Document:

INDEMNIFICATION
AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of ______ 2016 by and between
Gadsden Growth Properties, Inc., a Maryland corporation (the “Company”), and the undersigned individual (“Indemnitee”).

 

WITNESSETH
THAT:

 

WHEREAS,
highly competent persons have become more reluctant to serve corporations as directors, officers or in other capacities unless
they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of the corporation;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary
and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given
current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more
exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally
would have been brought only against the Company or business enterprise itself. The Articles of Incorporation of the Company (the
“Charter”) and the By-laws of the Company (the “By-laws”) require indemnification of the
officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation
Law of the State of Maryland (“MGCL”). The Charter, the By-laws and the MGCL expressly provide that the indemnification
provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company
and members of the Board with respect to indemnification;

 

WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
such persons;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty
of such protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by law so that they will serve or continue to serve the Company free
from undue concern that they will not be so indemnified;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Charter and the By-laws and any resolutions adopted pursuant thereto,
and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS,
Indemnitee does not regard the protection available under the Charter, the By-laws or insurance as adequate in the present circumstances,
and may not be willing to serve as an officer or director, or in any similar capacity, without adequate protection, and the Company
desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that he be so indemnified.

 

    	 	 	 

     

    

 

Indemnification
Agreement

 

NOW,
THEREFORE, in consideration of Indemnitee’s agreement to serve as a director of the Company after the date hereof, the parties
hereto agree as follows:

 

1.Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent not prohibited by
law, as such may be Charter from time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof:

 

(a)Indemnitee
shall be entitled to the rights of indemnification provided in this Section 1(a) if, by reason of his Corporate Status (as hereinafter
defined), Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other
than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all
Expenses (as hereinafter defined), liability and loss (including judgments, fines, ERISA excise taxes or penalties, amounts paid
or to be paid in settlement, and any interest, assessments, or other charges imposed on any such amounts, and any federal, state,
local, or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement)
(collectively, “Liabilities”) actually and reasonably incurred by him, or on his behalf, in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in or not opposed to the interests of the Company and with respect to any criminal Proceeding, had no reasonable
cause to believe Indemnitee’s conduct was unlawful, it being acknowledged that any action taken by the Indemnitee upon the
advice of counsel shall provide a rebuttable presumption that such action was not opposed to the interests of the Company or that
Indemnitee had no reasonable cause to believe his conduct was unlawful.

 

(b)Indemnitee
shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his Corporate Status, Indemnitee
is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant
to this Section 1(b), Indemnitee shall be indemnified against all Expenses actually incurred by Indemnitee, or on Indemnitee’s
behalf, in connection with such Proceeding if Indemnitee acted in good faith; provided, however, if applicable law so provides,
no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which
Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that an appropriate court located in
the State of Maryland, or any other court of competent jurisdiction, shall determine that such indemnification may be made.

 

(c)Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is
successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified to the maximum extent not prohibited
by law, against all Expenses actually and reasonably incurred by Indemnittee or on the Indemnitee’s behalf in connection
therewith. If Indemnitee is not wholly successful in such Proceeding because of a violation of law but is successful, on the merits
or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee
against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim,
issue or matter. For purposes of this Section 1 and without limitation, the termination of any claim, issue or matter in such
a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

(d)If
the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses
and Liabilities, but not, however, for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the
portion thereof to which the Indemnitee is entitled.

 

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Indemnification
Agreement

 

2.Additional
Indemnity.

 

(a)In
addition to, and without regard to any limitations on, the indemnification provided for in Section 1, the Company shall and hereby
does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually
and reasonably incurred by him or on his behalf if, by reason of his Corporate Status, he is, or is threatened to be made, a party
to or participant in any Proceeding (including, without limitation, a Proceeding by or in the right of the Company), including,
without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.

 

(b)In
addition to, and without regard to any limitations on, the indemnification provided for in Section 1, in the event that the Company
provides rights to any person by reason of their Corporate Status or otherwise incurs a similar indemnification obligation to
any individual or entity that provides any greater rights to such indemnified individual or entity than the rights provided to
Indemnitee, then without any further action by any party to this Agreement, the Indemnitee shall be provided such greater rights.

 

(c)The
only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall
not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions,
set forth in Sections 6 and 7) to be unlawful.

 

3.Contribution.

 

(a)Whether
or not the indemnification provided in Sections 1 or 2 is available, in respect of any threatened, pending or completed action,
suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding
without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution
it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding in which the
Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless (i) such settlement
provides for a full and final release of all claims asserted against Indemnitee, (ii) the Indemnitee engaged in willful misconduct
that violates applicable law or gross negligence, or (iii) the Indemnity consents to such settlement.

 

(b)Without
diminishing or impairing the obligations of the Company set forth in Section 3(a), if, for any reason, Indemnitee shall elect
or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or
proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall contribute to the amount of expenses (including, without limitation, attorneys’ fees and disbursements),
judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion
to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee,
who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee,
on the other hand, from the transaction from which such action, suit or proceeding arose; provided, however, that the proportion
determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to
the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly
liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other
hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other
equitable considerations which the Law may require to be considered. The relative fault of the Company and all officers, directors
or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things,
the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability
is primary or secondary and the degree to which their conduct is active or passive.

 

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Indemnification
Agreement

 

(c)The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by
officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)To
the fullest extent not prohibited under law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of
the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

4.Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith.

 

5.Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or
on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status, including without
limitation, any retainers or similar payments or deposits, within thirty (30) days after the receipt by the Company of a statement
or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition
of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include
or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately
be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay
pursuant to this Section 5 shall be unsecured and interest free.

 

6.Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the MGCL and public policy of the State of Maryland. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee
is entitled to indemnification under this Agreement:

 

(a)To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a
request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

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Indemnification
Agreement

 

(b)Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a), a determination, if required
by law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four
methods, which shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors, even though less
than a quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even
though less than a quorum, (3), if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent
Legal Counsel (as defined below) in written advice to the Board, a copy of which shall be delivered to Indemnitee, or (4) if so
directed by the Board, by the stockholders of the Company.

 

(c)If
the determination of entitlement to indemnification is to be made by Independent Legal Counsel pursuant to Section 6(b), the Independent
Legal Counsel shall be selected as provided in this Section 6(c). The Independent Legal Counsel shall be selected by the Board.
Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company, as
the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground
that the Independent Legal Counsel so selected does not meet the requirements of “Independent Legal Counsel” as defined
in Section 13, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely
objection, the person so selected shall act as Independent Legal Counsel. If a written objection is made and substantiated, the
Independent Legal Counsel selected may not serve as Independent Legal Counsel unless and until such objection is withdrawn or
a court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written
request for indemnification pursuant to Section 6(a), no Independent Legal Counsel shall have been selected and not objected to,
either the Company or Indemnitee may petition the Maryland Court or other court of competent jurisdiction for resolution of any
objection which shall have been made by Indemnitee to the Company’s selection of Independent Legal Counsel and/or for the
appointment as Independent Legal Counsel of a person selected by the court or by such other person as the court shall designate,
and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Legal Counsel
under Section 6(b). The Company shall pay any and all reasonable fees and expenses of Independent Legal Counsel incurred by such
Independent Legal Counsel in connection with acting pursuant to Section 6(b), and the Company shall pay all reasonable fees and
expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Legal Counsel was
selected or appointed.

 

(d)In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company
(including, without limitation, by its directors or Independent Legal Counsel) to have made a determination prior to the commencement
of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable
standard of conduct, nor an actual determination by the Company (including, without limitation, by its directors or Independent
Legal Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption
that Indemnitee has not met the applicable standard of conduct.

 

(e)Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise
(as hereinafter defined), including, without limitation, financial statements, or on information supplied to Indemnitee by the
officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information
or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert
selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director,
officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed
that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion
by clear and convincing evidence.

 

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Indemnification
Agreement

 

(f)If
the person, persons or entity empowered or selected under this Section 6 to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty
(30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith
requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided, further,
that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to
be made by the stockholders pursuant to Section 6(b) and if (A) within fifteen (15) days after receipt by the Company of the request
for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the
stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt
and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such
receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having
been so called and such determination is made thereat.

 

(g)Indemnitee
shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to
indemnification, including, without limitation, providing to such person, persons or entity upon reasonable advance request any
documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available
to Indemnitee and reasonably necessary to such determination. Any Independent Legal Counsel, member of the Board or stockholder
of the Company shall act reasonably and in good faith in making a determination regarding Indemnitee’s entitlement to indemnification
under this Agreement. Any costs or expenses (including, without limitation, attorneys’ fees and disbursements) incurred
by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective
of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to
hold Indemnitee harmless therefrom.

 

(h)The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee
is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee
has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(i)The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

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Indemnification
Agreement

 

7.Remedies
of Indemnitee.

 

(a)In
the event that (i) a determination is made pursuant to Section 6 that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5, (iii) no determination of entitlement to indemnification
is made pursuant to Section 6(b) within ninety (90) days after receipt by the Company of the request for indemnification, (iv)
payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written
request therefor or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee
is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6, Indemnitee shall be entitled
to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of Indemnitee’s
entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication within one hundred and
eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section
7(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

(b)In
the event that a determination shall have been made pursuant to Section 6(b) that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits,
and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c)If
a determination shall have been made pursuant to Section 6(b) that Indemnitee is entitled to indemnification, the Company shall
be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially misleading
in connection with the application for indemnification, or (ii) a prohibition of such indemnification under law.

 

(d)In
the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover damages
for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained
by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the definition
of Expenses in Section 13) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee
ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

(e)The
Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any court having jurisdiction
over such proceeding that the Company is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee
against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written
request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee
in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement
or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as
the case may be.

 

(f)Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding.

 

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Indemnification
Agreement

 

8.Non-Exclusivity;
Survival of Rights; Insurance; Subrogation; No Presumption.

 

(a)The
rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee
may at any time be entitled under law, the Charter, the By-laws, any agreement, a vote of stockholders, a resolution of directors
or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right
of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior
to such amendment, alteration or repeal. To the extent that a change in the MGCL or other law, whether by statute or judicial
decision, permits greater indemnification than would be afforded currently under the Charter, the By-laws and this Agreement,
it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such
change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and
remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy.

 

(b)To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies
in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent
or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof,
the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of
such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result
of such proceeding in accordance with the terms of such policies. In connection with any sale of the Company, including any merger,
the Company shall use its reasonable commercial efforts to maintain an insurance policy for a reasonable period or “tail”
after the closing date of such sale or merger.

 

(c)In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d)The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the
extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

(e)The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the
Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of
expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

(f)For
purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action, suit or claim,
by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its
equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular
belief or that a court has determined that indemnification is not permitted by applicable law.

 

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Indemnification
Agreement

 

9.Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b)for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Securities Exchange Act of 1934, as Charter, or similar provisions of state statutory law
or common law; or

 

(c)in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part
of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the
indemnification, in its sole discretion, pursuant to the powers vested in the Company under law.

 

10.Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is
a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise), plus three (3) years thereafter, and shall continue in all
events thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7) by reason
of his Corporate Status, not matter when instituted, whether or not he is acting or serving in any such capacity at the time any
liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding
upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct
or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of
the Company), assigns, spouses, heirs, executors and personal and legal representatives. Notwithstanding the foregoing, no legal
action shall be brought and no cause of action shall be asserted by or on behalf of the Company or any affiliate of the Company
against the Indemnitee, the Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration
of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company or its affiliate
shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such period; provided,
however, that if any shorter statute of limitations is otherwise applicable to any such cause of action, such shorter statute
of limitations shall govern.

 

11.Security.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security
to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other
collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of
Indemnitee.

 

12.Enforcement.

 

(a)The
Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby
in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as an officer or director of the Company.

 

    	 	9	 

     

    

 

Indemnification
Agreement

 

(b)This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

 

13.Definitions.
For purposes of this Agreement

 

(a)“Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company,
a subsidiary of the Company or of any other corporation, partnership, limited liability company, joint venture, trust, employee
benefit plan or other enterprise that such person is or was serving at the express written request of the Company. For the avoidance
of doubt, “Corporate Status” does not include the status of a person described in the foregoing sentence in his or
her role as a representative of any stockholder of the Company.

 

(b)“Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(c)“Enterprise”
shall mean the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer,
employee, agent or fiduciary.

 

(d)“Expenses”
shall include all attorneys’ fees, disbursements, retainers, court costs, transcript costs, fees of experts, witness fees,
travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other
disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute
or defend, investigating, participating, or being or preparing to be a witness in a Proceeding. Expenses also shall include Expenses
incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for,
and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall
not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(e)“Independent
Legal Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under
similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the
Independent Legal Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities
and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(f)“Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of
the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be
involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason
of any action taken by him or of any inaction on his part while acting as an officer or director of the Company, or by reason
of the fact that he is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another
corporation, partnership, limited liability company, joint venture, trust or other Enterprise; in each case whether or not he
is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided
under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee
pursuant Section 7 to enforce his rights under this Agreement.

 

    	 	10	 

     

    

 

Indemnification
Agreement

 

14.Severability.
The invalidity of unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other
provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification
rights to the fullest extent permitted by law. In the event any provision hereof conflicts with any law, such provision shall
be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15.Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver
of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16.Notice
By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially
prejudices the Company.

 

17.Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if such
address is so provided under this Section 17 and sent during normal business hours of the recipient, and if not so confirmed,
then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt. All communications shall be sent:

 

	 	(a)	To
    Indemnitee at the address set forth below Indemnitee signature hereto.
	 	 	 
	 	(b)	To
    the Company at:
	 	 	 
	 	 	Gadsden
    Growth Properties, Inc. 
	 	 	15150
    N. Hayden Road, Suite 225
	 	 	Scottsdale,
    Arizona 85260
	 	 	Tel:
    (480) 750-8700
	 	 	Attention:
    Chairman of the Board

 

or
to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may
be; provided, that any notice providing such other address shall be effective only if such notice expressly references this Agreement
and this Section 17.

 

18.Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

    	 	11	 

     

    

 

Indemnification
Agreement

 

19.Headings.
The headings of the Sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

20.Arbitration.
Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation
or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined
by arbitration in Scottsdale, Arizona if the Indemnitee commences the action or proceeding or the State of domicile of the Indemnitee
if the Company commences the action or proceeding, in each case, before three arbitrators. The arbitration shall be administered
by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited Procedures in those
Rules. Judgment on the Award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking
provisional remedies in aid of arbitration from a court of appropriate jurisdiction and shall not remove the exclusive jurisdiction
of the Maryland Court to the extent such court has exclusive jurisdiction with respect to any action or proceeding relating to
this Agreement or the subject matter of this Agreement.

 

21.Governing
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Maryland, without regard to its conflict of laws rules. The Company
and Indemnitee hereby irrevocably and unconditionally (i) agree that, subject to the provisions of Section 20, any action or proceeding
arising out of or in connection with this Agreement shall be brought and maintained only in the Maryland Court, and not in any
other state or federal court in the United States of America or any court in any other country, unless the Maryland Court is unable
to adjudicate such action or proceeding, whereupon such action or proceeding may be brought and maintained in any court of competent
jurisdiction, (ii) consent to submit to the exclusive jurisdiction of the Maryland Court for purposes of any action or proceeding
arising out of or in connection with this Agreement, unless such action or proceeding is brought or maintained in another court
as provided in clause (i) above, (iii) appoint, to the extent such party is not otherwise subject to service of process in the
State of Maryland, irrevocably the Maryland Court as its agent in the State of Maryland as such party’s agent for acceptance
of legal process in connection with any such action or proceeding against such party with the same legal force and validity as
if served upon such party personally within the State of Maryland, (iv) waive any objection to the laying of venue of any such
action or proceeding in the Maryland Court, unless such action or proceeding is brought or maintained in another court as provided
in clause (i) above, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in
the Maryland Court has been brought in an improper or inconvenient forum, unless such action or proceeding is brought or maintained
in another court as provided in clause (i) above.

 

[remainder
of this page intentionally left blank]

 

    	 	12	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first above written.

 

	 	COMPANY
	 	 	 
	 	GADSDEN GROWTH PROPERTIES, INC.
	 	 	 
	 	By:	 
	 	Name:	John
    Hartman
	 	Title:	Chief
    Executive Officer

 

	 	INDEMNITEE
	 	 	 
	 	By:	            
	 	Name:
    	 

 

	 	Address:
    	 
	 	 	 
	 	Current
    Position:	 
	 	 	 
	 	Phone:
    	 
	 	 	 
	 	Fax:
    	 
	 	 	 
	 	Email:
    	 

 

[Signature
Page - Gadsden Growth Properties, Inc. - Indemnification Agreement]FORM
OF

 

Gadsden
Growth properties, Inc.

 

2016
Equity Compensation Plan

 

GADSDEN
GROWTH PROPERTIES, INC.

 

2016
Equity Compensation Plan

 

	1.	Purpose

 

Gadsden
Growth Properties, Inc., a Maryland corporation (the “Company”), hereby adopts this Gadsden Growth Properties, Inc.
2016 Equity Compensation Plan effective as of ________ __, 2016. This Plan is intended to encourage equity ownership of the Company
by persons providing services to the Company and/or its subsidiaries, including directors, employees, advisers and consultants
of the Company and/or its subsidiaries, and to provide additional incentives for them to promote the success of the business of
the Company.

 

	2.	Definitions

 

As
used in this Plan, the following terms shall have the following meanings:

 

2.1
Accelerate, when used with respect to an Award (other than Restricted Stock), means that as of the time of reference the
Award will vest and, if applicable, will become exercisable with respect to some or all of the Common Stock, Units or cash equivalent
for which such Award was not then otherwise exercisable by its terms, and, when used with respect to Restricted Stock, means that
the Risk of Forfeiture otherwise applicable to the Common Stock shall expire with respect to some or all of the Common Stock then
otherwise subject to the Risk of Forfeiture.

 

2.2
Affiliate means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries
controls, is controlled by or is under common control with the Person in question. As used herein, “control” means
the possession, direct or indirect, of the power to direct or cause the direction of management and policies of a Person, whether
through ownership of voting securities, by contract or otherwise.

 

2.3
Award means any grant or sale pursuant to the Plan of Options, Restricted Stock, or other Stock-Based Awards.

 

2.4
Award Agreement means an agreement, instrument or other document between the Company and the recipient of an Award, setting
forth the terms and conditions of the Award.

 

2.5
Beneficial Owner shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

 

2.6
Board means the Board of Directors of the Company.

 

2.7 Cause means, unless
otherwise provided in an applicable Award Agreement, a termination of employment or service, based on a finding by the Committee,
that the Participant engaged in conduct (a) which involves fraud, moral turpitude, willful misconduct, bad faith or commission
of a crime that is classified as a felony under New York law and in the reasonable opinion of the Board is injurious to the Company
or its Affiliates, or (b) that constitutes grounds for termination for cause under the Participant’s employment, consulting
or service agreement with the Company or its Affiliates, to the extent applicable, or under any policies in effect applicable
to the Participant and relating to his or her employment by, or association with, the Company or its Affiliates.

 

    	 

    	 	 	 

    

 

2.8
Change in Control shall have the meaning set forth in Section 8.2 hereof.

 

2.9
Common Stock means Common stock, par value $0.01 per share, of the Company.

 

2.10
Code means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto, and any regulations
issued from time to time thereunder. To the extent that reference is made to any particular section of the Code, such reference
shall be, where the context so admits, to any corresponding provisions of any succeeding law.

 

2.11
Committee means any committee of the Board that is delegated responsibility for the administration of the Plan, as provided
in Section 4; provided, that such committee shall be comprised solely of directors of the Company who are (a) “non-employee
directors” under Rule 16b-3 of the Exchange Act, (b) “outside directors” under Code Section 162(m) and (c) “independent
directors” pursuant to New York Stock Exchange requirements.

 

2.12
Company means Gadsden Growth Properties, Inc., a corporation organized under the laws of the State of Maryland.

 

2.13
Covered Employee shall have the meaning set forth in Section 162(m)(3) of the Code.

 

2.14
Effective Date means the date this Plan is adopted by the Board, on behalf of the Company.

 

2.15
Exchange Act means the Securities Exchange Act of 1934, as amended from time to time, and as now or hereafter construed,
interpreted and applied by regulations, rulings and cases.

 

2.16
Exercise Price means the price per share of Common Stock at which a holder of an Award granted hereunder may purchase the
Common Stock issuable upon exercise of such Award.

 

2.17
Fair Market Value of a share of Common Stock on any given date means: (i) if the Common Stock is listed for trading on
the New York Stock Exchange, the closing sale price per share of Common Stock on the New York Stock Exchange on that date (or,
if no closing sale price is reported, the last reported sale price), (ii) if the Common Stock is not listed for trading on the
New York Stock Exchange, the closing sale price (or, if no closing sale price is reported, the last reported sale price) as reported
on that date in composite transactions for the principal national securities exchange registered pursuant to Section 6(g) of the
Exchange Act on which the Common Stock is listed, (iii) if the Common Stock is not so listed on a national securities exchange,
the last quoted bid price for the Common Stock on that date in the over-the-counter market as reported by Pink Sheets LLC or a
similar organization, or (iv) if the Common Stock is not so quoted by Pink Sheets LLC or a similar organization such value as
the Committee, in its sole discretion, shall determine in good faith.

 

2.18
Grant Date means the date as of which an Option is granted, as determined under Section 6.1(a).

 

2.19
ISO means any Option to acquire Common Stock intended to be and designated as an incentive stock option within the meaning
of Section 422 of the Code.

 

2.20
NQSO means any Option that is designated as a nonqualified stock option.

 

2.21
Option means an option to purchase Common Stock, in the form of an ISO or a NQSO, or an option to purchase Units.

 

2.22
Optionee means a Participant to whom an Option shall have been granted under the Plan.

 

2.23
Participant means any holder of an outstanding Award under the Plan.

 

    	 

    	 	 	 

    

 

2.24
Performance Goals means performance goals based on one or more of the following criteria: (i) earnings including operating
income, economic income, economic net income, earnings before or after taxes, earnings before or after interest, depreciation,
amortization, or extraordinary or special items or book value per share (which may exclude nonrecurring items); (ii) pre-tax income
or after-tax income; (iii) earnings per common share (basic or diluted); (iv) operating profit; (v) revenue, revenue growth or
rate of revenue growth; (vi) return on assets (gross or net), return on investment, return on capital, or return on equity; (vii)
returns on sales or revenues; (viii) operating expenses; (ix) stock price appreciation; (x) cash flow, free cash flow, cash flow
return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital; (xi)
implementation or completion of critical projects or processes; (xii) economic value created; (xiii) cumulative earnings per share
growth; (xiv) operating margin or profit margin; (xv) common stock price or total stockholder return; (xvi) cost targets, reductions
and savings, productivity and efficiencies; (xvii) strategic business criteria, consisting of one or more objectives based on
meeting specified market penetration, geographic business expansion, customer satisfaction, employee satisfaction, human resources
management, supervision of litigation, information technology, and goals relating to acquisitions, divestitures, joint ventures
and similar transactions, and budget comparisons; (xviii) personal professional objectives, including any of the foregoing performance
goals, the implementation of policies and plans, the negotiation of transactions, the development of long-term business goals,
formation of joint ventures, research or development collaborations, and the completion of other corporate transactions; and (xix)
any combination of any of the foregoing.

 

Where
applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment
of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company or an Affiliate,
or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market
index, a group of other companies or a combination thereof, or other pre-established target or designated comparison group, all
as determined by the Committee. The Performance Goals may include a threshold level of performance below which no payment will
be made (or no vesting will occur), levels of performance at which specified payments will be made (or specified vesting will
occur), and a maximum level of performance above which no additional payment will be made (or at which full vesting will occur).
Each of the foregoing Performance Goals shall, as selected by the Committee, be determined in accordance with generally accepted
accounting principles or non-GAAP financial measures, and shall be subject to certification by the Committee; provided that, to
the extent an Award is intended to satisfy the performance-based compensation exception to the limits of Section 162(m) of the
Code and then to the extent consistent with such exception, the Committee shall have the authority to make equitable adjustments
to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any Affiliate or the financial
statements of the Company or any Affiliate, in response to changes in applicable laws or regulations, or to account for items
of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal
of a segment of a business or related to a change in accounting principles.

 

2.25
Person means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business
association, organization, or other entity.

 

2.26
Plan means this Gadsden Growth Properties, Inc. 2016 Equity Compensation Plan, as amended from time to time, and including
any attachments or addenda hereto.

 

2.27
Restricted Stock means an Award of shares of Common Stock to a Participant under Section 6.2 that may be subject to certain
restrictions and to a Risk of Forfeiture.

 

2.28
Restriction Period means the period of time, established by the Committee in connection with an Award of Restricted Stock,
during which such Restricted Stock are subject to a Risk of Forfeiture described in the applicable Award Agreement.

 

2.29
Risk of Forfeiture means a limitation on the right of the Participant to retain Restricted Stock, including a right in
the Company to reacquire the Restricted Stock at less than their then Fair Market Value or for no consideration, arising because
of the occurrence or non-occurrence of specified events or conditions.

 

2.30
Securities Act means the Securities Act of 1933, as amended from time to time.

 

    	 

    	 	 	 

    

 

2.31
Stock Appreciation Right or SAR means the right pursuant to an Award granted under Section 6.4 below to receive
an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date of such SAR or portion thereof is
surrendered, of the Common Stock or Unit covered by such right or such portion thereof, over (ii) the aggregate Exercise Price
of such right or portion thereof.

 

2.32
Stock-Based Award means an Award granted to a Participant pursuant to Section 6.4 hereof, that may be denominated or payable
in, valued in whole or in part by reference to, or otherwise based on, or related to, Common Stock including but not limited to
performance units and Stock Appreciation Rights, and which may be subject to the attainment of Performance Goals or a period of
continued employment or other terms and conditions as permitted under the Plan.

 

The
definition of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”. Unless the context
requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise
modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth therein or herein),
(ii) references to any law, constitution, statute, treaty, regulation, rule or ordinance, including any section or other part
thereof shall refer to it as amended from time to time and shall include any successor law, (iii) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Plan in its
entirety and not to any particular provision hereof and (iv) all references herein to Sections shall be construed to refer to
Sections to this Plan.

 

	3.	Term
    of the Plan

 

Unless
the Plan shall have been earlier terminated by the Company, Awards may be granted under this Plan at any time in the period commencing
on the date of approval of the Plan by the Company and ending immediately prior to the tenth anniversary of such date. Awards
granted pursuant to the Plan within that period shall not expire solely by reason of the termination of the Plan.

 

	4.	Administration

 

The
Plan shall be administered by the Committee; provided, however, that the Committee may delegate to one or more “executive
officers” (as defined under applicable rules promulgated under the Exchange Act) the authority to grant Awards hereunder
to employees who are not executive officers, and to consultants and advisers, in accordance with such guidelines as the Committee
shall set forth at any time or from time to time. Subject to the provisions of the Plan, the Committee shall have complete authority,
in its discretion, to make or to select the manner of making all determinations with respect to each Award to be granted by the
Company under the Plan including the director, employee, adviser or consultant to receive the Award and the form of Award. In
making such determinations, the Committee may take into account the nature of the services rendered by such directors, employees,
advisers and consultants, their present and potential contributions to the success of the Company, and such other factors as the
Committee in its discretion shall deem relevant. Subject to the provisions of the Plan, the Committee shall also have complete
authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine the terms
and provisions of the respective Award Agreements (which need not be identical), and to make all other determinations necessary
or advisable for the administration of the Plan. The Committee’s determinations made in good faith on matters referred to
in the Plan shall be final, binding and conclusive on all persons having or claiming any interest under the Plan or an Award made
pursuant hereto.

 

	5.	Authorization
    of Grants

 

5.1
Eligibility. The Committee may grant from time to time and at any time prior to the termination of the Plan one or more
Awards, either alone or in combination with any other Awards, to any service provider to the Company or any of its Affiliates,
including directors, officers, employees, advisers and consultants of the Company and/or its Affiliates.

 

    	 

    	 	 	 

    

 

5.2
General Terms of Awards. Each grant of an Award shall be subject to all applicable terms and conditions of the Plan (including
but not limited to any specific terms and conditions applicable to that type of Award set out in Section 6 or in the Award Agreement),
and such other terms and conditions, not inconsistent with the terms of the Plan, as the Committee may prescribe.

 

5.3
Non-Transferability of Awards. Awards shall not be transferable, and no Awards or interest therein may be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, and
all of a Participant’s rights in any Award may be exercised during the life of the Participant only by the Participant or
the Participant’s legal representative.

 

5.4
Conditions to Receipt of Awards. Unless otherwise waived by the Committee, no prospective Participant shall have any rights
with respect to an Award unless and until such Participant has executed an Award Agreement evidencing the Award, delivered a fully
executed copy thereof to the Company, and otherwise complied with the applicable terms and conditions of such Award.

 

5.5
Equity Subject to Plan. The maximum number of shares of Common Stock reserved for the grant or settlement of Awards under
the Plan shall be a number equal to 5% of the fully diluted number of issued and outstanding shares of our common stock after
the initial public offering of the Company, assuming full conversion of the units of Class B limited partnership interests in
Gadsden Growth Properties, L.P. (“IPO Offering”), and shall be subject to adjustment as provided herein. If any shares
of Common Stock subject to an Award are forfeited, canceled, exchanged or surrendered or if an Award otherwise terminates or expires
without a distribution of Common Stock to the Participant, the Common Stock with respect to such Award shall, to the extent of
any such forfeiture, cancellation, exchange, surrender, termination or expiration, again be available for Awards under the Plan.
Notwithstanding the foregoing, Common Stock that is exchanged by a Participant or withheld by the Company as full or partial payment
in connection with any Award under the Plan, as well as any Common Stock exchanged by a Participant or withheld by the Company
to satisfy the tax withholding obligations related to any Award under the Plan, shall not be available for subsequent Awards under
the Plan.

 

5.6
Covered Employees. From and after the date that the grant of an Award to a Covered Employee is subject to Section 162(m)
of the Code, the aggregate Awards granted during any fiscal year to any single individual who is likely to be a Covered Employee
shall not exceed 5% of the IPO Offering. Determinations made in respect of the limitation set forth in the preceding sentence
shall be made in a manner consistent with Section 162(m) of the Code.

 

5.7
Authorized Shares. Shares of Common Stock issued under the Plan may, in whole or in part, be authorized but unissued shares
of Common Stock or shares that have been or may be reacquired by the Company in the open market, in private transactions or otherwise.

 

	6.	Specific
    Terms of Awards

 

6.1
Options.

 

(a)
Date of Grant. The granting of an Option shall take place at the time specified in the Award Agreement.

 

(b)
Exercise Price. The price at which a share of Common Stock may be acquired under each Option shall be no less than 100%
of the Fair Market Value of such Common Stock on the Grant Date.

 

(c)
Option Period. The exercise period with respect to each Option shall be determined in the sole discretion of the Committee
and specified in each Award Agreement; provided, however, that no Option may be exercised on or after the tenth anniversary
of the Grant Date.

 

(d)
Exercisability. An Option may be immediately exercisable or become exercisable in such installments, cumulative or non-cumulative,
as the Committee may determine and as set forth in each Award Agreement. In the case of an Option not otherwise immediately exercisable
in full, the Committee may Accelerate such Option in whole or in part at any time.

 

    	 

    	 	 	 

    

 

(e)
ISOs. No ISO shall be granted to any employee of the Company, if such employee owns, or is deemed to own, immediately prior
to the grant of the ISO, stock representing more than 10% of the total combined voting power of the Company or its Affiliates,
or more than 10% of the value of all classes of stock of the Company or its Affiliates, unless the purchase price for the stock
under such ISO shall be at least 110% of its Fair Market Value at the time such ISO is granted and the ISO, by its terms, shall
not be exercisable more than five years from the date it is granted. In determining the stock ownership under this paragraph,
the provisions of Section 424(d) of the Code shall be controlling.

 

(f)
Termination of Association with the Company — Generally. Unless the Committee shall provide otherwise for any Award
with respect to any Option as set forth in the Award Agreement for such Option, if the Optionee’s employment or other association
with the Company ends for any reason, any outstanding Option of the Optionee shall cease to be exercisable in any respect and
shall terminate not later than 90 days following that event and, for the period it remains exercisable following that event, shall
be exercisable only to the extent exercisable at the date of that event (and to the extent not then exercisable, shall terminate
as of the date of such event). Military or sick leave or other bona fide leave shall not be deemed a termination of employment
or other association, provided that it does not exceed the longer of ninety (90) days or the period during which the absent
Optionee’s reemployment rights, if any, are guaranteed by statute or by contract.

 

(g)
Method of Exercise. An Option may be exercised by the Optionee giving written notice, in the manner provided in Section
14 or as otherwise set forth in an Award Agreement, specifying the number of shares of Common Stock or Units with respect to which
the Option is then being exercised. Where the exercise of an Option is to be accompanied by payment, the Committee may determine
the required or permitted forms of payment, subject to the following: (a) all payments will be by cash or check acceptable to
the Committee; or (b) if so permitted by the Committee, (i) through the delivery of Common Stock that has a Fair Market Value
equal to the exercise price, except where payment by delivery of Common Stock would adversely affect the Company’s results
of operations under U.S. generally accepted accounting principles or where payment by delivery of Common Stock outstanding for
less than six months would require application of securities laws relating to profit realized on such Common Stock, (ii) by other
means acceptable to the Committee, or (iii) by means of withholding of Common Stock with an aggregate Fair Market Value equal
to (A) the aggregate exercise price and (B) unless the Company is precluded or restricted from doing so under debt covenants,
minimum statutory withholding taxes with respect to such exercise, or (iv) by any combination of the foregoing permissible forms
of payment. The delivery of Common Stock in payment of the exercise price under clause (g)(i) above may be accomplished either
by actual delivery or by constructive delivery through attestation of ownership, subject to such rules as the Committee may prescribe.

 

(h)
Rights Pending Exercise. No Participant holding an Option shall be deemed for any purpose to be a stockholder of the Company
with respect to any shares of Common Stock, except to the extent that the Option shall have been exercised with respect thereto.

 

6.2
Restricted Stock.

 

(a)
Purchase Price. Common Stock or Restricted Stock may be issued under the Plan for such consideration, in cash, other property
or services, or any combination thereof, as is determined by the Committee.

 

(b)
Restrictions and Restriction Period. During the Restriction Period applicable to Restricted Stock, such Restricted Stock
shall be subject to limitations on transferability and a Risk of Forfeiture arising on the basis of such conditions related to
the performance of services, Company performance or otherwise as the Committee may determine and provide for in the applicable
Award Agreement. Any such Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by
the Committee on such basis as it deems appropriate. Certificates for shares issued pursuant to Restricted Stock Awards shall
bear an appropriate legend referring to such restrictions, and any attempt to dispose of any such shares in contravention of such
restrictions shall be null and void and without effect. Such certificates may, if so determined by the Committee, be held in escrow
by an escrow agent (which may be the Company) appointed by the Committee, to be held for the benefit of the Participant for such
period in the discretion of the Committee until the applicable Restriction Period lapses.

 

    	 

    	 	 	 

    

 

(c)
Rights Pending Lapse of Risk of Forfeiture or Forfeiture of Award. Except as otherwise provided in the Plan or the applicable
Award Agreement, at all times prior to lapse of any Risk of Forfeiture applicable to, or forfeiture of, an Award of Restricted
Stock, the Participant shall have all of the rights of a holder of Common Stock, including, but not limited to, the right to vote
and the right to receive any dividends or distributions with respect to the Restricted Stock.

 

(d)
Termination of Association with the Company. Unless the Committee shall provide otherwise in the applicable Award Agreement
for any Award of Restricted Stock, upon termination of a Participant’s employment or other association with the Company
and its Affiliates for any reason during the Restriction Period, all Restricted Stock still subject to Risk of Forfeiture shall
be forfeited or otherwise subject to return to or repurchase by the Company on the terms specified in the Award Agreement; provided,
however, that military or sick leave or other bona fide leave shall not be deemed a termination of employment or other association
if it does not exceed the longer of ninety (90) days or the period during which the absent Participant’s reemployment rights,
if any, are guaranteed by statute or by contract.

 

6.3
Common Stock Grants. Common Stock Grants may be awarded solely in recognition of significant contributions to the success
of the Company or its Affiliates in lieu of compensation otherwise already due and in such other limited circumstances as the
Committee deems appropriate. Common Stock Grants shall be made without forfeiture conditions of any kind.

 

6.4
Stock-Based Awards. The Committee, in its sole discretion, may grant Awards of phantom shares of Common Stock, SARs and
other Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of a share of
Common Stock. Such Stock-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine,
including, without limitation, the right to receive shares of Common Stock (or the equivalent cash value of such Common Stock)
upon the completion of a specified period of service, the occurrence of an event and/or the attainment of Performance Goals. Stock-Based
Awards may be granted alone or in addition to any other Awards granted under the Plan. Subject to the provisions of the Plan,
the Committee shall determine: (a) the number of shares of Common Stock to be awarded under (or otherwise related to) such Stock-Based
Awards; (b) whether such Stock-Based Awards shall be settled in cash, shares of Common Stock or a combination of cash and Common
Stock; and (c) all other terms and conditions of such Stock-Based Awards (including, without limitation, the vesting provisions
thereof).

 

6.5
Awards to Participants Outside the United States. The Committee may modify the terms of any Award under the Plan granted
to a Participant who is, at the time of grant or during the term of the Award, resident or primarily employed outside of the United
States in any manner deemed by the Committee to be necessary or appropriate in order that the Award shall conform to laws, regulations,
and customs of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits
of the Award to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of the Participant’s
residence or employment abroad, shall be comparable to the value of such an Award to a Participant who is resident or primarily
employed in the United States. The Committee may establish supplements to, or amendments, restatements, or alternative versions
of the Plan for the purpose of granting and administrating any such modified Award, none of which shall require prior approval
of the stockholders of the Company except for stockholder approval as may be necessary for the Plan or Award to comply with applicable
law.

 

	7.	Adjustment
    Provisions

 

7.1
Adjustment for Company Actions. If subsequent to the adoption of the Plan by the Company the outstanding Common Stock are
increased, decreased, or exchanged for a different number or kind of stock, units or other securities, or if additional shares,
units or new or different shares, units or other securities are distributed with respect to Common stock or Units through merger,
consolidation, sale of all or substantially all the property of the Company, reorganization, recapitalization, reclassification,
dividend, stock or unit split, reverse stock or unit split, or other similar distribution with respect to such Common Stock, the
Committee shall make an adjustment, to the extent appropriate and proportionate, in (i) the numbers and kinds of Common Stock
or other securities subject to the then outstanding Awards, and (ii) the exercise price for each Common Stock or other securities
subject to then outstanding Options (without change in the aggregate purchase price as to which such Options remain exercisable).

 

    	 

    	 	 	 

    

 

7.2
Related Matters. Any adjustment in Awards made pursuant to this Section 7 shall be determined and made, if at all, by the
Committee and shall include any correlative modification of terms, including of Exercise Prices, rates of vesting or exercisability,
Risks of Forfeiture and applicable repurchase prices for Restricted Stock and Stock-Based Awards, which the Committee may deem
necessary or appropriate so as to ensure the rights of the Participants in their respective Awards are not substantially diminished
nor enlarged as a result of the adjustment and Company action other than as expressly contemplated in this Section 7. No fraction
of a shares of Common Stock shall be issued or purchasable or deliverable upon exercise, but in the event any adjustment hereunder
of the number of shares of Common Stock covered by an Award shall cause such number to include a fraction, such number of shares
of Common Stock shall be adjusted to the nearest smaller whole number of shares of Common Stock.

 

	8.	Change
    in Control Provisions

 

8.1
Unless otherwise determined by the Committee or evidenced in an applicable Award Agreement or employment or other agreement, in
the event of a Change in Control, the Committee shall have the discretion, exercisable either in advance of such Change in Control
or at the time thereof, to provide for one or more of the following:

 

(a)
the continuation of outstanding Awards after the Change in Control without change;

 

(b)
the cash-out of outstanding Options as of the time of the transaction as part of the transaction for an amount equal to the difference
between the price that would have been paid for the shares of Common Stock subject to such outstanding Options if such Options
were exercised upon the closing of such transaction and the exercise price of such outstanding Options; provided that if the exercise
price of the Options exceeds the price that would have been paid for the shares of Common Stock or Units subject to the outstanding
Options if such Options were exercised upon the closing of the transaction, then such Options may be cancelled without making
a payment to the Optionees;

 

(c)
a requirement that the buyer in the transaction assume outstanding Awards;

 

(d)
a requirement that the buyer in the transaction substitute outstanding Options with comparable options to purchase the equity
interests of the buyer or its parent and/or substitute outstanding Restricted Stock, Restricted Units, LTIP Units, Stock-Based
Awards, and/or Unit-Based Awards with comparable restricted stock or units of the buyer or its parent; and

 

(e)
the Acceleration of outstanding Options, Restricted Stock, and Stock-Based Awards.

 

Notwithstanding
any other provision of the Plan, in the event of a Change in Control in which the consideration paid to the holders of shares
of Common Stock is solely cash, the Committee may, in its discretion, provide that each Award shall, upon the occurrence of a
Change in Control, be canceled in exchange for a payment, in cash or Common Stock, in an amount equal to (i) the excess of the
consideration paid per share of Common Stock and Units in the Change in Control over the exercise or purchase price (if any) per
share of Common Stock or Unit subject to the Award multiplied by (ii) the number of shares of Common Stock granted under the Award.

 

8.2
A “Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs
shall have occurred:

 

(a)
any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities
beneficially owned by such Person any securities acquired directly from the Company or its Affiliates) representing 50% or more
of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial
Owner in connection with a transaction described in clause (I) of paragraph (c) below;

 

(b)
during any period of twelve (12) month period, individuals who at the beginning of such period constitute the Board, and any new
director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest,
including but not limited to a consent solicitation, relating to the election of directors of the Company) whose election by the
Board or nomination for election by the Company’s shareholders was approved by a majority vote of the directors then still
in office who either were directors at the beginning of the period or whose election or nomination for election was previously
approved, cease for any reason to constitute at least a majority of the Board;

 

    	 

    	 	 	 

    

 

(c)
there is consummated a merger or consolidation of the Company with any other corporation or other entity, other than (I) a merger
or consolidation which results in (A) the voting securities of the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity
or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee
benefit plan of the Company, at least 50% of the combined voting power of the securities of the Company or such surviving entity
or any parent thereof outstanding immediately after such merger or consolidation and (B) the individuals who comprise the Board
immediately prior thereto constituting immediately thereafter at least a majority of the board of directors of the Company, the
entity surviving such merger or consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the
ultimate parent thereof, or (II) a merger or consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not
including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates)
representing 50% or more of the combined voting power of the Company’s then outstanding securities; or

 

(d)
the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an
agreement for the sale or disposition by the Company of all or substantially all of the assets of the Company (it being conclusively
presumed that any sale or disposition is a sale or disposition by the Company of all or substantially all of its assets if the
consummation of the sale or disposition is contingent upon approval by the Company’s stockholders unless the Board expressly
determines in writing that such approval is required solely by reason of any relationship between the Company and any other Person
or an Affiliate of the Company and any other Person), other than a sale or disposition by the Company of all or substantially
all of the Company’s assets to an entity (i) at least 50% of the combined voting power of the voting securities of which
are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior
to such sale or disposition and (ii) the majority of whose board of directors immediately following such sale or disposition consists
of individuals who comprise the Board immediately prior thereto.

 

8.3
Notwithstanding Section 8.2 to the contrary, a “Change in Control” shall not be deemed to have occurred by virtue
of the consummation of any transaction or series of integrated transactions immediately following which the record holders of
the capital stock of the Company immediately prior to such transaction or series of transactions continue to have substantially
the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following
such transaction or series of transactions.

 

	9.	Settlement
    of Awards

 

9.1
Violation of Law. Notwithstanding any other provision of the Plan or the relevant Award Agreement, if, at any time, in
the reasonable opinion of the Committee, the issuance of Common Stock covered by an Award may constitute a violation of law, then
the Company may delay such issuance and the delivery of such Common Stock until approval shall have been obtained from such governmental
agencies as may be required under any applicable law, rule, or regulation, and the Company shall take all reasonable efforts to
obtain such approval.

 

9.2
Unfunded Status of Awards. The Plan is intended to constitute 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 shall give any such Participant any rights that are greater than those of a general creditor of the Company.

 

9.3
No Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan or any Award.
The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional
shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

    	 

    	 	 	 

    

 

9.4
Investment Representations. The Company shall not be under any obligation to issue Common Stock covered by any Award unless
the intended recipient has made such written representations to the Company (upon which the Company believes it may reasonably
rely) as the Company may deem necessary or appropriate for purposes of confirming that the issuance of such Common Stock will
be exempt from the registration requirements of the Securities Act and any applicable state securities laws and otherwise in compliance
with all applicable laws, rules and regulations, including but not limited to that the Participant is acquiring the Common Stock
for his or her own account for the purpose of investment and not with a view to, or for sale in connection with, the distribution
of any such Common Stock.

 

9.5
Registration. In the event that the disposition of Common Stock acquired pursuant to the Plan is not covered by a then
current registration statement under the Securities Act, and is not otherwise exempt from such registration, such Common Stock
shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Committee
may require a Participant receiving Common Stock pursuant to the Plan, as a condition precedent to receipt of such Common Stock,
to represent to the Company in writing that the Common Stock acquired by such Participant is acquired for investment only and
not with a view to distribution.

 

9.6
Tax Withholding. Whenever Common Stock is issued or to be issued pursuant to Awards granted under the Plan, the Company
shall (i) have the right to require the recipient to remit to the Company in cash an amount sufficient to satisfy federal, state,
local or other withholding tax requirements if, when, and to the extent required by law (whether so required to secure for the
Company an otherwise available tax deduction or otherwise) coincident with the recipient’s exercise of such Option or receipt
of Common Stock; or (ii) to the extent permitted by applicable law, withhold a number of Common Stock having an aggregate Fair
Market Value equal to an amount sufficient to satisfy any federal, state, local or other withholding requirements. The obligations
of the Company under the Plan shall be conditional on satisfaction of all such withholding obligations and the Company shall,
to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the recipient
of an Award.

 

	10.	No
    Special Employment or Other Rights

 

Nothing
contained in the Plan or in any Award Agreement shall confer upon any recipient of an Award any right with respect to the continuation
of his or her employment or other association with the Company or any of its Affiliates, or interfere in any way with the right
of the Company or any of its Affiliates, subject to the terms of any separate employment or consulting agreement, any provision
of law, at any time to terminate such employment or consulting agreement or to increase or decrease, or otherwise adjust, the
other terms and conditions of the recipient’s employment or other association with the Company or any Affiliate.

 

	11.	Nonexclusivity
    of the Plan

 

The
adoption of the Plan by the Company shall not be construed as creating any limitations on the power of the Company to adopt such
other incentive arrangements as it may deem desirable, including without limitation, the granting of options and restricted units
other than under the Plan, and such arrangements may be either applicable generally or only in specific cases.

 

	12.	No
    Corporate Action Restriction

 

The
existence of the Plan, the Award Agreements and the Awards granted hereunder shall not limit, affect or restrict in any way the
right or power of the Board or shareholders of the Company to make or authorize: (i) any adjustment, recapitalization, reorganization
or other change in the capital structure or business of the Company or any subsidiary, (ii) any merger, amalgamation, consolidation
or change in the ownership of the Company or any subsidiary, (iii) any issue of bonds, debentures, capital, preferred or prior
preference stock ahead of affecting the capital stock (or rights thereof) of the Company or any subsidiary, (iv) any dissolution
or liquidation of the Company or any subsidiary, (v) any sale or transfer of all or any part of the assets or business of the
Company or any subsidiary, or (vi) any other corporate act or proceeding by the Company or any subsidiary. No Participant, beneficiary
or any other Person shall have any claim under any Award or Award Agreement against any member of the Board or the Committee,
or the Company or any employee, officer or agent of the Company or any subsidiary, as a result of such action.

 

    	 

    	 	 	 

    

 

	13.	Section
    409A of the Code

 

This
Plan is intended to comply and shall be administered in a manner that is intended to comply with Section 409A of the Code and
shall be construed and interpreted in accordance with such intent. To the extent that an Award, issuance and/or payment is subject
to Section 409A of the Code, it shall be awarded and/or issued or paid in a manner that will comply with Section 409A of the Code,
including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal
Revenue Service with respect thereto. Any provision of this Plan that would cause an Award, issuance and/or payment to fail to
satisfy Section 409A of the Code shall have no force and effect until amended to comply with Code Section 409A (which amendment
may be retroactive to the extent permitted by applicable law).

 

	14.	Termination
    and Amendment of the Plan and Awards

 

The
Company may at any time terminate the Plan or make such modifications of the Plan as it shall deem advisable. Unless the Company
otherwise expressly provide, or may deem necessary or appropriate to comply with applicable law, including without limitation
the provisions of Section 409A of the Code, no termination or amendment of the Plan may adversely affect the rights of the recipient
of an Award previously granted hereunder without the consent of the recipient of such Award.

 

The
Plan shall take effect on the Effective Date but the Plan (and any grants of Awards made prior to the stockholder approval mentioned
herein) shall be subject to the requisite approval of the stockholders of the Company, which approval must occur within twelve
(12) months of the date that the Plan is adopted by the Board. In the event that the stockholders of the Company do not ratify
the Plan at a meeting of the stockholders at which such issue is considered and voted upon, then upon such event the Plan and
all rights hereunder shall immediately terminate and no Participant (or any permitted transferee thereof) shall have any remaining
rights under the Plan or any Award Agreement entered into in connection herewith. The Board may amend, alter or discontinue the
Plan, but no amendment, alteration, or discontinuation shall be made that would impair the rights of a Participant under any Award
theretofore granted without such Participant’s consent, or that without the approval of the stockholders of the Company
would, except as provided in Section 7, increase the total number of Awards reserved for the purpose of the Plan. In addition,
approval by the stockholders of the Company shall be required with respect to any amendment that materially increases benefits
provided under the Plan or materially alters the eligibility provisions of the Plan or with respect to which stockholder approval
is required under the rules of any stock exchange on which the Common Stock is then listed. Unless sooner terminated by the Board,
the Plan shall terminate on the tenth anniversary of the Effective Date. The Board reserves the right to terminate the Plan at
any time. No Awards shall be granted under the Plan after such termination date. The Plan shall remain in effect with respect
to Awards made under the Plan prior to the termination of the Plan until such Awards have been satisfied or terminated in accordance
with the terms of the Plan and the applicable Award Agreements.

 

The
Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, provided that the Award
as amended is consistent with the terms of the Plan, and further provided that, other than as the Committee may deem necessary
or appropriate to comply with applicable law, including without limitation the provisions of Section 409A of the Code, no amendment
or modification of an outstanding Award may adversely affect the rights of the recipient of such Award without his or her consent.
An amendment or modification to an Award that is necessary or appropriate to comply with applicable law or that does not adversely
affect the rights of the recipient of such Award may be made without the consent of such recipient.

 

	15.	Notices
    and Other Communications

 

Any
notice, demand, request or other communication hereunder to any party shall be deemed to be sufficient if contained in a written
instrument delivered in person or duly sent by first class registered, certified or overnight mail, postage prepaid, or by facsimile
with a confirmation copy by regular, certified or overnight mail, addressed or sent by facsimile, as the case may be, (i) if to
the recipient of an Award, at his or her residence address last filed with the Company, and (ii) if to the Company, at its principal
place of business or to such other address or facsimile number, as the addressee may have designated by notice to the addressor.
All such notices, requests, demands and other communications shall be deemed to have been received: (x) in the case of personal
delivery, on the date of such delivery, (y) in the case of mailing, when received by the addressee, and (z) in the case of facsimile
transmission, when confirmed by facsimile machine report.

 

	16.	Governing
    Law

 

The
Plan and all Award Agreements and actions taken thereunder shall be governed, interpreted and enforced in accordance with the
laws of the State of New York without regard to the conflict of laws principles thereof.

 

Adopted
by resolution of the Board of Directors of the Company as of _________ __, 2016.

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