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EXHIBIT 10(m)

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT
AGREEMENT (“this Agreement”) is made this 12th day of April, 2010 between COVER-ALL TECHNOLOGIES INC., a
Delaware corporation (the “Company”), and MR. SETH RACHLIN, an individual currently residing at 60 West 66th
Street, Apt. 12A , New York, NY  10023 (the “Executive”).

W I T N E S S E T H :

WHEREAS, the
Company, through its wholly-owned subsidiary, Cover-All Systems, Inc., a Delaware corporation (“Systems”), has
acquired substantially all of the assets of Moore Stephens Business Solutions, LLC, a Delaware limited liability company
(“Seller”), pursuant to that certain Asset Purchase Agreement, dated as of April 12, 2010, by and among Systems,
MSBS and all of the owners of MSBS (the “APA”);

WHEREAS, as a
principal officer of Seller, the Executive has acquired specialized knowledge with respect to such operations of Seller and the
conduct of its business;

WHEREAS, the
Company desires to employ the Executive and to secure Executive’s agreement, among other things, to be employed with the
Company, and the Executive desires to be so employed by the Company, on the terms and conditions hereinafter set forth; and

WHEREAS, the APA
provides that the Executive and the Company shall enter into this Agreement as a condition precedent to the closing of the
transactions contemplated therein.

NOW, THEREFORE,
in consideration of the foregoing and of the respective covenants and agreements herein set forth, the Company and the Executive,
intending to be bound, agree as follows:

1.

Employment.  Subject to the provisions of this Agreement, the Company hereby employs Executive during the
Employment Term (as defined below) as Executive Vice President of the Company and as Managing Director of the Company’s
Business Intelligence Solutions unit (the “BIS Unit”), and Executive hereby agrees to serve the Company in such
capacity. The Executive shall perform such services customary to that office and such other duties and services as shall from time
to time be assigned to him by the Chief Executive Officer or the President of the Company.  The Executive will devote his full
business time and energies to the business and affairs of the Company.  The Executive shall be based at the Company’s
office in New York, New York, and may be required to travel to other geographical areas, including to the Company’s principal
executive offices in New Jersey, in connection with the conduct of the Company’s business, provided, that the reasonable travel
expenses associated therewith shall be reimbursed by the Company.

2.

Term.
 The term of this Agreement shall commence on the date hereof (the “Effective Date”) and shall expire on
December 31, 2012 (the “Expiration Date”), unless extended in writing by both the Company and the Executive or
earlier terminated pursuant to Section 4 of this Agreement (the “Employment Term”).  For purposes hereof, the
period beginning on the Effective Date and ending on December 31, 2010 shall be deemed to be the “First Year” of
the Employment Term, the period beginning on January 1, 2011 and ending on December 31, 2011 shall be deemed to be the
“Second Year” of the Employment Term, and the period beginning on January 1, 2012 and ending on December 31, 2012
shall be deemed to be the “Third Year” of the Employment Term.  Any of the First Year, Second Year and Third
Year may be referred to herein, as applicable, as a “Year”.

3.

Compensation
and Other Related Matters.

(a)

Salary.
 In consideration of the services to be rendered by the Executive hereunder, including, without limitation, any services
rendered by him as an officer or director of the Company or any parent, subsidiary or affiliate of the Company, the Company agrees
to pay to the Executive, and the Executive agrees to accept as compensation, an annual salary (the “Base Salary”)
of $250,000, payable in equal bi-weekly installments in accordance with the Company’s normal payroll policies.  The
Executive’s Base Salary shall be subject to all applicable withholding and other taxes.  On January 1st of each
year during the Employment Term, the Base Salary (i) shall be increased by the same percentage increase, if any, in the Consumer
Price Index (all urban wage consumers, CPI-U for Northeast Urban, Size A – more than 1.5 million people), and (ii) may, in
addition to the increases set forth in Section 3(a)(i), be increased (but not decreased) by action of the Company’s Board of
Directors in its sole discretion.

(b)

Performance
Bonus.  In addition to the payment of the Base Salary, as provided for hereunder, the Company shall pay the Executive an
annual cash bonus (subject to all applicable withholding and other taxes) based upon, for the First Year, the financial performance
of the BIS Unit and, for the Second Year and the Third Year, the financial performance of the Company and the BIS Unit (the
“Performance Bonus”) in an amount equal to, for the First Year, the BIS Bonus Amount (as defined herein) pro-rated
based on the number of days during the First Year that the Executive was employed by the Company divided by 365, and, for each of
the Second Year and Third Year, the sum of (x) the BIS Bonus Amount and (y) the CVR Bonus Amount (as defined herein);
provided, however, that in no event shall the Performance Bonus for any Year exceed 150% of the Target Bonus (as
defined below).  For purposes hereof, the “Target Bonus” for any Year shall mean an amount equal to the
product of (i) the Applicable Bonus Factor (as defined below) and (ii) the Executive’s Base Salary as in effect for such Year);
provided, however, that for the First Year, the Target Bonus shall pro-rated based on the number of days between the
Effective Date and December 31, 2010 (inclusive of each) divided by 365.  The “Applicable Bonus Factor” shall
mean (a) .50 for the First Year, (b) .55 for the Second Year and (c) .60 for the Third Year.

For the purposes calculating the Performance Bonus relating to
the performance of the BIS Unit, the following definitions shall apply:

“BIS
Bonus Amount” shall mean (x) the BIS Performance Factor multiplied by (y) the Executive’s Base Salary as in effect at
that time, multiplied by (z) Applicable BIS Weight.

“BIS
Performance Factor” shall mean the sum of (a) the BIS Revenue Factor (as defined herein) and (b) the BIS EBIT
Factor (as defined herein).

“BIS
Revenue Factor” shall mean the product of (a) the fraction, the numerator of which shall be the BIS Revenues (as
defined herein) for such Year, and the denominator of which shall be the Targeted BIS Revenues (as defined herein) for such Year,
and (b) the BIS Revenue Weight (as defined herein).

“BIS
EBIT Factor” shall mean the product of (a) the fraction, the numerator of which shall be the BIS EBIT (as defined
herein) for such Year, and the denominator of which shall be the Targeted BIS EBIT (as defined herein) for such Year, and
(b) the BIS EBIT Weight (as defined herein).

“BIS
EBIT” shall have the value set forth on Schedule A hereto.

“BIS
EBIT Weight” shall have the value set forth on Schedule A hereto.

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“Targeted BIS EBIT” shall have the value set forth on Schedule A hereto.

“BIS Revenues” shall have the value set forth on Schedule A hereto.

“BIS Revenue Weight” shall have the value set forth on Schedule A hereto.

“Targeted BIS Revenues” shall have the value set forth on Schedule A hereto.

“Applicable BIS Weight” shall mean (a) .50 for the First Year, (b) .45 for the Second Year and (c) .40 for the Third Year.

For the purposes calculating the Performance Bonus relating to
the performance of the Company, the following definitions shall apply:

 “CVR
Bonus Amount” shall mean (x) the CVR Performance Factor multiplied by (y) the Executive’s Base Salary as in effect at
that time, multiplied by (z) Applicable CVR Weight; provided, however, that the CVR Bonus Amount shall be reduced if
and to the extent insufficient amounts exist in the Performance Plan (as defined in the Cover-All Employee Incentive Plan) in such
Year.

“CVR
Performance Factor” shall mean the sum of (a) the CVR Revenue Factor (as defined herein) and (b) the CVR EBIT
Factor (as defined herein).

“CVR
Revenue Factor” shall mean the product of (a) the fraction, the numerator of which shall be the CVR Revenues (as
defined herein) for such Year, and the denominator of which shall be the Targeted CVR Revenues (as defined herein) for such Year,
and (b) the CVR Revenue Weight (as defined herein).

“CVR
EBIT Factor” shall mean the product of (a) the fraction, the numerator of which shall be the CVR EBIT (as defined
herein) for such Year, and the denominator of which shall be the Targeted CVR EBIT (as defined herein) for such Year, and
(b) the CVR EBIT Weight (as defined herein).

“CVR
EBIT” shall have the value set forth on Schedule B hereto.

“CVR
EBIT Weight” shall have the value set forth on Schedule B hereto.

“Targeted CVR EBIT” shall have the value set forth on Schedule B hereto.

“CVR
Revenues” shall have the value set forth on Schedule B hereto.

“CVR
Revenue Weight” shall have the value set forth on Schedule B hereto.

“Targeted CVR Revenues” shall have the value set forth on Schedule B hereto.

“Applicable CVR Weight” shall mean (a) .10 for the Second Year and (b) .20 for the Third Year.

For the purposes hereof, each of BIS Revenues, BIS EBIT, CVR
Revenues, CVR EBIT and Performance Bonus shall be determined by and set forth in a certificate of the Company’s Chief Financial
Officer (the “Bonus Certificate”), and shall be based upon the books and records of the Company and calculated in
accordance with generally accepted accounting principles consistently applied.  Such certificate shall be final and binding on
the parties hereto.  The Executive’s Performance Bonus, if any, for any of the First Year, Second Year and Third Year in
excess of any Retention Bonuses (as defined below) received by the Executive during such Year shall be paid in the calendar year
following the Year for which such bonus is

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computed but no later than the earlier of (x) the fifth
business day after the date of filing by the Company with the Securities and Exchange Commission of its audited financial statements
in \ its Form 10-K Annual Report for such fiscal year and (y) December 31st of the calendar year following the Year for
which such bonus is computed.  The specific definitional values reflected on Schedule A and Schedule B hereto to
be in effect for Year Two and Year Three shall be agreed to in writing by the Company and the Executive no later than January
31st of each such Year.

(c)

Retention
Bonus.  For each Year during the Employment Term, the Executive shall be entitled to receive a retention bonus (the
“Retention Bonus”) in an amount equal to 80% of the Target Bonus for such Year.  Such Retention Bonus shall be
payable in equal monthly installments and shall be subject to all applicable withholding and other taxes; provided,
however, that if the Executive is terminated by the Company for Cause or if the Executive resigns from the Company without
Good Reason during any Year, the Executive shall immediately repay any and all Retention Bonuses paid to the Executive for such Year
upon demand by the Company.  The amount of the Performance Bonus described in Section 3(b) for any year during the Employment
Term shall be reduced, but not below zero, by the amount of the Retention Bonus paid to the Executive in respect of such Year.

(d)

Options.
 Upon the Effective Date, the Company shall grant the Executive five-year incentive stock options to purchase 75,000 shares
(the “Options”) of the Company’s common stock, $.01 par value per share (the “Common Stock”),
granted at a price per share equal to the fair market value of such share as of the date of grant, which Options will vest as to
25,000 shares on each of the first and second anniversaries, respectively, of the Effective Date and as to 25,000 shares on the last
day of the Employment Term, all in accordance with and subject to the terms and conditions set forth in the Company’s Amended
and Restated 2005 Stock Incentive Plan and a stock option grant agreement to be entered into by and between the Company and the
Executive in substantially the form attached hereto as Annex A.

(e)

Benefits.  During the Employment Term, the Executive shall be entitled to the following benefits:

(i)

twenty (20)
days of annual paid vacation time, in accordance with the Company’s policies; and

(ii)

participation,
subject to qualification and participation requirements, in medical, life or other insurance or hospitalization plans and any
pension, profit sharing or other employee benefit plans, presently in effect or hereafter instituted by the Company and applicable
to its officers and executive employees.

(f)

Reimbursement of Expenses.  The Executive shall be reimbursed for reasonable and necessary expenses
incurred by the Executive in performing his employment hereunder, including cell phone expenses, provided such expenses are
adequately documented in accordance with the Companies policies.

4.

Termination.  The Executive’s employment under this Agreement may terminate under the following
circumstances:

(a)

Death.
 The Executive’s employment shall terminate immediately upon the death of the Executive.

(b)

Disability.  If, as a result of the incapacity of the Executive due to physical or mental disability, the
existence of which is confirmed by a physician selected by the Company or its 

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insurers and who
is reasonably acceptable to the Executive or the Executive’s legal representative, the Executive is unable to perform
substantially and continuously the duties assigned to him under this Agreement, with or without a reasonable accommodation, for a
period of four (4) consecutive months or for a non-consecutive period of six (6) months during any twelve (12) month period, the
Company may terminate his employment for “Disability” upon thirty (30) days’ prior written notice to the
Executive.

(c)

Termination
by the Company for Cause.  The Company shall be entitled to terminate the Executive’s employment for Cause.  For
purposes hereof, “Cause” shall mean termination based upon (i) any indictment by the Executive of, or plea of
guilty or nolo contendere by the Executive with respect to, a felony or any other crime involving moral turpitude or for
which fraud or dishonesty is a material element; (ii) the Executive’s willful and deliberate dishonesty of a substantial nature
towards the Company or any of its clients; (iii) the Executive’s material breach of this Agreement, which breach if capable of
being cured by the Executive is not cured by the Executive within fifteen (15) business days of the date the Company delivers
written notice of such breach to the Executive; (iv) the Executive’s theft, fraud, embezzlement, misappropriation, breach of
fiduciary duty or duty of loyalty which is materially injurious to the Company, monetarily or otherwise; (v) the Executive’s
use of alcohol or drugs which materially interferes with the performance of his duties hereunder or which materially compromises the
integrity and reputation of the Executive, the Company or the employees, services or products of the Company; (vi) the
Executive’s material, knowing and intentional failure to comply with material applicable laws with respect to the execution of
the Company’s business operations; (vii) the failure by the Executive to follow lawful directions communicated to him by the
Company, unless the Executive cures such failure within fifteen (15) business days after the Executive receives from the Company
written notice of such failure; (viii) violation of federal, state or local employment discrimination laws, including, without
limitation, laws relating to sexual harassment; or (ix) the Executive having willfully or recklessly engaged in conduct which is
materially injurious to the Company, monetarily or otherwise.  

(d)

Termination
by the Company Without Cause.  The Company shall have the right to terminate the Executive’s employment without Cause
at any time upon thirty (30) days’ written notice or, at the Company’s discretion, payment in lieu of notice.

(e)

Resignation
by the Executive for Good Reason.  The Executive’s employment may be terminated by the Executive for Good Reason if
(x) an event or circumstance set forth in the clauses of this Section 4(e) below shall have occurred and the Executive provides the
Company with written notice thereof within 45 days after the occurrence or existence of such event or circumstance, which notice
shall specifically identify the event or circumstance that the Executive believes constitutes Good Reason, (y) the Company fails to
correct the circumstance or event so identified within fifteen (15) business days after the receipt of such notice (the
“Cure Period”), and (z) the Executive resigns within 30 days after the Cure Period.  For purposes of this
Agreement, “Good Reason” shall mean, in the absence of the Executive’s written consent, the occurrence of any
of the following:  (i) a material diminution by the Company in the Executive’s Base Salary; (ii) a material diminution in
the Executive’s authority, duties or responsibilities; (iii) the Company requiring the Executive’s principal business
location to be at any office or location more than 50 miles from the Executive’s principal business location as of immediately
prior to such relocation (other than to an office or location closer to the Executive’s home residence); or (iv) any material
breach of this Agreement by the Company.

(f)

Resignation
by the Executive Without Good Reason.  The Executive shall have the right to resign his employment without Good Reason at
any time upon thirty (30) days’ written notice.

(g)

Expiration
of Term.  In the event that the Employment Term is not terminated earlier pursuant to this Section 4 and there is no
written extension by the Company and the Executive, the Executive’s employment shall terminate on the Expiration Date.

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(h)

Resignation
from Offices and Positions.  To the extent applicable, upon cessation of employment for any reason, the Executive agrees
that he shall resign from all offices and positions of the Company and any parent, subsidiary or affiliate of the Company effective
on the date of his termination of employment and that on such last date of employment he shall submit a letter of resignation to
that effect.

5.

Compensation
Upon Termination or During Disability.

(a)

Death.
 In the event of the Executive’s death, the Executive’s estate or beneficiary shall receive: (i) his Base Salary and
Retention Bonus through the date of termination; (ii) any Performance Bonus for any prior Year (in excess of the Retention Bonus
paid in such Year) earned but unpaid as of the date of termination; (iii) any other benefits (including unused vacation time) earned
and accrued under this Agreement prior to the date of termination; and (iv) any unreimbursed expenses incurred by the Executive up
to the date of termination pursuant to Section 3(f) hereof (the items referred to in clauses (i), (ii), (iii) and (iv),
collectively, the “Accrued Compensation”).  In addition, the Company shall pay to the Executive a pro-rated
Performance Bonus, based upon the number of days the Executive was employed by the Company in such Year during which the termination
of employment occurred, in excess of the Retention Bonus paid in such Year, which shall be paid at the same time and in the same
manner as such bonus would have been paid if the Executive had remained actively employed by the Company.  Thereafter, the
Company shall have no further obligation to the Executive or the Executive’s estate or beneficiary under this Agreement, except
to the extent that the Executive’s benefits shall be determined under the Company’s insurance and other benefits programs
then in effect.

(b)

Disability.  During any period that the Executive fails to perform his full-time duties with the Company
as a result of incapacity due to any Disability (the “Disability Period”), the Executive shall continue to receive
his Base Salary and Retention Bonus (less applicable deductions and withholdings), less any compensation payable to the Executive
under any applicable disability insurance plan during such period, until this Agreement is terminated pursuant to Section 4(b)
hereof.  Thereafter, if the Company terminates the Executive’s employment pursuant to Section 4(b), the Company shall pay
to the Executive the Accrued Compensation, subject to any offset pursuant to the immediately preceding sentence.  In addition,
the Company shall pay to the Executive a pro-rated Performance Bonus, based upon the number of days the Executive was employed by
the Company in such Year during which the termination of employment occurred, in excess of the Retention Bonus paid in such Year,
which shall be paid at the same time and in the same manner as such bonus would have been paid if the Executive had remained
actively employed by the Company.  The Executive’s right to receive payments by the Company pursuant to the immediately
preceding sentence shall be contingent upon and subject to the Executive executing in a timely manner and not revoking a general
release of claims as provided in Section 5(e) below, and the Executive’s right to receive such payments shall immediately
terminate, and the Company shall have no further obligations to the Executive with respect thereto, in the event that the Executive
breaches any provision of Section 6 or Section 7 hereof.

(c)

Termination
for Cause by the Company or Resignation by the Executive Without Good Reason.  If the Company terminates the
Executive’s employment for Cause, or if the Executive resigns from the Company without Good Reason, the Executive shall receive
his Accrued Compensation.  Thereafter, the Company shall have no further obligation to the Executive under this Agreement, and
the Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of
employment, or any other rights hereunder.

(d)

Termination
Without Cause by the Company; Resignation by the Executive for Good Reason.  If the Company terminates the Executive’s
employment without Cause pursuant to Section 4(d) of this Agreement or the Executive resigns from employment with the Company for
Good Reason 

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pursuant to
Section 4(e) of this Agreement, then the Company shall pay to the Executive:  (x) the Accrued Compensation; (y) a pro-rated
Performance Bonus, based upon the number of days the Executive was employed by the Company in such Year during which the termination
of employment occurred, in excess of the Retention Bonus paid in such Year; and (z) his Base Salary and Retention Bonus, in
accordance with the Company’s normal payroll policies, for a period of twelve (12) months following the Executive’s date
of termination.  Payment by the Company pursuant to clause (y) above shall be paid at the same time and in the same manner as
such bonus would have been paid if the Executive had remained actively employed by the Company.  Thereafter, the Company shall
have no further obligation to the Executive under this Agreement, and the Executive shall have no further rights to any other
compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder.  The
Executive’s right to receive payments by the Company pursuant to clauses (y) and (z) above shall be contingent upon and subject
to the Executive executing in a timely manner and not revoking a general release of claims as provided in Section 5(e) below, and
the Executive’s right to receive such payments under clauses (y) and (z) above shall immediately terminate, and the Company
shall have no further obligations to the Executive with respect thereto, in the event that the Executive breaches any provision of
Section 6 or Section 7 hereof.

(e)

Release of
Claims.  Notwithstanding any provision herein to the contrary, the Company may require that, prior to payment of any amount
or provision of any benefit pursuant to Sections 5(b) and 5(d) above (other than Accrued Compensation), the Executive shall have
executed and returned to the Company within 45 days after such termination a complete release of the Company and its affiliates and
related parties in such form as is reasonably required by the Company, and any waiting periods contained in such release shall have
expired.  In such event, the Company shall execute a complete release of Executive in substantially the same form as required
by the Company.

(f)

Expiration
of Term.  In the event that the Employment Term expires on the Expiration Date, without a written extension by the Company
and the Executive, the Company shall pay the Executive the Accrued Compensation; provided, however, that, for the
avoidance of doubt, for purposes of this Section 5(f), the Performance Bonus for the Third Year in excess of the Retention Bonus
paid in such Year shall be deemed to be Accrued Compensation.  Thereafter, the Company shall have no further obligation to the
Executive under this Agreement, and the Executive shall have no further rights to any other compensation or benefits hereunder on or
after the termination of employment, or any other rights hereunder.

(g)

Code Section
409A. “Termination of employment,” “resignation” or words of similar import, as used in this Agreement,
means for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the date as of
which the Company and the Executive reasonably anticipate that no further services will be performed by the Executive and shall be
construed as the date that the Executive first incurs a “separation from service” for purposes of Section 409A of the
Code.

6.

Confidentiality and Restrictive Covenants.

(a)

Confidentiality.

(i)

Acknowledgments.  The Executive represents and acknowledges that he has been informed that it is the
policy of the Company to maintain as secret and confidential all information relating to (x) the computer software, products,
processes and/or other information proprietary to the Company and (y) the customers and employees of the Company
(“Confidential Information”), and the Executive further acknowledges that such Confidential Information is of great
value to the Company and is the property of the Company.  The parties recognize that the services to be 

7

performed by the
Executive are special and unique, and that by reason of this employment by the Company, he will acquire Confidential Information as
aforesaid.

(ii)

Covenant
Against Disclosure.  The parties confirm that to protect the Company’s goodwill, it is reasonably necessary that the
Executive agree, and accordingly the Executive does hereby agree, that he will not directly or indirectly (except where authorized
by the Board for the benefit of the Company) at any time during the Executive’s employment hereunder or after the Executive
ceases to be employed by the Company, divulge to any persons, firms or corporations other than the Company (hereinafter referred to
collectively as “Third Parties”), or use, or cause to authorize any Third Parties to use, any such Confidential
Information, except to the extent that any such Confidential Information (i) is required to be disclosed by the Executive under any
applicable laws, regulations or directives of any government agency, tribunal or authority having jurisdiction in the matter or
under subpoena or other process of law, (ii) becomes generally available to the public, other than as a result of a breach by the
Executive of this Section 6, or (iii) becomes available to the Executive on a non-confidential basis from a source other than the
Company, or any of its affiliates or advisors; provided, that such source is not known by the Executive to be bound by a
confidentiality agreement with, or other obligation of secrecy to, the Company or another party.

(b)

Return of
Company Documents and Information.  The Executive will, upon the expiration or any termination of his employment with the
Company for any reason, or upon the Company’s demand, forthwith return to the Company all Confidential Information in his
possession, directly or indirectly, that is in written or other tangible form (together with all duplicates thereof), together with
all copies, recordings, abstracts, notes, computer diskettes, computer or computer assisted data storage or reproductions of any
kind made from or about the documents and tangible items or the information they contain, and that he will not retain or furnish any
such Confidential Information to any Third Party.  Executive will also return (x) all Company-provided electronic storage
devices and provide for inspection any of Executive’s electronic storage devices used by him to conduct Company business on or
before his termination of employment, or upon the Company’s earlier demand and (y) all passwords, keys, credit cards, equipment
or other articles that came into the Executive’s possession or under the Executive’s control in connection with the
Executive’s employment by the Company.  Notwithstanding anything herein to the contrary, the Executive shall be permitted
to keep his address book and rolodex.

(c)

Non-Competition.  During the Restricted Period (as defined herein), the Executive shall not, directly or
indirectly, own, manage, operate, control or participate in the ownership, management, operation or control of, or be connected as
an officer, employee, partner, member, director or otherwise with, or have any financial interest in, or aid or assist anyone else
in the conduct of, any entity or business that competes with the Business (as defined herein) conducted by the Company or any of its
subsidiaries or affiliates within any area in which the Company (including Seller) conducts or has conducted its Business on the
date that the Executive’s employment with the Company terminates or within the three (3) year period immediately preceding such
time.  Notwithstanding the foregoing, the Executive’s ownership of securities of a public company engaged in competition
with the Company’s Business not in excess of one percent (1%) of any class of such securities shall not be considered a breach
of the covenants set forth in this Section 6(c).  It is expressly agreed between the parties that if the Executive is working
for (i) a competitor engaged in the Business conducted by the Company (including Seller) within any area in which the Company
(including Seller) conducts or has conducted its Business on the date that the Executive’s employment with the Company
terminates or within the three (3) year period immediately preceding such time or (ii) an insurance or other company which may
design and market software (provided the designing and marketing of software is not a predominant and principal part of the business
of such other company or concern), it will be presumed that Executive is competing in violation of this Section 6(c), and the burden
of proof shall be upon the Executive to rebut this presumption; provided, however, that the Executive shall be
permitted to work for an insurance or other 

8

company that does
not market software so long as such company is neither (A) a customer or active prospective customer of the Company (including
Seller) or of any subsidiary or affiliate during the two (2) year period immediately preceding such time nor (B) otherwise competes
with the Business.  For purposes hereof, “Business” shall mean the business of either or both of (x)
designing, developing or providing software services to the property and casualty insurance industry and (y) providing professional
and consulting services relating to business intelligence information technology and the development and licensing of business
intelligence software for use in the property and casualty insurance industry, and providing certain related services related
thereto.  

(d)

Non-Solicitation.  During the Restricted Period, the Executive shall not, directly or indirectly, take any
of the following actions, and, to the extent the Executive owns, manages, operates, controls, is employed by or participates in the
ownership, management, operation or control of, or is connected in any manner with, any business, the Executive will use his best
efforts to ensure that such business does not take any of the following actions:

(i)

solicit, induce
or attempt to induce any customer, consultant or vendor of the Company (including Seller) or any of its subsidiaries or affiliates
during the two (2) year period immediately preceding such time (A) to cease doing business, in whole or in part, or otherwise alter
their relationship with the Company or any of its subsidiaries or affiliates, or (B) to do business with any Third Party that has or
engages in a business that competes with the Business (as defined herein) conducted by the Company or any of its subsidiaries or
affiliates;

(ii)

realize any
economic benefit arising from or related to engaging in a business that competes with the Business conducted by the Company
(including Seller) or any of their subsidiaries or affiliates; with any Third Party who is or was a customer of the Company
(including Seller) or of any subsidiary or affiliate during the two (2) year period immediately preceding such time; or

(iii)

(A) solicit,
employ or otherwise engage, as an employee, independent consultant or otherwise, any person or entity who is an employee or
independent consultant of the Company or any of its subsidiaries or affiliates or who was an employee or independent consultant of
the Company (including Seller) or any of their subsidiaries or affiliates within twelve (12) months period prior to such time (other
than any such employee whose employment is terminated by the Company), or (B) interfere with or otherwise seek to influence the
relationship of the Company of any of its subsidiaries or affiliates with any employee or independent consultant.  A general
employment advertisement or other form of general solicitation by an entity of which the Executive is a part will not constitute
solicitation, recruitment or encouragement nor would serving as a reference upon request to an entity with which the Executive is
not associated.

(e)

Definition
of Restricted Period.  For purposes hereof, “Restricted Period” means (i) the period commencing on the
first day of the Employment Term and ending on the last day of the Employment Term and (ii) the period commencing immediately
following the last day of the Employment Term and ending thirty (30) months thereafter.  For the avoidance of doubt, Section 6,
including all subsections, applies regardless of the basis by which such termination of employment arises (whether by the Company,
by the Executive or upon expiration of the Employment Term).

(f)

Further
Acknowledgments.  The Executive acknowledges that the restrictions set forth in this Section 6 are reasonable in scope and
essential to protect the Company’s legitimate interests in safeguarding its Confidential Information, customer and employment
relationships.  The Executive further agrees that compliance by the Executive to the obligations set forth in Sections 6(c) and
6(d) during the Restrictive Period will not cause the Executive any undue hardship, especially given the substantial compensation
and benefits provided for in this Agreement in exchange for his compliance 

9

with such
obligations.  Executive acknowledges that the compensation and benefits provided for herein will allow him to maintain a
standard of living of at least the sort of fashion to which he became accustomed while employed at the Company.  The
Executive’s breach or threatened breach of his obligations set forth in this Section 6 will result in the immediate suspension
of any further payments to the Executive pursuant to Section 5, as applicable, and for the avoidance of doubt, in the case of such
suspension, Executive shall not be released or discharged from any of his obligations under this Agreement, including without
limitation, this Section 6 and the validity of the Release shall not be affected thereby.

7.

Intellectual Property.

(a)

Assignment.  The Executive assigns to the Company, without additional compensation, all right, title and
interest in and to all creations, inventions, ideas, designs, copyrightable materials, trademarks and other technology and rights
(and any related improvements or modifications), whether or not subject to patent or copyright protection (collectively,
“Inventions”), relating to any activities of the Company that are conceived or developed by the Executive in the
course of his employment, whether alone or with others and whether or not conceived or developed during regular business hours, and
if based on Confidential Information after the termination of this Agreement for any reason.  Such Inventions shall be the sole
property of the Company and, to the maximum extent permitted by applicable law, shall be deemed “works made for hire” as
the term is used in the United States Copyright Act.

(b)

Disclosure.  The Executive will promptly inform the Company of any such Inventions.  The Executive
shall (whether while employed by the Company or after the termination of this Agreement) execute such written instruments and do
other such acts as may be necessary in the opinion of the Company or its counsel to secure the Company’s rights in the
Inventions, including obtaining a patent, registering a copyright or otherwise (and the Executive irrevocably appoints the Company
and any of its officers as attorney in fact to undertake such acts in his name).  The Executive’s obligation to execute
written instruments and otherwise assist the Company in securing its rights in the Inventions will continue after the termination of
this Agreement for any reason.

(c)

Sublicense.  To the extent, if any, that the Executive retains any right, title or interest with respect
to any Inventions that he develops during his employment with the Company, the Executive grants to the Company an irrevocable,
paid-up, transferable, sublicensable, worldwide right and license (i) to modify all or any portion of such Inventions, including,
without limitation, the making of additions to or deletions from such Inventions, regardless of the medium (now or hereafter known)
into which such Inventions may be modified and regardless of the effect of such modifications on the integrity of such Inventions,
and (ii) to identify the Executive, or not to identify the Executive, as one or more authors of or contributors to such Inventions
or any portion thereof, whether or not such Inventions or any portion thereof have been modified.  The Executive further waives
any “moral” rights, or other rights with respect to attribution of authorship or integrity of such Inventions that he may
have under any applicable law, whether under copyright, trademark, unfair competition, defamation, right of privacy, contract, tort
or other legal theory.

8.

Life and
Disability Insurance.  The Executive agrees that the Company may apply for and purchase one or more life insurance policies
on the life or on the disability of the Executive in such amount or amounts as the Company deems appropriate.  The Company
shall be the sole beneficiary of such insurance policy or policies, and the Executive hereby acknowledges that the Company has an
insurable interest in the Executive’s life and health.  The Executive agrees to cooperate with the Company in obtaining
any insurance on the life or on the disability of the Executive which the Company may desire obtain for its own benefit and shall
undergo such physical and other examinations, and shall execute any 

10

consents or
applications, which the Company may reasonably request in connection with the issuance of one or more of such insurance policies.
 The Company hereby agrees to cancel such insurance policy or policies with respect to the Executive upon the termination of
the Executive’s employment hereunder.

9.

Disputes.

(a)

Arbitration.  The Executive and the Company will arbitrate any and all controversies, claims or disputes
arising out of or relating to this Agreement or the Executive’s employment with the Company (“Claims”), with
the sole exception being disputes covered by Sections 6 and 7, before the American Arbitration Association (“AAA”)
in accordance with the AAA’s National Rules for the Resolution of Employment Disputes.  The Executive waives any right to
a trial by jury in any controversy, claim or dispute with the Company, including those that arise under any federal, state or local
law, including without limitation, claims of harassment, discrimination or wrongful termination under common law or under Title VII
of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act, the Age Discrimination in
Employment Act as amended, the Older Workers’ Benefit Protection Act, the New Jersey Law Against Discrimination or the New
Jersey Conscientious Employee Protection Act.  The arbitration proceeding shall be conducted in New York City, New York.

(b)

Administrative Claims.  While this Agreement precludes the Executive from filing a court action for any
Claim against the Company, this Agreement does not prohibit the Executive from filing an administrative charge with a local, state
or federal administrative body.

(c)

Injunctive
Relief.  Notwithstanding the agreement to arbitrate, a breach by the Executive of his obligations under Sections 6 or 7 of
this Agreement would cause the Company irreparable harm, and no adequate remedy at law would be available in respect thereof.
 Accordingly, if any dispute arises between the parties under Sections 6 or 7, the Company shall not be required to arbitrate
such Claim under Section 9(a), but shall have the right to immediately institute judicial proceedings in any court of competent
jurisdiction with respect to such dispute or claim and shall be entitled to relief enjoining such acts without the need to post a
bond.  If such judicial proceedings are instituted, such proceedings shall not be stayed or delayed pending the outcome of any
arbitration proceeding under Section 9(a) of this Agreement.  The Executive and the Company consent to the jurisdiction of the
United States District Court for the Southern District of New York (or if such court cannot exercise jurisdiction for any reason, to
the jurisdiction of the New York State Supreme Court for the County of New York) for this purpose.  Further, the Executive and
the Company waive any objections to the jurisdiction of such courts based on improper or inconvenient forum.

10.

Miscellaneous.

(a)

Successors;
Binding Agreement.  This Agreement and the obligations of the Company under this Agreement and all rights of the Executive
under this Agreement shall inure to the benefit of the parties hereto and their respective heirs, personal representatives,
successors and assigns; provided, however, that the duties of the Executive under this Agreement are personal to the
Executive and may not be delegated or assigned by him.

(b)

Notice.
 All notices of termination and other communications provided for in this Agreement shall be in writing and shall be deemed to
have been duly given when delivered by hand or mailed by United States registered mail, return receipt requested, addressed as
follows:

11

If to the Company:

Cover-All Technologies Inc.
55 Lane Road
Fairfield, New Jersey 07004
Attention:  Chairman

With a copy to:

Sills
Cummis & Gross P.C.
One Rockefeller Plaza
New York, New York 10020
Attention:  David E. Weiss, Esq.

If to the Executive:

Mr. Seth Rachlin

60 West 66th Street

Apt. 12A

New York, New York 10023

or to such other address as either
party may designate by notice to the other, which notice shall be deemed to have been given upon receipt.

(c)

Governing
Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard
to the conflict of law rules thereof.

(d)

Legal
Fees.  In the event of any contest or dispute relating to this Agreement or the termination of the Executive’s
employment hereunder, each of the Parties shall bear its own costs and expenses.

(e)

Waivers.
 The waiver of either party hereto of any right under this Agreement or of any failure to perform or breach by the other party
hereto shall not be deemed a waiver of any other right under this Agreement or of any other failure or breach by the other party
hereto, whether of the same or a similar nature or otherwise.  No waiver shall be deemed to have occurred unless set forth in
writing executed by or on behalf of the waiving party.  No such written waiver shall be deemed a continuing waiver unless
specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not
constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

(f)

Severability.  The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement, which shall otherwise remain in full force and effect.
 Moreover, if any one or more of the provisions contained in this Agreement is held to be excessively broad as to duration,
scope or activity, such provisions shall be construed by limiting and reducing them so as to be enforceable to the maximum extent
compatible with applicable law.

(g)

Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed an
original, but all of which shall constitute one and the same instrument.

(h)

Entire
Agreement.  This Agreement sets forth the entire agreement and understanding of the parties in respect of the subject
matter contained herein, and supersedes all prior

12

agreements,
promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee
or representative of either party in respect of said subject matter.

(i)

Modifications.

This Agreement
may only be modified in a writing signed by both the Company and the Executive.

(j)

Headings
Descriptive.  The headings of the several Sections of this Agreement are inserted for convenience only and shall not in any
way affect the meaning or construction of any of this Agreement.

(k)

Capacity.  The Executive represents and warrants that he is not a party to any agreement that would
prohibit him from entering into this Agreement or performing fully his obligations under this Agreement.

(l)

Survival.  The obligations and rights set forth in Sections 3(c), 6, 7, 9 and 10 shall survive the
expiration or termination of this Agreement for any reason.

(m)

Code Section
409A.  The Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion
therefrom.  Each payment under this Agreement shall be treated as a separate payment for purposes of Section 409A of the Code.
 In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made under this
Agreement.  All reimbursements and in-kind benefits provided under this Agreement that constitute deferred compensation within
the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code,
including, without limitation, that: (i) in no event shall reimbursements by the Company under this Agreement be made later than the
end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred, provided,
that the Executive shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar year
next following the calendar year in which such fees and expenses were incurred; (ii) the amount of in-kind benefits that the Company
is obligated to pay or provide in any given calendar year (other than medical reimbursements described in Treas. Reg. §
1.409A-3(i)(1)(iv)(B)) shall not affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar
year; (iii) the Executive’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be
liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements
or to provide such in-kind benefits apply later than the Executive’s remaining lifetime or if longer, through the 20th
anniversary of the Effective Date.  To the extent the Executive is a “specified employee,” as defined in Section
409A(a)(2)(B)(i) of the Code and the regulations and other guidance promulgated thereunder and any elections made by the Company in
accordance therewith, notwithstanding the timing of payment provided in any other Section of this Agreement, no payment,
distribution or benefit under this Agreement that constitutes a distribution of deferred compensation (within the meaning of
Treasury Regulation Section 1.409A-1(b)) upon separation from service (within the meaning of Treasury Regulation Section
1.409A-1(h)), after taking into account all available exemptions, that would otherwise be payable, distributable or settled during
the six-month period after separation from service, will be made during such six- month period, and any such payment, distribution
or benefit will instead be paid, distributed or settled on the first business day after such six-month period; provided, that
if the Executive dies following the date of termination and prior to the payment, distribution, settlement or provision of the any
payments, distributions or benefits delayed on account of Section 409A of the Code, such payments, distributions or benefits shall
be paid or provided to the personal representative of the Executive’s estate within 30 days after the date of the
Executive’s death.  If the Executive dies following the date of termination and prior to the payment of the any amounts
delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the Executive’s
estate within 30 days after the date of the Executive’s death.

13

Notwithstanding
the foregoing, the Executive understands and agrees that (1) the Company does not guarantee the tax treatment (state or federal) of
any payments or benefits under this Agreement (whether under Code Section 409A or otherwise) and (2) in no event shall the Company
have any liability or responsibility to cover or reimburse the Executive for any taxes that he may owe by reason of the payments
received by the Executive in accordance with this Agreement.

[Signature Page follows]

14

IN WITNESS WHEREOF, the Company
and the Executive have executed this Agreement as of the date first above written.

COVER-ALL TECHNOLOGIES INC.

By:  /s/ John W. Roblin           

Name: John W. Roblin 

Title: CEO

 /s/ Seth Rachlin                      

SETH RACHLIN

15HTML

      
         
            
               

                  

                  

                  Exhibit 10.1

                  TANGER FACTORY OUTLET CENTERS, INC.
NOTIONAL UNIT

                  AWARD AGREEMENT

                    

                  Name of Grantee: _____________________ ("Grantee")
No. of Notional Units: ______________________
Grant Date: ______________, 2010 (the "Grant Date")
                  

                  RECITALS

                  A.   The Grantee is an employee of Tanger Factory Outlet Centers,
                     Inc., a North Carolina corporation (the "
                     Company").
                  

                  B.   The Company has adopted the Amended and Restated Incentive Award
                     Plan of Tanger Factory Outlet Centers, Inc. and Tanger Properties
                     L.P., as amended (the "
                     Plan") to provide additional incentives to the Company's employees and
                     directors. This award agreement (this "
                     Agreement") evidences an award to the Grantee under the Plan (the "Award"), which is subject to the terms and conditions set forth herein.
                  

                  C.   The Plan permits the award of Performance Awards and the Company
                     wishes to award Performance Awards in the form of Notional Units.
                  

                  D.   The Grantee was selected by the Share and Unit Option Committee (the "Committee") to receive the Award and, effective as of the Grant Date, the
                     Company issued to the Grantee the number of Notional Units set
                     forth above.
                  

                  NOW, THEREFORE, the Company and the Grantee agree as follows:
                  

                  1.   Definitions. Capitalized terms used herein without definitions shall have the
                     meanings given to those terms in the Plan. In addition, as
                     used herein:
                  

                  "Cause" means (a) the Grantee causing material harm to the Company or any
                     Subsidiary or affiliate thereof through a material act of dishonesty
                     in the performance of his or her duties for the Company or any
                     Subsidiary or affiliate thereof, (b) the Grantee's conviction of a
                     felony involving moral turpitude, fraud or embezzlement, or (c) the
                     Grantee's willful failure to perform the material duties of the
                     Grantee's employment (other than failure due to Disability);
                     provided that, if the Employment Agreement includes a different definition of
                     "Cause," the definition in the Employment Agreement shall be
                     incorporated by reference herein and supersede the definition in this
                     Section 1.
                  

                  "Change in Control" has the meaning set forth in the Plan. In addition, if a Change in
                     Control constitutes a payment event with respect to the Award, and
                     the Award provides for the deferral of compensation and is subject to
                     Section 409A of the Code (together with any Department of Treasury
                     regulations and other interpretive guidance that may be issued after
                     the date hereof, "
                     Section 409A"), the transaction or event described in the Change in Control
                     definition set forth in the Plan must also constitute a "change in
                     control event," as defined in Department of Treasury Regulation
                     Section 1.409A-3(i)(5) to the extent required by Section 409A.
                  

                  "CIC Minimum Return to Shareholders" shall mean the amount equal to the product of (a) the Minimum
                     Return to Shareholders and (b) a fraction, the numerator of which is
                     the number of days from the Effective Date to and including the date
                     of the Change in Control and the denominator of which is the number
                     of days during the period beginning on the Effective Date and ending
                     on the Measurement Date.
                  

                  "Common Shares" means the Company's common shares, par value $0.01 per share,
                     either currently existing or authorized hereafter.
                  

                  "Common Share Price" means, as of a particular date, the highest twenty (20) consecutive
                     trading day trailing average of the Fair Market Value within the
                     ninety (90) day period ending on, and including, such date (or, if
                     such date is not a trading day, the most recent trading day
                     immediately preceding such date);
                     provided that if any of such trading days is the ex-dividend date for a
                     dividend or other distribution on the Common Shares, then the Fair
                     Market Value for each trading day prior to the ex-dividend date shall
                     be adjusted and shall equal the Fair Market Value on each such
                     trading day (prior to the adjustment herein) divided by (i) the sum
                     of (A) one and (B) the per share amount of the dividend or other
                     distribution declared to which such ex-dividend date relates divided
                     by the Fair Market Value on the ex-dividend date for such dividend or
                     other distribution;
                  

               

            

         

         
            
1
            

         

         

      

      
         
            
               
                  and, provided, further, that if such date is the date upon which a Change in Control
                     (within the meaning of Section 1.6(a) or (c) of the Plan) occurs, the
                     Common Share Price as of such date shall be equal to the fair market
                     value in cash, as determined by the Committee, of the total
                     consideration paid or payable in the transaction resulting in such
                     Change in Control for one Common Share.
                  

                  "Disability" means the Grantee's inability through physical or mental illness or
                     other cause to perform any of the material duties assigned to him or
                     her by the Company or a Subsidiary or affiliate thereof for a period
                     of ninety (90) days or more within any twelve (12) consecutive
                     calendar months;
                     provided that, if the Employment Agreement includes a different definition of
                     "Disability," the definition in the Employment Agreement shall be
                     incorporated by reference herein and supersede the definition in this
                     Section 1.
                  

                  "Effective Date" means January 1, 2010.
                  

                  "Effective Date Common Share Price" means $38.99.
                  

                  "Employment Agreement" means, as of a particular date, the employment agreement by and
                     between the Grantee and the Company or a Subsidiary or affiliate
                     thereof in effect as of that date, if any.
                  

                  "50th Percentile" means in accordance with standard statistical methodology, for any
                     applicable measurement period, the median of the Total Return to
                     Shareholders of the REITs included in the Peer Group. Notwithstanding
                     the foregoing, the Committee may, upon consideration of the
                     statistical distribution of the REITs included in the Peer Group
                     within the full range of Total Return to Shareholders for the
                     applicable measurement period, exercise its reasonable discretion to
                     allow for issuance of Restricted Shares to be granted as part of the
                     Award under
                     Section 3 on a basis other than a strict mathematical calculation of the 50th
                     Percentile. By way of illustration, if for the period the Total
                     Return to Shareholders of a number of REITs included in the Peer
                     Group is clustered within a narrow range such that the effect of the
                     precise calculation of percentiles is that issuance would not occur,
                     the Committee could in its sole discretion conclude that issuance
                     should nonetheless occur to the extent appropriate in light of all
                     the circumstances, including the Company's Total Return to
                     Shareholders performance relative to the REITs included in the Peer
                     Group taken as a whole.
                  

                  The Grantee shall have "Good Reason" to terminate his or her employment in the event of the Company's
                     material breach of the terms of the Grantee's employment;
                     provided that (i) the Grantee provides written notice to the Company of the
                     existence of the condition(s) constituting Good Reason within ninety
                     (90) days of the initial existence of any such condition(s), (ii) the
                     Company has thirty (30) days after receipt of such notice to remedy
                     such condition(s) and (iii) if the Company fails to remedy the
                     condition(s), the Grantee terminates his or her employment for Good
                     Reason within two (2) years following the initial existence of any
                     condition constituting Good Reason;
                     provided, further, that, if the Employment Agreement includes a different definition
                     of "Good Reason," to the extent a Termination of Employment by the
                     Grantee for Good Reason thereunder would be an "involuntary
                     separation from service" (as defined in Section 409A), the definition
                     in the Employment Agreement shall be incorporated by reference herein
                     and supersede the definition in this
                     Section 1.
                  

                  "Maximum Total Return to Shareholders" means Total Return to Shareholders equal to 60%.
                  

                  "Measurement Date" means December 31, 2013.
                  

                  "Minimum Total Return to Shareholders" means Total Return to Shareholders equal to 40%.
                  

                  "Notional Unit" means a Performance Award granted pursuant to the Plan which
                     entitles the Grantee to the opportunity to be receive Restricted
                     Shares on or after the Share Issuance Date as set forth herein.
                  

                  "Notional Unit Conversion Ratio" means (a) in the event the Total Return to Shareholders is equal to
                     the Minimum Total Return to Shareholders, 1.0, (b) in the event the
                     Total Return to Shareholders is equal to the Maximum Total Return to
                     Shareholders, 3.0, (c) in the event the Total Return to Shareholders
                     is greater than the Minimum Total Return to Shareholders and less
                     than the Maximum Total Return to Shareholders, the Notional Unit
                     Conversion Ratio will be pro-rated between 1.0 and 3.0 by linear
                     interpolation (e.g., other than in the event of a Change in Control,
                     the Notional Unit Conversation Ratio will increase by 0.1 for each
                     percentage point by which the Total Return to Shareholders exceeds
                     the Minimum Total Return to Shareholders up to the Maximum Total
                     Return to Shareholders) and (d) in the event the Total Return to
                     Shareholders is greater than the Maximum Total Return to
                     Shareholders, 3.0 multiplied by a fraction, the numerator of which is
                     the Common Share Price required to generate the Maximum Total Return
                     to Shareholders on the Valuation Date, less the actual dividends paid
                     from the Effective Date to the Valuation Date, up to a maximum of
                     $6.22, and the denominator of which is the Common Share Price on the
                     Valuation Date.
                  

                  "Peer Group" means the peer group of companies set forth on Exhibit A; provided that if a constituent company(s) in the Peer Group ceases to be
                     actively traded, due, for example, to merger or bankruptcy, or the
                     Committee otherwise
                  

               

            

         

         
            
2
            

         

         

      

      
         
            
               
                  reasonably determines that it is no longer suitable for the purposes
                     of this Agreement, then the Committee in its reasonable discretion
                     shall select a comparable company to be added to the Peer Group for
                     purposes of making the Total Return to Shareholders comparison
                     required by
                     Section 3(b) meaningful and consistent across the relevant measurement period.
                  

                  "Restricted Shares" has the meaning set forth in Section 2(a).
                  

                  "Share Issuance Date" means the earlier of (a) January 1, 2014 and (b) the date upon which a Change in Control shall occur.
                  

                  "Total Return to Shareholders" means the percentage appreciation in the Common Share Price from
                     the Effective Date to the Valuation Date, determined by dividing (a)
                     the difference obtained by subtracting (1) the Effective Date Common
                     Share Price, from (2) the Common Share Price on the Valuation Date
                     plus all dividends paid on a Common Share from the Effective Date to
                     the Valuation Date up to a maximum of $6.22 by (b) the Effective Date
                     Common Share Price;
                     provided, however, for the purpose of calculating Total Return to Shareholders under Sections 3(b)(ii) and (iii), no such dividend per share limitation shall apply for purposes of
                     the comparison of Total Return to Shareholders to the 50th
                     Percentile;
                     provided, further, that for the purposes of calculating the Total Return to Shareholders under Section 2(b)(iii), the amount of the maximum dividend considered herein shall be
                     prorated based on the number of days from the Effective Date to and
                     including the date of the Change in Control divided by the total
                     number of days from the Effective Date to and including the
                     Measurement Date. Additionally, as set forth in, and pursuant to,
                     Section 6, appropriate adjustments to the Total Return to Shareholders shall
                     be made to take into account all stock dividends, stock splits,
                     reverse stock splits and the other events set forth in
                     Section 6 that occur between the Effective Date and the Valuation Date.
                  

                  "Valuation Date" means the earlier of (a) the Measurement Date and (b) the date upon
                     which a Change in Control shall occur.
                  

                  2.     Notional Unit Award.
                  

                  (a)   Award. In consideration of the Grantee's past and/or continued employment
                     with or service to the Company and/or a Subsidiary or affiliate
                     thereof and for other good and valuable consideration, effective as
                     of the Grant Date, the Grantee is hereby granted an Award consisting
                     of the number of Notional Units set forth above, which will be
                     subject to (i) forfeiture or conversion into a right to receive
                     unrestricted Common Shares or restricted Common Shares (such
                     restricted Common Shares, "
                     Restricted Shares") to the extent provided in Sections 2 and 3, and (ii) the terms and conditions otherwise set forth in the Plan
                     and this Agreement.
                  

                  (b)   Effect of Termination of Employment and Change in Control.
                  

                  (i)   Except as provided in Section 2(b)(iii), if, prior to the Share Issuance Date, a Termination of Employment
                     of the Grantee occurs for any reason other than those reasons
                     described in
                     Section 2(b)(ii), then all Notional Units shall automatically and immediately be
                     forfeited by the Grantee without any action by any other person or
                     entity and for no consideration whatsoever, and the Grantee and any
                     beneficiary or personal representative thereof, as the case may be,
                     will be entitled to no payments or benefits with respect to the
                     Notional Units.
                  

                  (ii)   Except as provided in Section 2(b)(iii), if, prior to the Share Issuance Date, a Termination of Employment
                     of the Grantee (1) without Cause by the Company, (2) with Good Reason
                     by the Grantee, or (3) due to the Grantee's death or Disability,
                     occurs, the Grantee shall be entitled on the Share Issuance Date to
                     the number of Common Shares equal to the number of Restricted Shares
                     he or she would have received pursuant to
                     Section 3(b) as if no Termination of Employment of the Grantee had occurred,
                     multiplied by a fraction, the numerator of which is the number of
                     days from the Effective Date to and including the date of Termination
                     of Employment of the Grantee, and the denominator of which is the
                     total number of days from the Effective Date to and including the
                     Measurement Date, which Common Shares shall be fully vested upon
                     issuance. On the Share Issuance Date, all Notional Units shall
                     automatically and immediately be forfeited by the Grantee without any
                     action by any other person or entity and for no other consideration
                     whatsoever, and the Grantee and any beneficiary or personal
                     representative thereof, as the case may be, will be entitled to no
                     further payments or benefits with respect to the Notional Units.
                  

                  (iii)   Notwithstanding anything to the contrary, on the date of a
                     Change in Control occurring on or prior to the Measurement Date,
                     subject to the Grantee's continued employment with the Company from
                     the Grant Date through the date of such Change in Control, the
                     Company shall issue to the Grantee, immediately prior to such Change
                     in Control, that number of Common Shares determined as follows (which
                     Common Shares shall be fully vested upon issuance):
                  

                  (x)    If, as of the date of such Change in Control, the Total Return
                     to Shareholders is equal to or greater than the CIC Minimum Total
                     Return to Shareholders, then the Company shall issue to the Grantee
                     that number of Common Shares equal to the number of Notional Units
                     held by the Grantee on the Share Issuance Date multiplied by the
                     Notional
                  

               

            

         

         
            
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                  Unit Conversion Ratio (and, for purposes of determining the Notional
                     Unit Conversion Ratio, the Maximum Total Return to Shareholders and
                     the maximum amount of dividends taken into account in subsection (d)
                     of the definition of "Notional Unit Conversion Ratio" shall be
                     adjusted in the same manner as Minimum Return to Shareholders is
                     adjusted in determining the CIC Minimum Return to Shareholders);
                  

                  (y)    If, as of the date of such Change in Control, the Total Return
                     to Shareholders is less than the CIC Minimum Total Return to
                     Shareholders and is less than the 50th Percentile for the period
                     beginning on the Grant Date and ending on the Valuation Date, then no
                     Common Shares will be issued to the Grantee;
                  

                  (z)    If, as of the date of such Change in Control, the Total Return
                     to Shareholders is less than the CIC Minimum Total Return to
                     Shareholders, but is equal to or greater than the 50th Percentile for
                     the period beginning on the Grant Date and ending on the Valuation
                     Date, then the Company shall issue to Grantee that number of Common
                     Shares equal to the number of Notional Units held by the Grantee on
                     the Share Issuance Date.
                  

                  In consideration for the Common Shares granted pursuant to this Section 2(b)(iii), all Notional Units shall automatically and immediately be forfeited
                     by the Grantee without any action by any other person or entity and
                     for no other consideration whatsoever, and the Grantee and any
                     beneficiary or personal representative thereof, as the case may be,
                     will be entitled to no further payments or benefits with respect to
                     the Notional Units.
                  

                  3.   Restricted Shares.

                  (a)   Grant of Restricted Shares. Subject to Section 3(f), on the Share Issuance Date, the Company shall deliver to the
                     Grantee (or any transferee permitted under
                     Section 5) a number of Restricted Shares (either by delivering one or more
                     certificates for such shares or by entering such shares in book entry
                     form, as determined by the Company in its sole discretion) equal to
                     the number of Restricted Shares that are issuable pursuant to
                     Section 3(b). Upon the Share Issuance Date, all Notional Units shall
                     automatically and immediately be forfeited by the Grantee without any
                     action by any other person or entity and for no other consideration
                     whatsoever, and the Grantee and any beneficiary or personal
                     representative thereof, as the case may be, will be entitled to no
                     further payments or benefits with respect to the Notional Units.
                     Notwithstanding the foregoing, in the event Restricted Shares cannot
                     be issued pursuant to
                     Sections 3(f)(i), then the Restricted Shares shall be issued pursuant to the
                     preceding sentence at the earliest date at which the Committee
                     reasonably anticipates that Restricted Shares can again be issued in
                     accordance with
                     Sections 3(f)(i).
                  

                  (b)   Number of Restricted Shares. The number of Restricted Shares that shall be granted pursuant to
                     the Notional Units shall be determined based on the Total Return to
                     Shareholders on the Valuation Date and shall be determined as follows:
                  

                  (i)   If, as of the Valuation Date, the Total Return to Shareholders
                     is equal to or greater than the Minimum Total Return to Shareholders,
                     then the Company shall issue to the Grantee that number of Restricted
                     Shares equal to the number of Notional Units held by the Grantee on
                     the Share Issuance Date multiplied by the Notional Unit Conversion
                     Ratio.
                  

                  (ii)   If, as of the Valuation Date, the Total Return to Shareholders
                     is less than the Minimum Total Return to Shareholders and is less
                     than the 50th Percentile for the period beginning on the Grant Date
                     and ending on the Valuation Date, then no Restricted Shares will be
                     issued to the Grantee.
                  

                  (iii)   If, as of the Valuation Date, the Total Return to
                     Shareholders is less than the Minimum Total Return to Shareholders,
                     but is equal to or greater than the 50th Percentile for the period
                     beginning on the Grant Date and ending on the Valuation Date, then
                     the Company shall issue to the Grantee that number of Restricted
                     Shares equal to the number of Notional Units held by the Grantee on
                     the Share Issuance Date.
                  

                  The number of Restricted Shares that the Grantee shall be entitled to
                     pursuant to the Notional Units shall be determined by the Committee
                     in its sole good faith discretion. The Grantee will not become
                     entitled to Restricted Shares with respect to the Notional Units
                     subject to this Agreement unless and until the Committee determines
                     the Total Return to Shareholders and, if required for calculation of
                     the number of Restricted Shares to be issued pursuant to Sections
                     3(b)(ii) and (iii), the 50th Percentile. Upon such determination by
                     the Committee and subject to the provisions of the Plan and this
                     Agreement, the Grantee shall be entitled to a number of Restricted
                     Shares equal to the number that is determined pursuant to this
                     Section 3(b).
                  

                  (c)   Vesting of Restricted Shares. Except as provided in Section 3(d), all of the Restricted Shares granted on the Share Issuance Date as
                     provided in this
                     Section 3 shall vest on December 31, 2014.
                  

                  (d)   Effect of Termination of Employment and Change in Control.
                  

               

            

         

         
            
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                  (i)   Except as provided in Section 3(d)(iii), if, on or after the Share Issuance Date, a Termination of
                     Employment of the Grantee occurs for any reason other than those
                     reasons described in
                     Section 3(d)(ii), then all Restricted Shares that remain unvested at such time shall
                     automatically and immediately be forfeited by the Grantee without any
                     action by any other person or entity and for no consideration
                     whatsoever, and the Grantee and any beneficiary or personal
                     representative thereof, as the case may be, will be entitled to no
                     payments or benefits with respect to the Restricted Shares.
                  

                  (ii)   If, on or after the Share Issuance Date, a Termination of
                     Employment of the Grantee (1) without Cause by the Company, (2) with
                     Good Reason by the Grantee, or (3) due to the Grantee's death or
                     Disability, occurs, then all of the Grantee's Restricted Shares shall
                     automatically and immediately vest.
                  

                  (iii)   On the date of a Change in Control occurring after the
                     Measurement Date, subject to the Grantee's continued employment with
                     the Company from the Grant Date through the date of such Change in
                     Control, all unvested Restricted Shares shall, immediately prior to
                     such Change in Control, automatically and immediately vest.
                  

                  (e)   Rights as Shareholder. The Grantee shall not be, nor have any of the rights or privileges
                     of, a shareholder of the Company, including, without limitation,
                     voting rights and rights to dividends, in respect of the Notional
                     Units or any Restricted Shares underlying the Notional Units and
                     deliverable hereunder unless and until such Restricted Shares have
                     been issued to the Grantee, and held of record by the Grantee (as
                     evidenced by the appropriate entry on the books of the Company or of
                     a duly authorized transfer agent of the Company).
                  

                  (f)   Conditions on Delivery of Restricted Shares. The Restricted Shares deliverable hereunder, or any portion
                     thereof, may be either previously authorized but unissued Common
                     Shares or issued Common Shares which have then been reacquired by the
                     Company. Such Common Shares shall be fully paid and nonassessable.
                     The Company shall not be required to issue or deliver any Common
                     Shares issuable hereunder (i) if such issuance would violate any
                     applicable law, rule or regulation and (ii) prior to the receipt by
                     the Company of payment of any applicable withholding tax, which may
                     be in one or more of the forms of consideration permitted under
                     Section 3(g).
                  

                  (g)   Withholding and Taxes. Notwithstanding anything to the contrary in this Agreement, the
                     Company shall be entitled to require payment by the Grantee of any
                     sums required by applicable law to be withheld with respect to the
                     grant of the Notional Units or the grant or vesting of the Restricted
                     Shares related thereto. Such payment shall be made by deduction from
                     other compensation payable to the Grantee or in such other form of
                     consideration acceptable to the Company which may, in the sole
                     discretion of the Committee, include:
                  

                  (i)   Cash or check;

                  (ii)   Surrender of Common Shares held for such period of time as may
                     be required by the Committee in order to avoid adverse accounting
                     consequences and having a Fair Market Value on the date of delivery
                     equal to the minimum amount required to be withheld by statute; or
                  

                  (iii)   Other property acceptable to the Committee.

                  The Company shall not be obligated to deliver any new certificate
                     representing the Restricted Shares to the Grantee or the Grantee's
                     legal representative or enter such Restricted Shares in book entry
                     form unless and until the Grantee or the Grantee's legal
                     representative shall have paid or otherwise satisfied in full the
                     amount of all federal, state and local taxes applicable to the
                     taxable income of the Grantee resulting from the grant of the
                     Notional Units or the grant or vesting of Restricted Shares related
                     thereto.
                  

                  4.   Dividends.
                  

                  (a)   Upon the grant of Common Shares pursuant to Section 2(b)(ii), the Grantee shall be entitled to receive, for each Common Share
                     granted, an amount equal to the per share amount of all dividends
                     declared with respect to Common Shares with a record date on or after
                     the Effective Date to and including the date of the Termination of
                     Employment of the Grantee. After the date of grant of the Common
                     Shares pursuant to
                     Section 2(b)(ii), the holder of such Common Shares shall be entitled to receive
                     dividends in the same manner as dividends are paid to all other
                     holders of Common Shares.
                  

                  (b)   Upon the grant of Common Shares pursuant to Section 2(b)(iii), the Grantee shall be entitled to receive, for each Common Share
                     granted, an amount equal to the per share amount of all dividends
                     declared with respect to Common Shares with a record date on or after
                     the Effective Date to and including the date of the Change in
                     Control. After the date of grant of the Common Shares pursuant to
                     Section 2(b)(iii), the holder of such Common Shares shall be entitled to receive
                     dividends in the same manner as dividends are paid to all other
                     holders of Common Shares.
                  

                  (c)   Upon grant of the Restricted Shares pursuant to Section 3(a), the Grantee shall be entitled to receive, for each of the
                     Restricted Shares (whether vested or unvested), an amount in cash
                     equal to the per share amount of all dividends
                  

               

            

         

         
            
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                  declared with respect to the Common Shares with a record date on or
                     after the Effective Date and before the Share Issuance Date (other
                     than those with respect to which an adjustment was made pursuant to
                     Section 6); provided that, notwithstanding the foregoing, if on the Valuation Date the
                     Total Return to Shareholders exceeds the Maximum Total Return to
                     Shareholders, then the amount the Grantee shall be entitled to
                     receive pursuant to this
                     Section 4(c) shall equal the product of (a) the per share amount of all dividends
                     declared with respect to the Common Shares with a record date on or
                     after the Effective Date and before Share Issuance Date (other than
                     those with respect to which an adjustment was made pursuant to
                     Section 6) and (b) the number of Restricted Shares the Grantee would have
                     received had the Total Return to Shareholders equaled the Maximum
                     Total Return to Shareholders on the Valuation Date. After the Share
                     Issuance Date, the holder of Restricted Shares (whether vested or
                     unvested) shall be entitled to receive the per share amount of any
                     dividends declared with respect to Common Shares for each Restricted
                     Share (whether vested or unvested) held on the record date of each
                     such dividend and each such dividend shall be paid in the same manner
                     as dividends are paid to the holders of Common Shares.
                  

                  (d)   Except as provided in this Section 4, the Grantee shall not be entitled to receive any payments in lieu
                     of or in connection with dividends with respect to any Notional Units
                     and/or Restricted Shares.
                  

                  5.   Restrictions on Transfer. The Notional Units may not be sold, assigned, transferred, pledged,
                     hypothecated, given away or in any other manner disposed of,
                     encumbered, whether voluntarily or by operation of law (each such
                     action, "
                     Transfer"). The Restricted Shares may not be Transferred, unless and until
                     such Restricted Shares have been granted and have fully vested.
                     Neither the Notional Units, the Restricted Shares nor any interest or
                     right therein shall be liable for the debts, contracts or engagements
                     of the Grantee or his or her successors in interest or shall be
                     subject to disposition by transfer, alienation, anticipation, pledge,
                     encumbrance, assignment or any other means whether such disposition
                     be voluntary or involuntary or by operation of law by judgment, levy,
                     attachment, garnishment or any other legal or equitable proceedings
                     (including bankruptcy), and any attempted disposition thereof shall
                     be null and void and of no force or effect, except to the extent that
                     such disposition is permitted by the preceding sentence.
                  

                  6.   Changes in Capital Structure. In addition to any actions by the Committee permitted under Section 10.3 of the Plan, if (1) the Company shall at any time be involved in a
                     merger, consolidation, dissolution, liquidation, reorganization,
                     exchange of shares, sale of all or substantially all of the assets or
                     shares of the Company or a transaction similar thereto, (2) any stock
                     dividend, stock split, reverse stock split, stock combination,
                     reclassification, recapitalization, significant repurchases of shares
                     or other similar change in the capital structure of the Company, or
                     any distribution to holders of Common Shares other than regular cash
                     dividends, shall occur, or (3) any other event shall occur for which,
                     in its sole discretion, the Committee determines action by way of
                     adjusting the terms of the Award is necessary or appropriate, then
                     the Committee shall take such action as in its sole discretion shall
                     be necessary or appropriate to maintain the Grantee's rights
                     hereunder so that they are substantially proportionate to the rights
                     existing under this Agreement prior to such event, including, without
                     limitation, adjustments in the number and/or terms and conditions of
                     the Notional Units or Restricted Shares, Common Share Price, Total
                     Return to Shareholders and payments to be made pursuant to
                     Section 4. The Grantee acknowledges that the Notional Units and Restricted
                     Shares are subject to amendment, modification and termination in
                     certain events as provided in this
                     Section 6 and Section 10.3 of the Plan.
                  

                  7.   Miscellaneous.
                  

                  (a)   Administration. The Committee shall have the power to interpret the Plan and this
                     Agreement and to adopt such rules for the administration,
                     interpretation and application of the Plan as are consistent
                     therewith and to interpret, amend or revoke any such rules. All
                     actions taken and all interpretations and determinations made by the
                     Committee in good faith shall be final and binding upon the Grantee,
                     the Company and all other interested persons. No member of the
                     Committee or the Board shall be personally liable for any action,
                     determination or interpretation made in good faith with respect to
                     the Plan, this Agreement, the Notional Units or the Restricted Shares.
                  

                  (b)   Amendments. To the extent permitted by the Plan, this Agreement may be amended,
                     modified, suspended or terminated at any time and from time to time
                     by the Committee or the Board;
                     provided that, except as otherwise provided in the Plan, any such amendment,
                     modification, suspension or termination that adversely affects the
                     rights of the Grantee in a material way must be consented to by the
                     Grantee to be effective as against him or her.
                  

                  (c)   Incorporation of Plan. The provisions of the Plan are hereby incorporated by reference as
                     if set forth herein. If and to the extent that any provision
                     contained in this Agreement is inconsistent with the Plan, the Plan
                     shall govern.
                  

                  (d)   Severability. In the event that one or more of the provisions of this Agreement
                     may be invalidated for any reason by a court, any provision so
                     invalidated will be deemed to be separable from the other provisions
                     hereof, and the remaining provisions hereof will continue to be valid
                     and fully enforceable.
                  

               

            

         

         
            
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                  (e)   Governing Law. This Agreement is made under, and will be construed in accordance
                     with, the laws of the State of North Carolina, without giving effect
                     to the principle of conflict of laws of such State or any other
                     jurisdiction.
                  

                  (f)   No Obligation to Continue Position as an Employee. Neither the Company nor any Subsidiary or affiliate thereof is
                     obligated by or as a result of this Agreement to continue to have the
                     Grantee as an employee and this Agreement shall not interfere in any
                     way with the right of the Company or any Subsidiary or affiliate
                     thereof to terminate the Grantee as an employee at any time, except
                     to the extent expressly provided otherwise in a written agreement
                     between the Company or a Subsidiary or affiliate thereof and
                     the Grantee.
                  

                  (g)   Notices. Notices hereunder shall be mailed or delivered to the Company in
                     care of the Secretary of the Company at its principal place of
                     business, and shall be mailed or delivered to the Grantee at the
                     address on file with the Company or, in either case, at such other
                     address as one party may subsequently furnish to the other party in
                     writing. Any notice shall be deemed duly given when sent via email or
                     when sent by certified mail (return receipt requested) and deposited
                     (with postage prepaid) in a post office or branch post office
                     regularly maintained by the United States Postal Service.
                  

                  (h)   Titles. Titles are provided herein for convenience only and are not to
                     serve as a basis for interpretation or construction of this Agreement.
                  

                  (i)   Conformity to Securities Laws.
                  

                  (i)   The Grantee will use his or her best efforts to comply with all
                     applicable securities laws. The Grantee acknowledges that the Plan
                     and this Agreement are intended to conform to the extent necessary
                     with all provisions of the Securities Act of 1933, as amended, and
                     the Exchange Act and any and all regulations and rules promulgated by
                     the Securities and Exchange Commission thereunder, and state
                     securities laws and regulations. Notwithstanding anything herein to
                     the contrary, the Plan and this Agreement shall be administered, and
                     the Notional Units and/or Restricted Shares shall be granted, only in
                     such a manner as to conform to such laws, rules and regulations. To
                     the extent permitted by applicable law, the Plan and this Agreement
                     shall be deemed amended to the extent necessary to conform to such
                     laws, rules and regulations.
                  

                  (ii)   Notwithstanding any other provision of the Plan or this
                     Agreement, if the Grantee is subject to Section 16 of the Exchange
                     Act, the Plan, this Agreement, the Notional Units, and the Restricted
                     Shares shall be subject to any additional limitations set forth in
                     any applicable exemptive rule under Section 16 of the Exchange Act
                     (including any amendment to Rule 16b-3 of the Exchange Act) that are
                     requirements for the application of such exemptive rule. To the
                     extent permitted by applicable law, this Agreement shall be deemed
                     amended to the extent necessary to conform to such applicable
                     exemptive rule.
                  

                  (j)   Successors and Assigns. The Company may assign any of its rights under this Agreement to
                     single or multiple assignees, and this Agreement shall inure to the
                     benefit of the successors and assigns of the Company. Subject to the
                     restrictions on transfer herein set forth in
                     Section 5, this Agreement shall be binding upon the Grantee and his or her
                     heirs, executors, administrators, successors and assigns.
                  

                  (k)   Entire Agreement. The Plan and this Agreement constitute the entire agreement of the
                     parties and supersede in their entirety all prior undertakings and
                     agreements of the Company and the Grantee with respect to the subject
                     matter hereof.
                  

                  (l)   Section 409A. This Agreement is intended to comply with or be exempt from Section
                     409A and, to the extent applicable, this Agreement shall be
                     interpreted in accordance with Section 409A. However, notwithstanding
                     any other provision of the Plan or this Agreement, if at any time the
                     Committee determines that the Notional Units and/or the Restricted
                     Shares (or any portion thereof) may be subject to Section 409A, the
                     Committee shall have the right in its sole discretion (without any
                     obligation to do so or to indemnify the Grantee or any other person
                     for failure to do so) to adopt such amendments to the Plan or this
                     Agreement, or adopt other policies and procedures (including
                     amendments, policies and procedures with retroactive effect), or take
                     any other actions, as the Committee determines are necessary or
                     appropriate either for the Notional Units and/or Restricted Shares to
                     be exempt from the application of Section 409A or to comply with the
                     requirements of Section 409A.
                  

                  (m)   Limitation on the Grantee's Rights. Participation in the Plan confers no rights or interests other than
                     as herein provided. This Agreement creates only a contractual
                     obligation on the part of the Company as to amounts payable and shall
                     not be construed as creating a trust. Neither the Plan nor any
                     underlying program, in and of itself, has any assets. The Grantee
                     shall have only the rights of a general unsecured creditor of the
                     Company with respect to amounts credited and benefits payable, if
                     any, with respect to the Notional Units and the Restricted Shares,
                     and rights no greater than the right to receive Common Shares as a
                     general unsecured creditor with respect to Notional Units and the
                     Restricted Shares, as and when payable hereunder.
                  

               

            

         

         
            
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                  (n)   Counterparts. This Agreement may be signed in counterparts, each of which shall
                     be an original, with the same effect as if the signatures thereto and
                     hereto were upon the same instrument.
                  

                  [signature page follows]

               

            

         

         
            
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                  IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
                     executed as of the first day written above.
                  

                  TANGER FACTORY OUTLET CENTERS, INC.

                  By:                                               
Name: Steven B. Tanger
Title: President and Chief Executive Officer
                  

                    

                  GRANTEE

                                                                

                    

                  Name:

               

            

         

         
            
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                  EXHIBIT A

                  [List of Peer Group]

               

            

         

         
            
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