Document:

UNITED
REALTY TRUST INCORPORATED

 

 

 

2012
STOCK INCENTIVE PLAN

 

(effective
as of [        ], 2012)

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	Pages
	 	 
	Article I PURPOSE	1
	 	 
	Article II DEFINITIONS	1
	 	 
	Article III ADMINISTRATION	8
	 	 
	Article IV SHARE LIMITATION	11
	 	 
	Article V ELIGIBILITY AND GENERAL REQUIREMENTS FOR AWARDS	14
	 	 
	Article VI STOCK OPTIONS	15
	 	 
	Article VII STOCK APPRECIATION RIGHTS	17
	 	 
	Article VIII RESTRICTED STOCK	20
	 	 
	Article IX PERFORMANCE SHARES	22
	 	 
	Article X OTHER STOCK-BASED AWARDS	24
	 	 
	Article XI TERMINATION	25
	 	 
	Article XII CHANGE IN CONTROL PROVISIONS	27
	 	 
	Article XIII TERMINATION OR AMENDMENT OF PLAN	28
	 	 
	Article XIV UNFUNDED PLAN	29
	 	 
	Article XV GENERAL PROVISIONS	30
	 	 
	Article XVI EFFECTIVE DATE OF PLAN	33
	 	 
	Article XVII TERM OF PLAN	33
	 	 
	Article XVIII NAME OF PLAN	33
	 	 
	Exhibit A PERFORMANCE GOALS	A-1

 

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UNITED
REALTY TRUST INCORPORATED

 

 

 

2012
STOCK INCENTIVE PLAN

 

(effective
as of [        ])

 

 

 

Article
I

 

PURPOSE

 

The purpose of this
2012 Stock Incentive Plan is to enhance the profitability and value of the Company for the benefit of its stockholders by enabling
the Company to offer Participants stock-based incentives in the Company to attract, retain and reward such individuals and strengthen
the mutuality of interests between such individuals and the Company’s stockholders.

 

Article
II

 

DEFINITIONS

 

For purposes of the
Plan, the following terms shall have the following meanings:

 

2.1           “Acquisition
Event” means a merger or consolidation in which the Company is not the surviving entity, any transaction that results
in the acquisition of all or substantially all of the Company’s outstanding Common Stock by a single person or entity or
by a group of persons and/or entities acting in concert, or the sale or transfer of all or substantially all of the Company’s
assets. The occurrence of an Acquisition Event shall be determined by the Committee in its sole discretion.

 

2.2           “Affiliate”
means each of the following: (a) United Realty Advisor Holdings, LLC or any of its subsidiaries; (b) any Subsidiary; (c) any Parent;
(d) any corporation, trade or business (including, without limitation, a partnership or limited liability company) that is directly
or indirectly controlled 50% or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest)
by the Company; (e) any corporation, trade or business (including, without limitation, a partnership or limited liability company)
that directly or indirectly controls 50% or more (whether by ownership of stock, assets or an equivalent ownership interest or
voting interest) of the Company; and (f) any other entity in which the Company or any of its Affiliates has a material equity interest
and that is designated as an “Affiliate” by resolution of the Committee; provided, however, that the
Common Stock subject to any Award constitutes “service recipient stock” for purposes of Section 409A of the Code or
otherwise does not subject the Award to Section 409A of the Code.

 

    	 

    	 

    

 

2.3           “Award”
means any award under the Plan of any Stock Option, Stock Appreciation Right, Restricted Stock, Performance Share or Other Stock-Based
Award. All Awards shall be granted by, confirmed by, and subject to the terms of, a written or electronic agreement executed by
the Company and the Participant. Any reference herein to an agreement in writing shall be deemed to include an electronic writing
to the extent permitted by applicable law.

 

2.4           “Board”
means the Board of Directors of the Company.

 

2.5           “Cause”
means with respect to a Participant’s Termination of Employment or Termination of Consultancy, the following: (a) in the
case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between
the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such an agreement but
it does not define “cause” (or words of like import)), termination due to: (i) a Participant’s conviction of,
or plea of guilty or nolo contendere to, a felony; (ii) perpetration by a Participant of an illegal act, dishonesty or fraud that
could cause significant economic injury to the Company; (iii) a Participant’s insubordination, refusal to perform his or
her duties or responsibilities for any reason other than illness or incapacity or materially unsatisfactory performance of his
or her duties for the Company; (iv) continuing willful and deliberate failure by the Participant to perform the Participant’s
duties in any material respect, provided that the Participant is given notice and an opportunity to effectuate a cure as determined
by the Committee; or (v) a Participant’s willful misconduct with regard to the Company that could have a material adverse
effect on the Company; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement
or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that
defines “cause” (or words of like import), “cause” as defined under such agreement; provided, however,
that with regard to any agreement under which the definition of “cause” only applies on occurrence of a change in control,
such definition of “cause” shall not apply until a change in control actually takes place and then only with regard
to a termination thereafter. With respect to a Participant’s Termination of Directorship, “cause” means an act
or failure to act that constitutes cause for removal of a director under applicable Maryland law.

 

2.6           “Change
in Control” has the meaning set forth in Section 12.2.

 

2.7           “Change
in Control Price” has the meaning set forth in Section 12.1.

 

2.8           “Code”
means the Internal Revenue Code of 1986, as amended. Any reference to any section of the Code also shall be a reference to any
successor provision and any Treasury Regulation promulgated thereunder.

 

2.9           “Committee”
means a committee or subcommittee of the Board appointed from time to time by the Board, which committee or subcommittee shall
consist of two or more non-employee directors, each of whom is intended to be (i) to the extent required by Rule 16b-3 promulgated
under Section 16(b) of the Exchange Act, a “non-employee director” as defined in Rule 16b-3, (ii) to the extent required
by Section 162(m) of the Code, an “outside director” as defined in Section 162(m) of the Code, and (iii) an “independent
director” as defined under Section 303A.02 of the NYSE Listed Company Manual or such other applicable securities exchange
rules. To the extent that no Committee exists that has the authority to administer this Plan, the functions of the Committee shall
be exercised by the Board. If for any reason the appointed Committee does not meet the requirements of Rule 16b-3 or Section 162(m)
of the Code, such noncompliance shall not affect the validity of Awards, grants, interpretations or other actions of the Committee.

 

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2.10         “Common
Stock” means the common stock, $0.01 par value per share, of the Company.

 

2.11         “Company”
means United Realty Trust Incorporated, a Maryland corporation, and its successors by operation of law.

 

2.12         “Consultant”
means any natural person who, directly or indirectly, provides bona fide consulting or advisory services to the Company or any
of its Affiliates pursuant to a written agreement, which are not in connection with the offer and sale of securities in a capital-raising
transaction, and do not, directly or indirectly, promote or maintain a market for the Company’s or its Affiliates’
securities.

 

2.13         “Detrimental
Activity” means:

 

(a)          disclosing,
divulging, furnishing or making available to anyone at any time, except as necessary in the furtherance of Participant’s
responsibilities to the Company or any of its Affiliates, either during or subsequent to Participant’s service relationship
with the Company or any of its Affiliates, any knowledge or information with respect to confidential or proprietary information,
methods, processes, plans or materials of the Company or any of its Affiliates, or with respect to any other confidential or proprietary
aspects of the business of the Company or any of its Affiliate, acquired by the Participant at any time prior to the Participant’s
Termination;

 

(b)          any
activity while employed or performing services that results, or if known could reasonably be expected to result, in the Participant’s
Termination that is classified by the Company as a termination for Cause;

 

(c)          ((i)
directly or indirectly soliciting, enticing or inducing any employee of the Company or of any of its Affiliates to be employed
by a person or entity that is, directly or indirectly, in competition with the business or activities of the Company or any of
its Affiliates; (ii) directly or indirectly approaching any such employee for these purposes; (iii) authorizing or knowingly approving
the taking of any such action by a third party on behalf of any such person or entity, or assisting any such person or entity in
taking such action; or (iv) directly or indirectly soliciting, raiding, enticing or inducing any person or entity (other than the
U.S. Government or its agencies) that is, or at any time from and after the date of grant of the Award was, a customer of the Company
or any of its Affiliates to become a customer of the Participant or a third party for the same or similar products or services
that it purchased from the Company or any of its Affiliates, or approaching any customer of the Company or any of its Affiliates
for such purpose, or authorizing or knowingly approving the taking of any action by a third party for such purpose;

 

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(d)          the
Participant’s Disparagement, or inducement of others to do so, of the Company or any of its Affiliates or their past and
present officers, directors, employees or products;

 

(e)          the
Participant’s owning, managing, controlling, participating in, consulting with, rendering services for, or in any manner
engaging in, any business that, directly or indirectly, is competitive with the business conducted by the Company or any of its
Affiliates within any metropolitan area in which the Company or any of its Affiliates engages or has definitive plans to engage
in such business, or the rendering of services to such business if such business is otherwise prejudicial to or in conflict with
the interests of the Company or any of its Affiliates; or

 

(f)          a
material breach of any agreement between the Participant and the Company or any of its Affiliates (including, without limitation,
any employment agreement or noncompetition or nonsolicitation or confidentiality agreement).

 

Unless otherwise determined by the Committee at grant, Detrimental
Activity shall not be deemed to occur after the end of the one-year period following the Participant’s Termination.

 

For purposes of clauses (a), (c), (e) and (f) above, the Chief
Executive Officer of the Company has the authority to provide the Participant with written authorization to engage in the activities
contemplated thereby and no other person shall have authority to provide the Participant with such authorization. If it is determined
by a court of competent jurisdiction that any provision in the Plan in respect of Detrimental Activities is excessive in duration
or scope or otherwise is unenforceable, then such provision may be modified or supplemented by the court to render it enforceable
to the maximum extent permitted by law.

 

2.14         “Disability”
means with respect to a Participant’s Termination, a permanent and total disability as defined in Section 22(e)(3) of the
Code. A Disability shall only be deemed to occur at the time of the determination by the Committee of the Disability. Notwithstanding
the foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled under
Section 409A(a)(2)(C)(i) or (ii) of the Code.

 

2.15         “Disparagement”
means making comments or statements to the press, the Company’s or its Affiliates’ employees, consultants or any individual
or entity with whom the Company or its Affiliates has a business relationship that could reasonably be expected to adversely affect
in any manner: (a) the conduct of the business of the Company or its Affiliates (including, without limitation, any products or
business plans or prospects); or (b) the business reputation of the Company or its Affiliates, or any of their products, or their
past or present officers, directors or employees.

 

2.16         “Effective
Date” means the effective date of the Plan as defined in Article XVI.

 

2.17         “Eligible
Employee” means an employee of the Company or an Affiliate. The term “Eligible Employee” also includes
an officer of the Company, regardless of whether such officer is an employee of the Company.

 

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2.18         “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and all rules and regulations promulgated thereunder.
Any references to any section of the Exchange Act shall also be a reference to any successor provision.

 

2.19         “Exercisable
Awards” has the meaning set forth in Section 4.2(d).

 

2.20         “Fair
Market Value” means, on any date (i) if the Common Stock is listed on a national securities exchange or a national
market system, the closing sales price on such exchange or over such system on such date or, in the absence of reported sales on
such date, the closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Common Stock
is not listed on a national securities exchange, the mean between the bid and offered prices as quoted by the applicable interdealer
quotation system, provided that if the Common Stock is not quoted on such interdealer quotation system or it is determined that
the fair market value is not properly reflected by such quotations, Fair Market Value will be determined by such other method as
the Committee determines in good faith to be reasonable and in compliance with Code Section 409A.

 

2.21         “Family
Member” means “family member” as defined in Rule 701 under the Securities Act or, following the filing
of a Form S-8 pursuant to the Securities Act with respect to the Plan, as defined in Section A.1.(5) of the general instructions
of Form S-8, as may be amended from time to time.

 

2.22         “Incentive
Stock Option” means any Stock Option awarded to an Eligible Employee of the Company, its Subsidiaries and its Parent
(if any) under the Plan intended to be and designated as an “Incentive Stock Option” within the meaning of Section
422 of the Code.

 

2.23         “include,”
“includes” and “including” shall be construed as if followed by the phrase
“without limitation.”

 

2.24         “Limited
Stock Appreciation Right” has the meaning set forth in Section 7.5.

 

2.25         “Non-Employee
Director” means a non-employee director of the Company as defined in Rule 16b-3.

 

2.26         “Non-Qualified
Stock Option” means any Stock Option awarded under the Plan that is not an Incentive Stock Option.

 

2.27         “Other
Stock-Based Award” means an Award under Article X of the Plan that is valued in whole or in part by reference
to, or is payable in or otherwise based on, Common Stock, including, without limitation, a restricted stock unit or an Award valued
by reference to an Affiliate.

 

2.28         “Parent”
means any parent corporation of the Company within the meaning of Section 424(e) of the Code.

 

2.29         “Participant”
means an Eligible Employee, Non-Employee Director or Consultant to whom an Award has been granted pursuant to the Plan.

 

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2.30         “Performance
Goals” has the meaning set forth on Exhibit A.

 

2.31         “Performance
Period” means the duration of the period during which receipt of an Award is subject to the satisfaction of performance
criteria, such period as determined by the Committee in its sole discretion.

 

2.32         “Performance
Share” means an Award made pursuant to Article IX of the Plan of the right to receive Common Stock or cash
of an equivalent value at the end of a specified Performance Period.

 

2.33         “Person”
means any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company,
trust, incorporated organization, governmental or regulatory or other entity.

 

2.34         “Plan”
means this United Realty Trust Incorporated 2012 Stock Incentive Plan, as amended from time to time.

 

2.35         “Other
Extraordinary Event” has the meaning set forth in Section 4.2(b).

 

2.36         “Reference
Stock Option” has the meaning set forth in Section 7.1.

 

2.37         “Registration
Date” means the first date after the Effective Date on which (a) the Company sells its Common Stock in a bona fide
underwriting pursuant to a registration statement under the Securities Act or (b) any class of common equity securities of the
Company is required to be registered under Section 12 of the Exchange Act.

 

2.38         “Restricted
Stock” means a share of Common Stock issued under the Plan that is subject to restrictions under Article VIII.

 

2.39         “Restriction
Period” has the meaning set forth in Section 8.3(a).

 

2.40         “Retirement”
means a voluntary Termination of Employment or Termination of Consultancy at or after age 65 or such earlier date after age 55
as may be approved by the Committee, in its sole discretion, with respect to such Participant at the time of grant, or thereafter
provided that the exercise of such discretion does not make the applicable Award subject to Section 409A of the Code, except that
Retirement shall not include any involuntary Termination of Employment or Termination of Consultancy by the Company or an Affiliate
for any reason with or without Cause. With respect to a Participant’s Termination of Directorship, Retirement means the failure
to stand for reelection or the failure to be reelected on or after the date that a Participant has attained age 65 or, with the
consent of the Board, provided that the exercise of such discretion does not make the applicable Award subject to Section 409A
of the Code, before age 65 but after age 55.

 

2.41         “Rule
16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision.

 

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2.42         “Section
162(m) of the Code” means the exception for performance-based compensation under Section 162(m) of the Code and any
applicable Treasury regulations thereunder.

 

2.43         “Section
4.2 Event” has the meaning set forth in Section 4.2(b).

 

2.44         “Securities
Act” means the Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder. Any reference
to any section of the Securities Act shall also be a reference to any successor provision.

 

2.45         “Special
Unvested Options or Rights” has the meaning set forth in Section 11.1(a)(v).

 

2.46         “Stock
Appreciation Right” means the right pursuant to an Award granted under Article VII. A Tandem Stock Appreciation
Right shall mean the right to surrender to the Company all (or a portion) of a Stock Option in exchange for a number of shares
of Common Stock and/or cash, as determined by the Committee, equal to the difference between (a) the Fair Market Value on the date
such Stock Option (or such portion thereof) is surrendered, of the Common Stock covered by such Stock Option (or such portion thereof),
and (b) the aggregate exercise price of such Stock Option (or such portion thereof). A Non-Tandem Stock Appreciation Right shall
mean the right to receive a number of shares of Common Stock and/or cash, as determined by the Committee, equal to the difference
between (i) the Fair Market Value of a share of Common Stock on the date such right is exercised, and (ii) the aggregate exercise
price of such right, otherwise than on surrender of a Stock Option.

 

2.47         “Stock
Option” or “Option” means any option to purchase shares of Common Stock granted to Eligible
Employees, Non-Employee Directors or Consultants pursuant to Article VI.

 

2.48         “Subsidiary”
means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.

 

2.49         “Tandem
Stock Appreciation Right” has the meaning set forth in Section 7.1.

 

2.50         “Ten
Percent Stockholder” means a person owning stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company, its Subsidiaries or its Parent.

 

2.51         “Termination”
means a Termination of Consultancy, Termination of Directorship or Termination of Employment, as applicable.

 

2.52         “Termination
of Consultancy” means: (a) that the Consultant is no longer acting as a consultant to the Company or an Affiliate;
or (b) when an entity that is retaining a Participant as a Consultant ceases to be an Affiliate unless the Participant otherwise
is, or thereupon becomes, a Consultant to the Company or another Affiliate at the time the entity ceases to be an Affiliate. In
the event that a Consultant becomes an Eligible Employee or a Non-Employee Director upon the termination of his or her consultancy,
unless otherwise determined by the Committee, in its sole discretion, no Termination of Consultancy shall be deemed to occur until
such time as such Consultant is no longer a Consultant, an Eligible Employee or a Non-Employee Director. Notwithstanding the foregoing,
the Committee may, in its sole discretion, otherwise define Termination of Consultancy in the Award agreement or, if no rights
of a Participant are reduced, may otherwise define Termination of Consultancy thereafter.

 

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2.53         “Termination
of Directorship” means that the Non-Employee Director has ceased to be a director of the Company; except that if
a Non-Employee Director becomes an Eligible Employee or a Consultant upon the termination of his or her directorship, his or her
ceasing to be a director of the Company shall not be treated as a Termination of Directorship unless and until the Participant
has a Termination of Employment or Termination of Consultancy, as the case may be.

 

2.54         “Termination
of Employment” means: (a) a termination of employment (for reasons other than a military or personal leave of absence
granted by the Company) of a Participant from the Company and its Affiliates; or (b) when an entity that is employing a Participant
ceases to be an Affiliate, unless the Participant otherwise is, or thereupon becomes, employed by the Company or another Affiliate
at the time the entity ceases to be an Affiliate. In the event that an Eligible Employee becomes a Consultant or a Non-Employee
Director upon the termination of his or her employment, unless otherwise determined by the Committee, in its sole discretion, no
Termination of Employment shall be deemed to occur until such time as such Eligible Employee is no longer an Eligible Employee,
a Consultant or a Non-Employee Director. Notwithstanding the foregoing, the Committee may, in its sole discretion, otherwise define
Termination of Employment in the Award agreement or, if no rights of a Participant are reduced, may otherwise define Termination
of Employment thereafter.

 

2.55         “Transfer”
means: (a) when used as a noun, any direct or indirect transfer, sale, assignment, pledge, hypothecation, encumbrance or other
disposition (including the issuance of equity in a Person), whether for value or no value and whether voluntary or involuntary
(including by operation of law), and (b) when used as a verb, to directly or indirectly transfer, sell, assign, pledge, encumber,
charge, hypothecate or otherwise dispose of (including the issuance of equity in a Person) whether for value or for no value and
whether voluntarily or involuntarily (including by operation of law). ”Transferred” and “Transferrable”
shall have a correlative meaning.

 

2.56         “Transition
Period” means the “reliance period” under Treasury Regulation Section 1.162-27(f)(2), which ends on the
earliest to occur of the following: (a) the date of the first annual meeting of stockholders of the Company at which directors
are to be elected that occurs after December 31, 2012; (b) the date the Plan is materially amended for purposes of Treasury Regulation
Section 1.162-27(h)(1)(iii); or (c) the date all shares of Common Stock available for issuance under the Plan have been allocated.

 

Article
III

 

ADMINISTRATION

 

3.1           The
Committee.  The Plan shall be administered and interpreted by the Committee.

 

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3.2           Grants
of Awards. The Committee shall have full authority to grant, pursuant to the terms of the Plan, to Eligible Employees,
Consultants and Non-Employee Directors: (1) Stock Options; (2) Stock Appreciation Rights; (3) Restricted Stock; (4) Performance
Shares; and (5) Other Stock-Based Awards. In particular, the Committee shall have the authority:

 

(a)          to
select the Eligible Employees, Consultants and Non-Employee Directors to whom Awards may from time to time be granted hereunder;

 

(b)          to
determine whether and to what extent Awards are to be granted hereunder to one or more Eligible Employees, Consultants or Non-Employee
Directors;

 

(c)          to
determine, in accordance with the terms of the Plan, the number of shares of Common Stock to be covered by each Award granted hereunder;

 

(d)          to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder (including, but
not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof,
or any forfeiture restrictions or waiver thereof, regarding any Award and the shares of Common Stock relating thereto, based on
such factors, if any, as the Committee shall determine, in its sole discretion);

 

(e)          to
determine whether, to what extent and under what circumstances grants of Options and other Awards under the Plan are to operate
on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of the Plan;

 

(f)           to
determine whether and under what circumstances a Stock Option may be settled in cash, Common Stock and/or Restricted Stock under
Section 6.3(d);

 

(g)          to
determine whether, to what extent and under what circumstances Common Stock and other amounts payable with respect to an Award
under the Plan shall be deferred either automatically or at the election of the Participant in any case, in a manner intended to
comply with Section 409A of the Code;

 

(h)          to
determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option;

 

(i)           to
determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of shares
acquired pursuant to an Award for a period of time as determined by the Committee, in its sole discretion, following the date of
such Award; and

 

(j)          generally,
to exercise such powers and to perform such acts as the Committee deems necessary or expedient to promote the best interests of
the Company that are not in conflict with the provisions of the Plan.

 

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3.3           Guidelines.
Subject to Article XIII, the Committee shall, in its sole discretion, have the authority to adopt, alter and repeal such
administrative rules, guidelines and practices governing the Plan and perform all acts, including the delegation of its responsibilities
(to the extent permitted by applicable law and applicable securities exchange rules), as it shall, from time to time, deem advisable;
to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreements relating
thereto); and to otherwise supervise the administration of the Plan. The Committee may, in its sole discretion, correct any defect,
supply any omission or reconcile any inconsistency in the Plan or in any agreement relating thereto in the manner and to the extent
it shall deem necessary to effectuate the purpose and intent of the Plan. The Committee may, in its sole discretion, adopt special
guidelines and provisions for persons who are residing in or employed in, or subject to, the taxes of, any domestic or foreign
jurisdictions to comply with applicable tax and securities laws of such domestic or foreign jurisdictions. To the extent applicable,
the Plan is intended to comply with the applicable requirements of Rule 16b-3 and with respect to Awards intended to be “performance-based,”
the applicable provisions of Section 162(m) of the Code, and the Plan shall be limited, construed and interpreted in a manner so
as to comply therewith.

 

3.4           Decisions
Final.   Any decision, interpretation or other action made or taken in good faith by or at the direction of the Company,
the Board or the Committee (or any of its members) arising out of or in connection with the Plan shall be within the absolute discretion
of all and each of them, as the case may be, and shall be final, binding and conclusive on the Company and all employees and Participants
and their respective heirs, executors, administrators, successors and assigns.

 

3.5           Procedures.
  If the Committee is appointed, the Board shall designate one of the members of the Committee as chairman and the Committee shall
hold meetings, subject to the By-Laws of the Company, at such times and places as it shall deem advisable, including, without limitation,
by telephone conference or by written consent to the extent permitted by applicable law. A majority of the Committee members shall
constitute a quorum. All determinations of the Committee shall be made by a majority of its members. Any decision or determination
reduced to writing and signed by all the Committee members in accordance with the By-Laws of the Company shall be as fully effective
as if it had been made by a vote at a meeting duly called and held. The Committee shall keep minutes of its meetings and shall
make such rules and regulations for the conduct of its business as it shall deem advisable.

 

3.6           Designation
of Consultants/Liability.

 

(a)          The
Committee may, in its sole discretion, designate employees of the Company and professional advisors to assist the Committee in
the administration of the Plan and (to the extent permitted by applicable law and applicable securities exchange rules) may grant
authority to officers to grant Awards and/or execute agreements or other documents on behalf of the Committee.

 

(b)          The
Committee may, in its sole discretion, employ such legal counsel, consultants and agents as it may deem desirable for the administration
of the Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such
consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant or agent
shall be paid by the Company. The Committee, its members and any person designated pursuant to Section 3.6(a) above shall
not be liable for any action or determination made in good faith with respect to the Plan. To the maximum extent permitted by applicable
law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination
made in good faith with respect to the Plan or any Award granted under it.

 

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3.7           Indemnification.
  To the maximum extent permitted by applicable law and the Certificate of Incorporation and By-Laws of the Company and to the extent
not covered by insurance directly insuring such person, each officer or employee of the Company or any Affiliate and member or
former member of the Committee or the Board shall be indemnified and held harmless by the Company against any cost or expense (including
reasonable fees of counsel reasonably acceptable to the Committee) or liability (including any sum paid in settlement of a claim
with the approval of the Committee), and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest
extent permitted, arising out of any act or omission to act in connection with the administration of the Plan, except to the extent
arising out of such officer’s, employee’s, member’s or former member’s fraud or bad faith. Such indemnification
shall be in addition to any rights of indemnification the officers, employees, directors or members or former officers, directors
or members may have under applicable law or under the Certificate of Incorporation or By-Laws of the Company or any Affiliate.
Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual
with regard to Awards granted to him or her under the Plan.

 

Article
IV

 

SHARE LIMITATION

 

4.1           Shares.

 

(a)          General
Limitations. The aggregate number of shares of Common Stock that may be issued or used for reference purposes or with respect
to which Awards may be granted under the Plan shall not exceed the lesser of five percent (5%) of the shares of Common Stock outstanding
on a fully diluted basis at any time and 5,000,000 shares of Common Stock (in any event subject to any increase or decrease pursuant
to Section 4.2), which may be either authorized and unissued Common Stock or Common Stock held in or acquired for the treasury
of the Company or both. If any Option, Stock Appreciation Right or Other Stock-Based Award granted under the Plan expires, terminates
or is canceled for any reason without having been exercised in full, the number of shares of Common Stock underlying any unexercised
Award shall again be available for the purpose of Awards under the Plan. If any shares of Restricted Stock, Performance Shares
or Other Stock-Based Awards, denominated in shares of Common Stock, granted under the Plan are forfeited for any reason, the number
of forfeited shares of Restricted Stock, Performance Shares or such Other Stock-Based Awards shall again be available for the purposes
of Awards under the Plan, as provided in this Section 4.1(a). If a Tandem Stock Appreciation Right or a Limited Stock Appreciation
Right is granted in tandem with an Option, such grant shall only apply once against the maximum number of shares of Common Stock
that may be issued under the Plan. Notwithstanding anything herein to the contrary, any share of Common Stock that again becomes
available for grant pursuant to this Section 4.1(a) shall be added back as one share of Common Stock to the maximum aggregate
limit.

 

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(b)          Individual
Participant Limitations.

 

(i)          The
maximum number of shares of Common Stock subject to any Award of Stock Options, Stock Appreciation Rights or shares of Restricted
Stock for which the grant of such Award or the lapse of the relevant Restriction Period is subject to the attainment of Performance
Goals in accordance with Section 8.3(a)(ii), which may be granted under the Plan during any fiscal year of the Company
to each Eligible Employee or Consultant shall be 750,000 shares per type of Award (which shall be subject to any further increase
or decrease pursuant to Section 4.2), provided that the maximum number of shares of Common Stock for all types of Awards
does not exceed 1,500,000 (which shall be subject to any further increase or decrease pursuant to Section 4.2) during any
fiscal year of the Company. If a Tandem Stock Appreciation Right is granted or a Limited Stock Appreciation Right is granted in
tandem with a Stock Option, it shall apply against the Eligible Employee’s or Consultant’s individual share limitations
for both Stock Appreciation Rights and Stock Options.

 

(ii)         The
maximum number of shares of Common Stock subject to any Award of Stock Options (other than Incentive Stock Options), Stock Appreciation
Rights or Other Stock-Based Awards that may be granted under the Plan during any fiscal year of the Company to each Non-Employee
Director shall be 750,000 shares per type of Award (which shall be subject to any further increase or decrease pursuant to Section
4.2), provided that the maximum number of shares of Common Stock for all types of Awards does not exceed 1,500,000 (which shall
be subject to any further increase or decrease pursuant to Section 4.2) during any fiscal year of the Company. If a Tandem
Stock Appreciation Right is granted or a Limited Stock Appreciation Right is granted in tandem with a Stock Option, it shall apply
against the Non-Employee Director’s individual share limitations for both Stock Appreciation Rights and Stock Options.

 

(iii)        There
are no annual individual Eligible Employee or Consultant share limitations on Restricted Stock for which the grant of such Award
or the lapse of the relevant Restriction Period is not subject to attainment of Performance Goals in accordance with Section
8.3(a)(ii).

 

(iv)        The
maximum value at grant of Performance Shares that may be granted under the Plan with respect to any fiscal year of the Company
to each Eligible Employee or Consultant shall be 5,000,000. Each Performance Share shall be referenced to one share of Common Stock
and shall be charged against the available shares under the Plan at the time the unit value measurement is converted to a referenced
number of shares of Common Stock in accordance with Section 9.1.

 

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(v)         The
individual Participant limitations set forth in this Section 4.1(b) shall be cumulative; that is, to the extent that
shares of Common Stock for which Awards are permitted to be granted to an Eligible Employee, Consultant or Non-Employee Director
during a fiscal year are not covered by an Award to such Eligible Employee, Consultant or Non-Employee Director, in a fiscal year,
the number of shares of Common Stock available for Awards to such Eligible Employee, Consultant or Non-Employee Director, shall
automatically increase in the subsequent fiscal years during the term of the Plan until used.

 

(vi)        The
individual Participant limitations set forth in this Section 4.1(b) shall not apply prior to the Registration Date
and, following the Registration Date, this Section 4.1(b) shall not apply until the expiration of the Transition Period.

 

4.2           Changes.

 

(a)          The
existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders
of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s
capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate, (iii) any issuance of bonds,
debentures, preferred or prior preference stock ahead of or affecting the Common Stock, (iv) the dissolution or liquidation of
the Company or any Affiliate, (v) any sale or transfer of all or part of the assets or business of the Company or any Affiliate,
(vi) any Section 4.2 Event, or (vii) any other corporate act or proceeding.

 

(b)          Subject
to the provisions of Section 4.2(d), if there shall occur any such change in the capital structure of the Company by reason
of any stock split, reverse stock split, stock dividend, subdivision, combination or reclassification of shares that may be issued
under the Plan, any recapitalization, any merger, any consolidation, any spin off, any reorganization or any partial or complete
liquidation, or any other corporate transaction or event having an effect similar to any of the foregoing (a “Section
4.2 Event”), then (i) the aggregate number and/or kind of shares that thereafter may be issued under the Plan, (ii) the
number and/or kind of shares or other property (including cash) to be issued upon exercise of an outstanding Award or under other
Awards granted under the Plan, (iii) the purchase price thereof, and/or (iv) the individual Participant limitations set forth in
Section 4.1(b) (other than those based on cash limitations) shall be appropriately adjusted. In addition, subject to Section
4.2(d), if there shall occur any change in the capital structure or the business of the Company that is not a Section 4.2 Event
(an “Other Extraordinary Event”), including by reason of any extraordinary dividend (whether cash or stock),
any conversion, any adjustment, any issuance of any class of securities convertible or exercisable into, or exercisable for, any
class of stock, or any sale or transfer of all or substantially all the Company’s assets or business, then the Committee,
in its sole discretion, may adjust any Award and make such other adjustments to the Plan. Any adjustment pursuant to this Section
4.2 shall be consistent with the applicable Section 4.2 Event or the applicable Other Extraordinary Event, as the case may
be, and in such manner as the Committee may, in its sole discretion, deem appropriate and equitable to prevent substantial dilution
or enlargement of the rights granted to, or available for, Participants under the Plan. Any such adjustment determined by the Committee
shall be final, binding and conclusive on the Company and all Participants and their respective heirs, executors, administrators,
successors and permitted assigns. Except as expressly provided in this Section 4.2 or in the applicable Award agreement,
a Participant shall have no rights by reason of any Section 4.2 Event or any Other Extraordinary Event.

 

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(c)          Fractional
shares of Common Stock resulting from any adjustment in Awards pursuant to Section 4.2(a) or Section 4.2(b) shall
be aggregated until, and eliminated at, the time of exercise by rounding-down for fractions less than one-half and rounding-up
for fractions equal to or greater than one-half. No cash settlements shall be made with respect to fractional shares eliminated
by rounding. Notice of any adjustment shall be given by the Committee to each Participant whose Award has been adjusted and such
adjustment (whether or not such notice is given) shall be effective and binding for all purposes of the Plan.

 

(d)          In
the event of an Acquisition Event, the Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options
or Stock Appreciation Rights or any Other Stock Based Award that provides for a Participant elected exercise (“Exercisable
Awards”) effective as of the date of the Acquisition Event, by delivering notice of termination to each Participant at
least 20 days prior to the date of consummation of the Acquisition Event, in which case during the period from the date on which
such notice of termination is delivered to the consummation of the Acquisition Event, each such Participant shall have the right
to exercise his or her Exercisable Awards that are then outstanding to the extent vested as of the date on which such notice of
termination is delivered (or, at the discretion of the Committee, without regard to any limitations on exercisability otherwise
contained in the Award agreements), but any such exercise shall be contingent on the occurrence of the Acquisition Event, and,
provided that, if the Acquisition Event does not take place within a specified period after giving such notice for any reason whatsoever,
the notice and exercise pursuant thereto shall be null and void. For the avoidance of doubt, in the event of an Acquisition Event,
the Committee may, in its sole discretion, terminate any Exercisable Award for which the exercise price is equal to or exceeds
the Fair Market Value without payment of consideration therefor.

 

If an Acquisition Event occurs but the Committee does not terminate
the outstanding Awards pursuant to this Section 4.2(d), then the applicable provisions of Section 4.2(b) and Article
XII shall apply.

 

4.3           Minimum
Purchase Price.   Notwithstanding any provision of the Plan to the contrary, if authorized but previously unissued shares
of Common Stock are issued under the Plan, such shares shall not be issued for a consideration that is less than as permitted under
applicable law.

 

Article
V

 

ELIGIBILITY AND GENERAL
REQUIREMENTS FOR AWARDS

 

5.1           General
Eligibility.    All Eligible Employees, Consultants, Non-Employee Directors and prospective employees and consultants are
eligible to be granted Awards, subject to the terms and conditions of the Plan. Eligibility for the grant of Awards and actual
participation in the Plan shall be determined by the Committee in its sole discretion.

 

5.2           Incentive
Stock Options.    Notwithstanding anything herein to the contrary, only Eligible Employees of the Company, its Subsidiaries
and its Parent (if any) are eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of an Incentive
Stock Option and actual participation in the Plan shall be determined by the Committee in its sole discretion.

 

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5.3           General
Requirement.   The vesting and exercise of Awards granted to a prospective employee or consultant are conditioned upon such
individual actually becoming an Eligible Employee or Consultant.

 

Article
VI

 

STOCK OPTIONS

 

6.1           Options.
  Each Stock Option granted under the Plan shall be one of two types: (a) an Incentive Stock Option; or (b) a Non-Qualified Stock
Option.

 

6.2           Grants.
  The Committee shall, in its sole discretion, have the authority to grant to any Eligible Employee (subject to Section 5.2)
Incentive Stock Options, Non-Qualified Stock Options, or both types of Stock Options. The Committee shall, in its sole discretion,
have the authority to grant any Consultant or Non-Employee Director Non-Qualified Stock Options. To the extent that any Stock Option
does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise),
such Stock Option or the portion thereof that does not qualify shall constitute a separate Non-Qualified Stock Option.

 

6.3           Terms
of Options.   Options granted under the Plan shall be subject to the following terms and conditions and shall be in such
form and contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee, in its sole
discretion, shall deem desirable:

 

(a)          Exercise
Price.   The exercise price per share of Common Stock subject to a Stock Option shall be determined by the Committee at the time
of grant, provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive
Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair Market Value of the Common Stock at the time of grant.

 

(b)          Stock
Option Term.   The term of each Stock Option shall be fixed by the Committee, provided that no Stock Option shall be exercisable
more than 10 years after the date the Option is granted; and provided further that the term of an Incentive Stock Option granted
to a Ten Percent Stockholder shall not exceed five years.

 

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(c)          Exercisability.
 Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the
Committee at grant. If the Committee provides, in its discretion, that any Stock Option is exercisable subject to certain limitations
(including, without limitation, that such Stock Option is exercisable only in installments or within certain time periods or upon
attainment of certain financial results), the Committee may waive such limitations on the exercisability at any time at or after
grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the
time at which such Stock Option may be exercised), based on such factors, if any, as the Committee shall determine, in its sole
discretion. Unless otherwise determined by the Committee at grant, the Option agreement shall provide that (i) if the Participant
engages in Detrimental Activity prior to any exercise of the Stock Option, all Stock Options held by the Participant shall thereupon
terminate and expire, (ii) as a condition of the exercise of a Stock Option, the Participant shall be required to certify (or shall
be deemed to have certified) at the time of exercise in a manner acceptable to the Company that the Participant is in compliance
with the terms and conditions of the Plan and that the Participant has not engaged in, and does not intend to engage in, any Detrimental
Activity, and (iii) if the Participant engages in Detrimental Activity during the one-year period commencing on the later of the
date the Stock Option is exercised or the date of the Participant’s Termination, the Company shall be entitled to recover
from the Participant at any time within one year after such date, and the Participant shall pay over to the Company, an amount
equal to any gain realized as a result of the exercise (whether at the time of exercise or thereafter).

 

(d)          Method
of Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 6.3(c) above,
to the extent vested, Stock Options may be exercised in whole or in part at any time during the Option term, by giving written
notice of exercise to the Company specifying the number of shares of Common Stock to be purchased. Such notice shall be accompanied
by payment in full of the purchase price as follows: (i) in cash or by check, bank draft or money order payable to the order of
the Company; (ii) solely to the extent permitted by applicable law, if the Common Stock is traded on a national securities exchange
or quoted on a national quotation system sponsored by the National Association of Securities Dealers, and the Committee authorizes,
through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee
to deliver promptly to the Company an amount equal to the purchase price; or (iii) on such other terms and conditions as may be
acceptable to the Committee (including, without limitation, the relinquishment of Stock Options or by payment in full or in part
in the form of Common Stock owned by the Participant based on the Fair Market Value of the Common Stock on the payment date as
determined by the Committee, in its sole discretion). No shares of Common Stock shall be issued until payment therefor, as provided
herein, has been made or provided for.

 

(e)          Non-Transferability
of Options. No Stock Option shall be Transferable by the Participant otherwise than by will or by the laws of descent and distribution,
and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the
foregoing, the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option
that is otherwise not Transferable pursuant to this Section is Transferable to a Family Member in whole or in part and in such
circumstances, and under such conditions, as determined by the Committee, in its sole discretion. A Non-Qualified Stock Option
that is Transferred to a Family Member pursuant to the preceding sentence (i) may not be subsequently Transferred otherwise than
by will or by the laws of descent and distribution and (ii) remains subject to the terms of the Plan and the applicable Award agreement.
Any shares of Common Stock acquired upon the exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified
Stock Option or a permissible transferee pursuant to a Transfer after the exercise of the Non-Qualified Stock Option shall be subject
to the terms of the Plan and the applicable Award agreement.

 

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(f)          Incentive
Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Common
Stock with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar
year under the Plan and/or any other stock option plan of the Company, any Subsidiary or any Parent exceeds $100,000, such Options
shall be treated as Non-Qualified Stock Options. Should any provision of the Plan not be necessary in order for the Stock Options
to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may, in its sole discretion,
amend the Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company.

 

(g)          Form,
Modification, Extension and Renewal of Stock Options. Subject to the terms and conditions and within the limitations of the
Plan, Stock Options shall be evidenced by such form of agreement or grant as is approved by the Committee, and the Committee may,
in its sole discretion (i) modify, extend or renew outstanding Stock Options granted under the Plan (provided that the rights of
a Participant are not reduced without his or her consent and provided further that such action does not subject the Stock Options
to Section 409A of the Code), and (ii) accept the surrender of outstanding Stock Options (up to the extent not theretofore
exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised).
Notwithstanding the foregoing, an outstanding Option may not be modified to reduce the exercise price thereof nor may a new Option
at a lower price be substituted for a surrendered Option (other than adjustments or substitutions in accordance with Section
4.2), unless such action is approved by the stockholders of the Company.

 

(h)          Early
Exercise. The Committee may provide that a Stock Option include a provision whereby the Participant may elect at any time before
the Participant’s Termination to exercise the Stock Option as to any part or all of the shares of Common Stock subject to
the Stock Option prior to the full vesting of the Stock Option and such shares shall be subject to the provisions of Article
VI and treated as Restricted Stock. Any unvested shares of Common Stock so purchased may be subject to a repurchase option
in favor of the Company or to any other restriction the Committee determines to be appropriate.

 

(i)          Other
Terms and Conditions. Stock Options may contain such other provisions, which shall not be inconsistent with any of the terms
of the Plan, as the Committee shall, in its sole discretion, deem appropriate.

 

Article
VII

 

STOCK APPRECIATION
RIGHTS

 

7.1           Tandem
Stock Appreciation Rights.  Stock Appreciation Rights may be granted in conjunction with all or part of any Stock Option
(a “Reference Stock Option”) granted under the Plan (“Tandem Stock Appreciation Rights”).
In the case of a Non-Qualified Stock Option, such rights may be granted either at or after the time of the grant of such Reference
Stock Option. In the case of an Incentive Stock Option, such rights may be granted only at the time of the grant of such Reference
Stock Option.

 

7.2           Terms
and Conditions of Tandem Stock Appreciation Rights.  Tandem Stock Appreciation Rights granted hereunder shall be subject
to such terms and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time to time by the
Committee in its sole discretion, and the following:

 

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(a)          Exercise
Price. The exercise price per share of Common Stock subject to a Tandem Stock Appreciation Right shall be determined by the
Committee at the time of grant, provided that the per share exercise price of a Tandem Stock Appreciation Right shall not be less
than 100% of the Fair Market Value of the Common Stock at the time of grant.

 

(b)          Term.
A Tandem Stock Appreciation Right or applicable portion thereof granted with respect to a Reference Stock Option shall terminate
and no longer be exercisable upon the termination or exercise of the Reference Stock Option, except that, unless otherwise determined
by the Committee, in its sole discretion, at the time of grant, a Tandem Stock Appreciation Right granted with respect to less
than the full number of shares covered by the Reference Stock Option shall not be reduced until and then only to the extent the
exercise or termination of the Reference Stock Option causes the number of shares covered by the Tandem Stock Appreciation Right
to exceed the number of shares remaining available and unexercised under the Reference Stock Option.

 

(c)          Exercisability.
Tandem Stock Appreciation Rights shall be exercisable only at such time or times and to the extent that the Reference Stock Options
to which they relate shall be exercisable in accordance with the provisions of Article VI, and shall be subject to the provisions
of Section 6.3(c).

 

(d)          Method
of Exercise. A Tandem Stock Appreciation Right may be exercised by the Participant by surrendering the applicable portion of
the Reference Stock Option. Upon such exercise and surrender, the Participant shall be entitled to receive the payment determined
in the manner prescribed in this Section 7.2. Stock Options that have been so surrendered, in whole or in part, shall no
longer be exercisable to the extent the related Tandem Stock Appreciation Rights have been exercised.

 

(e)          Payment.
Upon the exercise of a Tandem Stock Appreciation Right, a Participant shall be entitled to receive up to, but no more than, an
amount in cash and/or shares of Common Stock (as chosen by the Committee in its sole discretion at grant, or thereafter if no rights
of a Participant are reduced) equal in value to the excess of the Fair Market Value of one share of Common Stock over the Option
exercise price per share specified in the Reference Stock Option agreement, multiplied by the number of shares in respect of which
the Tandem Stock Appreciation Right shall have been exercised.

 

(f)          Deemed
Exercise of Reference Stock Option. Upon the exercise of a Tandem Stock Appreciation Right, the Reference Stock Option or part
thereof to which such Stock Appreciation Right is related shall be deemed to have been exercised for the purpose of the limitation
set forth in Article IV of the Plan on the number of shares of Common Stock to be issued under the Plan.

 

(g)          Non-Transferability.
Tandem Stock Appreciation Rights shall be Transferable only when and to the extent that the underlying Stock Option would be Transferable
under Section 6.3(e) of the Plan.

 

7.3           Non-Tandem
Stock Appreciation Rights.  Non-Tandem Stock Appreciation Rights may also be granted without reference to any Stock Options
granted under the Plan.

 

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7.4           Terms
and Conditions of Non-Tandem Stock Appreciation Rights.   Non-Tandem Stock Appreciation Rights granted hereunder shall be
subject to such terms and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time to time
by the Committee in its sole discretion, and the following:

 

(a)          Exercise
Price. The exercise price per share of Common Stock subject to a Non-Tandem Stock Appreciation Right shall be determined by
the Committee at the time of grant, provided that the per share exercise price of a Non-Tandem Stock Appreciation Right shall not
be less than 100% of the Fair Market Value of the Common Stock at the time of grant.

 

(b)          Term.
The term of each Non-Tandem Stock Appreciation Right shall be fixed by the Committee, but shall not be greater than 10 years after
the date the right is granted.

 

(c)          Exercisability.
Non-Tandem Stock Appreciation Rights shall be exercisable at such time or times and subject to such terms and conditions as shall
be determined by the Committee at grant. If the Committee provides, in its discretion, that any such right is exercisable subject
to certain limitations (including, without limitation, that it is exercisable only in installments or within certain time periods),
the Committee may waive such limitations on the exercisability at any time at or after grant in whole or in part (including, without
limitation, waiver of the installment exercise provisions or acceleration of the time at which such right may be exercised), based
on such factors, if any, as the Committee shall determine, in its sole discretion. Unless otherwise determined by the Committee
at grant, the Award agreement shall provide that (i) in the event the Participant engages in Detrimental Activity prior to any
exercise of the Non-Tandem Stock Appreciation Right, all Non-Tandem Stock Appreciation Rights held by the Participant shall thereupon
terminate and expire, (ii) as a condition of the exercise of a Non-Tandem Stock Appreciation Right, the Participant shall be required
to certify (or shall be deemed to have certified) at the time of exercise in a manner acceptable to the Company that the Participant
is in compliance with the terms and conditions of the Plan and that the Participant has not engaged in, and does not intend to
engage in, any Detrimental Activity, and (iii) in the event the Participant engages in Detrimental Activity during the one-year
period commencing on the later of the date the Non-Tandem Stock Appreciation Right is exercised or the date of the Participant’s
Termination, the Company shall be entitled to recover from the Participant at any time within one year after such date, and the
Participant shall pay over to the Company, an amount equal to any gain realized as a result of the exercise (whether at the time
of exercise or thereafter).

 

(d)          Method
of Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 7.4(c) above,
Non-Tandem Stock Appreciation Rights may be exercised in whole or in part at any time in accordance with the applicable Award agreement,
by giving written notice of exercise to the Company specifying the number of Non-Tandem Stock Appreciation Rights to be exercised.

 

(e)          Payment.
Upon the exercise of a Non-Tandem Stock Appreciation Right a Participant shall be entitled to receive, for each right exercised,
up to, but no more than, an amount in cash and/or shares of Common Stock (as chosen by the Committee in its sole discretion at
grant, or thereafter if no rights of a Participant are reduced) equal in value to the excess of the Fair Market Value of one share
of Common Stock on the date the right is exercised over the Fair Market Value of one share of Common Stock on the date the right
was awarded to the Participant.

 

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(f)          Non-Transferability.
No Non-Tandem Stock Appreciation Rights shall be Transferable by the Participant otherwise than by will or by the laws of descent
and distribution, and all such rights shall be exercisable, during the Participant’s lifetime, only by the Participant.

 

7.5           Limited
Stock Appreciation Rights.   The Committee may, in its sole discretion, grant Tandem and Non-Tandem Stock Appreciation Rights
either as a general Stock Appreciation Right or as a limited stock appreciation right (a “Limited Stock Appreciation Right”).
Limited Stock Appreciation Rights may be exercised only upon the occurrence of a Change in Control or such other event as the Committee
may, in its sole discretion, designate at the time of grant or thereafter. Upon the exercise of Limited Stock Appreciation Rights,
except as otherwise provided in an Award agreement, the Participant shall receive in cash or Common Stock, as determined by the
Committee, an amount equal to the amount (a) set forth in Section 7.2(e) with respect to Tandem Stock Appreciation
Rights, or (b) set forth in Section 7.4(e) with respect to Non-Tandem Stock Appreciation Rights, as applicable.

 

Article
VIII

 

RESTRICTED STOCK

 

8.1           Awards
of Restricted Stock.   Shares of Restricted Stock may be issued either alone or in addition to other Awards granted under
the Plan. The Committee shall, in its sole discretion, determine the Eligible Employees, Consultants and Non-Employee Directors,
to whom, and the time or times at which, grants of Restricted Stock shall be made, the number of shares to be awarded, the price
(if any) to be paid by the Participant (subject to Section 8.2), the time or times within which such Awards may be subject
to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards. The Committee
may condition the grant or vesting of Restricted Stock upon the attainment of specified performance targets (including, the Performance
Goals specified in Exhibit A attached hereto) or such other factors as the Committee may determine, in its sole discretion,
including to comply with the requirements of Section 162(m) of the Code.

 

Unless otherwise determined
by the Committee at grant, each Award of Restricted Stock shall provide that in the event the Participant engages in Detrimental
Activity prior to, or during the one-year period after, any vesting of Restricted Stock, the Committee may direct that all unvested
Restricted Stock shall be immediately forfeited to the Company and that the Participant shall pay over to the Company an amount
equal to the Fair Market Value at the time of vesting of any Restricted Stock that had vested in the period referred to above.

 

8.2           Awards
and Certificates.   Eligible Employees, Consultants and Non-Employee Directors selected to receive Restricted Stock shall
not have any rights with respect to such Award, unless and until such Participant has delivered a fully executed copy of the agreement
evidencing the Award to the Company and has otherwise complied with the applicable terms and conditions of such Award. Further,
such Award shall be subject to the following conditions:

 

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(a)          Purchase
Price. The purchase price of Restricted Stock shall be fixed by the Committee. Subject to Section 4.3, the purchase
price for shares of Restricted Stock may be zero to the extent permitted by applicable law, and, to the extent not so permitted,
such purchase price may not be less than par value.

 

(b)          Acceptance.
Awards of Restricted Stock must be accepted within a period of 60 days (or such other period as the Committee may specify) after
the grant date, by executing a Restricted Stock agreement and by paying whatever price (if any) the Committee has designated thereunder.

 

(c)          Legend.
Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock,
unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of shares
of Restricted Stock. Such certificate shall be registered in the name of such Participant, and shall, in addition to such legends
required by applicable securities laws, bear an appropriate legend referring to the terms, conditions, and restrictions applicable
to such Award, substantially in the following form:

 

“The anticipation, alienation,
attachment, sale, transfer, assignment, pledge, encumbrance or charge of the shares of stock represented hereby are subject to
the terms and conditions (including forfeiture) of the United Realty Trust Incorporated (the “Company”) 2012
Stock Incentive Plan (as the same may be amended or amended and restated from time to time, the “Plan”) and
an agreement entered into between the registered owner and the Company dated __________. Copies of such Plan and agreement are
on file at the principal office of the Company.”

 

(d)          Custody.
If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates
evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition
of any grant of Restricted Stock, the Participant shall have delivered a duly signed stock power, endorsed in blank, relating to
the Common Stock covered by such Award.

 

8.3           Restrictions
and Conditions.   The shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions
and conditions:

 

(a)          (i)          Restriction
Period. The Participant shall not be permitted to Transfer shares of Restricted Stock awarded under the Plan during the period
or periods set by the Committee (the “Restriction Period”) commencing on the date of such Award, as set forth
in the Restricted Stock Award agreement and such agreement shall set forth a vesting schedule and any events that would accelerate
vesting of the shares of Restricted Stock. Within these limits, based on service, attainment of performance goals pursuant to Section
8.3(a)(ii) and/or such other factors or criteria as the Committee may determine in its sole discretion, the Committee may condition
the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all
or any part of any Restricted Stock Award and/or waive the deferral limitations for all or any part of any Restricted Stock Award.

 

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(ii)         Objective
Performance Goals, Formulae or Standards. If the grant of shares of Restricted Stock or the lapse of restrictions is based
on the attainment of Performance Goals, the Committee shall establish the Performance Goals and the applicable vesting percentage
of the Restricted Stock Award applicable to each Participant or class of Participants in writing prior to the beginning of the
applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the Performance
Goals are substantially uncertain. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes
in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar
type events or circumstances. With regard to a Restricted Stock Award that is intended to comply with Section 162(m) of the Code,
to the extent any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section
162(m) of the Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based on one or more
of the performance criteria set forth in Exhibit A hereto.

 

(b)          Rights
as a Stockholder. Except as provided in this Section 8.3(b) and Section 8.3(a) above and as otherwise determined
by the Committee, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of
shares of Common Stock of the Company including, without limitation, the right to receive any dividends, the right to vote such
shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares. The
Committee may, in its sole discretion, determine at the time of grant that the payment of dividends shall be deferred until, and
conditioned upon, the expiration of the applicable Restriction Period.

 

(c)          Lapse
of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates
for such shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery
to the Participant, except as otherwise required by applicable law or other limitations imposed by the Committee.

 

Article
IX

 

PERFORMANCE SHARES

 

9.1           Award
of Performance Shares.   Performance Shares may be awarded either alone or in addition to other Awards granted under the
Plan. The Committee shall, in its sole discretion, determine the Eligible Employees, Consultants and Non-Employee Directors, to
whom, and the time or times at which, Performance Shares shall be awarded, the number of Performance Shares to be awarded to any
person, the Performance Period during which, and the conditions under which, receipt of the Shares will be deferred, and the other
terms and conditions of the Award in addition to those set forth in Section 9.2.

 

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Unless otherwise determined
by the Committee at grant, each Award of Performance Shares shall provide that in the event the Participant engages in Detrimental
Activity prior to, or during the one-year period after the later of the date of any vesting of Performance Shares or the date of
the Participant’s Termination, the Committee may direct (at any time within one year thereafter) that all unvested Performance
Shares shall be immediately forfeited to the Company and that the Participant shall pay over to the Company an amount equal to
any gain the Participant realized from any Performance Shares that had vested in the period referred to above.

 

Except as otherwise
provided herein, the Committee shall condition the right to payment of any Performance Share upon the attainment of objective performance
goals established pursuant to Section 9.2(c).

 

9.2           Terms
and Conditions.   Performance Shares awarded pursuant to this Article IX shall be subject to the following terms and
conditions:

 

(a)          Earning
of Performance Share Award. At the expiration of the applicable Performance Period, the Committee shall determine the extent
to which the performance goals established pursuant to Section 9.2(c) are achieved and the percentage of each Performance
Share Award that has been earned.

 

(b)          Non-Transferability.
Subject to the applicable provisions of the Award agreement and the Plan, Performance Shares may not be Transferred during the
Performance Period.

 

(c)          Objective
Performance Goals, Formulae or Standards. The Committee shall establish the objective Performance Goals for the earning of
Performance Shares based on a Performance Period applicable to each Participant or class of Participants in writing prior to the
beginning of the applicable Performance Period or at such later date as permitted under Section 162(m) of the Code and while
the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only to the extent
permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate
transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. To
the extent any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section
162(m) of the Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based on one or more
of the performance criteria set forth in Exhibit A hereto.

 

(d)          Dividends.
Unless otherwise determined by the Committee at the time of grant, amounts equal to any dividends declared during the Performance
Period with respect to the number of shares of Common Stock covered by a Performance Share will not be paid to the Participant.

 

(e)          Payment.
Following the Committee’s determination in accordance with Section 9.5(a), shares of Common Stock or, as determined
by the Committee in its sole discretion, the cash equivalent of such shares shall be delivered to the Eligible Employee, Consultant
or Non-Employee Director, or his legal representative, in an amount equal to such individual’s earned Performance Share.
Notwithstanding the foregoing, the Committee may, in its sole discretion, award an amount less than the earned Performance Share
and/or subject the payment of all or part of any Performance Share to additional vesting, forfeiture and deferral conditions as
it deems appropriate.

 

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(f)          Accelerated
Vesting. Based on service, performance and/or such other factors or criteria, if any, as the Committee may determine, the Committee
may, in its sole discretion, at or after grant, accelerate the vesting of all or any part of any Performance Share Award and/or
waive the deferral limitations for all or any part of such Award.

 

Article
X

 

OTHER STOCK-BASED
AWARDS

 

10.1         Other
Awards.   The Committee, in its sole discretion, is authorized to grant to Eligible Employees, Consultants and Non-Employee
Directors Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related
to shares of Common Stock, including, but not limited to, shares of Common Stock awarded purely as a bonus and not subject to any
restrictions or conditions, shares of Common Stock in payment of the amounts due under an incentive or performance plan sponsored
or maintained by the Company or an Affiliate, performance units, dividend equivalent units, stock equivalent units, restricted
stock units and deferred stock units. To the extent permitted by law, the Committee may, in its sole discretion, permit Eligible
Employees and/or Non-Employee Directors to defer all or a portion of their cash compensation in the form of Other Stock-Based Awards
granted under the Plan, subject to the terms and conditions of any deferred compensation arrangement established by the Company,
which shall be intended to comply with Section 409A of the Code. Other Stock-Based Awards may be granted either alone or in addition
to or in tandem with other Awards granted under the Plan.

 

Unless otherwise determined
by the Committee at grant, each Other Stock-based Award shall provide that in the event the Participant engages in Detrimental
Activity prior to, or during the one-year period after the later of the date of any vesting of Performance Shares or the date of
the Participant’s Termination, the Committee may direct (at any time within one year thereafter) that any unvested portion
of such Award shall be immediately forfeited to the Company and that the Participant shall pay over to the Company an amount equal
to any gain the Participant realized from any such Award that had vested in the period referred to above.

 

Subject to the provisions
of the Plan, the Committee shall, in its sole discretion, have authority to determine the Eligible Employees, Consultants and Non-Employee
Directors, to whom, and the time or times at which, such Awards shall be made, the number of shares of Common Stock to be awarded
pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide for the grant of Common Stock under
such Awards upon the completion of a specified performance period.

 

The Committee may condition
the grant or vesting of Other Stock-Based Awards upon the attainment of specified Performance Goals set forth on Exhibit A
as the Committee may determine, in its sole discretion; provided that to the extent that such Other Stock-Based Awards are intended
to comply with Section 162(m) of the Code, the Committee shall establish the objective Performance Goals for the vesting of such
Other Stock-Based Awards based on a performance period applicable to each Participant or class of Participants in writing prior
to the beginning of the applicable performance period or at such later date as permitted under Section 162(m) of the Code
and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only
to the extent permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting
methods, corporate transactions (including, without limitation, dispositions and acquisition) and other similar type events or
circumstances. To the extent any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise
violate Section 162(m) of the Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based
on one or more of the performance criteria set forth in Exhibit A hereto.

 

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10.2         Terms
and Conditions.   Other Stock-Based Awards made pursuant to this Article X shall be subject to the following terms
and conditions:

 

(a)          Non-Transferability.
Subject to the applicable provisions of the Award agreement and the Plan, shares of Common Stock subject to Awards made under this
Article X may not be Transferred prior to the date on which the shares are issued, or, if later, the date on which any applicable
restriction, performance or deferral period lapses.

 

(b)          Dividends.
Unless otherwise determined by the Committee at the time of Award, subject to the provisions of the Award agreement and the Plan,
the recipient of an Award under this Article X shall not be entitled to receive, currently or on a deferred basis, dividends
or dividend equivalents with respect to the number of shares of Common Stock covered by the Award.

 

(c)          Vesting.
Any Award under this Article X and any Common Stock covered by any such Award shall vest or be forfeited to the extent so
provided in the Award agreement, as determined by the Committee, in its sole discretion.

 

(d)          Price.
Common Stock issued on a bonus basis under this Article X may be issued for no cash consideration; Common Stock purchased
pursuant to a purchase right awarded under this Article X shall be priced, as determined by the Committee in its sole discretion.

 

(e)          Payment.
Form of payment for the Other Stock-Based Award shall be specified in the Award agreement.

 

Article
XI

 

TERMINATION

 

11.1         Termination.
 The following rules apply with regard to the Termination of a Participant.

 

(a)          Rules
Applicable to Stock Option and Stock Appreciation Rights. Unless otherwise determined by the Committee at grant (or, if no
rights of the Participant are reduced, thereafter):

 

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(i)          Termination
by Reason of Death, Disability or Retirement. If a Participant’s Termination is by reason of death, Disability or the
Participant’s Retirement, all Stock Options or Stock Appreciation Rights that are held by such Participant that are vested
and exercisable at the time of the Participant’s Termination may be exercised by the Participant (or, in the case of death,
by the legal representative of the Participant’s estate) at any time within a one-year period from the date of such Termination,
but in no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights; provided, however,
if the Participant dies within such exercise period, all unexercised Stock Options or Stock Appreciation Rights held by such Participant
shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one year from
the date of such death, but in no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights.

 

(ii)         Involuntary
Termination Without Cause. If a Participant’s Termination is by involuntary termination without Cause, all Stock Options
or Stock Appreciation Rights that are held by such Participant that are vested and exercisable at the time of the Participant’s
Termination may be exercised by the Participant at any time within a period of 90 days from the date of such Termination, but in
no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights.

 

(iii)        Voluntary
Termination.  If a Participant’s Termination is voluntary (other than a voluntary termination described in Section
11.2(a)(iv)(2), or a Retirement), all Stock Options or Stock Appreciation Rights that are held by such Participant that are
vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at any time within
a period of 30 days from the date of such Termination, but in no event beyond the expiration of the stated terms of such Stock
Options or Stock Appreciation Rights.

 

(iv)        Termination
for Cause. If a Participant’s Termination: (A) is for Cause, or (B) is a voluntary Termination (as provided in Section
11.1(a)(iii)) or a Retirement after the occurrence of an event that would be grounds for a Termination for Cause, all Stock
Options or Stock Appreciation Rights, whether vested or not vested, that are held by such Participant shall thereupon terminate
and expire as of the date of such Termination.

 

(v)         Unvested
Stock Options and Stock Appreciation Rights. Stock Options or Stock Appreciation Rights that are not vested as of the date
of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination. Notwithstanding
the foregoing, if a Participant is deemed to have experienced a Termination of Employment in accordance with the last sentence
of Section 2.54 of the Plan, then (A) any Stock Options and any Stock Appreciation Rights that are not vested as of the
date of such Participant’s Termination of Employment in accordance with the last sentence of Section 2.54 of the Plan
(“Special Unvested Options or Rights”) shall not terminate or expire as of the date of such Termination of Employment
and shall remain outstanding until a Participant experiences a Termination of Employment (other than on account of the last sentence
of Section 2.54 of the Plan), but in no event beyond the expiration of the stated term of any such Special Unvested Options
or Rights, and (B) no Special Unvested Options or Rights will thereafter vest except as set forth in the next succeeding sentence.
If, after a Termination of Employment in accordance with the last sentence of Section 2.54 of the Plan, (1) a Participant
remains continuously employed by the Company or any of its Affiliates, and (2) subsequent thereto, such Participant becomes
regularly scheduled to work more than 24 hours per week, then any Special Unvested Options or Rights shall immediately vest as
to any shares of Common Stock that did not vest under the terms of such Special Unvested Options or Rights between the date of
such Participant’s Termination of Employment in accordance with the last sentence of Section 2.54 of the Plan and
the date such Participant became regularly scheduled to work more than 24 hours per week solely as a result of the application
of the immediately preceding sentence.

 

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(b)          Rules
Applicable to Restricted Stock, Performance Shares and Other Stock-Based Awards. Unless otherwise determined by the Committee
at grant or thereafter, upon a Participant’s Termination for any reason: (i) during the relevant Restriction Period, all
Restricted Stock still subject to restriction shall be forfeited; and (ii) any unvested Performance Shares or Other Stock-Based
Awards shall be forfeited.

 

Article
XII

 

CHANGE IN CONTROL
PROVISIONS

 

12.1         Benefits.
  In the event of a Change in Control of the Company, and except as otherwise provided by the Committee in an Award agreement or
in a written employment agreement between the Company and a Participant, a Participant’s unvested Award shall vest in full
and a Participant’s Award shall be treated in accordance with one of the following methods as determined by the Committee
in its sole discretion:

 

(a)          Awards,
whether or not vested by their terms or pursuant to the preceding sentence, shall be continued, assumed, have new rights substituted
therefor or be treated in accordance with Section 4.2(d), as determined by the Committee in its sole discretion, and restrictions
to which any shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon
a Change in Control (other than with respect to vesting pursuant to the foregoing provisions of this Section 12.1) and the
Restricted Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive the same or other appropriate
distribution as other Common Stock on such terms as determined by the Committee in its sole discretion; provided, however,
that, the Committee may, in its sole discretion, decide to award additional Restricted Stock or other Award in lieu of any cash
distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted
Stock Option shall comply with the requirements of Treasury Regulation § 1.424-1 (and any amendments thereto).

 

(b)          The
Committee, in its sole discretion, may provide for the purchase of any Awards by the Company or an Affiliate (or the cancellation
and extinguishment thereof pursuant to the terms of a merger agreement entered into by the Company) for an amount of cash equal
to the excess of the Change in Control Price (as defined below) of the shares of Common Stock covered by such Awards, over the
aggregate exercise price of such Awards. For purposes of this Section 12.1, “Change in Control Price”
shall mean the highest price per share of Common Stock paid in any transaction related to a Change in Control of the Company.

 

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(c)          The
Committee may, in its sole discretion, provide for the cancellation of any particular Award or Awards without payment, if the Change
in Control Price is less than the Fair Market Value of such Award(s) on the date of grant.

 

(d)          Notwithstanding
anything else herein, the Committee may, in its sole discretion, provide for accelerated vesting or lapse of restrictions, of an
Award at the time of grant or at any time thereafter.

 

12.2         Change
in Control.   Unless otherwise determined by the Committee in the applicable Award agreement or other written agreement approved
by the Committee, a “Change in Control” shall be deemed to occur following any transaction if: (a) any “person”
as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other fiduciary holding
securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their ownership of Common Stock of the Company), becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 40% or more of the combined voting power
of the then outstanding securities of the Company (or its successor corporation); or (b) the stockholders of the Company
approve a plan of complete liquidation of the Company or the consummation of the sale or disposition by the Company of all or substantially
all of the Company’s assets other than (i) the sale or disposition of all or substantially all of the assets of the Company
to a person or persons who beneficially own, directly or indirectly, at least 50% or more of the combined voting power of the outstanding
voting securities of the Company at the time of the sale, or (ii) pursuant to a spin-off type transaction, directly or indirectly,
of such assets to the stockholders of the Company.

 

Article
XIII

 

TERMINATION OR AMENDMENT
OF PLAN

 

13.1         Termination
or Amendment.  Notwithstanding any other provision of the Plan, the Board or the Committee may at any time, and from time
to time, amend, in whole or in part, any or all of the provisions of the Plan (including any amendment deemed necessary to ensure
that the Company may comply with any regulatory requirement referred to in Article XV), or suspend or terminate it entirely,
retroactively or otherwise; provided, however, that, unless otherwise required by law or specifically provided herein,
the rights of a Participant with respect to Awards granted prior to such amendment, suspension or termination, may not be impaired
without the consent of such Participant and, provided further, without the approval of the stockholders of the Company in accordance
with the laws of the State of Maryland, to the extent required by the applicable provisions of Rule 16b-3 or Section 162(m) of
the Code, pursuant to the requirements of any applicable securities exchange rule, or, to the extent applicable to Incentive Stock
Options, Section 422 of the Code, no amendment may be made that would:

 

    	28

    	 

    

 

(a)          increase
the aggregate number of shares of Common Stock that may be issued under the Plan pursuant to Section 4.1 (except by operation
of Section 4.2);

 

(b)          increase
the maximum individual Participant limitations for a fiscal year under Section 4.1(b) (except by operation of Section
4.2);

 

(c)          change
the classification of Eligible Employees or Consultants eligible to receive Awards under the Plan;

 

(d)          decrease
the minimum option price of any Stock Option or Stock Appreciation Right;

 

(e)          extend
the maximum option period under Section 6.3;

 

(f)          alter
the Performance Goals for the Award of Restricted Stock, Performance Shares or Other Stock-Based Awards subject to satisfaction
of Performance Goals as set forth in Exhibit A;

 

(g)          award
any Stock Option or Stock Appreciation Right in replacement of a canceled Stock Option or Stock Appreciation Right with a higher
exercise price, except in accordance with Section 6.3(g); or

 

(h)          require
stockholder approval in order for the Plan to continue to comply with the applicable provisions of Section 162(m) of the Code or,
to the extent applicable to Incentive Stock Options, Section 422 of the Code. In no event may the Plan be amended without the approval
of the stockholders of the Company in accordance with the applicable laws of the State of Maryland to increase the aggregate number
of shares of Common Stock that may be issued under the Plan, decrease the minimum exercise price of any Stock Option or Stock Appreciation
Right, or to make any other amendment that would require stockholder approval under the rules of any other securities exchange
or system on which the Company’s securities are listed or traded at the request of the Company.

 

The Committee may amend
the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise specifically
provided herein, no such amendment or other action by the Committee shall adversely impair the rights of any holder without the
holder’s consent. Notwithstanding anything herein to the contrary, the Board or the Committee may amend the Plan or any Award
granted hereunder at any time without a Participant’s consent to comply with Code Section 409A or any other applicable law.

 

Article
XIV

 

UNFUNDED PLAN

 

14.1         Unfunded
Status of Plan.  The Plan is an “unfunded” plan for incentive and deferred compensation. With respect to any
payments as to which a Participant has a fixed and vested interest but that are not yet made to a Participant by the Company, nothing
contained herein shall give any such Participant any rights that are greater than those of a general unsecured creditor of the
Company.

 

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Article
XV

 

GENERAL PROVISIONS

 

15.1         Legend.
 The Committee may require each person receiving shares of Common Stock pursuant to an Award granted under the Plan to represent
to and agree with the Company in writing that the Participant is acquiring the shares without a view to distribution thereof and
such other securities law-related representations as the Committee shall request. In addition to any legend required by the Plan,
the certificates and/or book entry accounts for such shares may include any legend that the Committee, in its sole discretion,
deems appropriate to reflect any restrictions on Transfer.

 

All certificates and/or
book entry accounts for shares of Common Stock delivered under the Plan shall be subject to such stop transfer orders and other
restrictions as the Committee may, in its sole discretion, deem advisable under the rules, regulations and other requirements of
the Securities and Exchange Commission, the stock market or any national securities exchange system upon whose system the Common
Stock is then quoted, any applicable Federal or state securities law, and any applicable corporate law, and the Committee may cause
a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

15.2         Other
Plans.  Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation arrangements,
subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable
only in specific cases.

 

15.3         No
Right to Employment/Directorship/Consultancy.  Neither the Plan nor the grant of any Option or other Award hereunder shall
give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment,
consultancy or directorship by the Company or any Affiliate, nor shall they be a limitation in any way on the right of the Company
or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate his or her
employment, consultancy or directorship at any time.

 

15.4         Withholding
of Taxes.  The Company shall have the right to deduct from any payment to be made pursuant to the Plan, or to otherwise
require, prior to the issuance or delivery of any shares of Common Stock or the payment of any cash hereunder, payment by the Participant
of, any Federal, state or local taxes required by law to be withheld. Upon the vesting of Restricted Stock (or other Award that
is taxable upon vesting), or upon making an election under Section 83(b) of the Code, a Participant shall pay all required withholding
to the Company. Any statutorily required withholding obligation with regard to any Participant may be satisfied, subject to the
advance consent of the Committee, by reducing the number of shares of Common Stock otherwise deliverable or by delivering shares
of Common Stock already owned. Any fraction of a share of Common Stock required to satisfy such tax obligations shall be disregarded
and the amount due shall be paid instead in cash by the Participant.

 

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15.5         No
Assignment of Benefits.  No Award or other benefit payable under the Plan shall, except as otherwise specifically provided
by law or permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit shall be void,
and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts
of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such
person.

 

15.6         Listing
and Other Conditions.

 

(a)          Unless
otherwise determined by the Committee, upon becoming and for as long as the Common Stock is listed on a national securities exchange
or system sponsored by a national securities association, the issue of any shares of Common Stock pursuant to an Award shall be
conditioned upon such shares being listed on such exchange or system. The Company shall have no obligation to issue such shares
unless and until such shares are so listed, and the right to exercise any Option or other Award with respect to such shares shall
be suspended until such listing has been effected.

 

(b)          If
at any time counsel to the Company shall be of the opinion that any sale or delivery of shares of Common Stock pursuant to an Option
or other Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under the
statutes, rules or regulations of any applicable jurisdiction, the Company shall have no obligation to make such sale or delivery,
or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise,
with respect to shares of Common Stock or Awards, and the right to exercise any Option or other Award shall be suspended until,
in the opinion of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the
Company.

 

(c)          Upon
termination of any period of suspension under this Section 15.6, any Award affected by such suspension that shall not then
have expired or terminated shall be reinstated as to all shares available before such suspension and as to shares that would otherwise
have become available during the period of such suspension, but no such suspension shall extend the term of any Award.

 

(d)          A
Participant shall be required to supply the Company with any certificates, representations and information that the Company requests
and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent or approval
the Company deems necessary or appropriate.

 

15.7         Governing
Law.   The Plan and actions taken in connection herewith shall be governed and construed in accordance with the laws of the
State of Maryland (regardless of the law that might otherwise govern under applicable Maryland principles of conflict of laws).

 

15.8         Construction.
  Wherever any words are used in the Plan in the masculine gender they shall be construed as though they were also used in the feminine
gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be construed
as though they were also used in the plural form in all cases where they would so apply.

 

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15.9         Other
Benefits.   No Award granted or paid out under the Plan shall be deemed compensation for purposes of computing benefits under
any retirement plan of the Company or its Affiliates nor affect any benefits under any other benefit plan now or subsequently in
effect under which the availability or amount of benefits is related to the level of compensation.

 

15.10         Costs.
  The Company shall bear all expenses associated with administering the Plan, including expenses of issuing Common Stock pursuant
to any Awards hereunder.

 

15.11         No
Right to Same Benefits.  The provisions of Awards need not be the same with respect to each Participant, and such Awards
to individual Participants need not be the same in subsequent years.

 

15.12         Death/Disability.  
The Committee may in its sole discretion require the transferee of a Participant to supply it with written notice of the Participant’s
death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence
as the Committee deems necessary to establish the validity of the transfer of an Award. The Committee may, in its discretion, also
require the agreement of the transferee to be bound by all of the terms and conditions of the Plan.

 

15.13         Section
16(b) of the Exchange Act.   On and after the Registration Date, all elections and transactions under the Plan by persons
subject to Section 16 of the Exchange Act involving shares of Common Stock are intended to comply with any applicable exemptive
condition under Rule 16b-3. The Committee may, in its sole discretion, establish and adopt written administrative guidelines, designed
to facilitate compliance with Section 16(b) of the Exchange Act, as it may deem necessary or proper for the administration and
operation of the Plan and the transaction of business thereunder.

 

15.14         Section
409A of the Code.   Although the Company does not guarantee the particular tax treatment of an Award granted under the Plan,
Awards made under the Plan are intended to comply with, or be exempt from, the applicable requirements of Section 409A of the Code
and the Plan and any Award agreement hereunder shall be limited, construed and interpreted in accordance with such intent. Notwithstanding
anything herein to the contrary, any provision in the Plan that is inconsistent with Section 409A of the Code shall be deemed to
be amended to comply with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such
provision shall be null and void.

 

15.15         Successor
and Assigns.   The Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation,
the estate of such Participant and the executor, administrator or trustee of such estate.

 

15.16         Severability
of Provisions.   If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability
shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included.

 

15.17         Payments
to Minors, Etc.   Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable
of receipt thereof shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing
to provide for the care of such person, and such payment shall fully discharge the Committee, the Board, the Company, its Affiliates
and their employees, agents and representatives with respect thereto.

 

    	32

    	 

    

 

15.18         Headings
and Captions.   The headings and captions herein are provided for reference and convenience only, shall not be considered
part of the Plan, and shall not be employed in the construction of the Plan.

 

15.19         Transition
Period.   The Plan has been adopted by the Board and approved by its stockholders, both of which occurred prior to the occurrence
of a Registration Date. The Plan is intended to constitute a plan described in Treasury Regulation Section 1.162-27(f)(1), pursuant
to which the deduction limits under Section 162(m) of the Code do not apply during the applicable reliance period. The reliance
period shall end on the earliest date identified in the definition of “Transition Period” contained in Section 2.56
of the Plan.

 

Article
XVI

 

EFFECTIVE DATE OF
PLAN

 

The Plan shall become
effective upon adoption by the Board or such later date as provided in the adopting resolution, subject to the approval of the
Plan by the stockholders of the Company within 12 months before or after adoption of the Plan by the Board in accordance with the
laws of the State of Maryland.

 

Article
XVII

 

TERM OF PLAN

 

The Plan was adopted
by the Board on [           ], and was approved by the Company’s stockholders on [          ]. No Award shall be granted pursuant
to the Plan on or after [         ], but Awards granted prior to such date may, and the Committee’s authority to administer
the terms of such Awards, extend beyond that date; provided, however, that no Award (other than a Stock Option or
Stock Appreciation Right) that is intended to be “performance-based” under Section 162(m) of the Code shall be granted
on or after the fifth anniversary of the stockholder approval of the Plan unless the Performance Goals set forth on Exhibit
A are reapproved (or other designated performance goals are approved) by the stockholders no later than the first stockholder
meeting that occurs in the fifth year following the year in which stockholders approve the Performance Goals set forth on Exhibit
A.

 

Article
XVIII

NAME OF PLAN

 

The Plan shall be known
as the “United Realty Trust Incorporated 2012 Stock Incentive Plan.”

 

    	33

    	 

    

 

Exhibit
A

PERFORMANCE GOALS

 

To the extent permitted
under Section 162(m) of the Code, performance goals established for purposes of the grant or vesting of Awards of Restricted Stock,
Other Stock-Based Awards and/or Performance Shares, each intended to be “performance-based” under Section 162(m) of
the Code, shall be based on the attainment of certain target levels of, or a specified increase or decrease (as applicable) in
one or more of the following performance goals (“Performance Goals”):

 

		(a)	earnings per share;

 

		(b)	operating income;

 

		(c)	net income;

 

		(d)	cash flow;

 

		(e)	gross profit;

 

		(f)	gross profit return on investment;

 

		(g)	gross margin return on investment;

 

		(h)	gross margin;

 

		(i)	working capital;

 

		(j)	earnings before interest and taxes;

 

		(k)	earnings before interest, tax, depreciation and amortization;

 

		(l)	return on equity;

 

		(m)	return on assets;

 

		(n)	return on capital;

 

		(o)	return on invested capital;

 

		(p)	net revenues;

 

		(q)	gross revenues;

 

		(r)	revenue growth;

 

		(s)	total shareholder return;

 

    	A-1

    	 

    

 

		(t)	economic value added;

 

		(u)	specified objectives with regard to limiting the level of increase in all or a portion of the Company’s
bank debt or other long-term or short-term public or private debt or other similar financial obligations of the Company, which
may be calculated net of cash balances and/or other offsets and adjustments as may be established by the Committee in its sole
discretion;

 

		(v)	the fair market value of the shares of the Company’s Common Stock;

 

		(w)	the growth in the value of an investment in the Company’s Common Stock assuming the reinvestment
of dividends; or

 

		(x)	reduction in expenses.

 

To the extent permitted
under Section 162(m) of the Code, the Committee may, in its sole discretion, also exclude, or adjust to reflect, the impact of
an event or occurrence that the Committee determines should be appropriately excluded or adjusted, including:

 

(i)          restructurings,
discontinued operations, extraordinary items or events, and other unusual or non-recurring charges as described in Accounting Principles
Board Opinion No. 30 and/or management’s discussion and analysis of financial condition and results of operations appearing
or incorporated by reference in the Company’s Form 10-K for the applicable year;

 

(ii)         an
event either not directly related to the operations of the Company or not within the reasonable control of the Company’s
management; or

 

(iii)        a
change in tax law or accounting standards required by generally accepted accounting principles.

 

Performance goals may
also be based upon individual Participant performance goals, as determined by the Committee, in its sole discretion.

 

In addition, such Performance
Goals may be based upon the attainment of specified levels of Company (or subsidiary, division, other operational unit or administrative
department of the Company) performance under one or more of the measures described above relative to the performance of other corporations.
To the extent permitted under Section 162(m) of the Code, but only to the extent permitted under Section 162(m) of the Code (including,
without limitation, compliance with any requirements for stockholder approval), the Committee may also:

 

		(a)	designate additional business criteria on which the performance
goals may be based; or

 

		(b)	adjust, modify or amend the aforementioned business criteria.

 

    	A-2Exhibit 4.33

 

English Translation for Reference

 

Sales Contract

 

Contract
No.: PM111009

 

Signature
date: January 17, 2011

 

Buyer: China
Sunergy (Nanjing) Co., Ltd.

 

Address: No. 123,
Focheng West Road, Jiangning Economic and Technological Development Zone, Nanjing

 

Seller: Suzhou GCL
Photovoltaic Technology Co., Ltd.

 

Address: No. 68, Kunlunshan
Road, Hi-tech Zone, Suzhou

 

Whereas,
the buyer decides to purchase a certain amount of solar–grade polycrystalline silicon wafers and mono-crystalline silicon
wafers from the seller within the term stipulated in the contract, for the purpose of defining obligations of the buyer and the
seller and assurance of the goal of contract, both parties hereby enter into the contract for mutual compliance upon friendly negotiation
and mutual understanding of equality and mutual profit.

 

Non-competition
article: the buyer undertakes that, within the valid period of original contract and supplemental agreement, total capacity (in
megawatt) of buyer and its affiliated companies’ silicon materials projects which have been invested for production or are
currently in operation shall not exceed 500 MW, and total capacity (in megawatt) of buyer and its affiliated companies’ silicon
wafers projects which have been invested for production or are currently in operation shall not exceed 500 MW. Otherwise the seller
shall be entitled to requiring the buyer to immediately stop such investment and construction of new silicon wafer projects. The
buyer shall agree to stop silicon wafer projects which have not been put into operation. If the buyer does not stop such action,
the seller shall be entitled to discontinuation of performance of this contract and stop its supply of goods to the buyer at discount
price stipulated in the agreement.

 

The
buyer promises that the quantity of its silicon wafers to be purchased from the seller shall be no less than [****]*%
of its production capacity.

 

1.     
Contract Basis and Price Negotiation Principle

 

Product Schedule and Payment Settlement

 

1.1 Annual Prices

 

Both parties,
upon negotiation, hereby agree on silicon wafer purchase from 2011 to 2016 as follows:

 

a)
 Details of purchase quantity and price in 2011 are implemented with reference to Appendix Two: Form A-1:

 

b)  Supply Prices from 2012 to 2016 shall be determined by both parties through negotiation before December 10 of every supply
year.

 

1.2 Price
Negotiation

 

1.2.1 Purcahse
quantity and quality in 2011 shall be based on Appendix Two Form A-1 hereof. Without due reason stipulated by this contract, the
price shall not be adjusted by either party. In case price adjustment for the reason stipulated by this contract, both parties
may re-negotiate the supply prices;

 

 

*This
portion of the Long Term Sales Contract between Sunergy Nanjing and Suzhou GCL Photovoltaic Technology Co., Ltd. has been omitted
and filed separately with the Securities and Exchange Commission, pursuant to Rule 24b-2 under the Securities Exchange Act of 1934.

 

    	1

    	 

    
 

1.2.2. Price adjustment within every supply
year:

 

a)  Prices
of silicon wafers in 2011 hereunder shall be determined based on Appendix Two Form A-1 hereof. Without due reason stipulated by
this contract, the seller must not increase the prices;

 

b)  In the event of market slump, and if the monthly market price of silicon wafer decrease by more than 5% (based on the benchmark
of Market Price) ( “Market Price” in this contract soely refers to the average price (in RMB, converted according to
the foreign exchange rate on current day, plus domestic value added tax) of the price released in the first week and the price
released in the final week on PV Insight website (www.pvinsights.com)), then both parties
shall take the market change into consideration and make appropriate adjustment to the price of current month;

 

In the event that
PV Insight website is closed or when the website cannot be normally browsed for other reasons, then both parties shall provide
average purchase price and average sales price of each party’s similar products respectively and take the lower price for
performing the contract.

 

If the parties fail
to reach an agreement on price, both parties shall determine the price according to basic purpose of the agreement on the principle
of fairness and reasonability.

 

c)  If
market price of silicon price or its raw material “polycrystalline silicon material” increases, Party B shall be entitled
to correspondingly adjust silicon wafer price of 20% supply quantity of the current month as stipulated by Appendixes A and B
(the purchase price of the remaining 80% silicon wafers shall be strictly performed according to the contract). Both parties agree
to determine such price through negotiation before the 20th day of the previous month, and such negotiated price generally
shall not exceed RMB [****]* per
wafer If the parties fail to reach an agreement on price, the price of the 20% silicon wafers is allowed to be adjusted to increase
by RMB 1.00 higher than the supply price of current month as stipulated in Appendixes A and B.

 

d)  Price adjustment of supply in following years shall be performed according to foregoing article.

 

1.2.3 Price adjustment
principle of supply in following years: based on the friendly and non-competitive long-term partnership of both parties, if
the buyer pays prepayment according to the Article 6 hereunder, the seller promises to provide timely and favorable supply arrangement
to the buyer and assure that the buyer’s purchase price from the seller will have stable comeptitive favorable advantage
compared with market price in the same period; the seller promises that the supply prices offers to the buyer from 2012 to 2015
shall be more favorable than that of 2011, thus to further increase the comeptitive favorable advantage of the buyer’s purchase
price from the seller compared with market price in the same period.

 

1.3 Payment:

 

a)  Monthly
supply arrangement: from the date of this contract, based upon the supply amount of current month agreed by both parties, both
parties shall determine the details of shipment quantity (the quantity is determined and fixed before such supply year according
to Article 1.1 hereunder), batches and price (if there is change) in writing before the 20th day of each month. If
both parties fail to reach an agreement over the shipment batches for the next month within above-mentioned term, the seller shall
be entitled to arrange shipment batches for the next month on its own discretion based on its production capacity, provided that
the seller shall make equal shipment of each batch and compelte the whole supply in such month;

 

b)  Payment of the buyer: the buyer shall pay correspondingly the payment for the next month in full to the seller before the
25th day of each month according to above-mentioned shipment quantity and price. Payment shall be delivered by bank
wiring. The above-mentioned payment obligation shall be the buyer’s definite and independent. The seller shall not refuse
to perform the obligation of payment if there is no event of change of circumstances, or, even if there is event of change of circumentance,
if the parties fail to reach a new agreement on the price through negotiation;

 

c)  Payment
benchmark prices: the prices indicated in Appendix Two Form A-1 hereof (and price lists of the negotiated price for following
supply years) shall be payment benchmark prices and the buyer shall deliver the payments of goods according to foregoing article
of contract benchmark prices.

 

 

 *
This portion of the Long Term Sales Contract between Sunergy Nanjing and Suzhou GCL Photovoltaic
Technology Co., Ltd. has been omitted and filed separately with the Securities and Exchange Commission, pursuant to Rule 24b-2
under the Securities Exchange Act of 1934.

 

    	2

    	 

    
 

d)                 
Payment settlement and return: in case of price negotiation stipulated hereunder, if the actual payment of the buyer is
higher or lower than the actually accrued payables resulting from the difference of payment benchmark price and actual supply price,
the exceeding payment shall offset the payment of next month and the insufficient part shall be supplemented in the next month.

 

1.4 Purchase
obligation of the buyer: the buyer shall guarantee to purchase goods at a quantity stipulated by Appendix A-1 hereof (or the adjusted
quantity of goods agreed by both parties in written agreement) every month within the term stipulated in this contract according
to payment term stipulated hereunder, except otherwise stipulated in this contract. If the buyer fails to perform above-mentioned
purchase obligation due to the buyer’s reasons, for example, the buyer fails to deliver the payment for goods as scheduled,
the buyer shall bear liabilities for breach of contract as stipulated by Article 8.1 hereunder. In addition, in the event that
the seller increases price of similar product of the same kind under the contract according to the market trend, the seller shall
be entitled to require the buyer to supplement such price difference according to the latest new price which is agreed by both
parties through negotiation. If the buyer refuses to supplement price difference, the seller shall be entitled to require the buyer
to assume liabilities for breach of contract according to Article 8.1 hereunder and to terminate the contract. Both parties shall
re-negotiate the annual total sales amount and monthly sales amounts for the next year in the fourth season of each year, provided,
if both parties fail to reach an agreement in writing over the above-mentioned matters until December 20 of current year, then
the annual sales amount and monthly sales amounts for the next year shall still be in accordance with Appendix A-1 hereunder on
a monthly basis.

 

1.5 Sales
obligation of the seller: the seller shall guarantee it would provide the buyer with goods (or the adjusted quantity of goods consented
by both parties) it shall sell in current month within the contract term according to the terms of delivery stipulated hereunder.
If the seller fails to perform above-mentioned sales obligation of current month due to the seller’s reasons, for example:
the seller fails to deliver goods as scheduled, and the seller fails to cure such failure within 10 days, the seller’s deilivery
shall be deemd as delayed, in such event the seller shall pay a liquidated damage of 1‰ of payment such batch of goods which
have not been delivered as scheduled, and the liquidated damage shall not exceed [****]*%
of the payment of goods whose delivery has been delayed. If the seller fails to cure such failure within 20 days, both parties
agree that such failure shall be deemed as breach of contract. After notifying the seller, the buyer is entitled to unilaterally
dissolve purchase obligation of the undelivered part of goods and to purchase insufficient part from the open market, or the buyer
is also entitled to require the seller to continue to deliver the delayed goods.

 

If the seller
needs to modify supply quantity of goods stipulated in this contract due to unexpected change of its production capacity, the seller
shall give a written notice to the buyer promptly and both parties shall promptly reach an agreement over adjustment of supply
quantity. If the parties can’t reach an agreement, the seller is entitled to supply the buyer with not less than 90% of the
original supply quantity in current month stipulated by Appendix A-1, and such resulted insufficience in sales amount as compared
to the monthly sales amount stipulated by Appendix A-1 shall not be deemed as delayed delivery by the seller. If the seller fails
to meet the above-mentioned minimum supply amount for 3 consecutive months without justified reasons, such failure shall be deemed
as breach of contract.

 

2.     
Contract Performance:

 

2.1 Place of delivery: factory
warehouse designated by the seller.

 

2.2 For
each batch of goods, the authorized person of the buyer will accept by signing to confirm quantity, appearance, specification and
type on the external package of that batch in the place of delivery agreed by both parties. The signature of confirmation of authorized
person shall be deemed as the buyer’s confirmation of acceptance of the quality in the above-metioned aspects; after goods
are delivered, the buyer shall bear quality warranty responsibility for 30 days from the delivery date, and shall not assume liabilities
otherwise.

 

2.3 Risk
taking: after goods are delivered to the buyer, all risks are transferred to the buyer.

 

 

*
This portion of the Long Term Sales Contract between Sunergy Nanjing and Suzhou GCL Photovoltaic
Technology Co., Ltd. has been omitted and filed separately with the Securities and Exchange Commission, pursuant to Rule 24b-2
under the Securities Exchange Act of 1934. 

 

    	3

    	 

    
 

2.4 Date
of delivery: date of delivery and delivery amount of goods of current batch are subject to the time limit indicated by the seller’s
bill of landing.

 

2.5 Goods package: professional
package suitable for land transportation and the packaging satisfy the demand of long distance safe transportation.

 

2.6 Delayed Pickup:

 

If the buyer
refuses to pick up or fails to pick up goods according to the pickup date on the bill of lading and delivered amount of current
batch, and still fails to pick up goods within 10 days after the seller notice, such buyer’s pickup shall be deemed as delayed
pickup. Upon the term of pickup period agreed by both parties, the risk of goods shall be transferred to the buyer, meanwhile the
seller shall be entitled to re-arrange the delivery term and quantity without bearing resulting liabilities for breach of contract
for delayed delivery. According to foregoing provisions, though the risk is transferred to the buyer, the seller shall still be
responsible for taking care of the goods. The protective measures adopted by the seller for the goods shall not be worse than the
measures adopted for the goods to which the seller takes risks. if the seller has fullfilled above-mentioned responsibilities but
this batch of goods are still damaged or lost, the above-mentioned losses shall be borne by the buyer.

 

3.     
Transportation Insurance

 

3.1 Road
automobile transportation: the buyer shall organize vehicles and bear expenses for loading and unloading and transportation, and
the seller shall assist buyer for loading and unloading.

 

3.2 Goods
insurance shall be handled and paid by the buyer.

 

4.     
Quality Index: see Appendix One “Silicon Wafer Product Specification”

 

The seller shall provide
quality assurance that the delivered goods conform to requirements of above-mentioned specifications and assures the factory damage
rate is less than 0.3%. If the damage rate is higher than such percentage, the seller shall bear the loss for the exceeding part
of goods. The seller is responsible for delivering the replacements to the place where the buyer is located within 30 days after
receiving a written notice from the buyer and the returned broken silicon wafers, or delivering the replacement in next delivery.

 

5.     
Acceptance and Term of Objection:

 

5.1 Acceptance:

 

5.1.1 If the buyer
has objection to product quality, the buyer shall bring up the quality objection in writing to the seller within 30 days from the
date of delivery by the seller, otherwise the buyer will be deemed to have accepted the seller’s products as fully conforming
to all requirements hereunder.

 

5.1.2 If the buyer
doesn’t bring up objection within the term stipulated by Article 5.1.1, or while the Buyer brings up objection within above-mentioned
term, such silicon wafers in objection has been put into production by the Buyer, then the buyer will be deemed to have accepted
the seller’s products as fully conforming to all requirements hereunder. If the buyer, together with the seller, takes random
samps of silicon wafers in quality objection and seals them up for third party inspection, and such third party confirms the existence
of quality defects, then such batch of silicon wafers (including the part which has been put into production), by percentage, shall
be deemed as being in inconformity against quality standard.

 

5.1.3 If the buyer
has objection as to whether the quality of some batch of goods confirms to the standard stipulated by Article 4 hereunder, the
buyer shall send a written notice attached with preliminary inspection report to the seller within the above-mentioned objection
period. The notice shall be delivered by fax or courier. If the seller has different opinion to the quality of goods, the seller
shall notify the buyer to bring the samples confirmed by both parties to a unit with justified qualification and accepted by both
parties within 10 days from receiving the written notice and inspection report. If both parties fail to reach an agreement, the
samples shall be subject to appraisal inspection of State Key Laboratory of Silicon Materials of Department of Materials Science
and Engineering of Zhejiang University (contact Tel: 0571-87951667). If the appraisal result confirms the inconformity of products
against the agreed standard, the seller shall undertake the appraisal fee and shall replace unqualified products with qualified
products and bear transportation fee for replacement within 20 days after the result is confirmed. If the seller fails to replace
unqualified products with qualified products within above-mentioned term, the seller shall assume liabilities for breach of contract
for delayed delivery according to Article 1.5 and 8.2 hereunder; if the appraisal result confirms the products conforms to the
quality standard, the buyer shall bear appraisal fee.

 

    	4

    	 

    
 

6.     
Prepayment

 

6.1 The prepayment
of this contract totals RMB [****]* (RMB
[****]*), including prepayment of RMB [****]* (RMB [****]*) which shall be paid by within 20 days after the execution of this contract,
which is for the purpose of locking up supply in 2011. The second prepayment of RMB [****]* (RMB [****]*) shall be paid before
June 2011 t, which is used for locking up annually supply from 2012 to 2016. The payment shall be delivered by bank wiring. If
the payment is delayed, the buyer shall assume liabilities for breach of contract to the seller at 1‰ of the amount for
undelivered payment for each day. If the prepayment is delayed for 30 days, besides the liquadated damaged which shall be paid
by the buyer to the seller according to above-mentioned article, the seller may choose:

 

(1)        
termination of contract. The buyer shall deliver the paid prepayment to the seller as liquadated damages. If the prepayment
is less than RMB [****]*, the minimum unqualified shall be RMB [****]* (this article applies only under the circumstance where
the buyer express its refusal to pay prepayment in writing or by its own act);

 

(2)        
Temporary suspension of contract until prepayment is paid off. Before prepayment is paid off, if the seller needs to re-arrange
delivery term and quantity according to the percentage of actual paid prepayment, the seller does not bear liabilities for breach
of contract resulting from delayed delivery.

 

6.2 With regard to
the monetary obligation the buyer causes to the seller in the course of contract performance, the seller is entitled to deduct
such monetary obligation from the prepayment, provided that such deduct is limited to the payment that the buyer is obligated to
pay to the sell, and notify the buyer to replenish the prepayment within 5 days from the date of deduction. If the buyer refuses
to replenish or fails to replenish prepayment in full within such term, the buyer shall bear liabilities for breach of contract
to the seller according to Article 6.1 hereunder.

 

6.3 If any party rescinds
the contract as stipulated hereunder, the seller shall return the paid prepayment after deducting liquidated damage due from the
buyer for breach of contract and unpaid payment for goods.

 

6.4 The time of deducting
such prepayment is: from January 2012 to November 2016, a payment of RMB [****]* (RMB [****]*) is deducted on average every month,
in December 2016 RMB [****]* (RMB [****]*) is deducted. After deduction, the buyer shall pay the insufficient part of payment for
the current month to the seller according to Article 1.2 hereunder.

 

7.     
Obligation of Confidentiality:

 

7.1 Both buyer and
seller and their respective employees, agents or consultants shall have obligation of confidentiality to the content of this contract
(including but not limited to product model, specification, unit price, quantity, quality and settlement mode, etc); without consent
of the other party, neither party shall disclose the content to any third party.

 

7.2 The buyer shall
keep in strict confidentiality of seller’s current production capability, warehouse inventories, development plan as well
as seller’s other business secrets and product information to which the buyer has access in its operation.

 

8.     
Liabilities for Breach of Contract:

 

8.1 Liabilities for
breach: if the buyer is unable to pay the payment for goods in full in the final term hereunder, the buyer promises it would pay
liquidated damages of 1‰ of the due and unpaid payment to the seller for each day from the date of breach, and the maximum
liquidated damages shall not exceed 3 % of the due and unpaid payment. After the buyer has been notified by the seller for delayed
payment, if the payment is delayed for 30 days, the seller shall be entitled to choose from:

 

 

*
This portion of the Long Term Sales Contract between Sunergy Nanjing and Suzhou GCL Photovoltaic
Technology Co., Ltd. has been omitted and filed separately with the Securities and Exchange Commission, pursuant to Rule 24b-2
under the Securities Exchange Act of 1934.

 

    	5

    	 

    
 

(1)  
Termination of the contract. Besides the buyer’s obligation to pay liquidated damages to the seller according to foregoing
article, the buyer also needs to pay liquidated damages of RMB 50.0 million (RMB 50,000,00.00) to the seller.

 

(2)  
Temporary suspension of the contract. Besides the buyer’s obligation to pay daily liquidated damages to the seller
according to foregoing article, the seller shall be entitled to suspend delivery of shipment until the buyer supplements all due
and unpaid payment, and then the seller may re-arrange following shipment period and shipment quantity.

 

8.2 If the seller
delays delivery, from the date of delayed delivery stipulated by Article 1.6 hereunder , the seller shall pay liquidated damages
of 1‰ of the due and unpaid payment for each day to the buyer and the maximum liquidated damages mentioned above shall not
exceed 3 % of the payment for goods which should have been delivered but have not been delivered by the seller. If the seller delays
delivery for over 30 days and still fails to perform it, the buyer shall be entitled to notify the seller of termination of the
contract, meanwhile the seller shall bear liquidated damages of 3% value of the products for delayed delivery.

 

8.4 Quality breach:
if products of the seller fails to conform to requirements stipulated in the contract, the buyer shall be entitled to require the
seller to replace them with products satisfying requirements stipulated in the contract. The foregoing provisions shall be the
only relief for the buyer for un-qualified products and the sole responsibility the seller assumes for un-qualified products.

 

8.5 Liability for
breach of confidentiality: unless under the circumstances that disclosure is necessarily required by law or by authorized supervision
department or domestic and international securities supervision rules, if any party breaches the contract by disclosing content
of the contract, the other party may require the defaulting party to assume the liability for breach of no more than RMB 1.0 million;
if the buyer infringes on business secrets of the seller, the seller may require the buyer to assume general liabilities for breach
of confidentiality, and furthermore, to compensate for other economic losses incurred by the seller.

 

8.6 Disclaimer: as permitted by law, the
seller has not made any other expressed or implied warranty for products or other content, and clearly states that it has not made
any legal, expressed or implied warranty, including warranty for marketability, special applicability and non-infringement as well
as all statements or warranties which come in the course of transaction or from trading practice.

 

8.7 Limitation of Liability:

 

8.7.1 As permitted
by law, notwithstanding any provision hereunder, under no circumstance shall the seller bear any liability to the buyer for any
direct or derivative loss or damage or any loss of profit or earning which is caused by or resulted from products or the seller’s
performance of or breach of the contract, no matter it is based on contract, tort (including malpractice), any warranty or other
provisions. As permitted by law, the relief clearly stipulated hereunder shall be the sole and exclusive relief for the buyer,
no matter the claim is based on contract, tort (including malpractice), any warranty or other provisions. As permitted by law,
notwithstanding any provision hereunder, total accumulated liabilities incurred by the seller relate to this contract shall not
exceed 3% of total value of goods involved in the breach of contract. The buyer admits and agrees that, the limited relief and
limitation of liability hereunder has been negotiated and is the fundamental article of the contract. If the relief and liability
were not limited, the contract consideration would be higher.

 

8.7.2 As permitted
by law, notwithstanding any provision hereunder, under no circumstance shall the buyer bear any liability to the seller for any
direct or derivative loss or damage or any loss of profit or earning which is caused by or resulted from the buyer’s performance
of or breach of the contract, no matter it is based on contract, tort (including malpractice), any warranty or other provisions.
As permitted by law, the relief clearly stipulated hereunder shall be the sole and exclusive relief for the seller, no matter the
claim is based on contract, tort (including malpractice or strict liability of compensation), or other provisions. As permitted
by law, notwithstanding any provision hereunder,, total accumulated liabilities incurred by the buyer related to the contract shall
not exceed RMB 50.0 million (RMB 50,000,000.00).

 

    	6

    	 

    
 

9.     
No Commercial Fraud:

 

If the buyer or the
seller violates the principle of faireness and good will by provding false registration information, qualification, certification,
information to the other party or omitting facts from the other party so as to cheat the counterparty or final user, such party
shall assume liquidated damages of 20% of the contractual amount to the other party; this provision shall be without prejudice
to the liabilities for breach of contract assume by any party according to other articles.

 

10. 
Force Majeure

 

10.1 “Force
majeure” refers to occurrence of serious natural disaster (such as hurricane, floods, earthquake, fire disaster and explosion,
etc), war, revolt, unrest, and any other circumstance the affected party is unable to predict or has predicted but is unable to
avoid or control. If any force majeure prevents any party from the performance of any obligation hereunder, the performance period
shall be extended to cover the time period affected by force majeure. However, any obligation related to payment hereunder shall
not be modified due to force majeure.

 

10.2 After occurrence
of force majeure, the affected party shall immediately notify the other party about the occurred force majeure by fax or e-mail
and deliver a proper certificate to confirm force majeure within fourteen (14) days after the occurrence of this event.

 

10.3 If the effect
of force majeure continues for more than 30 days, both parties hereto shall meet promptly and negotiate for a solution to the issues
(including delivery, acceptance) caused by force majeure.

 

11. 
Dispute Settlement:

 

11.1 For anything
unmentioned, both parties hereto shall negotiate otherwise and sign a formal supplemental agreement in writing.

 

11.2 If any dispute
arises in the performance of the contract, both parties shall firstly settle such dispute through negotiation. If the parties fail
to reach an agreement through negotiation, the parties may submit the dispute to China International Economic and Trade Arbitration
Commission for arbitration according to arbitration rules it releases.The arbitration shall be held in Shanghai.

 

12. 
Effectiveness:

 

12.1 The buyer and
the seller confirm unanimously, representatives for executing the contract have been fully authorized by the parties, respectively.
The contract shall be effective after it is sealed by both parties and signed by authorized representatives and the seller receives
first prepayment from the buyer;

 

12.2 Each page hereof
shall be executed by authorized representatives or stamped with seal on the perforation of the unit;

 

12.3 Without an agreement
through negotiation by both parties hereto, neither party may unilaterally terminate or modify this contract;

 

13. 
Miscellaneous:

 

13.1 Both parties
agree that the seller shall be entitled to transfer part of its rights and obligations hereunder to its affiliates and the transferee
affiliates shall perform the delivery obligation above-mentioned. Appendix Three Affiliated Companies Cooperation Agreement
shall be referenced for details of such transfers. The list of affiliates hereunder is as follows:

 

Jiangsu GCL Silicon
Materials Science & Technology Development Co., Ltd.

 

Address: No. 66, Yangshan
Road, Xuzhou Economic Development Zone, Jiangsu

 

13.2 The contract shall be in 4 original
copies, Party A and Party B shall hold 2 copies respectively and each copy shall have the same legal force.

 

    	7

    	 

    
 

	Buyer (seal): /s/ China Sunergy (Nanjing) Co., Ltd.	Seller (seal): /s/ Jiangsu GCL Silicon Materials Science & Technology Development Co., Ltd.
	 	 
	Special seal of contract	Special seal of contract
	 	 
	Bank of deposit:	Bank of deposit:
	 	 
	Account No.	Account No.
	 	 
	Authorized signatory (signature):	Authorized signatory (signature):
	 	 
	Position:	Position:
	 	 
	Date: January 17, 2011	Date:

 

    	8

    	 

    
 

“Appendix One “Silicon Wafer
Product Specification”

 

	Crystal Growth Method	DSS	 
	Conductivity Type/Dopant	P/Boron	ASTM M42
	Oxygen Concentration	≤1.0×1018atoms/cm3	ASTM F1188
	Carbon Concentration	≤8.0×1017atoms/cm3	ASTM F1391
	Electrical properties
	Resistivity	1~3Ωcm	ASTM F43, ASTM F84
	Lifetime	≥2μs	ASTM F28
	Geometry
	Width	156±0.5mm	 
	Rectangular angle	90±0.3°	 
	Diagonal	219.2±0.5mm	 
	Thickness	200±20μm	ASTM F533
	TTV	≤30μm	ASTM F533, F657
	Saw marks	≤20μm	 
	Edge/Chip	Edge width ≤0.3mm, length≤0.5mm, 2

pieces/wafer at most; disallowing

“V-shaped” chip; not hidden crack.	 
	Warpage	≤50μm	ASTM F657
	Micrograin	Single micrograin size<3×3mm2, the

whole micrograin area<3×3cm2	 
	Surface quality	No surface damage, no stain, no water
 spots, no hole on the surface, no chips
 and shortcorner, no cracks	 
	Package & Labels
	Package	GCL standard package,100wafers/piece, 300pieces/bag, fragment
 rate in the transportation course
	Labels	Order No., batch No., quantity of silicon wafers, specification and
 size, etc
	 	 	 
	 	 	 
	 	 	 	 

 

    	9

    	 

    
 

Appendix Two: A-1

 

1.     
 

 

	Details of monthly supply quantity and price in 2011	 	 	 	 	 	 	 	 	 	 	 
	2011	1	2	3	4	5	6	7	8	9	10	11	12	Subtot
 al
	Quantity of polycrystalline silicon wafers(in 10000 wafers)	[****]**	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*
	Unit price of polycrystalline silicon wafers (RMB/wafer)	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*
	Amount (in RMB
 10,000.00)	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*

Note: in case of market fluctuation,
both parties shall negotiate the prices according to provisions of the contract.

 

2.                 
 

Details of monthly supply quantity and price in 2011

 

	2011	5	6	7	8	9	10	11	12	Subtotal
	
        Quantity of mono-crystalline silicon
        wafers

        (in 10000 wafers)
	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*
	Unit price of	 	 
	mono-crystalline	Specification and delivery price of products of mono-crystalline silicon	 
	Silicon wafers(RMB/wafer)	wafers shall be determined before April 10, 2011	 

 

 

3.                 
 

 

	Purchasing silicon wafer according to following quantities and prices from 2011-2015	 	 	 
	Year	2011	2012	2013	2014	2015	2016	Total
	Supply quantity of polycrystalline silicon wafers (MW)	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*
	Quantity of polycrystalline silicon wafers (in 10000 wafers)	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*	[****]*

Calculation basis: the output
power of polycrystalline silicon wafer is 4 watt/wafer (this output power is only for the convenience of calculation and does not
represent any commitment from the seller):

 

 

 

*
This portion of the Long Term Sales Contract between Sunergy Nanjing and Suzhou GCL Photovoltaic
Technology Co., Ltd. has been omitted and filed separately with the Securities and Exchange Commission, pursuant to Rule 24b-2
under the Securities Exchange Act of 1934.

 

    	10

    	 

    
 

Appendix Three:

 

Affiliated Companies Cooperation Agreement

 

Party A: China Sunergy (Nanjing) Co., Ltd.

 

Address: No. 123, Focheng West Road, Jiangning Economic
and Technological Development Zone, Nanjing

 

Party B: Suzhou GCL Photovoltaic Technology Co., Ltd.

 

Address: No. 68, Kunlunshan Road, Hi-tech Zone, Suzhou

 

Party C: Jiangsu GCL Silicon Materials Science &
Technology Development Co., Ltd.

 

Address: No. 66, Yangshan Road, Economic Development
Zone, Xuzhou, Jiangsu

 

Party D: Changzhou GCL Photovoltaic Technology Co.,
Ltd.

 

Address: No. 1, Xinsi Road, Xinbei District, Changzhou

 

 

 

Whereas:

 

(1)        
Party A and Party B have signed Polycrystalline Silicon Wafers Sales Contract (hereinafter referred to as “Silicon
Wafers Contract”, contract No. is NPM111009), under which Party B provides Party A with a certain amount of solar–grade
polycrystalline silicon wafers;

 

(2)        
Party C and Party D are affiliated companies of Party B, specializing in research and development, production and sales
of products of polycrystalline silicon wafers.

 

Party A, Party B, Party C and Party D conclude following
cooperation agreement through friendly negotiation:

 

1.  Party B shall be entitled to designate Party C and Party D to perform part of its rights and obligations under “Silicon
Wafers Contract” on behalf its behalf, Party C and Party D unconditionally accept the transfer of Party B and enjoy the transferred
contractual rights and assume corresponding obligations. 10 days before the term of its performance, Party B shall deliver a notice
in writing to Party A regarding the above-mentioned designated act and assume all joint liabilities of warranty for its designation.
Not matter how supply obligations are designated, Party B shall constantly assume obligations of the contract for the performance,
quality assurance, notice, negotiation, etc and assume legal liabilities for breach, compensation, etc to Party A as the counter
party. The above-mentioned transfer is effective upon Party A’s receipt of transfer notice from Party B. The notice may be
sent by bill of lading, letter, express or e-mail.

 

2.  Party C and Party D promise that, they have knowledge and understand the content of “Silicon Wafers Contract”
and all provisions of its Appendixes, and agree to be bound by all provisions of “Silicon Wafers Contract” and
its Appendixes. Party C’s and Party D’s performance of obligations of “the seller” under “Silicon
Wafers Contract” to Party A hereunder shall be deemed Party B’s performance of its contractual obligations to Party
A.

 

3.  Each party agrees, under “Silicon Wafers Contract”, Party C and Party D only enjoy rights and assume
liabilities and obligations in respect of the part transferred by Party B and performed by them according to provisions, Party
A shall perform liabilities and obligations under Silicon Wafers Contract to Party C and Party D in respect of the goods of transferred
part according to provisions. If Party A breaches the contract, Party B, as transferor of rights and obligations of “the
seller” under “Silicon Wafers Contract” and coordinator of goods supply, along with Party C and Party
D shall be all entitled to claim liabilities for breach of contract from Party A according to provisions of original contract.

 

4.  Anything unmentioned in the agreement may conclude by all parties through a supplemental agreement. In case of disputes,
the parties shall settle such disputes through friendly negotiation.

 

    	11

    	 

    
 

5.  As appendix of “Silicon Wafers Contract”, this agreement shall constitute a part of “Silicon Wafers
Contract” and shall take effect upon the date “Silicon Wafers Contract” takes effect.

 

6.  The agreement shall be in six original copies, each party shall hold two copies respectively and each copy shall have the
same legal force.

 

    	12

    	 

    
 

	Party A (seal): /s/ China Sunergy (Nanjing) Co., Ltd.	Party B (seal): /s/ Suzhou Changzhou GCL Photovoltaic Technology Co., Ltd.
	 	 
	Special seal of contract	Special seal of contract
	 	 
	Authorized signatory (seal):	Authorized signatory (seal):
	 	 
	Position:	Position:
	 	 
	Date: January 17, 2011	Date:
	 	 
	Party C (seal): /s/ Jiangsu GCL Silicon Materials	Party D (seal): /s/ Changzhou GCL Photovoltaic Technology
	Science & Technology Development Co., Ltd.	Co., Ltd.
	 	 
	Special seal of contract	Special seal of contract
	 	 
	Authorized signatory (seal):	Authorized signatory (seal):
	 	 
	Position:	Position:
	 	 
	Date:	Date:

 

    	13

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