Document:

ex10-32.htm

    
      

    

    Exhibit
10.32

     

    TurboChef
Technologies, Inc

    2008
Incentive-Based Compensation Plan

    

    The
fundamental objectives of TurboChef’s 2008 Incentive-Based Compensation Plan are
to ensure that employees are compensated and provided incentives in a way that
advances both the short- & long-term interests of the shareholders while
also ensuring we are able to attract and retain qualified
employees.

    

    TurboChef
approaches this objective with four key components:

    

    
      	
               
      

            	
              ·

            	
              Base
      salary

            

    

    
      	
               
      

            	
              ·

            	
              Performance-based
      annual bonus payable in cash or
stock

            

    

    
      	
               
      

            	
              ·

            	
              Performance-based
      additional annual bonus that is achieved by exceeding forecasted results
      or other qualitative measures, which may be payable in cash, stock or
      stock equivalent units.

            

    

    
      	
               
      

            	
              ·

            	
              Periodic
      (generally annual) grants of long-term stock-based compensation which may
      be granted in the form of restricted stock units which are subject to time
      based vesting requirements.

            

    

    

    All
bonuses are payable between January 1 and March 15 of the year following the
performance year.  Under this Plan, to be a paid a bonus, an employee
must be actively employed by the Company at the time the bonus is
paid.

    

    Performance-based
Annual Bonus

    

    The
primary objective of the Performance-based Annual Bonus (“Base Annual Bonus”) is
to reward an employee’s contribution to the achievement of performance related
goals.  Base Annual Bonuses are earned under different criteria,
depending upon which bonus category an employee is assigned
to.  Eligibility categories are Dallas Operations, Residential Sales
and Marketing, and Corporate.  Bonus eligible employees assigned to
each category are detailed in Exhibits A, B or C.

    

    Bonus-eligible
employees shall be eligible for Base Annual Bonuses under a formula based upon
the Company attaining certain financial metrics as set forth in Exhibits A, B or
C.  If specific financial metrics within eligible categories are not
attained, the Compensation Committee will consider for approval an alternative
proposal management may offer for bonuses within each of these eligible
categories, but only if the proposal is based upon actual financial results
compared to the targets as well as other qualitative and quantitative factors
that would reasonably support such approval.

     

    
      Performance-based
Additional Annual Bonus, Achieved by Exceeding Budgeted Results or other
Measures

    

     

    
 

    
       

       

      
        

      

      
        [***]
Material omitted pursuant to a request for confidential treatment under Rule
24b-2 of the Exchange Act of 1934; filed separately with the Securities and
Exchange Commission

         

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
Company realizes the importance of recognizing employees whose contribution has
been essential in creating business or financial results that exceeded the
Company’s expectations and projections.  In an effort to recognize
those individuals the Company will disburse a Performance-based Additional
Annual Bonus (“Excess Bonus”) that is in addition to the Base Annual Bonus
discussed above.  This Bonus will be payable in cash, stock or stock
equivalent units as determined by the Compensation Committee.

    

    Like the
Base Annual Bonuses, the Excess Bonus may be earned by employees assigned to the
Eligible categories through attainment of certain specific measurable targets as
set forth in Exhibits A, B or C, and it may be earned by employees not so
assigned, who, in management’s view materially contributed to the
results.

    

    Long-Term
stock-based Compensation

    

    The
primary objective of annual grants of long-term stock-based Compensation is
retention of key employees.  Restricted Stock Units will be granted to
employees who are identified as key employees.  The list of key
employees and recommended vesting schedule as determined by management is
attached in Exhibit D.

    
       

      
 

      
         

        
        

        
          

        

        
          [***]
Material omitted pursuant to a request for confidential treatment under Rule
24b-2 of the Exchange Act of 1934; filed separately with the Securities and
Exchange Commission

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

    Dallas
Operations

    

    Dallas
Operations employees, consisting of the Commercial management team, the Dallas
based Residential management team and certain Atlanta team members that are
instrumental in the Dallas Operations results, will be eligible to participate
in the Incentive Plan.  All non-Plan eligible employees will continue
to be eligible to participate in the quarterly bonus pool as determined by their
manager.

    

    Performance-based
Annual Bonus Calculation

    The pool
for the Base Annual Bonus for Dallas Operations is $[***]
in cash and is earned as follows:

    

    
      	
               
      

            	
              1.

            	
              33.3%
      ($[***])
      upon achievement of all of the Commercial Segment Base Metrics
      only;

            

    

    
      	
               
      

            	
              2.

            	
              66.7% ($
      [***]) upon the
      achievement of all of the Commercial Segment Base Metrics AND the
      achievement of the Residential Goals by the Base Target
      Date.  Each Residential Goal has a Percentage of Bonus that will
      be applied to the Base Annual Bonus.  If one or more of the
      Residential Goals are NOT met by the Base Target Date, this portion of the
      Base Annual Bonus pool will be at the discretion of the Compensation
      Committee.

            

    

    

     For
2008, the Commercial Segment Base Metrics and the Residential Goals are as
follows:

    Commercial
Segment Base Metrics

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 	
                                        Metric

                                      	 	
                                        Base

                                      
	 	
                                        Revenue

                                      	 	
                                        $140,920,000

                                      
	 	
                                        Gross
      Margin %

                                      	 	
                                        40.9%

                                      
	 	
                                        EBITDA
      %

                                      	 	
                                        21.2%

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    Residential
Goals:

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            	
                                                                                                    Goal

                                                                                                  	
                                                                                                    Excess
      

                                                                                                    Bonus
      

                                                                                                    Target
      Date

                                                                                                  	
                                                                                                    Base
      Target 

                                                                                                    Date

                                                                                                  	
                                                                                                    %
      of 

                                                                                                    Bonus

                                                                                                  	
                                                                                                    Allocation
      of 

                                                                                                    Bonus
      % (if 

                                                                                                    applicable)

                                                                                                  	
                                                                                                    Comments

                                                                                                  
	
                                                                                                    [***]

                                                                                                  	
                                                                                                    05/01/2008

                                                                                                  	
                                                                                                    05/01/2008

                                                                                                  	
                                                                                                    [***]%

                                                                                                  	 
      	 
      
	
                                                                                                    [***]

                                                                                                  	
                                                                                                    02/21/2008

                                                                                                  	
                                                                                                    03/07/2008

                                                                                                  	
                                                                                                    [***]%

                                                                                                  	 
      	 
      
	
                                                                                                    [***]

                                                                                                  	
                                                                                                    03/20/2008

                                                                                                  	
                                                                                                    04/04/2008

                                                                                                  	
                                                                                                    [***]%

                                                                                                  	 
      	
                                                                                                    [***]

                                                                                                  
	
                                                                                                    [***]

                                                                                                  	
                                                                                                    04/15/2008

                                                                                                  	
                                                                                                    04/30/2008

                                                                                                  	
                                                                                                    [***]%

                                                                                                  	 
      	 
      
	
                                                                                                    [***]

                                                                                                  	
                                                                                                    03/20/2008

                                                                                                  	
                                                                                                    04/04/2008

                                                                                                  	
                                                                                                    [***]%

                                                                                                  	 
      	
                                                                                                    [***]

                                                                                                  
	
                                                                                                    [***]

                                                                                                  	
                                                                                                    04/15/2008

                                                                                                  	
                                                                                                    04/30/2008

                                                                                                  	
                                                                                                    [***]%

                                                                                                  	 
      	 
      

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
       

      
 

      
         

        
        

        
          

        

        
          [***]
Material omitted pursuant to a request for confidential treatment under Rule
24b-2 of the Exchange Act of 1934; filed separately with the Securities and
Exchange Commission

           

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    	
                                                                                            [***]

                                                                                          	
                                                                                            [***]%

                                                                                          	 
      	
                                                                                            [***]

                                                                                          
	
                                                                                            [***]%
      BOM reduction = [***]%
      of [***]%

                                                                                          	 
      
	
                                                                                            [***]%
      BOM reduction = [***]%
      of [***]%

                                                                                          
	
                                                                                            [***]%
      BOM reduction = [***]%
      of [***]%

                                                                                          
	
                                                                                            [***]%
      BOM reduction = [***]%
      of [***]%

                                                                                          
	
                                                                                            [***]

                                                                                          	
                                                                                            06/24/2008

                                                                                          	
                                                                                            07/24/2008

                                                                                          	
                                                                                            [***]%

                                                                                          	 
      	 
      
	
                                                                                            [***]

                                                                                          	
                                                                                            11/21/2008

                                                                                          	
                                                                                            12/21/2008

                                                                                          	
                                                                                            [***]%

                                                                                          	 
      	 
      
	
                                                                                            [***]

                                                                                          	
                                                                                            11/15/2008

                                                                                          	
                                                                                            11/15/2008

                                                                                          	
                                                                                            [***]%

                                                                                          	 
      	 
      
	
                                                                                            [***]

                                                                                          	
                                                                                            11/15/2008

                                                                                          	
                                                                                            11/15/2008

                                                                                          	
                                                                                            [***]%

                                                                                          	 
      	 
      
	
                                                                                            [***]

                                                                                          	
                                                                                            Ongoing
      

                                                                                            measured
      at 

                                                                                            each
      qtr end

                                                                                          	
                                                                                            Ongoing
      

                                                                                            measured
      

                                                                                            at
      each
      qtr

                                                                                            end

                                                                                          	
                                                                                            [***]%

                                                                                          	 
      	 
      

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

    

    Performance-based
Additional Annual Bonus

    Cash
bonus eligible employees are also eligible for an Excess Bonus.  Additionally, it may be earned by
employees not so assigned, who, in management’s view materially contributed to
the results. The triggers for the Excess Bonus calculation are based on
two tiers.  Tier 1 is attained when Commercial segment revenue is
greater than $150,900,000 and Gross Margin Percentage is greater than or equal
to 40.9%.  Tier 2 is attained when Commercial segment revenue is
greater than $160,900,000 and Gross Margin Percentage is greater than or equal
to 40.9%.  The Excess Bonus pool is determined as
follows:

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              	 	 
      	 	
                                                                      Excess
      Tier 1

                                                                    	 	
                                                                      Excess
      Tier 2

                                                                    	 
	 	
                                                                      Revenue

                                                                    	 	
                                                                      >=
      $150,900,000

                                                                    	 	
                                                                      >=
      $160,900,000

                                                                    	 
	 	
                                                                      Gross
      Margin %

                                                                    	 	
                                                                      >=
      40.9%

                                                                    	 	
                                                                      >=
      40.9%

                                                                    	 
	 	
                                                                      EBITDA
      Percentage

                                                                    	 	
                                                                      >=
      21.2%

                                                                    	 	
                                                                      >=
      21.2%

                                                                    	 
	 	
                                                                      Excess
      Bonus Pool %*

                                                                    	 	
                                                                      8%

                                                                    	 	
                                                                      12%

                                                                    	 

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    *Excess
Bonus Pool calculation - If Excess Revenue target and Gross Margin target are
met or exceeded the excess pool is calculated as follows ((Actual EBITDA
%  minus Base EBITDA %) * Total Revenue * Excess Bonus Pool
%)).

    

    The
Excess Bonus Pool will be earned as follows:

    

    
      	
               
      

            	
              1.

            	
              50%
      of Excess Bonus pool is earned upon attainment of Commercial segment
      financial results as detailed in Tier 1 or Tier 2
  above;

            

    

    
      
      

    

    
       

      
 

      
         

        
        

        
          

        

        
          [***]
Material omitted pursuant to a request for confidential treatment under Rule
24b-2 of the Exchange Act of 1934; filed separately with the Securities and
Exchange Commission

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      
        
        

      

      
        	
                 
      

              	
                2.

              	
                50%
      of Excess Bonus pool (the balance) is earned if the Commercial segment
      financial results as detailed in Tier 1 or Tier 2 above are achieved AND
      the Residential Goals are achieved by the Excess Bonus Target
      Date.  Each Residential Goal has a Percentage of Bonus that will
      be applied to this portion of the Excess Annual Bonus.  If one
      or more of the Residential Goals are NOT met by the Excess Bonus Target
      Date, this portion of the Excess Bonus pool will be at the discretion of
      the Compensation Committee.

              

      

      
Bonus
Eligible Employees:

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  Last Name First
      Name

                                	 	
                                  Division

                                	
                                   2008 Base Annual
      Bonus

                                	 	
                                   2008 Excess Bonus

                                  Allocation Percentage
      

                                  Range

                                	 
	
                                  Lehr,
      Paul

                                	 	
                                  Commercial

                                	
                                  $150,000

                                	 	
                                  35%***

                                	 
	
                                  [***]

                                	 	
                                  [***]

                                	
                                  $[***]

                                	 	
                                  [***]%

                                	 
	
                                  [***]

                                	 	
                                  [***]

                                	
                                  $[***]

                                	 	
                                  [***]%

                                	 
	
                                  [***]

                                	 	
                                  [***]

                                	
                                  $[***]

                                	 	
                                  [***]%

                                	 
	
                                  [***]

                                	 	
                                  [***]

                                	
                                  $[***]

                                	 	
                                  [***]%

                                	 
	
                                  [***]

                                	 	
                                  [***]

                                	
                                  $[***]

                                	 	
                                  [***]%

                                	 
	
                                  [***]

                                	 	
                                  [***]

                                	
                                  $[***]

                                	 	
                                  [***]%

                                	 
	
                                  [***]

                                	 	
                                  [***]

                                	
                                  $[***]

                                	 	
                                  [***]%

                                	 
	
                                  [***]

                                	 	
                                  [***]

                                	
                                  $[***]

                                	 	
                                  [***]%

                                	 
	
                                  [***]

                                	 	
                                  [***]

                                	
                                  $[***]

                                	 	
                                  [***]%

                                	 
	
                                  [***]

                                	 	
                                  [***]

                                	
                                  $[***]

                                	 	
                                  [***]%

                                	 
	
                                  [***]

                                	 	
                                  [***]

                                	
                                  $[***]

                                	 	
                                  [***]%

                                	 
	 
      	 	 
      	 
      	 	 
      	 
	
                                  Total

                                	 	 
      	
                                  $[***]

                                	 	
                                  [***]%

                                	 

                        

                      

                    

                  

                

              

            

          

        

      

    

    *Final
percentage allocation will not exceed 100%.

    **  Eligible
for 50% of the Excess Bonus Allocation percentage due to contribution being
limited to either the Commercial financial metrics or to the Residential
Goals.

    ***100%
of Paul’s excess bonus is discretionary and will be determined at the end of the
year by the CEO & Chairman.  Paul will not only be evaluated for
Commercial financial results and achievement of Residential Goals but also for
his efforts to improve operational relationships company wide.

    

    The
Excess Bonus allocation percentage will be determined at the end of the year by
Paul Lehr, Jim Price and Richard Perlman, within the above ranges, and subject
to final approval by the Compensation Committee.

    
       

      
 

      
         

        
        

        
          

        

        
          [***]
Material omitted pursuant to a request for confidential treatment under Rule
24b-2 of the Exchange Act of 1934; filed separately with the Securities and
Exchange Commission

          
 

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

    Residential
Sales and Marketing

    

    Residential
sales and marketing will be shifting to a compensation model similar to the
Commercial Segment.  All non-bonus Plan eligible employees will be
eligible to participate in a quarterly bonus pool calculated at [***]%
of net residential oven sales.  Management will recommend distribution
of the quarterly pool among all Residential Sales and Marketing employees not
eligible for the Annual Performance based Bonus with final approval given by
Steve Beshara and Jim Price.*

    

    *[***]
is a participant in both the Performance Bonus and the Quarterly
Pool.

    

    Performance-based
Annual Bonus Calculation

    The Base
Annual Bonus pool is $[***]
and is earned 100% by achieving base Revenue and Gross Margin percentage
metrics.  The base metrics are as follows:

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	 	
                                            Metric

                                          	 	
                                            Base

                                          
	 	
                                            Revenue

                                          	 	
                                            $8,228,000

                                          
	 	
                                            Gross
      Margin %

                                          	 	
                                            20.2%

                                          

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    Performance-based
Additional Annual Bonus

    Cash
bonus eligible employees are also eligible for an Excess Bonus.  Additionally, it may be earned by
employees not so assigned, who, in management’s view materially contributed to
the results. The triggers for the Excess Bonus calculation are based on
two tiers.  Tier 1 is attained when the Residential segment revenue is
greater than $9,462,200 and Gross Margin Percentage is greater than or equal to
20.2%.  Tier 2 is attained when Residential segment revenue is greater
than $10,285,500 and Gross Margin Percentage is greater than or equal to
20.2%.  The Excess Bonus pool is determined as follows:

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	 	 
      	 	
                                                Excess
      Tier 1

                                              	 	
                                                Excess
      Tier 2

                                              
	 	
                                                Revenue

                                              	 	
                                                >$9,462,200

                                              	 	
                                                >$10,285,500

                                              
	 	
                                                Gross
      Margin %

                                              	 	
                                                >=20.2%

                                              	 	
                                                >=20.2%

                                              
	 	
                                                Excess
      Bonus Pool %*

                                              	 	
                                                2%

                                              	 	
                                                5%

                                              

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    * Excess
Bonus Pool calculation - If Excess Revenue target is exceed and Gross Margin
target is met or exceeded the excess pool is calculated as follows (Total
Revenue * Excess Bonus pool %).

    

    Bonus
Eligible Employees:

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      	
                                                              Last Name First
      Name

                                                            	 	
                                                              Division

                                                            	
                                                               2008 Base Annual
      Bonus

                                                            	
                                                               2008 Excess Bonus

                                                              Allocation %
      Range

                                                            	 
	
                                                              Beshara,
      Steve

                                                            	 	
                                                              Marketing

                                                            	
                                                              $75,000

                                                            	
                                                              35-50%

                                                            	 
	
                                                              [***]

                                                            	 	
                                                              [***]

                                                            	
                                                              $[***]

                                                            	
                                                              [***]%

                                                            	 
	
                                                              [***]

                                                            	 	
                                                              [***]

                                                            	
                                                              $[***]

                                                            	
                                                              [***]%

                                                            	 
	
                                                              [***]

                                                            	 	
                                                              [***]

                                                            	
                                                              $[***]

                                                            	
                                                              [***]%

                                                            	 
	
                                                              [***]

                                                            	 	
                                                              [***]

                                                            	
                                                              $[***]

                                                            	
                                                              [***]%

                                                            	 
	
                                                              [***]

                                                            	 	
                                                              [***]

                                                            	
                                                              $[***]

                                                            	
                                                              [***]%

                                                            	 
	 
      	 	 
      	 
      	 
      	 
	
                                                              Total

                                                            	 	 
      	
                                                              $[***]

                                                            	
                                                              [***]%

                                                            	 

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    *Final
percentage allocation will not exceed 100%.

    
       

      
 

      
         

        
        

        
          

        

        
          [***]
Material omitted pursuant to a request for confidential treatment under Rule
24b-2 of the Exchange Act of 1934; filed separately with the Securities and
Exchange Commission

           

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
Excess Bonus allocation percentage will be determined at the end of the year by
Jim Price and Richard Perlman, within the above parameters, and subject to final
approval by the Compensation Committee.

    
       

      
 

      
         

        
        

        
          

        

        
          [***]
Material omitted pursuant to a request for confidential treatment under Rule
24b-2 of the Exchange Act of 1934; filed separately with the Securities and
Exchange Commission

           

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
C

    Corporate

    

    Corporate
employees, as detailed below, are eligible to participate in the Incentive
Plan.  All non-bonus plan eligible employees will be eligible to
participate in a quarterly bonus pool as determined by their
manager.

    

    Performance-based
Annual Bonus Calculation

    The Base
Annual Bonus pool is $[***]
and is earned as follows:

    

    
      	
               
      

            	
              1.

            	
              25%
      [***]
      upon the attainment of the Commercial segment base financial metrics as
      detailed in Exhibit A;

            

    

    
      	
               
      

            	
              2.

            	
              25%
      [***] upon the attainment of the Residential segment base financial
      metrics as detailed in Exhibit B;
and

            

    

    
      	
               
      

            	
              3.

            	
              50%
      [***] upon the
      attainment of the Consolidated segment base financial metrics as detailed
      below.

            

    

    

    Consolidated
Segment Base Metrics

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	 
      	 	
                                      Base

                                    
	
                                      Consolidated
      Revenue

                                    	 	
                                      $149,149,000

                                    
	
                                      Consolidated
      Gross Margin %

                                    	 	
                                      39.7%

                                    
	
                                      Consolidated
      EBITDA*

                                    	 	
                                      $6,634,000

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    *Includes
income and/or expenses related to Garland/ AGA litigation.  Excludes
non-recurring charges (for example, MSLO agreement costs)

    

    Performance-based
Additional Annual Bonus

    Cash
bonus eligible employees are also eligible for an Excess Bonus.  Additionally, it may be earned by
employees not so assigned, who, in management’s view materially contributed to
the results. Corporate Excess Bonus will equal 50% of each of the Excess
Bonus pools earned by Dallas Operations (Exhibit A) and Residential Sales and
Marketing (Exhibit B).

    

    Bonus
Eligible Employees:

    

    
      
        
          
            
              
                
                  
                    	
                            Last Name First
      Name

                          	 	
                            Division

                          	
                             2008 Base Annual
      Bonus

                          	 	
                             2008 Excess Bonus

                            Allocation Percentage
      

                            Range

                          
	
                            Perlman,
      Richard

                          	 	
                            Corporate

                          	
                            $120,000

                          	 	
                            *

                          
	
                            Price,
      Jim

                          	 	
                            Corporate

                          	
                            $120,000

                          	 	
                            *

                          
	
                            Cochran,
      Al

                          	 	
                            Corporate

                          	
                            $70,000

                          	 	
                            *

                          
	
                            Fernandez
      de Castro, Miguel

                          	 	
                            Corporate

                          	
                            $85,000

                          	 	
                            *

                          
	
                            [***]

                          	 	
                            Corporate

                          	
                            $[***]

                          	 	
                            *

                          
	
                            [***]

                          	 	
                            Corporate

                          	
                            $[***]

                          	 	
                            *

                          
	
                            [***]

                          	 	
                            Corporate

                          	
                            $[***]

                          	 	
                            *

                          
	
                            [***]

                          	 	
                            Corporate

                          	
                            $[***]

                          	 	
                            *

                          
	
                            [***]

                          	 	
                            Corporate

                          	
                            $[***]

                          	 	
                            *

                          
	
                            [***]

                          	 	
                            Corporate

                          	
                            $[***]

                          	 	
                            *

                          
	 
      	 	 
      	 
      	 	 
      
	
                            Total

                          	 	 
      	
                            $[***]

                          	 	
                            100%

                          

                  

                

              

            

          

        

      

    

    *Excess
Bonus Allocation to be determined at year end  by Jim Price and
Richard Perlman subject to Compensation Committee Approval

    
       

      
 

      
         

        
        

        
          

        

        
          [***]
Material omitted pursuant to a request for confidential treatment under Rule
24b-2 of the Exchange Act of 1934; filed separately with the Securities and
Exchange Commission

           

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
Excess Bonus allocation percentage will be determined at year end by Jim Price
and Richard Perlman, within the above parameters, and subject to final approval
by the Compensation Committee.

    
       

      
 

      
         

        
        

        
          

        

        
          [***]
Material omitted pursuant to a request for confidential treatment under Rule
24b-2 of the Exchange Act of 1934; filed separately with the Securities and
Exchange Commission

           

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
D

    

    None

     

     

     

     

      
        

      

    

    
      [***]
Material omitted pursuant to a request for confidential treatment under Rule
24b-2 of the Exchange Act of 1934; filed separately with the Securities and
Exchange Commissionex10-1.htm

    
      
        
          

        

      

      Exhibit
10.1

      SECOND AMENDMENT
TO

      FIRST AMENDED AND RESTATED
CREDIT AGREEMENT

       

      THIS SECOND AMENDMENT TO FIRST
AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) made as of the
10th day of November, 2008 (the “Effective Date”), by and among AMERICAN CAMPUS COMMUNITIES OPERATING
PARTNERSHIP LP, a Maryland limited partnership (“Borrower”), AMERICAN CAMPUS COMMUNITIES,
INC., a Maryland corporation (“Parent Guarantor”), THE OTHER ENTITIES LISTED ON THE
SIGNATURE PAGES HEREOF AS GUARANTORS (the “Subsidiary Guarantors”; the
Parent Guarantor and the Subsidiary Guarantors are hereinafter referred to
collectively as the “Guarantors”), KEYBANK NATIONAL ASSOCIATION,
a national banking association (“KeyBank”), THE OTHER LENDERS WHICH ARE
SIGNATORIES HERETO (KeyBank and the other lenders which are signatories
hereto, collectively, the “Lenders”), and KEYBANK NATIONAL ASSOCIATION,
a national banking association, as Administrative Agent (the “Administrative
Agent”) for the Lenders.

       

      W
I T N E S S E T H:

       

      WHEREAS, Borrower, Guarantors,
Administrative Agent and the Lenders then parties thereto entered into that
certain First Amended and Restated Credit Agreement dated as of August 17, 2006,
as amended by that certain First Amendment to First Amended and Restated Credit
Agreement dated as of May 16, 2008 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”);
and

       

      WHEREAS, Borrower has further
requested that the Administrative Agent and the Lenders amend the covenant in
Section 5.02(g) of the Credit Agreement to allow the aggregate amount of Cash
dividends or distributions to exceed 100% of Funds From Operations;
and

       

      WHEREAS, the Administrative
Agent and the Lenders have agreed to amend the Credit Agreement subject to the
execution and delivery by Borrower and Guarantors of this
Amendment.

       

      NOW, THEREFORE, for and in
consideration of the sum of TEN and NO/100 DOLLARS ($10.00), and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto do hereby covenant and agree as
follows:

       

      1.       
   Definitions. All the
terms used herein which are not otherwise defined herein shall have the meanings
set forth in the Credit Agreement.

       

      2.
          Modification of the Credit
Agreement. Borrower, the Lenders and Administrative Agent do hereby
modify and amend the Credit Agreement as follows:

       

        (a)    By
deleting subsection (i) of Section 5.02(g) of the Credit Agreement in its
entirety and inserting in lieu thereof the following:  “(i) no Default
or Event of Default shall have occurred and be continuing at the time of
declaration or payment thereof and the aggregate amount of such Cash dividends
or distributions, together with the aggregate amount of Cash dividends or
distributions made during the applicable period pursuant to the immediately
following clause (ii), (A) do not exceed 115% of Funds From Operations for the
current four fiscal quarter periods of Parent Guarantor ending September 30,
2008 and December 31, 2008, (B) do not exceed 110% of Funds From Operations for
the current four fiscal quarter period of Parent Guarantor ending March 31,
2009, (C) do not exceed 100% of Funds from Operations during any other four
consecutive fiscal quarters of the Parent Guarantor thereafter, and (D) do not
exceed 100% of Funds From Operations during any one fiscal quarter for the
fiscal quarters of the Parent Guarantor ending on December 31, 2008 and March
31, 2009,”

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      3.         
 References to
Credit Agreement. All references in the Loan Documents to the Credit
Agreement shall be deemed a reference to the Credit Agreement, as modified and
amended herein.

       

      4.         
 Acknowledgment
of Borrower and Guarantors. Borrower and Guarantors hereby acknowledge,
represent and agree that the Loan Documents, as modified and amended herein or
in any other documents delivered in connection herewith, remain in full force
and effect and constitute the valid and legally binding obligation of Borrower
and Guarantors, as applicable, enforceable against Borrower and Guarantors in
accordance with their respective terms, and that the execution and delivery of
this Amendment and any other documents in connection therewith do not
constitute, and shall not be deemed to constitute, a release, waiver or
satisfaction of Borrower’s or Guarantors’ obligations under the Loan
Documents.

       

      5.       
   Representations and
Warranties. Borrower and Guarantors represent and warrant to
Administrative Agent and the Lenders as follows:

       

        (a)           Authorization. The
execution, delivery and performance of this Amendment and the transactions
contemplated hereby (i) are within the authority of Borrower and Guarantors,
(ii) have been duly authorized by all necessary proceedings on the part of the
Borrower and Guarantors, (iii) do not and will not conflict with or result in
any breach or contravention of any provision of law, statute, rule or regulation
to which the Borrower or any of the Guarantors is subject or any judgment,
order, writ, injunction, license or permit applicable to the Borrower or any of
the Guarantors, (iv) do not and will not conflict with or constitute a default
(whether with the passage of time or the giving of notice, or both) under any
provision of the partnership agreement or certificate, certificate of formation,
operating agreement, articles of incorporation or other charter documents or
bylaws of, or any mortgage, indenture, agreement, contract or other instrument
binding upon, the Borrower or any of the Guarantors or any of their respective
properties or to which the Borrower or any of the Guarantors is subject, and
(v) do not and will not result in or require the imposition of any lien or
other encumbrance on any of the properties, assets or rights of the Borrower or
any of the Guarantors, other than the liens and encumbrances created by the Loan
Documents.

       

        (b)           Enforceability. The
execution and delivery of this Amendment are valid and legally binding
obligations of Borrower and Guarantors enforceable in accordance with the
respective terms and provisions hereof, except as enforceability is limited by
bankruptcy, insolvency, reorganization, moratorium or other laws relating to or
affecting generally the enforcement of creditors’ rights and the effect of
general principles of equity.

       

        (c)           Approvals. The
execution, delivery and performance of this Amendment and the transactions
contemplated hereby do not require the approval or consent of any Person or the
authorization, consent, approval of or any license or permit issued by, or any
filing or registration with, or the giving of any notice to, any court,
department, board, commission or other governmental agency or authority other
than those already obtained.

       

        (d)           Reaffirmation.
Borrower and Guarantors reaffirm and restate as of the date hereof each and
every representation and warranty made by the Borrower, the Guarantors and their
respective Subsidiaries in the Loan Documents or otherwise made by or on behalf
of such Persons in connection therewith except for representations or warranties
that expressly relate to an earlier date.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      6.           Modification Fee. The
Borrower shall pay a modification fee (the “Modification Fee”) in the amount of
$10,000.00 on the Effective Date of this Amendment to each Lender that has
approved this Amendment as of the Effective Date hereof by executing the
applicable signature page attached hereto.

       

      7.           No Default. By
execution hereof, the Borrower and Guarantors certify that Borrower and each of
the Guarantors is and will be in compliance with all covenants under the Loan
Documents after the execution and delivery of this Amendment, and that no
Default or Event of Default has occurred and is continuing.

       

      8.           Waiver of Claims.
Borrower and Guarantors acknowledge, represent and agree that none of such
Persons has any defenses, setoffs, claims, counterclaims or causes of action of
any kind or nature whatsoever with respect to the Loan Documents, the
administration or funding of the Loan or with respect to any acts or omissions
of Administrative Agent or any Lender Party, or any past or present officers,
agents or employees of Administrative Agent or any Lender Party, and each of
such Persons does hereby expressly waive, release and relinquish any and all
such defenses, setoffs, claims, counterclaims and causes of action, if
any.

       

      9.           Ratification. Except
as hereinabove set forth, all terms, covenants and provisions of the Credit
Agreement remain unaltered and in full force and effect, and the parties hereto
do hereby expressly ratify and confirm the Loan Documents as modified and
amended herein. Nothing in this Amendment or any other document delivered in
connection herewith shall be deemed or construed to constitute, and there has
not otherwise occurred, a novation, cancellation, satisfaction, release,
extinguishment or substitution of the indebtedness evidenced by the Notes or the
other obligations of Borrower and Guarantors under the Loan
Documents.

       

      10.         Effective Date. This
Amendment shall be deemed effective and in full force and effect as of the
Effective Date upon (a) the execution and delivery of this Amendment by
Borrower, Guarantors, Administrative Agent and the Required Lenders, and (b) the
payment of the Modification Fee to each Lender that has executed this Amendment
as of the Effective Date. The Borrower will pay the reasonable fees and expenses
of Administrative Agent in connection with this Amendment.

       

      11.         Amendment as Loan
Document. This Amendment shall constitute a Loan Document.

       

      12.         Counterparts. This
Amendment may be executed in any number of counterparts which shall together
constitute but one and the same agreement.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      13.         MISCELLANEOUS. THIS
AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO
CONFLICTS OF LAWS PRINCIPLES. This Amendment shall be binding upon and shall
inure to the benefit of the parties hereto and their respective permitted
successors, successors-in-title and assigns as provided in the Credit
Agreement.

       

      [Remainder
of Page Intentionally Left Blank]

       

      [Signatures
begin on next page.]

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      IN WITNESS WHEREOF, the
parties hereto have hereto set their hands and affixed their seals as of the day
and year first above written.

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    	 
      	
                                                            BORROWER:

                                                          	 
	 	 	 
	 
      	
                                                            AMERICAN CAMPUS
      COMMUNITIES
OPERATING PARTNERSHIP LP, a
Maryland limited
      partnership

                                                          	 
	 	 	 	 
	 
      	
                                                            By:

                                                          	
                                                            AMERICAN
      CAMPUS COMMUNITIES
HOLDINGS LLC, a Maryland limited
liability
      company, its general partner

                                                          	 
	 	 	 	 	 
	 
      	 
      	
                                                            By:

                                                          	
                                                            AMERICAN
      CAMPUS
COMMUNITIES, INC., a Maryland
corporation, its sole
      member

                                                          	 
	 	 	 	 	 	 
	 
      	 
      	 
      	
                                                            By:

                                                          	 
      	 
	 
      	 
      	 
      	
                                                            Name:

                                                          	 
      	 
	 
      	 
      	 
      	
                                                            Title:

                                                          	 
      	 

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      [SIGNATURES
CONTINUED ON NEXT PAGE]

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    	 
      	
                                                                                                            GUARANTORS:

                                                                                                          	 
	 	 	 
	 
      	
                                                                                                            AMERICAN
      CAMPUS COMMUNITIES, INC.

                                                                                                          	 
	 	 	 	 	 
	 
      	
                                                                                                            By:

                                                                                                          	 
      	 
	 
      	
                                                                                                            Name:

                                                                                                          	 
      	 
	 
      	
                                                                                                            Title:

                                                                                                          	 
      	 
	 	 	 
	 
      	
                                                                                                            AMERICAN
      CAMPUS COMMUNITIES

                                                                                                            HOLDINGS
      LLC

                                                                                                          	 
	 	 	 	 
	 
      	
                                                                                                            By:

                                                                                                          	
                                                                                                            AMERICAN
      CAMPUS COMMUNITIES,

                                                                                                            INC.,
      its sole member

                                                                                                          	 
	 	 	 	 	 
	 
      	 
      	
                                                                                                            By:

                                                                                                          	 
      	 
	 
      	 
      	
                                                                                                            Name:

                                                                                                          	 
      	 
	 
      	 
      	
                                                                                                            Title:

                                                                                                          	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                                            RAP
      STUDENT HOUSING PROPERTIES LLC

                                                                                                          	 
	 	 	 	 	 
	 
      	
                                                                                                            By:

                                                                                                          	 
      	 
	 
      	
                                                                                                            Name:

                                                                                                          	 
      	 
	 
      	
                                                                                                            Title:

                                                                                                          	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                                            RSVP–ACT,
      LLC

                                                                                                          	 
	 	 	 	 
	 
      	
                                                                                                            By:

                                                                                                          	
                                                                                                            RAP
      STUDENT HOUSING PROPERTIES

                                                                                                            LLC,
      its sole member

                                                                                                          	 
	 	 	 	 	 
	 
      	 
      	
                                                                                                            By:

                                                                                                          	 
      	 
	 
      	 
      	
                                                                                                            Name:

                                                                                                          	 
      	 
	 
      	 
      	
                                                                                                            Title:

                                                                                                          	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                                            TITAN
      INVESTMENTS II LLC

                                                                                                          	 
	 	 	 	 	 
	 
      	
                                                                                                            By:

                                                                                                          	 
      	 
	 
      	
                                                                                                            Name:

                                                                                                          	 
      	 
	 
      	
                                                                                                            Title:

                                                                                                          	 
      	 

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    [SIGNATURES
CONTINUED ON NEXT PAGE]

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      	 
      	 
      	 
      	 
      	 
      	 	 
	 
      	
                                                                                              AMERICAN
      CAMPUS–TITAN II, LLC

                                                                                            	 
	 
      	 
      	 
      	 	 
	 
      	
                                                                                              By:

                                                                                            	
                                                                                              RSVP–ACT,
      LLC, its managing member

                                                                                            	 
	 
      	 
      	 
      	 
      	 	 
	 
      	 
      	
                                                                                              By:

                                                                                            	
                                                                                              RAP
      STUDENT HOUSING

                                                                                              PROPERTIES
      LLC, its sole member

                                                                                            	 
	 
      	 
      	 
      	 
      	 
      	 	 
	 
      	 
      	 
      	
                                                                                              By:

                                                                                            	 
      	 
	 
      	 
      	 
      	
                                                                                              Name:

                                                                                            	 
      	 
	 
      	 
      	 
      	
                                                                                              Title:

                                                                                            	 
      	 
	 
      	 
      	 
      	 
      	 
      	 	 
	 
      	
                                                                                              ACT–VILLAGE
      AT TEMPLE LLC

                                                                                            	 
	 
      	 
      	 
      	 	 
	 
      	
                                                                                              By:

                                                                                            	
                                                                                              AMERICAN
      CAMPUS–TITAN II, LLC, its
sole member

                                                                                            	 
	 
      	 
      	 
      	 
      	 	 
	 
      	 
      	
                                                                                              By:

                                                                                            	
                                                                                              RSVP–ACT,
      LLC, its managing member

                                                                                            	 
	 
      	 
      	 
      	 
      	 
      	 	 
	 
      	 
      	 
      	
                                                                                              By:

                                                                                            	
                                                                                              RAP
      STUDENT HOUSING
PROPERTIES LLC, its sole
member

                                                                                            	 
	 
      	 
      	 
      	 
      	 
      	 	 
	 
      	 
      	 
      	 
      	
                                                                                              By:

                                                                                            	 	 
	 
      	 
      	 
      	 
      	
                                                                                              Name:

                                                                                            	 	 
	 
      	 
      	 
      	 
      	
                                                                                              Title:

                                                                                            	 	 
	 
      	 
      	 
      	 
      	 
      	 	 
	 
      	
                                                                                              RFG
      CAPITAL GROUP, LLC

                                                                                            	 
	 
      	 
      	 
      	 	 
	 
      	
                                                                                              By:

                                                                                            	
                                                                                              RAP
      STUDENT HOUSING PROPERTIES
LLC, its sole member

                                                                                            	 
	 
      	 
      	 
      	 	 
	 
      	 
      	
                                                                                              By:

                                                                                            	
                                                                                               

                                                                                            	 
	 
      	 
      	
                                                                                              Name:

                                                                                            	
                                                                                               

                                                                                            	 
	 
      	 
      	
                                                                                              Title:

                                                                                            	
                                                                                               

                                                                                            	 

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    [SIGNATURES
CONTINUED ON NEXT PAGE]

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          	 
      	
                                                                                  RFG
      CAPITAL MANAGEMENT PARTNERS,

                                                                                  L.P.

                                                                                	 
	 
      	 
      	 
      	 
	 
      	
                                                                                  By:

                                                                                	
                                                                                  RAP
      STUDENT HOUSING PROPERTIES

                                                                                  LLC,
      its general partner

                                                                                	 
	 
      	 
      	 
      	 
      	 
      	 
	 
      	 
      	
                                                                                  By:

                                                                                	 
      	 
	 
      	 
      	
                                                                                  Name:

                                                                                	 
      	 
	 
      	 
      	
                                                                                  Title:

                                                                                	 
      	 
	 
      	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                  RFG–CMP
      THE VILLAGE ON UNIVERSITY

                                                                                  LLC

                                                                                	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                  By:

                                                                                	
                                                                                  RFG
      CAPITAL MANAGEMENT

                                                                                  PARTNERS,
      L.P., its sole member

                                                                                	 
	 
      	 
      	 
      	 
      	 
      	 
	 
      	 
      	
                                                                                  By:

                                                                                	
                                                                                  RAP
      STUDENT HOUSING

                                                                                  PROPERTIES
      LLC, its general

                                                                                  partner

                                                                                	 
	 
      	 
      	 
      	 
      	 
      	 
	 
      	 
      	 
      	
                                                                                  By:

                                                                                	 
      	 
	 
      	 
      	 
      	
                                                                                  Name:

                                                                                	 
      	 
	 
      	 
      	 
      	
                                                                                  Title:

                                                                                	 
      	 
	 
      	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                  SHP–THE
      VILLAGE ON UNIVERSITY LLC

                                                                                	 
	 
      	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                  By:

                                                                                	 
      	 
	 
      	
                                                                                  Name:

                                                                                	 
      	 
	 
      	
                                                                                  Title:

                                                                                	 
      	 

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    [SIGNATURES
CONTINUED ON NEXT PAGE]

    

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      	 
      	
                                                              RFG–CMP
      THE VILLAGE AT SCIENCE

                                                              DRIVE,
      LLC

                                                            	 
	 	 	 	 
	 
      	
                                                              By:

                                                            	
                                                              RFG
      CAPITAL MANAGEMENT
PARTNERS, L.P., its sole member

                                                            	 
	 	 	 	 	 
	 
      	 
      	
                                                              By:

                                                            	
                                                              RAP
      STUDENT HOUSING
PROPERTIES LLC, its general
partner

                                                            	 
	 	 	 	 	 	 
	 
      	 
      	 
      	
                                                              By:

                                                            	 
      	 
	 
      	 
      	 
      	
                                                              Name:

                                                            	 
      	 
	 
      	 
      	 
      	
                                                              Title:

                                                            	 
      	 
	 
      	 
      	 
      	 
      	 
      	 
	 
      	
                                                              SHP–THE
      VILLAGE AT SCIENCE DRIVE, LLC

                                                            	 
	 	 	 	 
	 
      	
                                                              By:

                                                            	 
      	 
	 
      	
                                                              Name:

                                                            	 
      	 
	 
      	
                                                              Title:

                                                            	 
      	 
	 
      	 
      	 
      	 
      	 
      	 
	 
      	
                                                              RFG–CMP
      ACT LLC

                                                            	 
	 	 	 	 
	 
      	
                                                              By:

                                                            	 
      	 
	 
      	
                                                              Name:

                                                            	 
      	 
	 
      	
                                                              Title:

                                                            	 
      	 
	 
      	 
      	 
      	 
      	 
      	 
	 
      	
                                                              SHP–ACT
      LLC

                                                            	 
	 	 	 	 
	 
      	
                                                              By:

                                                            	 
      	 
	 
      	
                                                              Name:

                                                            	 
      	 
	 
      	
                                                              Title:

                                                            	 
      	 

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    [SIGNATURES CONTINUED ON NEXT PAGE]

     

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                          AMERICAN
      CAMPUS–TITAN LLC

                                                                        
	 
      	 
      
	 
      	
                                                                          By:

                                                                        	
                                                                          SHP–ACT
      LLC, its managing member

                                                                        
	 
      	 
      	 
      
	 
      	 
      	
                                                                          By:

                                                                        	 
      	 
      
	 
      	 
      	
                                                                          Name:

                                                                        	 
      	 
      
	 
      	 
      	
                                                                          Title:

                                                                        	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                          ACT–VILLAGE
      AT FRESNO STATE, LLC

                                                                        
	 
      	 
      
	 
      	
                                                                          By:

                                                                        	
                                                                          AMERICAN
      CAMPUS–TITAN LLC, its
sole member

                                                                        
	 
      	 
      	 
      
	 
      	 
      	
                                                                          By:

                                                                        	
                                                                          SHP–ACT
      LLC, its managing
member

                                                                        
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                                                                          By:

                                                                        	 
      	 
      
	 
      	 
      	 
      	
                                                                          Name:

                                                                        	 
      	 
      
	 
      	 
      	 
      	
                                                                          Title:

                                                                        	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                          ACC
      OP SWEET HOME LLC

                                                                        
	 
      	 
      
	 
      	
                                                                          By:

                                                                        	 
      	 
      
	 
      	
                                                                          Name:

                                                                        	 
      	 
      
	 
      	
                                                                          Title:

                                                                        	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                          ACC
      OP (VILLAGE AT NEWARK) LLC

                                                                        
	 
      	 
      
	 
      	
                                                                          By:

                                                                        	 
      	 
      
	 
      	
                                                                          Name:

                                                                        	 
      	 
      
	 
      	
                                                                          Title:

                                                                        	 
      	 
      

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      [SIGNATURES
CONTINUED ON NEXT PAGE]

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                          LENDERS:

                                                                                        	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                          KEYBANK NATIONAL
      ASSOCIATION,
individually as a Lender and as Administrative
      Agent,
Swing Line Bank and Issuing Bank

                                                                                        	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                          By:

                                                                                        	 
      	 
	 
      	
                                                                                          Name:

                                                                                        	 
      	 
	 
      	
                                                                                          Title:

                                                                                        	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                          DEUTSCHE
      BANK TRUST COMPANY AMERICAS

                                                                                        	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                          By:

                                                                                        	 
      	 
	 
      	
                                                                                          Name:

                                                                                        	 
      	 
	 
      	
                                                                                          Title:

                                                                                        	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                          By:

                                                                                        	 
      	 
	 
      	
                                                                                          Name:

                                                                                        	 
      	 
	 
      	
                                                                                          Title:

                                                                                        	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                          CITICORP
      NORTH AMERICA, INC.

                                                                                        	 
	 
      	 
      	 
	 
      	
                                                                                          By:

                                                                                        	 
      	 
	 
      	
                                                                                          Name:

                                                                                        	 
      	 
	 
      	
                                                                                          Title:

                                                                                        	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	JPMORGAN
      CHASE BANK, N.A.	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                                                                          By:

                                                                                        	 
      	 
	 
      	
                                                                                          Name:

                                                                                        	 
      	 
	 
      	
                                                                                          Title:

                                                                                        	 
      	 

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      [SIGNATURES
CONTINUED ON NEXT PAGE]

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	 
      	 
      	 
      	 
      	 
	 
      	
                                            PNC
      BANK, NATIONAL ASSOCIATION

                                          	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                            By:

                                          	 
      	 
	 
      	
                                            Name:

                                          	 
      	 
	 
      	
                                            Title:

                                          	 
      	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                            BANK
      OF AMERICA, N.A.

                                          	 
	 
      	
                                            (including
      as successor to LaSalle Bank 
National Association)

                                          	 
	 
      	 
      	 
      	 
      	 
	 
      	
                                            By:

                                          	 
      	 
	 
      	
                                            Name:

                                          	 
      	 
	 
      	
                                            Title:

                                          	 
      	 

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
 

      
        12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]