, policies, plans, publications, documents, research, operations, services,
strategies, techniques, agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, pending
negotiations, know-how, trade secrets, computer programs, computer software, applications, operating systems, software design,
web design, work-in-process, databases, manuals, records, articles, systems, material, sources of material, supplier information,
vendor information, financial information, results, accounting information, accounting records, legal information, marketing information,
advertising information, pricing information, credit information, design information, payroll information, staffing information,
personnel information, employee lists, supplier lists, vendor lists, developments, reports, internal controls, security procedures,
graphics, drawings, sketches, market studies, sales information, revenue, costs, formulae, notes, communications, algorithms, product
plans, designs, styles, models, ideas, audiovisual programs, inventions, unpublished patent applications, original works of authorship,
discoveries, experimental processes, experimental results, specifications, customer information, customer lists, client information,
client lists, manufacturing information, factory lists, distributor lists, and buyer lists of the Company or its businesses, or
of any other person or entity that has entrusted information to the Company in confidence.

The Executive
understands that the above list is not exhaustive, and that Confidential Information also includes other information that is marked
or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential
or proprietary in the context and circumstances in which the information is known or used.

The Executive
understands and agrees that Confidential Information includes information developed by him in the course of his employment by the
Company as if the Company furnished the same Confidential Information to the Executive in the first instance. Confidential Information
shall not include information that is known to him before joining the Company or generally available to and known by the public
at the time of disclosure to the Executive; provided that, such disclosure is through no direct or indirect fault of the Executive
or person(s) acting on the Executive's behalf.

(b)              
Company Creation and Use of Confidential Information. The Executive understands and acknowledges that the Company
has invested, and continues to invest, substantial time, money and specialized knowledge into developing its resources, creating
a customer base, generating customer and potential customer lists, training its employees, and improving its offerings in the field
of information technology. The Executive understands and acknowledges that as a result of these efforts, the Company has created,
and continues to use and create Confidential Information. This Confidential Information provides the Company with a competitive
advantage over others in the marketplace.

    10 

     

    

(c)               
Disclosure and Use Restrictions. The Executive agrees and covenants: (i) to treat all Confidential Information as
strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate or make available Confidential Information,
or allow it to be disclosed, published, communicated or made available, in whole or part, to any entity or person whatsoever (including
other employees of the Company) not having a need to know and authority to know and use the Confidential Information in connection
with the business of the Company and, in any event, not to anyone outside of the direct employ of the Company except as required
in the performance of the Executive's authorized employment duties to the Company or with the prior consent of Chief Executive
Officer acting on behalf of the Company in each instance (and then, such disclosure shall be made only within the limits and to
the extent of such duties or consent); and (iii) not to access or use any Confidential Information, and not to copy any documents,
records, files, media or other resources containing any Confidential Information, or remove any such documents, records, files,
media or other resources from the premises or control of the Company, except as required in the performance of the Executive's
authorized employment duties to the Company or with the prior consent of Chief Executive Officer acting on behalf of the Company
in each instance (and then, such disclosure shall be made only within the limits and to the extent of such duties or consent).
Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation,
or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure
does not exceed the extent of disclosure required by such law, regulation or order. The Executive shall promptly provide written
notice of any such order to Chief Executive Officer.

The Executive
understands and acknowledges that his obligations under this Agreement with regard to any particular Confidential Information shall
commence immediately upon the Executive first having access to such Confidential Information (whether before or after he begins
employment by the Company) and shall continue during and after his employment by the Company until such time as such Confidential
Information has become public knowledge other than as a result of the Executive's breach of this Agreement or breach by those acting
in concert with the Executive or on the Executive's behalf.

8.                 
Restrictive Covenants.

8.1             
Acknowledgment. The Executive understands that the nature of the Executive's position gives him access to and knowledge
of Confidential Information and places him in a position of trust and confidence with the Company.

The Executive
further understands and acknowledges that the Company's ability to reserve these for the exclusive knowledge and use of the Company
is of great competitive importance and commercial value to the Company, and that improper use or disclosure by the Executive is
likely to result in unfair or unlawful competitive activity.

8.2             
Non-competition. Because of the Company's legitimate business interest as described herein and the good and valuable
consideration offered to the Executive, during the Employment Term and for the two (2) years, to run consecutively, beginning on
the last day of the Executive's employment with the Company, for any reason or no reason and whether employment is terminated at
the option of the Executive or the Company, the Executive agrees and covenants not to engage in Prohibited Activity within the
State of Texas.

    11 

     

    

For purposes
of this Section 8, "Prohibited Activity" is activity in which the Executive contributes his knowledge,
directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant, agent, employee,
partner, director, stockholder, officer, volunteer, intern or any other similar capacity to an entity engaged in the same or similar
business as the Company, i.e. nanotechnology primarily involving quantum dots. Prohibited Activity also includes activity that
may require or inevitably requires disclosure of trade secrets, proprietary information or Confidential Information about the Company’s
quantum dots technology.

Nothing herein
shall prohibit the Executive from purchasing or owning less than five percent (5%) of the publicly traded securities of any corporation,
provided that such ownership represents a passive investment and that the Executive is not a controlling person of, or a member
of a group that controls, such corporation.

This Section
8 does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights cannot
be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction
or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation or order.
The Executive shall promptly provide written notice of any such order to Chief Executive Officer.

8.3             
Non-solicitation of Employees. The Executive agrees and covenants not to directly or indirectly solicit, hire, recruit,
attempt to hire or recruit, or induce the termination of employment of any employee of the Company during two (2) years, to run
consecutively, beginning on the last day of the Executive's employment with the Company.

8.4             
Non-solicitation of Customers. The Executive understands and acknowledges that because of the Executive's experience
with and relationship to the Company, he will have access to and learn about much or all of the Company's customer information.
"Customer Information" includes, but is not limited to, names, phone numbers, addresses, e-mail addresses, order
history, order preferences, chain of command, pricing information and other information identifying facts and circumstances specific
to the customer and relevant to services.

The Executive
understands and acknowledges that loss of this customer relationship and/or goodwill will cause significant and irreparable harm.

The Executive
agrees and covenants, during two (2) years, to run consecutively, beginning on the last day of the Executive's employment with
the Company, not to directly or indirectly solicit, contact (including but not limited to e-mail, regular mail, express mail, telephone,
fax, and instant message), attempt to contact or meet with the Company's current customers for purposes of offering or accepting
goods or services similar to or competitive with those offered by the Company.

9.                 
Non-disparagement. The Executive agrees and covenants that he will not at any time make, publish or communicate
to any person or entity or in any public forum any defamatory remarks, comments or statements concerning the Company or its businesses,
or any of its employees, officers, and existing and prospective customers, suppliers, investors and other associated third Parties.

This Section
9 does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights cannot
be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction
or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation or order.
The Executive shall promptly provide written notice of any such order to the Chief Executive Officer.

    12 

     

    

10.             
Acknowledgement. The Executive acknowledges and agrees that the services to be rendered by him to the Company
are of a special and unique character; that the Executive will obtain knowledge and skill relevant to the Company's industry, methods
of doing business and marketing strategies by virtue of the Executive's employment; and that the restrictive covenants and other
terms and conditions of this Agreement are reasonable and reasonably necessary to protect the legitimate business interest of the
Company.

The
Executive further acknowledges that the amount of his compensation reflects, in part, his obligations and the Company's rights
under Section  7, Section  8
and Section  9 of this Agreement; that he has no expectation of any additional
compensation, royalties or other payment of any kind not otherwise referenced herein in connection herewith; that he will not be
subject to undue hardship by reason of his full compliance with the terms and conditions of Section  7,
Section  8 and Section  9
of this Agreement or the Company's enforcement thereof.

11.             
Remedies. In the event of a breach or threatened breach by the Executive of
Section  7, Section  8 or
Section  9 of this Agreement, the Executive hereby consents and agrees that
the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable
relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any
actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other
security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other
available forms of relief.

12.             
Proprietary Rights in Intellectual Property.

12.1         
Work Product. The Executive acknowledges and agrees that all writings, works of authorship, technology, inventions,
discoveries, ideas and other work product of any nature whatsoever, that are created, prepared, produced, authored, edited, amended,
conceived or reduced to practice by the Executive individually or jointly with others during the period of his employment by the
Company and relating in any way to the business or contemplated business, research or development of the Company (regardless of
when or where the Work Product is prepared or whose equipment or other resources is used in preparing the same) and all printed,
physical and electronic copies, all improvements, rights and claims related to the foregoing, and other tangible embodiments thereof
(collectively, "Work Product"), as well as any and all rights in and to copyrights, trade secrets, trademarks
(and related goodwill), mask works, patents and other intellectual property rights therein arising in any jurisdiction throughout
the world and all related rights of priority under international conventions with respect thereto, including all pending and future
applications and registrations therefor, and continuations, divisions, continuations-in-part, reissues, extensions and renewals
thereof (collectively, "Intellectual Property Rights"), shall be the sole and exclusive property of the Company.

12.2         
Definition of “Work Product”. For purposes of this Agreement, Work Product includes, but is not limited
to, Company Group information, including plans, publications, research, strategies, techniques, agreements, documents, contracts,
terms of agreements, negotiations, know-how, computer programs, computer applications, software design, web design, work in process,
databases, manuals, results, developments, reports, graphics, drawings, sketches, market studies, formulae, notes, communications,
algorithms, product plans, product designs, styles, models, audiovisual programs, inventions, unpublished patent applications,
original works of authorship, discoveries, experimental processes, experimental results, specifications, customer information,
client information, customer lists, client lists, manufacturing information, marketing information, advertising information, and
sales information.

    13 

     

    

12.3         
Work Made for Hire; Assignment. The Executive acknowledges that, by reason of being employed by the Company at the
relevant times, to the extent permitted by law, all of the Work Product consisting of copyrightable subject matter is "work
made for hire" as defined in 17 U.S.C. § 101 and such copyrights are therefore owned by the Company. To the extent that
the foregoing does not apply, the Executive hereby irrevocably assigns to the Company, for no additional consideration, the Executive's
entire right, title and interest in and to all Work Product and Intellectual Property Rights therein, including the right to sue,
counterclaim and recover for all past, present and future infringement, misappropriation or dilution thereof, and all rights corresponding
thereto throughout the world. Nothing contained in this Agreement shall be construed to reduce or limit the Company's rights, title
or interest in any Work Product or Intellectual Property Rights so as to be less in any respect than that the Company would have
had in the absence of this Agreement.

12.4         
Further Assurances; Power of Attorney. During and after his employment, the Executive agrees to reasonably cooperate
with the Company to (a) apply for, obtain, perfect and transfer to the Company the Work Product as well as an Intellectual Property
Right in the Work Product in any jurisdiction in the world; and (b) maintain, protect and enforce the same, including, without
limitation, executing and delivering to the Company any and all applications, oaths, declarations, affidavits, waivers, assignments
and other documents and instruments as shall be requested by the Company. The Executive hereby irrevocably grants the Company power
of attorney to execute and deliver any such documents on the Executive's behalf in his name and to do all other lawfully permitted
acts to transfer the Work Product to the Company and further the transfer, issuance, prosecution and maintenance of all Intellectual
Property Rights therein, to the full extent permitted by law, if the Executive does not promptly cooperate with the Company's request
(without limiting the rights the Company shall have in such circumstances by operation of law). The power of attorney is coupled
with an interest and shall not be effected by the Executive's subsequent incapacity.

12.5         
No License. The Executive understands that this Agreement does not, and shall not be construed to, grant the Executive
any license or right of any nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information,
materials, software or other tools made available to him by the Company.

13.             
Company Security.

13.1         
Security and Access. The Executive agrees and covenants (a) to comply with all Company security policies and procedures
as in force from time to time including without limitation those regarding computer equipment, telephone systems, voicemail systems,
facilities access, monitoring, key cards, access codes, Company intranet, internet, social media and instant messaging systems,
computer systems, e-mail systems, computer networks, document storage systems, software, data security, encryption, firewalls,
passwords and any and all other Company facilities, IT resources and communication technologies ("Facilities Information
Technology and Access Resources"); (b) not to access or use any Facilities and Information Technology Resources except
as authorized by the Company; and (iii) not to access or use any Facilities and Information Technology Resources in any manner
after the termination of the Executive's employment by the Company, whether termination is voluntary or involuntary. The Executive
agrees to notify the Company promptly in the event he learns of any violation of the foregoing by others, or of any other misappropriation
or unauthorized access, use, reproduction or reverse engineering of, or tampering with any Facilities and Information Technology
Access Resources or other Company property or materials by others.

    14 

     

    

13.2         
Exit Obligations. Upon (a) voluntary or involuntary termination of the Executive's employment or (b) the Company's
request at any time during the Executive's employment, the Executive shall (i) provide or return to the Company any and all Company
property, including keys, key cards, access cards, identification cards, security devices, employer credit cards, network access
devices, computers, cell phones, smartphones, PDAs, pagers, fax machines, equipment, speakers, webcams, manuals, reports, files,
books, compilations, work product, e-mail messages, recordings, tapes, disks, thumb drives or other removable information storage
devices, hard drives, negatives and data and all Company documents and materials belonging to the Company and stored in any fashion,
including but not limited to those that constitute or contain any Confidential Information or Work Product, that are in the possession
or control of the Executive, whether they were provided to the Executive by the Company or any of its business associates or created
by the Executive in connection with his employment by the Company; and (ii) delete or destroy all copies of any such documents
and materials not returned to the Company that remain in the Executive's possession or control, including those stored on any non-Company
devices, networks, storage locations and media in the Executive's possession or control.

14.             
Publicity. The Executive hereby irrevocably consents to any and all uses and displays, by the Company and
its agents, representatives and licensees, of the Executive's name, voice, likeness, image, appearance and biographical information
in, on or in connection with any pictures, photographs, audio and video recordings, digital images, websites, television programs
and advertising, other advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs,
tapes and all other printed and electronic forms and media throughout the world, at any time during or after the period of his
employment by the Company, for all legitimate commercial and business purposes of the Company ("Permitted Uses").
without further consent from or royalty, payment or other compensation to the Executive. The Executive hereby forever waives and
releases the Company and its directors, officers, employees and agents from any and all claims, actions, damages, losses, costs,
expenses and liability of any kind, arising under any legal or equitable theory whatsoever at any time during or after the period
of his employment by the Company, arising directly or indirectly from the Company's and its agents', representatives' and licensees'
exercise of their rights in connection with any Permitted Uses.

15.             
Governing Law: Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance
with the laws of Texas without regard to conflicts of law principles. Any action or proceeding by either of the Parties to enforce
this Agreement shall be brought only in a state or federal court located in the state of Texas, county of Harris. The Parties hereby
irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance
of any such action or proceeding in such venue.

16.             
Deductions and Withholdings. The Company shall have the right to withhold from any amount payable hereunder
any Federal, state and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable
law or regulation.

17.             
IRS Section 409A. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall
be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments
provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption.
Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation
from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section
409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under
this Agreement upon a termination of employment shall only be made upon a "separation from service" under Section 409A.
Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement
comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or
other expenses that may be incurred by the Executive on account of non-compliance with Section 409A.

    15 

     

    

Notwithstanding
any other provision of this Agreement, if any payment or benefit provided to the Executive in connection with his termination of
employment is determined to constitute "nonqualified deferred compensation" within the meaning of Section 409A and the
Executive is determined to be a "specified employee" as defined in Section 409A(a)(2)(b)(i), then such payment or benefit
shall not be paid until the first payroll date to occur following the six-month anniversary of the Termination Date (the "Specified
Employee Payment Date"). The aggregate of any payments that would otherwise have been paid before the Specified Employee
Payment Date shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining
payments shall be paid without delay in accordance with their original schedule.

18.             
Entire Agreement. With the exception of Amended and Restated Restricted Stock Award Agreement, and unless
specifically provided herein, this Agreement contains all of the understandings and representations between the Executive and the
Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations
and warranties, both written and oral, with respect to such subject matter. The Parties hereby acknowledge and agree that the Amended
and Restated Restricted Stock Award Agreement shall remain in full force and effect notwithstanding the execution of this Agreement
and shall survive the termination of this Agreement. The Parties mutually agree that the Agreement can be specifically enforced
in court and can be cited as evidence in legal proceedings alleging breach of the Agreement.

19.             
Modification and Waiver. No provision of this Agreement may be amended or modified unless such amendment or
modification is agreed to in writing and signed by the Executive and by Chief Executive Officer of the Company. No waiver by either
of the Parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other
party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent
time, nor shall the failure of or delay by either of the Parties in exercising any right, power or privilege hereunder operate
as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

20.             
Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable
only if modified, or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not
affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the Parties with
any such modification to become a part hereof and treated as though originally set forth in this Agreement.

The Parties
further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu
of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting
any or all of the offending provision, adding additional language to this Agreement or by making such other modifications as it
deems warranted to carry out the intent and agreement of the Parties as embodied herein to the maximum extent permitted by law.

The Parties
expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In
any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions
are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had
not been set forth herein.

    16 

     

    

21.             
Captions. Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience
and no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

22.             
Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original,
but all of which taken together shall constitute one and the same instrument.

23.             
Tolling. Should the Executive violate any of the terms of the restrictive covenant obligations articulated
herein, the obligation at issue will run from the first date on which the Executive ceases to be in violation of such obligation.

24.             
Notification to Subsequent Employer. When the Executive's employment with the Company terminates, the Executive
agrees to notify any subsequent employer of the restrictive covenants section contained in this Agreement. In addition, the Executive
authorizes the Company to provide a copy of the restrictive covenants section of this Agreement to third Parties, including but
not limited to, the Executive's subsequent, anticipated or possible future employer.

25.             
Successors and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive.
Any purported assignment by the Executive shall be null and void from the initial date of the purported assignment. The Company
may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company
and permitted successors and assigns.

26.             
Notice. Notices and all other communications provided for in this Agreement shall be in writing and shall
be delivered personally or sent by registered or certified mail, return receipt requested, or by overnight carrier to the Parties
at the addresses set forth below (or such other addresses as specified by the Parties by like notice):

If to the Company:

Quantum Materials
Corp.

3055 Hunter Road

San Marcos, TX 78666

Attn: Stephen B.
Squires, Chief Executive Officer

 

If to the Executive:

Craig Lindberg

2703 Snyders Bluff

League City, TX
77573

 

27.             
Representations of the Executive. The Executive represents and warrants to the Company that:

27.1         
The Executive's acceptance of employment with the Company and the performance of his duties hereunder will not conflict
with or result in a violation of, a breach of, or a default under any contract, agreement or understanding to which he is a party
or is otherwise bound.

    17 

     

    

27.2         
The Executive's acceptance of employment with the Company and the performance of his duties hereunder will not violate any
non-solicitation, non-competition or other similar covenant or agreement of a prior employer.

28.             
Survival. Upon the expiration or other termination of this Agreement, the respective rights and obligations
of the Parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of
the Parties under this Agreement.

29.             
Executive’s Acknowledgment of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS
FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY
TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT.

 

 

[SIGNATURE PAGE FOLLOWS]

    18 

     

    

IN WITNESS WHEREOF, the Parties hereto have
executed this Agreement as of the date first above written.

	 	
        COMPANY:

         

        QUANTUM MATERIALS CORP.

         

	 	
         

        By:_________________________

        Name: Stephen Squires

        Title: President & CEO

	 	
	 	EXECUTIVE:
	 	
         

        ____________________________

        Craig Lindberg

 

 

191

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