<SEC-DOCUMENT>0001019687-12-004620.txt : 20121220
<SEC-HEADER>0001019687-12-004620.hdr.sgml : 20121220
<ACCEPTANCE-DATETIME>20121220170842
ACCESSION NUMBER:		0001019687-12-004620
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20121214
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121220
DATE AS OF CHANGE:		20121220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYCOM INDUSTRIES INC
		CENTRAL INDEX KEY:			0000067215
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623]
		IRS NUMBER:				591277135
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10613
		FILM NUMBER:		121277977

	BUSINESS ADDRESS:	
		STREET 1:		11770 U.S. HIGHWAY 1
		STREET 2:		SUITE 101
		CITY:			PALM BEACH GARDENS
		STATE:			FL
		ZIP:			33408
		BUSINESS PHONE:		5616277171

	MAIL ADDRESS:	
		STREET 1:		11770 U.S. HIGHWAY 1
		STREET 2:		SUITE 101
		CITY:			PALM BEACH GARDENS
		STATE:			FL
		ZIP:			33408

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MOBILE HOME DYNAMICS INC
		DATE OF NAME CHANGE:	19820302
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>dycom_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="background-color: white">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white">Washington,
D.C. 20549</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white"><B>FORM
8-K</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white">CURRENT
REPORT&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white">PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white">Date
of Report (Date of earliest event reported): December 14, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white"><B>DYCOM
INDUSTRIES, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white">(Exact
name of Registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

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    <TD STYLE="width: 33%; font-weight: bold; text-align: center">Florida</TD>
    <TD STYLE="width: 34%; font-weight: bold; text-align: center">001-10613</TD>
    <TD STYLE="width: 33%; font-weight: bold; text-align: center">59-1277135</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: center">(State or other jurisdiction of incorporation)<FONT STYLE="background-color: white"></FONT></TD>
    <TD STYLE="text-align: center">(Commission file number)</TD>
    <TD STYLE="text-align: center">(I.R.S. employer identification no.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white"><B>&#9;
</B></FONT>&nbsp;&#9; <FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white"><B>11770
U.S. Highway One, Suite 101</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white"><B>Palm
Beach Gardens, Florida&nbsp;&nbsp;33408</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;(Address
of principal executive offices) (Zip Code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white"><B>(561)
627-7171</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="background-color: white">(Registrant's
telephone number, including area code)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="background-color: white">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.65in 0 0; background-color: white; text-align: justify"><FONT STYLE="background-color: white">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.65in 0 0; background-color: white"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

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    <TD STYLE="width: 5%"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 95%">Written communications pursuant to Rule 425 under the Securities Act&nbsp;&nbsp;(17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;5.02&#9;Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify">On November 20, 2012, the shareholders
of Dycom Industries, Inc. (the &ldquo;Company&rdquo;) approved the Dycom Industries, Inc. 2012 Long-Term Incentive Plan (the &ldquo;Plan&rdquo;)
at the Company&rsquo;s Annual Meeting of Shareholders. Key employees and officers of the Company are eligible to participate in
the Plan. The Plan will be administered by the compensation committee of the Company&rsquo;s Board of Directors (the &ldquo;Committee&rdquo;),
which has broad discretion to award stock options, in the form of nonqualified stock options or incentive stock options, restricted
stock and restricted stock units and establish the applicable terms and conditions of the awards. In addition, the Committee may
grant performance awards payable to Plan participants upon the achievement of performance goals during applicable performance periods.
The maximum number of shares that may be granted under the Plan is 3,000,000, of which no more than 400,000 may be granted to any
individual in a calendar year, and the maximum dollar amount with respect to awards denominated in cash that may be granted to
an individual in a calendar year is $1,500,000. This description of the Plan is qualified in its entirety by reference to the actual
Plan document, which is filed as Annex A to the Company&rsquo;s Definitive Proxy Statement filed on October 11, 2012 and is hereby
incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify">On December 14, 2012, the Committee
granted the following awards under the Plan to the Company&rsquo;s executive officers:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><B><I>Time Vesting Restricted Stock Units</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify">The time vesting restricted stock
units (&ldquo;RSUs&rdquo;) granted to the executive officers below represent a contingent right to acquire one share of Company
common stock upon satisfaction of the vesting terms. The RSUs vest in four substantially equal installments beginning on December
14, 2013. Except as otherwise provided in an executive officer&rsquo;s employment agreement, upon his termination of employment
for any reason, any unvested RSUs will be forfeited without payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt; font-weight: bold; text-decoration: underline">Executive</TD>
    <TD STYLE="width: 2%; padding-left: 6.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%; font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: center">RSUs Granted</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">H. Andrew Deferrari</P></TD>
    <TD STYLE="padding-left: 6.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">6,712</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Timothy R. Estes</P></TD>
    <TD STYLE="padding-left: 6.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">9,529</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Steven E. Nielsen</P></TD>
    <TD STYLE="padding-left: 6.25pt; font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">15,125</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Richard B. Vilsoet</P></TD>
    <TD STYLE="padding-left: 6.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">5,920</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Incentive Stock Options</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify">The Incentive Stock Options (&ldquo;ISOs&rdquo;)
granted to the executive officers below represent a contingent right to acquire one share of Company common stock upon the satisfaction
of the vesting terms and the payment of an exercise price established at the date of grant. Each ISO has an exercise price
of $18.67 and a maximum term of ten years. The ISOs vest in four substantially equal installments beginning on December 14, 2013.
Except as otherwise provided in an executive officer&rsquo;s employment agreement, upon his termination of employment for any reason
other than death or disability, any outstanding vested or unvested ISOs will be forfeited without payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt; font-weight: bold; text-decoration: underline">Executive</TD>
    <TD STYLE="width: 2%; padding-left: 6.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%; font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: center">ISOs Granted</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Timothy R. Estes</P></TD>
    <TD STYLE="padding-left: 6.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">45,202</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Steven E. Nielsen</P></TD>
    <TD STYLE="padding-left: 6.25pt; font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">71,749</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Performance Vesting Restricted Stock Units</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify">The
performance vesting restricted stock units (&ldquo;PSUs&rdquo;) <FONT STYLE="color: black">vest in three annual
installments beginning on December 14, 2013 subject to the Company achieving annual financial performance measures (the
&ldquo;Annual Goals&rdquo;) pre-established by the Committee for each of fiscal years 2013, 2014 and 2015. &nbsp;Upon
satisfaction of the relevant vesting requirements, each PSU is settled for one share of Company common stock. </FONT>The PSUs
entitle each executive officer to earn a number of shares of Company common stock ranging from 0%-100% of the target number
of PSUs (for each executive, the &ldquo;Target PSUs&rdquo;) vesting with respect to a relevant fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="color: black">In
addition to the PSUs earned when Annual Goals are met, the executive officers may each earn supplemental units if the Company
achieves cumulative financial performance measures based on the previous three fiscal years (for example, for fiscal 2013,
fiscal years 2011-2013) (the &ldquo;Three-Year Goals&rdquo;). &nbsp;If the Three-Year Goals are achieved, executive officers will
each vest in additional PSUs of up to 100% of the number of PSUs that vest in that fiscal year upon the satisfaction of the
relevant Annual Goals. </FONT> <FONT STYLE="color: black">Supplemental units are earned only in a fiscal year for which units
are awarded for meeting the Annual Goals. </FONT>Except as otherwise provided in an executive officer&rsquo;s employment
agreement, upon his termination of employment for any reason, any unvested PSUs will be forfeited without payment.<FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify">The Target PSUs granted to the executive
officers are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt; font-weight: bold; text-decoration: underline">Executive</TD>
    <TD STYLE="width: 2%; padding-left: 6.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%; font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: center">Target PSUs Granted</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">H. Andrew Deferrari</P></TD>
    <TD STYLE="padding-left: 6.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">18,294</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Richard B. Vilsoet</P></TD>
    <TD STYLE="padding-left: 6.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">16,050</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Item&nbsp;9.01 Exhibits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">(d)&nbsp;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center">10.21</TD>
    <TD STYLE="font-size: 10pt; width: 92%">Form of Incentive Stock Option Agreement under 2012 Long-Term Incentive Plan</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center">10.22</TD>
    <TD STYLE="font-size: 10pt; width: 92%">Form of Non-Qualified Stock Option Agreement under 2012 Long-Term Incentive Plan</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center">10.23</TD>
    <TD STYLE="font-size: 10pt; width: 92%">Form of Restricted Stock Unit Agreement under 2012 Long-Term Incentive Plan</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center">10.24</TD>
    <TD STYLE="font-size: 10pt; width: 92%">Form of Performance Unit Agreement under 2012 Long-Term Incentive Plan</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="background-color: white"><B>SIGNATURES</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; background-color: white; text-align: justify"><FONT STYLE="background-color: white">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.</FONT></P>

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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">DYCOM INDUSTRIES, INC.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Registrant)</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="background-color: white">Dated:&nbsp;&nbsp;December
20, 2012</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Richard B. Vilsoet</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD>Name: Richard B. Vilsoet</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President, General Counsel&nbsp;and Corporate Secretary</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0; background-color: white"><FONT STYLE="background-color: white">&nbsp;</FONT>4</P>

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<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>2
<FILENAME>dycom_8k-ex1021.htm
<DESCRIPTION>FORM OF INCENTIVE STOCK OPTION AGREEMENT
<TEXT>
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<P STYLE="margin: 0">Exhibit 10.21</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DYCOM INDUSTRIES, INC. INCENTIVE STOCK
OPTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">INCENTIVE
STOCK OPTION AGREEMENT dated as of _______________, 20___ (the &quot;<U>Award Document</U>&quot;) between DYCOM INDUSTRIES, INC.,
a Florida corporation (the &quot;<U>Company</U>&quot;), and</FONT> <FONT STYLE="font-size: 10pt">&laquo;Name&raquo;</FONT> <FONT STYLE="font-size: 10pt">(<U>&quot;Participant</U>&quot;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Participant
is an officer or key employee of the Company or one of its Subsidiaries and, pursuant to the Company's 2012 Long-Term Incentive
Plan (the &quot;<U>Plan</U>&quot;) and upon the terms and conditions hereinafter set forth, the Company desires to provide the
Participant with an additional incentive to remain in its employ and to increase his or her interest in the success of the Company
by granting stock options to the Participant intended to qualify as incentive stock options under Code Section&nbsp;422 (the &quot;<U>Incentive
Stock Options</U>&quot; or &quot;<U>Stock Options</U>&quot;) to purchase shares of common stock, par value $0.33 1/3 per share,
of the Company (the &quot;<U>Common Stock</U>&quot;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the covenants and agreements herein contained, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">1.&#9;<U>Definitions; Incorporation
of Plan Terms</U>. Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan, a copy
of which is attached hereto. This Award Document and the Stock Options shall be subject to the Plan, the terms of which are incorporated
herein by reference, and in the event of any conflict or inconsistency between the Plan and this Award Document, the Plan shall
govern. The date of grant with respect to the Stock Options (the &quot;<U>Date of Grant</U>&quot;) is the date specified at the
foot of the signature page hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">2.&#9;<U>Certain Restrictions</U>.
None of the Stock Options or any rights or interests therein may be sold, transferred, assigned, pledged, or otherwise encumbered
or disposed of, except by will or the laws of descent and distribution. During the Participant's lifetime, a Stock Option shall
be exercisable only by the Participant or, if applicable, his legal representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">3.&#9;<U>Grant of Stock Options</U>.
Subject to the terms and conditions contained herein and in the Plan, the Company hereby grants to the Participant, effective as
of the Date of Grant, the number of Stock Options specified at the foot of the signature page hereof. Each Stock Option shall entitle
the Participant to purchase, upon payment of the exercise price (the &quot;<U>Exercise Price</U>&quot;) specified at the foot of
the signature page hereof, one share of Common Stock. The Stock Options shall be exercisable as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">4.&#9;<U>Terms and Conditions of
Stock Options</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(a)&#9;<U>Vesting</U>.
Subject to the terms and conditions contained herein and in the Plan,[_____________] of the Participant's Stock Options shall vest
and become exercisable as of [__________________, 20__] (each, a &ldquo;<U>Vesting Date</U>&rdquo;), <U>provided</U> that the Participant
remains in the continuous employ of the Company or a Subsidiary on the applicable Vesting Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in">(b)&#9;<U>Notice of
Exercise</U>. Subject to Sections&nbsp;4(c) and 4(f) hereof, the Participant (or the Participant&rsquo;s legal representative,
as applicable) may exercise any or all of his or her vested Stock Options by giving written notice of exercise to the Secretary
of the Company in the manner designated by the Committee. The date of exercise of a Stock Option shall be the later of (i)&nbsp;the
date on which the Company receives such written notice or (ii)&nbsp;the date on which the conditions provided in Sections&nbsp;4(c)
and 4(f) hereof are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#9;<U>Payment</U>.
Subject to the terms and conditions of the Plan and this Award Document (including, without limitation, Section 7), unless otherwise
determined by the Committee in its sole discretion, prior to the issuance of shares of Common Stock acquired pursuant to the exercise
of Stock Options payment of the aggregate Exercise Price of all exercised Stock Options shall be made in full or in part </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 66pt 0 1in; text-align: justify">(i) in cash, certified or bank
check, or such other instrument acceptable to the Committee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 66pt 0 1in; text-align: justify">(ii) by actual delivery to the
Company or attestation to ownership of freely transferable shares of Common Stock already owned and held by the Participant for
at least 6 months prior to the date of exercise with a Fair Market Value equal to the aggregate Exercise Price (or portion thereof)
of the Stock Options as of the date of exercise or the date of attestation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 66pt 0 1in; text-align: justify">(iii) through net share settlement
or similar procedure involving the withholding of shares of Common Stock subject to the Stock Options;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 66pt 0 1in; text-align: justify">(iv) through a &ldquo;cashless
exercise&rdquo; procedure established with a broker as approved by the Committee in its sole discretion; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 66pt 0 1in; text-align: justify">(v) in any combination thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(d)&#9;<U>Term</U>. The Participant&rsquo;s
Stock Options shall terminate and no longer be exercisable on and after the tenth<SUP> </SUP>anniversary of the Date of Grant (the
&ldquo;<U>Grant Expiration Date</U>&rdquo;) or such earlier times as described herein and in the Plan. Notwithstanding the forgoing,
if the Grant Expiration Date falls on a date that the primary market on which the Common Stock trades is closed, the Grant Expiration
Date shall be the last trading date immediately preceding the tenth<SUP> </SUP>anniversary of the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(e)&#9;<U>Shareholder Rights</U>.
The Participant will have no rights as a shareholder with respect to any shares of Common Stock issuable upon the exercise of a
Stock Option until such shares shall have been issued to the Participant. Subject to Section&nbsp;13(b) of the Plan, no adjustment
shall be made for dividends or distributions or other rights in respect of any share of Common Stock for which the record date
is prior to the date on which the Participant shall become the holder of record thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in">(f)&#9;<U>Limitation on Exercise</U>.
A Stock Option shall not be exercisable unless and until (i)&nbsp;a registration statement under the Securities Act of 1933, as
amended, has been duly filed and declared effective pertaining to the Common Stock subject to such Stock Option and such Common
Stock shall have been qualified under applicable state &quot;blue sky&quot; laws, or (ii)&nbsp;the Committee in its sole discretion
determines that such registration and qualification are not required as a result of the availability of an exemption from registration
and qualification. The exercise of a Stock Option or the disposition of any shares of Common Stock issuable upon the exercise of
a Stock Option shall be subject to the Company's policies and procedures relating to employee trading in the Company's securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(g)&#9;<U>Issuance of Shares</U>.
After receiving proper notice of exercise, the Company shall issue the shares of Common Stock acquired upon exercise registered
in the name of the Participant or the Participant&rsquo;s legal representative which shall be evidenced by stock certificates representing
the shares with the appropriate legends affixed thereto; appropriate entry on the books of the Company or of a duly authorized
transfer agent; or other appropriate means as determined by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(h)&#9;<U>Dispositions of Common
Stock</U>. If the Participant makes a disposition, within the meaning of Section&nbsp;424(c) of the Code and the regulations promulgated
thereunder, of any share of Common Stock issued to the Participant in connection with the exercise of a Stock Option granted pursuant
to this Award Document within the two-year period commencing on the day after the Date of Grant or within the one-year period commencing
on the day after the date of transfer of shares of Common Stock to the Participant pursuant to such exercise, the Participant shall,
within ten&nbsp;(10) days of such disposition, notify the Company thereof, by delivery of written notice to the Company at its
principal executive office by one of the methods described in Section&nbsp;9 of this Award Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(i)&#9;<U>$100,000 Limitation</U>.&nbsp;&nbsp;With
respect to Incentive Stock Options granted to the Participant under the Plan, if the aggregate Fair Market Value (determined as
of the date the Incentive Stock Option is granted) of the number of shares with respect to which Incentive Stock Options are exercisable
for the first time by the Participant during any calendar year under all plans of the Company or a Subsidiary exceeds One Hundred
Thousand Dollars&nbsp;($100,000) or such other limit as may be required by the Code, such Incentive Stock Options shall be treated,
to the extent of such excess, as non-qualified stock options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">5.&#9;<U>Termination of Employment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(a)&#9;<U>Termination of Employment</U>.&nbsp;&nbsp;If
the Participant&rsquo;s employment with the Company is terminated for any reason other than disability (as defined below) or death,
then all of his or her vested or unvested Stock Options shall terminate without payment, but only if the Participant has not exercised
such Stock Options before the date of his or her termination of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(b)&#9;<U>Disability</U>.&nbsp;&nbsp;If
the Participant is unable to continue his or her employment with the Company as a result of disability (as defined in the Company
long-term disability plan applicable to the Participant), the Participant may exercise his or her vested Stock Options at any time
within ninety (90) days following the date of his or her termination of employment (provided that in no event may the Participant
exercise the Stock Options following the expiration of their term), but only to the extent that such Participant was entitled to
exercise the Stock Options at the date of such termination. If such Stock Options are not exercised within the time specified herein,
the Stock Options shall terminate without payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><U>Death</U>. In the event of the Participant&rsquo;s death, the Stock Options may be exercised, at any time within ninety&nbsp;(90)
days following the date of death, by the Participant&rsquo;s legal representative (provided that in no event may the Participant
exercise the Stock Options following the expiration of their term), but only to the extent that the Participant was entitled to
exercise the Stock Options at the date of death. If such Stock Options are not exercised within the time specified herein, the
Stock Options shall terminate without payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">6.&#9;<U>Representations and Warranties</U>.
The Participant is aware of and familiar with the restrictions imposed on the transfer of any Stock Options. The Participant represents
that (i)&nbsp;this Award Document has been duly executed and delivered by the Participant and constitutes a legal, valid and binding
agreement of the Participant, enforceable against the Participant in accordance with its terms, except as limited by any applicable
bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors' rights generally and by general principles
of equity and (ii)&nbsp;the Participant is acquiring shares of Common Stock hereunder for investment, solely for his own account
and not with a view to, or for resale with, the distribution or other disposition thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">7.&#9;<U>Tax Withholding</U>. To
the extent that (i)&nbsp;any Stock Options granted under this Award Document are deemed to be non-qualified stock options or (ii)&nbsp;the
Company otherwise determines that the exercise of a Stock Option would be subject to any tax withholding requirements, it shall
be a condition to the obligation of the Company to deliver shares of Common Stock pursuant to the exercise of such a Stock Option
that the Participant remit to the Company such amount as may be required by the Company for the purpose of satisfying any federal,
state, or local tax withholding requirements. The Company may, in its sole discretion, permit the Participant to satisfy any applicable
taxes by tendering shares of Common Stock, in an amount sufficient to satisfy any minimum required tax withholding obligations.
Shares withheld or tendered shall be valued using the Fair Market Value of a share of Common Stock on the date of exercise, or
such other appropriate date as may be determined by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">8.&#9;<U>Survival;
Assignment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(a)&#9;All agreements,
representations and warranties made herein and in any certificates delivered pursuant hereto shall survive the issuance to the
Participant of the Stock Options and any shares of Common Stock and, notwithstanding any investigation heretofore or hereafter
made by the Participant or the Company or on the Participant's or the Company's behalf, shall continue in full force and effect.
Except as expressly provided in the Plan or this Award Document, the Participant may not assign any of his or her rights hereunder
whether voluntary or involuntary, by operation of law or otherwise. Whenever in this Agreement any of the parties hereto is referred
to, such reference shall be deemed to include the heirs and permitted successors and assigns of such party; and all agreements
herein by or on behalf of the Company, or by or on behalf of the Participant, shall bind and inure to the benefit of the heirs
and permitted successors and assigns of such parties hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in">(b)&#9;The Company
shall have the right to assign to any of its affiliates any of its rights, or to delegate to any of its affiliates any of its obligations,
under this Award Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">9.&#9;<U>Notices</U>.
All notices and other communications under this Award Document will be in writing and will be given by hand delivery to the other
party or by first class mail, overnight courier, or registered or certified mail, return receipt requested, postage prepaid, addressed
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: left">If to the Participant:<BR>
<BR>
at the last known address on record at the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: left">If to the Company:<BR>
Dycom Industries, Inc.<BR>
11770 U.S. Highway 1, Suite 101<BR>
Palm Beach Gardens, Florida 33408<BR>
Attention: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">or to such other address as any party
shall have furnished to the other in writing in accordance with this Section 9. Notice and communications shall be effective when
actually received by the addressee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">10.&#9;<U>Compliance
with Code Section 409A</U>. Notwithstanding any contrary provision herein or in the Plan, if a Stock Option is deemed to be a &ldquo;deferral
of compensation&rdquo; under Code Section 409A or any regulations or guidance promulgated thereunder or could cause any person
to be subject to excise taxes, accelerated taxation, interest or penalties under Code Section 409A, the Company may, in its sole
discretion and without the Participant&rsquo;s consent, modify the Plan or this Award Document: (i) to comply with, or avoid being
subject to, Code Section 409A, or to avoid the imposition of any excise taxes, accelerated taxation, interest or penalties under
Code Section 409A, and (ii) to maintain, to the maximum extent practicable, the original intent of the applicable provision without
contravening the provisions of Code Section 409A. This Section 10 does not create an obligation on the part of the Company to modify
the Plan or this Award Document and does not guarantee that any person will not be subject to excise taxes, accelerated taxation,
interest or penalties under Code Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">11.&#9;<U>Amendment</U>.
Subject to applicable laws, rules and regulations, the Board or the Committee may, at any time, amend, modify or suspend this Award
Document; <U>provided</U><I>, </I><U>however</U>, that no amendment, modification or suspension of this Award Document shall (i)
be effective without the approval of the shareholders of the Company if such approval is required under applicable laws, rules
or regulations, including the rules of the New York Stock Exchange and (ii) materially and adversely alter or impair the rights
of the Participant without his or her consent. Notwithstanding the foregoing, the Board shall have broad authority to amend this
Award Document without the consent of the Participant to the extent it deems necessary or desirable to (x)&nbsp;comply with, take
into account changes in, or interpretations of, applicable tax laws, securities laws, employment laws, accounting rules and other
applicable laws, rules and regulations, (y)&nbsp;take into account unusual or nonrecurring events or market conditions (including,
without limitation, the events described in Section 13(b) of the Plan), or (z) take into account significant acquisitions or dispositions
of assets or other property by the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in">12.&#9;<U>Recoupment</U>.
The Participant agrees that the Award granted under this Award Document shall be subject to any clawback or recoupment policies
and procedures that are required under applicable law, rule or regulation or Company policy as enacted, adopted or modified from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">13.&#9;<U>No Rights
to Grants or Continued Employment</U>. The Participant shall not have any claim or right to receive Awards under the Plan. Nothing
in the Plan or in this Award Document shall confer upon the Participant any right to continued employment with the Company or any
Subsidiary, as the case may be, or interfere in any way with the right of the Company or a Subsidiary to terminate the employment
of the Participant at any time, with or without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">14.&#9;<U>Waiver</U>.
The waiver by either party of compliance with any provision of this Award Document by the other party shall not operate or be construed
as a waiver of any other provision of this Award Document, or of any subsequent breach by such party of a provision of this Award
Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">15.&#9;<U>Entire Agreement</U>.
This Award Document and the Plan set forth the entire agreement and understanding between the parties hereto and supersede all
prior agreements and understandings relating to the subject matter hereof. This Award Document may be executed in one or more counterparts,
each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement.
The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning
of any of the provisions of this Award Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">16.&#9;<U>Governing
Law</U>. Except as to matters of federal law, this Award Document and actions taken hereunder shall be subject to, and construed
in accordance with, the laws of the State of Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">17. &#9;<U>Acceptance</U>.
The Participant acknowledges receipt of the Plan and this Award Document. The Participant has read and understands the terms and
provisions of the Plan and this Award Document, and by signing this Award Document accepts the Award subject to all of their terms
and conditions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties have executed this Award Document as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 12pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">DYCOM INDUSTRIES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">By: _________________________________________<BR>
<BR></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PARTICIPANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">____________________________________________<BR>
&laquo;Name&raquo;</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&laquo;Subsidiary&raquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Number of Incentive Stock Options: ________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Exercise Price: $___________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Date of Grant: __________________, 20__</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; text-align: center; margin-bottom: 0">7</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.22
<SEQUENCE>3
<FILENAME>dycom_8k-ex1022.htm
<DESCRIPTION>FORM OF NON-QUALIFIED STOCK OPTION AGREEMENT
<TEXT>
<HTML>
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     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">Exhibit 10.22</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">DYCOM INDUSTRIES, INC. NON-QUALIFIED STOCK
OPTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in">STOCK OPTION AGREEMENT
dated as of __________________, 20__ (the &quot;<U>Award Document</U>&quot;) between DYCOM INDUSTRIES, INC., a Florida corporation
(the &quot;<U>Company</U>&quot;), and &laquo;Name&raquo; (<U>&quot;Participant</U>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Participant
is an officer or key employee of the Company or one of its Subsidiaries and, subject to the terms and conditions set forth herein,
the Company desires to provide the Participant an additional incentive to remain in its employ and to increase his or her interest
in the success of the Company by granting stock options to the Participant (the &quot;<U>Stock Options</U>&quot;) to purchase shares
of common stock, par value $0.33 1/3 per share, of the Company (the &quot;<U>Common Stock</U>&quot;) under the Company's 2012 Long-Term
Incentive Plan, as amended (the &quot;<U>Plan</U>&quot;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the covenants and agreements herein contained, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">1.&#9;<U>Definitions; Incorporation
of Plan Terms</U>. Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan, a copy
of which is attached hereto. This Award Document and the Stock Options shall be subject to the Plan, the terms of which are incorporated
herein by reference, and in the event of any conflict or inconsistency between the Plan and this Award Document, the Plan shall
govern. The date of grant with respect to the Stock Options (the &quot;<U>Date of Grant</U>&quot;) is the date specified at the
foot of the signature page hereof. The Stock Options are not intended to be, or qualify as, &ldquo;Incentive Stock Options&rdquo;
within the meaning of Section 422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">2.&#9;<U>Certain Restrictions</U>.
None of the Stock Options or any rights or interests therein may be sold, transferred, assigned, pledged, or otherwise encumbered
or disposed of, except by will or the laws of descent and distribution. During the Participant's lifetime, a Stock Option shall
be exercisable only by the Participant or, if applicable, his legal representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">3.&#9;<U>Grant of Stock Options</U>.
Subject to the terms and conditions contained herein and in the Plan, the Company hereby grants to the Participant, effective as
of the Date of Grant, the number of Stock Options specified at the foot of the signature page hereof. Each Stock Option shall entitle
the Participant to purchase, upon payment of the exercise price (the &quot;<U>Exercise Price</U>&quot;) specified at the foot of
the signature page hereof, one share of Common Stock. The Stock Options shall be exercisable as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">4.&#9;<U>Terms and Conditions of
Stock Options</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(a)&#9;<U>Vesting</U>.
Subject to the terms and conditions contained herein and in the Plan, [_________] of the Participant's Stock Options shall vest
and become exercisable on [___________________] (each, a &ldquo;<U>Vesting Date</U>&rdquo;), <U>provided</U> that the Participant
remains in the continuous employ of the Company or a Subsidiary on the applicable Vesting Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(b)&#9;<U>Notice of
Exercise</U>. Subject to Sections 4(c) and 4(f) hereof, the Participant (or the Participant&rsquo;s legal representative, as applicable)
may exercise any or all of his or her vested Stock Options by giving written notice of exercise to the Secretary of the Company
in the manner designated by the Committee. The date of exercise of a Stock Option shall be the later of (i) the date on which the
Company receives such written notice or (ii) the date on which the conditions provided in Sections 4(c) and 4(f) hereof are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(c)&#9;<U>Payment</U>. Subject to
the terms and conditions of the Plan and this Award Document (including, without limitation, Section 7), unless otherwise determined
by the Committee in its sole discretion, prior to the issuance of shares of Common Stock acquired pursuant to the exercise of Stock
Options payment of the aggregate Exercise Price of all exercised Stock Options shall be made in full or in part</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 66pt 0 1in; text-align: justify">(i) in cash, certified or bank
check, or such other instrument acceptable to the Committee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 66pt 0 1in; text-align: justify">(ii) by actual delivery to the
Company or attestation to ownership of freely transferable shares of Common Stock already owned and held by the Participant for
at least 6 months prior to the date of exercise with a Fair Market Value equal to the aggregate Exercise Price (or portion thereof)
of the Stock Options as of the date of exercise or the date of attestation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 66pt 0 1in; text-align: justify">(iii) through net share settlement
or similar procedure involving the withholding of shares of Common Stock subject to the Stock Options;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 66pt 0 1in; text-align: justify">(iv) through a &ldquo;cashless
exercise&rdquo; procedure established with a broker as approved by the Committee in its sole discretion; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 66pt 0 1in; text-align: justify">(v) in any combination thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(d)&#9;<U>Term</U>. The Participant&rsquo;s
Stock Options shall terminate and no longer be exercisable on and after the tenth<SUP> </SUP>anniversary of the Date of Grant (the
&ldquo;<U>Grant Expiration Date</U>&rdquo;) or such earlier times as described herein and in the Plan. Notwithstanding the forgoing,
if the Grant Expiration Date falls on a date that the primary market on which the Common Stock trades is closed, the Grant Expiration
Date shall be the last trading date immediately preceding the tenth<SUP> </SUP>anniversary of the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(e)&#9;<U>Shareholder Rights</U>.
The Participant will have no rights as a shareholder with respect to any shares of Common Stock issuable upon the exercise of a
Stock Option until such shares shall have been issued to the Participant. Subject to Section 13(b) of the Plan, no adjustment shall
be made for dividends or distributions or other rights in respect of any share of Common Stock for which the record date is prior
to the date on which the Participant shall become the holder of record thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(f)&#9;<U>Limitation on Exercise</U>.
A Stock Option shall not be exercisable unless and until (i) a registration statement under the Securities Act of 1933, as amended,
has been duly filed and declared effective pertaining to the Common Stock subject to such Stock Option and such Common Stock shall
have been qualified under applicable state &quot;blue sky&quot; laws, or (ii) the Committee in its sole discretion determines that
such registration and qualification are not required as a result of the availability of an exemption from registration and qualification.
The exercise of a Stock Option or the disposition of any shares of Common Stock issuable upon the exercise of a Stock Option shall
be subject to the Company's policies and procedures relating to employee trading in the Company's securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(g)&#9;<U>Issuance of Shares</U>.
After receiving proper notice of exercise, the Company shall issue the shares of Common Stock acquired upon exercise registered
in the name of the Participant or the Participant&rsquo;s legal representative which shall be evidenced by stock certificates representing
the shares with the appropriate legends affixed thereto; appropriate entry on the books of the Company or of a duly authorized
transfer agent; or other appropriate means as determined by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">5.&#9;<U>Termination of Employment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(a)&#9;<U>Termination of Employment</U>.
If the Participant&rsquo;s employment with the Company is terminated for any reason other than disability (as defined below) or
death, then all of his or her vested or unvested Stock Options shall terminate without payment, but only if the Participant has
not exercised such Stock Options before the date of his or her termination of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(b)&#9;<U>Disability</U>. If the
Participant&rsquo;s employment with the Company or a Subsidiary is terminated as a result of a disability (as defined in the Company
long-term disability plan applicable to the Participant), the Participant may exercise his or her vested Stock Options at any time
within ninety (90) days following the date of his or her termination of employment (provided that in no event may the Participant
exercise the Stock Options following the expiration of the term of the Stock Options), but only to the extent that such Participant
was entitled to exercise the Stock Options at the date of such termination. If the Participant does not exercise the Stock Options
within the time specified herein, such Stock Options shall terminate without payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(c) <U>Death</U>.
In the event of the Participant&rsquo;s death the Stock Options may be exercised, at any time within ninety (90) days
following the date of death, by the Participant&rsquo;s legal representative (provided that in no event may the Participant
exercise the Stock Options following the expiration of the term of the Stock Options), but only to the extent that such
Participant was entitled to exercise the Stock Options at the date of death. If the Participant does not exercise the Stock
Options within the time specified herein, such Stock Options shall terminate without payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">6.&#9;<U>Representations and Warranties</U>.
The Participant is aware of and familiar with the restrictions imposed on the transfer of any Stock Options. The Participant represents
that (i) this Award Document has been duly executed and delivered by the Participant and constitutes a legal, valid and binding
agreement of the Participant, enforceable against the Participant in accordance with its terms, except as limited by any applicable
bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors' rights generally and by general principles
of equity and (ii) the Participant is acquiring shares of Common Stock hereunder for investment, solely for his own account and
not with a view to, or for resale with, the distribution or other disposition thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">7.&#9;<U>Tax Withholding</U>. To
the extent that the exercise of a Stock Option would be subject to any tax withholding requirements, it shall be a condition to
the obligation of the Company to deliver shares of Common Stock pursuant to the exercise of such a Stock Option that the Participant
remit to the Company such amount as may be required by the Company for the purpose of satisfying any federal, state, or local tax
withholding requirements. The Company may, in its sole discretion, permit the Participant to satisfy any applicable taxes by tendering
shares of Common Stock, in an amount sufficient to satisfy any minimum required tax withholding obligations. Shares withheld or
tendered shall be valued using the Fair Market Value of a share of Common Stock on the date of exercise, or such other appropriate
date as may be determined by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">8.&#9;<U>Survival;
Assignment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(a)&#9;All agreements,
representations and warranties made herein and in any certificates delivered pursuant hereto shall survive the issuance to the
Participant of the Stock Options and any shares of Common Stock and, notwithstanding any investigation heretofore or hereafter
made by the Participant or the Company or on the Participant's or the Company's behalf, shall continue in full force and effect.
Except as expressly provided in the Plan or this Award Document, the Participant may not assign any of his or her rights hereunder
whether voluntary or involuntary, by operation of law or otherwise. Whenever in this Agreement any of the parties hereto is referred
to, such reference shall be deemed to include the heirs and permitted successors and assigns of such party; and all agreements
herein by or on behalf of the Company, or by or on behalf of the Participant, shall bind and inure to the benefit of the heirs
and permitted successors and assigns of such parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">(b)&#9;The Company
shall have the right to assign to any of its affiliates any of its rights, or to delegate to any of its affiliates any of its obligations,
under this Award Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">9.&#9;<U>Notices</U>.
All notices and other communications under this Award Document will be in writing and will be given by hand delivery to the other
party or by first class mail, overnight courier, or registered or certified mail, return receipt requested, postage prepaid, addressed
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: left">If to the Participant:<BR>
<BR>
at the last known address on record at the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: left">If to the Company:<BR>
Dycom Industries, Inc.<BR>
11770 U.S. Highway 1, Suite 101<BR>
Palm Beach Gardens, Florida 33408<BR>
Attention: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">or to such other address as any party
shall have furnished to the other in writing in accordance with this Section 9. Notice and communications shall be effective when
actually received by the addressee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">10.&#9;<U>Compliance
with Code Section 409A</U>. Notwithstanding any contrary provision herein or in the Plan, if a Stock Option is deemed to be a &ldquo;deferral
of compensation&rdquo; under Code Section 409A or any regulations or guidance promulgated thereunder or could cause any person
to be subject to excise taxes, accelerated taxation, interest or penalties under Code Section 409A, the Company may, in its sole
discretion and without the Participant&rsquo;s consent, modify the Plan or this Award Document: (i) to comply with, or avoid being
subject to, Code Section 409A, or to avoid the imposition of any excise taxes, accelerated taxation, interest or penalties under
Code Section 409A, and (ii) to maintain, to the maximum extent practicable, the original intent of the applicable provision without
contravening the provisions of Code Section 409A. This Section 10 does not create an obligation on the part of the Company to modify
the Plan or this Award Document and does not guarantee that any person will not be subject to excise taxes, accelerated taxation,
interest or penalties under Code Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">11.&#9;<U>Amendment</U>.
Subject to applicable laws, rules and regulations, the Board or the Committee may, at any time, amend, modify or suspend this Award
Document; <U>provided</U><I>, </I><U>however</U>, that no amendment, modification or suspension of this Award Document shall (i)
be effective without the approval of the shareholders of the Company if such approval is required under applicable laws, rules
or regulations, including the rules of the New York Stock Exchange and (ii) materially and adversely alter or impair the rights
of the Participant without his or her consent. Notwithstanding the foregoing, the Board shall have broad authority to amend this
Award Document without the consent of the Participant to the extent it deems necessary or desirable to (x)&nbsp;comply with, take
into account changes in, or interpretations of, applicable tax laws, securities laws, employment laws, accounting rules and other
applicable laws, rules and regulations, (y)&nbsp;take into account unusual or nonrecurring events or market conditions (including,
without limitation, the events described in Section 13(b) of the Plan), or (z) take into account significant acquisitions or dispositions
of assets or other property by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">12.&#9;<U>Recoupment</U>.
The Participant agrees that the Award granted under this Award Document shall be subject to any clawback or recoupment policies
and procedures that are required under applicable law, rule or regulation or Company policy as enacted, adopted or modified from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">13.&#9;<U>No Rights
to Grants or Continued Employment</U>. The Participant shall not have any claim or right to receive Awards under the Plan. Nothing
in the Plan or in this Award Document shall confer upon the Participant any right to continued employment with the Company or any
Subsidiary, as the case may be, or interfere in any way with the right of the Company or a Subsidiary to terminate the employment
of the Participant at any time, with or without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">14.&#9;<U>Waiver</U>.
The waiver by either party of compliance with any provision of this Award Document by the other party shall not operate or be construed
as a waiver of any other provision of this Award Document, or of any subsequent breach by such party of a provision of this Award
Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">15.&#9;<U>Entire Agreement</U>.
This Award Document and the Plan set forth the entire agreement and understanding between the parties hereto and supersede all
prior agreements and understandings relating to the subject matter hereof. This Award Document may be executed in one or more counterparts,
each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement.
The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning
of any of the provisions of this Award Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">16.&#9;<U>Governing
Law</U>. Except as to matters of federal law, this Award Document and actions taken hereunder shall be subject to, and construed
in accordance with, the laws of the State of Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.
&#9;<U>Acceptance</U>. The Participant acknowledges receipt of the Plan and this Award Document. The Participant has read and understands
the terms and provisions of the Plan and this Award Document, and by signing this Award Document accepts the Award subject to all
of their terms and conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties have executed this Award Document, as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 12pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">DYCOM INDUSTRIES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">By: _________________________________________<BR>
<BR></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PARTICIPANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">____________________________________________<BR>
&laquo;Name&raquo;</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&laquo;Subsidiary&raquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Number of Non-Qualified Stock Options: ________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Exercise Price: $___________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Date of Grant: __________________, 20__</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">6</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>4
<FILENAME>dycom_8k-ex1023.htm
<DESCRIPTION>FORM OF RESTRICTED STOCK UNIT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">Exhibit 10.23</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RESTRICTED STOCK UNIT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">THIS AGREEMENT, dated
as of the ____ day of __________ 20___, between DYCOM INDUSTRIES, INC., a Florida corporation (the &ldquo;<U>Company</U>&rdquo;),
and &laquo;Name&raquo; (the &ldquo;<U>Participant</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">WHEREAS, the Participant
is an officer or key employee of the Company or one of its Subsidiaries and, subject to the terms and conditions set forth herein,
the Company desires to provide the Participant with an additional incentive to remain in its employ and to increase his or her
interest in the success of the Company by granting the Participant an Award to receive a certain number of restricted stock units
(&ldquo;<U>RSUs</U>&rdquo;) entitling the Participant to receive shares of common stock, par value $0.33 1/3 per share, of the
Company (the &ldquo;<U>Common Stock</U>&rdquo;) under the Company&rsquo;s 2012 Long-Term Incentive Plan, as amended (the &ldquo;<U>Plan</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">NOW, THEREFORE, in
consideration of the covenants and agreements herein contained, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">1.</FONT></TD><TD><U>Definitions; Incorporation of Plan Terms</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">Capitalized terms
used herein without definition shall have the meanings assigned to them in the Plan, a copy of which is attached. This Award Document
and the RSUs shall be subject to the Plan, the terms of which are incorporated herein by reference, and in the event of any conflict
or inconsistency between the Plan and this Award Document, the Plan shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">2.</FONT></TD><TD><U>Grant of RSUs</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">Subject to the terms
and conditions contained herein and in the Plan, the Company hereby grants the Participant the number of RSUs specified at the
foot of the signature page hereof. Each RSU will entitle the Participant to one share of Common Stock. The actual number of shares
of Common Stock that the Participant receives will be subject to the terms and conditions of the Plan and this Award Document.
For purposes of the Plan and this Award Document, the Date of Grant is the date specified at the foot of the signature page hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">3.</FONT></TD><TD><U>Vesting of RSUs</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">(a)&#9;Subject to
the terms and conditions contained herein and in the Plan, the RSUs shall vest and become non-forfeitable on [__________, 20__]
(each a &ldquo;<U>Vesting Date</U>&rdquo;); <U>provided</U> that the Participant remains in the continuous employ of the Company
or a Subsidiary on the applicable Vesting Date. Notwithstanding the foregoing, if a Vesting Date falls on a date which is during
a trading black-out period with respect to the Common Stock to which the Participant is subject, such Vesting Date shall be delayed
until the first day after the expiration of such black-out period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">(b)&#9;The Company
will issue the Participant shares of Common Stock in settlement of the vested portion of the RSUs in whole shares of Common Stock
(rounded up or down to the nearest whole share) pursuant to such procedures established by the Company. The number of shares issued
to the Participant (if any) shall equal the number of shares of Common Stock representing the vested portion of the RSUs receivable
by such Participant following the Vesting Date subject to any applicable withholdings. All RSUs subject to such Vesting Date will
be cancelled upon settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">4.</FONT></TD><TD><U>Termination of Employment</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Except to the extent
otherwise provided by the Plan or this Award Document, in the event of the Participant&rsquo;s termination of employment for any
reason prior to an applicable Vesting Date, the Participant shall immediately forfeit all unvested RSUs as of the date of such
termination without payment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">5.</FONT></TD><TD><U>Nontransferability of the RSUs</U><FONT STYLE="text-underline-style: none">. </FONT></TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">(a)&#9;Unless
determined otherwise by the Committee, RSUs may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any
manner except by will or the laws of descent and distribution; <U>provided</U>, <U>however</U>, that RSUs shall be transferable,
in whole or in part, with the written consent of the Committee, to trusts established wholly or in part for the benefit of the
Participant&rsquo;s immediate family members. Such transfers are subject to the terms and conditions of the Plan and this Award
Document. The restrictions on transferability set forth above shall not apply to RSUs after the date that such RSUs become vested
and non-forfeitable as set forth herein.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;</FONT>Upon
each Vesting Date, 50% of the shares of Common Stock underlying the RSUs that vest on such Vesting Date shall be transferable,
in whole or in part, by the Participant. Subject to this Section 5(b), the remaining 50% of the shares of Common Stock underlying
the RSUs that vest on such Vesting Date (net of any shares that the Participant may use to satisfy his or her income and employment
tax withholding obligations with respect to such RSUs) shall not be transferable, in whole or in part, by the Participant (the
&ldquo;<U>Non Transferable Shares</U>&rdquo;) until such Vesting Date as the Fair Market Value (based on the closing price of a
share of Common Stock as reported on the composite tape for securities listed on the New York Stock Exchange on such Vesting Date)
of all Non Transferable Shares held by the Participant, together with all other shares of time vested restricted stock or shares
underlying time vested restricted stock units held by the Participant pursuant to prior awards under the Plan or any successor
plan, equals or exceeds 100% of the Participant's then annual rate of base salary (the &ldquo;<U>Restricted Stock Holdings</U>&rdquo;)
as determined by the Committee in its sole discretion; <U>provided</U>, <U>however</U>, that any Non Transferable Shares that vest
on the Vesting Date in which the Participant attains his or her Restricted Stock Holdings that exceed such Participant&rsquo;s
Restricted Stock Holdings shall no longer be Non Transferable Shares and shall be transferable, in whole or in part, by the Participant.
Effective as of the date that the Participant attains his or her Restricted Stock Holdings, 100% of the shares of Common Stock
underlying the RSUs that vest on each subsequent Vesting Date shall be transferable, in whole or in part, by the Participant. Subject
to Section 5(c), the Participant&rsquo;s Restricted Stock Holdings shall not be transferable, in whole or in part. The Committee
may, in its sole discretion, allow the Participant to replace Non Transferable Shares with other shares of Common Stock held by
the Participant for purposes of satisfying the Restricted Stock Holdings.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;</FONT>Notwithstanding
the foregoing, upon the Participant's termination of employment with the Company or its Subsidiaries for any reason other than
death or disability (as defined in the Company long-term disability plan applicable to the Participant), such Participant's Restricted
Stock Holdings shall not be transferable, in whole or in part, during the 90 day period immediately following such termination
of employment. The date of the Participant's termination of employment with the Company or its Subsidiaries shall be determined
by the Committee in its sole discretion. If the Participant's employment with the Company or its Subsidiaries is terminated by
reason of death or disability, the Participant's Restricted Stock Holdings shall be immediately transferable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">6.</FONT></TD><TD><U>Rights as a Stockholder</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: none">No
shares of Common Stock represented by the RSUs will be earmarked for the Participant or his or her account. The Participant will
have no rights as a shareholder with respect to any RSU until the shares of Common Stock underlying the RSU have been issued to
such Participant following the applicable Vesting Date, and no adjustment shall be made for dividends or distributions or other
rights in respect of any shares of Common Stock until such time as the shares are delivered to the Participant in accordance with
this Award Document. Upon issuance of the shares, the Participant will be the owner of record of such shares and will be entitled
to all of the rights of a stockholder of the Company, including the right to vote and the right to receive dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">7.</FONT></TD><TD><U>Taxes and Withholdings</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">No later than the
date as of which an amount first becomes includable in the gross income of the Participant for applicable income tax purposes with
respect to RSUs, the Participant shall pay to the Company or make arrangements satisfactory to the Committee regarding payment
of any federal, state or local taxes of any kind required by law to be withheld with respect to such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Unless otherwise determined
by the Committee, in its sole discretion, in accordance with rules and procedures established by the Committee, the minimum required
withholding obligations may be settled with Common Stock, including Common Stock that is part of the Award that gives rise to the
withholding requirement. The obligations of the Company under this Award Document shall be conditional upon such payment or arrangements
and the Company shall, to the extent permitted by applicable law, have the right to deduct any such taxes from any payment of any
kind otherwise due to the Participant.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">8.</FONT></TD><TD><U>Notices</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">All notices and other
communications under this Award Document will be in writing and will be given by hand delivery to the other party or by first class
mail, overnight courier, or registered or certified mail, return receipt requested, postage prepaid, addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: left; text-indent: 0in">If to the Participant:<BR>
<BR>
at the last known address on record at the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: 0in">If to the Company:<BR>
<BR>
Dycom Industries, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: left; text-indent: 0in">11770 U.S. Highway
1, Suite 101<BR>
Palm Beach Gardens, Florida 33408<BR>
Attention: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in">or to such other address
as any party shall have furnished to the other in writing in accordance with this Section 8. Notice and communications shall be
effective when actually received by the addressee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">9.</FONT></TD><TD><U>Successor</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">Except as otherwise
provided hereunder, this Award Document shall be binding upon and shall inure to the benefit of any successor or successors of
the Company, and to any transferee or successor of the Participant pursuant to Section 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">10.</FONT></TD><TD><U>Governing Law</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">Except as to matters
of federal law, this Award Document and actions taken hereunder shall be subject to, and construed in accordance with, the laws
of the State of Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">11.</FONT></TD><TD><U>Severability</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">If any provision of
this Award Document is held to be illegal or invalid for any reason, such illegality or invalidity will not affect the remaining
provisions of this Award Document, but this Award Document shall be construed and enforced as if such illegal or invalid provision
had never been included herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">12.</FONT></TD><TD><U>Compliance with Code Section 409A</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding anything
contained in the Plan or this Award Document to the contrary, to the extent that the right to receive any payment of shares of
Common Stock hereunder is deemed to be a &ldquo;deferral of compensation&rdquo; within the meaning of Code Section&nbsp;409A(d)(1)
and such payment is to be made in connection with the Participant&rsquo;s &ldquo;Separation from Service&rdquo; within the meaning
of Code Section&nbsp;409A(a)(2)(A)(i), the payment shall be subject to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#9;If
the Participant is a &ldquo;Specified Employee&rdquo; within the meaning of Code Section&nbsp;409A(a)(2)(B)(i) on the date of the
Participant&rsquo;s Separation from Service, then no such payment shall be made or commence during the period beginning on the
date of the Participant&rsquo;s Separation from Service and ending on the date that is the six&nbsp;month anniversary of such Separation
from Service or, if earlier, on the date of the Participant&rsquo;s death. The amount of any payment that would otherwise be paid
to the Participant during this period shall instead be paid to the Participant on the fifteenth day following the end of the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">13.</FONT></TD><TD><U>Amendment</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;Subject to
applicable laws, rules and regulations, the Board or the Committee may, at any time, amend, modify or suspend this Award Document;
<U>provided</U><I>, </I><U>however</U>, that no amendment, modification or suspension of this Award Document shall (i) be effective
without the approval of the shareholders of the Company if such approval is required under applicable laws, rules or regulations,
including the rules of the New York Stock Exchange and (ii) materially and adversely alter or impair the rights of the Participant
without his or her consent. Notwithstanding the foregoing, the Board shall have broad authority to amend this Award Document without
the consent of the Participant to the extent it deems necessary or desirable to (x)&nbsp;comply with, take into account changes
in, or interpretations of, applicable tax laws, securities laws, employment laws, accounting rules and other applicable laws, rules
and regulations, (y)&nbsp;take into account unusual or nonrecurring events or market conditions (including, without limitation,
the events described in Section 13(b) of the Plan), or (z) take into account significant acquisitions or dispositions of assets
or other property by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;Notwithstanding
subparagraph (a) above, if the Committee determines in good faith that any provision of the Plan or this Award Document does not
satisfy Code Section 409A or could otherwise cause any person to recognize additional taxes, penalties or interest under Code Section
409A, the Committee may, without the consent of any person, modify such provision, to the extent necessary or desirable to ensure
compliance with Code Section 409A. Any such amendment shall maintain, to the maximum extent practicable, the original intent of
the applicable provision without contravening the provisions of Code Section 409A. This Section 13(b) does not create an obligation
on the part of the Company to modify the Plan or this Award Document and does not guarantee that any person will not be subject
to excise taxes, accelerated taxation, interest or penalties under Code Section 409A.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">14.</FONT></TD><TD><U>No Rights to Future Awards or Continued Employment</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">The Participant shall
not have any claim or right to receive or be eligible to receive any additional Awards under the Plan. Neither the Plan nor this
Award Document nor any action taken or omitted to be taken hereunder or thereunder shall be deemed to create or confer on the Participant
any right to be retained in the employ of the Company or to interfere with or to limit in any way the right of the Company to terminate
the employment of the Participant at any time with or without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">15.</FONT></TD><TD><U>Recoupment. </U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Participant agrees
that the Award granted under this Award Document shall be subject to any clawback or recoupment policies and procedures that are
required under applicable law, rule or regulation or Company policy as enacted, adopted or modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">16.</FONT></TD><TD><U>No Rights to Grants or Continued Employment. </U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Participant shall
not have any claim or right to receive Awards under the Plan. Nothing in the Plan or in this Award Document shall confer upon the
Participant any right to continued employment with the Company or any Subsidiary, as the case may be, or interfere in any way with
the right of the Company or a Subsidiary to terminate the employment of the Participant at any time, with or without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">17.</FONT></TD><TD><U>Waiver. </U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">The waiver by either
party of compliance with any provision of this Award Document by the other party shall not operate or be construed as a waiver
of any other provision of this Award Document, or of any subsequent breach by such party of a provision of this Award Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">18.</FONT></TD><TD><U>Entire Agreement</U><FONT STYLE="text-underline-style: none">.</FONT><U> </U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Award Document
and the Plan set forth the entire agreement and understanding between the parties hereto with respect to the matters covered herein,
and supersede all prior agreements and understandings concerning such matters. This Award Document may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the
same agreement. The headings of sections and subsections herein are included solely for convenience of reference and shall not
affect the meaning of any of the provisions of this Award Document.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">19.</FONT></TD><TD><U>Acceptance and Acknowledgement of Award.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">The Participant acknowledges
receipt of the Plan and this Award Document. The Participant has read and understands the terms and provisions of the Plan and
this Award Document, and by signing this Award Document accepts the Award subject to all of their terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF,
the parties have executed this Award Document, as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 12pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">DYCOM INDUSTRIES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">By: _________________________________________<BR>
<BR></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PARTICIPANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">____________________________________________<BR>
&laquo;Name&raquo;</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&laquo;Subsidiary&raquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Number of Restricted Stock Units:&#9;&laquo;Grant_Shares&raquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">Date of Grant: December ____, 20___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; text-align: center; margin-bottom: 0">7</P>

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<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>5
<FILENAME>dycom_8k-ex1024.htm
<DESCRIPTION>FORM OF PERFORMANCE UNIT AGREEMENT
<TEXT>
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<P STYLE="margin: 0">Exhibit 10.24</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">PERFORMANCE SHARE UNIT AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">THIS AGREEMENT, dated
as of the ___ day of ____________ 20__, between DYCOM INDUSTRIES, INC., a Florida corporation (the &ldquo;<U>Company</U>&rdquo;),
and &laquo;Name&raquo; (the &ldquo;<U>Participant</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the Participant
is an officer or key employee of the Company or one of its Subsidiaries and, subject to the terms and conditions set forth herein,
the Company desires to provide the Participant with an additional incentive to remain in its employ and to increase his or her
interest in the success of the Company by granting the Participant an Award to receive a certain number of performance vesting
restricted stock units entitling the Participant to receive shares of common stock, par value $0.33 1/3 per share, of the Company
(the &ldquo;<U>Common Stock</U>&rdquo;) under the Company&rsquo;s 2012 Long-Term Incentive Plan, as amended (the &ldquo;<U>Plan</U>&rdquo;),
subject to the Company&rsquo;s achievement of certain Performance Targets (as set forth below) during the applicable Performance
Period (the &ldquo;<U>Performance Units</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">NOW, THEREFORE, in
consideration of the covenants and agreements herein contained, the parties hereto agree as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">1.</FONT></TD><TD><U>Definitions; Incorporation of Plan Terms</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Capitalized terms
used herein without definition shall have the meanings assigned to them in the Plan, a copy of which is attached hereto. This Award
Document and the Performance Units shall be subject to the Plan, the terms of which are incorporated herein by reference, and in
the event of any conflict or inconsistency between the Plan and this Award Document, the Plan shall govern.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">2.</FONT></TD><TD><U>Grant of Performance Units</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the terms
and conditions contained herein and in the Plan, the Company hereby grants the Participant the Target Number of Performance Units
specified at the foot of the signature page hereof. The actual number of shares of Common Stock that the Participant receives will
be subject to the terms and conditions of the Plan and this Award Document, including, without limitation the Company&rsquo;s achievement
of the Performance Targets. For purposes of the Plan and this Award Document, the Date of Grant is the date specified at the foot
of the signature page hereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">3.</FONT></TD><TD><U>Vesting of Performance Units</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;<U>Annual
Award Vesting</U>. Subject to the terms and conditions contained herein and in the Plan, the Performance Units shall vest and become
non-forfeitable on [__________________] (each, a &ldquo;<U>Vesting Date</U>&rdquo;), based on the level of the applicable Performance
Targets set forth on Appendix A hereto that are attained with respect to the performance periods applicable to each Vesting Date
and will be determined by the (i) number of Performance Units that are subject to vesting on such Vesting Date, <U>multiplied</U>
by (ii) applicable Performance Leverage Factor (&ldquo;<U>PLF</U>&rdquo;) shown in Appendix A for the attained level of the Performance
Targets; <U>provided,</U> <U>however</U>, that the Participant remains in the continuous employ of the Company or a Subsidiary
on the applicable Vesting Date (each, an &ldquo;<U>Annual Award</U>&rdquo;).</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;<U>Supplemental
Award Vesting.</U> Subject to the terms and conditions contained herein and in the Plan, the Participant shall also be eligible
to receive an additional number of Performance Units on each Vesting Date (the &ldquo;<U>Supplemental Award</U>&rdquo;) based on
the level of the applicable Performance Targets set forth on Appendix B hereto that are attained with respect to the performance
periods applicable to each Vesting Date and will be determined by the (i) number of Performance Units that actually vest with respect
to the Annual Award on such Vesting Date pursuant to Section 3(a) above, <U>multiplied</U> by (ii) applicable PLF shown in Appendix
B for the attained level of the Performance Targets; <U>provided,</U> <U>however</U>, that the Participant remains in the continuous
employ of the Company or a Subsidiary on the applicable Vesting Date. Notwithstanding the foregoing, in no event shall the Participant
be entitled to a Supplemental Award if the Participant does not receive an Annual Award with respect to the applicable Vesting
Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#9;<U>Settlement
of Awards</U>. The Company will issue the Participant shares of Common Stock in settlement of the vested portion of an Award, in
whole shares of Common Stock (rounded up or down to the nearest whole share) pursuant to such procedures established by the Company.
The number of shares issued to the Participant (if any) shall equal the number of shares of Common Stock representing the vested
portion of the Award receivable by such Participant following the Vesting Date subject to any applicable withholdings. All Performance
Units subject to such Vesting Date will be cancelled upon settlement of the Award.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">4.</FONT></TD><TD><U>Termination of Employment</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Except to the extent
otherwise provided in the Plan, in the event of the Participant&rsquo;s termination of employment for any reason prior to an applicable
Vesting Date, the Participant shall immediately forfeit all unvested Performance Units as of the date of such termination without
payment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">5.</FONT></TD><TD><U>Nontransferability of the Performance Units</U><FONT STYLE="text-underline-style: none">. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: none; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: none; text-underline-style: none">Unless
determined otherwise by the Committee, the Award may not be sold, pledged, assigned, hypothecated, transferred or disposed of in
any manner except by will or the laws of descent and distribution; </FONT><U>provided</U><FONT STYLE="text-underline-style: none">,
</FONT><U>however</U><FONT STYLE="text-underline-style: none">, that an Award shall be transferable, in whole or in part, with
the written consent of the Committee, to trusts established wholly or in part for the benefit of the Participant&rsquo;s immediate
family members. Such transfers are subject to the terms and conditions of the Plan and this Award Document. The restrictions on
transferability set forth above shall not apply to Performance Units after the date that such Performance Units become vested and
non-forfeitable as set forth herein.</FONT></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">6.</FONT></TD><TD><U>Rights as a Stockholder</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: none">No
shares of Common Stock represented by the Performance Units will be earmarked for the Participant or his or her account. The Participant
will have no rights as a shareholder with respect to any Award until the shares of Common Stock underlying the Performance Units
have been issued to the Participant following the applicable Vesting Date, and no adjustment shall be made for dividends or distributions
or other rights in respect of any shares of Common Stock until such time as the shares are delivered to the Participant in accordance
with this Award Document. Upon issuance of the shares, the Participant will be the owner of record of such shares and shall be
entitled to all of the rights of a stockholder of the Company, including the right to vote and the right to receive dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: none"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">7.</FONT></TD><TD><U>Taxes and Withholdings</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">No later than the
date as of which an amount first becomes includable in the gross income of the Participant for applicable income tax purposes with
respect to the Performance Units, the Participant shall pay to the Company or make arrangements satisfactory to the Committee regarding
payment of any federal, state or local taxes of any kind required by law to be withheld with respect to such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Unless otherwise determined
by the Committee, in its sole discretion, in accordance with rules and procedures established by the Committee, the minimum required
withholding obligations may be settled with Common Stock, including Common Stock that is part of the Award that gives rise to the
withholding requirement. The obligations of the Company under this Award Document will be conditional upon such payment or arrangements
and the Company shall, to the extent permitted by applicable law, have the right to deduct any such taxes from any payment of any
kind otherwise due to the Participant.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">8.</FONT></TD><TD><U>Notices</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">All notices and other
communications under this Award Document will be in writing and will be given by hand delivery to the other party or by first class
mail, overnight courier, or registered or certified mail, return receipt requested, postage prepaid, addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If to the Participant:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">at the last known
address on record at the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">If to the
Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: 0in">Dycom Industries, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: left; text-indent: 0in">11770 U.S. Highway
1, Suite 101<BR>
Palm Beach Gardens, Florida 33408<BR>
Attention: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">or to such other address
as any party shall have furnished to the other in writing in accordance with this Section 8. Notice and communications shall be
effective when actually received by the addressee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">9.</FONT></TD><TD><U>Successor</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">Except as otherwise
provided hereunder, this Award Document will be binding upon and will inure to the benefit of any successor or successors of the
Company, and to any transferee or successor of the Participant pursuant to Section 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">10.</FONT></TD><TD><U>Governing Law</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Except as to matters
of federal law, this Award Document and actions taken hereunder shall be subject to, and construed in accordance with, the laws
of the State of Florida.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">11.</FONT></TD><TD><U>Severability</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any provision of
this Award Document is held to be illegal or invalid for any reason, such illegality or invalidity will not affect the remaining
provisions of this Award Document, but this Award Document will be construed and enforced as if such illegal or invalid provision
had never been included herein.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">12.</FONT></TD><TD><U>Adjustment
                                                                                                                                                                                                                                                                          of
                                                                                                                                                                                                                                                                          Performance
                                                                                                                                                                                                                                                                          Targets
                                                                                                                                                                                                                                                                          and
                                                                                                                                                                                                                                                                          Award.
                                                                                                                                                                                                                                                                          </U></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">To the extent
permitted by Code Section 162(m), the Committee shall have the right to adjust the Performance Targets and the Award (either up
or down) if it determines that an extraordinary corporate event such as a material acquisition or divestiture, change in the capital
structure of the Company or unanticipated business conditions have materially affected the integrity of the Performance Targets.
In addition, Performance Targets and Awards shall be calculated without regard to any changes in accounting standards that may
be required as a result of changes in generally accepted accounting principles after such Performance Targets or Awards are established.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">13.</FONT></TD><TD><U>Compliance with Code Section 409A</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">Notwithstanding anything
contained in the Plan or this Award Document to the contrary, to the extent that the right to receive any payment of shares of
Common Stock hereunder is deemed to be a &ldquo;deferral of compensation&rdquo; within the meaning of Code Section&nbsp;409A(d)(1)
and such payment is to be made in connection with the Participant&rsquo;s &ldquo;Separation from Service&rdquo; within the meaning
of Code Section&nbsp;409A(a)(2)(A)(i), the payment shall be subject to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#9;If
the Participant is a &ldquo;Specified Employee&rdquo; within the meaning of Code Section&nbsp;409A(a)(2)(B)(i) on the date of the
Participant&rsquo;s Separation from Service, then no such payment shall be made or commence during the period beginning on the
date of the Participant&rsquo;s Separation from Service and ending on the date that is the six&nbsp;month anniversary of such Separation
from Service or, if earlier, on the date of the Participant&rsquo;s death. The amount of any payment that would otherwise be paid
to the Participant during this period shall instead be paid to the Participant on the fifteenth day following the end of the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">14.</FONT></TD><TD><U>Amendment</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;Subject to
applicable laws, rules and regulations, the Board or the Committee may, at any time, amend, modify or suspend this Award Document;
<U>provided</U><I>, </I><U>however</U>, that no amendment, modification or suspension of this Award Document shall (i) be effective
without the approval of the shareholders of the Company if such approval is required under applicable laws, rules or regulations,
including the rules of the New York Stock Exchange and (ii) materially and adversely alter or impair the rights of the Participant
without his or her consent. Notwithstanding the foregoing, the Board shall have broad authority to amend this Award Document without
the consent of the Participant to the extent it deems necessary or desirable to (x)&nbsp;comply with, take into account changes
in, or interpretations of, applicable tax laws, securities laws, employment laws, accounting rules and other applicable laws, rules
and regulations, (y)&nbsp;take into account unusual or nonrecurring events or market conditions (including, without limitation,
the events described in Section 13(b) of the Plan), or (z) take into account significant acquisitions or dispositions of assets
or other property by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;Notwithstanding
subparagraph (a) above, if the Committee determines in good faith that any provision of the Plan or this Award Document does not
satisfy Code Section 409A or could otherwise cause any person to recognize additional taxes, penalties or interest under Code Section
409A, the Committee may, in its sole discretion and without the consent of any person, modify such provision, to the extent necessary
or desirable to ensure compliance with Code Section 409A. Any such amendment shall maintain, to the maximum extent practicable,
the original intent of the applicable provision without contravening the provisions of Code Section 409A. This Section 14(b) does
not create an obligation on the part of the Company to modify the Plan or this Award Document and does not guarantee that any person
will not be subject to excise taxes, accelerated taxation, interest or penalties under Code Section 409A.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">15.</FONT></TD><TD><U>No Rights to Future Awards or Continued Employment</U><FONT STYLE="text-underline-style: none">.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Participant shall
not have any claim or right to receive or be eligible to receive any additional Awards under the Plan. Neither the Plan nor this
Award Document nor any action taken or omitted to be taken hereunder or thereunder shall be deemed to create or confer on the Participant
any right to be retained in the employ of the Company or to interfere with or to limit in any way the right of the Company to terminate
the employment of the Participant at any time with or without cause.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">16.</FONT></TD><TD><U>Recoupment. </U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in">The Participant agrees
that the Award granted under this Award Document shall be subject to any clawback or recoupment policies and procedures that are
required under applicable law, rule or regulation or Company policy as enacted, adopted or modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">17.</FONT></TD><TD><U>No Rights to Grants or Continued Employment. </U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">The Participant shall
not have any claim or right to receive Awards under the Plan. Nothing in the Plan or in this Award Document shall confer upon the
Participant any right to continued employment with the Company or any Subsidiary, as the case may be, or interfere in any way with
the right of the Company or a Subsidiary to terminate the employment of the Participant at any time, with or without cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">18.</FONT></TD><TD><U>Waiver. </U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">The waiver by either
party of compliance with any provision of this Award Document by the other party shall not operate or be construed as a waiver
of any other provision of this Award Document, or of any subsequent breach by such party of a provision of this Award Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">19.</FONT></TD><TD><U>Entire Agreement</U><FONT STYLE="text-underline-style: none">.</FONT><U> </U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Award Document
and the Plan set forth the entire agreement and understanding between the parties hereto with respect to the matters covered herein,
and supersede all prior agreements and understandings concerning such matters. This Award Document may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the
same agreement. The headings of sections and subsections herein are included solely for convenience of reference and shall not
affect the meaning of any of the provisions of this Award Document.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="text-underline-style: none">20.</FONT></TD><TD><U>Acceptance and Acknowledgement of Award.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">The Performance Targets
and the details outlined in this Award Document should not be discussed with, shared with, photocopied or distributed to others.
Participation in this program and its details are highly confidential and may not be discussed by the Participant with anyone other
than the Participant's spouse or immediate family or financial or legal advisors. Breach of this confidentiality condition could
affect the amount of the Participant's actual Award. The Participant acknowledges receipt of the Plan and this Award Document.
The Participant has read and understands the terms and provisions of the Plan and this Award Document, and by signing this Award
Document accepts the Award subject to all of their terms and conditions, including, but not limited to, the terms related to confidentiality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF,
the parties have executed this Award Document, as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 12pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">DYCOM INDUSTRIES, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt">By: _________________________________________<BR>
<BR></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PARTICIPANT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">____________________________________________<BR>
&laquo;Name&raquo;</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.9in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&lt;Subsidiary&gt;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Target Number of Performance Units: _____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of Grant: ___________, 20___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt"><U>APPENDIX A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Annual Award Performance Targets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in; font-weight: bold"><BR><BR><BR></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 12pt 5.4pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><B>Operating
        Earnings Before AI for Applicable Annual Award Period</B></P></TD>
    <TD STYLE="width: 20%; text-align: center; vertical-align: middle; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-bottom: 12pt"><B>Vesting Percentage*</B></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 12pt 5.4pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><B>Operating
Cash Flow Ratio for Applicable Annual Award Period</B></P></TD>
    <TD STYLE="width: 20%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding: 12pt 5.4pt; text-align: center; vertical-align: middle">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><B>PLF</B></P></TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>Fiscal Year 20__</B></P></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; font-weight: bold">Fiscal Year 20__</TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; font-weight: bold">Fiscal Year 20__</TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 12pt"><U>APPENDIX B</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Supplemental Award Performance Targets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-bottom: 12pt; text-align: center; font-weight: bold; padding-top: 12pt; vertical-align: middle">Supplementa<B>l
    Award Period</B></TD>
    <TD STYLE="width: 25%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-bottom: 12pt; padding-top: 12pt; text-align: center; vertical-align: middle"><B>Operating
        Earnings Before AI for Applicable Supplemental Award Period</B></TD>
    <TD STYLE="width: 25%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-bottom: 12pt; padding-top: 12pt; text-align: center; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"><B>Operating
        Cash Flow Ratio for Applicable Supplemental Award Period</B></P></TD>
    <TD STYLE="width: 25%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-bottom: 12pt; padding-top: 12pt; text-align: center; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"><B>PLF</B></P></TD></TR>
<TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in"><B>Fiscal Years 20__
-20__</B></P></TD>
    <TD ROWSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; font-weight: bold">Fiscal
    Years 20__-20__</TD>
    <TD ROWSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="4" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; font-weight: bold">Fiscal
    Years 20__-20__</TD>
    <TD ROWSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">9</P>

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