Document:

Exhibit 10.2

 

Ecoark
Holdings, Inc.

2017
Omnibus Incentive Plan

 

Notice
of Stock Option Grant

 

You
(the “Optionee”) have been granted the following option (the “Option”) to purchase Common
Stock of Ecoark Holdings, Inc. (the “Company”), par value $0.001 per share (“Share”), pursuant
to the Ecoark Holdings, Inc. 2017 Omnibus Incentive Plan (the “Plan”):

 

	 	Name
    of Optionee:	 	[NAME]
	 	 	 	 
	 	Total
    Number of Shares Subject to Option:	 	[NUMBER]
	 	 	 	 
	 	Type
    of Option:	 	[ISO
    or NQSO]
	 	 	 	 
	 	Exercise
    Price Per Share:	 	$[PRICE]
	 	 	 	 
	 	Effective
    Date of Grant:	 	[DATE]
	 	 	 	 
	 	Vesting
    Schedule:	 	[VESTING
    SCHEDULE]
	 	 	 	 
	 	Expiration
    Date:	 	[DATE]

 

By
your signature and the signature of the Company’s representative below, you and the Company agree and acknowledge that this
Option is granted under and governed by the terms and conditions of the Plan and the attached Stock Option Agreement, which are
incorporated herein by reference, and that you have been provided with a copy of the Plan and Stock Option Agreement.

  

	Grantee:	 	Ecoark Holdings, Inc.
	 	 	 
	By:	    	 	By:	 
	Name:	[NAME]	 	Name:	       
	 	 	 	Title:  	 

 

     

     

    

 

Ecoark
Holdings, Inc.

2017
Omnibus Incentive Plan

 

Stock
Option Agreement

 

Section
1. Grant of Option.

 

(a)
Option. On the terms and conditions set forth in the Notice of Stock Option Grant (the “Grant Notice”)
and this Stock Option Agreement (the “Agreement”), the Company grants to the Optionee on the Effective Date
of Grant the option (the “Option”) to purchase at the Exercise Price the number of Shares set forth in the
Grant Notice.

 

(b)
Plan and Defined Terms. The Option is granted pursuant to the Plan. All terms, provisions, and conditions applicable to the
Option set forth in the Plan and not set forth herein are hereby incorporated by reference herein. To the extent any provision
hereof is inconsistent with a provision of the Plan, the provisions of the Plan will govern. All capitalized terms that are used
in the Grant Notice or this Agreement and not otherwise defined therein or herein shall have the meanings ascribed to them in
the Plan.

 

Section
2. Right to Exercise.

 

The
Option hereby granted shall be exercised by written notice to the Committee, specifying the number of Shares the Optionee desires
to purchase together with provision for payment of the Exercise Price. Subject to such limitations as the Committee may impose
(including prohibition of one more of the following payment methods), payment of the Exercise Price may be made by (a) check
payable to the order of the Company, for an amount in United States dollars equal to the aggregate Exercise Price of such Shares,
(b) by tendering to the Company Shares having an aggregate Fair Market Value equal to such Exercise Price, (c) by broker-assisted
exercise, or (d) by a combination of such methods. The Company may require the Optionee to furnish or execute such other
documents as the Company shall reasonably deem necessary (i) to evidence such exercise and (ii) to comply with or satisfy
the requirements of the Securities Act of 1933, as amended, the Exchange Act, applicable state or non-U.S. securities laws or
any other law.

 

Section
3. Term and Expiration.

 

(a)
Basic Term. Subject to earlier termination pursuant to the terms here, the Option shall expire on the expiration date set
forth in the Grant Notice.

 

(b)
Termination of Employment or Service. If the Optionee’s employment or service as a Director or Consultant, as the case
may be, is terminated, the Option shall expire on the earliest of the following occasions:

 

(i)
The expiration date set forth in the Grant Notice;

 

(ii)
The date [three months] following the termination of the Optionee’s employment or service for any reason other than
Cause, death, or Disability;

 

    	 	2	 

     

    

 

(iii)
The date [one year] following the termination of the Optionee’s employment or service due to death or Disability; or

 

(iv)
The date of termination of the Optionee’s employment or service for Cause.

 

The
Optionee may exercise all or part of this Option at any time before its expiration under the preceding sentence, but, subject
to the following sentence, only to the extent that the Option had become vested before the Optionee’s employment or service
terminated. When the Optionee’s employment or service terminates, this Option shall expire immediately with respect to the
number of Shares for which the Option is not yet vested. If the Optionee dies after termination of employment or service, but
before the expiration of the Option, all or part of this Option may be exercised (prior to expiration) by the personal representative
of the Optionee or by any person who has acquired this Option directly from the Optionee by will, bequest or inheritance, but
only to the extent that the Option was vested and exercisable upon termination of the Optionee’s employment or service.

 

(c)
Definition of “Cause.” The term “Cause” shall have the meaning ascribed to such term in the
Optionee’s employment agreement with the Company or any Subsidiary. If the Optionee’s employment agreement does not
define the term “Cause,” or if the Optionee has not entered into an employment agreement with the Company or
any Subsidiary, the term “Cause” shall mean (i) the willful engaging by the Optionee in misconduct that
is demonstrably injurious to the Company or any Parent or Subsidiary (monetarily or otherwise), (ii) the Optionee’s
conviction of, or pleading guilty or nolo contendere to, a felony involving moral turpitude, or (iii) the Optionee’s
violation of any confidentiality, non-solicitation, or non-competition covenant to which the Optionee is subject.

 

(d)
Definition of “Disability.” The term “Disability” shall have the meaning ascribed to such term
in the Optionee’s employment agreement with the Company or any Subsidiary. If the Optionee’s employment agreement
does not define the term “Disability,” or if the Optionee has not entered into an employment agreement with
the Company or any Subsidiary, the term “Disability” shall mean the Optionee’s entitlement to long-term
disability benefits pursuant to the long-term disability plan maintained by the Company or in which the Company’s employees
participate.

 

Section
4. Transferability of Option.

 

The
Option shall not be transferable by the Optionee other than by will or the laws of descent and distribution, and the Option shall
be exercisable during the Optionee’s lifetime only by the Optionee or on his or her behalf by the Optionee’s guardian
or legal representative.

 

Section
5. Miscellaneous Provisions.

 

(a)
Acknowledgements. The Optionee hereby acknowledges that he or she has read and understands the terms of the Plan and this
Agreement, and agrees to be bound by their respective terms and conditions. The Optionee acknowledges that there may be tax consequences
upon the exercise or transfer of the Option and that the Optionee should consult an independent tax advisor prior to any exercise
of the Option.

 

    	 	3	 

     

    

 

(b)
Tax Withholding. Pursuant to Article 20 of the Plan, the Company shall have the power and the right to deduct or withhold,
or require the Optionee to remit to the Company, an amount sufficient to satisfy any federal, state and local taxes (including
the Optionee’s FICA obligations) required by law to be withheld with respect to this Option. The Committee may condition
the delivery of Shares upon the Optionee’s satisfaction of such withholding obligations. The Optionee may elect to satisfy
all or part of such withholding requirement by tendering previously-owned Shares or by having the Company withhold Shares having
a Fair Market Value equal to the minimum statutory withholding (based on minimum statutory withholding rates for federal, state
and local tax purposes, as applicable, including payroll taxes) that could be imposed on the transaction, and, to the extent the
Committee so permits, amounts in excess of the minimum statutory withholding to the extent it would not result in additional accounting
expense. Such election shall be irrevocable, made in writing, signed by the Optionee, and shall be subject to any restrictions
or limitations that the Committee, in its sole discretion, deems appropriate.

 

(c)
Notice Concerning Disqualifying Dispositions. If the Option is an Incentive Stock Option, the Optionee shall notify the Committee
of any disposition of Shares issued pursuant to the exercise of the Option if the disposition constitutes a “disqualifying
disposition” within the meaning of Sections 421 and 422 of the Code (or any successor provision of the Code then in
effect relating to disqualifying dispositions). Such notice shall be provided by the Optionee to the Committee in writing within
10 days of any such disqualifying disposition.

 

(d)
Rights as a Stockholder. Neither the Optionee nor the Optionee’s transferee or representative shall have any rights
as a stockholder with respect to any Shares subject to this Option until the Option has been exercised and Share certificates
have been issued to the Optionee, transferee or representative, as the case may be.

 

(e)
Ratification of Actions. By accepting this Agreement, the Optionee and each person claiming under or through the Optionee
shall be conclusively deemed to have indicated the Optionee’s acceptance and ratification of, and consent to, any action
taken under the Plan or this Agreement and Grant Notice by the Company, the Board, or the Committee.

 

(f)
Notice. Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon personal
delivery or upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid.
Notice shall be addressed to the Company at its principal executive office and to the Optionee at the address that he or she most
recently provided in writing to the Company.

 

(g)
Choice of Law. This Agreement and the Grant Notice shall be governed by, and construed in accordance with, the laws of the
State of Nevada, without regard to any conflicts of law or choice of law rule or principle that might otherwise cause the Plan,
this Agreement or the Grant Notice to be governed by or construed in accordance with the substantive law of another jurisdiction.

 

    	 	4	 

     

    

 

(h)
Arbitration. Any dispute or claim arising out of or relating to the Plan, this Agreement or the Grant Notice shall be settled
by binding arbitration before a single arbitrator in Nevada and in accordance with the Commercial Arbitration Rules of the American
Arbitration Association. The arbitrator shall decide any issues submitted in accordance with the provisions and commercial purposes
of the Plan, this Agreement and the Grant Notice, provided that all substantive questions of law shall be determined in accordance
with the state and Federal laws applicable in the state in which the Company is incorporated, without regard to internal principles
relating to conflict of laws.

 

(i)
Modification or Amendment. This Agreement may only be modified or amended by written agreement executed by the parties hereto;
provided, however, that the adjustments permitted pursuant to Article 4.3 of the Plan may be made without such written agreement.

 

(j)
Severability. In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality
or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced
as if such illegal or invalid provision had not been included.

 

(k)
References to Plan. All references to the Plan shall be deemed references to the Plan as may be amended from time to time.

 

(l)
Section 409A Compliance. To the extent applicable, it is intended that the Plan and this Agreement comply with the requirements
of Code Section 409A and any related regulations or other guidance promulgated with respect to such Section by the U.S. Department
of the Treasury or the Internal Revenue Service and the Plan and the Award Agreement shall be interpreted accordingly.

 

 

5Exhibit
10.3

 

Ecoark
Holdings, Inc.

2017
Omnibus Incentive Plan

 

Notice
of Restricted Stock Grant

 

You
(the “Grantee”) have been granted the following award of restricted Common Stock (the “Restricted
Stock”) of Ecoark Holdings, Inc. (the “Company”), par value $0.001 per share (the “Shares”),
pursuant to the Ecoark Holdings, Inc. 2017 Omnibus Incentive Plan (the “Plan”):

 

	 	Name
    of Grantee:	 	[NAME]
	 	 	 	 
	 	Number
    of Shares of Restricted Stock Granted:	 	[NUMBER]
	 	 	 	 
	 	Effective
    Date of Grant:	 	[DATE]
	 	 	 	 
	 	Vesting
    and Period of Restriction:	 	[VESTING
    SCHEDULE]

 

By
your signature and the signature of the Company’s representative below, you and the Company agree and acknowledge that this
grant of Restricted Stock is granted under and governed by the terms and conditions of the Plan and the attached Restricted Stock
Award Agreement, which are incorporated herein by reference, and that you have been provided with a copy of the Plan and Restricted
Stock Agreement.

 

	Grantee:	 	Ecoark Holdings, Inc.
	 	 	 
	By:	 	 	By:	 
	Name:	[NAME]	 	Name:	         
	 	 	 	Title:  	 

 

     

     

    

 

Ecoark
Holdings, Inc.

2017
Omnibus Incentive Plan

 

Restricted
Stock Award Agreement

 

Section
1. Grant of Restricted Stock

 

(a)
Restricted Stock. On the terms and conditions set forth in the Notice of Restricted Stock Grant (the “Grant Notice”)
and this Restricted Stock Award Agreement (the “Agreement”), the Company grants to the Grantee on the Effective
Date of Grant the Shares of Restricted Stock (the “Restricted Stock”) set forth in the Grant Notice.

 

(b)
Plan and Defined Terms. The Restricted Stock is granted pursuant to the Plan. All terms, provisions, and conditions applicable
to the Restricted Stock set forth in the Plan and not set forth herein are hereby incorporated by reference herein. To the extent
any provision hereof is inconsistent with a provision of the Plan, the provisions of the Plan will govern. All capitalized terms
that are used in the Grant Notice or this Agreement and not otherwise defined therein or herein shall have the meanings ascribed
to them in the Plan.

 

Section
2. Forfeiture and Transfer Restrictions

 

(a)
Forfeiture Restrictions. If the Grantee’s employment or service as a Director or Consultant, as the case may be, is
terminated for any reason other than (i) death, (ii) Disability (as defined below) or (iii) termination by the Company
and its Subsidiaries upon a Change in Control, the Grantee shall, for no consideration, forfeit to the Company the Shares of Restricted
Stock to the extent such Shares are subject to a Period of Restriction at the time of such termination. If the Grantee’s
employment or service as a Director or Consultant, as the case may be, terminates due to the Grantee’s death or Disability,
or is terminated by the Company and its Subsidiaries upon a Change in Control while Shares of Restricted Stock are subject to
a Period of Restriction, the Period of Restriction with respect to such Shares shall lapse, and the Shares shall vest and become
free of the forfeiture and transfer restrictions described in this Section 2, on the date of the Grantee’s termination
of employment or service.

 

The
term “Disability” shall have the meaning ascribed to such term in the Grantee’s employment agreement
with the Company or any Subsidiary. If the Grantee’s employment agreement does not define the term “Disability,”
or if the Grantee has not entered into an employment agreement with the Company or any Subsidiary, the term “Disability”
shall mean the Grantee’s entitlement to long-term disability benefits pursuant to the long-term disability plan maintained
by the Company or in which the Company’s employees participate.

 

(b)
Transfer Restrictions. During the Period of Restriction, the Restricted Stock may not be sold, assigned, pledged, exchanged,
hypothecated or otherwise transferred, encumbered or disposed of to the extent such Shares are subject to a Period of Restriction.

 

(c)
Lapse of Restrictions. The Period of Restriction shall lapse as to the Restricted Stock in accordance with the Grant Notice.
Subject to the terms of the Plan and Section 4(a) hereof, upon lapse of the Period of Restriction, the Grantee shall own
the Shares that are subject to this Agreement free of all restrictions otherwise imposed by this Agreement.

 

    	 	2	 

     

    

 

Section
3. Stock Certificates

 

As
soon as practicable following the grant of Restricted Stock, the Shares of Restricted Stock shall be registered in the Grantee’s
name in certificate or book-entry form. If a certificate is issued, it shall bear an appropriate legend referring to the restrictions
and it shall be held by the Company, or its agent, on behalf of the Grantee until the Period of Restriction has lapsed. If the
Shares are registered in book-entry form, the restrictions shall be placed on the book-entry registration. The Grantee may be
required to execute and return to the Company a blank stock power for each Restricted Stock certificate (or instruction letter,
with respect to Shares registered in book-entry form), which will permit transfer to the Company, without further action, of all
or any portion of the Restricted Stock that is forfeited in accordance with this Agreement.

 

Except
for the transfer restrictions, and subject to such other restrictions, if any, as determined by the Committee, the Grantee shall
have all other rights of a holder of Shares, including the right to receive dividends paid (whether in cash or property) with
respect to the Restricted Stock and the right to vote (or to execute proxies for voting) such Shares. Unless otherwise determined
by the Committee, if all or part of a dividend in respect of the Restricted Stock is paid in Shares or any other security issued
by the Company, such Shares or other securities shall be held by the Company subject to the same restrictions as the Restricted
Stock in respect of which the dividend was paid.

 

Section
4. Miscellaneous Provisions

 

(a)
Tax Withholding. Pursuant to Article 20 of the Plan, the Company shall have the power and right to deduct or withhold,
or require the Grantee to remit to the Company, an amount sufficient to satisfy any federal, state and local taxes (including
the Grantee’s FICA obligations) required by law to be withheld with respect to this Award. The Committee may condition the
delivery of Shares upon the Grantee’s satisfaction of such withholding obligations. The Grantee may elect to satisfy all
or part of such withholding requirement by tendering previously-owned Shares or by having the Company withhold Shares having a
Fair Market Value equal to the minimum statutory withholding (based on minimum statutory withholding rates for federal, state
and local tax purposes, as applicable, including payroll taxes) that could be imposed on the transaction, and, to the extent the
Committee so permits, amounts in excess of the minimum statutory withholding to the extent it would not result in additional accounting
expense. Such election shall be irrevocable, made in writing, signed by the Grantee, and shall be subject to any restrictions
or limitations that the Committee, in its sole discretion, deems appropriate.

 

(b)
Ratification of Actions. By accepting this Agreement, the Grantee and each person claiming under or through the Grantee shall
be conclusively deemed to have indicated the Grantee’s acceptance and ratification of, and consent to, any action taken
under the Plan or this Agreement and Grant Notice by the Company, the Board or the Committee.

 

(c)
Notice. Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon personal
delivery or upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid.
Notice shall be addressed to the Company at its principal executive office and to the Grantee at the address that he or she most
recently provided in writing to the Company.

 

    	 	3	 

     

    

 

(d)
Section 83(b) Election. If Grantee makes an election pursuant to section 83(b) of the Code with respect to this Award, Grantee
shall be required to promptly file a copy of such election with the Committee, file notice of the election with the Internal Revenue
Service within thirty (30) days of the date of the grant and shall provide the required withholding to the Company pursuant to
Section 4(a). Grantee is solely responsible for any filing and notification required pursuant to regulations issued under Section
83(b) of the Code.

 

(e)
Choice of Law. This Agreement and the Grant Notice shall be governed by, and construed in accordance with, the laws of the
State of Nevada, without regard to any conflicts of law or choice of law rule or principle that might otherwise cause the Plan,
this Agreement or the Grant Notice to be governed by or construed in accordance with the substantive law of another jurisdiction.

 

(f)
Arbitration. Any dispute or claim arising out of or relating to the Plan, this Agreement or the Grant Notice shall be settled
by binding arbitration before a single arbitrator in Nevada and in accordance with the Commercial Arbitration Rules of the American
Arbitration Association. The arbitrator shall decide any issues submitted in accordance with the provisions and commercial purposes
of the Plan, this Agreement and the Grant Notice, provided that all substantive questions of law shall be determined in accordance
with the state and Federal laws applicable in the state in which the Company is incorporated, without regard to internal principles
relating to conflict of laws.

 

(g)
Modification or Amendment. This Agreement may only be modified or amended by written agreement executed by the parties hereto;
provided, however, that the adjustments permitted pursuant to Section 4.3 of the Plan may be made without such written agreement.

 

(h)
Severability. In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality
or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced
as if such illegal or invalid provision had not been included.

 

(i)
References to Plan. All references to the Plan shall be deemed references to the Plan as may be amended from time to time.

 

(j)
Section 409A Compliance. To the extent applicable, it is intended that the Plan and this Agreement comply with the requirements
of Code Section 409A and any related regulations or other guidance promulgated with respect to such Section by the U.S. Department
of the Treasury or the Internal Revenue Service and the Plan and the Award Agreement shall be interpreted accordingly.

 

 

4

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