Document:

Exhibit 10.1

 

CONCRETE PUMPING HOLDINGS, INC.

 

2015 EQUITY INCENTIVE PLAN

 

1.            Purpose.

 

The purpose of
the Plan is to advance the interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain
and motivate persons who make (or are expected to make) important contributions to the Company by providing such persons with equity
ownership opportunities and thereby better aligning the interests of such persons with those of the Company’s stockholders.
Capitalized terms used in the Plan are defined in Section 11 below.

 

2.            Eligibility.

 

Service Providers
are eligible to be granted Awards under the Plan, subject to the limitations described herein.

 

3.            Administration
and Delegation. 

 

(a)            Administration.    The
Plan will be administered by the Administrator. The Administrator shall have authority to determine which Service Providers will
receive Awards, to grant Awards and to set all terms and conditions of Awards (including, but not limited to, vesting, exercise
and forfeiture provisions). In addition, the Administrator shall have the authority to take all actions and make all determinations
contemplated by the Plan and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan
as it shall deem advisable. The Administrator may correct any defect or ambiguity, supply any omission or reconcile any inconsistency
in the Plan or any Award in the manner and to the extent it shall deem necessary or appropriate to carry the Plan and any Awards
into effect, as determined by the Administrator. The Administrator shall make all determinations under the Plan in the Administrator’s
sole discretion and all such determinations shall be final and binding on all persons having or claiming any interest in the Plan
or in any Award. 

 

(b)           Appointment
of Committees.    To the extent permitted by Applicable Laws, the Board may delegate any or all of its
powers under the Plan to one or more Committees. The Board may abolish any Committee at any time and re-vest in itself any previously
delegated authority. 

 

4.            Stock
Available for Awards.

 

(a)            Number
of Shares. Subject to adjustment under Section 8 hereof, Awards may be made under the Plan covering up to one million
four hundred forty-four thousand (1,444,000) shares of Common Stock. If any Award expires or lapses or is terminated, surrendered
or canceled without having been fully exercised or is forfeited in whole or in part (including as the result of shares of Common
Stock subject to such Award being repurchased by the Company at or below the original issuance price), in any case in a manner
that results in any shares of Common Stock covered by such Award not being issued or being so reacquired by the Company, the unused
Common Stock covered by such Award shall again be available for the grant of Awards under the Plan. Further, shares of Common Stock
delivered (either by actual delivery or attestation) to the Company by a Participant to satisfy the applicable exercise or purchase
price of an Award and/or to satisfy any applicable tax withholding obligation (including shares retained by the Company from the
Award being exercised or purchased and/or creating the tax obligation) shall be added to the number of shares of Common Stock available
for the grant of Awards under the Plan. However, in the case of Incentive Stock Options (as hereinafter defined), the foregoing
provisions shall be subject to any limitations under the Code. Shares of Common Stock issued under the Plan may consist in whole
or in part of authorized but unissued shares, shares purchased on the open market or treasury shares. 

 

     

     

    

 

(b)           Substitute
Awards. In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company of property
or stock of an entity, the Administrator may grant Awards in substitution for any options or other stock or stock-based awards
granted prior to such merger or consolidation by such entity or an affiliate thereof (“Substitute Awards”).
Substitute Awards may be granted on such terms as the Administrator deems appropriate in the circumstances, notwithstanding any
limitations on Awards contained in the Plan. Substitute Awards shall not count against the overall share limit set forth in Section
4(a) hereof, except as may be required by reason of Section 422 of the Code. 

 

5.            Stock
Options. 

 

(a)           General.    The
Administrator may grant Options to any Service Provider, subject to the limitations on Incentive Stock Options described below.
The Administrator shall determine the number of shares of Common Stock to be covered by each Option, the exercise price of each
Option and the conditions and limitations applicable to the exercise of each Option, including conditions relating to Applicable
Laws, as it considers necessary or advisable. 

 

(b)           Incentive
Stock Options.    The Administrator may grant Options intended to qualify as Incentive Stock Options only
to employees of the Company, any of the Company’s present or future “parent corporations” or “subsidiary
corporations” as defined in Sections 424(e) or (f) of the Code, respectively, and any other entities the employees of which
are eligible to receive Incentive Stock Options under the Code. All Options intended to qualify as Incentive Stock Options shall
be subject to and shall be construed consistently with the requirements of Section 422 of the Code. Neither the Company nor the
Administrator shall have any liability to a Participant, or any other party, (i) if an Option (or any part thereof) which is intended
to qualify as an Incentive Stock Option fails to qualify as an Incentive Stock Option or (ii) for any action or omission by the
Administrator that causes an Option not to qualify as an Incentive Stock Option, including without limitation, the conversion of
an Incentive Stock Option to a Non-Qualified Stock Option or the grant of an Option intended as an Incentive Stock Option that
fails to satisfy the requirements under the Code applicable to an Incentive Stock Option. Any Option that is intended to qualify
as an Incentive Stock Option, but fails to so qualify for any reason, including without limitation, the portion of any Option becoming
exercisable in excess of the $100,000 limitation described in Treasury Regulation Section 1.422-4, shall be treated as a Non-Qualified
Stock Option for all purposes.

 

(c)           Exercise
Price.    The Administrator shall establish the exercise price of each Option and specify the exercise
price in the applicable Award Agreement. The exercise price shall be not less than 100% of the Fair Market Value on the date the
Option is granted. In the case of an Incentive Stock Option granted to an employee who, at the time of grant of the Option, owns
(or is treated as owning under Section 424 of the Code) stock representing more than 10% of the voting power of all classes of
stock of the Company (or a “parent corporation” or “subsidiary corporation” thereof within the meaning
of Sections 424(e) or 424(f) of the Code, respectively), the per share exercise price shall be no less than 110% of the Fair Market
Value on the date the Option is granted. 

 

(d)           Duration
of Options.    Each Option shall be exercisable at such times and subject to such terms and conditions
as the Administrator may specify in the applicable Award Agreement, provided that the term of any Option shall not exceed ten years.
In the case of an Incentive Stock Option granted to an employee who, at the time of grant of the Option, owns (or is treated as
owning under Section 424 of the Code) stock representing more than 10% of the voting power of all classes of stock of the Company
(or a “parent corporation” or “subsidiary corporation” thereof within the meaning of Sections 424(e) or
424(f) of the Code, respectively), the term of the Option shall not exceed five years. 

 

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(e)           Exercise
of Option; Notification of Disposition.    Options may be exercised by delivery to the Company of a written
notice of exercise, in a form approved by the Administrator (which may be an electronic form), signed by the person authorized
to exercise the Option, together with payment in full (i) as specified in Section 5(f) hereof for the number of shares for
which the Option is exercised and (ii) as specified in Section 9(e) hereof for any applicable withholding taxes. Unless otherwise
determined by the Administrator, an Option may not be exercised for a fraction of a share of Common Stock. If an Option is designated
as an Incentive Stock Option, the Participant shall give prompt notice to the Company of any disposition or other transfer of any
shares of Common Stock acquired from the Option if such disposition or transfer is made (i) within two years from the grant date
with respect to such Option or (ii) within one year after the transfer of such shares to the Participant (other than any such disposition
made in connection with a Change in Control). Such notice shall specify the date of such disposition or other transfer and the
amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition
or other transfer.

 

(f)           Payment
Upon Exercise.    Common Stock purchased upon the exercise of an Option granted under the Plan shall be
paid for in cash or by check, payable to the order of the Company, or, to the extent permitted by the Administrator, by: 

 

(i)          (A)
delivery of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company
sufficient funds to pay the exercise price and any required tax withholding, or (B) delivery by the Participant to the Company
of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company
cash or a check sufficient to pay the exercise price and any required tax withholding; 

 

(ii)         delivery
(either by actual delivery or attestation) of shares of Common Stock owned by the Participant valued at their Fair Market Value,
provided (A) such method of payment is then permitted under Applicable Laws, (B) such Common Stock, if acquired directly from the
Company, was owned by the Participant for such minimum period of time, if any, as may be established by the Company at any time,
and (C) such Common Stock is not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements;

 

(iii)        surrendering
shares of Common Stock then issuable upon exercise of the Option valued at their Fair Market Value on the date of exercise; 

 

(iv)        delivery
of a promissory note of the Participant to the Company on terms determined by the Administrator; 

 

(v)         delivery
of property of any other kind which constitutes good and valuable consideration as determined by the Administrator; or

 

(vi)        any
combination of the above permitted forms of payment (including cash or check). 

 

(g)           Early
Exercise of Options. The Administrator may provide in the terms of an Award Agreement that the Service Provider may exercise
an Option in whole or in part prior to the full vesting of the Option in exchange for unvested shares of Restricted Stock with
respect to any unvested portion of the Option so exercised. Shares of Restricted Stock acquired upon the exercise of any unvested
portion of an Option shall be subject to such terms and conditions as the Administrator shall determine.

 

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6.           Restricted
Stock; Restricted Stock Units.

 

(a)           General. 
The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Service Provider, subject to the
right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant
(or to require forfeiture of such shares if issued at no cost) in the event that conditions specified by the Administrator in the
applicable Award Agreement are not satisfied prior to the end of the applicable restriction period or periods established by the
Administrator for such Award.  In addition, the Administrator may grant to Service Providers Restricted Stock Units, which
may be subject to vesting and forfeiture conditions during applicable restriction period or periods, as set forth in an applicable
Award Agreement.

 

(b)           Terms
and Conditions for All Restricted Stock and Restricted Stock Unit Awards.  The Administrator shall determine and set forth
in the applicable Award Agreement the terms and conditions applicable to each Restricted Stock and Restricted Stock Unit Award,
including the conditions for vesting and repurchase (or forfeiture) and the issue price, in each case, if any. 

 

(c)           Additional
Provisions Relating to Restricted Stock. 

 

(i)          Dividends. 
Participants holding shares of Restricted Stock will be entitled to all ordinary cash dividends paid with respect to such shares
to the extent such dividends have a record date that is on or after the date on which the Participant to whom such shares are granted
becomes the record holder of such shares, unless otherwise provided by the Administrator in the applicable Award Agreement. 
In addition, unless otherwise provided by the Administrator, if any dividends or distributions are paid in shares, or consist of
a dividend or distribution to holders of Common Stock of property other than an ordinary cash dividend, the shares or other property
will be subject to the same restrictions on transferability and forfeitability as the shares of Restricted Stock with respect to
which they were paid. Each dividend payment will be made as provided in the applicable Award Agreement, but in no event later than
the end of the calendar year in which the dividends are paid to stockholders of that class of stock or, if later, the 15th day
of the third month following the later of (A) the date the dividends are paid to stockholders of that class of stock, and (B) the
date the dividends are no longer subject to forfeiture.  

 

(ii)         Stock
Certificates.  The Company may require that any stock certificates issued in respect of shares of Restricted Stock be
deposited in escrow by the Participant, together with a stock power endorsed in blank, with the Company (or its designee).  

 

(d)           Additional
Provisions Relating to Restricted Stock Units.

 

(i)          Settlement. 
Upon the vesting of a Restricted Stock Unit, the Participant shall be entitled to receive from the Company one share of Common
Stock or an amount of cash or other property equal to the Fair Market Value of one share of Common Stock on the settlement date,
as the Administrator shall determine and as provided in the applicable Award Agreement.  The Administrator may provide that
settlement of Restricted Stock Units shall occur upon or as soon as reasonably practicable after the vesting of the Restricted
Stock Units or shall instead be deferred, on a mandatory basis or at the election of the Participant, in a manner that complies
with Section 409A. 

 

(ii)         Voting
Rights.  A Participant shall have no voting rights with respect to any Restricted Stock Units unless and until shares
are delivered in settlement thereof. 

 

(iii)        Dividend
Equivalents.  To the extent provided by the Administrator, a grant of Restricted Stock Units may provide a Participant
with the right to receive Dividend Equivalents.  Dividend Equivalents may be paid currently or credited to an account for
the Participant, may be settled in cash and/or shares of Common Stock and may be subject to the same restrictions on transfer and
forfeitability as the Restricted Stock Units with respect to which the Dividend Equivalents are paid, as determined by the Administrator,
subject, in each case, to such terms and conditions as the Administrator shall establish and set forth in the applicable Award
Agreement.

 

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7.            Other
Stock-Based Awards.

 

Other Stock-Based
Awards may be granted hereunder to Participants, including, without limitation, Awards entitling Participants to receive shares
of Common Stock to be delivered in the future. Such Other Stock-Based Awards shall also be available as a form of payment in the
settlement of other Awards granted under the Plan, as stand-alone payments and/or as payment in lieu of compensation to which a
Participant is otherwise entitled.  Other Stock-Based Awards may be paid in shares of Common Stock, cash or other property,
as the Administrator shall determine.  Subject to the provisions of the Plan, the Administrator shall determine the terms
and conditions of each Other Stock-Based Award, including any purchase price, transfer restrictions, vesting conditions and other
terms and conditions applicable thereto, which shall be set forth in the applicable Award Agreement.

 

8.            Adjustments
for Changes in Common Stock and Certain Other Events.

 

(a)           In
the event that the Administrator determines that any dividend or other distribution (whether in the form of cash, Common Stock,
other securities, or other property), reorganization, merger, consolidation, combination, repurchase, recapitalization, liquidation,
dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale
or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or
other securities of the Company, or other similar corporate transaction or event, as determined by the Administrator, affects the
Common Stock such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or enlargement
of the benefits or potential benefits intended by the Company to be made available under the Plan or with respect to any Award,
then the Administrator may, in such manner as it may deem equitable, adjust any or all of: 

 

(i)          the
number and kind of shares of Common Stock (or other securities or property) with respect to which Awards may be granted or awarded
(including, but not limited to, adjustments of the limitations in Section 4 hereof on the maximum number and kind of shares which
may be issued); 

 

(ii)         the
number and kind of shares of Common Stock (or other securities or property) subject to outstanding Awards; 

 

(iii)        the
grant or exercise price with respect to any Award; and

 

(iv)        the
terms and conditions of any Awards (including, without limitation, any applicable financial or other performance “targets”
specified in an Award Agreement). 

 

(b)           In
the event of any transaction or event described in Section 8(a) hereof (including without limitation any Change in Control) or
any unusual or nonrecurring transaction or event affecting the Company or the financial statements of the Company, or any change
in any Applicable Laws or accounting principles, the Administrator, on such terms and conditions as it deems appropriate,
either by the terms of the Award or by action taken prior to the occurrence of such transaction or event and either automatically
or upon the Participant’s request, is hereby authorized to take any one or more of the following actions whenever the Administrator
determines that such action is appropriate in order to (x) prevent dilution or enlargement of the benefits or potential benefits
intended by the Company to be made available under the Plan or with respect to any Award granted or issued under the Plan, (y)
to facilitate such transaction or event or
(z) give effect to such changes in Applicable Laws or accounting principles:

 

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(i)          To
provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal to
the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of
the Participant’s rights under the vested portion of such Award, as applicable; provided that, if the amount that could have
been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights,
in any case, is equal to or less than zero, then the vested portion of such Award may be terminated without payment; 

 

(ii)         To
provide that such Award shall vest and, to the extent applicable, be exercisable as to all shares covered thereby, notwithstanding
anything to the contrary in the Plan or the provisions of such Award;

 

(iii)        To
provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted
for by awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate
adjustments as to the number and kind of shares and applicable exercise or purchase price, in all cases, as determined by the Administrator;

 

(iv)        To
make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding Awards,
and/or in the terms and conditions of (including the grant or exercise price), and the criteria included in, outstanding Awards
which may be granted in the future; 

 

(v)         To
replace such Award with other rights or property selected by the Administrator; and/or

 

(vi)        To
provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.

 

(c)           Notwithstanding
the provisions of Section 8(b) above, if a Change in Control occurs and a Participant’s Awards are not continued, converted,
assumed, or replaced with a substantially similar award by (i) the Company, or (ii) a successor entity or its parent or subsidiary
(an “Assumption”), and provided that the Participant has not had a Termination of Service, then immediately
prior to the Change in Control such Awards shall become fully vested, exercisable and/or payable, as applicable, and all forfeiture,
repurchase and other restrictions on such Awards shall lapse, in which case, such Awards shall be canceled upon the consummation
of the Change in Control in exchange for the right to receive the Change in Control consideration payable to other holders of
Common Stock (A) which may be on such terms and conditions as apply generally to holders of Common Stock under the Change in Control
documents (including, without limitation, any escrow, earn-out or other deferred consideration provisions) or such other terms
and conditions as the Administrator may provide, and (B) determined by reference to the number of shares subject to such Awards
and net of any applicable exercise price; provided that to the extent that any Awards constitute “nonqualified deferred
compensation” that may not be paid upon the Change in Control under Section 409A without the imposition of taxes thereon
under Section 409A, the timing of such payments shall be governed by the applicable Award Agreement (subject to any deferred consideration
provisions applicable under the Change in Control documents); and provided, further, that if the amount to which a Participant
would be entitled upon the settlement or exercise of such Award at the time of the Change in Control is equal to or less than
zero, then such Award may be terminated without payment. The Administrator shall determine whether an Assumption of an Award has
occurred in connection with a Change in Control.

 

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(d)           In
connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 8, the
Administrator will equitably adjust each outstanding Award, which adjustments may include adjustments to the number and type of
securities subject to each outstanding Award and/or the exercise price or grant price thereof, if applicable, the grant of new
Awards to Participants, and/or the making of a cash payment to Participants, as the Administrator deems appropriate to reflect
such Equity Restructuring. The adjustments provided under this Section 8(d) shall be nondiscretionary and shall be final and binding
on the affected Participant and the Company; provided that whether an adjustment is equitable shall be determined by the Administrator.

 

(e)           In
the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution
(other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Common Stock
or the share price of the Common Stock, including any Equity Restructuring, for reasons of administrative convenience the Administrator
may refuse to permit the exercise of any Award during a period of up to thirty days prior to the consummation of any such transaction.

 

(f)            Except
as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no Participant shall have any rights
by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease
in the number of shares of stock of any class or any dissolution, liquidation, merger, or consolidation of the Company or any
other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance
by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and
no adjustment by reason thereof shall be made with respect to, the number of shares of Common Stock subject to an Award or the
grant or exercise price of any Award. The existence of the Plan, any Award Agreements and the Awards granted hereunder shall not
affect or restrict in any way the right or power of the Company to make or authorize (i) any adjustment, recapitalization, reorganization
or other change in the Company’s capital structure or its business, (ii) any merger, consolidation dissolution or liquidation
of the Company or sale of Company assets or (iii) any sale or issuance of securities, including without limitation, securities
with rights superior to those of the Common Stock or which are convertible into or exchangeable for Common Stock. The
Administrator may treat Participants and Awards (or portions thereof) differently under this Section 8.

 

9.           General
Provisions Applicable to Awards. 

 

(a)           Transferability.    Except
as the Administrator may otherwise determine or provide in an Award Agreement or otherwise, in any case in accordance with Applicable
Laws, Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted,
either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the life of the
Participant, shall be exercisable only by the Participant. References to a Participant, to the extent relevant in the context,
shall include references to authorized transferees. 

 

(b)           Documentation.    Each
Award shall be evidenced in an Award Agreement, which may be in such form (written, electronic or otherwise) as the Administrator
shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan. 

 

(c)           Discretion.    Except
as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any other Award. The terms of
each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions thereof)
uniformly. 

 

(d)           Termination
of Status.    The Administrator shall determine the effect on an Award of the disability, death, retirement,
authorized leave of absence or any other change or purported change in a Participant’s Service Provider status and the extent
to which, and the period during which, the Participant, the Participant’s legal representative, conservator, guardian or
Designated Beneficiary may exercise rights under the Award, if applicable. 

 

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(e)           Withholding.    Each
Participant shall pay to the Company, or make provision satisfactory to the Administrator for payment of, any taxes required by
law to be withheld in connection with Awards to such Participant no later than the date of the event creating the tax liability.
Except as the Administrator may otherwise determine, all such payments shall be made in cash or by certified check. Notwithstanding
the foregoing, to the extent permitted by the Administrator, Participants may satisfy such tax obligations in whole or in part
by delivery of shares of Common Stock, including shares retained from the Award creating the tax obligation, valued at their Fair
Market Value. The Company may, to the extent permitted by Applicable Laws, deduct any such tax obligations from any payment of
any kind otherwise due to a Participant. 

 

(f)           Amendment
of Award.    The Administrator may amend, modify or terminate any outstanding Award, including but not
limited to, substituting therefor another Award of the same or a different type, changing the date of exercise or settlement, and
converting an Incentive Stock Option to a Non-Qualified Stock Option. The Participant’s consent to such action shall be required
unless (i) the Administrator determines that the action, taking into account any related action, would not materially and adversely
affect the Participant, or (ii) the change is permitted under Section 8 and 10(f) hereof.

 

(g)           Conditions
on Delivery of Stock.    The Company will not be obligated to deliver any shares of Common Stock pursuant
to the Plan or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award
have been met or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other
legal matters in connection with the issuance and delivery of such shares have been satisfied, including any applicable securities
laws and any applicable stock exchange or stock market rules and regulations, and (iii) the Participant has executed and delivered
to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy the requirements
of any Applicable Laws. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority
is determined by the Administrator to be necessary to the lawful issuance and sale of any securities hereunder, shall relieve the
Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not
have been obtained.

 

(h)           Acceleration.    The
Administrator may at any time provide that any Award shall become immediately vested and/or exercisable in full or in part, free
of some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be. 

 

10.          Miscellaneous.

 

(a)           No
Right To Employment or Other Status.   No person shall have any claim or right to be granted an Award, and the
grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with
the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant
free from any liability or claim under the Plan or any Award, except as expressly provided in an applicable Award Agreement. 

 

(b)          No
Rights As Stockholder; Certificates.   Subject to the provisions of the applicable Award Agreement, no Participant
or Designated Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be distributed with
respect to an Award until becoming the record holder of such shares. Notwithstanding any other provision of the Plan, unless otherwise
determined by the Administrator or required by any Applicable Laws, the Company shall not be required to deliver to any Participant
certificates evidencing shares of Common Stock issued in connection with any Award and instead such shares of Common Stock may
be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). The Company may place
legends on stock certificates issued under the Plan deemed necessary or appropriate by the Administrator in order to comply with
Applicable Laws.

 

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(c)           Effective
Date and Term of Plan.    The Plan shall become effective on the date on which it is adopted by the Board.
No Awards shall be granted under the Plan after the completion of ten years from the earlier of (i) the date on which the
Plan was adopted by the Board or (ii) the date the Plan was approved by the Company’s stockholders, but Awards previously
granted may extend beyond that date in accordance with the terms of the Plan. 

 

(d)           Amendment
of Plan.    The Administrator may amend, suspend or terminate the Plan or any portion thereof at any time;
provided that no amendment of the Plan shall materially and adversely affect any Award outstanding at the time of such amendment
without the consent of the affected Participant. Awards outstanding under the Plan at the time of any suspension or termination
of the Plan shall continue to be governed in accordance with the terms of the Plan and the applicable Award Agreement, as in effect
prior to such suspension or termination. The Board shall obtain stockholder approval of any Plan amendment to the extent necessary
to comply with Applicable Laws.

 

(e)           Provisions
for Foreign Participants.  The Administrator may modify Awards granted to Participants who are foreign nationals or employed
outside the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations
or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters.

  

(f)           Section
409A.  

 

(i)          General.
The Company intends that all Awards be structured in compliance with, or to satisfy an exemption from, Section 409A, such that
no adverse tax consequences, interest, or penalties under Section 409A apply in connection with any Awards. Notwithstanding anything
herein or in any Award Agreement to the contrary, the Administrator may, without a Participant’s prior consent, amend this
Plan and/or Awards, adopt policies and procedures, or take any other actions (including amendments, policies, procedures and actions
with retroactive effect) as are necessary or appropriate to preserve the intended tax treatment of Awards under the Plan, including
without limitation, any such actions intended to (A) exempt this Plan and/or any Award from the application of Section 409A,
and/or (B) comply with the requirements of Section 409A, including without limitation any such regulations, guidance,
compliance programs and other interpretative authority that may be issued after the date of grant of any Award. The Company makes
no representations or warranties as to the tax treatment of any Award under Section 409A or otherwise. The Company shall have no
obligation under this Section 10(f) or otherwise to take any action (whether or not described herein) to avoid the imposition of
taxes, penalties or interest under Section 409A with respect to any Award and shall have no liability to any Participant or any
other person if any Award, compensation or other benefits under the Plan are determined to constitute non-compliant, “nonqualified
deferred compensation” subject to the imposition of taxes, penalties and/or interest under Section 409A.

 

(ii)         Separation
from Service. With respect to any Award that constitutes “nonqualified deferred compensation” under Section 409A,
any payment or settlement of such Award that is to be made upon a termination of a Participant’s Service Provider relationship
shall, to the extent necessary to avoid the imposition of taxes under Section 409A, be made only upon the Participant’s “separation
from service” (within the meaning of Section 409A), whether such “separation from service” occurs upon or subsequent
to the termination of the Participant’s Service Provider relationship. For purposes of any such provision of this Plan or
any Award Agreement relating to any such payments or benefits, references to a “termination,” “termination of
employment” or like terms shall mean “separation from service.”

 

    	 	9	 

     

    

 

(iii)        Payments
to Specified Employees. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of “nonqualified
deferred compensation” that are otherwise required to be made under an Award to a “specified employee” (as defined
under Section 409A and determined by the Administrator) as a result of his or her “separation from service” shall,
to the extent necessary to avoid the imposition of taxes under Code Section 409A(a)(2)(B)(i), be delayed until the expiration of
the six-month period immediately following such “separation from service” (or, if earlier, until the date of death
of the specified employee) and shall instead be paid (in a manner set forth in the Award agreement) on the day that immediately
follows the end of such six-month period or as soon as administratively practicable thereafter (without interest). Any payments
of “nonqualified deferred compensation” under such Award that are, by their terms, payable more than six months following
the Participant’s “separation from service” shall be paid at the time or times such payments are otherwise scheduled
to be made.

 

(g)           Limitations
on Liability.  Notwithstanding any other provisions of the Plan, no individual acting as a director, officer, other employee
or agent of the Company will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any
claim, loss, liability, or expense incurred in connection with the Plan or any Award, nor will such individual be personally liable
with respect to the Plan because of any contract or other instrument he or she executes in his or her capacity as an Administrator,
director, officer, other employee or agent of the Company.  The Company will indemnify and hold harmless each director, officer,
other employee and agent of the Company to whom any duty or power relating to the administration or interpretation of the Plan
has been or will be granted or delegated, against any cost or expense (including attorneys’ fees) or liability (including
any sum paid in settlement of a claim with the Administrator’s approval) arising out of any act or omission to act concerning
this Plan unless arising out of such person’s own fraud or bad faith. 

 

(h)           Lock-Up
Period. The Company may, at the request of any representative of the underwriters or otherwise, in connection with any registration
of the offering of any securities of the Company under the Securities Act, prohibit Participants from, directly or indirectly,
selling or otherwise transferring any shares of Common Stock or other securities of the Company during a period of up to one hundred
eighty days following the effective date of a registration statement of the Company filed under the Securities Act.

 

(i)           Right
of First Refusal.

 

(i)          Before
any shares of Common Stock held by a Participant or any permitted transferee (each, a “Holder”) may be
sold, pledged, assigned, hypothecated, transferred, or otherwise disposed of (each, a “Transfer”), the
Company or its assignee(s) shall have a right of first refusal to purchase the shares of Common Stock proposed to be Transferred
on the terms and conditions set forth in this Section 10(i) (the “Right of First Refusal”). In the event
that the Company’s charter, bylaws and/or a stockholders’ agreement applicable to the shares of Common Stock contain
a right of first refusal with respect to the shares of Common Stock, such right of first refusal shall apply to the shares of Common
Stock to the extent such provisions are more restrictive than the Right of First Refusal set forth in this Section 10(i) and the
Right of First Refusal set forth in this Section 10(i) shall not in any way restrict the operation of the Company’s charter,
bylaws or the operation of any applicable stockholders’ agreement.

 

    	 	10	 

     

    

 

(ii)         In
the event any Holder desires to Transfer any shares of Common Stock, the Holder shall deliver to the Company a written notice (the
“Notice”) stating: (A) the Holder’s bona fide intention to sell or otherwise Transfer such
shares of Common Stock; (B) the name of each proposed purchaser or other transferee (“Proposed Transferee”);
(C) the number of shares of Common Stock to be Transferred to each Proposed Transferee; and (D) the price for which the
Holder proposes to Transfer the shares of Common Stock (the “Offered Price”), and the Holder shall offer
such shares of Common Stock at the Offered Price to the Company or its assignee(s).

 

(iii)        Within
twenty-five days after receipt of the Notice, the Company and/or its assignee(s) may elect in writing to purchase all, but not
less than all, of the shares of Common Stock proposed to be Transferred to any one or more of the Proposed Transferees by delivery
of a written exercise notice to the Holder (a “Company Notice”). The purchase price (“Purchase
Price”) for the shares of Common Stock repurchased under this Section 10(i) shall be the Offered Price.

 

(iv)        Payment
of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check or wire transfer), by cancellation
of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee,
to the assignee), or by any combination thereof, within five days after delivery of the Company Notice or in the manner and at
the times mutually agreed to by the Company and the Holder. Should the Offered Price specified in the Notice be payable in property
other than cash, the Company or its assignee shall have the right to pay the purchase price in the form of cash equal in amount
to the value of such property, as determined by the Administrator. 

 

(v)         If
all or a portion of the shares of Common Stock proposed in the Notice to be Transferred are not purchased by the Company and/or
its assignee(s) as provided in this Section 10(i), then the Holder may sell or otherwise Transfer such shares of Common Stock to
that Proposed Transferee at the Offered Price or at a higher price; provided that such sale or other Transfer is consummated within
sixty days after the date of the Notice; and provided, further, that any such sale or other Transfer is effected in accordance
with any Applicable Laws and the Proposed Transferee agrees in writing that the provisions of this Plan and the applicable Award
Agreement and any other applicable agreements governing the shares of Common Stock to be Transferred shall continue to apply to
the shares of Common Stock in the hands of such Proposed Transferee. If the shares of Common Stock described in the Notice are
not Transferred to the Proposed Transferee within such sixty-day period, a new Notice shall be given to the Company, and the Company
and/or its assignees shall again be offered the Right of First Refusal, as provided herein, before any shares of Common Stock held
by the Holder may be sold or otherwise Transferred.

 

(vi)        Anything
to the contrary contained in this Section 10(i) notwithstanding and to the extent permitted by the Administrator, the Transfer
of any or all of the shares of Common Stock during a Participant’s lifetime or upon a Participant’s death by will or
intestacy to the Participant’s Immediate Family or a trust for the benefit of the Participant’s Immediate Family shall
be exempt from the Right of First Refusal. As used herein, “Immediate Family” shall mean spouse, lineal
descendant or antecedent, father, mother, brother or sister or stepchild (whether or not adopted). In such case, the transferee
or other recipient shall receive and hold the shares of Common Stock so Transferred subject to the provisions of this Plan (including
the Right of First Refusal), the applicable Award Agreement and any other applicable agreements governing the shares of Common
Stock to be Transferred, and there shall be no further Transfer of such shares of Common Stock except in accordance with the terms
of this Section 10(i) (or otherwise as expressly provided under the Plan).

 

(vii)       The
Right of First Refusal shall terminate as to all shares of Common Stock if the Company becomes a Publicly Listed Company upon such
occurrence.

 

    	 	11	 

     

    

 

(j)            Take-Along
Rights.

 

(i)          If
the Administrator shall deliver a notice to any Holder (a “Sale Event Notice”) stating that the Board
has approved a sale of all or a portion of the Company (an “Approved Sale”) and specifying the name and
address of the proposed parties to such transaction and the consideration payable in connection therewith, the Holder shall (i)
consent to and raise no objections against the Approved Sale or the process pursuant to which the Approved Sale was arranged, (ii)
waive any dissenter’s rights and other similar rights, and (iii) if the Approved Sale is structured as a sale of securities,
agree to sell Holder’s shares of Common Stock on the terms and conditions of the Approved Sale, which terms and conditions
shall treat all holders of Common Stock equally (on a pro rata basis). The Holder will take all necessary and desirable lawful
actions as directed by the Company in connection with the consummation of any Approved Sale, including without limitation, the
execution of such agreements and such instruments and other actions reasonably necessary to (A) provide the representations, warranties,
indemnities, covenants, conditions, non-compete agreements, escrow agreements and other provisions and agreements relating to such
Approved Sale and, (B) effectuate the allocation and distribution of the aggregate consideration upon the Approved Sale, provided,
that the Holder shall not be required to indemnify the acquirer in any Approved Sale for breaches of the representations, warranties
or covenants of the Company or any other stockholder, except to the extent that (x) the Holder is not required to incur more than
its pro rata share of such indemnity obligation (based on the total consideration to be received by all stockholders that are similarly
situated and hold the same class or series of capital stock) and (y) such indemnity obligation is provided for and limited to a
post-closing escrow or holdback arrangement of cash or stock paid in connection with the Approved Sale. The rights described in
this Section 10(j) are referred to as the “Take-Along Rights”. In the event that the Company’s
charter, bylaws and/or a stockholders’ agreement applicable to the shares of Common Stock contain take-along rights with
respect to the shares of Common Stock, such take-along rights shall apply to the shares of Common Stock to the extent such provisions
are more restrictive than the Take-Along Rights set forth in this Section 10(j) and the Take-Along Rights set forth in this Section
10(j) shall not in any way restrict the operation of the Company’s charter, bylaws or the operation of any applicable stockholders’
agreement.

 

(ii)         The
Holder will bear such Holder’s pro rata share (based upon the amount of consideration to be received) of the reasonable costs
of any sale of shares of Common Stock pursuant to an Approved Sale to the extent such costs are incurred for the benefit of all
selling stockholders of the Company and are not otherwise paid by the Company or the acquiring party. Costs incurred by the Holder
on the Holder’s own behalf will not be considered costs of the transaction hereunder.

 

(iii)        To
the

extent one or more certificates has previously been delivered to the Holder, then the Holder shall, at the consummation of
the Approved Sale, deliver to the Secretary of the Company the certificate(s) representing the shares of Common Stock subject to
the Company’s exercise of its Take-Along Rights, each certificate to be properly endorsed for transfer.

 

(iv)        The
Take-Along Rights shall terminate as to all shares of Common Stock on the date on which the Company
becomes a Publicly Listed Company.

 

    	 	12	 

     

    

 

(k)           Data
Privacy. As a condition of receipt of any Award, each Participant explicitly and unambiguously consents to the collection,
use and transfer, in electronic or other form, of personal data as described in this paragraph by and among, as applicable, the
Company and its subsidiaries and affiliates for the exclusive purpose of implementing, administering and managing the Participant’s
participation in the Plan. The Company and its subsidiaries and affiliates may hold certain personal information about a Participant,
including but not limited to, the Participant’s name, home address and telephone number, date of birth, social security or
insurance number or other identification number, salary, nationality, job title(s), any shares of stock held in the Company or
any of its subsidiaries and affiliates, details of all Awards, in each case, for the purpose of implementing, managing and administering
the Plan and Awards (the “Data”). The Company and its subsidiaries and affiliates may transfer the Data
amongst themselves as necessary for the purpose of implementation, administration and management of a Participant’s participation
in the Plan, and the Company and its subsidiaries and affiliates may each further transfer the Data to any third parties assisting
the Company in the implementation, administration and management of the Plan. These recipients may be located in the Participant’s
country, or elsewhere, and the Participant’s country may have different data privacy laws and protections than the recipients’
country. Through acceptance of an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer
the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant’s participation
in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Company
or the Participant may elect to deposit any shares of Common Stock. The Data related to a Participant will be held only as long
as is necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any
time, view the Data held by the Company with respect to such Participant, request additional information about the storage and
processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant
or refuse or withdraw the consents herein in writing, in any case without cost, by contacting his or her local human resources
representative. The Company may cancel Participant’s ability to participate in the Plan and, in the Administrator’s
discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws his or her consents as described
herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may contact their
local human resources representative.

 

(l)            Severability.  In
the event any portion of the Plan or any action taken pursuant thereto shall be held illegal or invalid for any reason, the illegality
or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal
or invalid provisions had not been included, and the illegal or invalid action shall be null and void.

 

(m)          Governing
Documents.  In the event of any contradiction between the Plan and any Award
Agreement or any other written agreement between a Participant and the Company or any subsidiary of the Company that has been approved
by the Administrator, the terms of the Plan shall govern, unless it is expressly specified in such Award Agreement or other written
document that a specific provision of the Plan shall not apply.

 

(n)           Submission
to Jurisdiction; Waiver of Jury Trial. By accepting an Award, each Participant irrevocably and unconditionally consents to
submit to the exclusive jurisdiction of the courts of the State of Delaware and of the United
States of America, in each case located in the State of Delaware, for any action arising
out of or relating to the Plan (and agrees not to commence any litigation relating thereto except in such courts), and further
agrees that service of any process, summons, notice or document by U.S. registered mail to the address contained in the records
of the Company shall be effective service of process for any litigation brought against it in any such court. By accepting an Award,
each Participant irrevocably and unconditionally waives any objection to the laying of venue of any litigation arising out of Plan
or Award hereunder in the courts of the State of Delaware or the United States of America,
in each case located in the State of Delaware, and further irrevocably and unconditionally
waives and agrees not to plead or claim in any such court that any such litigation brought in any such court has been brought in
an inconvenient forum. By accepting an Award, each Participant irrevocably and unconditionally waives, to the fullest extent permitted
by applicable law, any and all rights to trial by jury in connection with any litigation arising out of or relating to the Plan
or any Award hereunder.

 

    	 	13	 

     

    

 

(o)           Governing
Law.  The provisions of the Plan and all Awards made hereunder shall be governed by and
interpreted in accordance with the laws of the State of Delaware, disregarding choice-of-law principles of the law of any state
that would require the application of the laws of a jurisdiction other than such state.

 

(p)           Restrictions
on Shares; Claw-back Provisions. Shares of Common Stock acquired in respect of Awards shall be subject to such terms and conditions
as the Administrator shall determine, including, without limitation, restrictions on the transferability of shares of Common Stock,
the right of the Company to repurchase shares of Common Stock, the right of the Company to require that shares of Common Stock
be transferred in the event of certain transactions, tag-along rights, bring-along rights, redemption and co-sale rights and voting
requirements. Such terms and conditions may be additional to those contained in the Plan and may, as determined by the Administrator,
be contained in the applicable Award Agreement or in an exercise notice, stockholders’ agreement or in such other agreement
as the Administrator shall determine, in each case in a form determined by the Administrator. The issuance of such shares of Common
Stock shall be conditioned on the Participant’s consent to such terms and conditions and the Participant’s entering
into such agreement or agreements. All Awards (including any proceeds, gains or other economic benefit actually or constructively
received by Participant upon any receipt or exercise of any Award or upon the receipt or resale of any shares of Common Stock underlying
the Award) shall be subject to the provisions of any claw-back policy implemented by the Company, including, without limitation,
any claw-back policy adopted to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and
any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy and/or in the applicable Award
Agreement.

 

(q)          Titles
and Headings. The titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of
any conflict, the text of the Plan, rather than such titles or headings, shall control.

 

(r)            Conformity
to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with all provisions
of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission
thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan and all Awards
granted hereunder shall be administered only in such a manner as to conform to such laws, rules and regulations. To the extent
permitted by Applicable Laws, the Plan and all Award Agreements shall be deemed amended to the extent necessary to conform to such
laws, rules and regulations.

 

11.          Definitions.
As used in the Plan, the following words and phrases shall have the following meanings:

 

(a)           “Administrator”
means the Board or a Committee to the extent that the Board’s powers or authority under the Plan have been delegated to such
Committee.

 

(b)           “Applicable
Laws” means the requirements relating to the administration of equity incentive plans under U.S. federal and state
securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system
on which the Common Stock is listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where
Awards are granted or issued under the Plan.

 

(c)           “Award”
means, individually or collectively, a grant under the Plan of Options, Restricted Stock, Restricted Stock Units or Other Stock-Based
Awards.

 

(d)           “Award
Agreement” means a written agreement evidencing an Award, which agreements may be in electronic medium and shall
contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent with and subject to
the terms and conditions of the Plan.

 

    	 	14	 

     

    

 

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

 

(f)           “Cause,”
with respect to a Participant, means “Cause” (or any term of similar effect) as defined in such Participant’s
employment agreement with the Company if such an agreement exists and contains a definition of Cause (or term of similar effect),
or, if no such agreement exists or such agreement does not contain a definition of Cause (or term of similar effect), then Cause
shall include, but not be limited to: (i) the Participant’s unauthorized use or disclosure of confidential information or
trade secrets of the Company or any material breach of a written agreement between the Participant and the Company, including without
limitation a material breach of any employment, confidentiality, non-compete, non-solicit or similar agreement; (ii) the Participant’s
commission of, indictment for or the entry of a plea of guilty or nolo contendere by the Participant to, a felony under
the laws of the United States or any state thereof or any crime involving dishonesty or moral turpitude (or any similar crime in
any jurisdiction outside the United States); (iii) the Participant’s negligence or willful misconduct in the performance
of the Participant’s duties or the Participant’s willful or repeated failure or refusal to substantially perform assigned
duties; (iv) any act of fraud, embezzlement, material misappropriation or dishonesty committed by the Participant against the Company;
or (v) any acts, omissions or statements by a Participant which the Company determines to be materially detrimental or damaging
to the reputation, operations, prospects or business relations of the Company.

 

(g)           “Change
in Control” means (i) a merger or consolidation of the Company with or into any other corporation or other entity
or person, (ii) a sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or substantially
all of the Company’s assets, or (iii) any other transaction, including the sale by the Company of new shares of its capital
stock or a transfer of existing shares of capital stock of the Company, the result of which is that a third party that is not an
affiliate of the Company or its stockholders (or a group of third parties not affiliated with the Company or its stockholders)
immediately prior to such transaction acquires or holds capital stock of the Company representing a majority of the Company’s
outstanding voting power immediately following such transaction; provided that the following events shall not constitute a “Change
in Control”: (A) a transaction (other than a sale of all or substantially all of the Company’s assets) in which the
holders of the voting securities of the Company immediately prior to the merger or consolidation hold, directly or indirectly,
at least a majority of the voting securities in the successor corporation or its parent immediately after the merger or consolidation;
(B) a sale, lease, exchange or other transaction in one transaction or a series of related transactions of all or substantially
all of the Company’s assets to an affiliate of the Company; (C) an initial public offering of any of the Company’s
securities; (D) a reincorporation of the Company solely to change its jurisdiction; or (E) a transaction undertaken for the primary
purpose of creating a holding company that will be owned in substantially the same proportion by the persons who held the Company’s
securities immediately before such transaction. Notwithstanding the foregoing, if a Change in Control would give rise to a payment
or settlement event with respect to any Award that constitutes “nonqualified deferred compensation,” the transaction
or event constituting the Change in Control must also constitute a “change in control event” (as defined in Treasury
Regulation §1.409A-3(i)(5)) in order to give rise to the payment or settlement event for such Award, to the extent required
by Section 409A.

 

(h)           “Code”
means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder. 

 

(i)           “Committee”
means one or more committees or subcommittees of the Board, which may be comprised of one or more directors and/or executive officers
of the Company, in either case, to the extent permitted in accordance with Applicable Laws.

 

    	 	15	 

     

    

 

(j)            “Common
Stock” means the common stock of the Company, par value $0.001 per share.

 

(k)          “Company”
means Concrete Pumping Holdings, Inc., a Delaware corporation, or any successor thereto. Except where the context otherwise requires,
the term “Company” includes any of the Company’s present or future parent or subsidiary corporations as defined
in Sections 424(e) or (f) of the Code and any other business venture (including, without limitation, joint venture or
limited liability company) in which the Company has a significant interest, as determined by the Administrator.

 

(l)            “Consultant”
means any person, including any advisor, engaged by the Company or a parent or subsidiary of the Company to render services
to such entity if: (i) the consultant or adviser renders bona fide services to the Company; (ii) the services
rendered by the consultant or advisor are not in connection with the offer or sale of securities in a capital-raising transaction
and do not directly or indirectly promote or maintain a market for the Company’s securities; and (iii) the consultant
or advisor is a natural person, or such other advisor or consultant as is approved by the Administrator.

 

(m)          “Designated
Beneficiary” means the beneficiary or beneficiaries designated, in a manner determined by the Administrator, by a
Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s death or incapacity
In the absence of an effective designation by a Participant, “Designated Beneficiary” shall mean the Participant’s
estate.

 

(n)           “Director”
means a member of the Board.

 

(o)           “Disability”
means a permanent and total disability within the meaning of Section 22(e)(3) of the Code, as it may be amended from time to time.

 

(p)          “Dividend
Equivalents” means a right granted to a Participant pursuant to Section 6(d)(3) hereof to receive the equivalent
value (in cash or shares of Common Stock) of dividends paid on shares of Common Stock.

 

(q)           “Employee”
means any person, including officers and Directors, employed by the Company (within the meaning of Section 3401(c) of the Code)
or any parent or subsidiary of the Company.

 

(r)           “Equity
Restructuring” means, as determined by the Administrator, a non-reciprocal transaction between the Company and its
stockholders, such as a stock dividend, stock split, spin-off or recapitalization through a large, nonrecurring cash dividend,
that affects the shares of Common Stock (or other securities of the Company) or the share price of Common Stock (or other securities
of the Company) and causes a change in the per share value of the Common Stock underlying outstanding Awards.

 

(s)           “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(t)           “Fair
Market Value” means, as of any date, the value of Stock determined as follows: (i) if the Common Stock is listed
on any established stock exchange, its Fair Market Value shall be the closing sales price for such Common Stock as quoted on such
exchange for such date, or if no sale occurred on such date, the first market trading day immediately prior to such date during
which a sale occurred, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
(ii) if the Common Stock is not traded on a stock exchange but is quoted on a national market or other quotation system, the
last sales price on such date, or if no sales occurred on such date, then on the date immediately prior to such date on which sales
prices are reported, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or
(iii)        in the absence of an established market for the Common Stock, the Fair Market
Value thereof shall be determined by the Administrator in its sole discretion.

 

    	 	16	 

     

    

 

(u)           “Incentive
Stock Option” means an “incentive stock option” as defined in Section 422 of the Code.

 

(v)          “Non-Qualified
Stock Option” means an Option that is not intended to be or otherwise does not qualify as an Incentive Stock Option.

 

(w)          “Option”
means an option to purchase Common Stock.

 

(x)           “Other
Stock-Based Awards” means other Awards of shares of Common Stock, and other Awards that are valued in whole or in
part by reference to, or are otherwise based on, shares of Common Stock or other property.

 

(y)          “Participant”
means a Service Provider who has been granted an Award under the Plan.

 

(z)           “Plan”
means this 2015 Equity Incentive Plan.

 

(aa)         “Publicly
Listed Company” means that the Company or its successor (i) is required to file periodic reports pursuant to Section
12 of the Exchange Act and (ii) the Common Stock is listed on one or more National Securities Exchanges (within the meaning of
the Exchange Act) or is quoted on NASDAQ or a successor quotation system.

 

(bb)        “Restricted
Stock” means Common Stock awarded to a Participant pursuant to Section 6 hereof that is subject to certain vesting
conditions and other restrictions.

 

(cc)         “Restricted
Stock Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one share of Common
Stock or an amount in cash or other consideration determined by the Administrator equal to the value thereof as of such payment
date, which right may be subject to certain vesting conditions and other restrictions. 

 

(dd)        “Section
409A” means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative
authority thereunder.

 

(ee)          “Securities
Act” means the Securities Act of 1933, as amended from time to time.

 

(ff)          “Service
Provider” means an Employee, Consultant or Director.

 

(gg)        “Termination
of Service” means the date the Participant ceases to be a Service Provider.

 

* * * * *

 

    	 	17	 

     

    

 

CONCRETE PUMPING HOLDINGS, INC.

 

2015 EQUITY INCENTIVE PLAN 

 

CALIFORNIA SUPPLEMENT 

 

This supplement is intended to satisfy the
requirements of Section 25102(o) of the California Corporations Code and the regulations issued thereunder (“Section
25102(o)”). Notwithstanding anything to the contrary contained in the Plan and except as otherwise determined by
the Administrator, the provisions set forth in this supplement shall apply to all Awards granted under the Plan to a Participant
who is a resident of the State of California on the date of grant (a “California Participant”) and which
are intended to be exempt from registration in California pursuant to Section 25102(o), and otherwise to the extent required to
comply with Applicable Law (but only to such extent). Definitions in the Plan are applicable to this supplement.

 

1.            Limitation
On Securities Issuable Under Plan. The amount of securities issued pursuant to the Plan shall not exceed the amounts permitted
under Section 260.140.45 of the California code of regulations to the extent applicable.

 

2.            Additional
Limitations For Grants.  The terms of all Awards shall comply, to the extent applicable, with section 260.140.41
and 260.140.42 of the California code of regulations. 

 

3.            Additional
Requirement To Provide Information To California Participants.  The company shall provide to each California Participant,
not less frequently than annually, copies of annual financial statements (which need not be audited). The company shall not be
required to provide such statements to key persons whose duties in connection with the company assure their access to equivalent
information. In addition, this information requirement shall not apply to any plan or agreement that complies with all conditions
of Rule 701 of the Securities Act of 1933, as amended; provided that for purposes of determining such compliance, any registered
domestic partner shall be considered a “family member” as that term is defined in Rule 701. 

 

* * * * *

 

    	 	CS-1Exhibit
10.2

 

FIRST
AMENDMENT TO 

CONCRETE
PUMPING HOLDINGS, INC.

2015
EQUITY INCENTIVE PLAN

 

THIS FIRST AMENDMENT
(this “First Amendment”) to the Concrete Pumping Holdings, Inc. 2015 Equity Incentive Plan, is made
and adopted by the Board of Directors (the “Board”) of Concrete Pumping Holdings, Inc., a Delaware corporation
(the “Company”), effective as of December 14, 2015 (the “Effective Date”).
All capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Plan
(as defined below).

 

RECITALS

 

WHEREAS,
the Company maintains the Concrete Pumping Holdings, Inc. 2015 Equity Incentive Plan (the “Plan”);

 

WHEREAS, pursuant
to Section 10(d) of the Plan, the Board has the authority to amend the Plan to increase the initial maximum aggregate number of
shares of Common Stock available for issuance thereunder (the “Share Limit”), subject to approval
of the Company’s stockholders within twelve (12) months thereof; and

 

WHEREAS,
the Board believes it is in the best interests of the Company and its stockholders to amend the Plan to increase the Share Limit
by an additional 178,120 shares of Common Stock as set forth herein.

 

NOW,
THEREFORE, BE IT RESOLVED, that the Plan is hereby amended as follows, effective as of the Effective Date, subject to approval
of this First Amendment by the Company’s stockholders:

 

AMENDMENT

 

		1.	The first sentence
of Section 3(a) of the Plan is hereby deleted and replaced in its entirety with the following:

 

“Subject
to adjustment under Section 8 hereof, Awards may be made under the Plan covering up to 1,622,1201 shares of Common
Stock.”

 

		2.	This First Amendment
shall be and is hereby incorporated into and forms a part of the Plan.

 

		3.	Except as expressly
provided herein, all terms and conditions of the Plan shall remain in full force and effect.

 

[Signature
page follows]

 

 

1
This number should equal 1,444,000 plus the additional number of shares reserved pursuant to this Amendment.

 

*   
*    *

 

     

     

    

  

I
hereby certify that the foregoing First Amendment was duly adopted by the Board of Directors of Concrete Pumping Holdings, Inc.
on 12/14, 2015.

 

Executed
        on this 14 day of December, 2015.

 

	 	By:	 	 /s/ M. Brent Stevens
	 	 	Name: 	 
	 	 	Title: 	 

  

*   
*    *

 

I hereby certify that the foregoing First Amendment was approved by the stockholders of Concrete Pumping Holdings, Inc. on 12/14, 2015.

 

Executed on this 14 day of December, 2015.  

 

		By:	 	 /s/ M. Brent Stevens
	 	 	Name: 	 
	 	 	Title:

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