Document:

exv4w5

Exhibit 4.5

EXPRESSJET HOLDINGS, INC.

2009 TREASURY STOCK PURCHASE PLAN

     1. Establishment of The Plan. ExpressJet Holdings, Inc. (the “Company”)
hereby establishes this 2009 Treasury Stock Purchase Plan (the “Plan”) upon the terms and
conditions hereinafter stated as of the Effective Date.

     2. Purpose. The purpose of this Plan is to contribute to the growth and profitability
of the Company by providing eligible members of the Company’s Board of Directors with an
opportunity to purchase shares of the Company’s common stock, par value $0.01 per share (the
“Common Stock”), as an incentive to work toward the success of the Company.

     3. Construction.

          (a) Definitions. As used in the Plan, the following terms shall have the meanings set
forth below:

     (i) “Affiliate” means, with respect to any Person, any other Person
that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question. As used
herein, the term “control” means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a
Person, whether through ownership of voting securities, by contract or
otherwise.

     (ii) “Agent” means Merrill Lynch, a registered broker dealer,
appointed by the Board of the Company.

     (iii) “Annual Incentive Fee” means, with respect to a particular
Service Year, the annual incentive fee owed to a Participant for serving as a
member of the Board and any of its committees for such Service Year.

     (iv) “Board” means the Board of Directors of the Company.

     (v) “Code” means the Internal Revenue Code of 1986, as amended, and
the Treasury regulations relating thereto. References to any provision of the
Code or regulation (including proposed regulation) thereunder shall include any
successor provisions or regulations.

     (vi) “Committee” means the Nominating and Corporate Governance
Committee of the Board.

     (vii) “Effective Date” means the date upon which the Board’s
approval of the Plan becomes effective.

 

 

     (viii) “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and the rules of the Securities and Exchange Commission relating
thereto. References to any provision of the Exchange Act or rule thereunder
shall include any successor provisions or rules.

     (ix) “Eligible Director” has the meaning set forth in
Section 6(a).

     (x) “Participant” means an Eligible Director who participates in
the Plan.

     (xi) “Participant’s Account” means the account maintained for the
Participant by the Agent pursuant to this Plan.

     (xii) “Person” means an individual or a corporation, limited
liability company, partnership, joint venture, trust, unincorporated
organization, association, government agency or political subdivision thereof or
other entity.

     (xiii) “Service Year” means the period commencing immediately upon
final adjournment of the annual stockholders’ meeting and extending through the
next annual stockholders’ meeting.

          (b) Construction. In this Plan, unless a clear contrary intention appears, (i) the
words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Plan as a whole and not to any particular section or other subdivision, (ii)
reference to any section means such section hereof, (iii) the words “including” (and with
correlative meaning “include”) means including, without limiting the generality of any
description preceding such term and (iv) words in the masculine gender shall include the feminine
gender, the plural shall include the singular and the singular shall include the plural.

          (c) Headings. Headings are given to the sections and subsections of the Plan solely
as a convenience to facilitate reference. Such headings shall not be deemed in any way material or
relevant to the construction or interpretation of the Plan or any provision thereof.

     4. Stock Subject to Plan.

          (a) Source of Shares. The Common Stock purchasable under the Plan shall be limited to
treasury shares or shares purchased by the Company on the open market or from private sources for
use under the Plan. The maximum number of shares of Common Stock that may be issued over the term
of the Plan shall not exceed one million shares.

          (b) Adjustment for Capital Changes. The aggregate number of shares that may be issued
over the term of the Plan shall be adjusted for any increase or decrease in the total number of
outstanding shares of Common Stock issued subsequent to the Effective Date of this Plan that result
from a split, subdivision or consolidation of shares or any other capital adjustment, the payment
of a stock dividend or other increase or decrease in such shares effected without receipt or
payment of consideration by the Company.

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     5. Operation of Plan.

          (a) Operation. This Plan is intended to meet the requirements of Rule 16b-3(d)(1) (or
its successor) adopted under the Exchange Act. To the extent, if any, that any questions of
interpretation arise, the Board shall resolve such questions.

          (b) Participant Accounts; Shares Purchased. The Agent will act as a custodian for any
cash held by it for the benefit of a Participant and for all shares of the Common Stock purchased
pursuant to this Plan. Shares of Common Stock purchased under the Plan will be deposited into such
accounts in the manner provided in Section 7(a). The relationship between each Participant
and the Agent shall be the relationship of client and broker.

          (c) Information and Voting Rights. Each Participant shall have all rights of a
stockholder of the Company appurtenant to the shares of Common Stock held in his or her account.

          (d) Limitation on Liability. The Company, its subsidiaries and their respective
directors, officers, employees and agents, including the Agent (the “Corporate Group”), are
in no way obligated, liable or responsible to a Participant for any claims, loss or damage
sustained as a result of any transaction under the Plan. The Participant, by virtue of his or her
participation, shall waive and release the Corporate Group for any liability related thereto. If a
member of the Corporate Group is a party or is threatened to be made a party to any threatened,
pending, or completed action, suit or proceeding, whether civil, criminal, administrative,
arbitrative or investigative, by reason of anything done or not done by him in such capacity under
or with respect to the Plan, the Company shall indemnify him to the extent permitted by the
Company’s Articles of Incorporation, Bylaws and the General Corporation Law of the State of
Delaware. The Corporate Group does not guarantee the Participant’s Account in any manner against
investment loss or depreciation in asset value. The Corporate Group does not recommend
participation in the Plan to any Eligible Director, and participation in the Plan shall be
completely voluntary on the part of any Eligible Director.

          (e) Expenses Paid by Company. The Company will not pay more than the reasonable fees
and charges relating to Common Stock purchases under the Plan, as agreed upon between the Company
and the Agent, for brokerage commissions and bookkeeping and custodial expenses.

          (f) Compliance with Law and Regulations. All shares of Common Stock purchased under
this Plan shall be subject to all applicable federal and state laws, rules and regulations and to
such approvals by any government or regulatory agency as may be required. No shares of Common
Stock shall be transferred to or from a Participant’s account absent compliance with applicable law
and regulations.

          (g) Restrictions on Transfer. The shares of the Common Stock purchased pursuant to
this Plan, which will be held by the Agent for six months and during which time may not be sold,
transferred, assigned or hypothecated, shall have a legend noting such restriction, and a stop
order will be noted in the Company’s stock transfer ledger. All such sales shall

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comply with applicable federal and state law and regulation and the Company’s Statement of
Policy Regarding Compliance with Federal Securities Laws, as the same may be amended from time to
time.

          (h) Withholding. The Company shall be entitled to withhold from any compensation or
other payments then or thereafter due to the Participants such amounts as may be necessary to
satisfy any withholding requirements of federal or state law or regulation and, further, to collect
from the Participant any additional amounts that may be required for such purpose. Notwithstanding
the Purchase Election authorized in Section 6(c), the Company may adjust the Purchase
Election to reflect any cash amount so withheld.

     6. Eligibility; Participation.

          (a) Eligibility. Only members of the Board who are not employees of the Company or a
subsidiary of the Company (each, an “Eligible Director”) are eligible to participate in the
Plan. For purposes of this Section 6(a), a person shall not be considered an employee
solely by reason of serving as Chairman or Vice Chairman of the Board.

          (b) Participation. An Eligible Director may begin participating in the Plan (i)
within the first thirty (30) days after the Effective Date, (ii) thereafter, within the first
thirty (30) days after such person first becomes an Eligible Director or (iii) at any time
thereafter prior to the commencement of a particular Service Year; provided,
however, that no Eligible Director may participate in the Plan prior to his or her delivery
to the Secretary of the Company of completed Agent Account Application and Client Agreement forms.
By such delivery, the Eligible Director agrees to participate in the Plan with respect to the
Purchase Election. A Participant may cease participation in the Plan by written notice delivered
to the Secretary of the Company.

          (c) Authorized Purchase Amount. Each Participant in the Plan shall annually authorize
in writing that a percentage of his or her Annual Incentive Fees (the “Purchase Election”)
is to be used to purchase Common Stock pursuant to the terms of the Plan.

     7. Participant’s Account.

          (a) Participant’s Purchase of Common Stock. Promptly following each Board meeting
that immediately follows the annual stockholders’ meeting (the “First Meeting”), each
Participant shall direct the Agent in writing to deliver funds from Participant’s Account with the
Agent to the Company’s designated bank account (as set forth on the face of the Client Agreement)
in payment of his or her Purchase Election. Promptly thereafter, Participant’s Account shall be
credited with the number of shares of Common Stock equal to such Participant’s Purchase Election
multiplied by the Annual Incentive Fees for the then-current Service Year (the “Purchase
Amount”) divided by the Appropriate Share Price (as defined below), as quoted in The Wall
Street Journal (or in such other reliable publication as the Board or its Agent, in its discretion,
may determine to rely upon). For purposes of this Agreement, the “Appropriate Share Price”
means, (i) for the first Service Year following the Effective Date, the closing price of the Common
Stock on the Effective Date, (ii) for each Service Year thereafter, the closing price of the Common
Stock on the date of the First Meeting; or (iii) if the First

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Meeting is on a day that is not a day on which securities are traded on The New York Stock
Exchange, then the closing price of the Common Stock on the next trading day. The number of shares
purchased by the Participant and credited to the Participant’s Account shall be rounded down to the
nearest whole number. The value of any fractional share not credited to the Participant’s account
shall be promptly paid to the Participant in cash.

          (b) Insufficient Common Stock. Notwithstanding anything in the Plan to the contrary,
in the event that, on any particular date, the number of shares of Common Stock available for
purchase hereunder is insufficient to accommodate all Purchase Elections, then such shares of
Common Stock shall be allocated on a pro rata basis among Participants based on the number of
shares of Common Stock then available under the Plan.

          (c) Commissions. No commissions will be charged to the Participant for the purchase
of the shares of Common Stock pursuant to the Plan.

          (d) Other Adjustments. The aggregate number of shares of Common Stock held in a
Participant’s Account shall be adjusted for any increase or decrease in the total number of
outstanding shares of Common Stock issued subsequent to the Effective Date resulting from a split,
subdivision or consolidation of shares or any other capital adjustment, the payment of a stock
dividend or other increase or decrease in such shares effected without receipt or payment of
consideration by the Company.

          (e) Interest. No interest will be paid on the funds in the Participant’s account.

     8. Sale of Stock; Stock Certificate.

          (a) Sale of Common Stock. A Participant may direct the Agent to sell any part or all
of the shares of Common Stock in such Participant’s Account, subject to the restrictions set forth
in applicable law and regulation and as set forth in Section 5(g). A Participant’s request
to sell shares of Common Stock of the Company in his or her account will be made by completing the
appropriate authorization form and returning such form to the Agent.

          (b) Commissions. The Agent may charge a Participant a commission on all sales of
shares of the Common Stock at the applicable rate per the Account Agreement. Other normal charges
of the Agent also are payable by the Participant and will be deducted from the proceeds of the
sale.

          (c) Request for Certificates. A Participant may, at his or her sole cost and expense,
request the Agent to issue share certificates for one hundred (100) or more shares of Common Stock
directly to such Participant. All share certificates issued to a Participant will contain the
legend described in Section 5(g).

     9. Amendment; Termination.

          (a) Termination of Plan by Company. The Board may, at any time, with prospective or
retroactive effect, amend in any manner, suspend or terminate the Plan.

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          (b) Termination of Participant’s Account. Upon termination of the Plan pursuant to
Section 9(a) or a Participant’s termination of participation in the Plan pursuant to
Section 6(b), a Participant may direct the Agent to deliver (i) the net proceeds of the
sale of the shares of Common Stock in the Participant’s Account, subject to the restriction set
forth in Section 5(g), (ii) a share certificate in the Participant’s name or such other
name (if permitted hereby) as directed for the number of full shares of Common Stock in the
Participant’s Account and a check for any funds remaining in the Participant’s Account or (iii) if
no shares have been purchased, a check for the Participant’s contribution. No interest shall be
payable on the cash, if any, or shares held in such account.

          (c) Certificates. All share certificates issued to a Participant pursuant to this
Section 9 shall contain the legend described in Section 5(g).

     10. Effective Date of the Plan; Term.

          (a) Effective Date. This Plan shall become effective on the Effective Date.

          (b) Term. This Plan shall remain in effect until such time as (i) the maximum number
of shares of Common Stock specified in Section 4(a) available under the Plan shall have
been purchased or (ii) the Plan is terminated by the Company.

     11. Miscellaneous.

          (a) Governing Law. To the extent not governed by federal laws of the United States of
America, this Plan shall be construed in accordance with the laws of the State of Delaware without
regard to its conflict of laws principles.

          (b) No Right to Engagement. The Participant’s participation in this Plan shall not be
construed as giving a Participant the right to remain on the Board.

          (c) Severability. If any provision of the Plan is or becomes or is deemed to be
invalid, illegal or unenforceable in any jurisdiction or as to any Person, or would disqualify the
Plan under any law deemed applicable by the Committee, such provision shall be construed or deemed
amended to conform to the applicable laws, or if it cannot be construed or deemed amended without,
in the determination of the Committee, materially altering the intent of the Plan, such provision
shall be stricken as to such jurisdiction, Person, and the remainder of the Plan shall remain in
full force and effect.

          (d) Other Laws. The Committee may refuse to issue or transfer any shares of Common
Stock or other consideration if, in its sole discretion, it determines that the issuance or
transfer of such shares or such other consideration might violate any applicable law or regulation,
the rules of the principal securities exchange on which the Common Stock is then traded, or entitle
the Company or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any
payment tendered to the Company by a Participant, other holder or beneficiary in connection with
the Plan shall be promptly refunded to the relevant Participant, holder or beneficiary.

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          (e) No Trust or Fund Created. The Plan shall not create or be construed to create a
trust or separate fund of any kind or a fiduciary relationship between the Company or any
participating Affiliate and a Participant or any other Person.

          (f) No Fractional Shares. No fractional shares of Common Stock shall be issued or
delivered pursuant to the Plan, and the Committee shall determine whether cash, other securities,
or other property shall be paid or transferred in lieu of any fractional shares or whether such
fractional shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

          (g) Facility Payment. Any amounts payable hereunder to any person under legal
disability or who, in the judgment of the Committee, is unable to properly manage his or her
financial affairs, may be paid to the legal representative of such person, or may be applied for
the benefit of such person in any manner that the Committee may select, and the Company and its
Affiliates shall be relieved of any further liability for payment of such amounts.

          (h) No Guarantee of Tax Consequences. None of the Board, the Company, nor the
Committee makes any commitment or guarantee that any federal, state or local tax treatment will
apply or be available to any person participating or eligible to participate hereunder.

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Exhibit 10.4

INDEMNIFICATION AGREEMENT

     This INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this ___day of
___, 20___by and between CM REIT, Inc., a Maryland corporation (the “Company”), and
___(the “Indemnitee”).

RECITALS

     WHEREAS, it is essential to the Company to retain and attract as directors and officers the
most capable persons available;

     WHEREAS, the Indemnitee is a director and/or officer of the Company;

     WHEREAS, both the Company and the Indemnitee recognize the increased risk of litigation and
other claims being asserted against directors and officers of companies in today’s environment;

     WHEREAS, the Company’s Articles of Incorporation (the “Charter”) provide that the Company will
indemnify its directors and officers subject to certain conditions and will advance expenses in
connection therewith, and the Indemnitee’s willingness to serve as a director and/or officer of the
Company is based in part on the Indemnitee’s reliance on such provisions;

     WHEREAS, the Maryland General Corporation Law (the “Maryland Statute”) expressly recognizes
that the indemnification provisions of the Maryland Statute are not exclusive of any other rights
to which a person seeking indemnification may be entitled under the Charter or Bylaws of the
Company, a resolution of stockholders or directors, an agreement or otherwise, and this Agreement
is being entered into pursuant to and in furtherance of the Charter and Bylaws, as permitted by the
Maryland Statute and as authorized by the Charter and the Board of Directors of the Company (the
“Board”); and

     WHEREAS, in recognition of the Indemnitee’s need for substantial protection against personal
liability in order to enhance the Indemnitee’s continued service to the Company in an effective
manner, and the Indemnitee’s reliance on the aforesaid provisions of the Charter, and in part to
provide the Indemnitee with specific contractual assurance that the protection promised by such
provisions will be available to the Indemnitee (regardless of, among other things, any amendment to
or revocation of such provisions or any change in the composition of the Board or any acquisition
or business combination transaction relating to the Company), the Company wishes to provide in this
Agreement for the indemnification of and the advancement of expenses to the Indemnitee as set forth
in this Agreement and, to the extent insurance is maintained, for the continued coverage of the
Indemnitee under the Company’s directors’ and officers’ liability insurance policies, if any.

     NOW, THEREFORE, in consideration of the foregoing premises, the mutual covenants and
agreements contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

 

     1. Indemnification.

          (a) In accordance with the provisions of subsection (b) of this Section 1, the Company shall
hold harmless and indemnify the Indemnitee against any and all reasonable expenses, liabilities and
losses (including, without limitation, investigation expenses and expert witnesses’ and attorneys’
fees and expenses, judgments, penalties, fines, ERISA excise taxes and amounts paid or to be paid
in settlement) actually incurred by the Indemnitee (net of any related insurance proceeds or other
amounts received by the Indemnitee or paid by or on behalf of the Company on the Indemnitee’s
behalf), in connection with any action, suit, arbitration or proceeding (or any inquiry or
investigation, whether brought by or in the right of the Company or otherwise, that the Indemnitee
in good faith believes might lead to the institution of any such action, suit, arbitration or
proceeding), whether civil, criminal, administrative or investigative, or any appeal therefrom, in
which the Indemnitee is a party, is threatened to be made a party, is a witness or is participating
(a “Proceeding”) based upon, arising from, relating to or by reason of the fact that Indemnitee is,
was, shall be or shall have been a director and/or officer of the Company or is or was serving,
shall serve, or shall have served at the request of the Board of Directors of the Company as a
director, officer, partner, trustee, employee or agent (“Affiliate Indemnitee”) of another foreign
or domestic corporation or non-profit corporation, cooperative, partnership, joint venture, trust
or other incorporated or unincorporated enterprise (each, a “Company Affiliate”).

          (b) Notwithstanding the foregoing, in providing the foregoing indemnification, the Company
shall not provide indemnification and shall not hold Indemnitee harmless unless all of the
following conditions are met:

	 	(i)	 	The Indemnitee has determined, in good faith, that the course
of conduct which caused the loss or liability was in the best interests of the
Company.
	 
	 	(ii)	 	The Indemnitee was acting on behalf of or performing services
for the Company.
	 
	 	(iii)	 	The liability or loss was not the result of negligence or
misconduct if the indemnitee is a director, or the result of gross negligence
or willful misconduct if the indemnitee is an independent director.

          (c) Without limiting the generality of the foregoing, the Indemnitee shall be entitled to the
rights of indemnification provided in this Section 1 for any expenses actually incurred in any
Proceeding initiated by or in the right of the Company unless the Indemnitee shall have been
adjudged to be liable to the Company.

          (d) If the Indemnitee is entitled under this Agreement to indemnification by the Company for
some or a portion of the Indemnified Amounts (as hereinafter defined) but not, however, for all of
the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion
thereof to which Indemnitee is entitled.

          (e) Notwithstanding anything herein to the contrary, if the Indemnitee (or Affiliate
Indemnitee) is unwilling to accept a settlement offer (the “Settlement Offer”) with respect to any
Proceeding, under which settlement offer no civil or criminal liability (or presumption of civil or
criminal liability) is imposed on the Indemnitee (or Affiliate Indemnitee)

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and the Company has agreed in writing to pay all costs and expenses associated therewith, then
the Company’s indemnification obligations hereunder with respect to such Proceeding shall
terminate, provided that Indemnitee shall still be entitled to receive all rights provided, and
amounts payable, under the Settlement Offer.

     2. Other Indemnification Arrangements. The Maryland Statute, the Charter and the
Bylaws of the Company permit the Company to purchase and maintain insurance or furnish similar
protection or make other arrangements, including, without limitation, providing a trust fund letter
of credit or surety bond (collectively, the “Indemnity Arrangements”) on behalf of the Indemnitee
against any liability asserted against him or incurred by or on behalf of him in such capacity as a
director or officer of the Company or as an Affiliate Indemnitee, or arising out of his status as
such, whether or not the Company would have the power to indemnify him against such liability under
the provisions of this Agreement or under the Maryland Statute, as it may then be in effect. The
purchase, establishment and maintenance of any such Indemnification Arrangement shall not in any
way limit or affect the rights and obligations of the Company or of the Indemnitee under this
Agreement except as expressly provided herein, and the execution and delivery of this Agreement by
the Company and the Indemnitee shall not in any way limit or affect the rights and obligations of
the Company or the other party or parties thereto under any such Indemnification Arrangement. All
amounts payable by the Company pursuant to this Section 2 and Section 1 hereof are herein referred
to as “Indemnified Amounts.”

     3. Advance Payment of Indemnified Amounts.

          (a) The Indemnitee hereby is granted the right to receive in advance of a final,
non-appealable judgment or other final adjudication of a Proceeding (a “Final Determination”) the
amount of any and all expenses, including, without limitation, investigation expenses, expert
witness and attorneys’ fees and other expenses expended or incurred by the Indemnitee in connection
with any Proceeding or otherwise expended or incurred by the Indemnitee (such amounts so expended
or incurred being referred to as “Advanced Amounts”).

          (b) In making any written request for Advanced Amounts, the Indemnitee shall submit to the
Company a schedule setting forth in reasonable detail the dollar amount expended or incurred and
expected to be expended. Each such listing shall be supported by the bill, agreement or other
documentation relating thereto, each of which shall be appended to the schedule as an exhibit. In
addition, before the Indemnitee may receive Advanced Amounts from the Company, the Indemnitee shall
provide to the Company (i) a written affirmation of the Indemnitee’s good faith belief that the
applicable standard of conduct required for indemnification by the Company has been satisfied by
the Indemnitee and (ii) a written undertaking by or on behalf of the Indemnitee to repay the
Advanced Amount if it shall ultimately be determined that the Indemnitee has not satisfied any
applicable standard of conduct. The written undertaking required from the Indemnitee shall be an
unlimited general obligation of the Indemnitee but need not be secured. The Company shall pay to
the Indemnitee all Advanced Amounts within ten (10) business days after receipt by the Company of
all information and documentation required to be provided by the Indemnitee pursuant to this
subsection (b).

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          (c) Notwithstanding the foregoing, the advancement of Company funds to the Indemnitee for
legal expenses and other costs incurred as a result of any legal action for which indemnification
is being sought is permissible only if all of the following conditions are satisfied:

	 	(i)	 	The legal action relates to acts or omissions with respect to
the performance of duties or services on behalf of the Company.
	 
	 	(ii)	 	The legal action is initiated by a third party who is not a
stockholder of the Company or the legal action is initiated by a stockholder
acting in his or her capacity as such and a court of competent jurisdiction
specifically approves such advancement.
	 
	 	(iii)	 	The Indemnitee undertakes to repay the advanced funds to the
Company, together with the applicable legal rate of interest thereon, in cases
in which such Indemnitee is found not to be entitled to indemnification.

     4. Procedure for Payment of Indemnified Amounts.

          (a) To obtain indemnification under this Agreement, the Indemnitee shall submit to the Company
a written request for payment of the appropriate Indemnified Amounts, including with such request
such documentation and information as is reasonably available to the Indemnitee and reasonably
necessary to determine whether and to what extent the Indemnitee is entitled to indemnification.
The Secretary of the Company shall, promptly upon receipt of such a request for indemnification,
advise the Board in writing that the Indemnitee has requested indemnification.

          (b) The Company shall pay the Indemnitee the appropriate Indemnified Amounts unless it is
established that the Indemnitee has not met the standard of conduct set forth in Section 1.b. A
termination of any Proceeding by judgment, order or settlement does not create a presumption that
the Indemnitee did not meet the requisite standard of conduct; provided, however, that the
termination of any criminal proceeding by conviction, or a pleading of nolo
contendere or its equivalent, or an entry of an order of probation prior to judgment,
creates a rebuttable presumption that the Indemnitee did not meet the applicable standard of
conduct.

          (c) Any determination that the Indemnitee has not met the applicable standard of conduct
required to qualify for indemnification shall be made (i) either by the Board by a majority vote of
a quorum consisting of directors who were not parties of such action, suit or proceeding or (ii) by
independent legal counsel (who may be the outside counsel regularly employed by the Company),
provided that the manner in which (and, if applicable, the counsel by which) the right to
indemnification is to be determined shall be approved in advance in writing by both the highest
ranking executive officer of the Company who is not party to such action (sometimes hereinafter
referred to as the “Senior Officer”) and by the Indemnitee. In the event that such parties are
unable to agree on the manner in which any such determination is to be made, such determination
shall be made by independent legal counsel retained by the Company especially for such purpose,
provided that such counsel be approved in advance in writing by both the Senior Officer and the
Indemnitee and, provided further, that such counsel shall not be outside counsel regularly employed
by the Company. The fees and expenses of counsel in connection with making said determination
contemplated hereunder shall be paid by the Company, and if requested by such counsel, the Company
shall give such counsel an

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appropriate written agreement with respect to the payment of their fees and expenses and such
other matters as may be reasonably requested by counsel.

          (d) The Company will use its best efforts to conclude as soon as practicable any required
determination pursuant to subsection (c) above and promptly will advise the Indemnitee in writing
with respect to any determination that the Indemnitee is or is not entitled to indemnification,
including a description of any reason or basis for which indemnification has been denied. Payment
of any applicable Indemnified Amounts will be made to the Indemnitee within ten (10) days after any
determination of the Indemnitee’s entitlement to indemnification.

          (e) Notwithstanding the foregoing, the Indemnitee may, at any time sixty (60) days after a
claim for Indemnified Amounts has been filed with the Company (or upon receipt of written notice
that a claim for Indemnified Amounts has been rejected, if earlier) and before three (3) years
after a claim for Indemnified Amounts has been filed, petition a court of competent jurisdiction to
determine whether the Indemnitee is entitled to indemnification under the provisions of this
Agreement, and such court shall thereupon have the exclusive authority to make such determination
unless and until such court dismisses or otherwise terminates such action without having made such
determination. The court shall, as petitioned, make an independent determination of whether the
Indemnitee is entitled to indemnification as provided under this Agreement, irrespective of any
prior determination made by the Board or independent counsel. If the court shall determine that
the Indemnitee is entitled to indemnification as to any claim, issue or matter involved in the
Proceeding with respect to which there has been no prior determination pursuant to this Agreement
or with respect to which there has been a prior determination that the Indemnitee was not entitled
to indemnification hereunder, the Company shall pay all expenses (including attorneys’ fees)
actually incurred by the Indemnitee in connection with such judicial determination.

     5. Agreement Not Exclusive; Subrogation Rights, etc.

          (a) This Agreement shall not be deemed exclusive of and shall not diminish any other rights
the Indemnitee may have to be indemnified or insured or otherwise protected against any liability,
loss or expense by the Company, any subsidiary of the Company or any other person or entity under
any charter, bylaws, law, agreement, policy of insurance or similar protection, vote of
stockholders or directors, disinterested or not, or otherwise, whether or not now in effect, both
as to actions in the Indemnitee’s official capacity, and as to actions in another capacity while
holding such office; provided, however, that indemnification may only be provided to the extent it
is allowable under the NASAA REIT Guidelines. The Company’s obligations to make payments of
Indemnified Amounts hereunder shall be satisfied to the extent that payments with respect to the
same Proceeding (or part thereof) have been made to or for the benefit of the Indemnitee by reason
of the indemnification of the Indemnitee pursuant to any other arrangement made by the Company for
the benefit of the Indemnitee.

          (b) In the event the Indemnitee shall receive payment from any insurance carrier or from the
plaintiff in any Proceeding against the Indemnitee in respect of Indemnified Amounts after payments
on account of all or part of such Indemnified Amounts have been made by the Company pursuant
hereto, the Indemnitee shall promptly reimburse to the Company the amount, if any, by which the sum
of such payment by such insurance carrier or such plaintiff and

5

 

payments by the Company or pursuant to arrangements made by the Company to Indemnitee exceeds
such Indemnified Amounts; provided, however, that such portions, if any, of such insurance proceeds
that are required to be reimbursed to the insurance carrier under the terms of its insurance
policy, such as deductible or co-insurance payments, shall not be deemed to be payments to the
Indemnitee hereunder. In addition, upon payment of Indemnified Amounts hereunder, the Company
shall be subrogated to the rights of the Indemnitee receiving such payments (to the extent thereof)
against any insurance carrier (to the extent permitted under such insurance policies) or plaintiff
in respect of such Indemnified Amounts, and the Indemnitee shall execute and deliver any and all
instruments and documents and perform any and all other acts or deeds which the Company deems
necessary or advisable to secure such rights. Such right of subrogation shall be terminated upon
receipt by the Company of the amount to be reimbursed by the Indemnitee pursuant to the first
sentence of this subsection (b).

     6. Insurance Coverage. In the event that the Company maintains directors’ and
officers’ liability insurance to protect itself and any director or officer of the Company against
any expense, liability or loss, such insurance shall cover the Indemnitee to at least the same
extent as any other director or officer of the Company.

     7. Establishment of Trust. The Company may, in its sole discretion, create a trust
(the “Trust”) for the benefit of the Indemnitee and, to the extent such Trust has been created,
from time to time upon written request of Indemnitee shall fund the Trust in an amount sufficient
to satisfy any and all Indemnified Amounts (including Advanced Amounts) which are actually paid or
which Indemnitee reasonably determines from time to time may be payable by the Company under this
Agreement. The amount or amounts to be deposited in the Trust pursuant to the foregoing funding
obligation shall be determined by the independent legal counsel appointed under Section 4 hereof.
If the Trust is established, the terms thereof shall provide that (i) the Trust shall not be
revoked or the principal thereof invaded without the written consent of the Indemnitee; (ii) the
trustee of the Trust (the “Trustee”) shall advance, within ten (10) business days of a request by
the Indemnitee, any and all Advanced Amounts to the Indemnitee (and the Indemnitee hereby agrees to
reimburse the Trust under the circumstances which the Indemnitee would be required to reimburse the
Company under Section 3(b)(ii) hereof); the Company shall continue to fund the Trust from time to
time in accordance with the funding obligations set forth above; (iv) the Trustee shall promptly
pay to the Indemnitee all Indemnified Amounts for which the Indemnitee shall be entitled to
indemnification pursuant to this Agreement; and (v) all unexpended funds in the Trust shall revert
to the Company upon a final determination by a court of competent jurisdiction in a final decision
from which there is no further right of appeal that the Indemnitee has been fully indemnified under
the terms of this Agreement. The Trustee shall be chosen by the Indemnitee. Nothing in this
Section 7 shall relieve the Company of any of its obligations under this Agreement.

     8. Continuation of Indemnity. All agreements and obligations of the Company contained
herein shall continue during the period the Indemnitee is a director or officer of the Company (or
is serving at the request of the Company as an Affiliate Indemnitee) and shall continue thereafter
so long as the Indemnitee shall be subject to any possible Proceeding by reason of the fact that
the Indemnitee was a director or officer of the Company or was serving in any other capacity
referred to herein.

6

 

     9. Successors; Binding Agreement. This Agreement shall be binding on and shall inure
to the benefit of and be enforceable by the Company’s successors and assigns and by the
Indemnitee’s personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. The Company shall require any successor or assignee (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of the Company, by written agreement in form and substance reasonably
satisfactory to the Company and to the Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform
if no such succession or assignment had taken place.

     10. Enforcement. The Company has entered into this Agreement and assumed the
obligations imposed on the Company hereby in order to induce the Indemnitee to act as a director or
officer, as the case may be, of the Company, and acknowledge that the Indemnitee is relying upon
this Agreement in continuing in such capacity. In the event the Indemnitee is required to bring
any action to enforce rights or to collect moneys due under this Agreement and is successful in
such action, the Company shall reimburse the Indemnitee for all of the Indemnitee’s fees and
expenses in bringing and pursuing such action. The Indemnitee shall be entitled to the advancement
of Indemnified Amounts to the full extent contemplated by Section 3 hereof in connection with such
proceeding.

     11. Separability. Each of the provisions of this Agreement is a separate and distinct
agreement independent of the others, so that if any provision hereof shall be held to be invalid or
unenforceable for any reason, such invalidity or unenforceability shall not affect the validity or
enforceability of the other provisions hereof, which other provisions shall remain in full force
and effect.

     12. Miscellaneous. No provision of this Agreement may be modified, waived or
discharged unless such modification, waiver or discharge is approved by the Board and agreed to in
writing signed by the Indemnitee and either the Chairman of the Board or the Chief Executive
Officer of the Company or another officer of the Company specifically designated by the Board. No
waiver by either party at any time of any breach by the other party of, or of compliance with, any
condition or provision of this Agreement to be performed by such other party shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same time or at any prior or
subsequent times. No agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either party which are not set forth
expressly in this Agreement. The validity, interpretation, construction, and performance of this
Agreement shall be governed by the laws of the State of Maryland, without giving effect to the
principles of conflicts of laws thereof. The Indemnitee may bring an action seeking resolution of
disputes or controversies arising under or in any way related to this Agreement in the state or
federal court jurisdiction in which the Indemnitee resides or in which his place of business is
located, and in any related appellate courts, and the Company consents to the jurisdiction of such
courts and to such venue.

     13. Notices. For the purposes of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have been duly given when
delivered or mailed by United States registered mail, return receipt

7

 

requested, postage prepaid, as follows: (i) if to the Indemnitee, at the address set forth
below the Indemnitee’s name on the signature page hereof, and (ii) if to the Company:

1291 Galleria Drive, Suite 200

Henderson, Nevada 89014

Attention: Corporate Secretary

or to such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

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

     15. Effectiveness. This Agreement shall be effective as of the date it is executed.

[Signature Page Follows]

8

 

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

	 	 	 	 	 	 	 
	 	 	CM REIT, INC.
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Todd B. Parriott	 	 
	 

	 	 	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	INDEMNITEE
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 

9

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