Document:

​

First Amendment to Credit Agreement
This First Amendment to Credit Agreement (herein, this “First Amendment”) is entered into as of June 30, 2020, among Alpine Income Property OP, LP, a Delaware limited partnership (the “Borrower”), Alpine Income Property Trust, Inc., a Maryland corporation, as a Guarantor (“Parent”), the other Guarantors party hereto, the Lenders party hereto and Bank of Montreal, as Administrative Agent (the “Administrative Agent”).
Preliminary Statements
A.The Borrower, the Parent, the Guarantors party thereto (the “Guarantors”), the financial institutions party thereto (the “Lenders”), and the Administrative Agent entered into that certain Credit Agreement, dated as of November 26, 2019 (such Credit Agreement, as heretofore amended, being referred to herein as the “Credit Agreement”).  All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.
B.The Borrower has requested that the Administrative Agent and Lenders agree to, among other things, to (i) amend the definition of Tangible Net Worth, (ii) amend the minimum Tangible Net Worth covenant set forth in Section 8.20 of the Credit Agreement and (iii) make certain other revisions to the Credit Agreement, and the Administrative Agent and the Lenders are willing to do so on the terms and conditions set forth herein. 
Now, Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
	Section 1.
	Amendments.

Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement will be amended as follows:
1.1.  The definition of “Tangible Net Worth” in Section 5.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
“Tangible Net Worth” means for each applicable period, total shareholder’s equity and any non-controlling equity interests on the Parent’s consolidated balance sheet as reported in its Form 10-K or 10-Q for such period, plus (i) accumulated depreciation and amortization and (ii) unrealized losses related to marketable securities, minus, to the extent included when determining stockholders’ equity, (x) all unrealized gains related to marketable securities and (y) all amounts appearing on the assets side of the Parent’s consolidated balance sheet representing an intangible asset under GAAP (other than lease intangibles, net of lease liabilities) net of all amounts appearing on the liabilities side of its consolidated 

4820-6930-1439 v9.doc
1975507
​

balance sheet representing an intangible liability under GAAP, in each case as determined on a consolidated basis in accordance with GAAP.
1.2.  Section 5.1 of the Credit Agreement is hereby amended to insert therein in proper alphabetical order the following new definition of “First Amendment Effective Date”:
“First Amendment Effective Date” means June 30, 2020.
1.3.  Clause (e) of Section 8.20 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
(e)  Maintenance of Net Worth.  The Borrower shall, as of the last day of each Fiscal Quarter, maintain a Tangible Net Worth of not less than the sum of (a) $136,017,557, plus (b) 75% of the aggregate net proceeds received by Parent or any of its Subsidiaries after the First Amendment Effective Date in connection with any offering of Stock or Stock Equivalents of the Borrower, Parent or the Subsidiaries.
1.4.  Exhibit E (Compliance Certificate) to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Exhibit E attached hereto.
	Section 2.
	Conditions Precedent.

The effectiveness of this First Amendment is subject to the satisfaction of all of the following conditions precedent:
2.1.  The Borrower, the Parent, the other Guarantors, the Lenders and the Administrative Agent shall have executed and delivered to the Administrative Agent this First Amendment.
2.2.  Legal matters incident to the execution and delivery of this First Amendment shall be reasonably satisfactory to the Administrative Agent and its counsel.
	Section 3.
	Representations.

In order to induce the Administrative Agent and the Lenders to execute and deliver this First Amendment, the Borrower hereby represents to the Administrative Agent and the Lenders that (a) after giving effect to this First Amendment, the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be and remain true and correct in all material respects (except in the case of a representation or warranty qualified by materiality in which case such representation or warranty shall be true and correct in all respects) as of the date hereof (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (b) no Default or Event of Default has occurred and is continuing under the Credit Agreement or shall result after giving effect to this First Amendment.

-2-
​
​

	Section 4.
	Miscellaneous.

4.1.Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms.  Reference to this specific First Amendment need not be made in the Credit Agreement, the Notes, the other Loan Documents, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.
4.2.The Borrower agrees to pay on demand all reasonable costs and out-of-pocket expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this First Amendment, including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent.
4.3.Each Guarantor consents to the amendments and modifications to the Credit Agreement as set forth herein and confirms all of its obligations under its Guaranty remain in full force and effect.  Furthermore, each Guarantor acknowledges and agrees that the consent of the Guarantors, or any of them, to any further amendments to the Credit Agreement shall not be required as a result of this consent having been obtained.
4.4.This First Amendment is a Loan Document.  This First Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement.  Any of the parties hereto may execute this First Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original.  Delivery of executed counterparts of this First Amendment by Adobe portable document format (a “PDF”) via e-mail or by facsimile shall be effective as an original.  This First Amendment, and the rights and the duties of the parties hereto, shall be construed and determined in accordance with the internal laws of the State of New York.
[Signature Pages Follow]
​

-3-
​
​

This First Amendment to Credit Agreement is entered into as of the date and year first above written.
“Borrower”
Alpine Income Property OP, LP,
a Delaware limited partnership
By: Alpine Income Property GP, LLC, a Delaware limited liability company, its General Partner
By:  Alpine Income Property Trust, Inc., a Maryland corporation, its sole member
By: /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

“Guarantors”
“Parent”
​
Alpine Income Property Trust, Inc., a Maryland corporation
		By
	  /s/ Mark E. Patten​ ​

Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​
“Material Subsidiaries”
​
CTO17 Hillsboro OR LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By  /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

Bluebird Metrowest Orlando LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By  /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​
CTO16 Raleigh LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

CTO16 Reno LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​
CTO19 Winston Salem NC LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

Indigo Henry LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​ 
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​
CTO17 Saugus LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

CTO16 Charlottesville LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​
CTLC18 Lynn MA LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

CTO16 Huntersville LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​
CTO19 Birmingham LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its manager
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole me
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

PINE19 Alpharetta GA LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​
PINE19 Jacksonville FL LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

LHC15 Glendale AZ LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole member
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​
CTO19 Troy WI LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its member
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

CTO17 Brandon FL LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its sole manager
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​
CTO19 Albany GA LLC, a Delaware limited liability company
By: Alpine Income Property OP, LP,
a Delaware limited partnership, its member
By: Alpine Income Property GP, LLC,
a Delaware limited liability company,
its General Partner,
By: Alpine Income Property Trust, Inc., 
a Maryland corporation,
its sole member
By /s/ Mark E. Patten​ ​
Name:  Mark E. Patten
Title:  Senior Vice President and Chief Financial Officer
​
​
​
​

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

​

Accepted and Agreed to.
“Administrative Agent and L/C Issuer”
Bank of Montreal, as L/C Issuer and as Administrative Agent
By /s/ Gwendolyn Gatz​ ​​ ​​ ​​ ​
Name:  Gwendolyn Gatz
Title:  Director
“Lenders”
Bank of Montreal, a Canadian chartered bank acting through its Chicago branch, as a Lender and Swing Line Lender
By /s/ Gwendolyn Gatz​ ​​ ​​ ​
Name:  Gwendolyn Gatz
Title:  Director

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

​

Raymond James Bank, N.A., as a Lender
By:  /s/ Mark Specht______________________
Name: Mark Specht
Title:  Vice President
​
​

[Signature Page to First Amendment to Credit Agreement – 
Alpine Income Property OP, LP]

​

Exhibit E
Compliance Certificate
	To:
	Bank of Montreal, as Administrative Agent under, and the Lenders party to, the Credit Agreement described below

This Compliance Certificate is furnished to the Administrative Agent and the Lenders pursuant to that certain Credit Agreement dated as of November 26, 2019, as amended, among Alpine Income Property OP, LP, as Borrower, the Guarantors signatory thereto, the Administrative Agent and the Lenders party thereto (the “Credit Agreement”).  Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Credit Agreement
The Undersigned hereby certifies that:
1.I am the duly elected ____________ of Alpine Income Property OP, LP;
2.I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements;
3.The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of any event which constitutes a Default or Event of Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Compliance Certificate, except as set forth below;
4.The financial statements required by Section 8.5 of the Credit Agreement and being furnished to you concurrently with this Compliance Certificate are true, correct and complete as of the date and for the periods covered thereby; and
5.The Schedule I hereto sets forth financial data and computations evidencing the Borrower’s compliance with certain covenants of the Credit Agreement, all of which data and computations are, to the best of my knowledge, true, complete and correct and have been made in accordance with the relevant Sections of the Credit Agreement.
Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event:

​
​

​

​
​
​
​
The foregoing certifications, together with the computations set forth in Schedule I hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this ______ day of __________________, 20___.
​
Alpine Income Property OP, LP
By: Alpine Income Property GP, LLC, a Delaware limited liability company, its General Partner
By:  Alpine Income Property Trust, Inc., a Maryland corporation, its sole member
​
​
By:
  Name:
  Title:
​
​

​

​

Schedule I
to Compliance Certificate
_________________________________________________
Compliance Calculations
for Credit Agreement 
dated as of November 26, 2019, as amended
Calculations as of _____________, _______
​
	A.

Maximum Total Indebtedness to Total Asset Value Ratio (Section 8.20(a))

	​

	
1.

Total Indebtedness

	$___________

	
2.

Total Asset Value as calculated on Exhibit A hereto

	___________

	
3.

Ratio of Line A1 to A2

	____:1.0

	
4.

Line A3 must not exceed

	0.60:1.0

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	​
B.

Maximum Secured Indebtedness to Total Asset Value Ratio (Section 8.20(b))

	​

	
1.

Secured Indebtedness

	$___________

	
2.

Total Asset Value as calculated on Exhibit A hereto

	___________

	
3.

Ratio of Line B1 to B2

	____:1.0

	
4.

Line B3 must not exceed

	0.40:1.0

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	C.

Minimum Adjusted EBITDA to Fixed Charges Ratio (Section 8.20(c))

	​

	
1.

Net Income

	$___________

	
2.

Depreciation and amortization expense

	___________

	
3.

Interest Expense

	___________

​

​

	
4.

Income tax expense

	___________

	
5.

Extraordinary, unrealized or non-recurring losses

	___________

	
6.

Non-Cash Compensation Paid in Equity Securities

	___________

	
7.

Extraordinary, unrealized or non-recurring gains

	___________

	
8.

Income tax benefits

	___________

	
9.

Sum of Lines C2, C3, C4, C5 and C6

	___________

	
10.

Sum of Lines C7 and C8

	___________

	
11.

Line C1 plus Line C9 minus Line C10 (“EBITDA”)

	___________

	
12.

Annual Capital Expenditure Reserve

	___________

	
13.

Line C11 minus Line C12 (“Adjusted EBITDA”)

	___________

	
14.

Interest Expense

	___________

	
15.

Principal Amortization Payments

	___________

	
16.

Dividends on Preferred Stock

	___________

	
17.

Income Taxes Paid

	___________

	
18.

Sum of Lines C14, C15, C16 and C17 (“Fixed Charges”)

	___________

	
19.

Ratio of Line C13 to Line C18

	____:1.0

	
20.

Line C19 shall not be less than

	1.50:1.0

	
21.

The Borrower is in compliance (circle yes or no)

	yes/no

	D.

Maximum Secured Recourse Indebtedness to Total Asset Value Ratio (Section 8.20(d))

	​

	
1.

Secured Recourse Indebtedness 

	$___________

	
2.

Total Asset Value as calculated on Exhibit A hereto

	___________

	
3.

Ratio of Line D1 to Line D2

	____:1.0

	
4.

Line D3 shall not exceed

	0.05:1.0

​

​

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	E.

Tangible Net Worth (Section 8.20(e))

	​

	
1.

Tangible Net Worth

	$___________

	
2.

Aggregate net proceeds of Stock and Stock Equivalent offerings after the First Amendment Effective Date

	___________

	
3.

75% of Line E2

	___________

	
4.

$136,017,557 plus Line E3 

	___________

	
5.

Line E1 shall not be less than Line E4

	​

	
6.

The Borrower is in compliance (circle yes or no)

	yes/no

	F.

Investments (Joint Ventures) (Section 8.8(i))

	​

	
1.

Cash Investments in Joint Ventures

	$___________

	
2.

Total Asset Value

	$___________

	
3.

Line F1 divided by Line F2

	___________

	
4.

Line F3 shall not exceed 10% 

	​

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	G.

Investments (Assets Under Development) (Section 8.8(j))

	​

	
1.

Assets Under Development

	$___________

	
2.

Total Asset Value

	$___________

	
3.

Line G1 divided by Line G2

	___________

	
4.

Line G3 shall not exceed 10%

	​

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	H.

Investments (Stock Repurchases) (Section 8.8(k))

	​

	
1.

Stock Repurchases 

	$___________

	
2.

Total Asset Value

	$___________

	
3.

Line H1 divided by Line H2

	___________

​

​

	
4.

Line H3 shall not exceed 10%

	$___________

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	I.

Aggregate Investment Limitation to Total Asset Value (Section 8.8)

	​

	
1.

Sum of Lines F1, G1 and H1

	$___________

	
2.

Total Asset Value

	____________

	
3.

Line I1 divided by Line I2

	___________

	
4.

Line I3 shall not exceed 30%

	​

	
5.

The Borrower is in compliance (circle yes or no)

	yes/no

	J.

Restricted Payments (Section 8.25(a))

	​

	
1.

Aggregate amount of cash distributions made by the Parent to its equity holders during such period

	$___________

	
2.

Parent’s Adjusted FFO for such period

	____________

	
3.

95% of Line J2

	____________

	
4.

Amount necessary for the Parent to be able to make distributions required to maintain its status as a REIT (i.e., to satisfy the distribution requirements set forth in Section 4981 of the Code)

	​
​
____________

	
5.

Greater of Line J3 and Line J4

	____________

	
6. 

Line J1 shall not exceed Line J5

	​

	
7.

The Borrower is in compliance (circle yes or no)

	yes/no

​

​

​

Exhibit A to Schedule I
to Compliance Certificate
of Alpine Income Property OP, LP
This Exhibit A, with a calculation date of __________,______, is attached to Schedule I to the Compliance Certificate of Alpine Income Property OP, LP dated November 26, 2019, as amended, and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Credit Agreement, as amended, referred to therein.  The undersigned hereby certifies that the following is a true, correct and complete calculation of Total Asset Value for Rolling Period most recently ended:
[Insert Calculation]
​
​
Alpine Income Property OP, LP
By: Alpine Income Property GP, LLC, a Delaware limited liability company, its General Partner
By:  Alpine Income Property Trust, Inc., a Maryland corporation, its sole member
​
​
By:
  Name:
  Title:

​

​

Exhibit B to Schedule I
to Compliance Certificate
of Alpine Income Property OP, LP
This Exhibit B, with a calculation date of __________,______, is attached to Schedule I to the Compliance Certificate of Alpine Income Property OP, LP dated November 26, 2019, as amended, and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Credit Agreement, as amended, referred to therein.  The undersigned hereby certifies that the following is a true, correct and complete calculation of Property NOI for all Properties for Rolling Period most recently ended:
​
	Property
	Property Income
	Minus
	Property Expenses (without Cap. Ex. Reserve or Management Fees)
	Minus
	Annual Capital Expenditure Reserve
	Minus
	Greater of 3% of rents or actual management fees
	equals
	Property NOI

	​
	$________
	-
	$___________
	​
	​
	​
	​
	=
	$________

	​
	$________
	-
	$___________
	​
	​
	​
	​
	=
	$________

	​
	$________
	-
	$___________
	​
	​
	​
	​
	=
	$________

	​
	$_______
	-
	$___________
	​
	​
	​
	​
	=
	$________

​
Total Property NOI for all Properties:$_____________
​
Alpine Income Property OP, LP
By: Alpine Income Property GP, LLC, a Delaware limited liability company, its General Partner
By:  Alpine Income Property Trust, Inc., a Maryland corporation, its sole member
​
​
By:
  Name:
  Title:

​Exhibit 10.1

 

 

July 24, 2020

 

Paul Chawla

c/o Sensata Technologies, Inc.

529 Pleasant Street

Attleboro, MA 02703

 

RE:
SEPARATION and RELEASE OF CLAIMS AGREEMENT BETWEEN PAUL CHAWLA AND SENSATA TECHNOLOGIES, INC.

 

Dear Paul:

 

This
letter agreement is a Separation and Release of Claims Agreement (“Separation and Release Agreement” or “Agreement”)
between you (“Employee”) and Sensata Technologies, Inc., a Delaware corporation (“Sensata”
or the “Company”), which amends your Amended and Restated Employment Agreement, dated as of August 1, 2019 (the
“Employment Agreement”). Employee and the Company shall each be referred to herein as a “Party”
and collectively herein as the “Parties”.

 

In
consideration of the mutual covenants contained in this Separation and Release Agreement, the Separation Payment to Employee, and
other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Employee and the Company hereby agree
as follows:

 

1.               
Defined Terms. Capitalized terms not otherwise defined in this Agreement shall have the meaning assigned to them
in the Employment Agreement.

 

2.               
Position and Duties. Section 2(a) of Employee’s Employment Agreement is hereby deleted in its entirety and
replaced with the following: “Paul Chawla shall serve as Executive Vice President for the Company’s Performance Sensing,
Auto business until August 15, 2020. Commencing on August 16, 2020, Paul Chawla shall serve as an Advisor to the Company and shall
have such duties and responsibilities as requested or directed by the Company’s Chief Executive Officer (the “CEO”),
President, or Executive Vice President, Performance Sensing, Auto.”

 

3.               Compensation
and Benefits. During the Employment Period, Employee shall continue to be eligible to receive his Base Salary and
participate in the Company’s employee benefit programs described in Paragraph 3 of the Employment Agreement to the
extent it is consistent with the terms and conditions of this Agreement and the Company’s policies (which shall
control).

 

    1 | Page
 

     

    

 

4.               
Employment Period and Separation from the Company

 

a.               
Paragraphs 4(a) and 4(b) of the Employment Agreement are hereby deleted in their entirety and replaced with the following:
“The Employment Period shall end on the “Employment End Date” which shall be the earlier of: (i)
December 15, 2020 (“Planned Employment End Date”) or ii) the Early Employment End Date. The “Early
Employment End Date” shall mean any termination of the Employment Period prior to the Planned Employment End Date due
to any one of the following events: (a) Employee’s resignation (with or without Good Reason); (b) Employee’s death
or Disability; (c) the Company’s termination of Employee’s employment for Cause: or (d) the Company’s termination
of Employee’s employment as a result of the CEO’s determination, in the CEO’s sole but reasonable discretion,
that Employee is no longer positively collaborating or contributing to the success of the Company’s business. Employee agrees
that if he obtains new employment during the Employment Period, he will notify the Company by promptly submitting his written resignation
to the CEO.

 

b.                Employee
understands and agrees that during the period that he serves as an Advisor to the Company, Employee shall remain subject to all
Company policies, procedures and practices.

 

c.                Employee’s
last day of work will be on the Employment End Date. Employee will receive Employee’s final paycheck, which will reflect
final wages less customary withholdings. Employee acknowledges that, as of the Employment End Date, Employee’s salary will
cease, and any entitlement Employee may have under a Company provided benefit plan, program, contract or practice will terminate,
except as otherwise: (i) required by applicable law; (ii) expressly stated in this Agreement; or (iii) expressly provided under
the Sensata, Inc. 2010 Stock Incentive Plan.

 

5.               
Separation Payment

 

a.               
In exchange for Employee’s timely execution and non-revocation of this Agreement, including the Releases contained
in Section (6) of this Agreement, and Employee’s continued compliance with the terms of the Employment Agreement and this
Agreement, and conditioned upon Employee not being terminated by the Company for Cause, the Company agrees to pay Employee the
following amounts, which shall be collectively referred to herein as the “Separation Payment”:

 

(i)                       
payment of Employee’s Base Salary, less all lawful and customary withholdings and authorized Employee deductions,
through the Employment End Date, such Base Salary to be paid in semi-monthly payments on the Company’s regular payroll dates;

 

    2 | Page
 

     

    

 

(ii)                      
 a lump sum payment equal to Employee’s annual Base Salary in the amount of Five Hundred and Twenty Thousand Dollars
(US$520,000.00), less all lawful and customary withholdings and authorized Employee deductions;

 

(iii)                     
a lump sum payment in the amount of Eighty-Eight Thousand, One Hundred and Twenty-Five Dollars (US$88,125.00), which sum
equals the average of the Annual Bonus amounts paid to Employee in respect of calendar years 2018 and 2019, less all lawful and
customary withholdings and authorized Employee deductions;

 

(iv)                    
a lump sum payment in the amount of Six Hundred Thousand Dollars (US$600,000.00) for relocation of Employee and his family
back to Europe and other related expenses, less all lawful and customary withholdings and authorized Employee deductions; and

 

(v)                       a
lump sum payment in the amount of Fifty Thousand Dollars (US$50,000.00) to assist Employee with respect to financial advisor and
tax services, less all lawful and customary withholding and authorized Employee deductions.

 

b.              
The Separation Payment shall be made within thirty (30) days following the Employment End Date.

 

6.               
Release of Claims 

 

a.              
Employee (for himself, his heirs, assigns or executors) releases and forever discharges the
Company, any of its Affiliates, and its and their directors, officers, agents and employees (collectively, the “Released
Parties”) from any and all claims, suits, demands, causes of action, contracts, covenants, obligations, debts, costs,
expenses, attorneys’ fees, liabilities of whatever kind or nature in law or equity, by statute or otherwise whether now known
or unknown, vested or contingent, suspected or unsuspected, and whether or not concealed or hidden, which have existed or may have
existed, or which do exist, of any kind (“Claims”), which relate in any way to (i) Employee’s employment
with the Company or the termination of that employment, (ii) Employee’s employment with any Affiliate of the Company or the
termination of that employment (including, without limitation, Sensata Technologies Germany GmbH), (iii) Employee’s
rights under the employee benefit plans of the Company, and (iv) Employee’s rights to accrued, unused vacation time in the
payroll system.

 

    3 | Page
 

     

    

 

b.               Such
released Claims include any and all claims, obligations, or causes of actions, of whatever kind, arising out of or in any way
connected with any acts, omissions, practices, or policies that were or could have been asserted in connection with a civil
action or administrative action under Title VII of the Civil Rights Act of 1964, 42 U.S.C. §2000e et seq. as
amended; the Civil Rights Act of 1991, 42 U.S.C. §§1981-1988; the Age Discrimination in Employment Act, as amended,
29 U.S.C. § 621 et seq.; the Older Workers Benefits Protection Act of 1990; the Vocational Rehabilitation Act of
1973, 29 U.S.C. § 793 et seq.; the Family Medical Leave Act, 29 U.S.C. §2601 et seq.; the Americans
With Disabilities Act, 42 U.S.C. § 12101 et seq.; 42 U.S.C. §§ 1981-1988; the Employee Retirement
Income Security Act, 29 U.S.C. § 1001, et seq.; the Worker Adjustment and Retraining Notification Act, 29 U.S.C.
§ 2101, et seq.; the Immigration Reform and Control Act of 1986, 8 U.S.C. § 1324a, et seq.; the
Occupational Safety and Health Act of 1970, 29 U.S.C. § 651 et seq.; the Sarbanes-Oxley Act of 2002 (including
the “whistleblower” provisions, 18 U.S.C. § 1514A, et seq.); the National Labor Relations Act, 29
U.S.C. §151 et seq.; the Equal Pay Act of 1963; the Consolidated Omnibus Budget Reconciliation Act of 1985,
I.R.C. § 4980B; the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq.; the Genetic Information
Nondiscrimination Act of 2008; the Fair Labor Standards Act, 29 U.S.C. §201 et seq.; the Employee Polygraph
Protection Act of 1988; the Lily Ledbetter Fair Pay Act of 2009; the Pregnancy Discrimination Act of 1978; the Uniformed
Services Employment and Reemployment Rights Act of 1994; Massachusetts Law Against Discrimination, G.L. c.151B; Massachusetts
Workers’ Compensation Act, G.L. c. 152 §75B; Massachusetts Civil Rights Act, G.L. c.12, §11; Massachusetts
Equal Rights Act, G.L. c. 93; Massachusetts Small Necessities Act, G.L. c. 149 §52D; Massachusetts Privacy Statute, G.L.
c. 214, §1B; Massachusetts Equal Pay Act, G.L. c. 149 §105A-C; Massachusetts Age Discrimination Law, G.L. c. 149
§24 A et seq.; Massachusetts Maternity Leave Act, G.L. c. 149, § 105D; Massachusetts Sexual Harassment
Statute, G.L. c. 214, §1C; Massachusetts Wage and Hour Laws, G.L. c. 151§1A et seq.; Massachusetts Wage
Payment Statutes, G.L. c. 149, §§ 148, 148A, 148B, 149, 150, 150A-150C, 151, 152, 152A, et seq.; any other
Massachusetts statute, law, rule, or regulation relating to labor and employment, including but not limited to, any claim for
unpaid wages and/or penalties or any amendments to any of the foregoing; any other federal, state, and/or local civil rights
law and/or whistleblower law; any other federal, state, and/or local statute, law, constitution, ordinance, rule, regulation,
or order, or common law, in any way resulting from your employment with or separation from employment from the Company.

 

c.               
Nothing herein prohibits Employee from challenging the validity of this Agreement under the federal age or other discrimination
laws (the “Federal Discrimination Laws”) or from filing a charge or complaint of age or other employment- related
discrimination with the Equal Employment Opportunity Commission (the “EEOC”), or from participating in any investigation
or proceeding conducted by the EEOC. However, the release in this Section 6 does prohibit Employee from seeking or receiving monetary
damages or other individual-specific relief in connection with any such charge or complaint of age or other employment-related
discrimination with the EEOC or applicable state agency. Further, nothing in this Agreement limits the Company’s right to
seek immediate dismissal of such charge or complaint on the basis that Employee’s signing of this Agreement constitutes a
full release of any individual rights under the Federal Discrimination Laws, or the Company’s right to seek restitution of
the economic benefits provided to Employee under this Agreement (or other legal remedies) if Employee successfully challenges the
validity of this Release and prevails in any claim under the Federal Discrimination Laws.

 

d.               Nothing
in this Agreement prohibits Employee from reporting possible violations of federal law or regulation to any governmental
agency or regulatory authority (including but not limited to the Securities and Exchange Commission, U.S. Department of
Labor, U.S. Department of Justice and/or the National Labor Relations Board), or from making other disclosures that are
protected under the whistleblower provisions of federal law or regulation. However, Employee understands and agrees that he
is waiving the right to any monetary recovery in connection with any complaint or charge that he may file with an
administrative agency, except with respect to any monetary recovery under the Dodd-Frank Wall Street Reform and Consumer
Protection Act and the Sarbanes-Oxley Act of 2002.

 

    4 | Page
 

     

    

 

e.               
In signing this Agreement, Employee acknowledges that he intends that it shall be effective as a bar to each and every one
of the Claims hereinabove mentioned or implied. Employee expressly consents that this Settlement and Release Agreement shall be
given full force and effect according to each and all of its express terms and provisions, including those relating to unknown
and unsuspected Claims (notwithstanding any state statute that expressly limits the effectiveness of a general release of unknown,
unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied.
Employee acknowledges and agrees that the releases contained herein are an essential and material term of this Agreement and without
such releases the Company would not have agreed to the Separation Payment provided for in this Agreement. Employee further agrees
that in the event he brings his own Claim in which he seeks damages against the Company, or in the event Employee seeks to recover
damages against the Company in any Claim brought by a governmental agency on his behalf, this Release shall serve as a complete
defense to such Claims.

 

f.                
Employee acknowledges that he is receiving this Agreement on July 24, 2020, and he shall have twenty-one (21) days from
receipt of the Agreement to consider and sign it (“Acceptance Period”). Employee also acknowledges that any
changes or modifications to this Agreement do not restart or otherwise extend the Acceptance Period, unless such changes are material.
Employee shall have seven (7) calendar days following execution of the Agreement to revoke the Agreement (“Revocation
Period”) by giving written notice of such revocation to the Company’s Chief Legal Officer, via e-mail, and such
notice must be received by the Company no later than the seventh (7th) calendar day following Employee’s execution of this
Agreement (if such day is a Saturday or Sunday, or a legal holiday then such notice must be received on the first day thereafter
that is not a Saturday, Sunday, or legal holiday). Employee further acknowledges that if he does not sign this Agreement within
the Acceptance Period, or, alternatively, if he signs this Agreement within the Acceptance Period but subsequently revokes the
Agreement during the Revocation Period by giving timely notice (as described above) of such revocation, then Employee forfeits
any and all rights to the Separation Payment under this Agreement. Provided that this Agreement is executed during the Acceptance
Period, and Employee does not revoke the Agreement during the Revocation Period, the eighth (8th) day following the date on which
this Agreement is executed and delivered to the Company shall be its effective date (the “Effective Date”).
In the event that Employee fails to execute and deliver this Agreement prior to the expiration of the Acceptance Period, or if
Employee otherwise revokes this Agreement during the Revocation Period, this Agreement will be null and void and of no effect,
and the Company will have no obligations hereunder.

 

    5 | Page
 

     

    

 

7.               
Compliance With Older Workers’ Benefit Protection Act. Employee and the Company desire and intend that this
Agreement comply with the terms of the Older Workers’ Benefit Protection Act. Accordingly, Employee acknowledges that he
has been advised of the following rights:

 

a.               
 Employee understands that federal and state laws, including the Age Discrimination in Employment Act, prohibit employment
discrimination based upon age, sex, race, color, national origin, ethnicity, or disability. Employee further understands and agrees
that, by signing this Agreement, he agrees to waive any and all such claims, and releases the Released Parties from any and all
such claims.

 

b.               
EMPLOYEE AGREES THAT THIS RELEASE IS GIVEN KNOWINGLY AND VOLUNTARILY AND ACKNOWLEDGE THAT:

 

(i)                       
THIS AGREEMENT IS WRITTEN IN A MANNER UNDERSTOOD BY EMPLOYEE;

 

(ii)                       THIS
RELEASE REFERS TO RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT, AS AMENDED;

 

(iii)                    
EMPLOYEE HAS NOT WAIVED ANY RIGHTS ARISING AFTER THE DATE OF THIS AGREEMENT;

 

(iv)                    
EMPLOYEE HAS RECEIVED VALUABLE CONSIDERATION IN EXCHANGE FOR THE RELEASES OTHER THAN AMOUNTS EMPLOYEE IS OTHERWISE ALREADY
ENTITLED TO RECEIVE; 

 

(v)                       
EMPLOYEE HAS TWENTY-ONE (21) DAYS AFTER RECEIVING THIS AGREEMENT TO CONSIDER WHETHER TO SIGN IT;

 

(vi)                     
IN THE EVENT THAT EMPLOYEE SIGNS THE AGREEMENT, HE HAS ANOTHER SEVEN (7) DAYS TO REVOKE IT BY DELIVERING NOTICE AS SET FORTH
IN SECTION 6(f). 

 

(vii)                    
NEITHER THE COMPANY NOR ITS AGENTS OR ATTORNEYS HAS MADE ANY REPRESENTATIONS OR PROMISES TO THE TERMS OR EFFECTS OF THIS
AGREEMENT OTHER THAN THOSE CONTAINED HERE; AND

 

(viii)                   
EMPLOYEE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS AGREEMENT.

 

8.               
Incorporation of Employment Agreement. All terms and provisions of Employee’s Employment Agreement are hereby
incorporated by reference with the same force and effect as though fully set forth herein; provided, however, that if any term
or provision set forth in this Agreement is inconsistent with any term or provision in the Employment Agreement, the terms and
provisions in this Agreement shall prevail.

 

9.               
Employee Acknowledgements, Representations, and Obligations.

 

a.                Employee
agrees that the Company and its employees or agents have made no representations regarding consequences of any amounts
received pursuant to this Agreement and that Employee is not relying upon the Company’s employee’s or agents in
any way regarding the tax consequences of entering into this Agreement. Employee shall be solely responsible for payment of
all personal tax liability due on all payments made, and benefits provided, under this Agreement, including federal, state
and local taxes, interest and penalties, if applicable, which are or may become due.

 

    6 | Page
 

     

    

 

b.              
Employee represents that Employee has received all compensation, wages, bonuses, commissions, and benefits to which Employee
may be entitled at the time this Agreement is executed.

 

c.               
Employee represents that Employee has no known workplace injuries or occupational diseases.

 

d.              
Employee further agrees that Employee has not been retaliated against for reporting any allegations of wrongdoing by the
Company or its officers, including any allegations of corporate fraud. Both parties acknowledge that this Agreement does not limit
either Party’s right, where applicable, to file or participate in an investigative proceeding of any federal, state or local
governmental agency. To the extent permitted by law, Employee agrees that if such an administrative claim is made, Employee shall
not be entitled to recover any individual monetary relief or other individual remedies.

 

e.               
Employee hereby resigns, as of August 15, 2020 from any positions that Employee may hold as an officer or director of the
Company and its subsidiaries and affiliates. Employee agrees to sign such additional letters of resignation as the Company may
request.

 

10.            
No Legal Actions. Employee represents that he has not filed any claim, charge, or lawsuit against any of the Released
Parties relating to his employment with the Company or termination thereof.

 

11.            
No Admission of Liability. The Parties execute this Agreement to put to rest all issues and disagreements that may
exist between them regarding Employee’s employment with the Company or the termination thereof. This Agreement, however,
should in no way be construed as an admission of liability or wrongdoing by the Company or any of the Released Parties, or as an
admission of liability or wrongdoing by Employee, or that either Party has any rights whatsoever against the other, except as specifically
provided herein. Each Party specifically disclaims any liability to or wrongful acts against the other.

 

12.            Return
of Company Property and Protection of Proprietary Information and Intellectual Property. Employee confirms that, prior to
the Employment End Date, he will return to the Company, and not make or keep copies of, any Company-owned or Company-issued
property, including, without limitation, all documents, data, information, files, reports, emails, spreadsheets, projections,
studies, business plans, or any other material, whether in paper, electronic, or other form, belonging to or issued by the
Company, or which were received or used by Employee during his employment with the Company. Employee further agrees that
following the termination of his employment with the Company, he will refrain from disclosing to any third party or using any
of the Company’s confidential business information or intellectual property in accordance with Employee’s
agreements with the Company, statutes protecting trade secrets and/or common law.

 

    7 | Page
 

     

    

 

13.             Recapture
of Payment. Notwithstanding any other provision of this Agreement, if Employee breaches any of his obligations hereunder or
under the Employment Agreement, then Company may cease further payments pursuant to this Agreement without affecting the validity
of the Employee’s release of claims and may seek damages from Employee including but not limited to amounts provided to Employee
under this Agreement.

 

14.             Binding
on Parties and Representatives. As of the Effective Date, this Agreement shall be binding upon Employee, his heirs, administrators,
representatives, executors, successors, and assigns, and shall inure to the benefit of the Company and to the other Released Parties,
and to their respective administrators, representatives, executors, successors, and assigns.

 

15.             No
Other Agreement. This Agreement, including the Employment Agreement, which is incorporated herein (to the extent it is not
inconsistent with this Agreement), contains the entire agreement between Employee and the Company with respect to the subject matter
herein. No part of this Agreement may be changed except in a writing, executed by both Employee and the Company.

 

16.             Governing
Law. This Agreement shall be interpreted in accordance with the laws of the State of Delaware, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of Delaware. Whenever possible, each provision of this Agreement
shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision shall be held to be prohibited
or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating or affecting the remainder of such provision or any of the remaining provisions of this Agreement.

 

17.             Counterparts.
This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together
constitute one and the same Agreement.

 

Remainder of Page Intentionally
Left Blank

 

    8 | Page
 

     

    

 

Please
indicate your agreement and acceptance of the terms and conditions set forth in this Agreement by signing below and returning it
to us on or before August 14, 2020.

 

	 	Very truly
    yours,
	 	 
	 	Sensata Technologies,
    Inc.
	 	 
	 	By:	 /s/ Jeff Cote
	 	Jeff Cote
	 	Chief Executive
    Officer & President
	 	 
	 	AGREED TO AND
    ACCEPTED BY:
	 	 
	 	/s/ Paul Chawla
	 	Paul Chawla
	 	 
	 	July 31, 2020
	 	Date Signed
	 	 
	 	Effective Date

 

    9 | Page

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}]]