Document:

EX-10.2

 Exhibit 10.2 

LIMITED PARTNERSHIP AGREEMENT 

OF 
 INPOINT REIT
OPERATING PARTNERSHIP, LP 
 Dated as of October 7, 2016 

 LIMITED PARTNERSHIP AGREEMENT 

OF 
 INPOINT REIT
OPERATING PARTNERSHIP, LP 
 This Limited Partnership Agreement is entered into as of October 7, 2016, between InPoint Commercial
Real Estate Income, Inc., a Maryland corporation, as the General Partner, and InPoint REIT Holdings, LLC, a Delaware limited liability company, as the Limited Partner. Capitalized terms used herein but not otherwise defined shall have the meanings
given to them in Article 1. 
 AGREEMENT 

WHEREAS, the General Partner intends to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended; 

WHEREAS, InPoint REIT Operating Partnership, LP (the “Partnership”) was formed on September 13, 2016, as a limited
partnership under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary of State of the State of Delaware on September 13, 2016; 

WHEREAS, the General Partner desires to conduct its current and future business through the Partnership; and 

WHEREAS, to establish their respective rights and obligations in connection with all of the foregoing and certain other matters, the parties
hereto desire to enter into this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties
hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINED TERMS

 The following defined terms used in this Agreement shall have the meanings specified below: 

“Act” means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time. 

“Administrative Expenses” means (i) all administrative and operating costs and expenses incurred by the Partnership,
(ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which
expenses, the Partners have agreed, are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; provided, however, that Administrative Expenses shall
not include any administrative costs and expenses incurred by the General Partner that are attributable to a Property or equity interests in a Subsidiary that are owned by the General Partner directly. 

“Advisor” or “Advisors” means the Person or Persons, if any, appointed, employed or contracted by the
General Partner and responsible for directing or performing the day-to-day business affairs of the General Partner, including any Person to whom such Advisor
subcontracts substantially all of such functions. 
 “Affiliate” means, with respect to any Person, (i) any Person
directly or indirectly, owning, controlling or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (ii) any Person with 10% or more of whose outstanding voting securities are directly or
indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director,
trustee or general partner of such other Person; and (v) any legal entity for which such Person acts an executive officer, director, trustee or general partner. 

“Agreement” means this Limited Partnership Agreement, as amended, modified supplemented or restated from time to time, as the
context requires. 

  
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 “Articles of Incorporation” means the Articles of Incorporation of the
General Partner, as amended or restated from time to time, as filed with the Maryland State Department of Assessments and Taxation. 

“Capital Contribution” means, with respect to any Partner, any cash, cash equivalents or the fair market value of other
property which such Partner contributes or is deemed to contribute to the Partnership pursuant to Section 4.1 or 4.2 hereof. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor
holder of the Partnership Interest of such Partner. 
 “Certificate” means any instrument or document that is required
under the laws of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in Section 8.2 hereof) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or
maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of
Delaware or such other jurisdiction. 
 “Code” means the Internal Revenue Code of 1986, as amended, and as hereafter
amended from time to time. Reference to any particular provision of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Event of Bankruptcy”, as to any Person, means the filing of a petition for relief as to such Person as debtor or bankrupt
under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court
proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a
debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is
commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days. 

“General Partner” means InPoint Commercial Real Estate Income, Inc., a Maryland corporation, and any Person who becomes a
substitute or additional General Partner as provided herein, and any of their successors as General Partner, until such Person ceases to be a General Partner pursuant to the terms of this Agreement. 

“General Partnership Interest” means a Partnership Interest held by the General Partner that is a general partnership
interest. 
 “Indemnitee” means (i) any Person made a party to a proceeding by reason of its status as the General
Partner or a director, officer or employee of the General Partner or the Partnership, and (ii) such other Persons (including Affiliates of the General Partner or the Partnership) as the General Partner may designate from time to time, in its
sole and absolute discretion. 
 “Limited Partner” means InPoint REIT Holdings, LLC, a Delaware limited liability company
and a wholly-owned subsidiary of the General Partner, and any Person who becomes an additional Limited Partner or a Substitute Limited Partner pursuant to the terms of this Agreement, until such Person ceases to be a Limited Partner pursuant to the
terms of this Agreement. 
 “Limited Partnership Interest” means the ownership interest of a Limited Partner in the
Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner
to comply with all the provisions of this Agreement and of such Act. 
 “Partner” means any General Partner or Limited
Partner. 
 “Partnership” means InPoint REIT Operating Partnership, LP, a Delaware limited partnership. 

  
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 “Partnership Interest” means an ownership interest in the Partnership held
by either a Limited Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the
terms and provisions of this Agreement. 
 “Partnership Record Date” means the record date established by the General
Partner for the distribution of cash pursuant to Section 5.1 hereof. 
 “Percentage Interest” means the percentage
determined by dividing the Capital Contributions of a Partner by the sum of the Capital Contributions of all Partners. 

“Person” means any individual, partnership, limited liability company, corporation, joint venture, trust or other entity.

 “Property” means any real or personal property owned by the Partnership. 

“REIT” means a real estate investment trust under Sections 856 through 860 of the Code. 

“REIT Expenses” means (i) costs and expenses relating to the formation and continuity of existence and operation of the
General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees
payable to any director, officer, or employee of the General Partner, (ii) costs and expenses relating to any private placement or public offering and registration of securities by the General Partner and all statements, reports, fees and
expenses incidental thereto, including, without limitation, underwriting discounts and selling commissions applicable to any such offering of securities, and any costs and expenses associated with any claims made by any holders of such securities or
any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other
reports and communications by the General Partner under federal, state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws, rules and
regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) costs and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees
of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuing or redemption of Partnership Interests, and (viii) all other operating or administrative costs of the General Partner incurred in the
ordinary course of its business on behalf of or in connection with the Partnership. 
 “Subsidiary” means, with respect to
any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“Substitute Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.2
hereof. 
 ARTICLE 2 

PARTNERSHIP CONTINUATION AND IDENTIFICATION 

2.1 Continuation of Limited Partnership. 

The parties to this Agreement hereby agree to continue a limited partnership pursuant to the provisions of the Act and in accordance with the
further terms and provisions of this Agreement. 
 2.2 Name, Office and Registered Agent. 

The name of the Partnership is InPoint REIT Operating Partnership, LP. The address of the registered office of the Partnership in the State of
Delaware and the name and address of the registered agent for service of process on the Partnership in the State of Delaware is the Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The principal
office of the Partnership shall be 2901 Butterfield Road, Oak Brook, Illinois 60523, or such other place as the General Partner may from time to time designate by notice to the Limited Partners. The Partnership may maintain offices at such other
place or places within or outside the State of Delaware as the General Partner deems advisable. 

  
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 2.3 Term and Dissolution. 

(a) The term of the Partnership shall continue in full force and effect until dissolved upon the first to occur of any of the following events:

 (i) the occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of
a General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof; provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of
the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners,
either alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement; 

(ii) the passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership
(provided that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or
notes are paid in full); or 
 (iii) the election by the General Partner that the Partnership should be dissolved. 

(b) Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof), the
General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate(s) and liquidate the Partnership’s assets and apply and distribute the proceeds thereof in accordance with Section 5.3
hereof. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those necessary to satisfy the
Partnership’s debts and obligations), or (ii) distribute the assets to the Partners in kind. 
 2.4 Filing of Certificate and
Perfection of Limited Partnership. 
 The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any
and all amendments to the Certificate(s) and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply
with, the laws of each state or other jurisdiction in which the Partnership conducts business. 
 ARTICLE 3 

BUSINESS OF THE PARTNERSHIP 

The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted
by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, unless the General Partner
determines that it no longer intends to qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or 4981 of the Code, (ii) to enter into any partnership, joint venture or other
similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental to the foregoing. In connection with the foregoing, and without
limiting the General Partner’s right in its sole and absolute discretion to qualify or cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to qualify as a REIT for federal income tax purposes and that such
qualification and the avoidance of income and excise taxes on the General Partner inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may
terminate its status as a REIT under the Code at any time to the full extent permitted under the Articles of Incorporation. The General Partner on behalf of the Partnership shall also be empowered to do any and all acts and things necessary or
prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” that is taxable as a corporation under Section 7704 of the Code. 

ARTICLE 4 
 CAPITAL
CONTRIBUTIONS AND ACCOUNTS 
 4.1 Capital Contributions. 

The General Partner and the Limited Partner have made Capital Contributions to the Partnership in the amounts set forth opposite their names on
Exhibit A, as such Exhibit may be amended from time to time. 

  
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 4.2 Additional Capital Contributions and Issuances of Additional Partnership Interests. 

Except as provided in this Section 4.2, the Partners shall have no right or obligation to make any additional Capital Contributions or
loans to the Partnership. 
 (a) The General Partner is hereby authorized to cause the Partnership to issue additional Partnership Interests
for any Partnership purpose at any time or from time to time, including but not limited to Partnership Interests issued in connection with acquisitions of properties, to the Partners (including the General Partner) or to other Persons for such
consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner. Any additional Partnership Interests issued thereby may be issued in
one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited
Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without limitation, (i) the allocations of items
of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights
of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership. Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Interests for less
than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. In the event that the Partnership issues additional Partnership Interests pursuant
to this Section 4.2(a), the General Partner shall make such revisions to this Agreement as it deems necessary to reflect the issuance of such additional Partnership Interests. 

(b) The General Partner shall contribute the proceeds of any issuance of common stock of the General Partner to the Partnership as additional
Capital Contributions to the Partnership from time to time. 
 4.3 No Third-Party Beneficiary. 

No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to
make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the
parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by
any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the
Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that,
notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of
the foregoing, a deficit capital account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership. 

ARTICLE 5 
 DISTRIBUTIONS

 5.1 Distributions. 
 (a)
The Partnership shall make distributions at such times and in such amounts as the General Partner shall determine in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such distribution
period in accordance with Section 5.1(b). 
 (b) Except for distributions pursuant to Section 5.1(c) or 5.3 of this Agreement in
connection with the dissolution and liquidation of the Partnership, distributions shall be made to the Partners in accordance with their respective Percentage Interests on the Partnership Record Date. 

(c) If the General Partner shall elect to purchase from its stockholders common stock of the General Partner for any purpose, the Partnership
shall distribute to the General Partner in reduction of its Capital Contributions the purchase price paid by the General Partner for such common stock and any other expenses incurred by the General Partner in connection with such purchase shall be
considered expenses of the Partnership and shall be reimbursed to the General Partner. 
 (d) In the event that the Partnership issues
additional Partnership Interests to the General Partner or any additional Limited Partner pursuant to Article 4 hereof, the General Partner shall make such revisions to this Article 5 as it deems necessary to reflect the issuance of such additional
Partnership Interests. 

  
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 5.2 REIT Distribution Requirements. 

The General Partner shall use its commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the
General Partner to make stockholder distributions that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or
excise tax liability imposed by the Code. 
 5.3 Distributions Upon Liquidation. 

Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any
Partner loans, any remaining assets of the Partnership shall be distributed to all Partners in accordance with their Percentage Interests. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a
liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations. 
 ARTICLE 6

 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER 

6.1 Management of the Partnership. 

(a) Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage
and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. 

(b) Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third
parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require
the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership. 

6.2 Delegation of Authority. 
 The
General Partner may delegate any or all of its powers, rights and obligations hereunder, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person may, under supervision
of the General Partner, perform any acts or services for the Partnership as the General Partner may approve. 
 6.3 Indemnification and
Exculpation of Indemnitees. 
 (a) The Partnership shall indemnify an Indemnitee from and against any and all losses, claims, damages,
liabilities, joint or several, expenses (including reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or
investigative, that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or
omission of the Indemnitee was material to the matter giving rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually received an improper personal benefit
in money, Property or services; or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. Any indemnification pursuant to this Section 6.3 shall be made only out
of the assets of the Partnership. 
 (b) The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who
is a party to a proceeding in advance of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary
for indemnification by the Partnership as authorized in this Section 6.3 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct
has not been met. 
 (c) The indemnification provided by this Section 6.3 shall be in addition to any other rights to which an
Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 

  
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 (d) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and
such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership
would have the power to indemnify such Person against such liability under the provisions of this Agreement. 
 (e) For purposes of this
Section 6.3, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves
services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3;
and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed
to be for a purpose which is not opposed to the best interests of the Partnership. 
 (f) In no event may an Indemnitee subject the Limited
Partners to personal liability by reason of the indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be
denied indemnification in whole or in part under this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this
Agreement. 
 (h) The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and
administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
 (i) Notwithstanding the foregoing, the
Partnership may not indemnify or hold harmless an Indemnitee for any liability or loss unless all of the following conditions are met: (i) the Indemnitee has determined, in good faith, that the course of conduct that caused the loss or
liability was in the best interests of the Partnership; (ii) the Indemnitee was acting on behalf of or performing services for the Partnership; (iii) the liability or loss was not the result of (A) negligence or misconduct, in the
case that the Indemnitee is a director of the General Partner (other than an Independent Director (as such term is defined in the Articles of Incorporation)), the Advisor or an Affiliate of the Advisor or (B) gross negligence or willful
misconduct, in the case that the Indemnitee is an Independent Director (as such term is defined in the Articles of Incorporation); and (iv) the indemnification or agreement to hold harmless is recoverable only out of net assets of the
Partnership. In addition, the Partnership shall not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following
conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a
court of competent jurisdiction as to the Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made,
and the court considering the request for indemnification has been advised of the position of the Commission and of the published position of any state securities regulatory authority in which securities of the General Partner or the Partnership
were offered or sold as to indemnification for violations of securities laws. 
 6.4 Liability of the General Partner. 

(a) Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the
Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the General Partner acted in good faith. The General Partner shall not be in breach of any duty that the General
Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement. 

(b) The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and its stockholders
collectively, that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without limitation, the tax consequences to Limited Partners or the tax consequences of some, but not all, of the
Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its stockholders on one hand and the Limited Partners on the other, the General Partner
shall endeavor in good faith to resolve the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in the Partnership, any
such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner shall be resolved in favor of the stockholders. The General Partner
shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith. 

  
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 (c) Subject to its obligations and duties as General Partner set forth in Section 6.1
hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any
misconduct or negligence on the part of any such agent appointed by it in good faith. 
 (d) Notwithstanding any other provisions of this
Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is
necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other
provision of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
 (e) Any
amendment, modification or repeal of this Section 6.4 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner’s liability to the Partnership and the Limited Partners under
this Section 6.4 as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such
matters may arise or be asserted. 
 6.5 Reimbursement of General Partner. 

(a) Except as provided in this Section 6.5 and elsewhere in this Agreement, the General Partner shall not be compensated for its services
as general partner of the Partnership. 
 (b) The General Partner shall be reimbursed on a monthly basis, or such other basis as the General
Partner may determine in its sole and absolute discretion, for all Administrative Expenses incurred by the General Partner. Reimbursement of Administrative Expenses shall be treated as an expense of the Partnership and not as allocations of
Partnership income or gain. 
 6.6 Outside Activities. 

Subject to the Articles of Incorporation and any agreements entered into by the General Partner or its Affiliates with the Partnership or a
Subsidiary, any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner, the General Partner shall be entitled to and may have business interests and engage in business activities in addition to those relating to
the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. None of the Partnership, Limited Partners or any other Person shall have any rights by virtue of this Agreement or the
partnership relationship established hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this Agreement to offer any interest in any such business ventures, interests and
activities to the Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person. 

6.7 Employment or Retention of Affiliates. 

(a) Any Affiliate of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether as
a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner determines to be fair and
reasonable. 
 (b) The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and such
Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other
Person. 
 (c) The Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it
is or thereby becomes a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement, applicable law and the REIT status of the General Partner. 

(d) Except as expressly permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any
Property to, or purchase any Property from, the Partnership, directly or indirectly, except pursuant to transactions that are, in the General Partner’s sole discretion, on terms that are fair and reasonable to the Partnership. 

6.8 Title to Partnership Assets. 

Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership
as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General
Partner or one or more nominees, as the General 

  
 8 

 
Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in the name of the
General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall
use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the Property of the Partnership in its books and records,
irrespective of the name in which legal title to such Partnership assets is held. 
 ARTICLE 7 

CHANGES IN GENERAL PARTNER 

7.1 Transfer of the General Partner’s Partnership Interest. 

(a) The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as
provided in, or in connection with a transaction contemplated by, Section 7.1(c). 
 (b) Except as otherwise provided in
Section 7.1(c) hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or the sale of all or substantially all of its assets (other than in connection with a change in the
General Partner’s state of incorporation or organizational form), in each case which results in a change of control of the General Partner, unless the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited
Partners is obtained. 
 (c) Notwithstanding Section 7.1(a) or (b), 

(i) a General Partner may transfer all or any portion of its General Partnership Interest to (A) a wholly owned
Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner; and 

(ii) the General Partner may engage in a transaction not required by law or by the rules of any national securities exchange
on which the General Partner’s shares are listed to be submitted to the vote of the holders of the General Partner’s shares. 
 7.2
Admission of a Substitute or Additional General Partner. 
 A Person shall be admitted as a substitute or additional General Partner of the
Partnership only if the following terms and conditions are satisfied: 
 (a) the Person to be admitted as a substitute or additional General
Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of
such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.4 hereof in connection with such admission shall
have been performed; 
 (b) if the Person to be admitted as a substitute or additional General Partner is a corporation or a partnership it
shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and 

(c) counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel as may be necessary) that
(i) the admission of the Person to be admitted as a substitute or additional General Partner is in conformity with the Act and (ii) none of the actions taken in connection with the admission of such Person as a substitute or additional
General Partner will cause (x) the Partnership to be classified other than as a partnership for federal tax purposes, or (y) the loss of any Limited Partner’s limited liability. 

7.3 Effect of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner. 

(a) Upon the occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the
death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership, the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such
partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is
continued pursuant to Section 7.3(b) hereof. The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 hereof shall not be deemed to be the withdrawal,
dissolution or removal of the General Partner. 

  
 9 

 (b) Following the occurrence of an Event of Bankruptcy as to a General Partner (and its
removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is, on the date of such occurrence, a partnership, the withdrawal of, death, dissolution, Event
of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners,
within 90 days after such occurrence, may elect to continue the business of the Partnership for the balance of the term specified in Section 2.3 hereof by selecting, subject to Section 7.2 hereof and any other provisions of this Agreement,
a substitute General Partner by consent of a majority in interest of the Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of
any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement. 
 7.4 Removal of a General
Partner. 
 (a) Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be
deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death or dissolution of, Event of Bankruptcy as to, or removal of, a partner in, such partnership shall
be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause. 

(b) If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3
hereof, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by a majority in interest of the Limited Partners in accordance with Section 7.3(b)
hereof and otherwise be admitted to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the
General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and a
majority in interest of the Limited Partners within ten (10) days following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed General Partner and a majority in interest of the
Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within thirty (30) days of the General Partner’s
removal, and the fair market value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the
amount of the lower appraisal, the two appraisers, no later than forty (40) days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General
Partner’s General Partnership Interest no later than sixty (60) days after the removal of the General Partner. In such case, the fair market value of the removed General Partner’s General Partnership Interest shall be the average of
the two appraisals closest in value. 
 (c) The General Partnership Interest of a removed General Partner, during the time after default
until transfer under Section 7.4(b), shall be converted to that of a Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall not be
entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only to
retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b). 

(d) All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be
legally necessary, desirable and sufficient to effect all the foregoing provisions of this Section. 
 ARTICLE 8 

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 

8.1 Management of the Partnership. 

The Limited Partners shall not participate in the management or control of Partnership business nor shall they transact any business for the
Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner. 

  
 10 

 8.2 Power of Attorney. 

Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public
offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is
coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest, unless otherwise stated in this Agreement. 

8.3 Limitation on Liability of Limited Partners. 

No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable
to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further
Capital Contributions or other payments or lend any funds to the Partnership. 
 ARTICLE 9 

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS 

9.1 Restrictions on Transfer of Limited Partnership Interests. 

(a) No Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited Partnership
Interest, or any of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a “Transfer”) without the consent of the General
Partner, which consent may be granted or withheld in its sole and absolute discretion. Any such purported Transfer undertaken without such consent shall be considered to be null and void ab initio and shall not be given effect. 

(b) No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer of all of its Partnership Interest
pursuant to this Article 9. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited Partner shall cease to be a Limited Partner. 

9.2 Admission of Substitute Limited Partner. 

Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be
understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner. 

9.3 Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner. 

The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner
is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is
entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such
Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in
satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner. 
 ARTICLE 10 

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS 

10.1 Books and Records. 
 At all
times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership’s specified office all documents and information required under the Act. 

10.2 Custody of Partnership Funds; Bank Accounts. 

All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage
institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine. 

  
 11 

 10.3 Fiscal Year. 

The fiscal year of the Partnership shall be the calendar year. 

ARTICLE 11 
 AMENDMENT OF
AGREEMENT 
 The General Partner’s consent shall be required for any amendment to this Agreement. The General Partner, without the
consent of the Limited Partners, may amend this Agreement in any respect; provided, however, that any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with
respect to the issuance of additional Partnership Interests pursuant to Section 4.2 hereof or any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership shall require the
consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners. 
 ARTICLE 12 

GENERAL PROVISIONS 
 12.1
Notices. 
 All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when
delivered personally, electronically or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth herein; provided, however, that any Partner may specify a different
address by notifying the General Partner in writing of such different address. 
  

			
	To the General Partner:	  	InPoint Commercial Real Estate Income, Inc.
		  	2901 Butterfield Rd.
		  	Oak Brook, Illinois 60523
		
	To the Partnership:	  	InPoint REIT Operating Partnership, LP
		  	2901 Butterfield Rd.
		  	Oak Brook, Illinois 60523
		
	To the Limited Partner:	  	InPoint REIT Holdings, LLC
		  	2901 Butterfield Rd.
		  	Oak Brook, Illinois 60523

 12.2 Survival of Rights. 

Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the
Partnership and their respective legal representatives, successors, transferees and assigns. 
 12.3 Additional Documents. 

Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable,
necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act. 
 12.4 Severability. 

If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be
deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 

12.5 Entire Agreement. 
 This
Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter
hereof. 
 12.6 Pronouns and Plurals/Headings. 

When the context in which words are used in the Agreement indicates that such is the intent, words in the singular number shall include the
plural and the masculine gender shall include the neuter or female gender as the context may require. The Article headings or sections in this Agreement are for convenience only and shall not be used in construing the scope of this Agreement or any
particular Article. 

  
 12 

 12.7 Counterparts. 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall
constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. 

12.8 Governing Law. 
 This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware; provided, however, that any cause of action for violation of federal or state securities laws shall not be governed by this Section 12.8. 

[Remainder of Page Intentionally Left Blank] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this
Limited Partnership Agreement, all as of the 7th day of October, 2016. 
 GENERAL PARTNER: 

InPoint Commercial Real Estate Income, Inc. 
  

			
	By:	 	 /s/ Roderick S. Curtis

	Name:	 	Roderick S. Curtis
	Title:	 	Vice President

 LIMITED PARTNER: 

InPoint REIT Holdings, LLC 
 By: InPoint Commercial Real Estate
Income, Inc., its manager 
  

			
	By:	 	 /s/ Roderick S. Curtis

	Name:	 	Roderick S. Curtis
	Title:	 	Vice President

 [Signature Page to Limited Partnership Agreement] 

 EXHIBIT A 

CAPITAL CONTRIBUTIONS 
  

							
	Partner	  	Address	  	Capital
Contribution	 
	 GENERAL PARTNER
	  		  			
	 InPoint Commercial Real Estate Income, Inc.
	  	 2901 Butterfield Rd.

Oak Brook, IL 60523
	  	$	900	 
	 LIMITED PARTNER
	  		  			
	 InPoint REIT Holdings, LLC
	  	 2901 Butterfield Rd.

Oak Brook, IL 60523
	  	$	100	 
		  		  	  
	  
	 
	 Totals
	  		  	$	1,000Exhibit

Exhibit 10.1
Enterprise Bank 2019 
Variable Compensation Incentive Plan 

Purpose and Objective 
The 2019 Variable Compensation Incentive Plan (the Plan) incents and rewards for both Bank and individual performance.  
 
Participants 
Regular team members who do not participate in an individual sales incentive plan or an individual commission plan are eligible to participate in this plan.  Temporary and co-operative team members are ineligible to participate in this plan. Other than as described elsewhere in this plan, you must be employed through the last business day of the plan year to receive a payout.  If your hire date is after January 1 of the current plan year, you will be eligible for a pro-rata payout, based on wages earned during the plan year.   
 
Target Awards 
You will have a target variable compensation opportunity (target percentage), which is a percentage of your regular earnings (base salary) earned in the current plan year.   
 
Determination of Variable Compensation Payout  
You will be assigned to a variable compensation incentive group based upon your position and role.  The attached addendum outlines your specific performance factor(s). 
 
The Bank must attain a level of 0.5 in Net Income performance factor (the “threshold”) in the current plan year for a payout to be made.  If the threshold is achieved, the variable compensation incentive payouts will be determined by the performance of each performance factor as shown on the addendum.  The maximum incentive opportunity to be paid under this plan is 150% of target.  

Extraordinary Event 
An extraordinary event, such as a windfall, composite federal or state compliance, Community Reinvestment Act (CRA) or safety and soundness rating below satisfactory, or another unusual event, may either positively or negatively impact the Bank’s financial reports.  The Compensation Committee will have discretion whether the extraordinary event will impact the payout under the Plan. 
 
Payout Timing 
The performance period is January 1 through December 31 of the current plan year.  If it is determined that participants will receive a payout under the Plan, payouts will be received on or before March 15, following the plan year.   
 
Retirement, Disability, or Death 
If a participant retires after the age of 62 and has been employed for at least three months in the current plan year, the participant is eligible to receive a pro-rata payout upon retirement.   If a participant passes away or employment ends as result of disability during the plan year, the participant or the participant’s beneficiary is eligible to receive a pro-rata payout.  Payouts will be based upon the participant’s wages earned in the current plan year, the participant’s performance, and management’s estimate of year-end results at the participant’s employment end date. 
 
Clawback Provision 
If the Bank’s reported financial or operating results are determined to be subject to material negative restatement due to material noncompliance with any financial reporting requirement under the securities laws, fraud, or misconduct (other than a restatement caused by a change in applicable accounting rules or interpretations), the Compensation Committee may require recoupment of full or partial payout made to participants with an officer status of Senior Vice President (SVP) or above. 

The Compensation Committee reserves the authority to approve, modify, or disallow any payout proposed to be made under the Plan. 

Addendum:  Bankwide Group with Multiplier
                     
	
			
	Bankwide Group with Multiplier
	Performance Factor 
	Weight 

	Net Income 
	50% 

	Low Cost Deposit Growth 
	15% 

	Loan Growth 
	15% 

	Loan Quality 
	10% 

	Non-Interest Fee Revenue 
	10% 

 
Performance Factor Grid Information 
	
								
	 
	Variable Compensation for Performance Factors 
	 
	 

	Below Threshold
	At Threshold (0.50)
	(0.75)
	At Target (1.00)
	(1.25)
	(1.50)
	(1.75)
	At Stretch (2.00)

	There will be a 0% payout for the performance factor. 
	There will be a   
50% payout for the performance factor.  
	  
	There will be a 100% payout for the performance factor. 
	  
	  
	  
	There will be a 200% payout for the performance factor. 

 
Performance Factor Grid for Participant Scorecard*
	
									
	Bankwide Group with Multiplier
	Performance Factor 
	Threshold 
	  
	Target 
	  
	  
	  
	Stretch 

	0.5 
	0.75 
	1 
	1.25 
	1.5 
	1.75 
	2 

	Net Income* 
	28.50M
	30.679M
	32.857M
	33.857M
	34.857M
	35.857M
	36.857M

	Low Cost Deposit Growth 
	0
	25.3M
	50.6M
	62.6M
	74.6M
	86.6M
	98.6M

	Loan Growth 
	100M
	169M
	239M
	271M
	304M
	336M
	369M

	Loan Quality 
	5.4M
	4.5M
	3.6M
	2.7M
	1.8M
	900K
	0

	Non-Interest Fee Revenue 
	13.733M
	14.633M
	15.533M
	16.433M
	17.333M
	18.233M
	19.133M

 
Additional Performance Factors     
Annualized salaries and benefits expense multiplier for 2019: 
		
	•
	If less than $48.939M, multiply actual payout percentage by 1.05 

		
	•
	If between $48.939M - $49.239M, multiply actual payout percentage by 1.0 

		
	•
	If more than $49.239M, multiply actual payout percentage by 0.95 

*Net income results are determined after sales incentive and variable compensation incentives are calculated.  For example, if net income reaches 1.25 or $33.857M this creates approximately $488 thousand more in incentive compensation expense after tax reducing net income below 1.25.  As such level 1.25 would be met only if net income were at a level that after the additional incentive compensation expense net income exceeded the $33.857M.

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