Document:

EMPLOYMENT
AGREEMENT

THIS AGREEMENT,
made as of October 23, 2019 (“Effective Date”), is by and between CUSTOMERS BANCORP, INC., a Pennsylvania corporation,
with its main office located at 1015 Penn Avenue, Wyomissing, PA 19610 (“Company”) and Carla Leibold (“Executive”).

Background

A.               
Company wishes to secure the continued services of Executive as the Company’s Chief Financial Officer on the terms
and conditions set forth herein.

B.                
Subject to the terms and conditions hereinafter, Executive is willing to enter into this Employment Agreement (this “Agreement”)
upon the terms and conditions set forth.

C.                
The Company’s Board of Directors has approved this Agreement.

NOW, THEREFORE,
in consideration of the mutual promises and agreements set forth herein, the parties agree as follows:

1.                 
Employment. Company agrees to employ Executive as its Chief Financial Officer during the “Term”
defined in Section 2 of this Agreement. Executive shall report to and be subject to the direction of the Chief Executive Officer
and Board of Directors of the Company. Executive shall have the powers and authority ordinarily given to the position described
above as provided under the Bylaws of the Company. Executive will have such duties as normally apply to such position. Executive
shall devote all of her working time, abilities and attention to the business of the Company, and will fulfill all of the duties
required of her as Chief Financial Officer. The services of Executive shall be rendered principally in Wyomissing, PA, but Executive
shall undertake such traveling on behalf of Company as may be reasonably required.

2.                 
Term of Employment. Subject to the terms and conditions of this Agreement, the initial term of employment
hereunder shall be for the two (2)-year period commencing on the Effective Date and ending on the day preceding the two (2)-year
anniversary of the Effective Date. As of each one (1)-year anniversary of the Effective Date, the term of employment hereunder
shall be extended for another one (1) year, automatically, unless either party delivers notice to the contrary to the other party
at least sixty (60) days prior to such one (1)-year anniversary, in which case the term of employment hereunder shall expire as
of the date to which it was last extended pursuant to this sentence. Such notice shall be delivered in a manner consistent with
the requirements of Section 12. References in this Agreement to the “Term” shall refer both to such initial term and
any successive terms.

3.                 
Compensation. In consideration of the services to be rendered by Executive, Company shall pay to Executive
during the initial Term:

(a)               
A base salary of not less than four hundred thousand dollars ($400,000) per annum for each year of the Term, payable in
equal installments over such payroll cycles as the Company pays its executive officers generally, with any salary for initial or
final partial months or other payroll periods being prorated based on the number of calendar days in question. It is understood
that the Board of Directors of the Company shall review Executive’s

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performance and make a determination
regarding increases in her salary at least once in every calendar year during the Term.

(b)              
Incentive Compensation in an amount, in such form, and at such time as is provided in such executive incentive plan for
Executive, either alone or for Executive and other officers and management employees of the Company, as shall be approved by the
Board of Directors of the Company and in effect from time to time. Such incentive compensation may take the form of cash payments
(“Cash Bonus”), transfers of stock, stock appreciation awards, restricted stock units or stock options (collectively,
“Equity Awards”). Equity Awards shall be subject to such restrictions, vesting and other conditions and limitations
as set forth in such executive incentive plan.

4.                 
Reimbursement of Expenses.

4.1             
Reimbursement of Expenses. During the Term, Company shall reimburse Executive for reasonable expenses incurred by
her in the performance of her duties, as well as those incurred in furtherance of or in connection with the business of Company,
including but not limited to traveling, entertainment, dining and other expenses.

5.                 
Termination of Employment.

5.1             
Termination by Company; “Cause.” Company shall have the right to terminate Executive’s employment
hereunder at any time, with or without “Cause” (as defined below). In the event of any termination by Company, Company
shall give Executive forty-five (45) days prior notice of any termination without Cause, but shall not be obligated to give Executive
prior notice of a termination with Cause. Company shall nevertheless be obligated to pay Executive such compensation and severance,
if any, as may be provided for in this Agreement under the applicable circumstances. Company will give Executive notice of termination
of her employment pursuant to a “Notice of Termination” (as defined below).

5.2             
No Right to Compensation or Benefits Except as Stated. If the Company terminates Executive’s employment for
Cause, Executive shall have no right to severance compensation of any kind, or any right to salary or other benefits for any period
after such date of termination. If Executive is terminated by Company other than for Cause, Executive’s rights to compensation
and benefits under this Agreement shall be as set forth in Section 5.5.

5.3             
Termination by Executive. Executive shall have the right to terminate her employment, whether or not for “Good
Reason” (as hereinafter defined), but, in all events, Executive shall give Company notice pursuant to a written “Notice
of Termination” (as defined below). If the termination by Executive is other than for Good Reason: (i) Executive must give
Company a Notice of Termination not less than forty five (45) days prior to the date her termination of employment will be effective,
and (ii) Executive shall have no right to severance compensation of any kind, or any right to salary or other benefits for any
period after such date of termination. If termination is by Executive for Good Reason, Executive’s rights to compensation
and benefits under this Agreement shall be as set forth in Section 5.5.

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5.4             
Certain Definitions.

(a)               
In connection with a termination of Executive’s employment by the Company, “Cause” shall mean any one
or more of the following reasons: (l) the willful material failure by the Executive to perform the duties required of her hereunder
(other than any such failure resulting from incapacity due to physical or mental illness of the Executive or material changes in
the direction and policies of the Board of Directors of Company), if such failure continues for fifteen (15) days after a written
demand for substantial performance is delivered to the Executive by the Company which specifically identifies the manner in which
it is believed that the Executive has failed to attempt to perform her duties hereunder; (2) the willful engaging by the Executive
in willful misconduct materially injurious to the Company; (3) receipt by the Company of a notice (which shall not have been appealed
by Executive or shall have become final and non-appealable) of any governmental body or entity having jurisdiction over the Company
requiring termination or removal of the Executive from her then present position, or receipt of a written directive or order of
any governmental body or entity having jurisdiction over the Company (which shall not have been appealed by Executive or shall
have become final and non-appealable) requiring termination or removal of the Executive from her then present position; (4) personal
dishonesty, incompetence, willful misconduct, willful breach of fiduciary duty involving personal profit or conviction of a felony;
or (5) material breach of any provision set forth in Sections 6, 7, 8 or 9, to the extent applicable. For purposes of this section,
no act, or failure to act, on the Executive’s part shall be considered ‘‘willful’’ unless done or
omitted to be done by Executive in bad faith and without reasonable belief that her action or omission was in the best interest
of Company. Any act or omission to act by the Executive in reliance upon a written opinion of counsel to Company shall not be deemed
to be willful.

(b)              
Good Reason. For purposes of this Agreement, “Good Reason” shall mean (1) a material breach by Company
of the provisions of this Agreement, which failure has not been cured within 30 days after a written notice of such noncompliance
has been given by Executive to Company; (2) any purported termination of Executive’s employment which is not effected in
compliance with the requirements of this Agreement; (3) any reduction in title or a material adverse change in Executive’s
responsibilities or authority which are inconsistent with, or the assignment to Executive of duties inconsistent with, Executive’s
status as Chief Financial Officer of Company; or (4) any reduction in Executive’s annual base salary as in effect on the
date hereof or as the same may be increased from time to time.

(c)               
Notice of Termination. Any termination of Executive’s employment by Company or by Executive shall be communicated
by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination”
shall mean a dated notice which shall (1) indicate the specific termination provision in this Agreement relied upon; (2) set forth
in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under
the provision so indicated; and (3) be given in a manner consistent with the requirements of Section 12.

5.5             
Compensation Upon Certain Types of Termination. If Executive shall terminate her employment for Good Reason during
the Term, or if Executive’s Employment is terminated by the Company other than for Cause during the Term, or if Executive’s
Employment is terminated for any reason other than Cause upon expiration of the Term, then in lieu of any

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salary or damages payments to Executive
for periods subsequent to the date of termination, Company shall pay as “Severance Compensation” to Executive, in lieu
of all other damages, compensation and benefits other than any benefits the right to which shall have previously vested, an amount
(the “Severance Compensation”) equal to the following, depending upon whether a “Change in Control” (as
defined below) shall have occurred at the time of termination of employment:

(a)               
If a Change in Control shall not have occurred within twelve (12) months prior to the date of termination of Executive’s
employment with the Company, the Company shall pay Executive the following Severance Compensation, payable at the respective times
and on the respective conditions set forth in this subsection for each type of Severance Compensation:

(i)                
Cash Severance Compensation. Notwithstanding anything to the contrary elsewhere in this Agreement, Executive shall
be entitled to receive a dollar amount equal to the sum of Executive’s then current base salary plus the average of the annual
performance bonus (consisting of both cash and other incentive compensation, but excluding the Company match of any deferred compensation)
provided to her with respect to the three (3) fiscal years of the Company immediately preceding the fiscal year of termination,
for the greater of two (2) years or the period of time remaining in the Term. This element of Severance Compensation shall be payable
in equal installments on the normal pay dates following Executive’s separation from service with the Company within the meaning
of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations promulgated
thereunder (such Section and regulations are sometimes referred to in this Agreement as “Section 409A”). If, as of
the date of the Executive’s separation from service, stock of the Company or a holding company or other parent entity with
respect to the Company is publicly traded on an established securities market or otherwise, and if necessary to comply with Section
409A, payments otherwise due during the six (6)-month period following her separation from service shall be suspended and paid
in a lump sum upon completion of such six (6)-month period, at which time the balance of the payments shall commence in installments
as described in the preceding sentence. Payments shall be subject to deduction for such tax withholdings as Company may be obligated
to make;

(ii)              
Equity Awards. All Equity Awards shall be vested in full;

(iii)            
Cash Bonus. Executive shall be entitled to a fraction of any Cash Bonus for the fiscal year of the Company within
which Executive’s termination of employment occurs which, based upon the criteria established for such Cash Bonus, would
have been payable to Executive had she remained employed through the date of payment, the numerator of which is the number of days
of such fiscal year prior to her termination of employment and the denominator of which is three hundred and sixty-five (365);
and

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(iv)            
Insurance. Company shall continue to provide health insurance (including dental if applicable) and any life insurance
benefits for the shorter of (i) the length of the severance measurement period set forth in Section 5.5(a)(i) above, or (ii) the
maximum period the Company is then permitted to extend each individual benefit under the applicable plan or policy or applicable
law.

(b)              
If a Change in Control shall have occurred within twelve (12) months prior to the date of termination of Executive’s
employment with the Company, the Company shall pay Executive Severance Compensation equal to three hundred percent (300%) of the
sum of Executive’s then current base salary plus the average of the annual performance bonus (consisting of both cash and
other incentive compensation, but excluding the Company match of any deferred compensation) provided to her with respect to the
three (3) fiscal years of the Company immediately preceding the fiscal year of termination. The Severance Compensation shall be
payable in a single lump sum within thirty (30) days following Executive’s separation from service within the meaning of
Section 409A. If, as of the date of the Executive’s separation from service, stock of the Company or a holding company or
other parent entity with respect to the Company is publicly traded on an established securities market or otherwise, and if necessary
to comply with Section 409A, payment of the lump sum shall be suspended and paid within the thirty (30)-day period following the
close of the six (6)-month period following her separation from service. Payments shall be subject to deduction for such tax withholdings
as Company may be obligated to make. In addition to the aforesaid Executive Severance Compensation, additional Executive Severance
Compensation shall be provided as set forth below.

(i)                
Equity Awards. All Equity Awards shall be vested in full;

(ii)              
Cash Bonus. Executive shall be entitled to a fraction of any Cash Bonus for the fiscal year of the Company within
which Executive’s termination of employment occurs which, based upon the criteria established for such Cash Bonus, would
have been payable to Executive had she remained employed through the date of payment, the numerator of which is the number of days
of such fiscal year prior to her termination of employment and the denominator of which is three hundred and sixty-five (365);

(iii)            
Insurance. Company shall continue to provide health insurance (including dental if applicable) and any life insurance
benefits for the shorter of (i) the length of the severance measurement period set forth in above in this Section 5.5(b), or (ii)
the maximum period the Company is then permitted to extend each individual benefit under the applicable plan or policy or applicable
law; and

(iv)            
Golden Parachute Limitation. Notwithstanding any provision of this Agreement to the contrary, if, as a result of
a payment provided for under or pursuant to this Agreement, together with all other payments in the nature of compensation provided
to or for the benefit of the Executive under any other plans or agreements in connection with a Change in Control, the Executive
becomes subject to excise taxes under Section 4999 of the Code, then the amount of severance to be paid pursuant to this Agreement
shall be reduced to the maximum amount allowable without causing Executive to become subject to such excise taxes. Such maximum
amount shall be determined by a registered public accounting firm selected by the Compensation Committee of the Board of Directors
of the Company, whose determination, absent

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manifest error, shall be treated as
conclusive and binding.

(c)               
For purposes of this Agreement, “Change in Control” means the occurrence of any one or more of the following
events:

(i)                
There occurs a merger, consolidation or other business combination or reorganization to which the Company is a party, whether
or not approved in advance by the Board of Directors of the Company, in which (A) the members of the Board of Directors of the
Company immediately preceding the consummation of such transaction do not constitute a majority of the members of the Board of
Directors of the resulting corporation and of any parent corporation thereof immediately after the consummation of such transaction,
and (B) the shareholders of the Company immediately before such transaction do not hold more than fifty percent (50%) of the voting
power of securities of the resulting corporation;

(ii)              
There occurs a sale, exchange, transfer, or other disposition of substantially all of the assets of the Company to another
entity, whether or not approved in advance by the Board of Directors of the Company (for purpose of this Agreement, a sale of more
than one-half of the branches of Customers Bank, a wholly owned subsidiary of the Company, would constitute a Change in Control,
but for purposes of this section, no branches or assets will be deemed to have been sold if they are leased back contemporaneously
with or promptly after their sale);

(iii)            
A plan of liquidation or dissolution is adopted for the Company; or

(iv)            
Any individual, firm, corporation, partnership or other entity (“Person”) (except Company, any subsidiary of
Company, any employee benefit plan of Company, any Person or entity organized, appointed or established by Company or any subsidiary
of Company for or pursuant to the terms of any such employee benefit plan), together with all Affiliates and Associates of such
Person is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934
(the “Exchange Act”) of securities of the Company representing 50% or more of the combined voting power of the Company’s
then outstanding securities. For purposes of this subsection, “Affiliate” and “Associate” shall have the
respective meanings ascribed to such terms in Rule 12b-2 of the General Rules and Regulations issued under the Exchange Act.

(d)              
In the event that the Executive’s employment is terminated during the Term as a result of her death or disability,
she (or her estate, as the case may be) shall not be entitled to any payments or other benefits pursuant to this Section 5.5 or
otherwise.

5.6             
Release. The Company’s obligation to pay Severance Compensation under Section 5.5 hereof is expressly conditioned
upon Executive’s execution of and delivery to the Company (and non-revocation) of a release (as drafted at the time of Executive’s
termination of employment, and which will include, but not be limited to: (a) an unconditional release of all rights to any claims,
charges, complaints, grievances, known or unknown to Executive, against the Company, its affiliates or assigns, or any of their
officers, directors, employees and agents, through to the date of Executive’s termination from employment, and (b) a representation
and warranty

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that Executive has not filed or assigned
any claims, charges, complaints, or grievances against the Company, its affiliates or assigns, or any of their officers, directors,
employees and agents.

5.7             
Mitigation by Executive. Executive shall not be required to mitigate the amount of any payment provided for in Section
5.5 by seeking other employment or otherwise.

6.                 
Non-Disclosure. The Executive covenants and agrees that Executive will not at any time, either during the
Term or thereafter, use, disclose or make accessible to any other person, firm, partnership, corporation or any other entity any
Confidential and Proprietary Information (as defined herein), other than to (a) Executive’s attorney or spouse in confidence,
(b) while employed by the Company, in the business and for the benefit of the Company, or (c) when required to do so by a court
of competent jurisdiction, any government agency having supervisory authority over the business of the Executive or the Company
or any administrative body or legislative body, including a committee thereof, with jurisdiction.

For purposes of
this Agreement, “Confidential and Proprietary Information” shall mean non-public, confidential, and proprietary information
provided to the Executive concerning, without limitation, the Company’s financial condition and/or results of operations,
statistical data, products, ideas and concepts, strategic business plans, lists of customers or customer information, information
relating to marketing plans, management development reviews, including information regarding the capabilities and experience of
the Company’s employees, compensation, recruiting and training, and human resource policies and procedures, policy and procedure
manuals, together with all materials and documents in any form or medium (including oral, written, tangible, intangible, or electronic)
concerning any of the above, and other non-public, proprietary and confidential information of the Company; provided, however,
that Confidential and Proprietary Information shall not include any information that is known generally to the public or within
the industry other than as a result of unauthorized disclosure by the Executive. It is specifically understood and agreed by the
Executive that any non-public information received by the Executive during Executive’s employment by the Company is deemed
Confidential and Proprietary Information for purposes of this Agreement. In the event the Executive’s employment is terminated
for any reason, the Executive shall immediately return to the Company upon request all Confidential and Proprietary Information
in Executive’s possession or control.

7.                 
Non-Solicitation. Executive agrees that during the Term and for a period of twelve (12) months thereafter,
unless the Executive obtains the Company’s prior written permission, which may be granted or denied at the Company’s
sole and absolute discretion, the Executive shall not:

(a)               
solicit or divert to any competitor of the Company or, upon termination of the Executive’s employment with the Company,
accept any business from any individual or entity that is a customer or a prospective customer of the Company, to the extent that
such prospective customer was identifiable as such prior to the date of the Executive’s termination, except that this covenant
of non-solicitation shall not apply with respect to anyone who, while having previously been a customer or prospect of the Company,
is no longer a customer or prospect of the Company at the time of the solicitation; and/or

(b)              
induce or encourage any officer and/or employee of the Company

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to leave the employ of the Company,
hire any individual who was an employee of the Company as of the date of the termination of the Executive’s, or induce or
encourage any customer, vendor, participant, agent or other business relation of the Company to cease or reduce doing business
with the Company or in any way interfere with the relationship between any such customer, vendor, participant, agent or other business
relation and the Company.

8.                 
Noncompete Agreement. For a period of twelve (12) months after any resignation or termination of Executive’s
employment for any reason, Executive shall not, directly or indirectly, within 10 miles of any office of the Company, enter into
or engage directly or indirectly in competition with the Company or any subsidiary or other company under common control with the
Company, in any financial services business conducted by the Company or any such subsidiary at the time of such resignation or
termination, either as an individual on her own or as a partner or joint venturer, or as a director, officer, shareholder, employee,
agent, independent contractor, nor shall Executive assist any other person or entity in engaging directly or indirectly in such
competition.

9.                 
Non-Disparagement. During the Term, after its expiration and following the termination of this Agreement by
the Company or the Executive for any reason, each party agrees not to make any statements, in writing or otherwise, that disparage
the reputation or character of the other party or, in the case of the Company, any subsidiaries or affiliates of the Company or
any of their respective managers, directors, officers, stockholders, partners, members or employees, at any time for any reason
whatsoever, except that nothing in this section shall prohibit any party from giving truthful testimony in any litigation or administrative
proceedings either between the Executive and the Company or in connection with which such party is subpoenaed and required by law
to give testimony, including without limitation, any action by the Executive to enforce Executive’s rights hereunder.

10.             
Severance Compensation Conditional; Remedies for Breach of Sections 6, 7, 8 and 9; Independence of Covenants; Notice
to Others; Savings Clause.

10.1         
Severance Compensation Independent. Company’s obligation to pay Severance Compensation is conditioned on Executive’s
compliance with Sections 6, 7, 8 and 9 of this Agreement and Company shall not be obligated to pay such Severance Compensation
in the event of any breach by Executive of such sections.

10.2         
Remedies for Breach of Sections 6, 7, 8 and 9. Executive and Company agree that the covenants in Sections 6, 7, 8
and 9 are reasonable covenants under the circumstances. Executive agrees that any breach of the covenants set forth in Sections
6, 7, 8 and 9 of this Agreement will irreparably harm the Company. The Executive and the Company agree that in the event of any
breach by the Executive of the provisions set forth in Sections 6, 7, 8 and 9 of this Agreement, the Company shall be entitled
to all rights and remedies available at law or in equity, including without limitation, the following cumulative and not alternative
rights:

(a)               
the right to obtain injunctive or other equitable relief to restrain any breach or threatened breach or otherwise to specifically
enforce the provisions of this Agreement, it being agreed that monetary damages alone would be inadequate to compensate the Company,
the amount of such damages will be difficult (if not impossible) to prove precisely, and would be

    	 	8	 

    	 

    

an inadequate remedy for such breach;

(b)              
the right to institute civil suit to recover damages suffered by the Company;

(c)               
the right to recover actual reasonable attorneys’ fees and other costs incurred by the Company in connection with
pursuing remedies hereunder; and

(d)              
the right to seek an equitable accounting of all earnings, profits and other benefits arising from any such violation.

10.3         
Independence of Covenants. The existence of any claim or cause of action of the Executive against the Company, whether
predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the provisions of
Sections 6, 7, 8 and 9.

10.4         
Notice to Others. Executive agrees to notify any future prospective employers and future employers, and any future
joint venturers, partners and contracting parties of Executive, whose activities may be deemed to compete with Company of the existence
of each of the covenants contained in Sections 6, 7, 8 and 9 of this Agreement.

10.5         
Savings Clause. In the event that any provision or provisions of any of the covenants in Section 6, 7, 8 and 9 would
otherwise be determined by any court of competent jurisdiction to be unenforceable in whole or in part by reason of being for too
great a period of time or covering too great a geographical area or too broad a product market, or for any other reason, each such
covenant shall nevertheless remain in full force and effect and be construed so as to be enforceable as to that period of time
and geographical area and product market, and on such other conditions, as may be determined to be reasonable by the court.

11.             
Amendments. No amendments to this Agreement shall be binding unless in writing and signed by both parties.

12.             
Notices. All notices under this Agreement shall be in writing and shall be deemed effective (i) when delivered
in person or by fax or other electronic means capable of being embodied in written form, or (ii) forty-eight (48) hours after deposit
thereof in the U.S. mails by certified or registered mail, return receipt requested, postage prepaid, addressed, in the case of
Executive, to her last known address as carried on the personnel records of Company and, in the case of Company, to the corporate
headquarters, attention of the Chairman of the Board of Directors, or to such other address as the party to be notified may specify
by notice to the other party.

13.             
Entire Agreement. This Agreement is the entire agreement of the parties with respect to its subject matter
and supersedes and replaces all other negotiations, discussions and prior or contemporaneous agreements between the parties, whether
oral or written, with respect to the subject matter of Executive’s employment with Company. For avoidance of doubt, this
Agreement supersedes and replaces Executive’s Change of Control Agreement with the Company dated August 14, 2017.

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14.             
Binding Effect and Benefits. The rights and obligations of Company and Executive under this Agreement shall
inure to the benefit of and shall be binding upon the respective heirs, personal representatives, successors and assigns of Company
and Executive.

15.             
Construction. This Agreement shall be construed under the laws of the Commonwealth of Pennsylvania, as they
may be preempted by federal laws and regulations. Section headings are for convenience only and shall not be considered a part
of the terms and provisions of the Agreement.

16.             
Governing Law; Jurisdiction; Venue. The validity, interpretation, construction, performance and enforcement
of this Agreement shall be governed by the internal laws of the Commonwealth of Pennsylvania, without regard to its conflicts of
law rules, and by federal law to the extent it pre-empts state law. For purposes of any action or proceeding, the Executive irrevocably
submits to the exclusive jurisdiction of the courts of the Commonwealth Pennsylvania and the courts of the United States of America
located in Pennsylvania for the purpose of any judicial proceeding arising out of or relating to this Agreement or otherwise. The
Executive irrevocably agrees to service of process by certified mail, return receipt requested, to the Executive at the addressed
listed in the records of the Company. The proper venue for all such disputes, actions or proceedings shall be Chester County. The
parties agree that in any action or proceeds arising under this Agreement, attorneys’ fees and costs shall be awarded to
the prevailing party.

17.             
Executive’s Acknowledgment of Terms and Right to Separate Counsel. Executive acknowledges that she has
read this Agreement fully and carefully, understands its terms and that it has been entered into by Executive voluntarily. Executive
further acknowledges that Executive has had sufficient opportunity to consider this Agreement and discuss it with Executive’s
own advisors, including Executive’s attorney and accountants and that Executive has made Executive’s own free decision
whether and to what extent to do so.

18.             
Legal Expenses. Company shall pay to Executive all reasonable legal fees and expenses incurred by her in seeking
to obtain or enforce any rights or benefits provided by this Agreement to the extent she prevails in such efforts.

19.             
Indemnification of Executive. Company shall indemnify Executive against any liability incurred in connection
with any proceeding in which the Executive may be involved as a party or otherwise by reason of the fact that Executive is or was
serving as Chief Financial Officer to the extent permitted by the Company’s articles of incorporation, bylaws and applicable
law. To further effect, satisfy or secure the indemnification obligations provided herein or otherwise, the Company shall cause
its director and officer liability insurance to cover Executive during the Term and for such period thereafter as the Company’s
liability insurance policy permits coverage for actions or omissions of former directors or officers.

    	 	10	 

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused the due execution of this Agreement as of the date first set forth above.

 

	
        Attest:

         

        /s/ Michael DeTommaso

         
	
        CUSTOMERS BANCORP, INC.

         

        By: /s/ Jay S. Sidhu

        For the Board of Directors

         

	
         

         

         

         

        Witness:

         

        /s/ Alan Kidd

         
	
         

         

         

         

        CARLA LEIBOLD

         

        /s/ Carla Leiboldsnbr-ex101_66.htm

 

EX10.1

THIRD AMENDMENT TO LEASE AGREEMENT

THIS THIRD AMENDMENT TO LEASE AGREEMENT (this "Amendment") is dated as of August 27, 2019 (the "Effective Date"), and is entered into by and between IPT SALT LAKE CITY DC II LLC, a Delaware limited liability company ("Landlord"), and SLEEP NUMBER CORPORATION, a Minnesota corporation ("Tenant"), with reference to the following facts:

	
A.
	
On September 30, 1998, Prologis Development Services Incorporated (“Prologis”), predecessor-in-interest to Landlord, and Select Comfort Corporation (“SCC”) entered into a Lease Agreement (the “Original Lease”) for approximately 100,800 rentable square feet (the “Premises”) in the building located at 675 North Wright Brothers Drive, Salt Lake City, Utah (the “Building”).

	
B.
	
Prologis North American Properties Fund I LLC (“PNAPF”) succeeded to the interest of Prologis under the Original Lease.

	
C.
	
On January 9, 2009, PNAPF and SCC entered into an Extension Agreement (the “Extension Agreement”).  On May 20, 2010, PNAPF and SCC entered into a First Amendment to Lease Agreement (the “First Amendment”).  

	
D.
	
CLPF-SLIC 8, L.P. (“CLPF”) purchased the Building and succeeded to the interest of PNAPF under the Original Lease, as so amended.

	
E.
	
On June 15, 2015, CLPF and SCC entered into a Second Amendment to Lease Agreement (the “Second Amendment”).  The Original Lease, as amended by the Extension Agreement, the First Amendment, and the Second Amendment, is referred to herein as the “Lease”.  

	
F.
	
Landlord purchased the Building and succeeded to the interest of CLPF under the Lease.

	
G.
	
SCC changed its name to Sleep Number Corporation, a Minnesota corporation.

	
H.
	
The Lease Term is set to expire as of July 31, 2020. 

	
I.
	
Landlord and Tenant desire to modify and amend the Lease to provide, among other things, for the extension of the Lease Term to July 31, 2025 and for the modification of the Base Rent and certain other terms, all as more particularly set forth in this Amendment. 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein and for other good and valuable consideration, the receipt whereof and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:

	
1.
	
Scope of Amendment; Defined Terms; Incorporation of Recitals.  Except as expressly provided in this Amendment, the Lease shall remain in full force and effect in all respects, and the term "Lease" shall mean the Lease as modified by this Amendment.  Capitalized terms used but not otherwise defined in this Amendment have the respective meanings given to 

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them in the Lease.  The preamble and recitals set forth above are hereby incorporated into this Amendment by this reference in their entirety.    

	
2.
	
Modifications and Amendments to Lease.  Notwithstanding anything in the Lease to the contrary, the Lease is hereby modified and amended as follows:

	

	
(a)Lease Term. The Lease Term is extended to expire on July 31, 2025 (the “Expiration Date”), with the period of time from August 1, 2020 (the “Renewal Date”) through the revised Expiration Date now being known as the "Extension Term".  During the Extension Term, all of the provisions of the Lease will apply, except as otherwise modified or amended in this Amendment. 

	
(b)
	
Monthly Base Rent.  As of the Effective Date, the definition of Base Rent is amended so that, beginning on the Renewal Date, Tenant shall pay Base Rent for the Premises to Landlord in accordance with the following schedule through the remainder of the term of the Lease:

			
	
Period
	
Monthly Payment
	
Annual Payment

	
8/1/20 – 7/31/21
	
$42,336.00
	
$508,032.00

	
8/1/21 – 7/31/22
	
$43,606.08
	
$523,272.96

	
8/1/22 – 7/31/23
	
$44,914.26
	
$538,971.12

	
8/1/23 – 7/31/24
	
$46,261.69
	
$555,140.28

	
8/1/24 – 7/31/25
	
$47,649.54
	
$571,794.48

 

	
(c)
	
Notices.  Notwithstanding any contrary provision in the Lease, all notices to Landlord shall be addressed to:  

Industrial Property Trust Inc.

Attn: Scott Recknor 
SVP - Asset Management 
518 Seventeenth Street, 17th Floor 
Denver, Colorado 80202

 

With a copy to:

 

Industrial Property Trust Inc.

Attn:  Jonathan Linker

Senior Real Estate Counsel

518 Seventeenth Street, 17th Floor 
Denver, Colorado 80202

 

 

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All notices to Tenant shall be addressed to:

Sleep Number Corporation

1001 Third Avenue South

Minneapolis, MN 55404

Attn: Corporate Counsel – Real Estate

 

	
(d)
	
Address for Payments.  All amounts payable by Tenant to Landlord shall, until further notice from Landlord, be paid to Landlord pursuant to the following instructions:    

If by ACH or Wire Transfer:

 

Account Name:  Industrial Property Operating Partnership LP

Financial Institution:  Wells Fargo Bank, N.A.

ABA Number:  121000248

Account Number:   4598213866

Reference:  Property Number - 712701

 

If by check:

 

Industrial Property Operating Partnership LP

P.O. Box 206918

Dallas, TX 75320-6918

Reference:  Property Number - 712701

 

	
(e)
	
Renewal Option.

 

	
(i)
	
Provided no Event of Default exists and Tenant is occupying the entire Premises at the time of such election, Tenant may renew the Lease for one (1) additional period of five (5) years, by delivering written notice of the exercise thereof to Landlord not earlier than 12 months nor later than 9 months before the expiration of the Lease Term (the “Option Notification Period”).  The Base Rent payable for each month during the extended Lease Term shall be the prevailing rental rate (the ”Prevailing Rental Rate”), at the commencement of the extended Lease Term, for renewals of space similar to the Premises in buildings similar to the Building in the submarket in which the Building is located, and with the length of the extended Lease Term and the credit standing of Tenant to be taken into account.  Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of Landlord’s determination of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered.  Tenant shall, within thirty (30) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate.  If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the extended Lease Term, Landlord and Tenant shall execute an amendment to the Lease extending the Lease Term on the same terms provided in the Lease, except as follows:

   

	
(1) 
	
Base Rent shall be adjusted to the Prevailing Rental Rate;

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(2) 
	
Tenant shall have no further renewal option unless expressly granted by Landlord in writing; and

	
(3) 
	
Landlord shall lease to Tenant the Premises in their then-current condition, and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, and the like) or other tenant inducements.

	
(ii)   
	
If Tenant fails to timely notify Landlord in writing that Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate, time being of the essence with respect thereto, Tenant’s rights under this Section shall terminate and Tenant shall have no right to renew the Lease.

(iii)   Tenant’s rights under this Section shall terminate if (1) the Lease or Tenant’s right to possession of the Premises is terminated, (2) Tenant assigns any of its interest in the Lease or sublets any portion of the Premises (excluding a Tenant Affiliate), or (3) Tenant fails to timely exercise its option under this Section, time being of the essence with respect to Tenant’s exercise thereof.

3.Condition of Premises.  Tenant acknowledges that it currently occupies the Premises and agrees by remaining in the Premises that it accepts the Premises in their "as-is" condition, with no additional obligation on the part of Landlord to repair, remodel or refurbish the Premises in any respect, unless otherwise expressly provided in this Amendment.  

 

4.Use.  Notwithstanding anything to the contrary in the Lease, in no event shall any portion of the Premises be used for any marijuana or marijuana related business (including, but not limited to, the cultivation, manufacture, processing, storage or sale of cannabis or cannabis-related products).  

 

5. Options.  Except for the Renewal Option set forth in Section 2(e) above, all option rights granted to Tenant, if any, contained in the Lease, including, without limitation, options to extend or renew the term of the Lease or to expand the Premises or to terminate the Lease, are hereby deleted and are of no force and effect.

 

6.Payment of Commission.  In connection with this Amendment, Tenant acknowledges that it has not used the services of a broker or other real estate agent or licensee other than CBRE, Inc.  In the event of a claim for broker's fee, finder's fee, commission or other similar compensation in connection herewith based on any other relationship with or through Tenant, Tenant hereby agrees to protect, defend and indemnify Landlord against and hold Landlord harmless from any and all damages, liabilities, costs, expenses and losses (including, without limitation, reasonable attorneys' fees and costs) which Landlord may sustain or incur by reason of such claim. 

 

	
7.
	
Waiver.  No failure or delay by a party to insist upon the strict performance of any term, condition or covenant of this Amendment, or to exercise any right, power or remedy hereunder shall constitute a waiver of the same or any other term of this Amendment or preclude 

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such party from enforcing or exercising the same or any such other term, conditions, covenant, right, power or remedy at any later time.

8.Ratification.  As amended hereby the Lease is hereby ratified and shall remain in full force and effect.  As of the execution hereof, Tenant represents, acknowledges and confirms to Landlord that  Landlord has performed all obligations on its part under the Lease, there exists no breach, condition, state of facts or event that constitutes, or with the passing of time or the giving of notice, or both, would constitute a default by either Landlord or Tenant under the Lease and that the Lease, and all of its terms, conditions, covenants, agreements and provisions, except as modified hereby, are in full force and effect with no defenses or offsets (including any offsets against any rents or other sums payable by Tenant under the Lease) thereto.

 

9.Governing Law; Venue.  This Amendment shall be construed and governed by the laws of the state where the Premises are located.  Except to the extent required otherwise by applicable law, the venue for any action relating to this Amendment shall be brought solely and exclusively in the state and the county in which the Premises are located.

10.Tenant’s Compliance with Law.  Tenant shall procure at its sole expense any permits and licenses required for the transaction of business in the Premises and shall otherwise comply with all applicable federal, state, county and municipal laws, ordinances and governmental regulations.  

	
11.
	
Authority.  This Amendment shall be binding upon and inure to the benefit of the parties, their respective heirs, legal representatives, successors and assigns. Each party hereto warrants that the person signing below on such party's behalf is authorized to do so and to bind such party to the terms of this Amendment.

	
12.
	
Attorneys' Fees and Costs. In the event of any action at law or in equity between the parties to enforce any of the provisions hereof, the substantially non-prevailing party to such litigation shall pay to the substantially prevailing party all costs and expenses, including reasonable attorneys' fees (including costs and expenses incurred in connection with all appeals) incurred by the substantially prevailing party, and these costs, expenses and attorneys' fees may be included in and as part of the judgment.  

	
13.
	
Entire Agreement; No Amendment.  This Amendment constitutes the entire agreement and understanding between the parties with respect to the subject of this amendment and shall supersede all prior written and oral agreements concerning this subject matter.  This Amendment may not be amended, modified or otherwise changed in any respect whatsoever except by a writing duly executed by authorized representatives of Landlord and Tenant.  Each party acknowledges that it has read this Amendment, fully understands all of this Amendment's terms and conditions, and executes this Amendment freely, voluntarily and with full knowledge of its significance.  Each party to this Amendment has had the opportunity to receive the advice of counsel prior to the execution hereof.

	
14.
	
Severability.  If any provision of this Amendment or the application thereof to any person or circumstances shall be invalid or unenforceable to any extent, the remainder of this Amendment and the application of such provision to other persons or circumstances, other than 

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those to which it is held invalid, shall not be affected and shall be enforced to the furthest extent permitted by law.

	
15.
	
Counterparts.  This Amendment may be executed in counterparts and in facsimile or by PDF, and such counterparts together shall constitute but one original of the Amendment. Each counterpart shall be equally admissible in evidence, and each original shall fully bind each party who has executed it.

	
16.
	
Agreement to Perform Necessary Acts.  Each party agrees that upon demand, it shall promptly perform all further acts and execute, acknowledge, and deliver all further instructions, instruments and documents which may be reasonably necessary or useful to carry out the provisions of this Amendment.

	
17.
	
Captions and Headings.  The titles or headings of the various paragraphs hereof are intended solely for convenience of reference and are not intended and shall not be deemed to modify, explain or place any construction upon any of the provisions of this Amendment.

	
18.
	
Move-Out Standards.  Notwithstanding anything in the Lease (as amended hereby) to the contrary, at the expiration or earlier termination of the Lease, Tenant shall surrender the Premises broom-clean and in good condition, free of debris and of Tenant's personal property and equipment and in accordance with the Move-Out Standards set forth in Exhibit "A" to this Amendment, excepting reasonable wear and tear and losses required to be restored by Landlord under the Lease.

	
19.
	
Work

.  

 

	
(a)
	
Tenant shall complete Tenant’s Work (as defined in Exhibit "B") in accordance with the terms and conditions set forth in the Improvement Addendum attached hereto as Exhibit "B".  

 

	
(b)
	
Landlord will install a new roof membrane over the existing roof of the Building in accordance with Section 6 of the Second Amendment on or before December 31, 2019.

 

	
(c)
	
Landlord will (i) repaint the exterior of the Building on or before December 31, 2020, and (ii) repaint the metal surfaces on the Building on or before December 31, 2019.

 

[Signatures on Following Page]

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IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as of the Effective Date.

LANDLORD:

IPT Salt Lake City DC II LLC, 

a Delaware limited liability company

 

By: IPT Real Estate Holdco LLC, 

a Delaware limited liability company, 

its sole member 

 

By: Industrial Property Operating Partnership LP, 

a Delaware limited partnership, 

its sole member 

 

By: Industrial Property Trust Inc., 

a Maryland corporation, 

its general partner 

 

 

By: /s/ Mellissa Barrett 

Name: Mellissa Barrett

Title: Vice President-Asset Management

 

TENANT:

 

SLEEP NUMBER CORPORATION,

a Minnesota corporation

 

 

By:/s/ K Christopher White
Name: Chris White 

Title:  VP Manufacturing

 

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