Document:

Exhibit
10.2

 

Shimmick
Construction Company, Inc.

 

Incentive
Plan

 

(Adopted
on November 18, 2015)

 

Section
1. Purpose; Definitions.

 

1.1. Purpose. The
purpose of the Plan is to enable the Company to offer to its employees, officers, directors and consultants whose past, present
and/or potential future contributions to the Company and its Subsidiaries have been, are or will be important to the success of
the Company, an opportunity to acquire a proprietary interest in the Company. The various types of long-term incentive awards
that may be provided under the Plan will enable the Company to respond to changes in compensation practices, tax laws, accounting
regulations and the size and diversity of its businesses.

 

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

 

(a) “Agreement”
means the agreement between the Company and the Holder, or such other document as may be determined by the Committee, setting
forth the terms and conditions of an award under the Plan.

 

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

 

(c) 
“Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

(d) 
“Committee” means the committee of the Board designated to administer the Plan as provided in Section 2.1. If no Committee
is so designated, then all references in this Plan to “Committee” shall mean the Board.

 

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

 

(f) 
“Company” means Shimmick Construction Company, Inc., a corporation organized under the laws of the State of California.

 

(g) 
“Disability” means physical or mental impairment as determined under procedures established by the Committee for purposes
of the Plan.

 

(h) 
“Effective Date” means the date determined pursuant to Section 12.1.

 

(i) 
“Fair Market Value,” unless otherwise required by any applicable provision of the Code or any regulations issued thereunder,
means, as of any given date: (i) if the Common Stock is listed on a national securities exchange or is traded over-the-counter
and last sale information is available, the last sale price of the Common Stock in the principal trading market for the Common
Stock on such date, as reported by the exchange or by such source that the Committee deems reliable, as the case may be; or (ii)
if the fair market value of the Common Stock cannot be determined pursuant to clause (i), such price as the Committee shall determine,
in good faith.

 

     

     

    

 

(j) 
“Holder” means a person who has received an award under the Plan.

 

(k)
  “Incentive Bonus” means a bonus opportunity awarded under Section 9 pursuant to which a recipient may become
entitled to receive an amount based on satisfaction of such Performance Goals as are specified in the award Agreement.

 

(l) 
“Incentive Stock Option” means any Stock Option intended to be and designated as an “incentive stock option”
within the meaning of Section 422 of the Code.

 

(m) “Non-qualified
Stock Option” means any Stock Option that is not an Incentive Stock Option.

 

(n) “Normal
Retirement” means retirement from active employment with the Company or any Subsidiary on or after such age which may be
designated by the Committee as “retirement age” for any particular Holder. If no age is designated, it shall be 65.

 

(o) 
“Other Stock-Based Award” means an award under Section 8 that is valued in whole or in part by reference to, or is
otherwise based upon, Common Stock.

 

(p) 
“Parent” means any present or future “parent corporation” of the Company, as such term is defined in Section
424(e) of the Code.

 

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(r)
  “Performance Goal” means any goals the Committee establishes that relate to one or more of the following with
respect to the Company or any one or more of its Subsidiaries or its or their respective business units, in all cases before Excluded
Items (defined below) except as otherwise determined by the Committee upon the grant of an award: sales or other revenues; cost
of goods sold; gross profit; expenses or expense or cost reductions; income or earnings, including net income or income from operations;
earnings before one or more items such as interest, taxes, depreciation and amortization; margins; working capital or any of its
components, including accounts receivable, inventories or accounts payable; assets or productivity of assets; return on shareholders’
equity, capital, assets or other financial measure that appears on the Company’s financial statements or is derived from
one or more amounts that appear on the Company’s financial statements; stock price; dividend payments; economic value added,
or other measure of profitability that considers the cost of capital employed; cash flow; debt or ratio of debt to equity or other
financial measure that appears on the Company’s financial statements or is derived from one or more amounts that appear
on the Company’s financial statements; net increase (decrease) in cash and cash equivalents; customer satisfaction; market
share; product quality; new product introductions or launches; sustainability, including energy or materials utilization; business
efficiency measures; retail sales; safety; or any combination of the foregoing. Performance Goals also may include earnings per
share on a consolidated basis and total shareholder return. Unless otherwise determined by the Committee at the time of grant,
as to each Performance Goal, the relevant measurement of performance shall be computed in accordance with U.S. generally accepted
accounting principles to the extent applicable, but will exclude the effects of the following: (i) charges for reorganizing and
restructuring, (ii) discontinued operations, (iii) asset write-downs, (iv) gains or losses on the disposition of a business or
business segment or arising from the sale of assets outside the ordinary course of business, (v) changes in tax or accounting
principles, regulations or laws, (vi) extraordinary, unusual, transition, one-time and/or non-recurring expenses, revenues or
other items of gain or loss, (vii) changes in interest expenses as a result of modified debt structures and (viii) mergers and
acquisitions, that, in case of each of the foregoing, the Company identifies in its publicly filed periodic or current reports,
its audited financial statements, including notes to the financial statements, or the Management’s Discussion and Analysis
section of the Company’s annual report, to the extent applicable (collectively, the “Excluded Items”). With
respect to any award intended to qualify as performance-based compensation under Section 162(m) of the Code, such exclusions shall
be made only to the extent consistent with Section 162(m) of the Code. To the extent consistent with Section 162(m) of the Code,
the Committee may also provide for other adjustments to Performance Goals in the Agreement or plan document evidencing any award.
In addition, the Committee may appropriately adjust any evaluation of performance under a Performance Goal to exclude any of the
following events that occurs during a performance period: (i) litigation, claims, judgments or settlements; (ii) the effects of
changes in other laws or regulations affecting reported results; and (iii) accruals of any amounts for payment under this Plan
or any other compensation arrangements maintained by the Company; provided that, with respect to any award intended to qualify
as performance-based compensation under Section 162(m) of the Code, such adjustment may be made only to the extent consistent
with Code Section 162(m) of the Code. Where applicable, the Performance Goals may be expressed, without limitation, in terms of
attaining a specified level of the particular criterion or the attainment of an increase or decrease (expressed as absolute numbers,
averages and/or percentages) in the particular criterion or achievement in relation to a peer group or other index. The Performance
Goals may include a threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance
at which specified payments will be paid (or specified vesting will occur), and a maximum level of performance above which no
additional payment will be made (or at which full vesting will occur). In addition, in the case of awards that the Committee determines
at the date of grant will not be considered “performance based compensation” under Section 162(m) of the Code, the
Administrator may establish other Performance Goals and provide for other exclusions or adjustments not listed in this Plan.

 

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(s) 
“Plan” means the Company’s Incentive Plan, as hereinafter amended from time to time.

 

(t) 
“Repurchase Value” shall mean the Fair Market Value if the award to be settled under Section 2.2(d) or repurchased
under Section 5.2(l) or 10.2 is comprised of shares of Common Stock and the difference between Fair Market Value and the Exercise
Price (if lower than Fair Market Value) if the award is a Stock Option or Stock Appreciation Right; in each case, multiplied by
the number of shares subject to the award.

 

(u) 
“Restricted Stock” means Common Stock received under an award made pursuant to Section 7 that is subject to restrictions
under Section 7.

 

(v)
 “SAR Value” means the excess of the Fair Market Value (on the exercise date) over (a) the exercise price that
the participant would have otherwise had to pay to exercise the related Stock Option or (b) if a Stock Appreciation Right is granted
unrelated to a Stock Option, the Fair Market Value of a share of Common Stock on the date of grant of the Stock Appreciation Right,
in either case, multiplied by the number of shares for which the Stock Appreciation Right is exercised.

 

(w) 
“Stock Appreciation Right” means the right to receive from the Company, without a cash payment to the Company, a number
of shares of Common Stock equal to the SAR Value divided by the Fair Market Value (on the exercise date).

 

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(x) 
“Stock Option” or “Option” means any option to purchase shares of Common Stock which is granted pursuant
to the Plan.

 

(y) 
“Subsidiary” means any present or future “subsidiary corporation” of the Company, as such term is defined
in Section 424(f) of the Code.

 

(z) 
“Vest” means to become exercisable or to otherwise obtain ownership rights in an award.

 

Section
2. Administration.

 

2.1. Committee
Membership. The Plan shall be administered by the Board or a Committee. If administered by a Committee, such Committee
shall be composed of at least two directors, all of whom are “outside directors” within the meaning of the regulations
issued under Section 162(m) of the Code and “non-employee” directors within the meaning of Rule 16b-3 under the Securities
Exchange Act of 1934, as amended. Committee members shall serve for such term as the Board may in each case determine and shall
be subject to removal at any time by the Board.

 

2.2. Powers
of Committee. The Committee shall have full authority to award, pursuant to the terms of the Plan: (i) Stock Options,
(ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Other Stock-Based Awards, and/or (v) Incentive Bonuses. For purposes
of illustration and not of limitation, the Committee shall have the authority (subject to the express provisions of this Plan):

 

(a) to
select the officers, employees, directors and consultants of the Company or any Subsidiary to whom Stock Options, Stock Appreciation
Rights, Restricted Stock, Other Stock-Based Awards and/or Incentive Bonuses may from time to time be awarded hereunder;

 

(b) to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any award granted hereunder (including, but
not limited to, number of shares, share exercise price or types of consideration paid upon exercise of such options, such as other
securities of the Company or other property, any restrictions or limitations, and any vesting, exchange, surrender, cancellation,
acceleration, termination, exercise or forfeiture provisions, or any Performance Goals, as the Committee shall determine);

 

(c) to
determine the terms and conditions under which awards granted hereunder are to operate on a tandem basis and/or in conjunction
with or apart from other awards under this Plan and cash and non-cash awards made by the Company or any Subsidiary outside of
this Plan; and

 

(d) to
make payments and distributions with respect to awards (i.e., to “settle” awards) through cash payments in
an amount equal to the Repurchase Value.

 

The
Committee may not modify or amend any outstanding Option or Stock Appreciation Right to reduce the exercise price of such Option
or Stock Appreciation Right, as applicable, below the exercise price as of the date of grant of such Option or Stock Appreciation
Right. In addition, no Option or Stock Appreciation Right may be granted in exchange for the cancellation or surrender of an Option
or Stock Appreciation Right or other award having a higher exercise price.

 

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Notwithstanding
anything to the contrary, the Committee shall not grant to any one Holder in any one calendar year awards for more than 500,000
shares in the aggregate or Incentive Bonuses for more than $5,000,000 in the aggregate. In all cases, determinations of these
limits should be made in a manner that is consistent with the exemption for performance-based compensation that Section 162(m)
of the Code provides.

 

2.3. Interpretation
of Plan. Subject to Section 11, the Committee shall have the authority to adopt, alter and repeal such administrative rules,
guidelines and practices governing the Plan as it shall from time to time deem advisable, to interpret the terms and provisions
of the Plan and any award issued under the Plan (and to determine the form and substance of all agreements relating thereto),
and to otherwise supervise the administration of the Plan. Subject to Section 11, all decisions made by the Committee pursuant
to the provisions of the Plan shall be made in the Committee’s sole discretion and shall be final and binding upon all persons,
including the Company, its Subsidiaries and Holders.

 

Section
3. Stock Subject to Plan.

 

3.1. Number
of Shares. The total number of shares of Common Stock reserved and available for issuance under the Plan shall be 2,000,000
shares. Shares of Common Stock under the Plan (“Shares”) may consist, in whole or in part, of authorized and unissued
shares or treasury shares. If any shares of Common Stock that have been granted pursuant to a Stock Option cease to be subject
to a Stock Option, or if any shares of Common Stock that are subject to any Stock Appreciation Right, Restricted Stock award or
Other Stock-Based Award granted hereunder are forfeited, or any such award otherwise terminates without a payment being made to
the Holder in the form of Common Stock, such shares shall again be available for distribution in connection with future grants
and awards under the Plan. Shares of Common Stock that are surrendered by a Holder or withheld by the Company as full or partial
payment in connection with any award under the Plan, as well as any shares of Common Stock surrendered by a Holder or withheld
by the Company or one of its Subsidiaries to satisfy the tax withholding obligations related to any award under the Plan, shall
not be available for subsequent awards under the Plan.

 

3.2. Adjustment
Upon Changes in Capitalization, Etc. In the event of any common stock dividend payable on shares of Common Stock, Common
Stock split or reverse split, combination or exchange of shares of Common Stock, or other extraordinary or unusual event which
results in a change in the shares of Common Stock of the Company as a whole, the Committee shall determine, in its sole discretion,
whether such change equitably requires an adjustment in the terms of any award in order to prevent dilution or enlargement of
the benefits available under the Plan (including number of shares subject to the award and the exercise price) or the aggregate
number of shares reserved for issuance under the Plan. Any such adjustments will be made by the Committee, whose determination
will be final, binding and conclusive.

 

Section
4. Eligibility.

 

Awards
may be made or granted to employees, officers, directors and consultants who are deemed to have rendered or to be able to render
significant services to the Company or its Subsidiaries and who are deemed to have contributed or to have the potential to contribute
to the success of the Company and which recipients are qualified to receive options under the regulations governing Form S-8 registration
statements under the Securities Act of 1933, as amended (“Securities Act”). No Incentive Stock Option shall be granted
to any person who is not an employee of the Company or an employee of a Subsidiary at the time of grant or so qualified as set
forth in the immediately preceding sentence. Notwithstanding the foregoing, an award may also be made or granted to a person in
connection with his hiring or retention, or at any time on or after the date he reaches an agreement (oral or written) with the
Company with respect to such hiring or retention, even though it may be prior to the date the person first performs services for
the Company or its Subsidiaries; provided, however, that no portion of any such award shall vest prior to the date the person
first performs such services and the date of grant shall be deemed to be the date hiring or retention commences.

 

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Section
5. Stock Options.

 

5.1. Grant
and Exercise. Stock Options granted under the Plan may be of two types: (i) Incentive Stock Options and (ii) Non-qualified
Stock Options. Any Stock Option granted under the Plan shall contain such terms, not inconsistent with this Plan, or with respect
to Incentive Stock Options, not inconsistent with the Plan and the Code, as the Committee may from time to time approve. The Committee
shall have the authority to grant Incentive Stock Options or Non-qualified Stock Options, or both types of Stock Options which
may be granted alone or in addition to other awards granted under the Plan.

 

5.2. Terms
and Conditions. Stock Options granted under the Plan shall be subject to the following terms and conditions:

 

(a) Option
Term. The term of each Stock Option shall be fixed by the Committee; provided, however, that no Stock Option may be exercisable
after the expiration of ten years from the date of grant; provided, further, that no Incentive Stock Option granted to a person
who, at the time of grant, owns stock possessing more than 10% of the total combined voting power of all classes of voting stock
of the Company (“10% Shareholder”) may be exercisable after the expiration of five years from the date of grant.

 

(b) Exercise
Price. The exercise price per share of Common Stock purchasable under a Stock Option shall be determined by the Committee
at the time of grant; provided, however, that the exercise price of a Stock Option may not be less than 100% of the Fair Market
Value on the date of grant or, if greater, the par value of a share of Common Stock; provided, further, that the exercise price
of an Incentive Stock Option granted to a 10% Shareholder may not be less than 110% of the Fair Market Value on the date of grant.

 

(c) Exercisability. Stock
Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee.
The Committee intends generally to provide that Stock Options be exercisable only in installments, i.e., that they vest over time,
typically over a four-year period. The Committee may waive such installment exercise provisions at any time at or after the time
of grant in whole or in part, based upon such factors as the Committee determines.

 

(d) Method
of Exercise. Subject to whatever installment, exercise and waiting period provisions are applicable in a particular case,
Stock Options may be exercised in whole or in part at any time during the term of the Option by giving written notice of exercise
to the Company specifying the number of shares of Common Stock to be purchased. Such notice shall be accompanied by payment in
full of the purchase price, which shall be in cash or, if provided in the Agreement, either in shares of Common Stock (including
Restricted Stock and other contingent awards under this Plan) or partly in cash and partly in such Common Stock, or such other
means which the Committee determines are consistent with the Plan’s purpose and applicable law. Cash payments shall be made
by wire transfer, certified or bank check or personal check, in each case payable to the order of the Company; provided, however,
that the Company shall not be required to deliver certificates for shares of Common Stock with respect to which an Option is exercised
until the Company has confirmed the receipt of good and available funds in payment of the purchase price thereof (except that,
in the case of an exercise arrangement approved by the Committee and described in the last sentence of this paragraph, payment
may be made as soon as practicable after the exercise). The Committee may permit a Holder to elect to pay the Exercise Price upon
the exercise of a Stock Option by irrevocably authorizing a third party to sell shares of Common Stock (or a sufficient portion
of the shares) acquired upon exercise of the Stock Option and remit to the Company a sufficient portion of the sale proceeds to
pay the entire Exercise Price and any tax withholding resulting from such exercise.

 

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(e) Stock
Payments. Payments in the form of Common Stock shall be valued at the Fair Market Value on the date of exercise. Such
payments shall be made by delivery of stock certificates in negotiable form that are effective to transfer good and valid title
thereto to the Company, free of any liens or encumbrances.

 

(f) Transferability. Except
as may be set forth in the next sentence of this Section or in the Agreement, no Stock Option shall be transferable by the Holder
other than by will or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the Holder’s
lifetime, only by the Holder (or, to the extent of legal incapacity or incompetency, the Holder’s guardian or legal representative).
Notwithstanding the foregoing, a Holder, with the approval of the Committee, may transfer a Non-Qualified Stock Option (i) (A)
by gift, for no consideration, or (B) pursuant to a domestic relations order, in either case, to or for the benefit of the Holder’s
“Immediate Family” (as defined below), or (ii) to an entity in which the Holder and/or members of Holder’s Immediate
Family own more than fifty percent of the voting interest, subject to such limits as the Committee may establish and the execution
of such documents as the Committee may require, and the transferee shall remain subject to all the terms and conditions applicable
to the Non-Qualified Stock Option prior to such transfer. The term “Immediate Family” shall mean any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person sharing the Holder’s household
(other than a tenant or employee), a trust in which these persons have more than fifty percent beneficial interest, and a foundation
in which these persons (or the Holder) control the management of the assets. The Committee may, in its sole discretion, permit
transfer of an Incentive Stock Option in a manner consistent with applicable tax and securities law upon the Holder’s request.

 

(g) Termination
by Reason of Death. If a Holder’s employment by, or association with, the Company or a Subsidiary terminates by
reason of death, any Stock Option held by such Holder, unless otherwise determined by the Committee and set forth in the Agreement,
shall thereupon automatically terminate, except that the portion of such Stock Option that has vested on the date of death may
thereafter be exercised by the legal representative of the estate or by the legatee of the Holder under the will of the Holder,
for a period of one year (or such other greater or lesser period as the Committee may specify in the Agreement) from the date
of such death or until the expiration of the stated term of such Stock Option, whichever period is shorter.

 

(h) Termination
by Reason of Disability. If a Holder’s employment by, or association with, the Company or any Subsidiary terminates
by reason of Disability, any Stock Option held by such Holder, unless otherwise determined by the Committee and set forth in the
Agreement, shall thereupon automatically terminate, except that the portion of such Stock Option that has vested on the date of
termination may thereafter be exercised by the Holder for a period of one year (or such other greater or lesser period as the
Committee may specify in the Agreement) from the date of such termination or until the expiration of the stated term of such Stock
Option, whichever period is shorter.

 

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(i) Termination
by Reason of Normal Retirement. Subject to the provisions of Section 13.3, if such Holder’s employment by, or association
with, the Company or any Subsidiary terminates due to Normal Retirement, any Stock Option held by such Holder, unless otherwise
determined by the Committee and set forth in the Agreement, shall thereupon automatically terminate, except that the portion of
such Stock Option that has vested on the date of termination may thereafter be exercised by the Holder for a period of one year
in the case of a Non-Qualified Stock Option or three months in the case of an Incentive Stock Option (or such other greater or
lesser period as the Committee may specify in the Agreement) from the date of such termination or until the expiration of the
stated term of such Stock Option, whichever period is shorter.

 

(j) Other
Termination. Subject to the provisions of Section 13.4, if such Holder’s employment by, or association with, the
Company or any Subsidiary terminates for any reason other than death, Disability or Normal Retirement, any Stock Option held by
such Holder, unless otherwise determined by the Committee and set forth in the Agreement, shall thereupon automatically terminate,
except that, if the Holder’s employment is terminated by the Company or a Subsidiary without cause, the portion of such
Stock Option that has vested on the date of termination may thereafter be exercised by the Holder for a period of three months
(or such other greater or lesser period as the Committee may specify in the Agreement) from the date of such termination or until
the expiration of the stated term of such Stock Option, whichever period is shorter.

 

(k)
 Incentive Stock Options. The aggregate Fair Market Value (on the date of grant of the Stock Option) with respect
to which Incentive Stock Options become exercisable for the first time by a Holder during any calendar year (under all such plans
of the Company and its Parent and Subsidiaries) shall not exceed $100,000. To the extent that any Stock Option intended to qualify
as an Incentive Stock Option does not so qualify, including by reason of the immediately preceding sentence, it shall constitute
a separate Non-qualified Stock Option. The Company shall have no liability to any Holder or any other person if a Stock Option
designated as an Incentive Stock Option fails to qualify as such at any time or if a Stock Option is determined to constitute
“nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Stock Option
do not satisfy the requirements of Section 409A of the Code.

 

(l) Buyout
and Settlement Provisions. The Committee may at any time, in its sole discretion, offer to repurchase a Stock Option
previously granted, at a purchase price not to exceed the Repurchase Value, based upon such terms and conditions as the Committee
shall establish and communicate to the Holder at the time that such offer is made.

 

(m) Rights
as Shareholder. A Holder shall have none of the rights of a Shareholder with respect to the shares subject to the Option until
such shares shall be transferred to the Holder upon the exercise of the Option.

 

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Section
6. Stock Appreciation Rights.

 

6.1. Grant
and Exercise.  Subject to the terms and conditions of the Plan, the Committee may grant Stock Appreciation Rights in
tandem with an Option or alone and unrelated to an Option. The Committee may grant Stock Appreciation Rights to participants who
have been or are being granted Stock Options under the Plan as a means of allowing such participants to exercise their Stock Options
without the need to pay the exercise price in cash. In the case of a Non-qualified Stock Option, a Stock Appreciation Right may
be granted either at or after the time of the grant of such Non-qualified Stock Option. In the case of an Incentive Stock Option,
a Stock Appreciation Right may be granted only at the time of the grant of such Incentive Stock Option.

 

6.2. Terms
and Conditions. Stock Appreciation Rights shall be subject to the following terms and conditions:

 

(a) Exercisability. Stock
Appreciation Rights shall be exercisable as shall be determined by the Committee and set forth in the Agreement, subject, for
Stock Appreciation Rights granted in tandem with an Incentive Stock Option, to the limitations, if any, imposed by the Code with
respect to related Incentive Stock Options.

 

(b) Termination. All
or a portion of a Stock Appreciation Right granted in tandem with a Stock Option shall terminate and shall no longer be exercisable
upon the termination or after the exercise of the applicable portion of the related Stock Option.

 

(c) Method
of Exercise.  Stock Appreciation Rights shall be exercisable upon such terms and conditions as shall be determined by
the Committee and set forth in the Agreement and, for Stock Appreciation Rights granted in tandem with a Stock Option, by surrendering
the applicable portion of the related Stock Option. Upon exercise of all or a portion of a Stock Appreciation Right and, if applicable,
surrender of the applicable portion of the related Stock Option, the Holder shall be entitled to receive a number of shares of
Common Stock equal to the SAR Value divided by the Fair Market Value on the date the Stock Appreciation Right is exercised.

 

(d) Shares
Available Under Plan. The granting of a Stock Appreciation Right in tandem with a Stock Option shall not affect the number
of shares of Common Stock available for awards under the Plan. The number of shares available for awards under the Plan will,
however, be reduced by the number of shares of Common Stock acquirable upon exercise of the Stock Option to which such Stock Appreciation
Right relates.

 

Section
7. Restricted Stock.

 

7.1. Grant. Shares
of Restricted Stock may be awarded either alone or in addition to other awards granted under the Plan. The Committee shall determine
the eligible persons to whom, and the time or times at which, grants of Restricted Stock will be awarded, the number of shares
to be awarded, the price (if any) to be paid by the Holder, the time or times within which such awards may be subject to forfeiture,
including upon termination of employment or failure of performance conditions (“Restriction Period”), the vesting
schedule and rights to acceleration thereof, the Performance Goal(s), if any, and level of achievement versus the Performance
Goal(s) that shall determine the number of shares of Restricted Stock granted, issued and/or vested, the term of the performance
period, if any, as to which performance will be measured for determining the number of such shares of Restricted Stock and all
other terms and conditions of the awards.

 

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7.2. Terms
and Conditions. Each Restricted Stock award shall be subject to the following terms and conditions:

 

(a) Certificates. Restricted
Stock, when issued, will be represented by a stock certificate or certificates registered in the name of the Holder to whom such
Restricted Stock shall have been awarded. During the Restriction Period, certificates representing the Restricted Stock and any
securities constituting Retained Distributions (as defined below) shall bear a legend to the effect that ownership of the Restricted
Stock (and such Retained Distributions) and the enjoyment of all rights appurtenant thereto are subject to the restrictions, terms
and conditions provided in the Plan and the Agreement. Such certificates shall be deposited by the Holder with the Company, together
with stock powers or other instruments of assignment, each endorsed in blank, which will permit transfer to the Company of all
or any portion of the Restricted Stock and any securities constituting Retained Distributions that shall be forfeited or that
shall not become vested in accordance with the Plan and the Agreement.

 

(b) Rights
of Holder. Restricted Stock shall constitute issued and outstanding shares of Common Stock for all corporate purposes.
The Holder will have the right to vote such Restricted Stock and to exercise all other rights, powers and privileges of a holder
of Common Stock with respect to such Restricted Stock, with the exceptions that (i) the Holder will not be entitled to delivery
of the stock certificate or certificates representing such Restricted Stock until the Restriction Period shall have expired and
unless all other vesting requirements with respect thereto shall have been fulfilled; (ii) the Company will retain custody of
the stock certificate or certificates representing the Restricted Stock during the Restriction Period; (iii) the Company will
retain custody of all dividends and distributions (“Retained Distributions”) made, paid or declared with respect to
the Restricted Stock (and such Retained Distributions will be subject to the same restrictions, terms and conditions as are applicable
to the Restricted Stock) until such time, if ever, as the Restricted Stock with respect to which such Retained Distributions shall
have been made, paid or declared shall have become vested and with respect to which the Restriction Period shall have expired;
and (iv) a breach of any of the restrictions, terms or conditions contained in this Plan or the Agreement or otherwise established
by the Committee with respect to any Restricted Stock or Retained Distributions will cause a forfeiture of such Restricted Stock
and any Retained Distributions with respect thereto.

 

(c) Vesting;
Forfeiture. Upon the expiration of the Restriction Period with respect to each award of Restricted Stock and the satisfaction
of any other applicable restrictions, terms and conditions, which may include Performance Goals, (i) all or part of such Restricted
Stock shall become vested in accordance with the terms of the Agreement, and (ii) any Retained Distributions with respect to such
Restricted Stock shall become vested to the extent that the Restricted Stock related thereto shall have become vested. Any such
Restricted Stock and Retained Distributions that do not vest shall be forfeited to the Company and the Holder shall not thereafter
have any rights with respect to such Restricted Stock and Retained Distributions that shall have been so forfeited.

 

(d)
  Discretionary Adjustments and Limits. Notwithstanding the satisfaction of any Performance Goals, the number of shares
of Restricted Stock granted, issued and/or vested under an award of Restricted Stock on account of either financial performance
or personal performance evaluations may, to the extent specified in the Agreement, be reduced, but not increased, by the Committee
on the basis of such further considerations as the Committee shall determine.

 

    11

     

    

 

Section
8. Other Stock-Based Awards.

 

Other
Stock-Based Awards may be awarded, subject to limitations under applicable law, that are denominated or payable in, valued in
whole or in part by reference to, or otherwise based on or related to, shares of Common Stock, as deemed by the Committee to be
consistent with the purposes of the Plan, including, without limitation, purchase rights, shares of Common Stock awarded which
are not subject to any restrictions or conditions, convertible or exchangeable debentures, or other rights convertible into shares
of Common Stock and awards valued by reference to the value of securities of or the performance of specified Subsidiaries. These
other stock-based awards may include performance shares or options, whose award is tied to specific Performance Goals. Other Stock-Based
Awards may be awarded either alone or in addition to or in tandem with any other awards under this Plan or any other plan of the
Company. Each other Stock-Based Award shall be subject to such terms and conditions as may be determined by the Committee.

 

Section
9.  Incentive Bonuses

 

9.1. General.
Each Incentive Bonus award will confer upon the Holder the opportunity to earn a future payment tied to the level of achievement
with respect to one or more Performance Goal(s) established for a performance period established by the Committee.

 

9.2. Incentive
Bonus Document. The terms of any Incentive Bonus will be set forth in an Agreement. Each Agreement evidencing an Incentive
Bonus shall contain provisions regarding (i) the target and maximum amount payable to the Holder as an Incentive Bonus, (ii) the
Performance Goal(s) and level of achievement versus the Performance Goal(s) that shall determine the amount of such payment, (iii)
the term of the performance period as to which performance shall be measured for determining the amount of any payment, (iv) the
timing of any payment earned by virtue of performance, (v) restrictions on the alienation or transfer of the Incentive Bonus prior
to actual payment, (vi) forfeiture provisions and (vii) such further terms and conditions, in each case not inconsistent with
this Plan as may be determined from time to time by the Committee.

 

9.3. Performance
Goals. The Committee shall establish the Performance Goal(s) and level of achievement versus the Performance Goal(s) that
shall determine the target and maximum amount payable under an Incentive Bonus.

 

9.4. Timing
and Form of Payment. The Committee shall determine the timing of payment of any Incentive Bonus. Payment of the amount due
under an Incentive Bonus shall be made in cash. The Committee may provide for or, subject to such terms and conditions as the
Committee may specify, may permit a Holder to elect for the payment of any Incentive Bonus to be deferred to a specified date
or event.

 

9.5. Discretionary
Adjustments. Notwithstanding satisfaction of any performance goals, the amount paid under an Incentive Bonus on account of
either financial performance or personal performance evaluations may, to the extent specified in the Agreement, be reduced, but
not increased, by the Committee on the basis of such further considerations as the Committee shall determine.

 

9.6. Termination.
If a Holder’s employment by, or association with, the Company or any Subsidiary terminates for any reason (including by
reason of death or Disability), the Holder shall receive payment in respect of any Incentive Bonuses only to the extent specified
by the Committee, unless otherwise expressly provided in the Agreement or another contract, including an employment agreement.
Payments in respect of any such Incentive Bonuses shall be made at the time specified by the Committee and set forth in the Agreement.

 

    12

     

    

 

Section
10. Accelerated Vesting and Exercisability.

 

10.1. Non-Approved
Transactions.  If any one person, or more than one person acting as a group, acquires the ownership of stock of the Company
that, together with the stock held by such person or group, constitutes more than 50% of the total fair market value or combined
voting power of the stock of the Company, and the Board does not authorize or otherwise approve such acquisition, then the vesting
periods of any and all Stock Options and other awards granted and outstanding under the Plan shall be accelerated and all such
Stock Options and awards will immediately and entirely vest, and the respective holders thereof will have the immediate right
to purchase and/or receive any and all Common Stock subject to such Stock Options and awards on the terms set forth in this Plan
and the respective Agreements respecting such Stock Options and awards, and all Performance Goals will be deemed achieved at 100%
of target levels and all other terms and conditions will be deemed met. An increase in the percentage of stock owned by any one
person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property
is not treated as an acquisition of stock for purposes of this Section 10.1.

 

10.2. Approved
Transactions.  The Committee may, in the event of an acquisition by any one person, or more than one person acting as
a group, together with acquisitions during the 12-month period ending on the date of the most recent acquisition by such person
or persons, of assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross
fair market value of all of the assets of the Company immediately before such acquisition or acquisitions, or if any one person,
or more than one person acting as a group, acquires the ownership of stock of the Company that, together with the stock held by
such person or group, constitutes more than 50% of the total fair market value or combined voting power of the stock of the Company,
which has been approved by the Company’s Board of Directors, (i) accelerate the vesting of any and all Stock Options
and other awards granted and outstanding under the Plan, (ii) require a Holder of any Stock Option, Stock Appreciation Right,
Restricted Stock award or Other Stock-Based Award granted under this Plan to relinquish such award to the Company upon the tender
by the Company to Holder of cash in an amount equal to the Repurchase Value of such award, and/or (iii) terminate all incomplete
performance periods in respect of awards in effect on the date the acquisition occurs, determine the extent to which Performance
Goals have been met based upon such information then available as it deems relevant and cause to be paid to the Holder the all
or the applicable portion of the award based upon the Committee's determination of the degree of attainment of Performance Goals,
or on such other basis determined by the Committee. For this purpose, gross fair market value means the value of the assets of
the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

 

10.3. Code
Section 409A. Notwithstanding any provisions of this Plan or any award granted hereunder to the contrary, no acceleration
shall occur with respect to any award to the extent such acceleration would cause the Plan or an award granted hereunder to fail
to comply with Code Section 409A.

 

    13

     

    

 

Section
11. Amendment and Termination.

 

The
Board may at any time, and from time to time, amend alter, suspend or discontinue any of the provisions of the Plan or any Agreement,
but no amendment, alteration, suspension or discontinuance shall be made that would impair the rights of a Holder under any Agreement
theretofore entered into hereunder, without the Holder’s consent, except as set forth in this Plan or the Agreement. Notwithstanding
anything to the contrary herein, no amendment to the provisions of the Plan shall be effective unless approved by the shareholders
of the Company to the extent shareholder approval is necessary to satisfy any provision of the Code or other applicable law or
the listing requirements of any national securities exchange on which the Company’s securities are listed.

 

Section
12. Term of Plan.

 

12.1. Effective
Date.  The Effective Date of the Plan shall be the date of effectiveness of the registration statement for the Company’s
initial public offering.

 

12.2. Termination
Date. Unless terminated by the Board, this Plan shall continue to remain effective until such time as no further awards
may be granted and all awards granted under the Plan are no longer outstanding. Notwithstanding the foregoing, grants of Incentive
Stock Options may be made only during the ten-year period beginning on the Effective Date.

 

Section
13. General Provisions.

 

13.1. Written
Agreements. Each award granted under the Plan shall be confirmed by, and shall be subject to the terms of, the Agreement
executed by the Company and the Holder, or such other document as may be determined by the Committee. The Committee may terminate
any award made under the Plan if the Agreement relating thereto is not executed and returned to the Company within 10 days after
the Agreement has been delivered to the Holder for his or her execution.

 

13.2.
 Performance Awards.  The Committee, in its sole discretion, may determine at the time an award is granted or
at any time thereafter whether such award is intended to qualify as “performance based compensation” within the meaning
of Section 162(m) of the Code. For the avoidance of doubt, nothing herein shall require the Committee to structure any awards
in a manner intended to constitute performance based compensation and the Committee shall be free, in its sole discretion, to
grant awards that are not intended to be performance based compensation. Notwithstanding any other provision of the Plan and except
as otherwise determined by the Committee, any award which is granted under the Plan and is intended to qualify as performance
based compensation` shall be subject to any additional limitations set forth in Section 162(m) of the Code or any regulations
or rulings issued thereunder that are requirements for qualification as performance based compensation, and the Plan and the applicable
Agreement shall be deemed amended to the extent necessary to conform to such requirements. In addition, Restricted Stock awards,
Other Stock-Based Awards and Incentive Bonus awards that are intended to qualify as performance based compensation under Section
162(m) of the Code shall be subject to the following provisions, which shall control over any conflicting provision in the Plan
or any Agreement:

 

(a)
 To the extent necessary to comply with the requirements of Section 162(m)(4)(C) of the Code, no later than 90 days following
the commencement of any performance period or any designated fiscal period or period of service (or such earlier time as may be
required under Section 162(m) of the Code), the Committee shall, in writing, (a) designate the recipient to receive such award,
(b) select the performance criteria applicable to the performance period, (c) establish the Performance Goals, and amounts of
such awards, as applicable, which may be earned for such performance period based on the performance criteria, and (d) specify
the relationship between performance criteria and the Performance Goals and the amounts of such awards, as applicable, to be earned
by each covered employee for such performance period.

 

    14

     

    

 

(b)
 Following the completion of each performance period, the Committee shall certify in writing whether and the extent to which
the applicable Performance Goals have been achieved for such performance period. In determining the amount earned under such awards,
the Committee shall have the right to reduce or eliminate (but not to increase) the amount payable at a given level of performance
to take into account additional factors that the Committee may deem relevant, including the assessment of individual or corporate
performance for the performance period.

 

(c) No
adjustment or action described in Section 3 or in any other provision of the Plan shall be authorized to the extent that such
adjustment or action would cause such award to fail to so qualify as performance based compensation, unless the Committee determines
that the award should not so qualify.

 

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

 

13.4. Employees.

 

(a) Engaging
in Competition With the Company; Solicitation of Customers and Employees; Disclosure of Confidential Information.  If
a Holder’s employment with the Company or a Subsidiary is terminated voluntarily by the Holder (other than for good reason
as contemplated by an employment agreement with the Company or a Subsidiary), and within 12 months after the date thereof such
Holder either (i) accepts employment with any competitor of, or otherwise engages in competition with, the Company or any of its
Subsidiaries, (ii) solicits any customers or employees of the Company or any of its Subsidiaries to do business with or render
services to the Holder or any business with which the Holder becomes affiliated or to which the Holder renders services or (iii)
uses or discloses to anyone outside the Company any confidential information or material of the Company or any of its Subsidiaries
in violation of the Company’s policies or any agreement between the Holder and the Company or any of its Subsidiaries, the
Committee, in its sole discretion, may require such Holder to return to the Company the economic value of any award that was realized
or obtained by such Holder at any time during the period beginning on the date that is six months prior to the date such Holder’s
employment with the Company is terminated; provided, however, that if the Holder is a resident of the State of California, such
right must be exercised by the Company for cash within six months after the date of termination of the Holder’s service
to the Company or within six months after exercise of the applicable Stock Option, whichever is later. In such event, Holder agrees
to remit to the Company, in cash, an amount equal to the difference between the Fair Market Value of the Shares on the date of
termination (or the sales price of such Shares if the Shares were sold during such six month period) and the price the Holder
paid the Company for such Shares.

 

    15

     

    

 

(b) Termination
for Cause. If a Holder’s employment with the Company or a Subsidiary is terminated for cause, the Committee may,
in its sole discretion, require such Holder to return to the Company the economic value of any award that was realized or obtained
by such Holder at any time during the period beginning on that date that is six months prior to the date such Holder’s employment
with the Company is terminated. In such event, Holder agrees to remit to the Company, in cash, an amount equal to the difference
between the Fair Market Value of the Shares on the date of termination (or the sales price of such Shares if the Shares were sold
during such six month period) and the price the Holder paid the Company for such Shares.

 

(c) No
Right of Employment. Nothing contained in the Plan or in any award hereunder shall be deemed to confer upon any Holder
who is an employee of the Company or any Subsidiary any right to continued employment with the Company or any Subsidiary, nor
shall it interfere in any way with the right of the Company or any Subsidiary to terminate the employment of any Holder who is
an employee at any time.

 

13.5. Investment
Representations; Company Policy. The Committee may require each person acquiring shares of Common Stock pursuant to a
Stock Option or other award under the Plan to represent to and agree with the Company in writing that the Holder is acquiring
the shares for investment without a view to distribution thereof. Each person acquiring shares of Common Stock pursuant to a Stock
Option or other award under the Plan shall be required to abide by all policies of the Company in effect at the time of such acquisition
and thereafter with respect to the ownership and trading of the Company’s securities.

 

13.6. Additional
Incentive Arrangements. Nothing contained in the Plan shall prevent the Board from adopting such other or additional
incentive arrangements as it may deem desirable, including, but not limited to, the granting of Stock Options and the awarding
of Common Stock and cash otherwise than under the Plan; and such arrangements may be either generally applicable or applicable
only in specific cases.

 

13.7. Withholding
Taxes. Not later than the date as of which an amount must first be included in the gross income of the Holder for Federal
income tax purposes with respect to any Stock Option or other award under the Plan, the Holder shall pay to the Company, or make
arrangements satisfactory to the Committee regarding the payment of, any Federal, state and local taxes of any kind required by
law to be withheld or paid with respect to such amount. If permitted by the Committee, tax withholding or payment obligations
may be settled with Common Stock, including Common Stock that is part of the award that gives rise to the withholding requirement.
The obligations of the Company under the Plan shall be conditioned upon such payment or arrangements and the Company or the Holder’s
employer (if not the Company) shall, to the extent permitted by law, have the right to deduct any such taxes from any payment
of any kind otherwise due to the Holder from the Company or any Subsidiary.

 

13.8.    Clawback.
Notwithstanding any other provisions of the Plan, any award which is subject to recovery under any law, government regulation
or listing requirement of any national securities exchange on which the Company’s securities are listed, will be subject
to such deductions and clawback as may be required to be made pursuant to such law, government regulation or listing requirement
(or any policy adopted by the Company pursuant to any such law, government regulation or listing requirement).

 

    16

     

    

 

13.9.     Governing
Law. The Plan and all awards made and actions taken thereunder shall be governed by and construed in accordance with
the law of the State of California (without regard to choice of law provisions). 

 

13.10.     Other
Benefit Plans. Any award granted under the Plan shall not be deemed compensation for purposes of computing benefits under
any retirement plan of the Company or any Subsidiary and shall not affect any benefits under any other benefit plan now or subsequently
in effect under which the availability or amount of benefits is related to the level of compensation (unless required by specific
reference in any such other plan to awards under this Plan).

 

13.11.     Non-Transferability. Except
as otherwise expressly provided in the Plan or the Agreement, no right or benefit under the Plan may be alienated, sold, assigned,
hypothecated, pledged, exchanged, transferred, encumbranced or charged, and any attempt to alienate, sell, assign, hypothecate,
pledge, exchange, transfer, encumber or charge the same shall be void.

 

13.12.     Applicable Laws. The obligations of the Company with respect to all Stock Options and awards under the Plan shall
be subject to (i) all applicable laws, rules and regulations and such approvals by any governmental agencies as may be required,
including, without limitation, the Securities Act, and (ii) the rules and regulations of any securities exchange on which the
Common Stock may be listed.

 

13.13.     Conflicts. If
any of the terms or provisions of the Plan or an Agreement conflict with the requirements of Section 422 of the Code, then such
terms or provisions shall be deemed inoperative to the extent they so conflict with such requirements. Additionally, if this Plan
or any Agreement does not contain any provision required to be included herein under Section 422 of the Code, such provision shall
be deemed to be incorporated herein and therein with the same force and effect as if such provision had been set out at length
herein and therein. If any of the terms or provisions of any Agreement conflict with any terms or provisions of the Plan, then
such terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of the Plan. Additionally,
if any Agreement does not contain any provision required to be included therein under the Plan, such provision shall be deemed
to be incorporated therein with the same force and effect as if such provision had been set out at length therein.

 

13.14.     Compliance
with Section 409A of the Code. The Company intends that any awards be structured in compliance with, or to satisfy an
exemption from, Section 409A of the Code, such that there are no adverse tax consequences, interest, or penalties pursuant to
Section 409A of the Code as a result of the awards. Notwithstanding the Company’s intention, in the event any award is subject
to Section 409A of the Code, the Committee may, in its sole discretion and without a participant’s prior consent, amend
this Plan and/or outstanding Agreements, adopt policies and procedures, or take any other actions (including amendments, policies,
procedures and actions with retroactive effect) as are necessary or appropriate to (i) exempt this Plan and/or any award from
the application of Section 409A of the Code, (ii) preserve the intended tax treatment of any such award, or (iii) comply with
the requirements of Section 409A of the Code, including without limitation any such regulations guidance, compliance programs
and other interpretive authority that may be issued after the date of grant of an award. This Plan shall be interpreted at all
times in such a manner that the terms and provisions of the Plan and the awards are exempt from or comply with Section 409A of
the Code.

 

13.15.     Non-Registered Stock. The shares of Common Stock to be distributed under this Plan have not been, as of the Effective
Date, registered under the Securities Act or any applicable state or foreign securities laws and the Company has no obligation
to any Holder to register the Common Stock or to assist the Holder in obtaining an exemption from the various registration requirements,
or to list the Common Stock on a national securities exchange or any other trading or quotation system.

 

 

17Exhibit
10.5

 EMPLOYMENT
AGREEMENT

THIS
EMPLOYMENT AGREEMENT, dated as of December [●], 2015, by and between SHIMMICK CONSTRUCTION COMPANY, INC., a California
corporation (together with its successors and assigns, the “Company”), and PAUL A. COCOTIS (the “Executive”).

 

W
I T N E S S E T H

 

WHEREAS,
the Executive has served as Chief Executive Officer of the Company since September 2005; and

 

WHEREAS,
the Company has filed a registration statement with the United States Securities and Exchange Commission for the initial public
offering of the Company’s common stock (the “Offering”); and

 

WHEREAS
the Executive and the Company desire to enter into this Employment Agreement (this “Agreement”), to take effect
upon, and only upon, the consummation of the Offering (the date thereof referred to herein as the “Effective Date”),
to provide for the continued employment of the Executive by the Company upon the terms and conditions set forth herein.

NOW,
THEREFORE, in consideration of the mutual covenants and conditions contained herein, the Company and the Executive hereby agree
as follows:

 

1.                 
Employment and Term.

 

(a)               
Effective on the Effective Date, the Company shall employ the Executive, and the Executive accepts employment by the Company,
as its Chief Executive Officer upon the terms and conditions set forth herein.

 

(b)              
Subject to Sections 1(c) and (d) and the provisions for termination hereinafter provided in Section 6, the term of the Executive's
employment hereunder shall be from the Effective Date through and including the day immediately preceding the third anniversary
of the Effective Date (the “Initial Period”).

 

(c)               
On the third anniversary of the Effective Date and on each subsequent anniversary of such date (each a “Renewal Date”),
the term of this Agreement shall automatically be extended by one additional calendar year (the “Extension Period”)
unless either party shall have provided notice to the other within the 120 day period prior to a Renewal Date that such party
does not desire to extend the term of this Agreement, in which case no further extension of the term of this Agreement shall occur
pursuant hereto but all previous extensions of the term shall continue to be given full force and effect. 

    1 

     

    

(d)              
For purposes of this Agreement, subject to the provisions for termination hereinafter provided in Section 6, the term “Employment
Period” means the Initial Period, if the term of this Agreement has not been extended pursuant to Section 1(c); otherwise,
the period beginning on the Effective Date and ending with the last day of the most recently arising Extension Period. Notwithstanding
the foregoing, the Employment Period shall terminate on the applicable date set forth in Section 6 and shall not include any Severance
Period (as hereinafter defined).

 

(e)               
Notwithstanding any other provision in this Agreement to the contrary, this Agreement shall terminate in its entirety and be of
no force or effect if the Offering is not consummated on or prior to February 15, 2016 or if the Company should abandon the Offering
before such date.

 

2.                 
Duties.

 

(a)               
Throughout the Employment Period, the Executive shall be the Chief Executive Officer of the Company reporting directly to the
Board of Directors of the Company (the “Board”), and shall have all duties and authorities as customarily exercised
by an individual serving in such position in a company the nature and size of the Company. The Executive shall at all times comply
with all written Company policies applicable to him. During the Employment Period, the Company shall also nominate the Executive
for re-election as a member of the Board. The Executive’s primary office location shall be at the Company’s executive
offices in the Oakland, California metropolitan area, but the Executive shall undertake such travel as is reasonably required
for his duties hereunder.

 

(b)              
Throughout the Employment Period, the Executive shall use his best efforts to perform his duties under this Agreement fully, diligently
and faithfully, and shall use his best efforts to promote the interests of the Company and its subsidiaries and affiliates.

 

(c)               
Executive shall devote substantially all of his business time to the affairs of the Company; provided, however,
that anything herein to the contrary notwithstanding, nothing shall preclude the Executive from (i) with the prior written consent
of the Board, which consent will not be unreasonably withheld or delayed, serving on the boards of directors of other business
entities, trade associations and/or charitable organizations, including, without limitation, the entities where the Executive
was serving as a director on the date of this Agreement, (ii) engaging in charitable activities and community affairs, (iii) managing
his personal and/or family investments and affairs, and (iv) engaging in any other activities approved by the Board; provided
that the activities described above do not interfere with the performance of the Executive’s duties and responsibilities
to the Company as provided hereunder.

 

    2 

     

    

3.                 
Compensation.

 

As
compensation for his services to be performed hereunder and for his acceptance of the responsibilities described herein, the Company
agrees to pay the Executive, and the Executive agrees to accept, the following compensation and other benefits:

 

(a)               
Base Salary. During the Employment Period, the Company shall pay the Executive a salary (the “Base Salary”)
at the rate of $475,000 per annum, payable in equal weekly installments. The Compensation Committee of the Board shall periodically
review such Base Salary and may increase (but not decrease) such Base Salary from time to time, in its sole discretion. After
any increase, “Base Salary” as used in this Agreement shall mean the increased amount.

 

(b)              
Annual Incentive Compensation. During the Employment Period, the Executive shall be eligible to receive annual cash bonuses
under the Company’s Short Term Incentive Plan for the 2015 fiscal year and cash and stock bonuses for the 2016 fiscal year
and each fiscal year thereafter in accordance with Schedule A attached hereto (each being, “Annual Incentive Bonuses”).
The fiscal year Target EBITDA amounts set forth on Schedule A year shall be determined by the Company’s Board of
Directors for fiscal year 2016 on or prior to the date of this Agreement and by the Company’s Compensation Committee for
each fiscal year thereafter taking into account such factors as the Company’s Compensation Committee may deem relevant not
later than 90 days after commencement of such calendar year. Annual Incentive Bonuses shall be paid in accordance with Company
policy, but no later than the date the Company’s Annual Report on Form 10-K is filed for the calendar year to which the
Annual Incentive Bonuses relate.

 

(c)               
Other Incentives. During the Employment Period the Executive shall be entitled to long-term and other incentives under
the Shimmick Incentive Plan, as determined by the Company’s Compensation Committee on a basis consistent with the Executive's
position as the Chief Executive Officer of the Company.

 

(d)              
Benefit Plans. During the Employment Period and as otherwise provided in Section 6, the Executive shall be entitled to
participate in any and all employee welfare and health benefit plans (including, but not limited to, life insurance, health and
medical, dental and disability plans and the Company’s Shareholder Medical and Dependent Care Reimbursement Plan) and other
employee benefit plans, including but not limited to qualified pension plans and those benefit plans established by the Company
from time to time for the general and overall benefit of the senior executives of the Company on a basis no less favorable than
the basis on which any other senior executive participates; provided that nothing herein contained shall be construed as requiring
the Company to establish or continue any particular benefit plan in discharge of its obligations hereunder.

 

    3 

     

    

(e)               
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).

 

4.                 
Vacation and Other Benefits.

 

During
the Employment Period, the Executive shall be entitled to not less than six weeks of paid vacation during each calendar year of
his employment hereunder, as well as to such other employment benefits extended or provided to executives of comparable status,
including, but not limited to, payment or reimbursement of all reasonable expenses incurred by the Executive in the performance
of his duties and responsibilities. The Executive shall submit to the Company periodic statements of all expenses so incurred.
Subject to such audits as the Company may deem necessary, the Company shall reimburse the Executive the full amount of any such
expenses advanced by him promptly in the ordinary course. The Executive shall also be entitled to the use of an automobile in
accordance with the Company’s fleet vehicle policy.

 

5.                 
Executive Covenants.

 

In
consideration for the severance provisions in Section 6 hereof, except as set forth in Section 6(h), and provided that the Company
is not in default to the Executive on any of its material obligations under this Agreement, the Executive agrees as follows:

 

(a)               
Except with the consent of or as directed by the Board or otherwise in the ordinary course of the business of the Company or its
subsidiaries or affiliates, the Executive shall keep confidential and not divulge to any other person, during the Employment Period
or thereafter, any business secrets and other confidential information regarding the Company or its subsidiaries and its affiliates,
except for information which is or becomes publicly available or known within the relevant trade or industry other than as a result
of disclosure by the Executive in violation of this Section 5(a) (“Confidential Information”). Anything herein
to the contrary notwithstanding, the provisions of this Section 5(a) shall not apply (i) when disclosure is required by law or
by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with apparent jurisdiction
to order the Executive to disclose or make accessible any information, (ii) when disclosure is necessary to resolve an issue raised
in good faith in any litigation, arbitration or mediation involving this Agreement or any other agreement between the Executive
and the Company or its subsidiaries and affiliates, including, but not limited to, the enforcement of such agreements or (iii)
when disclosure is required in connection with the Executive’s cooperation pursuant to Section 5(d). If Executive shall
be required to make disclosure pursuant to the provisions of clause (i) of the preceding sentence, Executive promptly, but in
no event more than 48 hours after learning of such subpoena, court order, or other government process, shall notify (which may
be by e-mail), the Company and, at the Company’s expense, Executive shall: (a) take all reasonably necessary and lawful
steps required by the Company to defend against the enforcement of such subpoena, court order or other government process and
(b) permit the Company to intervene and participate with counsel of its choice in any proceeding relating to the enforcement thereof
at the Company’s expense.

 

    4 

     

    

 

(b)              
All papers, books and records of every kind and description relating to the business and affairs of the Company, its subsidiaries
or its affiliates, whether or not prepared by the Executive are the exclusive property of the Company, and the Executive shall
surrender them to the Company, at any time upon written request of the Board, during or after the Employment Period. Anything
to the contrary notwithstanding, the Executive shall be entitled to retain (i) papers and other materials (including electronic
records) of a personal nature, including, but not limited to, photographs, correspondence, personal diaries, calendars, contact
lists and personal files, (ii) information showing his compensation or relating to reimbursement of expenses, (iii) information
that he reasonably believes may be needed for tax purposes and (iv) copies of plans, programs and agreements relating to his employment,
or if applicable, his termination of employment, with the Company or any of its subsidiaries or affiliates.

 

(c)               
During (i) the Employment Period, (ii) during any Severance Period in which the Executive is eligible to receive severance pursuant
to Section 6 and (iii) for a period of 24 months following (a) the voluntary termination of employment by the Executive (other
than for “Good Reason”) or (b) the termination of Executive’s employment by the Company for “Cause,”
the Executive shall not, without the prior written consent of the Board, directly or indirectly hire, recruit, attempt to hire,
solicit or assist others in recruiting or hiring any person who is an executive, employee, contractor or consultant of the Company
or subsidiary or affiliate of the Company (each, a “Restricted Person”) or induce or attempt to induce any
such Restricted Person to terminate, cancel or withdraw his or her employment or business relationship with, or the provision
of his or her services to, the Company or subsidiary or affiliate of the Company or to take employment with, or utilize the services
of, another party other than the Company or a subsidiary or affiliate of the Company, except as is required in connection with
his duties and responsibilities to the Company.

 

(d)              
The Executive hereby agrees to provide reasonable cooperation to the Company, its subsidiaries and affiliates during the Employment
Period and, subject to his other personal and business commitments, any Severance Period, in any litigation, regulatory action
or similar proceeding between the Company, its subsidiaries or affiliates, and third parties.

 

(e)               
The parties agree that the Company shall, in addition to other remedies provided by law, have the right and remedy to seek to
have the provisions of this Section 5 specifically enforced by any court having equity jurisdiction, it being acknowledged and
agreed that any breach or threatened breach by the Executive of the provisions of this Section 5 will cause irreparable injury
to the Company and that money damages will not provide an adequate remedy to the Company. Nothing contained herein shall be construed
as prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach, including the
recovery of damages from the Executive.

 

    5 

     

    

(f)               
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 or disparaging 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 5(g) 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 Board. The Company agrees and covenants
that it shall cause its executive officers and directors to refrain from making any defamatory or disparaging remarks, comments
or statements concerning the Executive to any third parties.

 

(g)              
The Executive agrees and acknowledges that (i) the scope and period of restrictions set forth herein are fair and reasonable and
are reasonably required for the protection of the Company and its subsidiaries and affiliates, (ii) these covenants accurately
describe the business to which restrictions are intended to apply and (iii) the obligations and restrictions contained herein
are an integral part of the consideration motivating the Company to enter into this Agreement. It is the intent of the parties
that the covenants contained herein will be enforced to the fullest extent permissible under applicable law. If any particular
covenant or portion of these covenants is adjudicated to be invalid or unenforceable, these covenants will be deemed amended to
revise that provision or portion hereof to the minimum extent necessary to render it enforceable. Such amendment will apply only
with respect to the operation of these covenants in the particular jurisdiction in which such adjudication was made.

 

6.                 
Termination of Employment Period and Severance.

 

(a)               
Termination by the Company without Cause. Except as provided in Section 6(d) or 6(h), if for any reason the Company wishes
to terminate the Employment Period and the Executive's employment hereunder (including by not extending the term of this Agreement
pursuant to Section 1(c)), (i) the Company shall give the Executive written notice (the “Termination Notice”)
at least 120 days prior to the date of termination set forth in the Termination Notice (the “Termination Date”)
stating such intention, (ii) the Employment Period shall terminate on the Termination Date, and (iii) a severance period shall
commence upon such Termination Date for a period of 24 months (such period, the “Severance Period”). During
the Severance Period, the Executive shall (1) continue to receive the Base Salary under Section 3(a) and to be reimbursed for
any reasonable expenses incurred by the Executive in the performance of any of his continuing obligations hereunder, (2) be entitled
to Annual Incentive Bonuses pursuant to Section 3(b) (which Annual Incentive Bonuses shall be the Annual Incentive Bonuses paid
the Executive for the performance period immediately prior to the year in which the Termination Notice is given and paid on the
last day of each of the two calendar years during the Severance Period) and (3) the Executive and his eligible dependents shall
continue to receive the welfare and health benefits under Section 3(d) (including any benefits under the Company's long-term disability
and life insurance plans) of this Agreement as if the Employment Period continued throughout the Severance Period; provided that
if such plans or programs do not permit the Executive and/or his eligible dependents continued participation, the Company shall
pay the Executive, quarterly, an amount which after-tax will keep him in the same economic position as if he and/or his eligible
dependents had continued in such plans and/or programs. In addition, the Executive shall be entitled to (x) accelerated vesting
upon the Termination Date of all outstanding equity awards, with all outstanding stock options or stock appreciation rights granted
to the Executive remaining exercisable for no less than two years or the remainder of the original term, if shorter, (y) payment
of any earned but unpaid amounts, including bonuses for performance periods that ended prior to the Termination Date and any unreimbursed
business expenses, with such payment made in accordance with Company practices in effect on the date of his termination of employment
and (z) any other rights, benefits or entitlements in accordance with this Agreement or any applicable plan, policy, program,
arrangement of, or other agreement with, the Company or any of its subsidiaries or affiliates.

 

    6 

     

    

(b)              
Death. If the Executive dies during the Employment Period, the Employment Period shall automatically terminate and the
Severance Period described in Section 6(a) hereof shall immediately commence. The Executive's designated beneficiary(ies) (or
his estate in the absence of any surviving designated beneficiary) shall be entitled to the rights, benefits and other entitlements
as set forth in Section 6(a) as if the Executive's employment had been terminated by the Company without Cause, including, without
limitation, the payments and benefit continuation during the Severance Period as set forth in Section 6(a), provided that if any
benefit plan or program does not permit the Executive's eligible dependents to continue to participate in such plan or program,
the Company shall pay the Executive's eligible dependents, quarterly, an amount which after-tax will keep them in the same economic
position as if they had continued in such plans and/or programs. If the Executive dies during any Severance Period during which
he is entitled to benefits pursuant to Section 6, his designated beneficiary(ies) (or his estate in the absence of any surviving
designated beneficiary) shall continue to receive the compensation that the Executive would have otherwise received during the
remainder of the Severance Period and his designated beneficiary(ies) shall be entitled to continue to participate in the Company's
medical plans during the remainder of the Severance Period provided that if any medical plan or program does not permit the Executive's
eligible dependents to continue to participate in such plan or program, the Company shall pay the Executive's eligible dependents,
quarterly, an amount which after-tax will keep them in the same economic position as if they had continued in such plans and/or
programs.

 

(c)               
Disability. If the Executive is deemed to have a Disability (as hereinafter defined) during the Employment Period, the
Company shall be entitled to terminate the Executive's employment upon 30 days written notice to the Executive. In the event of
such termination, the Executive shall be released from his duties under Section 2, and the Employment Period shall end and the
Severance Period described in Section 6(a) hereof shall immediately commence upon the expiration of such 30-day notice period.
The Executive’s rights, benefits and other entitlements during such Severance Period shall be as set forth in Section 6(a)
as if his employment had been terminated by the Company without Cause, and the Executive shall be entitled to all such compensation
and benefits during the Severance Period without any offset or reduction except by such amounts, if any, as are paid to the Executive
in lieu of compensation for services under any applicable disability or other similar insurance policies of the Company (or by
the Company under any self-insurance plan). For purposes of this Agreement, “Disability” shall mean mental
or physical impairment or incapacity rendering the Executive substantially unable to perform his duties under this Agreement for
more than 180 days out of any 360-day period during the Employment Period. A determination of Disability shall be made by the
Compensation Committee of the Board in its reasonable discretion after obtaining the advice of a medical doctor mutually selected
by the Company and the Executive (or, if the Executive is unable to so select, the Executive’s representative). If the parties
cannot agree upon a medical doctor, each party shall select (or, if the Executive is unable to so select, the Executive’s
representative shall select) a medical doctor and the two doctors shall select a third who shall be the approved medical doctor
for this purpose. For avoidance of doubt it is understood that neither death nor Disability shall result in termination for Cause
and any termination in connection with death or Disability shall be governed by Sections 6(b) and (c), respectively.

 

    7 

     

    

(d)              
Termination by the Company for Cause. The Company, by notice to the Executive, shall have the right to terminate the Employment
Period and the Executive's employment hereunder in the event of any of the following (any of which shall constitute “Cause”
for purposes of this Agreement):

 

(i)                
the Executive having been convicted of or entered a plea of nolo contendere with respect to a criminal offense constituting a
felony (or state law equivalent);

 

(ii)              
the Executive having committed in the performance of his duties under this Agreement one or more acts or omissions constituting
fraud, dishonesty, or willful injury to the Company which results in a material adverse effect on the business, financial condition
or results of operations of the Company;

 

(iii)            
the Executive having committed one or more acts constituting gross neglect or willful misconduct which results in a material adverse
effect on the business, financial condition or results of operations of the Company;

(iv)            
the Executive having willfully or knowingly exposed the Company to criminal liability substantially caused by the Executive which
results in a material adverse effect on the business, financial condition or results of operations of the Company;

 

(v)              
the Executive having failed, after written warning from the Board specifying in reasonable detail the breach(es) complained of,
to substantially perform his duties under this Agreement (excluding, however, any failure to meet any performance targets or to
raise capital or any failure as a result of an approved absence or any mental or physical impairment that could reasonably be
expected to result in a Disability); or

 

(vi)            
the Executive’s willful unauthorized disclosure of Confidential Information.

For
purposes of the foregoing, no act or failure to act on the part of the Executive shall be considered “willful” or
“knowingly” unless it is done, or omitted to be done, by the Executive with the reasonable belief that the Executive's
action or omission was not in the best interests of the Company. Any act or failure to act that is expressly authorized by the
Board pursuant to a resolution duly adopted by the Board, or pursuant to the written advice of counsel for the Company, shall
be conclusively presumed to be done, or omitted to be done, by the Executive in the best interests of the Company. Notwithstanding
the foregoing, termination by the Company for Cause under clauses (ii) through (v) shall not be effective until and unless each
of the following provisions shall have been complied with: (a) notice of intention to terminate for Cause (a “Preliminary
Cause Notice”), the giving of which shall have been authorized by a vote of a majority of the independent members of the
Board then in office, which shall include a written statement of the particular acts or circumstances which are the basis for
the termination for Cause and shall set forth a reasonable period (not less than 30 days) to cure (the “Cure Period”),
shall have been given to the Executive by the Board within ninety days after the Company first learns of the act, failure or event
constituting Cause; (b) the Executive shall not have cured the acts or circumstances complained of within the Cure Period; (c)
the Board shall have called an in person meeting of the Board, at which termination of the Executive is an agenda item, and shall
have provided the Executive with not less than 20 days notice thereof (which meeting shall be held after the end of the Cure Period);
(d) the Executive shall have been afforded the opportunity, accompanied by counsel, to provide written materials to the members
of the Board in advance of such meeting and, if he so desires, to personally address the members of the Board at such meeting;
and (e) the Board shall have provided within three business days after such meeting, a written notice of termination for cause,
stating that, based upon the evidence it has received and reviewed, and specifying in reasonable detail the acts and circumstances
complained of, it has voted by a vote of at least a majority of all of the independent members of the Board then in office to
terminate the Executive for Cause (such a notice, a “Cause Termination Notice”), which such notice shall be effective
on the day of receipt thereof by the Executive.

 

    8 

     

    

Any
termination of employment under this Section 6(d) shall not be followed by a Severance Period and shall be without damages or
liability to the Company for compensation and other benefits which otherwise would have accrued to the Executive hereunder after
the date of termination, but any unpaid compensation, benefits and reimbursements accrued through the date of such termination,
including Base Salary and Annual Incentive Bonuses, shall be paid to the Executive at the times normally paid by the Company and
the Executive shall be entitled to any other rights, benefits or entitlements in accordance with this Agreement or any applicable
plan, policy, program, arrangement of, or other agreement with, the Company or any of its subsidiaries or affiliates.

 

(e)               
Voluntary Termination by the Executive. Except as provided in Section 6(f), in the event of the voluntary termination of
employment by the Executive, the terms of the last paragraph of Section 6(d) shall apply.

 

(f)               
Termination by the Executive for Good Reason. In the event the Executive terminates his employment for Good Reason, the
Executive’s rights, benefits and other entitlements shall be as set forth in Section 6(a) as if Executive's employment had
been terminated by the Company without Cause. For purposes of this Agreement, Good Reason shall occur upon: (i) a material diminution
of the Executive's duties and responsibilities provided in Section 2, including, without limitation, the failure to appoint the
Executive as Chief Executive Officer of the Company or to elect the Executive as a member of the Board or the removal (other than
for Cause or by reason of death or Disability) of the Executive from any such position, (ii) a material reduction of the Executive's
Base Salary or bonus opportunity as set forth in Section 3(b), (iii) any material breach of any material provision of this Agreement
by the Company, (iv) relocation of the primary Executive's office location by more than 20 miles from the Oakland, California
metropolitan area, (v) the change in the Executive's reporting relationship from direct reporting to the Board; (vi) the failure
of a successor to all or substantially all of the Company's business and/or assets to promptly assume and continue the Company's
obligations under this Agreement, whether contractually or as a matter of law, within 15 days of such transaction; provided,
however, Good Reason shall only occur if the Executive gives the Company 60 days prior notice of his intent to voluntarily
terminate his employment for any (or all) of the reasons set forth in Section 6(f)(i)-(vi), and the Company does not cure the
event constituting Good Reason within 30 days following such notice.

 

(g)              
Change in Control. For purposes of this Agreement, a “Change in Control” shall occur if or upon the
occurrence of:

 

(i)                
Any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (the “Exchange
Act”) and as used in Section 13(d)(3) and 14(d)(2) of the Exchange Act), is or becomes, after the Effective Date, a
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities representing
50% or more of the combined voting power of the Company’s outstanding securities eligible to vote for election of the Board
of the Company; or

 

    9 

     

    

(ii)              
The individuals who, as of the Effective Date of this Agreement, are members of the Board (the “Incumbent Board”),
cease for any reason to constitute at least two-thirds of the Incumbent Board; provided, however, that if either
the election of any new director or the nomination for election of any new director was approved by a vote of more than two-thirds
of the Incumbent Board, such new director shall be considered as a member of the Incumbent Board; provided further,
however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office
as a result of either an actual or threatened “Election Contest” (as described in Rule 14a-11 promulgated under the
Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board
(a “Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest
or Proxy Contest; or

 

(iii)            
consummation of a reorganization, merger or consolidation, sale, disposition of all or substantially all of the assets or stock
or any other similar corporate event of the Company (a “Business Combination”), in each case, unless following
such Business Combination, (a) all or substantially all of the individuals or entities who were the beneficial owners, respectively,
of the Company voting stock entitled to vote generally in the election of directors immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including,
without limitation, a corporation which as a result of such transaction owns the Company’s stock or all or substantially
all of its assets either directly or through one or more subsidiaries) (the “Surviving Corporation”) and (b)
the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for the
Business Combination constitute at least a majority of the members of the Board of Directors of the relevant Surviving Corporation.
Upon a Change in Control, the Executive's outstanding equity awards shall immediately vest in full, with all outstanding stock
options and stock appreciation rights granted to the Executive remaining exercisable for the remainder of their terms.

 

(h)              
Termination Following a Change in Control. If within two years following a Change in Control, the Executive's employment
is terminated by the Company for any reason (other than for reason of death or Disability) or by the Executive for Good Reason,
the Company shall pay the Executive in cash in a lump sum to be paid as soon as practicable following termination (but in no event
later than 30 days following such termination), an amount equal to two times the sum of (a) the annual Base Salary of the Executive,
and (b) the amount of all bonuses earned by him (including any amounts deferred) for the performance period that ended immediately
prior to the performance period in which the date of termination occurs. The Executive and his eligible dependents shall also
be entitled, at the Company’s expense, to continue to participate in all welfare and health benefit plans in which they
were participating on the date of termination of the Executive's employment until the earlier of (x) the end of the Employment
Period, or (z) the date he receives equivalent coverage and benefits under the plans and programs of a subsequent employer, and
any such coverage and benefits actually received by the Executive and his dependents shall be reported to the Company. In addition,
the Executive shall be entitled to (x) accelerated vesting upon the termination date of all outstanding equity awards not already
accelerated upon the happening of the Change in Control, with all outstanding stock options or stock appreciation rights remaining
exercisable for no less than one year or the remainder of the original term, if shorter, (y) payment of any earned but unpaid
amounts, including bonuses for performance periods that ended prior to the termination date and any unreimbursed business expenses,
with such payment made in accordance with Company practices in effect on the date of his termination of employment, and (z) any
other rights, benefits or entitlements in accordance with this Agreement or any applicable plan, policy, program, arrangement
of, or other agreement with, the Company or any of its subsidiaries or affiliates. There shall be no Severance Period following
a termination under this Section 6(h) or after a Change in Control following any termination pursuant Section 6(i).

 

    10 

     

    

(i)                
Termination Prior to a Change in Control. In the event that Executive's employment is terminated by the Company without
Cause or by the Executive for Good Reason and a Change in Control occurs within 12 months following such termination, then the
Executive’s rights, benefits and other entitlements set forth in Section 6(a) shall cease and in lieu of such rights, benefits
and entitlement the Executive shall be entitled to the rights benefits and entitlement as provided for in Sections 6(g) and 6(h);
provided, however, that the lump sum payment provided for in the first sentence of Section 6(h) shall be reduced
by any severance paid pursuant to clauses 6(a)(1) and 6(a)(2).

 

(j)                
Timing of Payments and Section 409A of the Code. Notwithstanding anything to the contrary in this Agreement or elsewhere,
if the Executive is a “specified employee” as determined pursuant to Section 409A (“Section 409A”)
of the Code as of the date of his “separation from service” (within the meaning of Final Treasury Regulation 1.409A-1(h))
and if any payment or benefit provided for in this Agreement or otherwise both (x) constitutes a “deferral of compensation”
within the meaning of Section 409A and (y) cannot be paid or provided in the manner otherwise provided without subjecting the
Executive to “additional tax”, interest or penalties under Section 409A, then any such payment or benefit that is
payable during the first six months following his “separation from service” shall be paid or provided to the Executive
in a cash lump-sum, with interest at LIBOR, on the first business day of the seventh calendar month following the month in which
his “separation from service” occurs. In addition, any payment or benefit due upon a termination of his employment
that represents a “deferral of compensation” within the meaning of Section 409A shall only be paid or provided to
the Executive upon a “separation from service”. Notwithstanding anything to the contrary in this Agreement or elsewhere,
any payment or benefit under this Agreement that is exempt from Section 409A pursuant to Final Treasury Regulation 1.409A-1(b)(9)(v)(A)
or (C) shall be paid or provided to the Executive only to the extent that the expenses are not incurred, or the benefits are not
provided, beyond the last day of his second taxable year following his taxable year in which the “separation from service”
occurs. Finally, for the purposes of this Agreement, amounts payable under this Agreement shall be deemed not to be a “deferral
of compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation Sections 1.409A-1(b)(4)
(“short-term deferrals”) and (b)(9) (“separation pay plans”), including the exception under subparagraph
(iii)) and other applicable provisions of Treasury Regulation Section 1.409A-1 through A-6. Each payment under this Agreement
shall be treated as a separate identified payment for purposes of Section 409A. With respect to any reimbursement of expenses
of, or any provision of in-kind benefits to, the Executive, as specified under this Agreement, that constitute “deferral
of compensation” subject to Section 409A, such reimbursement of expenses or provision of in-kind benefits shall be subject
to the following conditions: (a) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable
year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable
year, except for any medical reimbursement arrangement providing for the reimbursement of expenses referred to in Section 105(b)
of the Code; (b) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in which
such expense was incurred; and (c) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange
for another benefit.

 

This
Agreement and the amounts payable and other benefits provided hereunder are intended to comply with, or otherwise be exempt from,
Section 409A and it shall be administered, interpreted and construed accordingly.

 

7.                 
No Mitigation of Damages; No Offset.

 

In
the event the employment of the Executive under this Agreement is terminated for any reason, the Executive shall not be required
to seek other employment so as to minimize any obligation of the Company to compensate him for any damages he may suffer by reason
of such termination. In addition, the Company or any of its subsidiaries or affiliates shall not have a right of offset against
any payments, benefits or entitlements due to the Executive under this Agreement (except to the extent expressly set forth in
Section 6(c) hereof) or otherwise on account of any remuneration the Executive receives from subsequent employment or on account
of any claims the Company or any of its subsidiaries or affiliates may have against the Executive.

 

    11 

     

    

8.                 
Indemnification.

 

(a)               
The Company agrees that if the Executive is made a party to, is threatened to be made a party to, receives any legal process in,
or receives any discovery request or request for information in connection with, any action, suit or proceeding, whether civil,
criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he is or was a director,
officer, employee, consultant or agent of the Company or was serving at the request of, or on behalf of, the Company as a director,
officer, member, employee, consultant or agent of another corporation, limited liability corporation, partnership, joint venture,
trust or other entity, including service with respect to employee benefit plans, whether or not the basis of such Proceeding is
the Executive's alleged action in an official capacity while serving as a director, officer, member, employee, consultant or agent
of the Company or other entity, the Executive shall be indemnified and held harmless by the Company to the fullest extent permitted
or authorized by the Company's articles of incorporation and/or bylaws, or, if greater, by applicable law, against any and all
costs, expenses, liabilities and losses (including, without limitation, attorneys' fees reasonably incurred, judgments, fines,
ERISA excise taxes or penalties and amounts paid or to be paid in settlement and any reasonable costs and fees incurred in enforcing
his rights to indemnification or contribution) incurred or suffered by the Executive in connection therewith, and such indemnification
shall continue as to the Executive even though he has ceased to be a director, officer, member, employee, consultant or agent
of the Company or other entity. The Company shall advance to the Executive his legal fees and other expenses to be paid by him
in connection with a Proceeding within 20 business days after receipt by the Company of a written request (which may be by e-mail)
for such reimbursement and appropriate documentation associated with such expenses. Such request shall include an undertaking
by the Executive to repay such amounts if, and to the extent, required to do so by applicable law if it shall ultimately be determined
by a final court adjudication from which there is no right of appeal that the Executive is not entitled to be indemnified against
such costs and expenses; provided that, to the extent permitted by law, the amount of such obligation to repay shall be limited
to the after-tax amount of any such advance except to the extent the Executive is able to offset such taxes incurred on the advance
by the tax benefit, if any, attributable to a deduction for repayment.

 

(b)              
The Company agrees to maintain for the Executive a directors' and officers' liability insurance policy not less favorable than
any policy that the Company or any subsidiary or affiliate thereof maintains for its directors and executive officers in general
for a period of at least six years following the termination of the Executive's employment.

 

(c)               
This Section 8 establishes contract rights which shall be binding upon, and shall inure to the benefit of the heirs, executors,
personal and legal representatives, successors and assigns of the Executive. The obligations set forth in this Section 8 shall
survive any termination of this Agreement (whether such termination is by the Company, the Executive, upon the expiration of this
Agreement, or otherwise). Nothing in this Section 8 shall be construed as reducing or waiving any right to indemnification, advancement
of expenses or coverage under directors' and officers' liability insurance policies, the Executive has or would otherwise have
under the Company's articles of incorporation, by laws, other agreement (“Indemnification Agreement”) or under
applicable law.

 

    12 

     

    

9.                 
Section 280G of the Code. If any payment or benefit under this Agreement or otherwise (the “Payments”)
constitutes an “excess parachute payment” within the meaning of Section 280G of the Code, the Payments shall be reduced
so that no part of such Payments constitutes an excess parachute payment; provided, however, that such reduction
shall occur if and only if the net after-tax payment to the Executive after the reduction is greater than the net after-tax payment
without such reduction. For purposes of this Section 9, the Executive shall be deemed subject to the highest rate with respect
to any applicable taxes. In their determinations with respect to this Section 9, the Company and the Executive may rely on the
calculations and analysis by a recognized national accounting firm that the Executive shall have the right to appoint from the
three choices amongst such accounting firms provided by the Company. The Company shall name the three national accounting firms
for the Executive to select promptly and without delay. Any fees and expenses charged by such accounting firm with respect to
calculations and analysis hereunder shall be the obligation of and paid by the Company as they come due, promptly and without
delay. All other reasonable costs, fees and expenses with respect to the subject matter described in this Section 9, including
those incurred to retain legal counsel for the Executive shall be borne by the Company.

 

10.             
No Conflicting Agreements.

 

As
of the date of this Agreement, the Executive hereby represents and warrants to the Company that his entering into this Agreement,
and the obligations and duties undertaken by him hereunder, will not conflict with, constitute a breach of, or otherwise violate
the terms of any other employment or other written agreement to which he is a party. The Company represents and warrants that
it is a corporation duly organized and existing under the laws of the State of California and that execution and delivery of this
Agreement has been duly authorized by all necessary corporate action.

 

11.             
Assignment.

 

(a)               
By the Executive. This Agreement and any obligations hereunder shall not be assigned, pledged, alienated, sold, attached,
encumbered or transferred in any way by the Executive and any attempt to do so shall be void. Notwithstanding the foregoing, the
Executive may transfer his rights and entitlements to compensation and benefits under this Agreement or otherwise pursuant to
will, operation of law or in accordance with any applicable plan, policy, program, arrangement of, or other agreement with, the
Company or any of its subsidiaries or affiliates.

 

(b)              
By the Company. Provided the substance of the Executive's duties set forth in Section 2 shall not change, and provided
that the Executive's compensation as set forth in Section 3 shall not be adversely affected, the Company may assign or transfer
its rights and obligations under this Agreement, provided that the assignee or transferee is the successor to all or substantially
all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company,
as contained in this Agreement, either contractually or as a matter of law.

 

(c)               
This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs (in the case
of the Executive) and assigns.

 

    13 

     

    

12.             
Arbitration.

 

(a)               
Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration
in Los Angeles, California before a panel of three arbitrators in accordance with the Commercial Arbitration Rules of the American
Arbitration Association then pertaining. In any such arbitration, one arbitrator shall be selected by each of the parties, and
the third arbitrator shall be selected by the first two arbitrators. The arbitration award shall be final and binding upon the
parties and judgment thereon may be entered in any court having jurisdiction thereof. The arbitrators shall be deemed to possess
the powers to issue mandatory orders and restraining orders in connection with such arbitration; provided, however,
that nothing in this Section 12 shall be construed so as to deny the Company the right and power to seek injunctive relief in
a court of equity for any breach or threatened breach of the Executive of any of his covenants contained in Section 5 hereof.

 

13.             
Notices.

 

All
notices, requests, demands and other communications hereunder must be in writing and, unless e-mail delivery is specifically specified
in this Agreement), shall be deemed to have been duly given if delivered by hand or overnight delivery service or mailed within
the continental United States by first class, certified mail, return receipt requested, to the applicable party and addressed
as follows:

 

(a)           if to the Company:
 

Shimmick
Construction Co., Inc.

8201
Edgewater Dr. Ste 202

Oakland,
CA 94621

Attn:
Board of Directors

(b)          
if to the Executive:

 

Most
recent home address as indicated in the Company's records. Addresses may be changed by notice in writing signed by the addressee
in accordance with this Section 13.

 

(c)           with
a copy to:

Graubard
Miller

405
Lexington Avenue, 11th Floor

New
York, NY 10174

Attn:
Paul Lucido, Esq.

 

14.             
Miscellaneous.

 

(a)               
If any provision of this Agreement shall, for any reason, be adjudicated by any court of competent jurisdiction to be invalid
or unenforceable, such judgment shall not effect, impair or invalidate the remainder of this Agreement but shall be confined in
its operation to the jurisdiction in which made and to the provisions of this Agreement directly involved in the controversy in
which such judgment shall have been rendered.

 

(b)              
No course of dealing and no delay on the part of any party hereto in exercising any right, power or remedy under or relating to
this Agreement shall operate as a waiver thereof or otherwise prejudice such party's rights, power and remedies. No single or
partial exercise of any rights, powers or remedies under or relating to this Agreement shall preclude any other or further exercise
thereof or the exercise of any other right, power or remedy.

 

(c)               
This Agreement may be executed by the parties hereto in counterparts, each of which shall be deemed to be an original, but all
such counterparts shall together constitute one and the same instrument, and all signatures need not appear on any one counterpart.

 

    14 

     

    

(d)              
All payments required to be made to the Executive by the Company hereunder shall be subject to any applicable withholding under
any applicable Federal, state, or local tax laws. Any such withholding shall be based upon the most recent form W-4 filed by the
Executive with the Company, and the Executive may from time to time revise such filing.

 

(e)               
This Agreement embodies the entire understanding, and supersedes all other oral or written agreements or understandings, between
the parties regarding the subject matter hereof, but excluding, to the extent not expressly modified by the provisions of this
Agreement, any outstanding equity award agreements and any Indemnification Agreement. No change, alteration or modification hereof
may be made except in writing signed by both parties hereto. Any waiver to be effective must be in writing, specifically referencing
the provision of this Agreement being waived and signed by the party against whom enforcement is being sought. Except as otherwise
expressly provided herein, there are no other restrictions or limitations on the Executive's activities following termination
of employment. The headings in this Agreement are for convenience of reference only and shall not be considered part of this Agreement
or limit or otherwise affect the meaning hereof.

 

(f)               
This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the
laws of the state of California (disregarding any choice of law rules which might look to the laws of any other jurisdiction).

 

(g)              
Except as otherwise expressly set forth in this Agreement, upon the termination or expiration of the Employment Period, the respective
rights and obligations of the parties shall survive such termination or expiration to the extent necessary to carry out the intentions
of the parties as embodied under this Agreement. This Agreement shall continue in effect until there are no further rights or
obligations of the parties outstanding hereunder and shall not be terminated by either party without the express prior written
consent of the both parties.

 

[Remainder
of page intentionally left blank]

 

    15 

     

    

IN WITNESS
WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year first written above.

 

	 	 	SHIMMICK CONSTRUCTION COMPANY, INC.
	 	 	 
	 	 	By:	
	PAUL A. COCOTIS	 	Name:
	 	 	Title:

    16 

     

    

 

SCHEDULE
A

 

Annual
Bonuses

Executive shall be entitled
to receive a Performance Bonus, a Profitability Bonus and a Stock Option Award (each as defined below) for fiscal years 2016 and
each fiscal year thereafter, subject to and in accordance with the terms and conditions set forth below. References herein to
the “Compensation Committee” are to the Compensation Committee of the Company’s Board of Directors or,
if there is no such committee, to the Company’s full Board of Directors.

Performance Bonus

Executive shall be entitled
to receive a cash bonus award (the “Performance Bonus”), which may be granted under the Company’s Incentive
Plan at the discretion of the Compensation Committee, based on the Company’s performance for fiscal year 2016 and each fiscal
year thereafter. The Performance Bonus shall be composed of the components set forth below (the “Components”).
The amount of each Component of the Performance Bonus shall equal the Raw Bonus (as defined below) for such Component multiplied
by the Weighting Percentage for such Component. The “Raw Bonus” for a Component shall equal:

		(1)	zero,
                                         if the Component Measure is less than the Component Threshold,

		(2)	the
                                         Threshold Bonus, if the Component Measure equals the Component Threshold,

		(3)	the
                                         Threshold Bonus plus a pro rata portion of the difference between the Target Bonus and
                                         the Threshold Bonus, if the Component Measure is greater than the Component Threshold
                                         but less than the Component Target,

		(4)	the
                                         Target Bonus, if the Component Measure equals the Component Target,

		(5)	the
                                         Target Bonus plus a pro rata portion of the difference between the Maximum Bonus and
                                         the Target Bonus, if the Component Measure is greater than the Component Target but less
                                         than the Component Maximum, or

		(6)	the
                                         Maximum Bonus, if the Component Measure is equal to or greater than the Component Maximum.

The total Performance Bonus
shall equal the sum of the Components. Executive’s Performance Bonus shall consist of the following Components:

	Component	Corporate
	Component
    Measure	Company
    EBITDA
	Weighting
    Percentage	30%
	Component
    Target	As
    determined by the Compensation Committee for each fiscal year
	Target
    Bonus	45%
    of Base Salary
	Component
    Threshold	80%
    of Component Target
	Threshold
    Bonus	25%
    of Target Bonus
	Component
    Maximum	120%
    of Component Target
	Maximum
    Bonus	150%
    of Target Bonus

 

    Exhibit 10.5 -
    Schedule      A-1

     

    

 

	Component	NW
    Division
	Component
    Measure	NW
    EBITDA
	Weighting
    Percentage	23.33%
	Component
    Target	As
    determined by the Compensation Committee for each fiscal year
	Target
    Bonus	45%
    of Base Salary
	Component
    Threshold	75%
    of Component Target
	Threshold
    Bonus	25%
    of Target Bonus
	Component
    Maximum	125%
    of Component Target
	Maximum
    Bonus	200%
    of Target Bonus

 

	Component	SW
    Division
	Component
    Measure	SW
    EBITDA
	Weighting
    Percentage	23.33%
	Component
    Target	As
    determined by the Compensation Committee for each fiscal year
	Target
    Bonus	45%
    of Base Salary
	Component
    Threshold	75%
    of Component Target
	Threshold
    Bonus	25%
    of Target Bonus
	Component
    Maximum	125%
    of Component Target
	Maximum
    Bonus	200%
    of Target Bonus

 

	Component	Quarry/New
    Markets
	Component
    Measure	Quarry/New
    Markets EBITDA
	Weighting
    Percentage	23.33%
	Component
    Target	As
    determined by the Compensation Committee for each fiscal year
	Target
    Bonus	45%
    of Base Salary
	Component
    Threshold	75%
    of Component Target
	Threshold
    Bonus	25%
    of Target Bonus
	Component
    Maximum	125%
    of Component Target
	Maximum
    Bonus	200%
    of Target Bonus

 

Profitability Bonus

Executive shall be entitled
to receive a cash bonus award (the “Profitability Bonus”) based on the Profitability Measure (as defined below)
for fiscal year 2016 and each fiscal year thereafter. The Profitability Bonus shall equal: (1) zero, if the Profitability Measure
is less than the Profitability Threshold, or (2) the Bonus Percentage multiplied by the Profitability Measure, if the Profitability
Measure is equal to or greater than the Profitability Threshold.

	Profitability
    Measure	Company
    EBITDA
	Profitability
    Threshold	As
    determined by the Compensation Committee for each fiscal year
	Profitability
    Percentage	1.0%

    Exhibit
                                                                                        10.5 - Schedule      A-2

     

    

 

Stock Awards

Executive shall be entitled
to receive a restricted stock award (the “Stock Award”), granted by the Compensation Committee under the Company’s
Incentive Plan, based on the Company’s performance for fiscal year 2016 and each fiscal year thereafter. The Stock Award
shall be composed of the Components set forth below. Each Component of the Stock Award shall be a number of shares of common stock
equal to (a) the Raw Stock Award (as defined below) for such Component, divided by (b) the Fair Market Value of the Company’s
common stock on the date of grant of the Stock Award, which shall be no later than the date the Company files its annual report
on Form 10-K for the applicable fiscal year (the “Grant Date”), multiplied by (c) the Weighting Percentage
for such Component, rounded up to the nearest whole number of shares. The “Raw Stock Award” for a Component
shall equal:

		(1)	zero,
                                         if the Component Measure is less than the Component Target,

		(2)	the
                                         Target Award, if the Component Measure equals the Component Target,

		(3)	the
                                         Target Award plus a pro rata portion of the difference between the Maximum Award and
                                         the Target Award, if the Component Measure is greater than the Component Target but less
                                         than the Component Maximum, or

		(4)	the
                                         Maximum Award, if the Component Measure is equal to or greater than the Component Maximum.

The total Stock Award shall
equal the sum of the Components, but in any event not more than 500,000 shares of common stock. Executive’s Stock Award
shall consist of the following Components:

	Component	Corporate
	Component
    Measure	Company
    EBITDA
	Weighting
    Percentage	100%
	Component
    Target	As
    determined by the Compensation Committee for each fiscal year
	Target
    Award	75%
    of Base Salary
	Component
    Maximum	150%
    of Component Target
	Maximum
    Award	150%
    of Base Salary

 

The Stock Award will vest
in three equal installments on the first, second and third anniversary of the Grant Date.

    Exhibit
                                                                                        10.5 - Schedule      A-3

     

    

Definitions

“Company EBITDA”
shall mean Company EBITDA as presented in the Company’s annual report on Form 10-K for the applicable fiscal year.

“NW
EBITDA,” “SW EBITDA” and “Quarry/New Markets EBITDA” shall mean Division EBITDA
for the Northwest Division, Southwest Division and Quarry/New Markets Division, respectively, calculated as follows: “Division
Net Income” shall mean gross profit attributable to Shimmick Construction Company, Inc. from projects managed under
the applicable division (net of non-controlling interests), minus overhead expenses incurred by the Company that are directly
attributable to the division (with respect any division, “Direct Overhead”), minus a Pro Rata portion of the
overhead expenses incurred by the Company that are not directly attributable to any division (with respect to any division, “Allocable
Overhead”). To calculate “Division EBITDA,” Division Net Income will then be increased by all Direct
and Allocable EBITDA adjustments that were made to the Company net income to attain the applicable fiscal year’s Company
EBITDA reported in the Form 10-K. The Division EBITDA for all three divisions by definition sum up to the Company EBITDA reported
in the Form 10-K. “Pro Rata” shall mean, with respect to any division, pro rata based on the ratio of the revenue
from projects managed under the division to the revenue of the Company.

“Fair Market Value” shall mean, as of any given date: (i) if the Company’s common
stock is listed on a national securities exchange or is traded over-the-counter and last sale information is available, the last
sale price of the Common Stock in the principal trading market for the Company’s common stock on such date, as reported
by the exchange or by such source that the Compensation Committee of the Board of Directors deems reliable, as the case may be;
or (ii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i), such price as the Compensation
Committee shall determine, in good faith.

Exhibit
                         10.5 - Schedule A-4

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