EX-10.9





 Exhibit 10.9 

ALPINE INCOME PROPERTY TRUST, INC. 

2019 INDIVIDUAL EQUITY INCENTIVE PLAN 












 ARTICLE I 

DEFINITIONS 
 As used herein, the following
terms shall have the meanings set forth below: 
  

	1.01.	 Accounting Firm 



“Accounting Firm” means the independent accounting firm engaged by the Company in connection with a Change in Control. 

 

	1.02.	 Affiliate 



“Affiliate” means, with respect to any entity, any other entity, whether now or hereafter existing, which controls, is
controlled by, or is under common control with, the first entity (including, but not limited to, joint ventures, limited liability companies and partnerships). For this purpose, the term “control” (including the correlative meanings of the
terms “controlled by” and “under common control with”) shall mean ownership, directly or indirectly, of 50% or more of the total combined voting power of all classes of voting securities issued by such entity, or the possession,
directly or indirectly, of the power to direct the management and policies of such entity, by contract or otherwise. Notwithstanding the foregoing, (i) the Manager shall be deemed an Affiliate of the Company for purposes of the Plan for so long
as the Manager serves as the external manager of the Company and (ii) the Operating Partnership shall be deemed an Affiliate of the Company for purposes of the Plan for so long as the Company or a wholly-owned subsidiary of the Company serves
as the sole general partner of the Operating Partnership. 
  

	1.03.	 Agreement 



“Agreement” means a written agreement (including any amendment or supplement thereto) between the Company and a Participant
specifying the terms and conditions of an Award. 
  

	1.04.	 Award 



“Award” means any Option, SAR, Stock Award, award of Restricted Stock Units, Other Equity-Based Award (including an LTIP
Unit), Incentive Award, Cash Awards or Substitute Award, together with any other right or interest, granted to a Participant pursuant to the Plan. 
  

	1.05.	 Board 



“Board” means the Board of Directors of the Company. 

 

	1.06.	 Cash Award  



“Cash Award” means an Award denominated in cash and granted under Article XII. 

  
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	1.07.	 Change in Control 



“Change in Control” means and includes each of the following: 

(a)     any Person, other than any employee benefit plan (or any related trust) of the Company or a subsidiary, becomes
the beneficial owner of 50% or more of the Company’s outstanding voting shares and other outstanding voting securities that are entitled to vote generally in the election of directors (“Voting Securities”); or 

(b)     approval by the stockholders of the Company and consummation of either of the following: 

(i)     a merger, reorganization, consolidation or similar transaction (any of the foregoing, a
“Merger”) as a result of which the Persons who were the respective beneficial owners of the outstanding Common Stock and/or the Voting Securities immediately before such Merger are not expected to beneficially own, immediately after
such Merger, directly or indirectly, more than 50% of, respectively, the outstanding voting shares and the combined voting power of the voting securities resulting from such merger in substantially the same proportions as immediately before such
Merger; 
 (ii)    a plan of liquidation of the Company or a plan or agreement for the sale or other
disposition of all or substantially all of the assets of the Company; or 
 (iii)    a change in the
composition of the Board such that, during any 12-month period, the individuals who, as of the beginning of such period, constitute the Board (the “Existing Board”) cease for any reason to
constitute more than 50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by the Company’s stockholders, was
approved by a vote of at least two-thirds of the directors immediately prior to the date of such appointment or election will be considered as though such individual were a member of the Existing Board. 

In addition, if a Change in Control (as defined in clauses (a) through (b) above) constitutes a payment event with respect
to any Award that provides for the deferral of compensation and is subject to Section 409A, no payment will be made under that Award on account of a Change in Control unless the event described in clause (a) or (b) above, as
applicable, constitutes a “change in control event” as defined in Section 409A. 
  

	1.08.	 Code 



“Code” means the Internal Revenue Code of 1986, as amended. 

 

	1.09.	 Committee 



“Committee” means the Board or a committee of two or more non-employee members of the
Board designated by the Board to administer the Plan. Unless otherwise determined by the Board, the Committee shall consist solely of two or more non-employee members of the Board,


  
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each of whom is intended to qualify as a “non-employee director” as defined by Rule 16b-3 promulgated
under the Exchange Act or any successor rule and an “independent director” under the rules of any exchange or automated quotation system on which the Common Stock is listed, traded or quoted; provided, however, that any
action taken by the Committee shall be valid and effective, whether or not the members of the Committee at the time of such action are later determined not to have satisfied the foregoing requirements or otherwise provided in any charter of the
Committee; provided further that with respect to awards made to a Non-Employee Director, “Committee” means the Board. 
  


	1.10.	 Common Stock 



“Common Stock” means the common stock, $0.01 par value per share, of the Company. 

 

	1.11.	 Company 



“Company” means Alpine Income Property Trust, Inc., a Maryland corporation. 

 

	1.12.	 Control Change Date 



“Control Change Date” means the date on which a Change in Control occurs. If a Change in Control occurs on account of a series
of transactions, the “Control Change Date” is the date determined by the Committee as the date upon which the last of such transactions occurs. 
  

	1.13.	 Corresponding SAR 



“Corresponding SAR” means a SAR that is granted in relation to a particular Option and that can be exercised only upon the
surrender to the Company, unexercised, of that portion of the Option to which the SAR relates. 
  

	1.14.	 Dividend Equivalent Right 



“Dividend Equivalent Right” means the right, subject to the terms and conditions prescribed by the Committee, of a Participant
to receive (or have credited) cash, securities or other property in amounts equivalent to the cash, securities or other property dividends declared on Common Stock with respect to a specified Restricted Stock Unit, Other Equity-Based Award or
Incentive Award denominated in Common Stock or other Company securities, as determined by the Committee in its sole discretion. Dividend Equivalent Rights payable on a Restricted Stock Unit award, an Other Equity-Based Award or an Incentive Award
that does not become non-forfeitable solely on the basis of continued employment or service shall be accumulated and distributed, without interest, only when, and to the extent that, the underlying award is
vested and earned. The Committee may provide that Dividend Equivalent Rights (if any) shall be automatically reinvested in additional shares of Common Stock or otherwise reinvested, applied to the purchase of additional Awards under the Plan or
deferred without interest to the date of vesting of the associated Award. 

  
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	1.15.	 Effective Date 



“Effective Date” means the earlier of the date the Plan is adopted by the Board or the stockholders of the Company. 

 

	1.16.	 Exchange Act 



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

 

	1.17.	 Fair Market Value 



“Fair Market Value” means, on any given date, the reported “closing” price of a share of Common Stock on the stock
exchange on which the Common Stock is listed for trading for such date (or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding date for which such
quotation exists) or, if the Common Stock is not listed on any exchange, the amount determined by the Committee using any reasonable method in good faith and in accordance with Section 409A. 

 

	1.18.	 Grant Date 



“Grant Date” means the date specified by the Committee on which a grant of an Award shall become effective, which shall not be
earlier than the date on which the Committee takes action with respect thereto. 
  

	1.19.	 Incentive Award 



“Incentive Award” means an award granted under Article XI which, subject to the terms and conditions prescribed by the
Committee, entitles the Participant to receive a payment from the Company or an Affiliate of the Company. 
  

	1.20.	 Initial Public Offering 



“Initial Public Offering” means the initial public offering and sale for cash of Common Stock pursuant to an effective
registration statement on Form S-11 under the Securities Act. 
  

	1.21.	 Initial Value 



“Initial Value” means, with respect to a Corresponding SAR, the Option price per share of the related Option and, with respect
to a SAR granted independently of an Option, the price per share of Common Stock as determined by the Committee on the date of grant; provided, however, that the price shall not be less than the Fair Market Value on the date of grant (or 110%
of the Fair Market Value on the date of grant in the case of a Corresponding SAR that relates to an incentive stock option granted to a Ten Percent Stockholder). Except as provided in Articles XIII, XIV and XVII, without the
approval of stockholders (i) the Initial Value of an outstanding SAR may not be reduced (by amendment, cancellation and new grant or otherwise) and (ii) no payment shall be made in cancellation of a SAR if, on the date of amendment,
cancellation, new grant or payment, the Initial Value exceeds Fair Market Value. 

  
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	1.22.	 LTIP Unit 



“LTIP Unit” means an “LTIP Unit” as defined in the Operating Partnership Agreement. An LTIP Unit granted under the
Plan represents the right to receive the benefits, payments or other rights in respect of an LTIP Unit set forth in the Operating Partnership Agreement, subject to the terms and conditions of the applicable Agreement and the Operating Partnership
Agreement. 
  

	1.23.	 Manager 



“Manager” means Alpine Income Property Manager, LLC, a Delaware limited liability company, the Company’s external
manager, or any entity that subsequently becomes the Company’s external manager. 
  

	1.24.	 Manager Incentive Plan 



“Manager Incentive Plan” means the Alpine Income Property Trust, Inc. 2019 Manager Equity Incentive Plan, as amended from time
to time. 
  

	1.25.	 Net After Tax Amount 



“Net After Tax Amount” means the amount of any Parachute Payments or Capped Payments, as applicable, net of taxes imposed
under Sections 1, 3101(b) and 4999 of the Code and any state or local income taxes applicable to the Participant on the date of payment, determined using the highest combined effective rate imposed by the foregoing taxes on income of the same
character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment. 
  

	1.26.	 Non-Employee Director 



“Non-Employee Director” means a member of the Board who is not an employee or officer
of the Company, the Manager, Operating Partnership or any of their respective Affiliates. 
  

	1.27.	 Operating Partnership 



“Operating Partnership” means Alpine Income Property OP, LP, a Delaware limited partnership, which is the Company’s
operating partnership as of the Effective Date, or any entity that becomes the Company’s operating partnership. 
  

	1.28.	 Operating Partnership Agreement 



“Operating Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of the Operating
Partnership, dated as of [●], as it may be amended, restated or otherwise modified from time to time in accordance with its terms, or a substantially similar agreement maintained by any entity that becomes the Company’s operating
partnership. 

  
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	1.29.	 Option 



“Option” means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock
at the price set forth in an Agreement. 
  

	1.30.	 Other Equity-Based Award 



“Other Equity-Based Award” means any Award other than an Incentive Award, Option, SAR, Stock Award or award of Restricted
Stock Units, which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to receive Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on, Common Stock
(including securities convertible into Common Stock) or other equity interests, including LTIP Units. 
  

	1.31.	 Parachute Payment 



“Parachute Payment” means a payment that is described in Section 280G(b)(2) of the Code, determined in accordance with
Section 280G of the Code and the regulations promulgated or proposed thereunder. 
  

	1.32.	 Participant 



“Participant” means an employee or officer of the Company or an Affiliate of the Company, a member of the Board, or an
individual who provides services to the Company or an Affiliate of the Company (including an individual who provides services to the Company or an Affiliate of the Company by virtue of employment with, or providing services to, the Manager or the
Operating Partnership or an Affiliate of the Manager or the Operating Partnership), and who satisfies the requirements of Article IV and is selected by the Committee to receive one or more Awards. 

 

	1.33.	 Person 



“Person” means any firm, corporation, partnership, or other entity. “Person” also includes any individual, firm,
corporation, partnership, or other entity as defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. Notwithstanding the preceding sentences, the term “Person” does not include (i) the Company or any of its subsidiaries,
(ii) any director or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iii) any underwriter temporarily holding securities pursuant to an offering of such securities or
(iv) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Common Stock. 
  

	1.34.	 Plan 



“Plan” means this Alpine Income Property Trust, Inc. 2019 Individual Equity Incentive Plan, as amended from time to time. 


  
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	1.35.	 REIT 



“REIT” means a real estate investment trust within the meaning of Sections 856 through 860 of the Code. 

 

	1.36.	 Restricted Stock 



“Restricted Stock” means a share of Common Stock granted to a Participant that is subject to certain restrictions and a risk
of forfeiture. 
  

	1.37.	 Restricted Stock Unit 



“Restricted Stock Unit” means a right granted to a Participant under Article IX entitling the Participant to receive a
payment (in cash, shares of Common Stock or a combination thereof) on a specified settlement date equal to the value of a share of Common Stock. 
  

	1.38.	 SAR 



“SAR” means a stock appreciation right that in accordance with the terms of an Agreement entitles the holder to receive, with
respect to each share of Common Stock encompassed by the exercise of the SAR, the excess, if any, of the Fair Market Value at the time of exercise over the Initial Value. References to “SARs” include both Corresponding SARs and SARs
granted independently of Options, unless the context requires otherwise. 
  

	1.39.	 Section 409A 



“Section 409A” means Section 409A of the Code, as amended from time to time, including the guidance
and regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 
  

	1.40.	 Securities Act 



“Securities Act” means the Securities Act of 1933, as amended. 

 

	1.41.	 Stock Award 



“Stock Award” means Restricted Stock or unrestricted Common Stock awarded to a Participant under Article VIII. 

 

	1.42.	 Substitute Award 



“Substitute Award” means an Award granted in substitution for a similar award as a result of certain business transactions.

  

	1.43.	 Ten Percent Stockholder 



“Ten Percent Stockholder” means any individual owning more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company or of a “parent corporation” or “subsidiary corporation” (as such terms are defined in Section 424 of the Code) of the Company. 

  
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An individual shall be considered to own any voting shares owned (directly or indirectly) by or for his or her brothers, sisters, spouse, ancestors or lineal descendants and shall be considered
to own proportionately any voting shares owned (directly or indirectly) by or for a corporation, partnership, estate or trust of which such individual is a stockholder, partner or beneficiary. 

ARTICLE II 
 PURPOSES

 The Plan is intended to assist the Company and its Affiliates in recruiting and retaining employees, members of the Board and other
individuals who provide services to the Company, the Manager, the Operating Partnership or any Affiliates of the Company, the Manager or the Operating Partnership with ability and initiative by enabling such persons to participate in the future
success of the Company and its Affiliates and to associate their interests with those of the Company and its stockholders. The Plan is intended to permit the grant of both Options qualifying under Section 422 of the Code (“incentive stock
options”) and Options not so qualifying, and the grant of SARs, Stock Awards, awards of Restricted Stock Units, Other Equity-Based Awards (including LTIP Units), Incentive Awards, Cash Awards and Substitute Awards in accordance with the Plan
and any procedures that may be established by the Committee. No Option that is intended to be an incentive stock option shall be invalid for failure to qualify as an incentive stock option. 

ARTICLE III 

ADMINISTRATION 
 The Plan
shall be administered by the Committee. The Committee shall have authority to grant Awards upon such terms (not inconsistent with the provisions of the Plan), as the Committee may consider appropriate. Such terms may include conditions (in addition
to those contained in the Plan), on the transferability, forfeitability and exercisability of all or any part of an Award. The Committee may, in its discretion, make any amendments, modifications or adjustments to outstanding Awards and the terms
thereof. In addition, the Committee shall have complete authority to interpret all provisions of the Plan; to prescribe the form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan
(including rules and regulations that require or allow Participants to defer the payment of benefits under the Plan); and to make all other determinations necessary or advisable for the administration of the Plan. 

The Committee’s determinations under the Plan (including without limitation, determinations of the individuals to receive Awards, the
form, amount and timing of Awards, the terms and provisions of Awards and the Agreements) need not be uniform and may be made by the Committee selectively among individuals who receive, or are eligible to receive, Awards, whether or not such persons
are similarly situated. The express grant in the Plan of any specific power to the Committee with respect to the administration or interpretation of the Plan shall not be construed as limiting any power or authority of the Committee with respect to
the administration or interpretation of the Plan. Any decision made, or action taken, by the Committee in connection with the administration of the Plan shall be final and conclusive. The members of the Committee shall not be liable for any act done
in good faith with respect to the Plan or any Agreement or Award. All expenses of administering the Plan shall be borne by the Company. 

  
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 ARTICLE IV 

ELIGIBILITY 
 Any officer
or employee of the Company or any Affiliate of the Company (including a trade or business that becomes an Affiliate of the Company after the adoption of the Plan) and any member of the Board is eligible to participate in the Plan. In addition, any
other individual who provides services to the Company or an Affiliate of the Company (including an individual who provides services to the Company or an Affiliate of the Company by virtue of employment with, or providing services to, the Manager or
the Operating Partnership or an Affiliate of the Manager or the Operating Partnership) is eligible to participate in the Plan if the Committee, in its sole reasonable discretion, determines that the participation of such individual is in the best
interest of the Company. 
 ARTICLE V 

COMMON STOCK SUBJECT TO PLAN 
  

	5.01.	 Reserved Shares 



Subject to adjustment as provided under Article XIV, the maximum aggregate number of shares of Common Stock that may be delivered with
respect to Awards under the Plan is equal to the difference between (i) 7.5% of the issued and outstanding shares of Common Stock upon the completion of the Initial Public Offering (on a fully-diluted basis and including shares of Common Stock
issued upon exercise of the underwriters’ over-allotment option in the Initial Public Offering) (the “Share Pool”) minus (ii) any shares of Common Stock issued or subject to awards granted under the Manager
Incentive Plan (the “Aggregate Limit”). Other Equity-Based Awards that are LTIP Units (and similar awards under the Manager Incentive Plan) shall reduce the Aggregate Limit on a one-for-one basis (i.e., each LTIP Unit granted under the Plan (and each LTIP Unit granted under the Manager Incentive Plan) shall be treated as an award of one share of Common Stock). Shares of Common
Stock may be shares of original issuance, shares held in treasury or shares that have been reacquired by the Company. 
  

	5.02.	 Reallocation of Shares 



Any awards granted under the Plan that consist of (i) Options, SARs, Restricted Stock Units, or Incentive Awards to be settled in shares
of Common Stock that, at any time, are forfeited, expire or are canceled or settled without issuance of shares of Common Stock or (ii) Restricted Stock that are forfeited pursuant to this Plan or the Restricted Stock Award Agreement shall not


  
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count towards the maximum number of shares of Common Stock that may be issued under the Plan as set forth in Section 5.01 and shall be available for future Awards.
Notwithstanding the foregoing, any and all shares of Common Stock that are (i) tendered in payment of an Option exercise price (whether by attestation or by other means); (ii) withheld by the Company to satisfy any tax withholding obligation;
or (iii) covered by an SAR (without regard to the number of shares of Common Stock that are actually issued to the Participant upon exercise) shall be considered issued pursuant to the Plan and shall not be added to the maximum number of shares
of Common Stock that may be issued under the Plan as set forth in Section 5.01. 
  

	5.03.	 ISO Maximum 



In no event shall the number of shares of Common Stock issued upon the exercise of incentive stock options exceed 210,000 shares, subject to
adjustment as provided in Article XIV of the Plan. 
  

	5.04.	 Maximum Calendar Year Award 



No Non-Employee Director may receive in any one calendar year more than $300,000 in the aggregate in
(i) Awards (as calculated by the Award’s fair value as determined in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor thereto as of the Grant Date) and (ii) cash
compensation (including, retainers and cash-based awards). 
 ARTICLE VI 

OPTIONS 
  

	6.01.	 Award 



In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom an Option is to be
granted and will specify the number of shares of Common Stock covered by such awards and the terms and conditions of such awards. 
  

	6.02.	 Option Price 



The price per share of Common Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but shall
not be less than the Fair Market Value on the date the Option is granted. Notwithstanding the preceding sentence, the price per share of Common Stock purchased on the exercise of any Option that is an incentive stock option granted to an individual
who is a Ten Percent Stockholder on the date such Option is granted, shall not be less than one hundred ten percent (110%) of the Fair Market Value on the date the Option is granted. Except as provided in Articles XIII, XIV and
XVII, the price per share of Common Stock of an outstanding Option may not be reduced (by amendment, cancellation and new grant or otherwise) without the approval of stockholders. In addition, no payment shall be made in cancellation of an
Option without the approval of stockholders if, on the date of cancellation, the Option price exceeds Fair Market Value. 

  
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	6.03.	 Maximum Option Period 



The maximum period in which an Option may be exercised shall be determined by the Committee on the date of grant, except that no Option shall
be exercisable after the expiration of 10 years from the date such Option was granted. In the case of an incentive stock option granted to a Participant who is a Ten Percent Stockholder on the date of grant, such Option shall not be exercisable
after the expiration of five years from the date of grant. The terms of any Option may provide that it is exercisable for a period less than such maximum period. 
  

	6.04.	 Incentive Stock Options 



Incentive stock options may only be granted to employees of the Company or its “parent” and “subsidiaries” (as such terms
are defined in Section 424 of the Code). For purposes of determining the applicability of Section 422 of the Code (relating to incentive stock options), the Committee may decide to what extent leaves of absence for governmental or military
service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or service. 
  

	6.05.	 Exercise 



Subject to the provisions of the Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to
time at such times and in compliance with such requirements as the Committee shall determine in accordance with the Plan; provided, however, that to the extent that the aggregate Fair Market Value (determined as of the date an Option is
granted) of the Common Stock with respect to which incentive stock options (granted under the Plan and all plans of the Company and its “parents” and “subsidiaries” (as such terms are defined in Section 424 of the Code)) are
exercisable for the first time by an individual during any calendar year exceeds $100,000, such Options shall be treated as Options that do not qualify as incentive stock options. An Option granted under the Plan may be exercised with respect to any
number of whole shares of Common Stock less than the full number for which the Option could be exercised. A partial exercise of an Option shall not affect the right to exercise the Option from time to time in accordance with the Plan and the
applicable Agreement with respect to the remaining shares of Common Stock subject to the Option. The exercise of an Option shall result in the termination of any Corresponding SAR to the extent of the number of shares of Common Stock with respect to
which the Option is exercised. 
  

	6.06.	 Payment 



Subject to rules established by the Committee and unless otherwise provided in an Agreement, payment of all or part of the Option price may be
made in cash, certified check, by tendering Common Stock, by attestation of ownership of Common Stock, by a broker-assisted cashless exercise or in such other form or manner acceptable to the Committee. If Common Stock is used to pay all or part of
the Option price, the sum of the cash and cash equivalent and the Fair Market Value (determined on the date of exercise) of the Common Stock so surrendered or other consideration paid must not be less than the Option price of the shares for which
the Option is being exercised. 

  
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	6.07.	 Stockholder Rights 



No Participant shall have any rights as a stockholder with respect to shares of Common Stock subject to an Option until the date of exercise of
such Option. 
  

	6.08.	 Disposition of Shares 



A Participant shall notify the Company of any sale or other disposition of Common Stock acquired pursuant to an Option that was an incentive
stock option if such sale or disposition occurs (i) within two years of the grant of an Option or (ii) within one year of the issuance of the Common Stock to the Participant. Such notice shall be in writing and directed to the Secretary of
the Company. 
 ARTICLE VII 

SARS 
  

	7.01.	 Award 



In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom SARs are to be
granted and will specify the number of shares of Common Stock covered by such awards and the terms and conditions of such awards. 
  

	7.02.	 Initial Value 



The price per share of Common Stock purchased on the exercise of an SAR shall be determined by the Committee on the date of grant, but shall
not be less than the Fair Market Value on the date the SAR is granted. Except as provided in Articles XIII, XIV and XVII, the price per share of Common Stock of an outstanding SAR may not be reduced (by amendment, cancellation
and new grant or otherwise) without the approval of stockholders. In addition, no payment shall be made in cancellation of an SAR without the approval of stockholders if, on the date of cancellation, the SAR price exceeds Fair Market Value. 

 

	7.03.	 Maximum SAR Period 



The term of each SAR shall be determined by the Committee on the date of grant, except that no SAR shall have a term of more than 10 years from
the date of grant. In the case of a Corresponding SAR that is related to an incentive stock option granted to a Participant who is a Ten Percent Stockholder on the date of grant, such Corresponding SAR shall not be exercisable after the expiration
of five years from the date of grant. The terms of any SAR may provide that it has a term that is less than such maximum period. 
  

	7.04.	 Exercise 



Subject to the provisions of the Plan and the applicable Agreement, a SAR may be exercised in whole at any time or in part from time to time at
such times and in compliance with such requirements as the Committee shall determine in accordance with the Plan; provided, however, that a Corresponding SAR that is related to an incentive stock option may be exercised only to the extent
that the related Option is exercisable and only when the Fair Market Value 

  
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exceeds the Option price of the related Option. A SAR granted under the Plan may be exercised with respect to any number of whole shares less than the full number for which the SAR could be
exercised. A partial exercise of a SAR shall not affect the right to exercise the SAR from time to time in accordance with the Plan and the applicable Agreement with respect to the remaining shares of Common Stock subject to the SAR. The exercise of
a Corresponding SAR shall result in the termination of the related Option to the extent of the number of shares of Common Stock with respect to which the SAR is exercised. 
  

	7.05.	 Settlement 



At the Committee’s discretion, the amount payable as a result of the exercise of a SAR may be settled in cash, Common Stock, or a
combination of cash and Common Stock. 
  

	7.06.	 Stockholder Rights 



No Participant shall have any rights as a stockholder with respect to shares of Common Stock subject to a SAR until the date that the SAR is
exercised and then only to the extent that the SAR is settled by the issuance of Common Stock. 
 ARTICLE VIII 

STOCK AWARDS 
  

	8.01.	 Award 



In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom a Stock Award
(either in the form of Restricted Stock or unrestricted Common Stock) is to be made and will specify the number of shares of Restricted Stock or Common Stock covered by such Stock Award and the terms and conditions of such Stock Award. 

 

	8.02.	 Vesting 



The Committee, on the date of the Stock Award, may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or
otherwise restricted for a period of time or subject to such conditions as may be set forth in the Agreement in accordance with the Plan. By way of example and not of limitation, the Committee may prescribe that a Participant’s rights in a
Stock Award shall be forfeitable or otherwise restricted subject to continued employment or service, the attainment of performance objectives, including objectives stated with reference to one or more performance goals or objectives, or both. 

 

	8.03.	 Stockholder Rights 



Unless otherwise specified in accordance with the applicable Agreement, while the shares of Restricted Stock granted pursuant to the Stock
Award may be forfeited or are non-transferable, a Participant will have all rights of a stockholder with respect to a Stock Award, including the right to receive dividends (in respect of which the Committee
may allow a Participant to elect, or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of additional Awards under the Plan or
deferred without interest to the date of vesting of the associated Award of Restricted Stock, 

  
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provided that any such election is intended to comply with Section 409A) and vote the shares of Common Stock; provided, however, that, unless otherwise specified in accordance with
the applicable Agreement, dividends payable on shares of Restricted Stock subject to a Stock Award that does not become non-forfeitable solely on the basis of continued employment or service shall be
accumulated and paid, without interest, when and to the extent that the underlying Stock Award becomes non-forfeitable; and provided further, that during the period that the Stock Award may be forfeited
or is non-transferable (i) a Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Restricted Stock granted pursuant to a Stock Award, (ii) the
Committee may postpone the distribution of dividends until and to the extent that the Stock Award becomes transferable and non-forfeitable, (iii) the Company shall retain custody of any certificates
representing shares of Restricted Stock granted pursuant to a Stock Award, and (iv) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock Award. The limitations set forth in the preceding
sentence shall not apply after the shares of Restricted Stock granted under the Stock Award are transferable and are no longer forfeitable. 

ARTICLE IX 
 RESTRICTED
STOCK UNITS 
  

	9.01.	 Award 



In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom an award of
Restricted Stock Units is to be made and specify the number of Restricted Stock Units covered by such awards and the terms and conditions of such awards. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction
with the award of Restricted Stock Units. 
  

	9.02.	 Terms and Conditions 



The Committee, at the time an award of Restricted Stock Units is made, shall specify the terms and conditions which govern the award. The terms
and conditions of an award of Restricted Stock Units may prescribe that a Participant’s rights in the Restricted Stock Units shall be forfeitable, non-transferable or otherwise restricted for a period of
time, which may lapse at the expiration of the deferral period or at earlier specified times, or may be subject to such other conditions as may be determined by the Committee in accordance with the Plan, in its discretion and set forth in the
Agreement. By way of example and not of limitation, the Committee may prescribe that a Participant’s rights in an award of Restricted Stock Units shall be forfeitable or otherwise restricted subject to continued employment or service, the
attainment of performance objectives, including objectives stated with respect to one or more performance goals or objectives, or both. An award of Restricted Stock Units may be granted to Participants, either alone or in addition to other Awards
granted under the Plan, and an award of Restricted Stock Units may be granted in the settlement of other Awards granted under the Plan. 
  

	9.03.	 Payment or Settlement 



Settlement of an award of Restricted Stock Units shall occur upon expiration of the deferral period specified for each Restricted Stock Unit by
the Committee (or, if permitted by the Committee, as elected by the Participant). Restricted Stock Units shall be satisfied by the delivery 

  
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of (a) a number of shares of Common Stock equal to the number of Restricted Stock Units vesting on such date or (b) an amount in cash equal to the Fair Market Value of a specified
number of shares of Common Stock covered by the vesting Restricted Stock Units, or a combination thereof, as determined by the Committee at the date of grant or thereafter. 
  

	9.04.	 Stockholder Rights 



A Participant, as a result of receiving an award of Restricted Stock Units, shall not have any rights as a stockholder until, and then only to
the extent that, the award of Restricted Stock Units is earned and settled in shares of Common Stock (to the extent applicable). 

ARTICLE X 
 OTHER
EQUITY–BASED AWARDS 
  

	10.01.	 Award 



In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom an Other
Equity-Based Award is to be made and will specify the number of shares of Common Stock or other equity interests (including LTIP Units) covered by such awards and the terms and conditions of such awards; provided, however, that the grant of
LTIP Units must satisfy the requirements of the Operating Partnership Agreement as in effect on the Grant Date. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Other Equity-Based Award. 

 

	10.02.	 Terms and Conditions 



The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award. The terms and
conditions of an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable, non-transferable or otherwise restricted for a period of time or
subject to such other conditions as may be determined by the Committee in accordance with the Plan, in its discretion and set forth in the Agreement. By way of example and not of limitation, the Committee may prescribe that a Participant’s
rights in an Other Equity-Based Award shall be forfeitable or otherwise restricted subject to continued employment or service, the attainment of performance objectives, including objectives stated with respect to one or more performance goals or
objectives, or both. Other Equity-Based Awards may be granted to Participants, either alone or in addition to other Awards granted under the Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards granted under the Plan.

  

	10.03.	 Payment or Settlement 



Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, shall be payable or settled in
shares of Common Stock, cash or a combination of shares of Common Stock and cash, as determined by the Committee in its discretion; provided, however, that any Common Stock that is issued on account of the conversion of LTIP Units into Common
Stock shall not reduce the number of shares of Common Stock available for issuance under the Plan. Other Equity-Based Awards denominated as equity interests other than Common Stock may be paid or settled in shares or units of such equity interests
or cash or a combination of both as determined by the Committee in its discretion. 

  
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	10.04.	 Stockholder Rights 



A Participant, as a result of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to the
extent that, the Other Equity-Based Award is earned and settled in shares of Common Stock. 
 ARTICLE XI 

INCENTIVE AWARDS 
  

	11.01.	 Award 



In accordance with the provisions of Articles III and IV, the Committee will designate each individual to whom an Incentive Award
is to be made and will specify the terms and conditions of such award in accordance with the Plan. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Incentive Award. 

 

	11.02.	 Terms and Conditions 



The Committee, at the time an Incentive Award is made, shall specify the terms and conditions that govern the award. 

 

	11.03.	 Settlement 



An Incentive Award that is earned shall be settled with a single lump sum payment which may be in cash, Common Stock or a combination of cash
and Common Stock, as determined by the Committee. 
  

	11.04.	 Stockholder Rights 



No Participant shall, as a result of receiving an Incentive Award, have any rights as a stockholder until the date that the Incentive Award is
settled and then only to the extent that the Incentive Award is settled by the issuance of shares of Common Stock. 
 ARTICLE XII 

CASH AWARDS 
 The Committee
is authorized to grant Cash Awards, on a free-standing basis or as an element of, a supplement to, or in lieu of any other Award under the Plan to Participant in such amounts and subject to such other terms as the Committee in its discretion
determines to be appropriate. 
 ARTICLE XIII 

SUBSTITUTE AWARDS 
 Awards
may be granted in substitution or exchange for any other Award granted under the Plan or under another plan of the Company or any other right of a Participant to receive payment 

  
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from the Company. Awards may be also be granted under the Plan in substitution for similar awards held by individuals who become Participants as a result of a merger, consolidation or acquisition
of another entity or the assets of another entity by or with the Company or an Affiliate of the Company. Notwithstanding anything contained in the Plan to the contrary, such Substitute Awards referred to in the immediately preceding sentence that
are Options or SARs may have an exercise price that is less than the Fair Market Value of a Share of Common Stock on the date of the substitution if such substitution complies with Section 409A and other applicable laws and exchange rules.
Except as provided in this Article XIII or in Articles XIV or XVII hereof, the terms of outstanding Awards may not be amended to reduce the exercise price or grant price of outstanding Options or SARs or to cancel outstanding
Options and SARs in exchange for cash, other Awards or Options or SARs with an exercise price or grant price that is less than the exercise price or grant price of the original Options or SARs without the approval of the stockholders of the Company.

 ARTICLE XIV 

ADJUSTMENT UPON CHANGE IN COMMON STOCK 

The Aggregate Limit, the maximum number of shares Common Stock that may be issued under the Plan through incentive stock options, the
individual grant limitations of Section 5.04 and the terms of outstanding Awards granted under the Plan shall be adjusted as the Board determines is equitably required in the event that (i) the Company (a) effects
one or more nonreciprocal transactions between the Company and its stockholders such as a stock dividend, extra-ordinary cash dividend, stock split, subdivision or consolidation of shares of Common Stock that affects the number or kind of shares of
Common Stock (or other securities of the Company) or the Fair Market Value (or the value of other Company securities) and causes a change in the Fair Market Value of the shares of Common Stock subject to outstanding Awards or (b) engages in a
transaction to which Section 424 of the Code applies or (ii) there occurs any other event which, in the judgment of the Board necessitates such action. Any determination made under this Article XIV by the Board shall be
nondiscretionary, final and conclusive. 
 The issuance by the Company of any class of Common Stock, or securities convertible into any
class of Common Stock, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of Common Stock or obligations of the Company convertible into such
Common Stock or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the Aggregate Limit, the maximum number of Common Stock that may be issued under the Plan through incentive stock options, the
individual grant limitations of Section 5.04 or the terms of outstanding Awards under the Plan. 
 The Committee
may make Awards under the Plan in substitution for performance shares, phantom shares, share awards, stock options, stock appreciation rights, or similar awards held by an individual who becomes an employee of the Company or an Affiliate of the
Company in connection with a transaction described in the first paragraph of this Article XIV. Notwithstanding any provision of the Plan, the terms of such substituted Awards granted under the Plan shall be as the
Committee, in its discretion, determines is appropriate. 

  
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 ARTICLE XV 

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES 

No Option or SAR shall be exercisable, no shares of Common Stock shall be issued, no certificates for shares of Common Stock shall be
delivered, and no payment shall be made under the Plan except in compliance with all applicable federal, state and foreign laws and regulations (including, without limitation, withholding tax requirements), any listing agreement to which the Company
is a party, and the rules of all stock exchanges on which the Common Stock may be listed. The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any certificate issued to represent shares of Common Stock when an
Award is granted, settled or exercised may bear such legends and statements as the Committee may deem advisable to assure compliance with federal, state and foreign laws and regulations. No Award shall be granted, settled or exercised until the
Company has obtained such consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters. 

ARTICLE XVI 
 GENERAL
PROVISIONS 
  

	16.01.	 General 



Awards granted under the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other
Award. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Article XVIII), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the
Committee shall determine. Without limiting the scope of the preceding sentence, the Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance goals applicable to an Award,
and any such performance goals may differ among Awards granted to any one Participant or to different Participants. Except as otherwise provided in an Agreement, the Committee may exercise its discretion to reduce or increase the amounts
payable under any Award. 
  

	16.02.	 Effect on Employment and Service; Employee Status 



Neither the adoption of the Plan, its operation, the grant of any Award, nor any documents describing or referring to the Plan (or any part
thereof), shall confer upon any individual or entity any right to continue in the employ or service of the Company or an Affiliate of the Company or in any way affect any right and power of the Company or an Affiliate of the Company to terminate the
employment or service of any individual or entity at any time with or without assigning a reason therefor. If the terms of any Award provide that (i) it may be earned or exercised, (ii) shares may become transferable and non-forfeitable thereunder, or (iii) payment will be made thereunder, in each case, only after completion of a specified period of employment or continuous service only during employment or continued service or
within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be
deemed interruptions of continuous employment or service. 

  
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	16.03.	 Unfunded Plan 



The Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any
time be represented by grants under the Plan. Any liability of the Company to any person with respect to any grant under the Plan shall be based solely upon any contractual obligations that may be created pursuant to the Plan. No such obligation of
the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. 
  

	16.04.	 Rules of Construction 



(a)    Headings are given to the articles and sections of the Plan solely as a convenience to facilitate reference. The
reference to any statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision of law. 

(b)    All Awards are intended to comply with, or otherwise be exempt from, Section 409A. The Plan and all Agreements
shall be administered, interpreted and construed in a manner consistent with that intent. Nevertheless, the tax treatment of the benefits provided under the Plan or any Agreement is not warranted or guaranteed. Neither the Company, its Affiliates
nor their respective directors or trustees, officers, employees or advisors (other than in his or her individual capacity as a Participant with respect to his or her individual liability for taxes, interest, penalties or other monetary amounts)
shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant or any other taxpayer as a result of the Plan or any Agreement. If any provision of the Plan or any Agreement is found not to comply with, or
otherwise not be exempt from, the provisions of Section 409A, it may be modified and given effect, in the sole discretion of the Committee and without requiring the Participant’s consent, in such manner as the Committee determines to be
necessary or appropriate to comply with, or effectuate an exemption from, Section 409A. Each payment under an Award granted under the Plan shall be treated as a separate identified payment for purposes of Section 409A. 

(c)    If a payment obligation under an Award or an Agreement arises on account of the Participant’s termination of
employment and such payment obligation constitutes “deferred compensation” (as defined under Section 409A), it shall be payable only after the Participant’s “separation from service” (as defined under
Section 409A); provided, however, that if the Participant is a “specified employee” (as defined under Section 409A) then, subject to any permissible acceleration of payment by the Committee under Section 409A, any
such payment that is scheduled to be paid within six months after such separation from service shall accrue without interest and shall be paid on the first day of the seventh month beginning after the date of the Participant’s separation from
service or, if earlier, within fifteen days after the appointment of the personal representative or executor of the Participant’s estate following the Participant’s death. 

 

	16.05.	 Withholding Taxes 



Each Participant shall be responsible for satisfying any income, employment and other tax withholding obligations attributable to participation
in the Plan. Unless otherwise provided by the 

  
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Agreement, any such withholding tax obligations may be satisfied in cash (including from any cash payable in settlement of an Award) or a cash equivalent acceptable to the Committee. Except to
the extent prohibited by Section 409A, any statutory federal, state, district, city or foreign withholding tax obligations also may be satisfied (a) by surrendering to the Company shares of Common Stock previously acquired by the
Participant; (b) by authorizing the Company to withhold or reduce the number of shares of Common Stock otherwise issuable to the Participant upon the grant, vesting, settlement and/or exercise of an Award; or (c) by any other method as may
be approved by the Committee. If shares of Common Stock are used to pay all or part of such tax withholding obligation, the Fair Market Value of the shares of Common Stock surrendered, withheld or reduced shall be determined as of the date of
surrender, withholding or reduction and the maximum number of shares of Common Stock which may be withheld, surrendered or reduced shall be the number of shares of Common Stock which have a Fair Market Value on the date of surrender, withholding or
reduction equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized (and which may be limited to flat
rate withholding) without creating adverse accounting, tax or other consequences to the Company or any of its Affiliates, as determined by the Committee in its sole discretion. 

 

	16.06.	 Fractional Shares 



No fractional share of Common Stock shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine in its
sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional share of Common Stock or whether such fractional share of Common Stock or any rights thereto shall be canceled, terminated, or
otherwise eliminated with or without consideration. 
  

	16.07.	 REIT Status 



The Plan shall be interpreted and construed in a manner consistent with the Company’s intended status as a REIT. No Award shall be granted
or awarded, and with respect to any Award granted under the Plan, such Award shall not vest, be exercisable or be settled (i) to the extent that the grant, vesting, exercise or settlement could cause the Participant or any other person to be in
violation of the share ownership limit or any other limitation on ownership or transfer prescribed by the Company’s charter, or (ii) if, in the discretion of the Committee, the grant, vesting, exercise or settlement of the Award could
impair the Company’s status as a REIT once elected. 
  

	16.08.	 Governing Law 



All questions arising with respect to the provisions of the Plan and Awards shall be determined by application of the laws of the State of
Maryland, without giving effect to any conflict of law provisions thereof, except to the extent Maryland law is preempted by federal law. The obligation of the Company to sell and deliver shares of Common Stock hereunder is subject to applicable
federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such shares of Common Stock. 

  
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	16.09.	 Clawback 



The Plan is subject to any written clawback policies that the Company, with the approval of the Board, may adopt. Any such policy may subject a
Participant’s Awards and amounts paid or realized with respect to Awards under the Plan to reduction, cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including but not limited to an accounting
restatement due to the Company’s material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such clawback policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 and rules promulgated thereunder by the Securities and Exchange Commission and that the Company determines should apply to the Plan. 
  

	16.10.	 Nontransferability 



(a)    Except as provided in Sections 16.10(c) and (d), each Option and SAR shall be exercisable only by the
Participant during the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this
Section 16.10, an incentive stock option shall not be transferable other than by will or the laws of descent and distribution 

(b)    Except as provided in Sections 16.10(a), (c) and (d), no Award, other than a Stock Award (in
the form of unrestricted Common Stock), and no right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment,
sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate. 
 (c)    To the
extent specifically provided by the Committee, an Award may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the
Committee may from time to time establish. 
 (d)    An Award may be transferred pursuant to a domestic relations order
entered or approved by a court of competent jurisdiction upon delivery to the Company of a written request for such transfer and a certified copy of such order. 

  
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 ARTICLE XVII 

CHANGE IN CONTROL 
  

	17.01.	 Impact of Change in Control 



In the event of a Change in Control, the Committee is authorized, in its discretion, to cause (a) all outstanding Options and SARs to
become fully vested and exercisable immediately prior to such Change in Control and (b) all other outstanding Awards to become earned and non-forfeitable in their entirety upon such Change in Control.

  

	17.02.	 Assumption Upon Change in Control 



In the event of a Change in Control, the Committee, in its discretion and without the need for a Participant’s consent, may provide that
an outstanding Award shall be assumed by, or a substitute award shall be granted by the surviving entity resulting from a transaction described in Section 1.07 (including, if applicable, the ultimate parent entity that
directly or indirectly has beneficial ownership of sufficient voting securities to elect a majority of the members of the board of directors (or analogous governing body) of such entity). The assumed or substituted award shall have a value, as of
the Control Change Date, that is substantially equal to the value of the original Award as of such date as the Committee determines is equitably required, and the assumed or substituted award shall have such other terms and conditions as may be
prescribed by the Committee. 
  

	17.03.	 Cash-Out Upon Change in Control 



If an Award is not assumed or replaced with a substitute award in accordance with Section 17.02, upon a Change in
Control, the Committee, in its discretion and without the need of a Participant’s consent, may provide that each Award shall be cancelled in exchange for a payment. The payment may be in cash, shares of Common Stock or other securities or
consideration received by stockholders in the Change in Control transaction. The amount of the payment shall be an amount that is substantially equal to (a) if the Award is denominated or to be settled in cash, the entire amount that can be
paid under the Award (which, with respect to an award subject to performance conditions, shall be the lesser of the target performance or actual performance determined at the time of the Change in Control) or (b) (i) the amount by which the
price per share received by stockholders in the Change in Control for each share of Common Stock exceeds the Option price or Initial Value in the case of an Option and SAR, or (ii) for each share of Common Stock subject to an Award denominated
in Common Stock or valued in reference to Common Stock, the price per share received by stockholders or (iii) for each other Award denominated in other securities or property, the value of such other securities or property, in each case as
determined by the Committee. If the Option price or Initial Value exceeds the price per share received by stockholders in the Change in Control transaction, the Option or SAR may be cancelled under this Section 17.03
without any payment to the Participant. 
  

	17.04.	 Limitation of Benefits 



(a)    The benefits that a Participant may be entitled to receive under the Plan and other benefits that a Participant is
entitled to receive under other plans, agreements and arrangements (which, together with the benefits provided under the Plan, are referred to as “Payments”), may 

  
 22 













 
constitute Parachute Payments that are subject to Sections 280G and 4999 of the Code. As provided in this Section 17.04, the Parachute Payments will be reduced pursuant
to this Section 17.04 if, and only to the extent that, a reduction will allow a Participant to receive a greater Net After Tax Amount than a Participant would receive absent a reduction. 

(b)    The Accounting Firm will first determine the amount of any Parachute Payments that are payable to a Participant.
The Accounting Firm also will determine the Net After Tax Amount attributable to the Participant’s total Parachute Payments. 

(c)    The Accounting Firm will next determine the largest amount of Payments that may be made to the Participant without
subjecting the Participant to tax under Section 4999 of the Code (the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net After Tax Amount attributable to the Capped Payments. 

(d)    The Participant will receive the total Parachute Payments or the Capped Payments, whichever provides the
Participant with the higher Net After Tax Amount. If the Participant will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of any benefits under the Plan or any other plan, agreement or
arrangement that are not subject to Section 409A (with the source of the reduction to be directed by the Participant) and then by reducing the amount of any benefits under the Plan or any other plan, agreement or arrangement that are subject to
Section 409A (with the source of the reduction to be directed by the Participant) in a manner that results in the best economic benefit to the Participant (or, to the extent economically equivalent, in a pro rata manner). The Accounting Firm
will notify the Participant and the Company if it determines that the Parachute Payments must be reduced to the Capped Payments and will send the Participant and the Company a copy of its detailed calculations supporting that determination. 

(e)    As a result of the uncertainty in the application of Sections 280G and 4999 of the Code at the time that the
Accounting Firm makes its determinations under this Section 17.04, it is possible that amounts will have been paid or distributed to the Participant that should not have been paid or distributed under this
Section 17.04 (“Overpayments”), or that additional amounts should be paid or distributed to the Participant under this Section 17.04 (“Underpayments”). If the
Accounting Firm determines, based on either the assertion of a deficiency by the Internal Revenue Service against the Company or the Participant, which assertion the Accounting Firm believes has a high probability of success or controlling precedent
or substantial authority, that an Overpayment has been made, the Participant must repay the Overpayment to the Company, without interest; provided, however, that no amount will be payable by the Participant to the Company unless, and then
only to the extent that, the repayment would either reduce the amount on which the Participant is subject to tax under Section 4999 of the Code or generate a refund of tax imposed under Section 4999 of the Code. If the Accounting Firm
determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the Participant and the Company of that determination and the amount of that Underpayment will be paid, without
interest, to the Participant promptly by the Company. 
 (f)    This Section 17.04 shall not
limit or otherwise supersede the provisions of any other agreement between, on the one hand, the Company, the Manager or any of their respective Affiliates, and, on the other hand, a Participant, which specifically provides for the different
treatment of Payments that are subject to Sections 280G and 4999 of the Code, including any such agreement which provides that the Participant cannot receive Payments in excess of the Capped Payments. 

  
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 ARTICLE XVIII 

AMENDMENT 
 The Board may
amend or terminate the Plan at any time; provided, however, that no amendment may adversely impair the rights of Participants with respect to outstanding Awards; provided, however, any adjustments made pursuant to Article XIII,
XIV or XVII will not be deemed to adversely impair the rights of Participants with respect to outstanding Awards. In addition, an amendment will be contingent on approval of the Company’s stockholders if such approval is required
by law or the rules of any exchange on which the shares of Common Stock are listed or if the amendment would materially increase the benefits accruing to Participants under the Plan, materially increase the aggregate number of shares of Common Stock
that may be issued under the Plan (except as provided in Article XIV) or materially modify the requirements as to eligibility for participation in the Plan. For the avoidance of doubt, the Board may not (except pursuant to Article
XIII, XIV or XVII) without the approval of stockholders, (a) reduce the Option price per share of an outstanding Option or the Initial Value of an outstanding SAR, (b) make a payment to cancel an outstanding Option or SAR
when the Option price or Initial Value, as applicable, exceeds the Fair Market Value or (c) take any other action with respect to an outstanding Option or SAR that may be treated as a repricing of the Award under the rules and regulations of
the principal securities exchange on which the shares of Common Stock are listed for trading. 
 ARTICLE XIX 

EFFECTIVENESS AND DURATION OF PLAN 

Awards may be granted under the Plan on and after the Effective Date. No Award may be granted under the Plan on and after the tenth
anniversary of the Effective Date. Awards granted before such date shall remain valid in accordance with their terms. 

  
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