EX-10.5



 EXHIBIT 10.5 

RODIN INCOME TRUST, INC. 

LONG-TERM INCENTIVE PLAN 







 RODIN INCOME TRUST, INC. 

FORM OF LONG TERM INCENTIVE PLAN 
  

							
	 ARTICLE 1 PURPOSE
	  	 	1	 
			
	 1.1
	 	 General
	  	 	1	 
		
	 ARTICLE 2 DEFINITIONS
	  	 	1	 
			
	 2.1
	 	 Definitions
	  	 	1	 
		
	 ARTICLE 3 PLAN EFFECTIVE DATE; TERMINATION OF PLAN
	  	 	6	 
			
	 3.1
	 	 Plan Effective Date
	  	 	6	 
	 3.2
	 	 Termination of Plan
	  	 	6	 
		
	 ARTICLE 4 ADMINISTRATION
	  	 	6	 
			
	 4.1
	 	 Committee
	  	 	6	 
	 4.2
	 	 Actions and Interpretations by the Committee
	  	 	7	 
	 4.3
	 	 Authority of Committee
	  	 	7	 
	 4.4
	 	 Award Notifications
	  	 	7	 
		
	 ARTICLE 5 SHARES SUBJECT TO THE PLAN
	  	 	8	 
			
	 5.1
	 	 Number of Shares
	  	 	8	 
	 5.2
	 	 Share Counting
	  	 	8	 
	 5.3
	 	 Stock Distributed
	  	 	8	 
		
	 ARTICLE 6 ELIGIBILITY
	  	 	9	 
			
	 6.1
	 	 General
	  	 	9	 
		
	 ARTICLE 7 STOCK OPTIONS
	  	 	9	 
			
	 7.1
	 	 General
	  	 	9	 
	 7.2
	 	 Incentive Stock Options
	  	 	9	 
		
	 ARTICLE 8 STOCK APPRECIATION RIGHTS
	  	 	10	 
			
	 8.1
	 	 Grant of Stock Appreciation Rights
	  	 	10	 
		
	 ARTICLE 9 RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK
UNITS
	  	 	10	 
			
	 9.1
	 	 Grant of Restricted Stock, Restricted Stock Units and Deferred Stock Units
	  	 	10	 
	 9.2
	 	 Issuance and Restrictions
	  	 	11	 
	 9.3
	 	 Forfeiture
	  	 	11	 
	 9.4
	 	 Delivery of Restricted Stock
	  	 	11	 
		
	 ARTICLE 10 PERFORMANCE AWARDS
	  	 	11	 
			
	 10.1
	 	 Grant of Performance Awards
	  	 	11	 
	 10.2
	 	 Performance Goals
	  	 	11	 
		
	 ARTICLE 11 DIVIDEND EQUIVALENTS
	  	 	12	 
			
	 11.1
	 	 Grant of Dividend Equivalents
	  	 	12	 
		
	 ARTICLE 12 OTHER AWARDS
	  	 	12	 
			
	 12.1
	 	 Grant of Other Awards
	  	 	12	 


  
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	 ARTICLE 13 PROVISIONS APPLICABLE TO AWARDS
	  	 	13	 
			
	 13.1
	 	 Term of Awards
	  	 	13	 
	 13.2
	 	 Form of Payment for Awards
	  	 	13	 
	 13.3
	 	 Limits on Transfer
	  	 	13	 
	 13.4
	 	 Beneficiaries
	  	 	13	 
	 13.5
	 	 Stock Trading Restrictions
	  	 	13	 
	 13.6
	 	 Acceleration upon Death or Disability
	  	 	13	 
	 13.7
	 	 Acceleration upon a Change in Control
	  	 	14	 
	 13.8
	 	 Acceleration for Any Reason
	  	 	14	 
	 13.9
	 	 Forfeiture Events
	  	 	14	 
	 13.10
	 	 Substitute Awards
	  	 	15	 
		
	 ARTICLE 14 CHANGES IN CAPITAL STRUCTURE
	  	 	15	 
			
	 14.1
	 	 Mandatory Adjustments
	  	 	15	 
	 14.2
	 	 Discretionary Adjustments
	  	 	15	 
	 14.3
	 	 General
	  	 	16	 
		
	 ARTICLE 15 AMENDMENT, MODIFICATION AND TERMINATION
	  	 	16	 
			
	 15.1
	 	 Amendment, Modification and Termination
	  	 	16	 
	 15.2
	 	 Awards Previously Granted
	  	 	16	 
	 15.3
	 	 Compliance Amendments
	  	 	16	 
		
	 ARTICLE 16 GENERAL PROVISIONS
	  	 	17	 
			
	 16.1
	 	 Rights of Participants
	  	 	17	 
	 16.2
	 	 Withholding
	  	 	17	 
	 16.3
	 	 Special Provisions Related to Section 409A of the Code
	  	 	17	 
	 16.4
	 	 Unfunded Status of Awards
	  	 	19	 
	 16.5
	 	 Relationship to Other Benefits
	  	 	19	 
	 16.6
	 	 Expenses
	  	 	19	 
	 16.7
	 	 Titles and Headings
	  	 	19	 
	 16.8
	 	 Gender and Number
	  	 	19	 
	 16.9
	 	 Fractional Shares
	  	 	19	 
	 16.10
	 	 Government and Other Regulations
	  	 	19	 
	 16.11
	 	 Governing Law
	  	 	20	 
	 16.12
	 	 Additional Provisions
	  	 	20	 
	 16.13
	 	 No Limitations on Rights of Company
	  	 	20	 
	 16.14
	 	Indemnification	  	 	20	 


  
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 RODIN INCOME TRUST, INC. 

FORM OF LONG TERM INCENTIVE PLAN 

ARTICLE 1 
 PURPOSE

 1.1.    GENERAL. The purpose of the Rodin Income Trust, Inc. Long Term Incentive Plan (the
“Plan”) is to enable Rodin Income Trust, Inc. (the “Company”) and its Affiliates (as defined below) to (1) provide an incentive to employees, officers, directors and consultants to increase the value of the
Company’s common stock, (2) give such persons a stake in the Company’s future that corresponds to the stake of each of the Company’s stockholders, and (3) obtain or retain the services of these persons who are considered
essential to the Company’s long-term success, by offering such persons an opportunity to participate in the Company’s growth through ownership of the Company’s common stock or through other equity-related awards. Accordingly, the Plan
permits the grant of incentive awards from time to time to selected employees, officers, directors and consultants of the Company and its Affiliates. 

ARTICLE 2 
 DEFINITIONS

 2.1.    DEFINITIONS. When a word or phrase appears in this Plan with the initial letter capitalized, and
the word or phrase does not commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different meaning is required by the context. The following words and
phrases shall have the following meanings: 
 (a)    “Affiliate” means (i) any
Subsidiary or Parent, or (ii) an entity that directly or through one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Committee. 

(b)    “Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted
Stock Unit, Deferred Stock Unit, Performance Award, Dividend Equivalent, Other Award, or any other right or interest relating to Stock or cash, granted to a Participant under the Plan. 

(c)    “Award Notification” means a written document, in such form as the Committee
prescribes from time to time, setting forth the terms and conditions of an Award. Award Notifications may be in the form of individual award agreements or certificates or a program document describing the terms and provisions of an Award or series
of Awards under the Plan. The Committee may provide for the use of electronic or internet Award Notifications, and the use of electronic or internet means for the acceptance thereof and actions thereunder by a Participant. 

(d)    “Beneficial Owner” shall have the meaning given such term in Rule 13d-3 of the General Rules and Regulations under the 1934 Act. 

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

(f)    “Cause” as a reason for a Participant’s termination of employment shall have
the meaning assigned such term in the employment, severance or similar agreement, if any, between such Participant and the Company or an Affiliate; provided, however, that if there is no such employment, severance or similar agreement
in which such term is defined, and unless otherwise defined in the applicable Award Notification, “Cause” shall mean any of the following acts by the Participant, as determined by the Committee: gross neglect of duty, prolonged absence
from duty 







 
without the consent of the Company, material breach by the Participant of any published Company code of conduct or code of ethics; or willful misconduct, misfeasance or malfeasance of duty which
is reasonably determined to be detrimental to the Company. With respect to a Participant’s termination of directorship, “Cause” means an act or failure to act that constitutes cause for removal of a director under applicable Maryland
law. The determination of the Committee as to the existence of “Cause” shall be conclusive on the Participant and the Company. 

(g)    “Change in Control” means and includes the occurrence of any one of the following
events but shall specifically exclude a Public Offering: 
 (i)    individuals who, on the Plan Effective
Date, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after the Plan Effective Date and whose election or nomination
for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company
as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any Person other
than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or 

(ii)    any Person becomes a Beneficial Owner, directly or indirectly, of either (A) 35% or more of the
then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities eligible
to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions of Company Common Stock or Company Voting Securities
shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary, (y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any Subsidiary, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or 

(iii)    the consummation of a reorganization, merger, consolidation, statutory share exchange or similar
form of corporate transaction involving the Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of
assets or stock of another corporation or other entity (an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the
Beneficial Owners, respectively, of the outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 35% of,
respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such
Reorganization, Sale or Acquisition (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more
subsidiaries, the “Surviving Entity”) in substantially the same proportions as their ownership, immediately prior to such 

  
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Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no Person (other than (x) the
Company or any Subsidiary, (y) the Surviving Entity or its ultimate parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 35%
or more of the total common stock or 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Entity, and (C) at least a majority of the members of the board of directors of the
Surviving Entity were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which satisfies all of the
criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); or 

(iv)    approval by the stockholders of the Company of a complete liquidation or dissolution of the
Company. 
 (h)    “Charter” means the articles of incorporation of the Company, as such
articles of incorporation may be amended from time to time. 
 (i)     “Code” means the
Internal Revenue Code of 1986, as amended from time to time. For purposes of this Plan, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision. 

(j)    “Committee” means the committee of the Board described in Article 4. 

(k)    “Company” means Rodin Income Trust, Inc., a Maryland corporation, or any successor
corporation. 
 (l)    “Continuous Status as a Participant” means the absence of any
interruption or termination of service as an employee, officer, director, consultant or advisors of the Company or any Affiliate, as applicable; provided, however, that for purposes of an Incentive Stock Option “Continuous Status
as a Participant” means the absence of any interruption or termination of service as an employee of the Company or any Parent or Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Status as a Participant shall not be
considered interrupted in the following cases: (i) a Participant transfers employment between the Company and an Affiliate or between Affiliates, or (ii) in the discretion of the Committee as specified at or prior to such occurrence, in
the case of a spin-off, sale or disposition of the Participant’s employer from the Company or any Affiliate, or (iii) any leave of absence authorized in writing by the Company prior to its
commencement; provided, however, that for purposes of Incentive Stock Options, no such leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of
a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a
Nonstatutory Stock Option. Whether military, government or other service or other leave of absence shall constitute a termination of Continuous Status as a Participant shall be determined in each case by the Committee at its discretion, and any
determination by the Committee shall be final and conclusive. 
 (m)    “Deferred Stock
Unit” means a right granted to a Participant under Article 9 to receive Shares (or the equivalent value in cash or other property if the Committee so provides) at a future time as determined by the Committee, or as determined by the
Participant within guidelines established by the Committee in the case of voluntary deferral elections. 

  
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 (n)    “Disability” of a Participant means
that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period
of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving
income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer. If the determination of Disability relates to an Incentive Stock Option, Disability means
Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination of whether a Participant is Disabled will be made by the Committee and may be supported by the advice of a physician competent in
the area to which such Disability relates. 
 (o)    “Dividend Equivalent” means a right
granted to a Participant under Article 11. 
 (p)    “Eligible Participant” means an
employee, officer, consultant or director of the Company or any Affiliate. 

(q)    “Exchange” means any national securities exchange on which the Stock may from time
to time be listed or traded. 
 (r)    “Fair Market Value,” on any date, means
(i) if the Stock is listed on a securities exchange, the closing sales price on such exchange or over such system on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which
sales were reported, or (ii) if the Stock is not listed on a securities exchange, the mean between the bid and offered prices as quoted by the applicable interdealer quotation system for such date, provided that if the Stock is not quoted on
such interdealer quotation system or it is determined that the fair market value is not properly reflected by such quotations, Fair Market Value will be determined by such other method as the Committee determines in good faith to be reasonable and
in compliance with Code Section 409A. 
 (s)    “Grant Date” of an Award means the first
date on which all necessary corporate action has been taken to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be provided to
the grantee within a reasonable time after the Grant Date. 
 (t)    “Incentive Stock
Option” means an Option that is intended to be an incentive stock option and meets the requirements of Section 422 of the Code or any successor provision thereto. 

(u)    “Independent Director” means a director of the Company who is not a common law
employee of the Company and who meets the additional requirements set forth for an “independent director” in the Charter. 

(v)    “Nonstatutory Stock Option” means an Option that is not an Incentive Stock Option.


  
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 (w)    “Rodin Income OP” means Rodin Income
Trust Operating Partnership, LP, a Delaware limited partnership of which the Company is the sole general partner. 

(x)    “Rodin Income OP Interests” means limited partnership interests in Rodin Income OP
that may be exchanged or redeemed for Shares on a one-for-one basis, or any profits interest in Rodin Income OP that may be exchanged or converted into such limited
partnership interests. 
 (y)    “Option” means a right granted to a Participant under
Article 7 of the Plan to purchase Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option. 

(z)    “Other Award” means a right granted to a Participant under Article 12. 

(aa)    “Parent” means a corporation, limited liability company, partnership or other
entity which owns or beneficially owns a majority of the outstanding voting stock or voting power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Parent shall have the meaning set forth in Section 424(e) of the
Code. 
 (bb)    “Participant” means a person who, as an employee, officer, director or
consultant of the Company or any Affiliate, has been granted an Award under the Plan; provided that in the case of the death of a Participant, the term “Participant” refers to a beneficiary designated pursuant to Section 13.4 or the
legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court supervision. 

(cc)    “Performance Award” means any award granted under the Plan pursuant to Article 10.

 (dd)    “Person” means any individual, entity or group, within the meaning of Section
3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act. 

(ee)    “Plan” means the Rodin Income Trust, Inc. Long Term Incentive Plan, as amended
from time to time. 
 (ff)    “Plan Effective Date” has the meaning assigned such term
in Section 3.1. 
 (gg)    “Public Offering” shall occur on the closing date of a
public offering of any class or series of the Company’s equity securities pursuant to a registration statement filed by the Company under the 1933 Act. 

(hh)    “Restricted Stock” means Stock granted to a Participant under Article 9 that is
subject to certain restrictions and to risk of forfeiture. 
 (ii)    “Restricted Stock
Unit” means a right granted to a Participant under Article 9 to receive shares of Stock (or the equivalent value in cash or other property if the Committee so provides) in the future, which right is subject to certain restrictions and to
risk of forfeiture. 
 (jj)    “Shares” means shares of the Company’s Stock. If
there has been an adjustment or substitution pursuant to Section 14.1, the term “Shares” shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to
Section 14.1. 

  
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 (kk)    “Stock” means the $0.01 par value
common stock of the Company and such other securities of the Company as may be substituted for Stock pursuant to Section 14.1. 

(ll)    “Stock Appreciation Right” or “SAR” means a right granted to a
Participant under Article 8 to receive a payment equal to the difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the grant price of the SAR, all as determined pursuant to Article 8. 

(mm)    “Subsidiary” means any corporation, limited liability company, partnership or
other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Subsidiary shall have the meaning set
forth in Section 424(f) of the Code. 
 (nn)    “1933 Act” means the Securities Act of
1933, as amended from time to time. 
 (oo)    “1934 Act” means the Securities Exchange
Act of 1934, as amended from time to time. 
 ARTICLE 3 

PLAN EFFECTIVE DATE; TERMINATION OF PLAN 

3.1.    PLAN EFFECTIVE DATE. The Plan shall be effective as of the date it is approved by both the Board and the
stockholders of the Company (the “Plan Effective Date”). 
 3.2.    TERMINATION OF PLAN. The
Plan shall terminate on the tenth anniversary of the Plan Effective Date unless earlier terminated as provided herein. The termination of the Plan on such date shall not affect the validity of any Award outstanding on the date of termination, which
shall continue to be governed by the applicable terms and conditions of this Plan. Notwithstanding the foregoing, no Incentive Stock Options may be granted more than ten (10) years after the earlier of (a) adoption of this Plan by the
Board, or (b) the Plan Effective Date. 
 ARTICLE 4 

ADMINISTRATION 

4.1.    COMMITTEE. The Plan shall be administered by a Committee appointed by the Board (which Committee shall
consist of at least two directors) or, at the discretion of the Board from time to time, the Plan may be administered by the Board. The members of the Committee shall be appointed by, and may be changed at any time and from time to time in the
discretion of, the Board. It is intended that at least two of the directors appointed to serve on the Committee shall be “non-employee directors” (within the meaning of Rule 16b-3 promulgated under the 1934 Act) and that any such members of the Committee who do not so qualify shall abstain from participating in any decision to make or administer Awards that are made to Eligible
Participants who at the time of consideration for such Award are persons subject to the short-swing profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee member shall fail to qualify as a “non-employee director” or shall fail to abstain from such action shall not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of the Committee
shall be appointed by, and may be changed at any time and from time to time in the discretion of, the Board. The Board may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator
of the Plan for 

  
 6 








 
any and all purposes. To the extent the Board has reserved any authority and responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers
of the Committee hereunder, and any reference herein to the Committee (other than in this Section 4.1) shall include the Board. To the extent any action of the Board under the Plan conflicts with actions taken by the Committee, the actions of
the Board shall control. 
 4.2.    ACTION AND INTERPRETATIONS BY THE COMMITTEE. For purposes of administering
the Plan, the Committee may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Committee may deem
appropriate. The Committee’s interpretation of the Plan, any Awards granted under the Plan, any Award Notification and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties.
Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Affiliate, the Company’s or an Affiliate’s
independent certified public accountants, Company counsel or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

4.3.    AUTHORITY OF COMMITTEE. The Committee has the exclusive power, authority and discretion to: 

(a) grant Awards; 

(b) designate Participants; 

(c)    determine the type or types of Awards to be granted to each Participant; 

(d)    determine the number of Awards to be granted and the number and type of Shares, Rodin Income OP
Interests or dollar amount to which an Award will relate; 
 (e)    determine the terms and conditions of
any Award granted under the Plan; 
 (f)    prescribe the form of each Award Notification, which need not
be identical for each Participant; 
 (g)    decide all other matters that must be determined in
connection with an Award; 
 (h)    establish, adopt or revise any rules, regulations, guidelines or
procedures as it may deem necessary or advisable to administer the Plan; 
 (i)    make all other
decisions and determinations that may be required under the Plan or as the Committee deems necessary or advisable to administer the Plan; 

(j)    amend the Plan or any Award Notification as provided herein; and 

(k)    adopt such modifications, procedures, and subplans as may be necessary or desirable to comply with
provisions of the laws of non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in such other
jurisdictions and to meet the objectives of the Plan. 
 4.4.    AWARD NOTIFICATIONS. Each Award shall be
evidenced by an Award Notification. Each Award Notification shall include such provisions, not inconsistent with the Plan, as may be specified by the Committee. 

  
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 ARTICLE 5 

SHARES SUBJECT TO THE PLAN 

5.1.    NUMBER OF SHARES. Subject to adjustment as provided in Sections 5.2 and Section 14.1, the aggregate
number of Shares reserved and available for issuance pursuant to Awards granted under the Plan shall be 2,000,000. The maximum number of Shares that may be issued upon exercise of Incentive Stock Options granted under the Plan shall be 2,000,000.
The maximum number of Shares that may be issued upon the exercise or grant of an Award granted under the Plan shall not exceed, in the aggregate, an amount equal to 10% of the outstanding Shares on the Grant Date. 

5.2.    SHARE COUNTING. Shares covered by an Award shall be subtracted from the Plan share reserve as of the date
of grant, but shall be added back to the Plan share reserve in accordance with this Section 5.2. 

(a)    To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason,
any unissued or forfeited Shares subject to the Award will again be available for issuance pursuant to Awards granted under the Plan. 

(b)    Shares subject to Awards settled in cash will again be available for issuance pursuant to Awards
granted under the Plan. 
 (c)    Shares withheld from an Award or delivered by a Participant to satisfy
minimum tax withholding requirements will again be available for issuance pursuant to Awards granted under the Plan.  

(d)    If the exercise price of an Option is satisfied by delivering Shares to the Company (by either
actual delivery or attestation), only the number of Shares issued to the Participant in excess of the Shares tendered (by delivery or attestation) shall be considered for purposes of determining the number of Shares remaining available for issuance
pursuant to Awards granted under the Plan. 
 (e)    To the extent that the full number of Shares subject
to an Option or SAR is not issued upon exercise of the Option or SAR for any reason, including by reason of net-settlement of the Award, only the number of Shares issued and delivered upon exercise of the
Option or SAR shall be considered for purposes of determining the number of Shares remaining available for issuance pursuant to Awards granted under the Plan. 

(f)    To the extent that the full number of Shares subject to an Award other than an Option or SAR is not
issued for any reason, including by reason of failure to achieve maximum performance goals, only the number of Shares issued and delivered shall be considered for purposes of determining the number of Shares remaining available for issuance pursuant
to Awards granted under the Plan. 
 (g)    Substitute Awards granted pursuant to Section 13.10 of
the Plan shall not count against the Shares otherwise available for issuance under the Plan under Section 5.1. 

5.3.    STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may consist, in whole or in part, of
authorized and unissued Stock, treasury Stock or Stock purchased on the open market. 

  
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 ARTICLE 6 

ELIGIBILITY 

6.1.    GENERAL. Awards may be granted only to Eligible Participants. Incentive Stock Options may be granted only
to Eligible Participants who are employees of the Company or a Parent or Subsidiary as defined in Section 424(e) and (f) of the Code. Eligible Participants who are service providers to an Affiliate may be granted Options or SARs under this Plan
only if the Affiliate qualifies as an “eligible issuer of service recipient stock” within the meaning of §1.409A-1(b)(5)(iii)(E) of the final regulations under Code Section 409A. 

ARTICLE 7 
 STOCK OPTIONS

 7.1.    GENERAL. The Committee is authorized to grant Options to Participants on the following terms and
conditions: 
 (a)    EXERCISE PRICE. The exercise price per Share under an Option shall be
determined by the Committee, provided that the exercise price for any Option (other than an Option issued as a substitute Award pursuant to Section 13.10) shall not be less than the Fair Market Value as of the Grant Date. 

(b)    PROHIBITION ON REPRICING. Except as otherwise provided in Section 14.1, the exercise
price of an Option may not be reduced, directly or indirectly by cancellation and regrant or otherwise, without the prior approval of the stockholders of the Company. 

(c)    TIME AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which an
Option may be exercised in whole or in part, subject to Section 7.1(e). The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised or vested. 

(d)    PAYMENT. The Committee shall determine the methods by which the exercise price of an Option
may be paid, the form of payment, including, without limitation, cash, Shares, or other property (including “cashless exercise” arrangements), and the methods by which Shares shall be delivered or deemed to be delivered to Participants.

 (e)    EXERCISE TERM. Except for Nonstatutory Options granted to Participants outside the
United States, no Option granted under the Plan shall be exercisable for more than ten years from the Grant Date. 

(f)    NO DEFERRAL FEATURE. No Option shall provide for any feature for the deferral of compensation
other than the deferral of recognition of income until the exercise or disposition of the Option. 

(g)    NO DIVIDEND EQUIVALENTS. No Option shall provide for Dividend Equivalents. 

7.2.    INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under the Plan must comply with
the requirements of Section 422 of the Code. If all of the requirements of Section 422 of the Code are not met, the Option shall automatically become a Nonstatutory Stock Option. 

  
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 ARTICLE 8 

STOCK APPRECIATION RIGHTS 

8.1.    GRANT OF STOCK APPRECIATION RIGHTS. The Committee is authorized to grant Stock Appreciation Rights
to Participants on the following terms and conditions: 
 (a)    RIGHT TO PAYMENT. Upon the
exercise of a SAR, the Participant to whom it is granted has the right to receive, for each Share with respect to which the SAR is being exercised, the excess, if any, of: 

(1)    The Fair Market Value of one Share on the date of exercise; over 

(2)    The base price of the SAR as determined by the Committee, which shall not be less than the Fair
Market Value of one Share on the Grant Date. 
 (b)    PROHIBITION ON REPRICING. Except as
otherwise provided in Section 14.1, the base price of a SAR may not be reduced, directly or indirectly by cancellation and regrant or otherwise, without the prior approval of the stockholders of the Company. 

(c)    EXERCISE TERM. Except for SARs granted to Participants outside the United States, no SAR
shall be exercisable for more than ten years from the Grant Date. 
 (d)    NO DEFERRAL FEATURE.
No SAR shall provide for any feature for the deferral of compensation other than the deferral of recognition of income until the exercise or disposition of the SAR. 

(e)    NO DIVIDEND EQUIVALENTS. No SAR shall provide for Dividend Equivalents. 

(f)    OTHER TERMS. 

(1) All SARs shall be evidenced by an Award Notification. Subject to the limitations of this Article 8, the terms, methods of
exercise, methods of settlement, form of consideration payable in settlement, and any other terms and conditions of any SAR shall be determined by the Committee at the time of the grant of the Award and shall be reflected in the Award Notification.

 (2) Stock Appreciation Rights shall not be granted unless and until Shares are listed on a national securities exchange:

 ARTICLE 9 

RESTRICTED STOCK, RESTRICTED STOCK UNITS 

AND DEFERRED STOCK UNITS 

9.1.    GRANT OF RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS. The Committee is authorized to
make Awards of Restricted Stock, Restricted Stock Units or Deferred Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by the Committee. An Award of Restricted Stock, Restricted Stock Units or
Deferred Stock Units shall be evidenced by an Award Notification setting forth the terms, conditions, and restrictions applicable to the Award. 

  
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 9.2.    ISSUANCE AND RESTRICTIONS. Restricted Stock, Restricted Stock
Units or Deferred Stock Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive
dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the
time of the grant of the Award or thereafter. Except as otherwise provided in an Award Notification or any special Plan document governing an Award, the Participant shall have all of the rights of a stockholder with respect to the Restricted Stock,
and the Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units or Deferred Stock Units until such time as Shares of Stock are paid in settlement of the Restricted Stock Units or Deferred Stock Units. Unless
otherwise provided in the applicable Award Notification, awards of Restricted Stock will be entitled to full dividend rights and any dividends paid thereon will be paid or distributed to the holder when the dividends are paid to the Company’s
stockholders. 
 9.3.    FORFEITURE. Except as otherwise determined by the Committee at the time of the grant of
the Award or thereafter, upon termination of Continuous Status as a Participant during the applicable restriction period or upon failure to satisfy a performance goal during the applicable restriction period, Restricted Stock or Restricted Stock
Units that are at that time subject to restrictions shall be forfeited. 
 9.4.    DELIVERY OF RESTRICTED STOCK.
Shares of Restricted Stock shall be delivered to the Participant at the time of grant either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of
its employees) designated by the Committee, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such
certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 

ARTICLE 10 
 PERFORMANCE
AWARDS 
 10.1.    GRANT OF PERFORMANCE AWARDS. The Committee is authorized to grant any Award under this
Plan, including cash-based Awards, with performance-based vesting criteria, on such terms and conditions as may be selected by the Committee. The Committee shall have the complete discretion to determine the number of Performance Awards granted to
each Participant and to designate the provisions of such Performance Awards as provided in Section 4.3. All Performance Awards shall be evidenced by an Award Notification or a written program established by the Committee, pursuant to which
Performance Awards are awarded under the Plan under uniform terms, conditions and restrictions set forth in such written program. 

10.2.    PERFORMANCE GOALS. The Committee may establish performance goals for Performance Awards which may be based
on any criteria selected by the Committee. Such performance goals may be described in terms of Company-wide objectives or in terms of objectives that relate to the performance of the Participant, an Affiliate or a division, region, department or
function within the Company or an Affiliate. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company or the manner in which the Company or an Affiliate conducts its business, or
other events or circumstances render performance goals to be unsuitable, the Committee may modify such performance goals in whole or in part, as the Committee deems appropriate. 

  
 11 








 
If a Participant is promoted, demoted or transferred to a different business unit or function during a performance period, the Committee may determine that the performance goals or performance
period are no longer appropriate and may (i) adjust, change or eliminate the performance goals or the applicable performance period as it deems appropriate to make such goals and period comparable to the initial goals and period, or
(ii) make a cash payment to the participant in an amount determined by the Committee. 
 ARTICLE 11 

DIVIDEND EQUIVALENTS 

11.1.    GRANT OF DIVIDEND EQUIVALENTS. Except as provided in Sections 7.1(g) and 8.1(e), the Committee is
authorized to grant Dividend Equivalents with respect to Awards granted hereunder, subject to such terms and conditions as may be selected by the Committee; provided that Dividend Equivalents shall not be granted unless and until Shares are
listed on a national securities exchange. Dividend Equivalents shall entitle the Participant to receive payments equal to dividends with respect to all or a portion of the number of Shares subject to an Award, as determined by the Committee. The
Committee may provide that Dividend Equivalents be paid or distributed when accrued or be deemed to have been reinvested in additional Shares, or otherwise reinvested. Unless otherwise provided in the applicable Award Notification, Dividend
Equivalents will be paid or distributed no later than the 15th day of the 3rd month following the later of (i) the calendar year in which
the corresponding dividends were paid to stockholders, or (ii) the first calendar year in which the Participant’s right to such Dividends Equivalents is no longer subject to a substantial risk of forfeiture. 

ARTICLE 12 
 OTHER AWARDS

 12.1.    GRANT OF OTHER AWARDS. The Committee is authorized, subject to limitations under applicable law,
to grant to Participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including without
limitation, Rodin Income OP Interests, membership interests in a Subsidiary or operating partnership, Shares awarded purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities, other
rights convertible or exchangeable into Shares, and Awards valued by reference to book value of Shares or the value of securities of or the performance of specified Parents or Subsidiaries. The Committee shall determine the terms and conditions of
such Awards. For purposes of calculating the number of Shares underlying an Other Award relative to the total number of Shares of Stock reserved and available for issuance under Section 5.1 hereof, the Committee shall establish in good faith
the maximum number of Shares to which a grantee of such Other Award may be entitled upon fulfillment of all applicable conditions set forth in the relevant Award Notification, including vesting, accretion factors, conversion ratios, exchange ratios
and the like. If and when any such conditions are no longer capable of being met, in whole or in part, the number of Shares underlying such Other Award shall be reduced accordingly by the Committee and the related Shares shall be added back to the
Shares of Stock available for issuance under the Plan. The Committee may require that Other Awards be held through a limited partnership, or similar “look-through” entity, and the Committee may require such limited partnership or similar
entity to impose restrictions on its partners or other beneficial owners that are not inconsistent with the provisions of this Section 12.1. The provisions of the grant of Other Awards need not be the same with respect to each Participant. 


  
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 ARTICLE 13 

PROVISIONS APPLICABLE TO AWARDS 

13.1.    TERM OF AWARD. The term of each Award shall be for the period as determined by the Committee, provided
that in no event shall the term of any Option or a Stock Appreciation Right exceed a period of ten years from its Grant Date. 

13.2.    FORM OF PAYMENT FOR AWARDS. At the discretion of the Committee, payment of Awards may be made in cash,
Stock, a combination of cash and Stock, or any other form of property as the Committee shall determine. In addition, payment of Awards may include such terms, conditions, restrictions and/or limitations, if any, as the Committee deems appropriate,
including, in the case of Awards paid in the form of Stock, restrictions on transfer and forfeiture provisions. Further, payment of Awards may be made in the form of a lump sum, or in installments, as determined by the Committee. 

13.3.    LIMITS ON TRANSFER. No right or interest of a Participant in any unexercised or restricted Award may be
pledged, encumbered, or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or an Affiliate. No
unexercised or restricted Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution; provided, however, that the Committee may (but need not) permit other transfers (other
than transfers for value) where the Committee concludes that such transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described in Code Section
422(b), and (iii) is otherwise appropriate and desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards. 

13.4.    BENEFICIARIES. Notwithstanding Section 13.3, a Participant may, in the manner determined by the
Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming
any rights under the Plan is subject to all terms and conditions of the Plan and any Award Notification applicable to the Participant, except to the extent the Plan and Award Notification otherwise provide, and to any additional restrictions deemed
necessary or appropriate by the Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or revoked by a
Participant at any time provided the change or revocation is filed with the Committee. 
 13.5.    STOCK TRADING
RESTRICTIONS. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of
any national securities exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable
to the Stock. 
 13.6.    ACCELERATION UPON DEATH OR DISABILITY. Except as otherwise provided in the Award
Notification or any special Plan document governing an Award, upon the termination of a person’s Continuous Status as a Participant by reason of death or Disability: 

(i)    all of that Participant’s outstanding Options and SARs shall become fully exercisable; 

  
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 (ii)    all time-based vesting restrictions on that
Participant’s outstanding Awards shall lapse as of the date of termination; and 
 (iii)    the
payout opportunities attainable under all of that Participant’s outstanding performance-based Awards shall be deemed to have been fully earned as of the date of termination as follows: 

(A)    if the date of termination occurs during the first half of the applicable performance period, all
relevant performance goals will be deemed to have been achieved at the “target” level, and 

(B)    if the date of termination occurs during the second half of the applicable performance period, the
actual level of achievement of all relevant performance goals against target will be measured as of the end of the calendar quarter immediately preceding the date of termination, and 

(C) in either such case, there shall be a pro rata payout to the Participant or his or her estate within sixty (60) days
following the date of termination (unless a later date is required by Section 16.3 hereof), based upon the length of time within the performance period that has elapsed prior to the date of termination. 

To the extent that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in Code Section 422(d), the excess
Options shall be deemed to be Nonstatutory Stock Options. 
 13.7.    ACCELERATION UPON A CHANGE IN CONTROL.
Except as otherwise provided in the Award Notification or any special Plan document governing an Award, upon the occurrence of a Change in Control, (i) all outstanding Options, SARs, and other Awards in the nature of rights that may be
exercised shall become fully exercisable, and (ii) all time-based vesting restrictions on outstanding Awards shall lapse. Except as otherwise provided in the Award Notification or any special Plan document governing an Award, upon the
occurrence of a Change in Control, the target payout opportunities attainable under all outstanding performance-based Awards shall be deemed to have been fully earned as of the effective date of the Change in Control based upon an assumed
achievement of all relevant performance goals at the “target” level and there shall be a pro rata payout to Participants within thirty (30) days following the effective date of the Change in Control based upon the length of time
within the performance period that has elapsed prior to the Change in Control. 
 13.8.    ACCELERATION FOR ANY
REASON. The Committee may in its sole discretion at any time determine that all or a portion of a Participant’s Options, SARs, and other Awards in the nature of rights that may be exercised shall become fully or partially exercisable, that
all or a part of the time-based vesting restrictions on all or a portion of the outstanding Awards shall lapse, and/or that any performance-based criteria with respect to any Awards shall be deemed to be wholly or partially satisfied, in each case,
as of such date as the Committee may, in its sole discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 13.8. Notwithstanding
anything in the Plan, including this Section 13.8, the Committee may not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code. 

13.9.    FORFEITURE EVENTS. The Committee may specify in an Award Notification that the Participant’s rights,
payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an
Award. Such events shall include, but shall 

  
 14 








 
not be limited to, termination of employment for Cause, violation of material Company or Affiliate policies, breach of noncompetition, confidentiality or other restrictive covenants that may
apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company or any Affiliate. 

13.10.    SUBSTITUTE AWARDS. The Committee may grant Awards under the Plan in substitution for stock and
stock-based awards held by employees of another entity who become employees of the Company or an Affiliate as a result of a merger or consolidation of the former employing entity with the Company or an Affiliate or the acquisition by the Company or
an Affiliate of property or stock of the former employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances. 

ARTICLE 14 
 CHANGES IN
CAPITAL STRUCTURE 
 14.1.    MANDATORY ADJUSTMENTS. In the event of a nonreciprocal transaction between the
Company and its stockholders that causes the per-share value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights
offering, or large nonrecurring cash dividend), the authorization limits under Section 5.1 shall be adjusted proportionately, and the Committee shall make such adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to
prevent dilution or enlargement of rights immediately resulting from such transaction. Action by the Committee may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number
and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards or the measure to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the
Committee determines to be equitable. Notwithstanding the foregoing, the Committee shall not make any adjustments to outstanding Options or SARs that would constitute a modification or substitution of the stock right under Treas. Reg. Sections 1.409A-1(b)(5)(v) that would be treated as the grant of a new stock right or change in the form of payment for purposes of Code Section 409A. Without limiting the foregoing, in the event of a subdivision of
the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the authorization limits under Section 5.1 shall automatically be
adjusted proportionately, and the Shares then subject to each Award shall automatically, without the necessity for any additional action by the Committee, be adjusted proportionately without any change in the aggregate purchase price therefor. 

14.2.    DISCRETIONARY ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate event or transaction
involving the Company (including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described in Section 14.1), the Committee may, in its sole discretion, provide
(i) that Awards will be settled in cash rather than Stock, (ii) that Awards will become immediately vested and exercisable and will expire after a designated period of time to the extent not then exercised, (iii) that Awards will be
assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding Awards may be settled by payment in cash or cash equivalents equal to the excess of the Fair
Market Value of the underlying Stock, as of a specified date associated with the transaction, over the exercise price of the Award, (v) that performance targets and performance periods for Performance Awards will be modified, or (vi) any
combination of the foregoing. The Committee’s determination need not be uniform and may be different for different Participants whether or not such Participants are similarly situated. 

  
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 14.3.    GENERAL. Any discretionary adjustments made pursuant to this
Article 14 shall be subject to the provisions of Section 15.2. To the extent that any adjustments made pursuant to this Article 14 cause Incentive Stock Options to cease to qualify as Incentive Stock Options, such Options shall be deemed to be
Nonstatutory Stock Options. 
 ARTICLE 15 

AMENDMENT, MODIFICATION AND TERMINATION 

15.1.    AMENDMENT, MODIFICATION AND TERMINATION. The Board or the Committee may, at any time and from time to
time, amend, modify or terminate the Plan without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board or the Committee, either (i) materially increase the number
of Shares available under the Plan, (ii) expand the types of awards under the Plan, (iii) materially expand the class of participants eligible to participate in the Plan, (iv) materially extend the term of the Plan, or
(v) otherwise constitute a material change requiring stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of an Exchange, then such amendment shall be subject to stockholder
approval; and provided, further, that the Board or Committee may condition any other amendment or modification on the approval of stockholders of the Company for any reason, including by reason of such approval being necessary or
deemed advisable (i) to comply with the listing or other requirements of an Exchange, or (ii) to satisfy any other tax, securities or other applicable laws, policies or regulations. 

15.2.    AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Committee may amend, modify or terminate
any outstanding Award without approval of the Participant; provided, however: 

(a)    Subject to the terms of the applicable Award Notification, such amendment, modification or
termination shall not, without the Participant’s consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination (with the per-share value of an Option or SAR for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment or termination over the exercise or base price of such Award);

 (b)    The original term of an Option or SAR may not be extended without the prior approval of the
stockholders of the Company; 
 (c)    Except as otherwise provided in Section 14.1, the exercise
price of an Option or SAR may not be reduced, directly or indirectly, without the prior approval of the stockholders of the Company; and 

(d)    No termination, amendment, or modification of the Plan shall adversely affect any Award previously
granted under the Plan, without the written consent of the Participant affected thereby. An outstanding Award shall not be deemed to be “adversely affected” by a Plan amendment if such amendment would not reduce or diminish the value of
such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment (with the per-share value of an Option or SAR for this purpose being calculated as
the excess, if any, of the Fair Market Value as of the date of such amendment over the exercise or base price of such Award). 

15.3.    COMPLIANCE AMENDMENTS. Notwithstanding anything in the Plan or in any Award Notification to the contrary,
the Board may amend the Plan or an Award Notification, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or Award Notification to any present or future law relating to plans of this or
similar nature (including, 

  
 16 








 
but not limited to, Section 409A of the Code), and to the administrative regulations and rulings promulgated thereunder. By accepting an Award under this Plan, a Participant agrees to any
amendment made pursuant to this Section 15.3 to any Award granted under the Plan without further consideration or action. 
 ARTICLE
16 
 GENERAL PROVISIONS 

16.1.    RIGHTS OF PARTICIPANTS. 

(a)    No Participant or any Eligible Participant shall have any claim to be granted any Award under the
Plan. Neither the Company, its Affiliates nor the Committee is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made by the Committee selectively among Eligible Participants who
receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated). 

(b)    Nothing in the Plan, any Award Notification or any other document or statement made with respect to
the Plan, shall interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer, or any Participant’s service as a director, at any time, nor confer upon any
Participant any right to continue as an employee, officer, or director of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise. 

(c)    Neither an Award nor any benefits arising under this Plan shall constitute an employment contract
with the Company or any Affiliate and, accordingly, subject to Article 15, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Committee without giving rise to any liability on the part of
the Company or any of its Affiliates. 
 (d)    No Award gives a Participant any of the rights of a
stockholder of the Company unless and until Shares are in fact issued to such person in connection with such Award. 

16.2.    WITHHOLDING. The Company or any Affiliate shall have the authority and the right to deduct or withhold, or
require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any exercise, lapse of restriction or
other taxable event arising as a result of the Plan. With respect to withholding required upon any taxable event under the Plan, the Committee may, at the time the Award is granted or thereafter, require or permit that any such withholding
requirement be satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in
accordance with such procedures as the Committee establishes. All such elections shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. 

16.3.     SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE. 

(a)    General. It is intended that the payments and benefits provided under the Plan and any Award shall either be
exempt from the application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Notifications shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided
under the Plan or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by
any Participant or other taxpayer as a result of the Plan or any Award. 

  
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 (b)    Definitional Restrictions. Notwithstanding anything in the Plan
or in any Award Notification to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would
otherwise be payable or distributable, or a different form of payment (e.g., lump sum or installment) would be effected, under the Plan or any Award Notification by reason of the occurrence of a Change in Control, or the Participant’s
Disability or separation from service, such amount or benefit will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to
such Change in Control, Disability or separation from service meet any description or definition of “change in control event”, “disability” or “separation from service”, as the case may be, in Section 409A of the Code
and applicable regulations (without giving effect to any elective provisions that may be available under such definition). This provision does not prohibit the vesting of any Award upon a Change in Control, Disability or separation from service,
however defined. If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the next earliest payment or distribution date or event specified in the Award Notification that is
permissible under Section 409A of the Code. If this provision prevents the application of a different form of payment of any amount or benefit, such payment shall be made in the same form as would have applied absent such designated event or
circumstance. 
 (c)    Allocation Among Possible Exemptions. If any one or more Awards granted under the Plan to
a Participant could qualify for any separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay
exemptions, the Company (acting through the Committee) shall determine which Awards or portions thereof will be subject to such exemptions. 

(d)    Six-Month Delay in Certain Circumstances. Notwithstanding anything
in the Plan or in any Award Notification to the contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be
payable or distributable under this Plan or any Award Notification by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible
acceleration of payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 

(i) the amount of such non-exempt deferred compensation that would otherwise be payable
during the six-month period immediately following the Participant’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following the
Participant’s separation from service (or, if the Participant dies during such period, within 30 days after the Participant’s death) (in either case, the “Required Delay Period”), and 

(ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the
Required Delay Period. 
 For purposes of this Plan, the term “Specified Employee” has the meaning given such term
in Section 409A of the Code and the final regulations thereunder, provided, however, that, as permitted in such final regulations, the Company’s Specified Employees and its application of the
six-month delay rule of 409A(a)(2)(B)(i) of the Code shall be determined in accordance with rules adopted by the Board or any committee of the Board, which shall be applied consistently with respect to all
nonqualified deferred compensation arrangements of the Company, including this Plan. 

  
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 16.4.    UNFUNDED STATUS OF AWARDS. The Plan is intended to be an
“unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Notification shall give the Participant any rights that
are greater than those of a general creditor of the Company or any Affiliate. This Plan is not intended to be subject to ERISA. 

16.5.    RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be taken into account in determining any
benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate unless provided otherwise in such other plan. 

16.6.    EXPENSES. The expenses of administering the Plan shall be borne by the Company and its Affiliates. 

16.7.    TITLES AND HEADINGS. The titles and headings of the Sections in the Plan are for convenience of reference
only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

16.8.    GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also
shall include the feminine; the plural shall include the singular and the singular shall include the plural. 

16.9.    FRACTIONAL SHARES. No fractional Shares shall be issued and the Committee shall determine, in its
discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down. 

16.10.    GOVERNMENT AND OTHER REGULATIONS. 

(a)    Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the
Plan may, during any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is
made (i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirement of the 1933 Act, such as that
set forth in Rule 144 promulgated under the 1933 Act. 
 (b)    Notwithstanding any other provision of
the Plan, if at any time the Committee shall determine that the registration, listing or qualification of the Shares covered by an Award upon any Exchange or under any foreign, federal, state or local law or practice, or the consent or approval of
any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such
Award unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award
shall make such representations and agreements and furnish such information as the Committee may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any
certificate or certificates for Shares under the Plan prior to the Committee’s determination that all 

  
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related requirements have been fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law or to take any other
action in order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement. 

16.11.    GOVERNING LAW. To the extent not governed by federal law, the Plan and all Award Notifications shall be
construed in accordance with and governed by the laws of the State of Maryland. 
 16.12.    ADDITIONAL
PROVISIONS. Each Award Notification may contain such other terms and conditions as the Committee may determine; provided that such other terms and conditions are not inconsistent with the provisions of the Plan. 

16.13.    NO LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any way affect the right or
power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan shall not restrict the
authority of the Company, for proper corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Committee so directs, the Company may issue or transfer Shares to an Affiliate, for such lawful
consideration as the Committee may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and specified by the Committee
pursuant to the provisions of the Plan. 
 16.14.    INDEMNIFICATION. Each person who is or shall have been a
member of the Committee or of the Board shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from
any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement
thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and
defend the same before he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing
right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s charter or bylaws, as a matter of law, or otherwise, or any power that the Company may have to
indemnify them or hold them harmless. 
 ******************** 

  
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 The foregoing Long Term Incentive Plan was adopted by the Board on
[                    ] [●], 2017, and by the stockholders on
[                    ] [●], 2017. 

  
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