Document:

EX-10.2

 Exhibit 10.2 
 DONEGAL GROUP INC. 
 2013 EQUITY INCENTIVE PLAN FOR DIRECTORS 

1.        Purpose. The purpose of this 2013 Equity Incentive Plan for Directors (this
“Plan”) is to enhance the ability of Donegal Group Inc. (the “Company”) and Donegal Mutual Insurance Company (“Donegal Mutual,” and together with their respective subsidiaries and affiliates of the Company and Donegal
Mutual, the “Group”) to attract and retain highly qualified directors, to establish a basis for providing a portion of director compensation in the form of equity and, in doing so, to strengthen the alignment of the interest of the
directors of the members of the Group with the interests of the Company’s stockholders. 

2.        Administration. 

(a)    Administration by the Board. The Board of Directors of the Company (the “Board”) shall
administer this Plan. 
 (b)    Duty and Powers of the Board. The Board shall have the power to
interpret this Plan and the awards granted under this Plan and to adopt rules for the administration, interpretation and application of this Plan. The Board shall have the discretion to determine to whom the Company will grant stock options and to
determine the number of stock options the Company will grant to any director, the timing of the grant and the terms of exercise. The Board shall not have any discretion to determine to whom the Company will grant restricted stock awards under this
Plan. 
 (c)    Compensation; Professional Assistance; Good Faith Actions. Members of the Board shall
not receive any compensation for their services in administering this Plan. The Company shall pay all expenses and liabilities incurred in connection with the administration of this Plan. The Company may employ attorneys, consultants, accountants or
other experts. The Board, the Company, Donegal Mutual and the officers and directors of the Company and Donegal Mutual shall be entitled to rely upon the advice, opinions or valuations of any such experts. All actions taken and all interpretations
and determinations the Board makes in good faith with respect to this Plan shall be final and binding upon all grantees, the Group and all other interested persons. No member of the Board shall be personally liable for any action, determination or
interpretation the Board makes in good faith with respect to this Plan, and the Company shall fully protect and indemnify all members of the Board in respect to any such action, determination or interpretation. 

  
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 3.        Shares Subject to this Plan.

 (a)    Shares Authorized. The shares of stock issuable pursuant to awards granted under this Plan
shall be shares of the Company’s Class A common stock. The total aggregate number of shares of Class A common stock that the Company may issue under this Plan is 600,000 shares, subject to adjustment as described below. The shares may
be authorized but unissued shares or reacquired shares for purposes of this Plan. 
 (b)    Share
Counting. For administrative purposes, when the Board approves an award payable in shares of Class A common stock, the Board shall reserve, and count against the share limit, shares equal to the maximum number of shares that the Company may
issue under the award. If and to the extent options or awards granted under this Plan terminate, expire or are canceled, forfeited, exchanged or surrendered without having been exercised, and if and to the extent that any restricted stock awards are
forfeited or terminated, or otherwise are not paid in full, the Company shall make the shares reserved for such options and awards available again for purposes of this Plan. 
 (c)    Adjustments. If any change in the number or kind of shares of Class A common stock outstanding occurs by reason of: 

 

	 	•	 	 a stock dividend, spinoff, recapitalization, stock split or combination or exchange of shares; 

 

	 	•	 	 a merger, reorganization or consolidation; 

  

	 	•	 	 a reclassification or change in par value; or 

  

	 	•	 	 any other extraordinary or unusual event affecting the outstanding Class A common stock as a class without the Company’s receipt of
consideration, or if the value of the outstanding shares of Class A common stock is substantially reduced as a result of a spinoff or the Company’s payment of any extraordinary dividend or distribution in cash,

 the maximum number of shares of Class A common stock available for issuance under this Plan, the maximum number of
shares of Class A common stock for which any individual may receive grants in any year, the kind and number of shares covered by outstanding awards, the kind and number of shares to be issued or issuable under this Plan and the price per share
or applicable market value of such grants shall be automatically and equitably adjusted to reflect any increase or decrease in the number of, or change in the kind or value of, issued shares of Class A common stock to preclude, to the extent
practicable, the enlargement or dilution of rights and benefits under this Plan and such outstanding grants. Any fractional shares resulting from such adjustment shall be eliminated. Any adjustments to outstanding awards shall be consistent with
Section 409A of the Internal Revenue Code of 1986, as amended, or the Code, to the extent applicable. 

  
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 4.        Eligibility for Participation. Each
director of the Company and each director of a member of the Group who is not eligible to receive stock options under the Company’s Equity Incentive Plan for Employees shall be eligible to receive stock options under this Plan. Each director of
the Company and each director of the member companies of the Group shall be eligible to receive restricted stock awards under this Plan. 
 5.        Awards. Awards under this Plan may consist of stock options as described in Section 7 and restricted stock awards as described in
Section 8. Each award shall be evidenced by a written agreement between the Company and the grantee. 

6.        Definition of Fair Market Value. For purposes of this Plan, “fair market
value” shall mean the last sales price of a share of Class A common stock on the NASDAQ Global Select Market (“NASDAQ”), on the day immediately preceding the date on which the Board determines the fair market value of a share of
Class A common stock. In the event that there are no transactions in shares of Class A common stock on NASDAQ on such day, the Board shall determine the fair market value as of the immediately preceding day on which there were transactions
in shares of Class A common stock on NASDAQ. If shares of Class A common stock are not listed by NASDAQ, the Board shall determine the fair market value pursuant to Section 422 of the Code. 

7.        Stock Options. 

(a)    Granting of Stock Options. The Board may grant stock options to an eligible director upon such terms as
the Board deems appropriate under this Section 7. 
 (b)    Type of Stock Option and Price. The
Board may grant stock options to purchase Class A common stock that the Board does not intend to qualify as incentive stock options within the meaning of Section 422 of the Code. The Board shall determine the exercise price of shares of
Class A common stock subject to a stock option, which shall be the closing market price of a share of Class A common stock on NASDAQ on the day before the date of the grant. 

(c)    Exercisability of Stock Options. Each stock option agreement shall specify the period or periods of
time within which a grantee may exercise a stock option, in whole or in part, as the Board determines. No grantee may exercise a stock option after ten years from the grant date of the stock option. The Board may accelerate the exercisability of any
or all outstanding stock options at any time for any reason. 
 (d)    Rights upon Termination of
Service. Upon a grantee’s termination of service as a director, as a result of resignation, retirement, failure to be re-elected, removal for cause or any reason other than death, the grantee shall have the right to exercise the stock
option during its term within a period of three years after such termination to the extent that the stock option was exercisable at the time of termination, or within such other period and 

  
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subject to such terms and conditions as the Board may specify. In the event that a grantee dies prior to the expiration of the grantee’s stock option and without having fully exercised the
grantee’s stock option, the grantee’s representative or successor shall have the right to exercise the stock option during its term within a period of one year after the grantee’s death to the extent that the stock option was
exercisable at the time of death, or within such other period, and subject to such terms and conditions, as the Board may specify. 
 (e)    Exercise of Stock Options. A grantee may exercise a stock option that has become exercisable, in whole or in part, by delivering a notice of exercise to the Company. The
grantee shall pay the exercise price set forth in the stock option: 
  

	 	•	 	 in cash; 

  

	 	•	 	 by delivery of shares of Class A common stock at fair market value, shares of Class B common stock at fair market value, or a combination of those
shares, as the Board may determine from time to time and subject to the terms and conditions as the Board may prescribe; 

  

	 	•	 	 by payment through a brokerage firm of national standing whereby the grantee will simultaneously exercise the stock option and sell the shares acquired
upon exercise through the brokerage firm and the brokerage firm shall remit to the Company from the proceeds of the sale of the shares the exercise price as to which the option has been exercised in accordance with the procedures permitted by
Regulation T of the Federal Reserve Board; or 

  

	 	•	 	 by any other method the Board authorizes. 

 The Company must receive payment for the shares acquired upon exercise of the stock option, and any required withholding taxes and related amounts, by the time the Board specifies depending on the type of
payment being made, but in all cases prior to the issuance of the shares issuable upon exercise of the option. 

8.        Restricted Stock Awards. 

(a)    Granting of Awards. The Company shall grant each director of the Company and each director of Donegal
Mutual an annual restricted stock award consisting of 400 shares of Class A common stock, except that a person who serves as a director on both boards shall receive only one annual grant. The Company shall grant the restricted stock awards on
the first business day of January in each year, commencing January 2, 2014, provided that the director served as a member of the Board or of the board of directors of Donegal Mutual during any portion of the preceding calendar year. 

(b)    Terms of Restricted Stock Awards. Each restricted stock award agreement shall contain such
restrictions, terms and conditions as this Plan requires: 

  
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	 	•	 	 The grantee may not sell or otherwise transfer the shares of Class A common stock comprising the restricted stock award until one year after the
date of grant. Although the Company shall register the shares of Class A common stock comprising each restricted stock award in the name of the grantee, the Company reserves the right to place a restrictive legend on the stock certificate. None
of such shares of Class A common stock shall be subject to forfeiture. 

  

	 	•	 	 Subject to the restrictions on transfer set forth in this Section 8(b), a grantee shall have all the rights of a stockholder with respect to the
shares of Class A common stock the Company issues pursuant to restricted stock awards made under this Plan, including the right to vote the shares and to receive all dividends and other distributions paid or made with respect to the shares.

  

	 	•	 	 In the event of changes in the Class A common stock of the Company by reason of stock dividends, split-ups or combinations of shares,
reclassifications, mergers, consolidations, reorganizations or liquidations while the shares comprising a restricted stock award shall be subject to restrictions on transfer, any and all new, substituted or additional securities to which the grantee
shall be entitled by reason of the ownership of a restricted stock award shall be subject immediately to the terms, conditions and restrictions of this Plan. 

 

	 	•	 	 If a grantee receives rights or warrants with respect to any shares comprising a restricted stock award, the grantee may hold, exercise, sell or
otherwise dispose of such rights or warrants or any shares or other securities acquired by the exercise of such rights or warrants free and clear of the restrictions and obligations set forth in this Plan. 

9.        Date of Grant. The grant date of a stock option under this Plan shall be the
date of the Board’s approval or such later date as the Board determines at the time it authorizes the grant. The Board may not make retroactive grants of stock options under this Plan. The Company shall provide notice of the grant to the
grantee within a commercially reasonable time after the grant date. 

10.        Requirements for Issuance of Shares. The Company will not issue shares of
Class A common stock in connection with any award under this Plan until the issuance of the shares complies with all of the applicable legal requirements to the commercially reasonable satisfaction of the Board. The Board shall have the right
to condition any award made to any director on the director’s undertaking in writing to comply with the restrictions on the director’s subsequent disposition of shares subject to the award as the Board shall deem necessary or advisable,
and certificates representing those shares may be legended to reflect any such restrictions. Certificates representing shares of Class A common stock issued under this Plan will be subject to such stop-transfer orders and other restrictions as
applicable laws, regulations and interpretations may require, including any requirement that a legend be placed on the certificate. 

  
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 11.        Withholding. The Company shall
have the right to require the grantee to remit to the Company an amount sufficient to satisfy any federal, state or local withholding tax requirements prior to the delivery of any certificate for shares of Class A common stock. If and to the
extent the Board authorizes, in its sole discretion, a grantee may make an election, by means of a form of election the Board prescribes, to have shares of Class A common stock that are acquired upon exercise of a stock option withheld by the
Company or to tender other shares of Class A common stock or other securities of the Company owned by the grantee to the Company at the time of exercise of a stock option to pay the amount of tax that would otherwise be required by law to be
withheld by the Company. Any such election shall be irrevocable and shall be subject to termination by the Board, in its sole discretion, at any time. Any securities so withheld or tendered shall be valued by the Board as of the date of exercise.

 12.        Transferability of Awards. Only the grantee of an award may
exercise rights under the award during the grantee’s lifetime, and a grantee may not transfer those rights except by will or by the laws of descent and distribution. When a grantee dies, the personal representative or other person entitled to
succeed to the rights of the grantee may exercise those rights. Any successor to a grantee must furnish proof satisfactory to the Company of the successor’s right to receive the award under the grantee’s will or under the applicable laws
of descent and distribution. Except as stated in this Section 12, no stock option or interest therein and, for a period of one year after the date of grant, no restricted stock award or any interest therein, shall be subject to the debts,
contracts or engagements of the grantee or the grantee’s successors in interest, nor shall they be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means, whether such disposition is
voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings, including bankruptcy, and any attempted disposition thereof shall be null and void and of no effect. 

13.        Amendment and Termination of this Plan. 

(a)    Amendments. The Board may amend or terminate this Plan at any time, except that the Board shall not
amend this Plan without approval of the stockholders of the Company if such approval is required in order to comply with the Code or applicable laws, or to comply with applicable stock exchange requirements. The Board may not, without the consent of
the grantee, negatively affect the rights of a grantee under any award previously granted under this Plan. 

(b)    No Repricings Without Stockholder Approval. The Board may not reprice stock options, nor may the Board
amend this Plan to permit repricing of stock options unless the stockholders of the Company provide prior approval for the repricing. 

  
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 (c)    Termination. This Plan shall terminate on April 17,
2023, unless the Board earlier terminates this Plan or the Board extends the term with the approval of the stockholders of the Company. The termination of this Plan shall not impair the power and authority of the Board with respect to an outstanding
award. 
 14.        Reservation of Shares. The Company, during the term of this
Plan, shall at all times reserve and keep available the number of shares of Class A common stock needed to satisfy the requirements of this Plan. The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority the Company’s counsel deems necessary to the lawful issuance and sale of any shares under this Plan, shall relieve the Company of any liability for the failure to issue any shares as to which the Company has not obtained the
requisite authority. 
 15.        No Prohibition on Corporate Action. No
provision of this Plan shall be construed to prevent the Company or any officer or director of the Company from taking any action the Company or such officer or director deems appropriate or in the Company’s best interest, whether or not such
action could have an adverse effect on this Plan or any awards granted under this Plan, and no grantee or grantee’s estate, personal representative or beneficiary shall have any claim against the Company or any officer or director of the
Company as a result of the taking of the action. 
 16.        Indemnification.
With respect to the administration of this Plan, the Company shall indemnify each present and future member of the Board against, and each member of the Board shall be entitled without further action on such member’s part to indemnity from the
Company for, all expenses, including the amount of judgments and the amount of approved settlements made with a view to the curtailment of costs of litigation, other than amounts paid to the Company itself, reasonably incurred by such member in
connection with or arising out of, any action, suit or proceeding in which the member may be involved by reason of being or having been a member of the Board, whether or not the member continues to be such member at the time of incurring such
expenses; provided, however, that this indemnity shall not include any expenses incurred by any such member of the Board (i) in respect of matters as to which the member shall be finally adjudged in any such action, suit or proceeding to have
been guilty of gross negligence or willful misconduct in the performance of the member’s duty as a member of the Board or (ii) in respect of any matter in which any settlement is effected for an amount in excess of the amount approved by
the Company on the advice of its legal counsel; and provided further that no right of indemnification under the provisions set forth in this Section 16 shall be available to or enforceable by any such member of the Board unless, within 60 days
after institution of any such action, suit or proceeding, the member shall have offered the Company in writing the opportunity to represent the member and defend same at its own expense. The foregoing right of indemnification shall inure to the
benefit of the heirs, executors or administrators of each such member of the Board and shall be in addition to all other rights to which such member may be entitled as a matter of law, contract or otherwise. 

  
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 17.        Miscellaneous Plan Provisions.

 (a)    Compliance with Plan Provisions. No grantee or other person shall have any right with
respect to this Plan, the Class A common stock reserved for issuance under this Plan or in any award until the Company and the grantee execute a written agreement and the Company and the grantee satisfy all the applicable terms, conditions and
provisions of this Plan and any award. 
 (b)    Approval of Counsel. In the discretion of the Board,
no shares of Class A common stock, other securities or property of the Company or other forms of payment shall be issued hereunder with respect to any award unless counsel for the Company shall be satisfied that such issuance will be in
compliance with applicable federal, state, local and foreign legal, securities exchange and other applicable requirements. 

(c)    Compliance with Rule 16b-3. To the extent that Rule 16b-3 under the Securities Exchange Act of 1934, as
amended, applies to awards granted under this Plan, it is the intention of the Company that this Plan comply in all respects with the requirements of Rule 16b-3, that any ambiguities or inconsistencies in construction of this Plan be interpreted to
give effect to such intention and that if this Plan shall not so comply, whether on the date of adoption or by reason of any later amendment to or interpretation of Rule 16b-3, the provisions of this Plan shall be deemed to have been automatically
amended so as to bring them into full compliance with that rule. 
 (d)    Section 409A
Compliance. This Plan is intended to comply with the requirements of Section 409A of the Code and the regulations issued thereunder. To the extent of any provision of this Plan is inconsistent with the requirements of Section 409A,
this Plan shall be interpreted and amended in order to meet the requirements of Section 409A. Notwithstanding anything contained in this Plan to the contrary, it is the intent of the Company to have this Plan be interpreted and construed to
comply with any and all provisions of Section 409A including any subsequent amendments, rulings or interpretations from appropriate governmental agencies. 
 (e)    Effects of Acceptance of the Award. By accepting any award or other benefit under this Plan, the Company shall conclusively deem each grantee and each person claiming
under or through the grantee to have indicated the grantee’s acceptance and ratification of, and consent to, any action taken under this Plan by the Company, the Board or its delegates. 

  
 8EX-10.9

 Exhibit 10.9 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (this
“Agreement”), effective as of                     , 2013 (the “Effective Date”), is made and entered into
this          day of             , 2013, by and between Trade Street Residential, Inc., a Maryland corporation with its principal place
of business at 19950 West Country Club Drive, Suite 800, Aventura, Florida 33180 (together with its subsidiaries, the “Company”), and Michael Baumann, an individual resident of the State of Florida (the
“Executive”). 
 W I T N E S S E T H: 

WHEREAS, the Company desires to employ the Executive as Chief Executive Officer and Chairman of the Company, and the Executive
desires to accept said employment by the Company; and 
 WHEREAS, the Company and the Executive desire to express the
terms and conditions of the Executive’s employment in this Agreement. 
 NOW, THEREFORE, in consideration of the
foregoing recitals, the mutual promises and covenants set forth below and other good and valuable consideration, receipt of which is hereby acknowledged, the Company and the Executive do hereby agree as follows: 

 

	 	1.	Definitions. For purposes of this Agreement, all initially capitalized words and phrases used herein have the following meanings: 

“Affiliate” shall mean, with respect to any individual or entity, any other individual or entity who, directly or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with such individual or entity. 
 “Agreement” shall have the meaning set forth in the introductory paragraph above. 
 “Base Salary” shall have the meaning set forth in Section 5.1 hereof. 
 “Board” shall mean the board of directors of the Company. 

“Bonus” shall have the meaning set forth in Section 5.2 hereof. 

“Cause” shall mean that the Executive has (a) continually failed to substantially perform, or been grossly negligent
in the discharge of, his duties to the Company (in any case, other than by reason of a Disability, physical or mental illness or analogous condition); (b) been convicted of or pled guilty or nolo contendere to a felony or a misdemeanor
with respect to which fraud or dishonesty is a material element; or (c) materially breached any material Company policy or agreement with the Company. 

 “Change of Control” shall mean the first of the following events to occur
after the Effective Date: 
 (a) any Person or group of Persons together with its Affiliates, but excluding
(i) the Company or any of its Subsidiaries, (ii) any employee benefit plans of the Company or (iii) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company, is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of the Company representing fifty percent (50%) or more of the combined
voting power of the Company’s then outstanding securities (not including in the securities beneficially owned by such Person any securities acquired directly from the Company); 

(b) the following individuals cease for any reason to constitute a majority of the number of directors then serving:
individuals who, on the Effective Date, 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 appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of
the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended; 

(c) the consummation of a merger or consolidation of the Company or any direct or indirect Subsidiary of the Company with
any other corporation or entity regardless of which entity is the survivor, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Company, such surviving entity or any parent thereof outstanding
immediately after such merger or consolidation; or 
 (d) the stockholders of the Company approve a plan of
complete liquidation or winding-up of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 

Notwithstanding the foregoing, (i) a “Change of 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 holders of the common 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, and (ii) a “Change of Control” shall not occur for purposes
of this Agreement as a result of any primary or secondary offering of Company common stock to the general public through a registration statement filed with the Securities and Exchange Commission. 

Notwithstanding the foregoing, to the extent that (i) any payment under this Agreement is payable solely upon or
following the occurrence of a Change of Control and (ii) such payment is treated as “deferred compensation” for purposes of Code Section 409A, no event that would not qualify as a “change in the ownership of the
Company,” a “change in the effective control of the Company,” or a “change in the ownership of a substantial portion of the assets of the Company” as such terms are defined in Section 1.409A-3(i)(5) of the Treasury
Regulations, shall be treated as a “Change of Control” under this Agreement. 

  
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 “COBRA” means the applicable provisions of section 4980B of the Code and
corresponding provisions of ERISA. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Company” shall have the meaning set forth in the introductory paragraph above. 

“Company Works” shall have the meaning set forth in Section 10.2(b) hereof. 

“Competing Entity” shall have the meaning set forth in Section 10.1(a) hereof. 

“Confidential Information” shall have the meaning set forth in Section 10.2(a) hereof. 

“Disability” means a physical or mental condition entitling the Executive to benefits under the applicable long-term
disability plan of the Company or, if no such plan exists, a “permanent and total disability” (within the meaning of Code Section 22(e)(3)) or as determined by the Company in accordance with applicable laws. Notwithstanding the
foregoing, to the extent that (i) any payment under this Agreement is payable solely upon the Executive’s Disability and (ii) such payment is treated as “deferred compensation” for purposes of Code Section 409A,
Disability shall have the meaning provided in Code Section 409A and Section 1.409A-3(i)(4) of the Treasury Regulations. 
 “Effective Date” shall have the meaning set forth in the introductory paragraph above. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“Executive” shall have the meaning set forth in the introductory paragraph above. 

“Good Reason” means (a) a material diminution in the Executive’s title, duties or responsibilities (provided,
however, that a requirement to utilize skills in addition to those utilized in the Executive’s current position, and/or a change in title and/or direct reports to reflect the organizational structure of the successor entity following a Change
of Control of the Company, shall not in and of itself be considered a “material diminution” as contemplated by this subsection (a)); (b) a reduction of ten percent (10%) or more in the Executive’s annual Base Salary;
(c) a reduction of ten percent (10%) or more in the Executive’s annual target bonus opportunity (including the failure to pay any bonus earned for any year in which a Change of Control of the Company occurs pursuant to the terms of
any applicable plan or arrangement in effect prior to such Change of Control); or (d) the relocation of the Executive’s principal place of employment to a location more than fifty (50) miles from the Executive’s principal place
of employment, except for required travel on the Company’s business to an extent substantially consistent with the Executive’s historical business travel obligations. The Executive’s continued employment shall not constitute consent
to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason hereunder. The Executive shall not have the right to terminate his employment for 

  
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Good Reason unless the Executive provides written notice to the Company of the existence of grounds for termination for Good Reason, including a description of such grounds, within ninety
(90) days following the initial occurrence of the event constituting Good Reason and the Company shall have failed to remedy such act or omission within thirty (30) days following its receipt of such notice. If the Executive does not
provide such written notice of grounds for termination for Good Reason within ninety (90) days after the initial occurrence of the event constituting Good Reason, the Executive will be deemed to have waived the right to terminate for Good
Reason with respect to such grounds. 
 “Incentive Plan” means the Company’s 2013 Long Term Incentive Plan,
as amended from time to time. 
 “Initial Term” shall have the meaning set forth in Section 3
hereof. 
 “Partnership” shall have the meaning set forth in Section 16 hereof. 

“Person” shall mean a “person” as defined in Section 3(a)(9) of the Exchange Act, as modified and used in
Sections 13(d) and 14(d) thereof, except that such term shall not include (a) the Company (or any Subsidiary thereof), (b) a trustee or other fiduciary holding securities under an employee benefit plan of the Company, (c) an
underwriter temporarily holding securities pursuant to an offering of such securities, or (d) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of
the Company. 
 “Renewal Term” shall have the meaning set forth in Section 3 hereof. 

“Restrictive Covenant” shall have the meaning set forth in Section 10.1 hereof. 

“Separation Conditions” shall have the meaning set forth in Section 7.6 hereof. 

“Severance Delay Period” shall have the meaning set forth in Section 7.4 hereof. 

“Stock” shall have the meaning set forth in Section 16 hereof. 

“Subsidiary” means a corporation, partnership or other entity of which a majority of the voting interests of such
corporation, partnership or other entity are at the time owned directly or indirectly through one or more intermediaries or Subsidiaries, or both, by the Company. 
 “Term” shall have the meaning set forth in Section 3 hereof. 
 “Third Party Information” shall have the meaning set forth in Section 10.2(c) hereof. 
 “Units” shall have the meaning set forth in Section 16 hereof. 
 “Works” shall have the meaning set forth in Section 10.2(b) hereof. 

  
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 2. Employment. The Company hereby agrees to employ the Executive and the Executive
hereby accepts employment with the Company, upon the terms and subject to the conditions set forth herein. The Executive shall serve as Chief Executive Officer and Chairman of the Company and such other office or offices to which the Executive may
be appointed or elected by the Board. Subject to the direction and supervision of the Board, the Executive shall perform such duties as are customarily associated with the offices of Chief Executive Officer and Chairman and such other offices to
which the Executive may be appointed or elected by the Board and such additional duties as the Board may determine. The Executive will report directly to the Board. During the Term (as defined below), the Executive shall (i) devote
substantially all of his business time and attention to the performance of the Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with
the performance of such duties either directly or indirectly without the prior written consent of the Board; (ii) devote the Executive’s best efforts, skill and energies to promote and advance the business and interests of the Company; and
(iii) fully perform the Executive’s obligations under this Agreement. 
 3. Term. Subject
to the provisions of termination as hereinafter provided, the initial term of the Executive’s employment under this Agreement shall begin on the date hereof and shall terminate on the third (3rd) anniversary of the date hereof (the “Initial
Term”). Unless the Company notifies the Executive that his employment under this Agreement will not be extended or the Executive notifies the Company that he is not willing to extend his employment, the term of his employment under this
Agreement shall automatically be extended for additional one (1) year periods on the same terms and conditions as set forth herein (individually and collectively, the “Renewal Term”). The Initial Term and the Renewal Term are
sometimes referred to collectively herein as the “Term.” 
 4. Notice of Non-Renewal. If the Company or
the Executive elects not to extend the Term of this Agreement, the electing party shall do so by notifying the other party in writing not less than sixty (60) days prior to the expiration of the Initial Term or the applicable Renewal Term.

 5. Compensation. 
 5.1 Base Salary. Until termination of the Executive’s employment with the Company pursuant to this Agreement, the Company shall pay the Executive a base salary (the “Base
Salary”) of Four Hundred Thousand and 00/100 Dollars ($400,000.00) per annum, which shall be payable to the Executive in regular installments in accordance with the Company’s general payroll policies and practices. The Executive’s
compensation will be reviewed periodically by the Board, or a committee or subcommittee thereof to which compensation matters have been delegated, and after taking into consideration both the performance of the Company and the personal performance
of the Executive, the Board, or any such committee or subcommittee, in its sole discretion, may increase the Executive’s compensation to any amount it may deem appropriate. 

5.2 Bonus. In the event either the Company or the Executive, or both, respectively achieve certain financial performance and
personal performance targets of the Company (as established by the Board, or a committee or subcommittee thereof to which compensation matters have been delegated) pursuant to a cash compensation incentive plan or similar plan or arrangement
established by the Company, the Company shall pay to the Executive an annual cash bonus during the Term of this Agreement (the “Bonus”). The Bonus, if any, shall be paid to the Executive

  
 5 

 
between January 1 and March 15 of the year following the year in which the services which gave rise to the Bonus were performed. The Board (or applicable committee or subcommittee) may
review and revise the terms of the cash compensation incentive plan or similar plan referenced above at any time, after taking into consideration both the performance of the Company and the personal performance of the Executive, among other factors,
and may, in its sole discretion, amend the cash compensation incentive or similar plan or arrangement in any manner it may deem appropriate; provided, however, that any such amendment to the plan or arrangement shall not affect the
Executive’s right to participate in such amended plan or plans. 
 5.3 Benefits. The Executive shall be entitled to
four (4) weeks of paid vacation annually. In addition, the Executive shall be entitled to participate in all compensation or employee benefit plans or programs and receive all benefits and perquisites for which any salaried employees are
eligible under any existing or future plan or program established by the Company for salaried employees. The Executive will participate to the extent permissible under the terms and provisions of such plans or programs in accordance with program
provisions. These may include group hospitalization, health, dental care, life or other insurance, tax qualified pension, savings, thrift and profit sharing plans, termination pay programs, sick leave plans, travel or accident insurance, disability
insurance, and equity-based incentive plans. Nothing in this Agreement shall preclude the Company from amending or terminating any of the plans or programs applicable to salaried or senior executives as long as such amendment or termination is
applicable to all similarly situated salaried employees or senior executives. The Executive shall not be eligible to participate in any other termination pay or severance program established by the Company. 

5.4 Expenses Incurred in Performance of Duties. The Company shall pay or promptly reimburse the Executive for all reasonable
travel and other business expenses incurred by the Executive in the performance of the Executive’s duties under this Agreement in accordance with the Company’s policies in effect from time to time with respect to business expenses.
Notwithstanding any other provision of this Section 5.4, the Executive shall be reimbursed for such expenses no later than December 31 of the year following the year in which such expenses were incurred. 

5.5 Withholdings. All compensation payable hereunder shall be subject to withholding for federal income taxes, FICA and all other
applicable federal, state and local withholding requirements. 
 6. Termination of Agreement. This Agreement may be
terminated by any of the following events: 
  

	 	6.1	Mutual written agreement between the Executive and the Company at any time; 

 

	 	6.2	The Executive’s death; 

  

	 	6.3	The Executive’s Disability which renders the Executive unable to perform the essential functions of the Executive’s job even with reasonable accommodation;

  

	 	6.4	By the Company with or without Cause; and 

  

	 	6.5	By the Executive with or without Good Reason. 

 7. Company’s Post-Termination Obligations. 

  
 6 

 7.1 Termination by Mutual Written Agreement. If this Agreement terminates by mutual
agreement between the Executive and the Company, then the Company will pay the Executive (i) all accrued, but unpaid wages, based on the Executive’s then current Base Salary, through the termination date; (ii) all earned and accrued,
but unpaid Bonuses prorated to the date of termination; and (iii) all approved, but unreimbursed, business expenses, provided that a request for reimbursement of business expenses is submitted in accordance with the Company’s policies and
submitted within five (5) business days of the Executive’s termination date. Payment of such amounts shall be made by the Company within thirty (30) days of the Executive’s termination date, with the payment date determined by
the Company in its sole discretion. The Company shall have no other obligations to the Executive under this Agreement; however, the Executive shall continue to be bound by Section 10 and all other post-termination obligations to which
the Executive is subject, including, but not limited to, the obligations contained in this Agreement that survive the expiration or earlier termination of this Agreement, as provided herein. 

7.2 Termination for Cause or Without Good Reason. If this Agreement is terminated by the Company for Cause or by the Executive
without Good Reason, then the Company will pay the Executive (i) all accrued, but unpaid wages, based on the Executive’s then current Base Salary, through the termination date; (ii) all earned and accrued, but unpaid Bonuses prorated
to the date of termination; and (iii) all approved, but unreimbursed, business expenses, provided that a request for reimbursement of business expenses is submitted in accordance with the Company’s policies and submitted within five
(5) business days of the Executive’s termination date. Payment of such amounts shall be made by the Company within thirty (30) days of the Executive’s termination date, with the payment date determined by the Company in its sole
discretion. The Company shall have no other obligations to the Executive under this Agreement; however, the Executive shall continue to be bound by Section 10 and all other post-termination obligations to which the Executive is subject,
including, but not limited to, the obligations contained in this Agreement that survive the expiration or earlier termination of this Agreement, as provided herein. 
 7.3 Termination for Death or Disability. If this Agreement is terminated due to the Executive’s death or Disability, then the Company will pay the Executive (or the Executive’s estate
and/or beneficiaries, as the case may be) (i) all accrued, but unpaid wages, based on the Executive’s then current Base Salary, through the termination date; (ii) all earned and accrued, but unpaid Bonuses prorated to the date of the
Executive’s death or Disability; (iii) all approved, but unreimbursed, business expenses, provided that a request for reimbursement of business expenses is submitted in accordance with the Company’s policies and submitted by the
Executive (or the Executive’s estate and/or beneficiaries, as the case may be) within sixty (60) business days of the Executive’s termination date; and (iv) if the Executive is participating in the Company’s group medical,
vision and dental plan immediately prior to the date of termination, a lump sum payment equal to eighteen (18) times (or such lesser period that the Executive and/or the Executive’s eligible dependents are entitled to under COBRA) the
amount of monthly employer contribution that the Company made to an issuer (or as otherwise determined on an actuarial basis based upon the applicable monthly premium for continuation coverage under COBRA) to provide medical, vision and dental
insurance to the Executive and his dependents in the month immediately preceding the date of termination; provided, however, that the Executive or the Executive’s eligible dependents shall be solely responsible for any requirements which must
be satisfied or actions that must be taken in order to obtain such COBRA continuation coverage. Payment of the amounts listed in this Section 7.3 shall be made by the Company to the Executive (or the Executive’s estate and/or
beneficiaries, as the case may be) within sixty (60) days of the Executive’s termination date, with 

  
 7 

 
the payment date determined by the Company in its sole discretion. The Company shall have no other obligations to the Executive under this Agreement; however, the Executive shall continue to be
bound by Section 10 and all other post-termination obligations to which the Executive is subject, including, but not limited to, the obligations contained in this Agreement that survive the expiration or earlier termination of this
Agreement, as provided herein. 
 7.4 Termination without Cause or for Good Reason. If this
Agreement is terminated by the Company without Cause or by the Executive for Good Reason, then the Company will pay the Executive (i) all accrued, but unpaid, wages through the termination date, based on the Executive’s then current Base
Salary; (ii) all accrued, but unpaid, vacation through the termination date, based on the Executive’s then current Base Salary; (iii) all approved, but unreimbursed, business expenses, provided that a request for reimbursement of
business expenses is submitted in accordance with the Company’s policies and submitted within five (5) business days of the Executive’s termination date; (iv) all earned and accrued, but unpaid Bonuses; and (v) if the
Executive is participating in the Company’s group medical, vision and dental plan immediately prior to the date of termination, a lump sum payment equal to eighteen (18) times (or such lesser period that the Executive and/or the
Executive’s eligible dependents are entitled to under COBRA) the amount of monthly employer contribution that the Company made to an issuer (or as otherwise determined on an actuarial basis based upon the applicable monthly premium for
continuation coverage under COBRA) to provide medical, vision and dental insurance to the Executive and his dependents in the month immediately preceding the date of termination; provided, however, that the Executive or the Executive’s eligible
dependents shall be solely responsible for any requirements which must be satisfied or actions that must be taken in order to obtain such COBRA continuation coverage. Payment of the amounts listed in this Section 7.4 shall be made by the
Company within thirty (30) days of the Executive’s termination date, with the payment date determined by the Company in its sole discretion. In addition, the Company will pay the Executive a separation payment equal to three times (3x) the
sum of (A) the Executive’s then current Base Salary, and (B) the Executive’s average Bonus for the two (2) annual Bonus periods completed prior to termination. In the event this Agreement is terminated by the Company without
Cause or by Executive for Good Reason before Executive completes two (2) annual Bonus periods, then part (B) will be three times (3x) Executive’s Bonus for the most recently completed Bonus Period, or, if Employee has not been
employed for a complete annual Bonus period, then such amount shall be annualized and the Bonus will be three times (3x) the annualized amount. Payment of the separation payment shall begin on the first regular payroll payment date occurring after
the sixtieth (60th) day following the
Executive’s termination date (the “Severance Delay Period”) and will be paid over a period of thirty-six (36) months from such date in accordance with the Company’s regular payroll practices. Except as set forth in
this Section 7.4, the Company shall have no other obligations to the Executive under this Agreement; however, the Executive shall continue to be bound by Section 10 and all other post-termination obligations to which the
Executive is subject, including, but not limited to, the obligations contained in this Agreement that survive the expiration or earlier termination of this Agreement, as provided herein. 

7.5 Termination upon Non-Renewal by the Company. In the event that the Company elects not to extend the Term of this Agreement
pursuant to Section 4 hereof, then the Company will pay the Executive (i) all accrued, but unpaid, wages through the expiration of the Term, based on the Executive’s then current Base Salary; (ii) all accrued, but unpaid,
vacation through the expiration of the Term, based on the Executive’s then current Base Salary; (iii) all approved, but unreimbursed, business expenses, provided that a request for reimbursement of business expenses is

  
 8 

 
submitted in accordance with the Company’s policies and submitted within five (5) business days of the expiration of the Term; (iv) all earned and accrued, but unpaid Bonuses; and
(v) if the Executive is participating in the Company’s group medical, vision and dental plan immediately prior to the date of termination, a lump sum payment equal to eighteen (18) times (or such lesser period that the Executive
and/or the Executive’s eligible dependents are entitled to under COBRA) the amount of monthly employer contribution that the Company made to an issuer (or as otherwise determined on an actuarial basis based upon the applicable monthly premium
for continuation coverage under COBRA) to provide medical, vision and dental insurance to the Executive and his dependents in the month immediately preceding the date of termination; provided, however, that the Executive or the Executive’s
eligible dependents shall be solely responsible for any requirements which must be satisfied or actions that must be taken in order to obtain such COBRA continuation coverage. Payment of the amounts listed in this Section 7.5 shall be
made by the Company within thirty (30) days of the expiration of the Term, with the payment date determined by the Company in its sole discretion. In addition, the Company will pay the Executive a separation payment equal to one times
(1x) the sum of the Executive’s (A) then current Base Salary, and (B) average Bonus for the two (2) annual Bonus periods completed prior to the expiration of the Term; provided, however, that the amount payable at that time
will be the amount of the separation payment as so determined, reduced dollar-for-dollar by all salary and Bonus payments made to the Executive for services as an employee of the Company after the non-renewal of the Agreement. Payment of the
separation payment shall begin on the first regular payroll payment date occurring after the sixtieth (60th) day following the expiration of the Term and will be paid over a period of thirty-six (36) months from such date in accordance with the Company’s regular payroll practices. Except as set
forth in this Section 7.5, the Company shall have no other obligations to the Executive under this Agreement; however, the Executive shall continue to be bound by Section 10 and all other post-termination obligations to which
the Executive is subject, including, but not limited to, the obligations contained in this Agreement that survive the expiration or earlier termination of this Agreement, as provided herein. Additionally, notwithstanding anything to the contrary in
the Incentive Plan or any award agreement, upon the expiration of the Term as a result of the Company’s non-renewal of the Agreement pursuant to Section 4 hereof, all of Executive’s outstanding unvested equity-based awards
(including, but not limited to, restricted stock and restricted stock units) granted pursuant to the Incentive Plan, shall vest and become immediately exercisable and unrestricted, without any action by the Board or any committee thereof. For the
avoidance of doubt, settlement of any restricted stock units, the vesting of which is accelerated pursuant to this Section 7.5, shall occur upon vesting pursuant to this Section 7.5, subject to any previous legally binding
deferral election or contrary payment date provided for in the applicable award agreement regarding such units. 
 7.6 The
Company’s obligation to provide the separation payments set forth in Section 7.4 and 7.5 above shall be conditioned upon the following (the “Separation Conditions”): 

(i) the Executive’s execution (and the expiration of any applicable revocation period without revocation by the Executive) of a
separation agreement in a form prepared by the Company, which will include a general release from liability so that the Executive will release the Company from any and all liability and claims arising under this Agreement prior to the expiration of
the Severance Delay Period or the sixty (60) days following the expiration of the Term, as applicable; and 

  
 9 

 (ii) the Executive’s compliance with the restrictive covenants (Section 10) and
all post-termination obligations, including, but not limited to, the obligations contained in this Agreement. 
 7.7 If the
Executive does not timely execute (or revokes) an effective separation agreement prior to the expiration of the Severance Delay Period or the sixty (60) days following the expiration of the Term, as set forth in Section 7.4 or
7.5 above, as applicable, the Company will not provide any payments or benefits to the Executive under Section 7.4 or 7.5, as applicable, and such benefits will be forfeited by the Executive. The Company’s obligation
to make the separation payments set forth in Section 7.4 or 7.5, as applicable, shall terminate immediately upon any breach by the Executive of any post-termination or post-expiration obligations to which the Executive is subject.

 8. Change of Control. 
 8.1 Notwithstanding anything to the contrary in the Incentive Plan or any award agreement, upon a Change of Control, all of Executive’s outstanding unvested equity-based awards (including, but not
limited to, restricted stock and restricted stock units) granted pursuant to the Incentive Plan, shall vest and become immediately exercisable and unrestricted, without any action by the Board or any committee thereof. For the avoidance of doubt,
settlement of any restricted stock units, the vesting of which is accelerated pursuant to this Section 8.1, shall occur upon vesting pursuant to this Section 8.1, subject to any previous legally binding deferral election or
contrary payment date provided for in the applicable award agreement regarding such units. 
 8.2 Notwithstanding the provisions
of Section 7, if, within one (1) year following a Change of Control, the Company terminates Executive’s employment without Cause pursuant to Section 6.4, or Executive resigns for Good Reason, then the Company will pay
Executive the following amounts: 
 (i) all accrued but unpaid wages through the termination date, based on
Executive’s then current Base Salary; 
 (ii) a separation payment equal to three times (3x) the sum of
(A) Executive’s then current Base Salary, and (B) Executive’s average Bonus for the two (2) year period prior to the Change of Control, which separation payment shall be paid in a lump sum; 

(iii) a payment for all earned and accrued but unpaid Bonuses; and 

(iv) a payment for all approved, but unreimbursed, business expenses, provided that a request for reimbursement of
business expenses is submitted in accordance with the Company’s policies and submitted within five (5) business days of Executive’s termination date. 
 8.3 The payments and benefits set forth in this Section 8 shall be provided to Executive in lieu of any benefits to which Executive may be entitled to receive under Section 7.4
above and shall be paid or begin on the first regular payroll payment date occurring after the Severance Delay 

  
 10 

 
Period, provided, however, that Executive’s right to receive the separation payments and benefits set forth in this Section 8 shall be subject to the Separation Conditions set
forth in Sections 7.6 and 7.7 above. The separation payments and benefits set forth in this Section 8 shall constitute full satisfaction of the Company’s obligations under this Agreement, any Company policy or
otherwise. 
 9. Compliance with Code Section 409A and Other Applicable Provisions of the Code. 

9.1 It is intended that (i) each payment or installment of payments provided under this Agreement is a separate “payment”
for purposes of Code Section 409A, and (ii) that the payments satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A, including those provided under Treasury Regulations 1.409A-1(b)(4)
(regarding short-term deferrals), 1.409A-1(b)(9)(iii) (regarding the two-times, two (2) year exception) and 1.409A-1(b)(9)(v) (regarding reimbursements and other separation pay). Notwithstanding anything to the contrary herein, if the Company
determines in accordance with its “specified employee” procedures (i) that on the date of the Executive’s “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) or at such other time
that the Company determines to be relevant, the Executive is a “specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Company, and (ii) that any payments to be provided to the Executive pursuant
to this Agreement are or may become subject to the additional tax under Code Section 409A(a)(1)(B) or any other taxes or penalties imposed under Code Section 409A if provided at the time otherwise required under this Agreement, then such
payments shall be delayed until the date that is six (6) months after the date of the Executive’s “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) or, if sooner, the date of the
Executive’s death. Any payments delayed pursuant to this Section 9 shall be made in a lump sum on the first day of the seventh month following the Executive’s “separation from service” (as such term is defined under
Treasury Regulation 1.409A-1(h)) or, if sooner, the date of the Executive’s death. It is intended that Agreement shall comply with the provisions of Code Section 409A and the Treasury Regulations relating thereto so as not to subject the
Executive to the payment of additional taxes and interest under Code Section 409A. In furtherance of this intent, this Agreement shall be interpreted, operated, and administered in a manner consistent with these intentions. 

9.2 In addition, to the extent that any reimbursement, fringe benefit or other, similar plan or arrangement in which the Executive
participates during the term of the Executive’s employment under this Agreement or thereafter provides for a “deferral of compensation” within the meaning of Code Section 409A, such reimbursements or payments shall be made in
accordance with Treasury Regulation 1.409A-3(i)(1)(iv), including: the amount eligible for reimbursement or payment under such plan or arrangement in one calendar year may not affect the amount eligible for reimbursement or payment in any other
calendar year (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (ii) subject to any shorter time periods provided herein or the applicable plans or
arrangements, any reimbursement or payment of an expense under such plan or arrangement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and (iii) the right to any
reimbursement or in-kind benefit is not subject to liquidation or exchange for another benefit. 
 9.3 Notwithstanding anything
herein to the contrary, a termination of the Executive’s employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of

  
 11 

 
employment unless such termination is also a “separation from service” within the meaning of Code Section 409A (and Treasury Regulation 1.409A-1(h)) (which, by definition, includes
a separation from any other entity that would be deemed a single employer together with the Company for this purpose under Code Section 409A (and Treasury Regulation 1.409A-1(h)), and for purposes of any such provision of this Agreement,
references to a “termination,” “termination of employment,” “termination date,” or similar terms shall mean “separation from service.” 
 9.4 For the avoidance of doubt, the Company shall pay any amounts that are due under this Agreement following the Executive’s termination of employment, death, Disability or other event within the
periods of time that are specified in this Agreement in accordance with the Company’s general payroll policies and procedures. 
 9.5 By accepting this Agreement, the Executive hereby agrees and acknowledges that the Company does not make any representations with respect to the application of Code Section 409A to any tax,
economic or legal consequences of any payments payable to the Executive hereunder. Further, by the acceptance of this Agreement, the Executive acknowledges that (i) the Executive has obtained independent tax advice regarding the application of
Code Section 409A to the payments due to the Executive hereunder, (ii) the Executive retains full responsibility for the potential application of Code Section 409A to the tax and legal consequences of payments payable to the Executive
hereunder and (iii) the Company shall not indemnify or otherwise compensate the Executive for any violation of Code Section 409A that my occur in connection with this Agreement. The parties agree to cooperate in good faith to amend such
documents and to take such actions as may be necessary or appropriate to comply with Code Section 409A. 
 9.6
Notwithstanding any other provision to the contrary, in no event shall any payment under this Agreement that constitutes “deferred compensation” for purposes of Code Section 409A and the Treasury Regulations promulgated thereunder be
subject to offset by any other amount unless otherwise permitted by Code Section 409A. 
 10. Non-Competition,
Non-Solicitation, Confidentiality and Non-Disclosure. 
 10.1 Non-Competition and Non-Solicitation. The Executive
hereby covenants and agrees that during the Executive’s employment and for a period of two (2) years following the termination of the Executive’s employment by either the Company or the Executive for any reason, the Executive shall
not (i) perform services which are substantially similar and/or equivalent to the services being performed by the Executive during his employment with the Company, individually or on behalf of any person, firm, partnership, association,
business organization, corporation or entity (each, a “Competing Entity”) which competes with the Company, either directly or indirectly, in the multi-family residential real estate sector; (ii) directly or indirectly solicit
any customer or client of the Company (other than on behalf of the Company) with respect to the business described in subsection (i) hereof; or (iii) directly or indirectly induce or encourage any employee of the Company or affiliated
entities to leave the employ of the Company or affiliated entities. The 

  
 12 

 
foregoing covenants and agreements of the Executive are referred to herein as the “Restrictive Covenant.” The Executive acknowledges that he has carefully read and considered the
provisions of the Restrictive Covenant and, having done so, agrees that the restrictions set forth in this Section 10.1, including without limitation the time period of restriction set forth above, are fair and reasonable and are
reasonably required for the protection of the legitimate business and economic interests of the Company. The Executive further acknowledges that the Company would not have entered into this Agreement absent the Executive’s agreement to the
foregoing. 
 In the event that, notwithstanding the foregoing, any of the provisions of this Section 10.1 or any
parts hereof shall be held to be invalid or unenforceable, the remaining provisions or parts hereof shall nevertheless continue to be valid and enforceable as though the invalid or unenforceable portions or parts had not been included herein. In the
event that any provision of this Section 10.1 relating to the time period, the area of restriction, the scope of activity and/or related aspects shall be declared by a court of competent jurisdiction to exceed the maximum restrictiveness
such court deems reasonable and enforceable, such provision(s) shall be reformed by such court by limit or reducing it to the minimum extent necessary so as to remain enforceable to the fullest extent deemed reasonable by such court. 

10.2 Confidential Information. 
 (a) Obligation to Maintain Confidentiality. The Executive acknowledges that the continued success of the Company depends upon the use and protection of a large body of confidential and proprietary
information, including confidential and proprietary information now existing or to be developed in the future. “Confidential Information” will be defined as all information of any sort (whether merely remembered or embodied in a
tangible or intangible form) that is (i) related to the Company’s prior, current or potential business and (ii) not generally or publicly known. Therefore, the Executive agrees not to disclose or use for the Executive’s own
account any of such Confidential Information, except as reasonably necessary for the performance of the Executive’s duties as an employee or director of the Company, without prior written consent of the Board, unless and to the extent that any
Confidential Information (i) becomes generally known to and available for use by the public other than as a result of the Executive’s improper acts or omissions to act or (ii) is required to be disclosed pursuant to any applicable
law, regulatory action or court order; provided, however, that the Executive must give the Company prompt written notice of any such legal requirement, disclose no more information than is so required, and cooperate fully with all efforts by the
Company (at the Company’s sole expense) to obtain a protective order or similar confidentiality treatment for such information. Upon the termination of the Executive’s employment with the Company, the Executive agrees to deliver to the
Company, upon request, all memoranda, notes, plans, records, reports and other documents (including copies thereof and electronic media) relating to the business of the Company (including, without limitation, all Confidential Information) that the
Executive may then possess or have under the Executive’s control, other than such documents as are generally or publicly known (provided, that such documents are not known as a result of the Executive’s breach or actions in violation of
this Agreement); and at any time thereafter, if any such materials are brought to the Executive’s attention or the Executive discovers them in the Executive’s possession, the Executive shall deliver such materials to the Company
immediately upon such notice or discovery. The provisions of this Section 10.2(a) shall specifically survive the expiration or earlier termination of this Agreement and the termination of the Executive’s employment with the Company.

  
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 (b) Ownership of Intellectual Property. If the Executive creates, invents, designs,
develops, contributes to or improves any works of authorship, inventions, materials, documents or other work product or other intellectual property, either alone or in conjunction with third parties, at any time during the time that the Executive is
employed by the Company (“Works”), to the extent that such Works were created, invented, designed, developed, contributed to, or improved with the use of any Company resources and/or within the scope of such employment
(collectively, the “Company Works”), the Executive shall promptly and fully disclose such Company Works to the Company. Any copyrightable work falling within the definition of Company Works shall be deemed a “work made for
hire” as such term is defined in 17 U.S.C. § 101. The Executive hereby (i) irrevocably assigns, transfers and conveys, to the extent permitted by applicable law, all right, title and interest in and to the Company Works on a worldwide
basis (including, without limitation, rights under patent, copyright, trademark, trade secret, unfair competition and related laws) to the Company or such other entity as the Company shall designate, to the extent ownership of any such rights does
not automatically vest in the Company under applicable law, and (ii) waives any moral rights therein to the fullest extent permitted under applicable law. The Executive agrees not to use any Company Works for the Executive’s personal
benefit, the benefit of a competitor, or for the benefit of any person or entity other than the Company. The Executive agrees to execute any further documents and take any further reasonable actions requested by the Company to assist it in
validating, effectuating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of its rights hereunder, all at the Company’s sole expense. 

(c) Third Party Information. The Executive understands that the Company will receive from third parties confidential or
proprietary information (“Third Party Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the time that the Executive
is employed by the Company or serves on the Company’s Board and at all times thereafter, the Executive will hold information which the Executive knows, or reasonably should know, to be Third Party Information in the strictest confidence and
will not disclose to anyone (other than personnel of the Company who need to know such information in connection with their work for the Company) or use, except in connection with the Executive’s work for the Company, Third Party Information
unless expressly authorized in writing by the Board or the information (i) becomes generally known to and available for use by the public other than as a result of the Executive’s improper acts or omissions or (ii) is required to be
disclosed pursuant to any applicable law, regulatory action or court order. 
 (d) Use of Information of Prior Employers.
During the Term, the Executive shall not use or disclose any Confidential Information including trade secrets, if any, of any former employers or any other person to whom the Executive has an obligation of confidentiality, and shall not bring onto
the premises of the Company any unpublished documents or any property belonging to any former employer or any other person to whom the Executive has an obligation of confidentiality unless consented to in writing by the former employer or person.
The Executive shall use in the performance of the Executive’s duties only information that is (i) generally known and used by persons with training and experience comparable to the Executive’s and that is (x) common knowledge in
the industry or (y) is otherwise legally in the public domain, (ii) otherwise provided or developed by the Company or (iii) in the case of materials, property or information belonging to any former employer or other person to whom the
Executive has an obligation of confidentiality, approved for such use in writing by such former employer or person. 

  
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 (e) Disparaging Statements. During the time that the Executive is employed by the
Company or serves on the Company’s Board and at all times thereafter, the Executive shall not disparage the Company or any of its officers, directors, employees, agents or representatives, or any of such entities’ products or services;
provided, that the foregoing shall not prohibit the Executive from making any general competitive statements or communications about the Company or their businesses in the ordinary course of competition. During the time that the Executive is
employed by the Company or serves on the Company’s Board and at all times thereafter, the Company agrees that (i) it shall not issue any public statements disparaging the Executive and (ii) it shall take reasonable steps to ensure
that the senior executive officers of the Company shall not disparage the Executive. Notwithstanding the foregoing, nothing in this Section 10.2(e) shall prevent the Executive or the Company from enforcing any rights under this Agreement
or any other agreement to which the Executive and the Company are party, or otherwise limit such enforcement. 
 10.3
Enforcement. The parties hereto agree that money damages would not be an adequate remedy for any breach of Section 10.1 or 10.2 by the Executive or any breach of Section 10.2(e) by the Company, and any breach of
the terms of Section 10.1 or 10.2 by the Executive or Section 10.2(e) by the Company would result in irreparable injury and damage to the other party for which such party would have no adequate remedy at law.
Therefore, in the event of a breach or threatened breach of Section 10.1 or 10.2 by the Executive or of Section 10.2(e) by the Company, the Company or its successors or assigns or the Executive, as applicable, in
addition to other rights and remedies existing in their or the Executive’s favor, shall be entitled to specific performance and/or immediate injunctive or other equitable relief from a court of competent jurisdiction in order to enforce, or
prevent any violations of, the provisions of Section 10.1 or 10.2 (in the case of a breach by the Executive) or Section 10.2(e) (in the case of a breach by the Company), without having to prove damages, and to the
payment by the breaching party of all of the other party’s costs and expenses, including reasonable attorneys’ fees and costs, in addition to any other remedies to which the other party may be entitled at law or in equity. The terms of
this Section shall not prevent either party from pursuing any other available remedies for any breach or threatened breach hereof, including but not limited to the recovery of damages from the other party. 

11. Indemnification. The Company shall indemnify the Executive to the fullest extent that would be permitted by law (including a
payment of expenses in advance of final disposition of a proceeding) as in effect at the time of the subject act or omission, or by the charter of the Company as in effect at such time, or by the terms of any indemnification agreement between the
Company and the Executive, whichever affords greatest protection to the Executive, and the Executive shall be entitled to the protection of any insurance policies the Company may elect to maintain generally for the benefit of its officers or, during
the Executive’s service in such capacity, directors (and to the extent the Company maintains such an insurance policy or policies, in accordance with its or their terms to the maximum extent of the coverage available for any company officer or
director), against all costs, charges and expenses whatsoever incurred or sustained by the Executive (including but not limited to any judgment entered by a court of law) at the time such costs, charges and expenses are incurred or sustained, in
connection with any action, suit or proceeding to which the Executive may be made a party by reason of his being or having been an officer or employee of the Company, or serving as an officer or employee of an Affiliate of the Company, at the
request of the Company, other than any action, suit or proceeding brought against the Executive by or on account of his breach of the provisions of any employment agreement with a third party that has not been disclosed by the Executive to the
Company. The provisions of this Section 11 shall specifically survive the expiration or earlier termination of this Agreement. 

  
 15 

 12. Clawback. Notwithstanding anything contained herein to the contrary, any amounts
paid or payable to the Executive pursuant to this Agreement or otherwise by the Company, including, but not limited to, any equity compensation granted to the Executive, may be subject to forfeiture or repayment to the Company in accordance with
Code Section 409A and pursuant to any clawback policy as adopted by the Board from time to time, and the Executive hereby agrees to be bound by any such policy. 
 13. Notices. Any notice required or desired to be given under this Agreement shall be in writing and shall be delivered personally, transmitted by facsimile or mailed by registered mail, return
receipt requested, or delivered by overnight courier service and shall be deemed to have been given on the date of its delivery, if delivered, and on the third (3rd) full business day following the date of the mailing, if mailed, to each of the
parties thereto at the following respective addresses or such other address as may be specified in any notice delivered or mailed as above provided: 
  

	 	(i)	If to the Executive, to: 

  

	 	    	Michael Baumann 

	 	    	19950 West Country Club Drive, Suite 800 

	 	    	Aventura, Florida 33180 

	 	    	Facsimile: (786) 248-3679 

  

	 	(ii)	If to the Company, to: 

  

	 	    	Trade Street Residential, Inc. 

	 	    	19950 West Country Club Drive, Suite 800 

	 	    	Aventura, Florida 33180 

	 	    	Attention: Chief Financial Officer 

	 	    	Facsimile: (786) 248-3679 

14. Waiver of Breach. The waiver by either party of any provision of this Agreement shall not operate or be construed as a waiver
of any subsequent breach by the other party. No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties hereto or from any failure by either party hereto to assert any rights hereunder on any
occasion or series of occasions. 
 15. Assignment. The rights and obligations of the Company under this Agreement shall
inure to the benefit of and shall be binding upon the successors and assigns of the Company. The Executive acknowledges that the services to be rendered by him are unique and personal, and the Executive may not assign any of his rights or delegate
any of his duties or obligations under this Agreement. 
 16. Acknowledgement as to Ownership of Equity Interests by
Executive. Notwithstanding anything to the contrary set forth in this Agreement, the Company acknowledges that Executive owns operating partnership units (“Units”) in the Company’s affiliated operating partnership (the
“Partnership”) and may, by conversion of such Units or otherwise, acquire capital stock of the Company (“Stock”), and nothing herein is intended to in any way modify or impair any rights Executive may have under the
terms of the limited partnership agreement governing the Partnership or under applicable law with respect to such Units or Stock. 

  
 16 

 17. Entire Agreement; Amendment. This Agreement contains the entire agreement of the
parties relating to the subject matter herein and supersedes in full and in all respects any prior oral or written agreement, arrangement or understanding between the parties with respect to Executive’s employment with the Company. For the
avoidance of doubt, the covenants contained herein are separate and apart from any additional covenants not to compete or solicit set forth in any non-competition and non-solicitation agreement between the Executive and the Company. This Agreement
may not be amended or changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought. The parties expressly acknowledge that the Company’s
compensation committee intends to retain a compensation consultant to review the compensation package including, but not limited to, salary, severance, short and long term incentives payable to the Company’s Chief Executive Officer and certain
other key officers, and the parties hereby agree to negotiate modifications to this Agreement, in good faith, to address any recommendations made by any such compensation consultant. 

18. Controlling Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by, and construed in accordance with, the laws of the State of Florida, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Florida or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the State of Florida. 
 19. Jurisdiction and
Venue. This Agreement will be deemed performable by all parties in, and venue will exclusively be in the state or federal courts located in the State of Florida. The Executive and the Company hereby consent to the personal jurisdiction of these
courts and waive any objections that such venue is objectionable or improper. 
 20. Waiver of Jury Trial. AS A
SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING
RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. The losing party in any lawsuit or proceeding relating to or arising in any way from this Agreement or the matters contemplated hereby shall pay the reasonable
attorneys’ fees and costs of the prevailing party in such lawsuit or proceeding. 
 21. Severability. If any
provision of this Agreement or the application of any such provision to any party or circumstances will be determined by any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement or the
application of such provision to such person or circumstances other than those to which it is so determined to be invalid and unenforceable, will not be affected thereby, and each provision hereof will be validated and will be enforced to the
fullest extent permitted by law. 
 22. Headings. The sections, subjects and headings in this Agreement are inserted for
convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 
 [Signature Page to Follow]

  
 17 

 [Signature Page to Employment Agreement] 

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

 

			
	 EXECUTIVE:
  

	 Michael Baumann
  

	   COMPANY:
  

  Trade Street Residential Inc.

		
	By:	 	 

 
			
	Name:	 	 
	Title:

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