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Exhibit 10.78
INDUS REALTY TRUST, INC. 
DIRECTOR DEFERRED COMPENSATION PLAN 
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Section 1.Purpose and Effective Date
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The purpose of this Director Deferred Compensation Plan (the “Plan”) is to provide the non-employee members of the Board of Directors (the “Board”) of INDUS Realty Trust, Inc. (the “Company”) with an opportunity to elect the date on which their Director Award RSUs granted pursuant to the Company’s Equity Plan will be settled and paid, including any deferral thereon (in addition to any vesting requirements set forth in the RSU Grant Agreement) and to establish the terms for such elections and deferrals.  The Plan shall be effective as of June 3, 2021 (the “Effective Date”).   
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Section 2.Eligibility
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Any member of the Board who is not an officer or employee of the Company or a subsidiary of the Company (a “Director”) is eligible to participate in the Plan.
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Section 3.Elections With Respect to a Director Award RSU
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(a) Normal Time of Election. Elections under this Plan with respect to any Director Award RSUs for a Plan Year shall be made no later than the date specified by the Plan Administrator, but no later than December 31 of the Plan Year prior to the Plan Year in which the applicable services are performed.  Any such election shall be effective for Director Award RSUs earned in the following Plan Year.
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(b)Initial Election. Notwithstanding Section 3(a):
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(i)Any Director who is first eligible for this Plan on the Effective Date (and is not otherwise participating in any other account balance plan (within the meaning of Section 409A) sponsored by the Company or any of its affiliates), may make an initial election within 30 days (or such earlier date as specified by the Plan Administrator) following the Effective Date and such election shall be effective for the Director Award RSUs earned following the date the election form is provided in accordance with Section 3(c). Any such Director shall have no right to defer Director Award RSUs under the Plan with respect to periods of service prior to the Effective Date (and any such deferral election shall not apply to any compensation for services performed prior to the date such election is submitted as provided in this Section 3); and 
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(ii)Any new Director nominee (who is not at the time of nomination a sitting Director) may make an initial election within 30 days (or such earlier date as specified by the Plan Administrator) following the date the nominee commences service as a Director and such election shall be effective for the Director Award RSUs earned following the later of the date the nominee commences services as a Director and the date the election form is provided in accordance with Section 3(c).  Any such Director shall have no right to defer Director Award RSUs under the Plan with respect to periods of service prior to the date such Director commences service as a Director (and any such deferral election shall not apply to any compensation for services performed prior to the date such election is submitted as provided in this Section 3).
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(c) Manner of Election . Unless otherwise determined by the Board, a participant may elect to defer receipt of 100% of such participant’s Director Award RSUs within the time periods prescribed under this Section 4 by giving written notice to the Chief Financial Officer of the Company (or his or her designee) on an election form provided by the Company, which notice shall specify (to the extent applicable) the Settlement Date elected under Section 4.

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(d) Duration and Effect of Election. An election to defer Director Award RSUs shall become effective and binding on the participant once the Plan Year to which the election applies has commenced and, except as provided by this paragraph, once made, is irrevocable and may not be changed. An election for a Plan Year may be cancelled upon demonstration of an “unforeseeable emergency” (within the meaning of Section 409A) and with the concurrence of the Plan Administrator. The Plan Administrator may in its discretion provide that elections may be evergreen and apply to all future Plan Years until revoked according to such procedures established by the Plan Administrator.  However, except as set forth in this Section 3(d), any revocation will only apply to a future Plan Year.
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Section 4.Settlement Date Election  
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(a)A participant may elect to have the Shares subject to his or her Director Award RSUs for a Plan Year be paid commencing upon the date of any of the following events (such elected date, the “Settlement Date”): (i) the five (5) year anniversary of the date of grant (or the first business day immediately following such date if such date is not a business day), (ii) the participant’s Separation from Service, (iii) the earliest of the events described in subsections (i) through (ii) or a Change in Control. If a participant does not make an election under this Plan with respect to the Director Award RSUs, then that Director Award RSU will be paid as provided in the RSU Grant Agreement. Distributions to commence upon a participant’s Settlement Date shall be made in the form elected by participant in his or her election and, unless otherwise determined by the Plan Administrator, will consist of either (A) a lump sum on the participant’s Settlement Date or (B) five equal installments, with the first installment on the Settlement Date, and the remaining four installments on the first four anniversaries of the Settlement Date thereafter; provided that any such payment shall be deemed to be timely paid in accordance with this Plan and any election hereunder if paid within 30 days prior to the participant’s Settlement Date (or applicable anniversary thereof) or paid after the participant’s Settlement Date (or applicable anniversary thereof), but prior to the later of (x) the 15th day of the third month following such date and (y) December 31 of the year in which such date occurs. 
(b)The deferred portion of a participant’s Director Award RSUs are automatically credited to the participant’s Account on the date such Director Award RSUs are granted to the participant.  Such Director Award RSUs shall be subject to the same vesting terms and forfeiture restrictions as such Director Award RSUs would otherwise have had pursuant to the terms of the Equity Plan and applicable RSU Grant Agreement. A participant’s Account shall be debited for any Director Award RSUs that are forfeited. Amounts credited to a participant’s Account shall be paid in the form of one whole Share for each Director Award RSU; provided, however, that any fractional Share held in such Account shall be automatically and immediately converted to an amount in cash equal to such fractional share multiplied by the Fair Market Value (as defined in the Equity Plan) as of the date of the payment of such participant’s Account. In the event that a participant’s RSU Grant Agreement provides for the right to receive Dividend Equivalents (as defined in the Equity Plan) in respect of each Share underlying such Director Award RSUs, such Dividend Equivalents shall be credited to the participant’s Account as well. The Dividend Equivalents associated with such Director Award RSUs shall remain outstanding until the distribution to the participant of his or her Director Award RSUs in accordance with Section 4(a), and shall be paid in Shares or cash in the Plan Administrator’s sole discretion.
(c)If adjustments are made to the outstanding shares of Common Stock as a result of recapitalization, merger, consolidation, split up, stock split, reverse stock split, spin-off or other distribution of stock or property of the Company, extraordinary dividends combination of securities, exchange of securities or other similar change in the capital structure of the Company (other than normal cash dividends), an appropriate adjustment also will be made in the number of Director Award RSUs credited to the participant’s Account in a manner consistent with the Equity Plan.

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Section 5.Death or Disability Prior to Receipt
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In the event of a participant’s death or Disability prior to the date elected by the participant to receive the Shares underlying a grant of Director Award RSUs deferred hereunder, then such Shares shall be paid to the participant (or the participant’s estate or personal representative, as applicable) in a lump sum within sixty (60) days following the date of the participant’s death or Disability. 
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Section 6.Participant's Rights Unsecured
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Nothing in this Plan shall require the segregation of any assets of the Company or any type of funding by the Company, it being the intention of the parties that the Plan be an unfunded arrangement for federal income tax purposes. No participant shall have any rights to or interest in any specific assets or Shares by reason of the Plan, and any participant’s rights to enforce payment of the obligations of the Company hereunder shall be those of a general creditor of the Company. 
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Section 7.Assignability
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No right to receive payments hereunder shall be transferable or assignable by a participant, except by will or by the laws of descent and distribution. A participant may not sell, assign, transfer, pledge or otherwise encumber any interest in the participant’s Director Award RSUs and any attempt to do so shall be void against, and shall not be recognized by, the Company.
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Section 8.Administration
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(a)It shall be the duty of the Board to conduct the general administration of the Plan in accordance with its provisions and, to the extent applicable, the provisions of the Equity Plan. The Plan Administrator shall have the power to interpret the Plan and all elections hereunder, and to adopt such rules for the administration, interpretation and application of the Plan and any elections as are not inconsistent with the Plan, to interpret, amend or revoke any such rules and to amend the Plan. 
(b)Unless otherwise established by the Board, set forth in any Organizational Documents or as required by Applicable Law, a majority of the Plan Administrator shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Plan Administrator in lieu of a meeting, shall be deemed the acts of the Plan Administrator. Each member of the Plan Administrator is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company, the Griffin Industrial, LLC or any Affiliate, the Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. Neither the Plan Administrator nor any member or delegate thereof shall have any liability to any person (including any Director) for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any election thereunder.  
(c)The Plan Administrator’s interpretation of the Plan, any elections thereunder and all decisions and determinations by the Plan Administrator with respect to the Plan and such elections are final, binding and conclusive on all persons (including any Director).
(d)The Board may from time to time delegate to a committee of one or more Directors or one or more officers of the Company the authority to take administrative actions pursuant to this Section 8; provided, however, that in no event shall a Director be delegated the authority with respect to any of his or her deferrals hereunder; provided,  further, that any delegation of administrative authority shall only be permitted to the extent it is permissible under any Organizational Documents and Applicable Law. Any delegation hereunder shall be subject to the restrictions and limits that the Board specifies at the time of 

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such delegation or that are otherwise included in the applicable Organizational Documents, and the Board may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 8(d) shall serve in such capacity at the pleasure of the Board, and the Board may abolish any committee at any time and re-vest in itself any previously delegated authority.

Section 9. Section 409A
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To the extent applicable to a participant, the Plan and each deferral election thereunder shall incorporate the terms and conditions required by Section 409A. To the extent applicable, the Plan and each deferral election hereunder shall be interpreted in accordance with Section 409A. Notwithstanding any provision of the Plan or any deferral election to the contrary, the Board may (but is not obligated to), without a participant’s consent, adopt such amendments to the Plan or deferral election or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Board determines are necessary or appropriate to comply with the requirements of Section 409A and thereby avoid the application of any penalty taxes under Section 409A. The Company makes no representations or warranties as to the tax treatment of any deferral hereunder under Section 409A or otherwise.  The Company shall have no obligation under this Section 9 or otherwise to take any action (whether or not described herein) to avoid the imposition of taxes, penalties or interest under Section 409A with respect to any deferral hereunder and shall have no liability to any participant or any other person if any deferral under the Plan is determined to constitute non-compliant, “nonqualified deferred compensation” subject to the imposition of taxes, penalties and/or interest under Section 409A.
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Section 10.Governing Law
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The laws of the State of Delaware shall govern all questions of law arising with respect to the Plan, without regard to the choice of law principles of any jurisdiction that would result in the application of the laws of another jurisdiction. If any provision of the Plan is held to be illegal or void, such illegality or invalidity shall not affect the remaining provisions of the Plan, but shall be fully severable, and the Plan shall be construed and enforced as if the illegal or invalid provision had never been inserted. 
Section 11.Amendment
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The Plan may at any time or from time to time be amended, modified or terminated by the Board. No amendment, modification or termination shall, without the consent of the participant, adversely affect any Director Award RSUs deferred under this Plan, except that (a) the Board may terminate the Plan and distribute the Shares underlying any Director Award RSUs deferred under this Plan to participants in accordance with and subject to the rules of Treas. Reg. Section 1.409A-3(j)(4)(ix), or successor provisions, and any generally applicable guidance issued by the Internal Revenue Service permitting such termination and distribution and (b) the Board shall be entitled to take any actions contemplated by Section 9.  
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Section 12.Delay of Payments
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To the extent permitted under Section 409A, the Plan Administrator may, in its sole discretion, delay payment under any of the following circumstances, provided that the Plan Administrator treats all payments to similarly situated participants on a reasonably consistent basis:
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(e)Federal Securities Laws or Other Applicable Law.  A payment may be delayed where the Plan Administrator reasonably anticipates that the making of the payment will violate federal securities laws or other applicable law; provided that the delayed payment is made at the earliest date at which the Plan Administrator reasonably anticipates that the making of the payment will not cause such violation.  For purposes of the preceding sentence, the making of a payment that would cause inclusion in gross income 

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or the application of any penalty provision or other provision of the Code is not treated as a violation of applicable law.
(f)Administration. The Company may delay making payment in the event that it is not administratively possible to make payment on the date (or within the periods) specified in this Plan or the making of the payment would jeopardize the ability of the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) to continue as a going concern, and in such case, the payment will be treated as made upon the date specified in the Plan if the payment is made during the first calendar year in which the making of the payment would not have such negative economic effect.  Notwithstanding the foregoing, payment must be made no later than the latest possible date permitted under Section 409A.
(g)Specified Employee. Notwithstanding anything herein to the contrary, if a participant is deemed at the time of his or her Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of payment of the participant’s Account is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of the participant’s Account shall not be payable to the participant prior to the earlier of (a) the expiration of the six-month period measured from the date of the participant’s Separation from Service or (b) death. Any amounts otherwise payable to the participant during such period following the Participant’s Separation from Service that are not so paid by reason of this Section 11(c) shall be paid as soon as practicable (and in all events within thirty (30) days) after the date that is six (6) months after the Participant’s Separation from Service (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of the Participant’s death).

Section 13.Definitions
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(a)“Account” shall mean a bookkeeping account created by the Company in accordance with an election by a participant to receive deferred stock compensation under Section 3 hereof. The Account shall be a bookkeeping entry only and shall be used solely as a device to measure and determine the amounts, if any, to be paid to a participant under the Plan.
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(b)“Affiliate” shall mean (a) any Subsidiary; and (b) any domestic eligible entity that is disregarded, under Treasury Regulation Section 301.7701-3, as an entity separate from either (i) the Company, (ii) the Partnership or (iii) any Subsidiary.
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(c)“Applicable Law” shall mean any applicable law, including, without limitation: (a) provisions of the Code, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations, whether federal, state, local or foreign; and (c) rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded.
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(d)“Change in Control” shall have the meaning ascribed to such term in the Equity Plan; provided that such Change in Control must also constitute a “change in control event” within the meaning of Section 409A.
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(e)“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, together with the regulations and official guidance promulgated thereunder, whether issued prior or subsequent to any deferral hereunder. 
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(f)“Director Award RSUs” means the RSUs granted to a Director for serving as a member of the Board pursuant to the Equity Plan.
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(g)“Disability” means inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.
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(h)“Equity Plan” means the INDUS Realty Trust, Inc. and INDUS Realty Trust, LLC 2020 Incentive Award Plan (as it may be amended from time to time) or any successor plan.
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(i)“Organizational Documents” shall mean, collectively, the Company’s articles of incorporation, charter, certificate of incorporation, bylaws or other similar organizational documents relating to the creation and governance of the Company.
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(j)“Plan” means this INDUS Realty Trust, Inc. Directors Deferred Compensation Plan.
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(k)“Plan Administrator” means the person(s) or entity that conducts the general administration of the Plan as provided in Article 8 hereof. With reference to the duties of the Board under the Plan which have been delegated to one or more Persons pursuant to Section 8(d) hereof, or which the Board has assumed, the term “Plan Administrator” shall refer to such Person(s) unless the Board has revoked such delegation or the Board has terminated the assumption of such duties. 
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(l)“Plan Year” means a calendar year.
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(m)“RSU” means a restricted stock unit granted under the Equity Plan.
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(n)“RSU Grant Agreement” means the agreement between the Company and a Director which sets forth the terms and conditions of the participant’s Director Award RSUs.
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(o)“Section 409A” means Section 409A of the Code and the regulations and guidance promulgated thereunder.
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(p)“Share” means a share of the common stock of the Company, par value $0.01 per share.
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(q)“Separation from Service” means termination of service as a Director; provided that the individual is not or does not as a result thereof become an employee or maintain an independent contractor relationship with the Company or any subsidiary (in which case, a Separation of Service will occur when the individual experiences a termination of service as an employee and independent contractor in accordance with Section 409A).  All determinations of whether an individual has had a Separation from Service shall be made applying the definition contained in Treasury Regulation §1.409A-1(h).  
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(r)“Subsidiary” shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company or the Partnership if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing at least fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

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Exhibit 10.79 
Form of Agreement for grant of Restricted Stock Units (Time-Based vesting)
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INDUS REALTY TRUST, INC.
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RESTRICTED STOCK UNIT GRANT NOTICE
(TIME-BASED VESTING)
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INDUS Realty Trust, Inc., a Maryland corporation (the “Company”) pursuant to the INDUS Realty Trust, Inc. and INDUS Realty Trust LLC 2020 Incentive Award Plan (as may be amended from time to time, the “Plan”), hereby grants to the individual listed below (the “Participant”), an award of Restricted Stock Units (“RSUs”).  Each RSU represents the right to receive, in accordance with this Grant Notice and the Restricted Stock Unit Agreement attached hereto as Appendix A (together, the “Agreement”), one share of Common Stock upon vesting. This award of RSUs is subject to all of the terms and conditions set forth herein, in the Agreement, and the Plan, each of which is incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Agreement.
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	Participant:
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	Grant Date:

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	Total Number of RSUs:
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	Vesting Commencement Date:

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	Vesting Schedule
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By his or her signature below, the Participant agrees to be bound by the terms and conditions of the Plan and this Agreement.  The Participant has reviewed this Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement and the Plan.  The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan and this Agreement.  
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	INDUS REALTY TRUST, INC.:
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	PARTICIPANT:

	By:
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	Print Name: 
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	Title:
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APPENDIX A
TO RESTRICTED STOCK UNIT GRANT NOTICE
RESTRICTED STOCK UNIT AGREEMENT
1. Grant. Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) to which this Restricted Stock Unit Agreement (this “Agreement”) is attached, INDUS Realty Trust, Inc., a Maryland corporation (the “Company”), has granted to the individual set forth in the Grant Notice (the “Participant”) that number of RSUs set forth in the Grant Notice under the INDUS Realty Trust, Inc. and INDUS Realty Trust LLC 2020 Incentive Award Plan, as may be amended from time to time (the “Plan”), subject to all of the terms and conditions contained in this Agreement, the Grant Notice and the Plan (including, without limitation, Section 12.7 of the Plan).  All capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Plan and the Grant Notice unless the context clearly indicates otherwise.  Notwithstanding anything to the contrary anywhere else in this Agreement, this grant of RSUs is subject to the terms and provisions of the Plan, which is incorporated herein by reference and which shall control in the event of any inconsistency between this Agreement and the Plan.
2.RSUs. The Company shall deliver one share of Common Stock with respect to each RSU that vests in accordance with Section 4.  Unless and until an RSU vests, the Participant will have no right to settlement in respect of any such RSU.  Prior to actual settlement in respect of any vested RSU, such RSU will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.
3.Dividend Equivalent Rights.
(a)Each RSU granted hereunder is hereby granted in tandem with a corresponding Dividend Equivalent right. Such Dividend Equivalent right shall entitle the Participant to a hypothetical bookkeeping account (established and maintained for purposes of tracking the RSUs and any additional RSUs credited to such account in respect of Dividend Equivalent rights in accordance with this Section 3 (the “Account”)) that is credited upon the Company’s payment of dividends if the Dividend Equivalent right is or was outstanding on the applicable record date. Subject to Section 3(c) below, when such dividends are so declared, the following shall occur:
(i)on the date that the Company pays a cash dividend in respect of outstanding shares of Common Stock, the Company shall credit the Participant’s Account with a number of full and fractional RSUs equal to the quotient of (A) the total number of RSUs credited to the Account but not yet distributed (including any RSUs granted hereunder and any additional RSUs credited with respect to Dividend Equivalent rights), multiplied by the per share dollar amount of such dividend, divided by (B) the Fair Market Value of a share of Common Stock on the date such dividend is paid; or
(ii)on the date that the Company pays a Share dividend in respect of outstanding shares of Common Stock, the Company shall credit the Participant’s Account with a number of full and fractional RSUs equal to the product of (A) the total number of RSUs credited to the Account but not yet distributed (including any RSUs granted hereunder and any additional RSUs credited with respect to Dividend Equivalent rights), multiplied by (B) the number of shares of Common Stock distributed with respect to such dividend per Share; or

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(iii)on the date that the Company pays any other type of distribution in respect of outstanding shares of Common Stock, the Company shall credit the Participant’s Account in an equitable manner based on the total number of RSUs held in the Account, as determined in the sole discretion of the Administrator.

(b)To the extent that any additional RSUs are credited to the Participant’s Account in respect of the Participant’s Dividend Equivalent rights, such additional RSUs shall be subject to the same vesting terms as the original RSUs to which they relate (e.g., additional RSUs credited in respect of RSUs will be subject to the same vesting requirements as the underlying RSUs) and shall also carry corresponding Dividend Equivalent rights.
(c)Dividend Equivalent rights shall remain outstanding from the Grant Date (or later date of grant of such Dividend Equivalent right in connection with the Company’s payment of a dividend) through the earlier to occur of (i) the termination or forfeiture for any reason of the RSU to which such Dividend Equivalent right corresponds or (ii) the delivery to the Participant of payment for the RSU (in accordance with Section 5 below) to which such Dividend Equivalent right corresponds. For the avoidance of doubt, if a Dividend Equivalent right terminates after the applicable record date for a Company dividend (other than due to the termination or forfeiture of the RSU to which such Dividend Equivalent right corresponds) and prior to the corresponding payment date thereof, the Participant shall still be entitled to payment of the Dividend Equivalent right amount determined in accordance with this Section 3, if and when the Company pays the underlying dividend; provided, however, that, unless otherwise provided by the Administrator, such Dividend Equivalent right amount shall be made in cash (rather than RSUs to be paid in Shares).
(d)Dividend Equivalent rights and any amounts that may become distributable in respect thereof shall be treated separately from the RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A.

4.Vesting. 
(a)Subject to Section 4(b) below, the RSUs shall vest in accordance with the vesting schedule set forth in the Grant Notice.
(b)Notwithstanding the foregoing, in the event the Participant experiences a Termination of Service for any reason, all RSUs that have not vested on or prior to the date of such termination shall be forfeited by the Participant as of the date of such termination without any payment of consideration therefor and the Participant shall have no further right to or interest in such RSUs, unless otherwise determined by the Administrator or required under a binding, written agreement with the Company.

5.Distribution.
(a)Distribution Date. Subject to Sections 9 and 15 below, payment with respect to RSUs issued under this Agreement (including any RSUs issued in respect of Dividend Equivalent rights) shall, to the extent vested, be paid to the Participant on or within sixty (60) days following the applicable Vesting Date (any such date, a “Distribution Date”).
(b)Distribution Payments. All distributions upon payment of the RSUs shall be made by the Company in the form of whole shares of Common Stock, and to the extent that 

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any fractional RSUs become payable on a Distribution Date, such fractional RSUs shall be paid in cash. 
(c)Distribution Timing. The time of distribution of the RSUs under this Agreement may not be changed except as may be permitted by the Administrator in accordance with the Plan and Section 409A and the applicable Treasury Regulations promulgated thereunder. 

6.Tax Withholding. The Company, the Partnership and their Affiliates shall have the authority and the right to deduct or withhold, or to require the Participant or beneficiary to remit to the Company or the applicable Subsidiary, an amount sufficient to satisfy federal, state, local and foreign taxes (including without limitation any income and employment tax obligations) required by law to be withheld with respect to any taxable event arising in connection with the RSUs, the Dividend Equivalent rights and/or shares of Common Stock. The Company shall not be obligated to deliver shares of Common Stock (whether in book entry or certificated form) to the Participant or the Participant’s legal representative unless the Participant shall have paid or otherwise satisfied in full the amount of all federal, state and local withholding taxes applicable to the taxable income of the Participant arising in connection with the RSUs, the Dividend Equivalents and/or the shares of Common Stock in accordance with this Agreement and the Plan. The Administrator hereby permits the Participant to elect to satisfy the withholding obligation through the Company’s, the Partnership’s and their Affiliates’ surrender of Shares otherwise issuable under the Award in accordance with Section 10.2 of the Plan. 
7.Rights as Stockholder. Neither the Participant nor any person claiming under or through the Participant will have any of the rights or privileges of a stockholder of the Company in respect of any shares of Common Stock deliverable hereunder unless and until certificates representing such shares of Common Stock will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Participant or any person claiming under or through the Participant.
8.Non-Transferability. Neither the RSUs or Dividend Equivalent rights nor any interest or right therein or part thereof shall be transferred, assigned, pledged or hypothecated by the Participant in any way in favor of any party other than the Company or a Subsidiary (whether by operation of law or otherwise) and shall not be subjected to any lien, obligation or liability of the Participant to any party other than the Company, the Partnership or an Affiliate, other than by the laws of descent and distribution. Upon any attempt by the Participant to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale by the Participant under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby shall immediately become null and void. Further, without limiting the foregoing, the RSUs and Common Stock issuable with respect thereto shall be subject to any ownership, transfer or other restrictions set forth in the Organizational Documents, as amended and supplemented from time to time. 
9.Distribution of Shares. Without limiting Section 6 hereof or Section 10.4 of the Plan, Shares issued as payment for the RSUs shall be issued upon the fulfillment of all of the following conditions:

(a)The admission of such Shares to listing on all stock exchanges on which such class of Common Stock is then listed;
(b)The completion of any registration or other qualification of such Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable;

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(c)The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; and 
(d)The lapse of such reasonable period of time as the Administrator may from time to time establish for reasons of administrative convenience. 

In the event that the Company delays a distribution or payment in settlement of RSUs because it reasonably determines that the issuance of Shares of Common Stock in settlement of RSUs will violate federal securities laws or other applicable law, such distribution or payment shall be made at the earliest date at which the Company reasonably determines that the making of such distribution or payment will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii).  The Company shall not delay any payment if such delay will result in a violation of Section 409A.
10.No Right to Continued Service. Nothing in the Plan or in this Agreement shall confer upon the Participant any right to continue as an Employee, Consultant, member of the Board, or other service provider of the Company or any Subsidiary, or shall interfere with or restrict in any way the rights of the Company or any Subsidiary, which are hereby expressly reserved, to discharge the Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Participant and the Company, the Partnership or any Affiliate.
11.Severability. In the event that any provision in this Agreement is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement, which shall remain in full force and effect.
12.Tax Consultation. The Participant understands that he or she may suffer adverse tax consequences in connection with the RSUs and Dividend Equivalent rights granted pursuant to this Agreement. The Participant represents that the Participant has consulted with any tax consultants that he or she deems advisable in connection with the RSUs and the Dividend Equivalent rights and that the Participant is not relying on the Company for tax advice.
13.Amendment. The Participant acknowledges that the RSUs and Dividend Equivalent rights are subject to modification and termination in certain events as provided in this Agreement and Section 10.7 of the Plan.
14.No Effect on Service Provider Status.  Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue to serve as a Director, Employee or Consultant of the Company or any parent or subsidiary thereof, or shall interfere with or restrict in any way the rights of the Company or any parent or subsidiary thereof, which rights are hereby expressly reserved, to discharge the Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Participant and the Company or any parent or subsidiary thereof.
15.Code Section 409A. To the extent the RSUs under this Agreement is subject to Section 409A, and such RSUs are payable on account of the Participant’s Termination of Service, then (a) such RSUs or amount shall only be paid to the extent such Termination of Service qualifies as a “separation from service” as defined in Section 409A, and (b) if such RSUs or amount is payable to a “specified employee” as defined in Section 409A then to the extent required in order to avoid a prohibited distribution under Section 409A, such RSUs shall not be payable prior to the earlier of (i) the expiration of the six-month period measured from the date of the Participant’s Termination of Service, or (ii) the date of the 

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Participant’s death.  To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A. Notwithstanding any provision of the Plan or this Agreement to the contrary, in the event that the Administrator determines that the RSUs may be subject to Section 409A, the Administrator may (but is not obligated to), without the Participant’s consent, adopt such amendments to the Plan and the applicable Program and this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (i) exempt the RSUs from Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the RSUs, or (ii) comply with the requirements of Section 409A and thereby avoid the application of any penalty taxes under Section 409A. The Company makes no representations or warranties as to the tax treatment of the RSUs under Section 409A or otherwise.  The Company shall have no obligation under this Section 15, Section 12.12 of the Plan or otherwise to take any action (whether or not described herein) to avoid the imposition of taxes, penalties or interest under Section 409A with respect to the RSUs and shall have no liability to the Participant or any other person if the RSUs are determined to constitute non-compliant, “nonqualified deferred compensation” subject to the imposition of taxes, penalties and/or interest under Section 409A. 
16.Claw-back. The Participant agrees that the RSUs (including any proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt of the RSUs or upon the receipt or resale of any Shares and any payments of a portion of an incentive-based bonus pool allocated to the Participant) shall be subject to the provisions of any claw-back policy implemented by the Company, including, without limitation, any claw-back policy adopted to comply with the requirements of Applicable Law, including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, whether or not such claw-back policy was in place on the Grant Date, to the extent set forth in such claw-back policy.
17.Conformity to Securities Laws. The Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, as well as all applicable state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.
18.Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Chief Financial Officer of the Company at the Company’s office in Bloomfield, Connecticut, and any notice to be given to the Participant shall be addressed to the Participant at the Participant’s last address (physical or electronic) reflected on the Company’s records. Any notice shall be deemed duly given when sent by reputable overnight courier or by certified mail (return receipt requested) through the United States Postal Service.
19.Entire Agreement. The Plan and this Agreement (including all exhibits and appendices hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof.
20.Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer contained herein and in the Plan, this Agreement shall be binding upon the Participant and his or her heirs, executors, administrators, successors and assigns.

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21.Governing Law. The laws of the State of Maryland shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.
22.Captions. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

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