Document:

Exhibit 10.1

 

Execution
Copy

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Master Servicer

 

and

 

Berkeley
Point Capital LLC,

Primary Servicer

 

PRIMARY
SERVICING AGREEMENT

 

Dated
as of May 1, 2016

 

CFCRE
2016-C4 Mortgage Trust

Commercial Mortgage Pass-Through Certificates, Series
2016-C4

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	 	 	Page
	 	 	 	 	 	 
	ARTICLE I 	DEFINITIONS	 	1
	 	Section 1.01	 	Defined Terms	 	1
	ARTICLE II	MASTER SERVICER’S ENGAGEMENT OF PRIMARY SERVICER TO PERFORM SERVICING RESPONSIBILITIES	 	2
	 	Section 2.01	 	Contract for Servicing; Possession of Loan Documents	 	2
	 	Section 2.02	 	Notice of Defect, Breach or Repurchase Request	 	3
	ARTICLE III	SERVICING OF THE MORTGAGE LOANS AND THE SERVICED COMPANION LOANS	 	3
	 	Section 3.01	 	Primary Servicer to Service	 	3
	 	Section 3.02	 	Merger or Consolidation of the Primary Servicer	 	16
	 	Section 3.03	 	Limitation on Liability of the Primary Servicer and Others	 	16
	 	Section 3.04	 	Primary Servicer Not to Resign	 	17
	 	Section 3.05	 	No Transfer or Assignment of Servicing	 	17
	 	Section 3.06	 	Indemnification	 	18
	ARTICLE IV	DEFAULT	 	18
	 	Section 4.01	 	Events of Default	 	18
	 	Section 4.02	 	Waiver of Defaults	 	21
	 	Section 4.03	 	Other Remedies of Master Servicer	 	22
	ARTICLE V	TERMINATION	 	22
	 	Section 5.01	 	Termination	 	22
	 	Section 5.02	 	Termination With Cause	 	22
	 	Section 5.03	 	Intentionally Deleted	 	22
	 	Section 5.04	 	Termination of Duties with Respect to Specially Serviced Loans	 	23
	ARTICLE VI	MISCELLANEOUS	 	23
	 	Section 6.01	 	Successor to the Primary Servicer	 	23
	 	Section 6.02	 	Financial Statements	 	23
	 	Section 6.03	 	Closing	 	23
	 	Section 6.04	 	Closing Documents	 	23
	 	Section 6.05	 	Notices	 	24
	 	Section 6.06	 	Severability Clause	 	25

 

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TABLE OF CONTENTS

 (continued)

 

	 	 	 	 	 	Page
	 	 	 	 	 	 
	 	Section 6.07	 	Counterparts	 	25
	 	Section 6.08	 	Governing Law	 	26
	 	Section 6.09	 	Protection of Confidential Information	 	26
	 	Section 6.10	 	Intention of the Parties	 	26
	 	Section 6.11	 	Third Party Beneficiary	 	26
	 	Section 6.12	 	Successors and Assigns; Assignment of Agreement	 	26
	 	Section 6.13	 	Waivers	 	27
	 	Section 6.14	 	Exhibits	 	27
	 	Section 6.15	 	General Interpretive Principles	 	27
	 	Section 6.16	 	Complete Agreement	 	27
	 	Section 6.17	 	Further Agreement	 	27
	 	Section 6.18	 	Amendments	 	27
	 	Section 6.19	 	Exchange Act Rule 17g-5 Procedures	 	27
	 	Section 6.20	 	Notification to Primary Servicer Concerning REO Property	 	28

 

	EXHIBIT A	MORTGAGE LOAN SCHEDULE	 	A-1
	EXHIBIT B	PRIMARY SERVICER’S OFFICER’S CERTIFICATE	 	B-1
	EXHIBIT C	POOLING AND SERVICING AGREEMENT	 	C-1
	EXHIBIT D	[RESERVED]	 	 
	EXHIBIT E	QUARTERLY SERVICING CERTIFICATION	 	E-1
	EXHIBIT F	FORM OF ACCOUNT CERTIFICATION	 	F-1
	EXHIBIT G	FORM OF COLLECTION REPORT	 	G-1
	EXHIBIT H	FORM OF CERTIFICATE OF INSURANCE	 	H-1
	EXHIBIT I	NEW LEASE INFORMATION	 	I-1
	EXHIBIT J	MONTHLY ESCROW ACCOUNTS CERTIFICATION	 	J-1

 

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This
is a Primary Servicing Agreement (this “Agreement”), dated as of May 1, 2016, by and between Berkeley
Point Capital LLC, a Delaware limited liability company having an office at One Beacon Street, 14th Floor, Boston,
MA 02108, and its successors and assigns (the “Primary Servicer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION,
having an office at c/o Commercial Mortgage Servicing, MAC D1086, 550 South Tryon Street, 14th Floor, Charlotte, North
Carolina 28202, and its successors and assigns (the “Master Servicer”).

 

W
I T N E S S E T H:

 

WHEREAS,
CCRE Commercial Mortgage Securities, L.P., as Depositor (the “Depositor”), Rialto Capital Advisors, LLC, as
Special Servicer (the “Special Servicer”), U.S. Bank National Association, as Trustee (the “Trustee”),
U.S. Bank National Association, as Certificate Administrator (in such capacity, the “Certificate Administrator”),
as Paying Agent and as Custodian, Park Bridge Lender Services LLC, as Operating Advisor (in such capacity, the “Operating
Advisor”) and as Asset Representations Reviewer, and the Master Servicer have entered into that certain Pooling and
Servicing Agreement dated as of May 1, 2016 (as amended, modified and restated from time to time, the “Pooling and Servicing
Agreement”), whereby the Master Servicer shall master service certain mortgage loans and related companion loans (defined
below), on behalf of the Trustee; and

 

WHEREAS,
the Master Servicer desires to enter into a contract with the Primary Servicer whereby the Primary Servicer shall service the
mortgage loans listed on Exhibit A (the “Mortgage Loan Schedule”) attached hereto (the “Mortgage
Loans”) and the companion loans listed on the Mortgage Loan Schedule (the “Serviced Companion Loans”“)
on behalf of the Master Servicer.

 

NOW,
THEREFORE, in consideration of the mutual agreements hereinafter set forth, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Master Servicer and the Primary Servicer hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section
1.01     Defined Terms.

 

Unless
otherwise specified in this Agreement, all capitalized terms not otherwise defined herein shall have the meanings set forth in
the Pooling and Servicing Agreement. As used herein, the following terms have the meanings assigned to them in this Section
1.01:

 

“Collection
Report” shall mean the monthly report prepared by the Primary Servicer setting forth, with respect to each Mortgage
Loan and Serviced Companion Loan and the most recently ended Collection Period prior to the due date of such report, the information
described on Exhibit G attached hereto.

 

“Mortgage
Loans” shall have the meaning specified in the recitals hereto.

 

“Mortgage
Loan Schedule” shall have the meaning specified in the recitals hereto.

 

     

     

    

 

“Other
Determination Date Remittance Date” shall mean one (1) Business Day prior to the “determination date” as
such term or similar term is defined in the Other Pooling and Servicing Agreement governing the securitization of the Serviced
Pari Passu Companion Loan.

 

“Primary
Servicer Collection Account” shall have the meaning specified in Section 3.01(c)(10) of this Agreement.

 

“Primary
Servicer Serviced Whole Loan Collection Account” shall have the meaning specified in Section 3.01(c)(12) of this
Agreement.

 

“Primary
Servicer Remittance Amount” shall mean, with respect to any date, an amount equal to, without duplication, (a) the sum
of (i) the aggregate of the amounts on deposit in the Primary Servicer Collection Account (as defined herein) as of such date,
(ii) the aggregate of the amounts on deposit in the Primary Servicer Serviced Whole Loan Collection Account (as defined herein)
as of such date, (iii) the aggregate of all other amounts received with respect to the Mortgage Loans and Serviced Companion Loans
as of such date to the extent not previously remitted to the Master Servicer or the Serviced Companion Loan Noteholders and (iv)
the aggregate amount of Prepayment Interest Shortfalls deposited by the Primary Servicer in the Primary Servicer Collection Account
and the Primary Servicer Serviced Whole Loan Collection Account as required by Section 3.17 of the Pooling and Servicing
Agreement as incorporated herein pursuant to Section 3.01(c)(30) of this Agreement, to the extent not previously remitted
to the Master Servicer, net of (b) the portion of the amount described in subclause (a) of this definition that represents one
or more of the following: (i) Escrow Payments (other than the Escrow Payments that are to be used to reimburse the Master Servicer
for Servicing Advances) or (ii) any amounts that the Primary Servicer is entitled to retain as compensation pursuant to Section
3.12 of the Pooling and Servicing Agreement as incorporated herein pursuant to Section 3.01(c)(23) of this Agreement.

 

“Primary
Servicer Remittance Date” shall mean the first Business Day after each Determination Date.

 

“Primary
Servicer Reporting Date” shall mean the first Business Day after each Determination Date.

 

“Primary
Servicer Parties” shall have the meaning specified in Section 3.03 of this Agreement.

 

“Primary
Servicing Fee” shall mean, with respect to each Mortgage Loan and each Serviced Companion Loan, the fee payable to the
Primary Servicer pursuant to Section 3.01(c)(23) of this Agreement.

 

“Primary
Servicing Fee Rate” shall mean, with respect to each Mortgage Loan and each Serviced Companion Loan, the rate that corresponds
to such Mortgage Loan or Serviced Companion Loan set forth on Exhibit A hereto under the heading “Primary
Servicing Fee.”

 

“Serviced
Companion Loans” shall have the meaning specified in the recitals hereto.

 

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“Serviced
Whole Loans” shall mean (i) the Mortgage Loan identified as Renaissance Cincinnati on Exhibit A attached
hereto and its related Serviced Companion Loans and (ii) the Mortgage Loan identified as 215 West 34th Street &
218 West 35th Street on Exhibit A attached hereto and its related Serviced Companion Loans.

 

ARTICLE
II

MASTER SERVICER’S ENGAGEMENT OF PRIMARY
SERVICER

TO PERFORM SERVICING RESPONSIBILITIES

 

Section
2.01     Contract for Servicing; Possession of Loan Documents.

 

The
Master Servicer, by execution and delivery of this Agreement, does hereby contract with the Primary Servicer, subject to the terms
of this Agreement, for the servicing of the Mortgage Loans and the Serviced Companion Loans. On and after the Closing Date, the
Primary Servicer shall hold any portion of the Servicing File or the Mortgage File in the possession of the Primary Servicer in
trust by the Primary Servicer, on behalf of the Master Servicer for the benefit of the Trustee. The Primary Servicer’s possession
of any portion of the Servicing File or the Mortgage File shall be at the will of the Master Servicer and the Trustee for the
sole purpose of facilitating the servicing or the supervision of servicing of the related Mortgage Loan and Serviced Companion
Loan pursuant to this Agreement, and such retention and possession by the Primary Servicer shall be in a custodial capacity only.
Any portion of the Servicing File or the Mortgage File retained by the Primary Servicer shall be identified to reflect clearly
the ownership of the related Mortgage Loan by the Trustee. The Primary Servicer shall release from its custody any Mortgage File
retained by it only in accordance with this Agreement and the Pooling and Servicing Agreement. The Primary Servicer shall provide
to the Master Servicer as soon as practicable after request therefor by the Master Servicer a copy of any documents held by it
with respect to the Mortgage Loans and Serviced Companion Loans. During the term of this Agreement, the Primary Servicer will
also provide to the Master Servicer a copy of any lease, amendments and other documents related to the Mortgaged Properties securing
the Mortgage Loans and any related Serviced Companion Loan or related to the Mortgage Loans and any related Serviced Companion
Loan as soon as possible after receipt or execution thereof, as applicable. Except as otherwise provided herein, the Primary Servicer
shall not be obligated to provide a copy of any documents held by it with respect to the Mortgage Loans and Serviced Companion
Loans to any Person not a party to this Agreement. If and so long as the Primary Servicer (i) has a vault or other adequate safety
procedures in place satisfactory to the Master Servicer, in its sole discretion, or (ii) outsources such responsibility to a third
party vendor satisfactory to the Master Servicer, who has a vault or other adequate safety procedures in place satisfactory to
the Master Servicer, in its sole discretion, the Primary Servicer shall hold the original of any letters of credit related to
a Mortgage Loan and perform any obligations of the Master Servicer with respect thereto all in accordance with any applicable
requirements of Section 2.01(c) of the Pooling and Servicing Agreement. If at any time the Primary Servicer does not satisfy
the conditions described in clause (i) or clause (ii) of the immediately preceding sentence, the Primary Servicer shall immediately
deliver to the Master Servicer the original of any letters of credit related to any Mortgage Loan.

 

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Section
2.02     Notice of Defect, Breach or Repurchase Request.

 

Following
its receipt from the Depositor, the Master Servicer shall provide a copy of the CCRE Purchase Agreement to the Primary Servicer.
The Primary Servicer shall notify the Master Servicer in writing within five (5) Business Days after the Primary Servicer discovers
or receives notice alleging a Defect or a Breach or receives a Repurchase Communication of a Repurchase, a Repurchase Request,
a Repurchase Request Rejection or a Repurchase Request Withdrawal. The Primary Servicer shall promptly, but in no event later
than five (5) Business Days after receipt, provide to the Master Servicer a copy of any written Repurchase Request, Repurchase
Request Withdrawal, Repurchase or Repurchase Request Rejection received by the Primary Servicer and such other information in
the possession of the Primary Servicer reasonably requested by the Master Servicer to fulfill its obligations under Section
2.03(d) of the Pooling and Servicing Agreement. The Primary Servicer shall promptly provide to the Master Servicer any Certificateholder
Repurchase Request received by the Primary Servicer and such other information in the possession of the Primary Servicer reasonably
requested by the Master Servicer to fulfill its obligations under Section 2.03(j) of the Pooling and Servicing Agreement.

 

ARTICLE
III

SERVICING OF THE MORTGAGE LOANS AND THE SErVICED
COMPANION LOANS

 

Section
3.01     Primary Servicer to Service.

 

(a)          The
Primary Servicer, as an independent contractor, shall service and administer the Mortgage Loans and the Serviced Companion Loans
in a manner consistent with the Servicing Standard under the Pooling and Servicing Agreement and, in the case of the Serviced
Companion Loans, as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted
a single lender.

 

(b)          The
Primary Servicer shall perform, on behalf of the Master Servicer, all of the obligations of the Master Servicer (with respect
to the Mortgage Loans and the Serviced Companion Loans subject to this Agreement) as set forth in those sections of the Pooling
and Servicing Agreement incorporated herein pursuant to Section 3.01(c) of this Agreement (the “Incorporated Sections”),
as modified by Section 3.01(c) of this Agreement, and the Master Servicer shall have the same rights with respect to the
Primary Servicer that the Trustee, the Certificate Administrator, the Custodian, the Depositor, the Controlling Class Certificateholders,
the Controlling Class Representative, the Operating Advisor, the Rating Agencies, the 17g-5 Information Provider, the Underwriters,
the Initial Purchasers, the Directing Certificateholder, the Certificateholders, the Serviced Companion Loan Noteholders, the
Serviced Pari Passu Companion Loan Noteholders, the Asset Representations Reviewer, and the Special Servicer (including, without
limitation, the right of the Special Servicer to direct the Master Servicer during certain periods) have with respect to the Master
Servicer under the Pooling and Servicing Agreement to the extent that the Primary Servicer is acting on behalf of the Master Servicer
hereunder and except as otherwise set forth herein. Without limiting the foregoing, and subject to Section 3.23 of the
Pooling and Servicing Agreement as modified herein, the Primary Servicer shall service and administer the Mortgage Loans and the
Serviced Companion Loans that are not Specially Serviced Loans. All references herein to the respective duties of the Primary
Servicer

 

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and
the Special Servicer, and to the areas in which they may exercise discretion, shall be subject to Section 3.23 of the Pooling
and Servicing Agreement, as modified herein and to the Special Servicer’s rights to service Specially Serviced Loans. Except
as otherwise set forth below, for purposes of this Agreement, (i) references to the Trustee, the Certificate Administrator, the
Depositor, the Custodian, the Rating Agencies, the 17g-5 Information Provider, the Special Servicer, the Controlling Class Certificateholder,
the Controlling Class Representative, the Operating Advisor, the Underwriters, the Initial Purchasers, the Directing Certificateholder,
the Serviced Companion Loan Noteholders, the Serviced Pari Passu Companion Loan Noteholders, the Asset Representations Reviewer
and the Certificateholders in the Incorporated Sections (and in the defined terms used therein) shall be deemed to be references
to the Master Servicer hereunder, (ii) references to the Master Servicer in the Incorporated Sections (and in the defined terms
used therein) shall be deemed to be references to the Primary Servicer hereunder, (iii) references to the Mortgage Loans in the
Incorporated Sections (and in the defined terms used therein) shall be deemed to be references to the Mortgage Loans as defined
herein, (iv) references to the Serviced Companion Loans and Serviced Pari Passu Companion Loans in the Incorporated Sections (and
in the defined terms used therein) shall be deemed to be references to the Serviced Companion Loans in this Agreement, and (v)
references to the Serviced Whole Loan in the Incorporated Sections (and in the defined terms used therein) shall be deemed to
be references to the Serviced Whole Loan in this Agreement (such modification of the Incorporated Sections shall be referred to
herein as the “References Modification”). With respect to all servicing responsibilities of the Master Servicer
under the Pooling and Servicing Agreement that are not being performed by the Primary Servicer under this Agreement, the Primary
Servicer shall reasonably cooperate with the Master Servicer to facilitate the timely performance of such servicing responsibilities.
The Primary Servicer shall not take any action (whether or not authorized hereunder) as to which the Master Servicer has advised
it in writing that such action if taken may result in the imposition of a tax on any portion of the Trust or cause either the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor
trust. The Primary Servicer shall fully cooperate with the Master Servicer in connection with avoiding (a) the imposition of a
tax on any portion of the Trust, (b) causing either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC,
and (c) causing the Grantor Trust to fail to qualify as a grantor trust.

 

(c)          The
following Sections of the Pooling and Servicing Agreement, unless otherwise provided in this Section 3.01(c) of this Agreement,
are hereby incorporated herein by reference as if fully set forth herein, and, for purposes of this Agreement, in addition to
the References Modification, are hereby further modified as set forth below:

 

(1)          Section
1.02. The determination as to the application of amounts collected in respect of any Mortgage Loan and Serviced Companion
Loan, in the absence of express provisions in the related Loan Documents or to the extent that such terms authorize the lender
to use its discretion, shall be made by the Master Servicer.

 

(2)          Section
2.04(a). Section 2.04(a)(i) of the Pooling and Servicing Agreement shall be deemed modified to read “The Primary
Servicer is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of
Delaware, and the Primary Servicer is in compliance with the laws of each state (within the United States of America) in which
any related Mortgaged Property is located to the extent necessary to perform

 

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its
obligations under this Agreement.” The Primary Servicer hereby represents and warrants, as of the date hereof, that (i)
each insurance policy and fidelity bond referenced in Section 3.08(d) of the Pooling and Servicing Agreement names the
Master Servicer as an additional insured and loss payee; (ii) the net worth of the Primary Servicer determined in accordance with
generally accepted accounting principles is not less than $2 million; and (iii) the Primary Servicer is authorized to transact
business in the state or states in which the Mortgaged Properties are located, if and to the extent required by applicable law.

 

(3)          Sections
3.01(a), (b) and (e). Without limiting the generality of the obligations of the Primary Servicer hereunder, the Primary Servicer
shall monitor and certify on a quarterly basis, starting with the quarter ending June of 2016, within thirty (30) days of the
end of such quarter the information on the Mortgage Loans and the Serviced Companion Loans as required by, and in the form of,
Exhibit E attached hereto, pursuant to Section 3.01(c)(26) of this Agreement. In addition, without limiting
the generality of the foregoing, the Primary Servicer shall use efforts consistent with the Servicing Standard to continue all
UCC financing statements in favor of the assignee prior to the expiration of such UCC financing statements. The Master Servicer
shall forward the Primary Servicer recorded UCC financing statements reflecting the Trust as the secured party. Notwithstanding
the foregoing, the Primary Servicer’s authority is restricted as provided in Section 3.01(c)(20) and (35)
of this Agreement.

 

(4)          Sections
3.01(c) and (d). References to the Master Servicer shall not be deemed to be references to the Primary Servicer for purposes
of Sections 3.01(c) and (d) of the Pooling and Servicing Agreement. Each and every one of the terms and conditions
of Sections 3.01(c) and (d) of the Pooling and Servicing Agreement shall be enforceable against the Primary Servicer
in accordance with the terms thereof. The Primary Servicer may not enter into Primary Servicing Agreements in connection with
the Mortgage Loans or the Serviced Companion Loans and shall directly service the Mortgage Loans and Serviced Companion Loans
in accordance with the terms and conditions of this Agreement. To the extent required by Sections 3.01(c) and (d)
of the Pooling and Servicing Agreement, this Agreement will be assumed by the Trustee if the Trustee has assumed the duties of
the Master Servicer or by a successor Master Servicer without cost or obligation to the assuming party or the Trust Fund, upon
the assumption by such party of the obligations, except to the extent they arose prior to the date of assumption, of the Master
Servicer pursuant to Section 7.02 of the Pooling and Servicing Agreement. The Primary Servicer may not foreclose any Mortgage
or, except as permitted by Section 3.01(c)(20) or (35) of this Agreement, grant any modification, extension, waiver
or amendment to any Mortgage Loan or Serviced Companion Loan.

 

(5)          Reserved.

 

(6)          Section
3.03. The Primary Servicer may not waive late payment charges or Default Interest that the Master Servicer is permitted to
waive under Section 3.03 of the Pooling and Servicing Agreement without the consent of the Master Servicer. The Primary
Servicer shall forward to the Master Servicer a copy of all operating statements, income statements, budgets and rent rolls collected
by the Primary Servicer within the timeframe set forth in Section 3.01(c)(27) of this Agreement. The Primary Servicer shall
promptly notify the Master Servicer of any defaults under the Mortgage Loans or the Serviced Companion Loan, collection issues
or customer issues; provided that the Primary Servicer shall not take any action with respect to

 

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enforcing
the Mortgage Loans or the Serviced Companion Loan without the prior written approval of the Master Servicer.

 

(7)          Section
3.04(a). The Primary Servicer shall not be obligated to make any Servicing Advances. The Primary Servicer shall give the Master
Servicer not less than five (5) Business Days’ notice before the date on which the Master Servicer is required to make any
Servicing Advance with respect to any Mortgage Loan or Serviced Companion Loan. Upon the occurrence of an insured loss at a Mortgaged
Property, the Primary Servicer shall notify the Master Servicer of the loss and the Primary Servicer’s receipt of the Insurance
Proceeds. The Primary Servicer will provide to the Master Servicer all loss-related records and information received by the Primary
Servicer as such information becomes available and shall confer with the Master Servicer regarding the process of releasing to
the affected Borrower the Insurance Proceeds, including but not limited to questions such as whether the Primary Servicer is authorized
to (i) endorse the checks issued by the insurer representing the Insurance Proceeds; and (ii) release the Insurance Proceeds to
the affected Borrower. With respect to non-escrowed payments, when the Primary Servicer becomes aware in accordance with the Servicing
Standard that the Borrower has failed to make any such payment or, with respect to escrowed loans, collections from the Borrower
are insufficient to pay any such item before the applicable penalty or termination date, the Primary Servicer shall promptly notify
the Master Servicer. The Master Servicer may direct the Primary Servicer to (and upon such direction, the Primary Servicer shall)
make a payment from amounts on deposit in the Primary Servicer Collection Account or Primary Servicer Serviced Whole Loan Collection
Account as contemplated by Section 3.04(a) of the Pooling and Servicing Agreement.

 

(8)          Section
3.04(b). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit F attached
hereto and a copy of such certification shall be furnished to the Master Servicer within three (3) days of the Closing Date and
thereafter to the Master Servicer upon any transfer of any Escrow Account.

 

(9)          Section
3.04(c). Without the express written consent of the Master Servicer, the Primary Servicer shall not (a) waive or extend the
date set forth in any agreement governing reserve funds by which the required repairs and/or capital improvements at the related
Mortgaged Property must be completed or (b) release any earn out reserve funds or return any related letters of credit delivered
in lieu of earn out reserve funds. The Primary Servicer shall promptly notify the Master Servicer of any failure by the Borrower
described in Section 3.04(c) of the Pooling and Servicing Agreement

 

(10)        Section
3.05(a). The Primary Servicer shall establish a collection account (hereinafter the “Primary Servicer Collection
Account”), meeting all of the requirements of the Collection Account, and references to the Collection Account shall
be references to such Primary Servicer Collection Account. The creation of any Primary Servicer Collection Account shall be evidenced
by a certification in the form of Exhibit F attached hereto and a copy of such certification shall be furnished
to the Master Servicer within three (3) days of the Closing Date and thereafter to the Master Servicer upon any transfer of the
Primary Servicer Collection Account. Notwithstanding the fourth paragraph of Section 3.05(a) of the Pooling and Servicing
Agreement, the Primary Servicer shall deposit into the Primary Servicer Collection Account and include in its Primary Servicer
Remittance Amount all Default Interest, any late payment fees,

 

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Modification
Fees, defeasance fees, Assumption Fees, loan service transaction fees, assumption application fees, consent fees, Prepayment Interest
Excess, charges for beneficiary statements or demands, amounts collected for checks returned for insufficient funds and other
fees and amounts collected from the Borrowers that constitute additional Servicing Compensation and/or additional Special Servicing
Compensation (in each case, other than those to which the Primary Servicer is entitled pursuant to Section 3.01(c)(23)
of this Agreement). Any amounts of additional Special Servicing Compensation payable to the Special Servicer shall be remitted
to the Special Servicer by the Master Servicer. For purposes of the last paragraph of Section 3.05(a) of the Pooling and
Servicing Agreement, the Master Servicer shall direct the Special Servicer to make payment of amounts referenced therein directly
to the Primary Servicer for deposit in the Primary Servicer Collection Account.

 

(11)          Section
3.05(c) is not incorporated herein. With respect to each Distribution Date, the Primary Servicer shall deliver to the Master
Servicer on or before the Primary Servicer Remittance Date the Primary Servicer Remittance Amount allocable to the Mortgage Loans
for such date. Each remittance required to be made to the Master Servicer on the Primary Servicer Remittance Date shall be made
by wire transfer. Each month, on each Business Day between the Primary Servicer Remittance Date and the Distribution Date, the
Primary Servicer shall forward to the Master Servicer by wire transfer the Primary Servicer Remittance Amount allocable to the
Mortgage Loans for such date. Each month, on each Business Day that the Primary Servicer is not required to remit to the Master
Servicer pursuant to the previous sentence, the Primary Servicer shall forward to the Master Servicer by wire transfer all amounts
collected by the Primary Servicer and not previously remitted to the Master Servicer which constitute delinquent payments on the
Mortgage Loans and any related Penalty Charges. Section 3.01(c)(25) of this Agreement sets forth certain reporting requirements
with respect to such remittances.

 

(12)          Section
3.05(g). The Primary Servicer shall establish a collection account (hereinafter the “Primary Servicer Serviced Whole
Loan Collection Account”), meeting all of the requirements of the Serviced Whole Loan Collection Account, and references
to the Serviced Whole Loan Collection Account shall be references to such Primary Servicer Serviced Whole Loan Collection Account.
The creation of any Primary Servicer Serviced Whole Loan Collection Account shall be evidenced by a certification in the form
of Exhibit F attached hereto and a copy of such certification shall be furnished to the Master Servicer within three
(3) days of the Closing Date and thereafter to the Master Servicer upon any transfer of the Primary Servicer Serviced Whole Loan
Collection Account. Notwithstanding the second paragraph of Section 3.05(g) of the Pooling and Servicing Agreement, the
Primary Servicer shall deposit into the Primary Servicer Serviced Whole Loan Collection Account and include in its Primary Servicer
Remittance Amount all Default Interest, any late payment fees, Modification Fees, defeasance fees, Assumption Fees, loan service
transaction fees, assumption application fees, consent fees, Prepayment Interest Excess, charges for beneficiary statements or
demands, amounts collected for checks returned for insufficient funds and other fees and amounts collected from the Borrowers
that constitute additional Servicing Compensation and/or additional Special Servicing Compensation (in each case, other than those
to which the Primary Servicer is entitled pursuant to Section 3.01(c)(23) of this Agreement). Any amounts of additional
Special Servicing Compensation payable to the Special Servicer shall be remitted to the Special Servicer by the Master Servicer.
For purposes of the last paragraph of Section 3.05(g) of the Pooling and Servicing Agreement, the Master Servicer shall
direct the Special Servicer to make payment of

 

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amounts
referenced therein directly to the Primary Servicer for deposit in the Primary Servicer Serviced Whole Loan Collection Account.

 

(13)          Section
3.05(h) is not incorporated herein. On the earlier of the Primary Servicer Remittance Date or the Other Determination Date
Remittance Date in each calendar month, the Sub-Servicer shall remit to the Master Servicer an amount equal to the portion of
the Primary Servicer Remittance Amount allocable to the related Serviced Companion Loans for such date. Each month, on the first
Business Day after receipt of any Primary Servicer Remittance Amount (i) between the Primary Servicer Remittance Date and the
Distribution Date if the related remittance was made on the Primary Servicer Remittance Date, or (ii) between the Other Determination
Date Remittance Date and the “determination date” as such term or similar term is defined in the Other Pooling and
Servicing Agreement if the related remittance was made on the Other Determination Date Remittance Date, the Primary Servicer shall
forward to the Master Servicer by wire transfer the Primary Servicer Remittance Amount allocable to the related Serviced Companion
Loans for such date.

 

(14)          Section
3.06(a) is not incorporated herein. The Primary Servicer may, from time to time, make withdrawals from the Primary Servicer
Collection Account for any of the following purposes (the order set forth below not constituting an order of priority for such
withdrawals):

 

(i)            to
remit to the Master Servicer for deposit in the Collection Account the amounts required to be so deposited pursuant to Section
3.05(c) of the Pooling and Servicing Agreement and Section 3.01(c)(11) of this Agreement;

 

(ii)           to
the extent not otherwise required to be applied against Prepayment Interest Shortfalls, to pay itself earned and unpaid Primary
Servicing Fees, with respect to the Mortgage Loans in respect thereof, the Primary Servicer’s right to payment pursuant
to this clause (ii) with respect to any Mortgage Loans being limited to amounts on deposit in the Primary Servicer Collection
Account that are received on or in respect of on such Mortgage Loan that are allocable as recovery of interest thereon;

 

(iii)          to
pay itself, as additional servicing compensation in accordance with Section 3.12(a) of the Pooling and Servicing Agreement,
interest and investment income earned in respect of amounts held in the Primary Servicer Collection Account as provided in Section
3.01(c)(16) of this Agreement, but only to the extent of the net investment earnings, if any, with respect to the Primary
Servicer Collection Account for any Collection Period;

 

(iv)          to
clear and terminate the Primary Servicer Collection Account at the termination of this Agreement pursuant to Section 9.01
of the Pooling and Servicing Agreement, as modified herein; and

 

(v)           any
amounts deposited in the Primary Servicer Collection Account in error.

 

     9

     

    

 

The
Primary Servicer shall keep and maintain separate accounting records, on a Mortgage Loan by Mortgage Loan basis, reflecting amounts
allocable to the Mortgage Loans and on a property-by-property basis when appropriate, for the purpose of justifying any withdrawal,
debit or credit from the Primary Servicer Collection Account. Upon written request, the Primary Servicer shall provide to the
Master Servicer such records.

 

(15)      Section
3.06(b) is not incorporated herein. The Primary Servicer may, from time to time, make withdrawals from the Primary Servicer
Serviced Whole Loan Collection Account for any of the following purposes (the order set forth below not constituting an order
of priority for such withdrawals):

 

(i)            to
remit (A) to the Master Servicer for deposit in the Collection Account the amounts required to be so deposited pursuant to Section
3.05(c) of the Pooling and Servicing Agreement and Section 3.01(c)(11) of this Agreement and (B) to the Master Servicer
for deposit in the Serviced Whole Loan Collection Account, the allocable portion of the Primary Servicer Remittance Amount pursuant
to Section 3.05(h) of the Pooling and Servicing Agreement and Section 3.01(c)(13) of this Agreement;

 

(ii)           to
the extent not otherwise required to be applied against Prepayment Interest Shortfalls, to pay itself earned and unpaid Primary
Servicing Fees, with respect to the Serviced Whole Loans in respect thereof, the Primary Servicer’s right to payment pursuant
to this clause (ii) with respect to any Serviced Whole Loan being limited to amounts on deposit in the Primary Servicer
Serviced Whole Loan Collection Account that are received on or in respect of on such Serviced Whole Loan that are allocable as
recovery of interest thereon;

 

(iii)          to
pay itself, as additional servicing compensation in accordance with Section 3.12(a) of the Pooling and Servicing Agreement,
interest and investment income earned in respect of amounts held in the Primary Servicer Serviced Whole Loan Collection Account
as provided in Section 3.01(c)(16) of this Agreement, but only to the extent of the net investment earnings, if any, with
respect to the Primary Servicer Serviced Whole Loan Collection Account for any Collection Period;

 

(iv)          to
clear and terminate the Primary Servicer Serviced Whole Loan Collection Account at the termination of this Agreement pursuant
to Section 9.01 of the Pooling and Servicing Agreement, as modified herein; and

 

(v)           any
amounts deposited in the Primary Servicer Serviced Whole Loan Collection Account in error.

 

The
Primary Servicer shall keep and maintain separate accounting records, on a loan-by-loan and property-by-property basis when appropriate,
for the purpose of justifying any withdrawal, debit or credit from the Primary Servicer Serviced Whole Loan Collection Account.
Upon written request, the Primary Servicer shall provide to the Master Servicer such records. Notwithstanding anything herein
to the contrary, any Late Collections or Principal Prepayments

 

     10

     

    

 

received
by the Primary Servicer with respect to the Serviced Companion Loans from the related Borrower shall be remitted by the Primary
Servicer to the Master Servicer on such Business Day such Late Collection or Principal Prepayment is received in accordance with
the related Intercreditor Agreement.

 

(16)          Section
3.07 is not incorporated herein. The Primary Servicer may invest funds in the Primary Servicer Collection Account, the Primary
Servicer Serviced Whole Loan Collection Account and/or any Borrower Account maintained by it on the same terms as the Master Servicer
may invest funds in the Collection Account, the Serviced Whole Loan Collection Account and/or a Borrower Account, and subject
to the same rights, restrictions and obligations regarding maturity dates, gains, losses, withdrawals, possession and control
of Permitted Investments and Permitted Investments payable on demand. Without limiting the generality of the foregoing, any investment
of funds in the Primary Servicer Serviced Whole Loan Collection Account and/or Borrower Account shall be made in the name of the
Trustee (in its capacity as such) or in the name of a nominee of the Trustee.

 

(17)          Sections
3.08(a) and (c). References to the Collection Account shall be references to the Primary Servicer Collection Account and references
to the Serviced Whole Loan Collection Account shall be references to the Primary Servicer Serviced Whole Loan Collection Account.
All insurance policies caused to be maintained by the Primary Servicer hereunder shall also name the Master Servicer as an additional
insured and loss payee. Within thirty (30) days after the Closing Date, the Primary Servicer shall forward to the Master Servicer
a fully completed certificate of insurance in the form of Exhibit H attached hereto. Without limiting the generality
of the obligations of the Primary Servicer hereunder, the Primary Servicer shall monitor and certify as to the status of insurance
policies relating to the Mortgage Loans and the Serviced Companion Loans on a quarterly basis starting for the quarter ending
in June of 2016, within thirty (30) days of the end of such quarter as required by, and in the form of, Exhibit E attached
hereto, pursuant to Section 3.01(c)(25) of this Agreement. The Primary Servicer shall promptly notify the Master Servicer
of any Mortgaged Property that is not insured against terrorist or other similar acts. The Master Servicer or the Special Servicer
shall make all determinations with respect to terrorism insurance matters required to be made under Section 3.08 of the
Pooling and Servicing Agreement, and the Primary Servicer shall reasonably cooperate with the Master Servicer in connection therewith.

 

(18)          Section
3.08(b). References to the Collection Account shall be references to the Primary Servicer Collection Account and references
to the Serviced Whole Loan Collection Account shall be references to the Primary Servicer Serviced Whole Loan Collection Account.

 

(19)          Section
3.08(d). The fidelity bond and insurance policies required hereunder shall also name the Master Servicer as additional insured
and loss payee.

 

(20)          Section
3.09. Notwithstanding anything herein to the contrary, the Primary Servicer will not permit or consent to any assumption,
transfer, defeasance or other action contemplated by Section 3.09 of the Pooling and Servicing Agreement unless the Primary
Servicer has confirmed with the Master Servicer that the Master Servicer is either obligated to process or that the Master Servicer
and the Special Servicer have mutually agreed that the Master Servicer shall process such request pursuant to Section 3.09
of the Pooling and Servicing 

 

     11

     

    

 

Agreement. Following such confirmation, the Primary Servicer will not permit or consent to any assumption, transfer or other action contemplated by Section 3.09 of the Pooling and Servicing Agreement without the prior
written consent of the Master Servicer. With respect to any such proposed action, the Primary Servicer shall promptly notify the
Master Servicer of any Borrower request for such action, and perform and forward to the Master Servicer any analysis, recommendation
or other information required to be prepared and/or delivered by the Master Servicer under Section 3.09 of the Pooling
and Servicing Agreement.
The Master Servicer, not the Primary Servicer, will deal directly with the Special Servicer in connection with obtaining any necessary
approval or consent from the Special Servicer. If the Primary Servicer shall process any such assumption, transfer or other action,
and the Master Servicer consents to such transaction, the Primary Servicer shall process, document and close such transaction.
Section 3.09(d) of the Pooling and Servicing Agreement is not incorporated herein. The Primary Servicer shall promptly
provide copies of any waivers it effects pursuant to this Section to the Master Servicer and the Master Servicer will provide
notice or copies to the 17g-5 Information Provider and Rating Agencies to the extent required by the Pooling and Servicing Agreement.

 

(21)          Section
3.10. References to the Master Servicer shall not be deemed to be references to the Primary Servicer for purposes of Section
3.10 (other than Section 3.10(i)) of the Pooling and Servicing Agreement.

 

(22)          Section
3.11. The references to the Collection Account shall be references to the Primary Servicer Collection Account and the references
to the Serviced Whole Loan Collection Account shall be references to the Primary Servicer Serviced Whole Loan Collection Account.
No expense incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the Primary
Servicer Collection Account or the Primary Servicer Serviced Whole Loan Collection Account.

 

(23)          Section
3.12(a). References to the Servicing Fee shall be references to the Primary Servicing Fee. The second and fourth paragraphs
of Section 3.12(a) of the Pooling and Servicing Agreement are not incorporated herein. In addition, the Primary Servicer
shall be entitled to receive, as additional servicing compensation, to the extent the Master Servicer is entitled to such amounts
under the Pooling and Servicing Agreement, (i) all investment income earned on amounts on deposit in the Primary Servicer Collection
Account and the Primary Servicer Serviced Whole Loan Collection Account and certain Borrower Accounts (to the extent consistent
with the related Loan Documents), (ii) 50% of that portion of late fees (but not Default Interest) on the Mortgage Loans to which
the Master Servicer is entitled under the Pooling and Servicing Agreement and not required by the Pooling and Servicing Agreement
to cover Advance Interest or Additional Trust Fund Expenses and, in the case of the Serviced Whole Loans, to the extent allocated
to the related Mortgage Loan in the related Intercreditor Agreement, (iii) 100% of any amounts collected by the Primary Servicer
for checks returned for insufficient funds with respect to the Mortgage Loans to the extent the Master Servicer is entitled to
such items under Section 3.12(a)(iii) of the Pooling and Servicing Agreement, (iv) 50% of that portion of any Assumption
Fees and any similar fees to which the Master Servicer is entitled under Section 3.12(a)(iv) of the
Pooling and Servicing Agreement with respect to the Mortgage Loans or Serviced Companion Loans in connection with matters performed
by the Primary Servicer pursuant to Section 3.01(c)(20) of this Agreement, (v) 100% of that portion of any assumption application
fees to which the Master Servicer is entitled under Section 3.12(a)(iv) of

 

     12

     

    

 

the
Pooling and Servicing Agreement with respect to the Mortgage Loans or Serviced Companion Loans in connection with matters performed
by the Primary Servicer pursuant to Section 3.01(c)(20) of this Agreement, (vi) 50% of that portion of any Modification
Fees, consent fees and similar fees to which the Master Servicer is entitled under Section 3.12(a)(iv) of the Pooling and
Servicing Agreement with respect to the Mortgage Loans or Serviced Companion Loans in connection with matters performed by the
Primary Servicer pursuant to Section 3.01(c)(35) of this Agreement, (vii) 50% of that portion of any defeasance fees to
which the Master Servicer is entitled under Section 3.12(a)(iv) of the Pooling and Servicing Agreement with respect to
the Mortgage Loans or Serviced Companion Loans in connection with matters performed by the Primary Servicer pursuant to Section
3.01(c)(20) of this Agreement and (viii) 100% of that portion of any beneficiary statement charges and demand fees to which
the Master Servicer is entitled under Section 3.12(a)(iv) of the Pooling and Servicing Agreement with respect to the Mortgage
Loans or Serviced Companion Loans. The Primary Servicer shall not be entitled to Prepayment Interest Excesses, Default Interest
or any other amounts not specifically addressed above in this Section 3.01(c)(23).

 

(24)          Sections
3.12(d) and (e). The Primary Servicer shall promptly notify the Master Servicer of any request or inquiry described in the
second paragraph of Section 3.12(e) of the Pooling and Servicing Agreement (i.e., a request from a Borrower, Certificateholder
or other Person that requires the assistance of legal counsel or other consultant, as further described in the Pooling and Servicing
Agreement).

 

(25)          Section
3.13(a) is not incorporated herein. The Primary Servicer shall deliver to the Master Servicer, (a) no later than 1:00 p.m.
New York City time on the Primary Servicer Reporting Date (or, in the case of the Serviced Whole Loans, on the earlier of the
Primary Servicer Reporting Date or the Other Determination Date Remittance Date), by electronic transmission in a format designated
by the Master Servicer, the CREFC® Loan Periodic Update File, providing the required information as of such Determination
Date, (b) no later than 1:00 p.m. New York City time on the Primary Servicer Reporting Date (or, in the case of the Serviced Whole
Loans, on the earlier of the Primary Servicer Reporting Date or the Other Determination Date Remittance Date), by electronic transmission
in a format designated by the Master Servicer the Collection Report (the information therein to be stated as of the Determination
Date) in the form of Exhibit G attached hereto and (c) within thirty (30) days after the end of each calendar quarter,
beginning with the quarter ending on June 30, 2016, the certification on the Mortgage Loans and the Serviced Companion Loans,
including without limitation information regarding UCC financing statements, taxes, insurance premiums and ground rents, required
by and in the form of Exhibit E attached hereto. The Primary Servicer shall deliver to the Master Servicer on the
second Business Day of each month by electronic transmission in a format designated by the Master Servicer, a remittance report
containing scheduled balance information for the Mortgage Loans and the Serviced Companion Loans reflecting the scheduled Periodic
Payment for such month in the form of Exhibit G attached hereto. In addition, on each day that the Primary Servicer
forwards to the Master Servicer any funds pursuant to Section 3.01(c)(11) or Section 3.01(c)(13) of this Agreement,
the Primary Servicer shall deliver to the Master Servicer by electronic transmission (with a copy to commercial.masterservicing.supp@wellsfargo.com)
in a format reasonably acceptable to the Master Servicer and the Primary Servicer, a report of the nature of such remittance in
the form of Exhibit G attached hereto. The Primary Servicer shall also prepare and deliver to the Master Servicer
not later than 1:00 p.m. New York City time by

 

     13

     

    

 

the
twenty-fifth day of each month, a certification in the form of Exhibit J attached hereto. The Primary Servicer shall
also prepare and deliver to the Master Servicer such other reports as reasonably requested by the Master Servicer from time to
time.

 

(26)          Section
3.13(b). References to the Collection Account shall be references to such Primary Servicer Collection Account and references
to the Serviced Whole Loan Collection Account shall be references to such Primary Servicer Serviced Whole Loan Collection Account.

 

(27)          Sections
3.13(d), (e) and (f). Section 3.13(c) of the Pooling and Servicing Agreement is not incorporated herein. The Primary
Servicer shall deliver to the Master Servicer, no later than 1:00 p.m. New York City time on the first Business Day following
the Determination Date (or, in the case of the Serviced Whole Loans, on the earlier of the Primary Servicer Reporting Date or
the Other Determination Date Remittance Date), by electronic transmission in the format designated by the Master Servicer, a CREFC®
Delinquent Loan Status Report, the CREFC® Financial File, the CREFC® Property File, the CREFC®
Comparative Financial Status Report, the CREFC® Servicer Watch List, the CREFC® Total Loan
Report and the CREFC® Loan Level Reserve/LOC Report, each providing the required information as of such Determination
Date. At the request of Master Servicer, the Primary Servicer shall send to a Borrower a notice directing such Borrower to forward
to the Special Servicer annual, quarterly and monthly operating statements, budgets and rent rolls of the related Mortgaged Property,
and financial statements of such Borrower. The preparation and maintenance by the Primary Servicer of all the reports specified
in this Section 3.01(c)(27), including the calculations made therein, shall be done in accordance with CREFC®
standards to the extent applicable thereto.

 

The
Primary Servicer shall electronically deliver to the Master Servicer in Microsoft Excel format promptly upon completion, and in
any event, at least five (5) Business Days before the Master Servicer must deliver or make available such reports, statements
and files under the Pooling and Servicing Agreement, a copy of all operating statements and rent rolls collected by the Primary
Servicer and the CREFC® Operating Statement Analysis Report and CREFC® NOI Adjustment Worksheet
with respect to the Mortgage Loans as required by Section 3.13(d) of the Pooling and Servicing Agreement.

 

(28)          Sections
3.14(a) and (b). The Primary Servicer shall also be subject to Section 3.01(c)(37) of this Agreement. None of the restrictions
in Section 3.14 of the Pooling and Servicing Agreement or Section 3.01(c)(37) of this Agreement shall prohibit or
restrict oral or written communications, or providing information, between the Primary Servicer, on the one hand, and a Rating
Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review of the ratings it assigns
to the Primary Servicer, (ii) such Rating Agency’s or NRSRO’s approval of the Primary Servicer as a commercial mortgage
master, special or primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Primary Servicer’s
servicing operations in general; provided, however, that the Primary Servicer shall not provide any information
relating to the Certificates or the Mortgage Loans to a Rating Agency or NRSRO in connection with such review and evaluation by
such Rating Agency or NRSRO unless (x) Borrower, property or deal specific identifiers are redacted; (y) such information has
already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5 Information Provider’s Website
or the Master Servicer confirms to the Primary Servicer in writing that it has provided such information to such Rating Agency
in accordance with Section

 

     14

     

    

 

3.14(f) of the Pooling and Servicing Agreement; or (z) the Rating Agency confirms in writing that it does not intend to use such information
in undertaking credit rating surveillance with respect to the Certificates. The Primary Servicer shall provide to Master Servicer
access to all the Servicing Files, Mortgage Files and servicing systems maintained by the Primary Servicer with respect to the
Mortgage Loans and Serviced Companion Loans for audit and review.

 

(29)          Sections
3.17(a) and (b). The Primary Servicer shall promptly (but in no event later than thirty (30) days after the completion of
related inspection report) forward to the Master Servicer a copy of all inspection reports prepared by or on behalf of the Primary
Servicer. If any inspection report identifies a “life safety” or other material deferred maintenance item existing
with respect to the related Mortgaged Property, the Primary Servicer (x) shall promptly send to the related Borrower (with a copy
to the Master Servicer by email to cmsins@wellsfargo.com) a letter identifying such deferred
maintenance item and instructing the related Borrower to correct such deferred maintenance item and (y) shall follow up with the
related Borrower in writing (with a copy to the Master Servicer by email to cmsins@wellsfargo.com)
and at such frequency as is in accordance with the Servicing Standard to confirm that such deferred maintenance item is being
corrected.

 

(30)          Section
3.17(c). On each Primary Servicer Remittance Date, the Primary Servicer shall deposit into the Primary Servicer Collection
Account or the Primary Servicer Serviced Whole Loan Collection Account, as applicable, as part of the Primary Servicer Remittance
Amount, the amount set forth in Section 3.17(c) of the Pooling and Servicing Agreement to the extent resulting from Principal
Prepayments on the Mortgage Loans or Serviced Companion Loans and to the extent that the Master Servicer is required to remit
such amounts under Section 3.17(c) of the Pooling and Servicing Agreement, and except that references to Master Servicing
Fees in Section 3.17(c) of the Pooling and Servicing Agreement shall be references to Primary Servicing Fees.

 

(31)          Sections
3.17(d), (e) and (f). With respect to each Mortgage Loan and Serviced Whole Loan serviced hereunder, the Primary Servicer
shall inform the ground lessor that any notices of default under the related ground lease (or, with respect to a leasehold interest
that is a space lease or an air rights lease, the related space lease or air rights lease) should thereafter be forwarded to the
Master Servicer in addition to the Primary Servicer.

 

(32)          Section
3.20.

 

(33)          Section
3.23(a). The Primary Servicer shall promptly notify the Master Servicer of any event or circumstance that the Primary Servicer
deems to constitute a Servicing Transfer Event with respect to any Mortgage Loan or Serviced Whole Loan. The determination as
to whether a Servicing Transfer Event has occurred shall be made by the Master Servicer.

 

(34)          Sections
3.24(b), (c), (d) and (f). Any request for a Rating Agency Confirmation shall be made in accordance with Section 3.01(c)(37)
of this Agreement.

 

(35)          Section
3.26. Notwithstanding anything herein to the contrary, the Primary Servicer will not permit or consent to any modification,
extension, waiver, consent, Major Decision, Special Servicer Decision or other action contemplated by Section 3.26 of the
Pooling

 

     15

     

    

 

and
Servicing Agreement unless the Primary Servicer has confirmed with the Master Servicer that the Master Servicer is either obligated
to process or has mutually agreed with the Special Servicer to process such transaction pursuant to Section 3.26 of the
Pooling and Servicing Agreement. Following such confirmation, the Primary Servicer will not permit or consent to any modification,
extension, waiver, consent, Major Decision, Special Servicer Decision or other action contemplated by Section 3.26 of the
Pooling and Servicing Agreement without the prior written consent of the Master Servicer. With respect to any such proposed action,
the Primary Servicer shall promptly notify the Master Servicer of any Borrower request for such action, and perform and forward
to the Master Servicer any analysis, recommendation or other information required to be prepared and/or delivered by the Master
Servicer under Section 3.26 of the Pooling and Servicing Agreement. The Master Servicer, not the Primary Servicer, will
deal directly with the Special Servicer, the Directing Holder, the Operating Advisor and the Rating Agencies in connection with
obtaining any necessary approval or consent from the respective party. If the Primary Servicer shall process any such modification,
extension, waiver, consent, or other action, and the Master Servicer consents to any such modification, extension, waiver, consent
or other action, and the Master Servicer consents to such transaction, the Primary Servicer shall document and close such transaction.
When forwarding a request for the approval of any lease or renewal or extension thereof, the Primary Servicer shall forward to
the Master Servicer the information concerning such lease required by, and in the form of, Exhibit I attached hereto.
The Primary Servicer will not permit any Principal Prepayment with respect to any Mortgage Loan or Serviced Companion Loan without
the written consent of the Master Servicer. The Primary Servicer shall promptly forward all requests for Principal Prepayments
to the Master Servicer, along with a payoff statement (with respect to each Principal Prepayment request) setting forth the amount
of the necessary Principal Prepayment calculated by the Primary Servicer.

 

(36)          Sections
3.27(a), (b), (e) and (f). References to the Serviced Companion Loan Noteholder shall not mean the Master Servicer for the
purposes of Section 3.27(b) of the Pooling and Servicing Agreement and the fifth and sixth paragraph of Section 3.27(e)
of the Pooling and Servicing Agreement. Only the last paragraph of Section 3.27(f) of the Pooling and Servicing Agreement
is incorporated herein. All such notices, reports or information shall be provided by the Primary Servicer to the Master Servicer
and only to the extent such duty or obligation is required to be performed by the Primary Servicer in this Agreement.

 

(37)          Section
3.30 is not incorporated herein. Notwithstanding any provision herein to the contrary, the Primary Servicer shall not deliver
any information or documents to the 17g-5 Information Provider or make any request to a Rating Agency for a Rating Agency Confirmation;
all such deliveries and requests shall be made by, and as determined necessary by, the Master Servicer. The Primary Servicer shall
not communicate (orally or in writing) with any Rating Agency regarding any of the Loan Documents or any matter related to the
Mortgage Loans, Serviced Companion Loans, the related Mortgaged Properties, the related Borrowers or any other matters in connection
with the Certificates or pursuant to this Agreement or the Pooling and Servicing Agreement. The Primary Servicer agrees to comply
(and to cause each and every subcontractor, vendor or agent for the Primary Servicer and each of its officers, directors and employees
to comply) with the provisions relating to communications with the Rating Agencies set forth in this Section 3.01(c)(37)
and the Pooling and Servicing Agreement and shall not deliver to any Rating Agency
any report, notice, statement, request for Rating

 

     16

     

    

 

Agency Confirmation or other information the communication of which to the Rating Agencies is restricted by the Pooling and Servicing
Agreement.

 

All
information described in the immediately preceding paragraph will be provided by, and all such communications, responses and requests
described in the immediately preceding paragraph will be made by, the Master Servicer in accordance with the procedures required
by the Pooling and Servicing Agreement. To the extent that the Master Servicer is required to provide any information to, or communicate
with, any Rating Agency in accordance with its obligations under the Pooling and Servicing Agreement and such information or communication
is regarding any Mortgage Loan or the primary servicing by the Primary Servicer under this Agreement, the Primary Servicer shall
provide the information to the Master Servicer necessary for the Master Servicer to fulfill such obligations.

 

(38)          Section
4.07 is not incorporated herein. The Primary Servicer shall have no obligation to make P&I Advances.

 

(39)          Sections
10.01, 10.02, 10.03, 10.05, 10.06, 10.07, 10.08, 10.09, 10.11, 10.12, and 10.13. The Primary Servicer shall cooperate fully
with the Master Servicer and deliver to the Master Servicer any and all statements, reports, certifications, records and any other
information in its possession and necessary in the good faith determination of the Master Servicer, the Certificate Administrator,
the Trustee, the Depositor or any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced Companion
Loan to permit the Depositor or such Other Depositor, as applicable, to comply with the provisions of Regulation AB and the Master
Servicer to comply with its obligations under Article X of the Pooling and Servicing Agreement, together with such disclosures
relating to the Primary Servicer, or the servicing of the Mortgage Loans (or, if applicable, the related Serviced Companion Loan),
reasonably believed by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced
Companion Loan), the Certificate Administrator, the Trustee or the Master Servicer to be necessary in order to effect such compliance.
For purposes of this Section 3.01(c)(39) of this Agreement, references to the Trustee, the Certificate Administrator or
the Depositor (or any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced Companion Loan) in
Article X of the Pooling and Servicing Agreement shall not be deemed to be references to the Master Servicer but shall
remain references to the Trustee, the Certificate Administrator or the Depositor (or any Other Depositor or Other Trustee of any
Other Securitization that includes a Serviced Companion Loan); provided that the Primary Servicer shall copy the Master Servicer
on any notice, certificate or information provided to the Trustee, the Certificate Administrator, the Depositor, the Other Trustee
or the Other Depositor pursuant to this Section 3.01(c)(39) of this Agreement.

 

With
respect to any period that the Primary Servicer is a Servicing Function Participant or a servicer as contemplated by Item 1108(a)(2)
of Regulation AB, the Primary Servicer shall perform all obligations under Sections 10.03 and 10.05 of the Pooling
and Servicing Agreement applicable to a servicer as contemplated by Item 1108(a)(2) of Regulation AB (including, without limitation,
any obligation or duty the Master Servicer is required under Sections 10.03 and 10.05 of the Pooling and Servicing
Agreement to cause (or use commercially reasonable efforts to cause) a Servicing Function Participant or such servicer as contemplated
by Item 1108(a)(2) of Regulation AB) to perform. If any Mortgaged Property that secures a Serviced

 

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Companion
Loan is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB), the Primary Servicer shall
comply with Section 10.05(c) of the Pooling and Servicing Agreement and shall deliver such information and reports as provided
therein to the Master Servicer at least five (5) Business Days before the Master Servicer must deliver such items.

 

Any
Additional Form 10-D Disclosure and related Additional Disclosure Notification required to be delivered by the Primary Servicer
shall be delivered to the Master Servicer (and, if the Primary Servicer is an Additional Servicer or a Servicing Function Participant,
also to the Depositor and the Certificate Administrator (and to any Other Depositor or Other Trustee of any Other Securitization
that includes a Serviced Companion Loan)) within the time provided in Section 10.06 of the Pooling and Servicing Agreement.

 

The
Primary Servicer shall provide all the reports required of a Reporting Servicer under Section 10.07 of the Pooling and
Servicing Agreement. The Primary Servicer shall provide all reasonable cooperation (with respect to information regarding the
Primary Servicer, the Mortgage Loans or the Serviced Companion Loans) to enable the Master Servicer to provide any Additional
Form 10-K Disclosure. Any Additional Form 10-K Disclosure and related Additional Disclosure Notification required to be delivered
by the Primary Servicer shall be delivered to the Master Servicer (and, if the Primary Servicer is an Additional Servicer or a
Servicing Function Participant, also to the Depositor and the Certificate Administrator (and to any Other Depositor or Other Trustee
of any Other Securitization that includes a Serviced Companion Loan)) on or before the fifth (5th) Business Day preceding March
1st, commencing March 2017.

 

The
Primary Servicer (without regard to whether the Primary Servicer is a Servicing Function Participant, a Reporting Servicer or
Additional Servicer) shall provide a Performance Certification described in Section 10.08 of the Pooling and Servicing
Agreement (on which the Master Servicer and its officers, directors and Affiliates, in addition to the Certification Parties,
can reasonably rely) to the Master Servicer on or before the fifth (5th) Business Day preceding March 1st. If the Primary
Servicer is a Reporting Servicer, such Performance Certification shall also be provided to the Certifying Person by the time required
by the Pooling and Servicing Agreement, and if the Primary Servicer is not a Reporting Servicer, such Performance Certification
shall be delivered only to the Master Servicer. In addition, the Primary Servicer (a) shall provide such information and assistance
as may be reasonably required to cooperate with the Master Servicer in complying with Section 10.08 of the Pooling and
Servicing Agreement and (b) shall cooperate with the Master Servicer’s reasonable requests in performing its due diligence
for its certification under Section 10.08 of the Pooling and Servicing Agreement.

 

Any
Form 8-K Disclosure Information and related Additional Disclosure Notification required to be delivered by the Primary Servicer
shall be delivered to the Master Servicer, the Depositor and the Certificate Administrator (and to any Other Depositor or Other
Trustee of any Other Securitization that includes a Serviced Companion Loan) within the time provided in Section 10.09
of the Pooling and Servicing Agreement.

 

The
Primary Servicer (without regard to whether the Primary Servicer is an Additional Servicer or Servicing Function Participant)
shall deliver its Officer’s Certificate required by Section 10.11 of the Pooling and Servicing Agreement to the Master
Servicer on or before the fifth (5th) Business Day preceding March 1st each year. If the Primary Servicer is an Additional

 

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Servicer
or Servicing Function Participant, the Primary Servicer shall also deliver such Officer’s Certificate to the Certificate
Administrator, the Trustee, the Depositor, the Other Trustee, the Other Depositor, and the 17g-5 Information Provider within the
time provided in Section 10.11 of the Pooling and Servicing Agreement, and if the Primary Servicer is not an Additional
Servicer or Servicing Function Participant, such Officer’s Certificate shall be delivered only to the Master Servicer.

 

The
Primary Servicer (without regard to whether the Primary Servicer is a Servicing Function Participant, a Reporting Servicer or
Additional Servicer) shall deliver the items required under Sections 10.12 and 10.13 of the Pooling and Servicing
Agreement regarding itself (the “report on an assessment of compliance with Relevant Servicing Criteria” and “accountants’
report”) to the Master Servicer on or before the fifth (5th) Business Day preceding March 1st each year. If the
Primary Servicer is a Servicing Function Participant, a Reporting Servicer or Additional Servicer, the report on an assessment
of compliance with Relevant Servicing Criteria and accountants’ report shall also be delivered to the Certificate Administrator,
the Trustee, the 17g-5 Information Provider and the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization
that includes a Serviced Companion Loan), within the time provided in Sections 10.12 and 10.13 of the Pooling and
Servicing Agreement, and if the Primary Servicer is not a Servicing Function Participant, a Reporting Servicer or Additional Servicer,
the report on an assessment of compliance with Relevant Servicing Criteria and accountants’ report shall be delivered only
to the Master Servicer.

 

Subject
to other provisions of this Agreement restricting the right of the Primary Servicer to retain subservicers or subcontractors,
the provisions of Article X of the Pooling and Servicing Agreement regarding retaining a “Sub-Servicer,” “Subcontractor,”
“Additional Servicer” or “Servicing Function Participant” shall be applicable to any sub-servicer, subcontractor
or agent hired by the Primary Servicer to perform any of its obligations hereunder and the Primary Servicer shall comply with
such provisions.

 

If
the Primary Servicer is (or was during any time relevant to the second and third paragraphs of Section 10.14 of the Pooling
and Servicing Agreement) an Additional Servicer or Servicing Function Participant, the Primary Servicer shall perform all of the
obligations of an Affected Reporting Party contained in the second and third paragraphs of Section 10.14 of the Pooling
and Servicing Agreement. The Primary Servicer shall also obtain the consent of the Master Servicer (which shall not be unreasonably
denied, withheld or delayed) when the Depositor’s consent is required under this paragraph.

 

The
Primary Servicer shall indemnify and hold harmless the Master Servicer, each Certification Party, the Certificate Administrator,
and the Depositor (and any Other Depositor related to any Other Securitization that includes a Serviced Companion Loan) (and their
respective employees, directors and officers, and each other person who controls any such entity within the meaning of either
Section 15 of the Act or Section 20 of the Exchange Act) against any and all expenses, losses, claims, damages and other liabilities,
including without limitation the costs of investigation, legal defense and any amounts paid in settlement of any claim or litigation
arising out of (i) the failure to perform its obligations to the Master Servicer, the Depositor (or any Other Depositor related
to an Other Securitization that includes a Serviced Companion Loan) or Certificate Administrator (or any Other Trustee related
to an Other

 

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Securitization
that includes a Serviced Companion Loan) under this Section 3.01(c)(39) by the time required after giving effect to any
applicable grace period or cure period, or (ii) any untrue statement or alleged untrue statement of a material fact contained
in any information delivered by or on behalf of such party in connection with the performance of such party’s obligations
under Article X of the Pooling and Servicing Agreement, or the omission or alleged omission to state in any such information
a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading
or (iii) the failure of any Servicing Function Participant or Additional Servicer retained by it to perform its obligations to
the Master Servicer, the Depositor (and any Other Depositor related to any Other Securitization that includes a Serviced Companion
Loan) or Certificate Administrator (and any Other Trustee related to any Other Securitization that includes a Serviced Companion
Loan) under this Section 3.01(c)(39) by the time required after giving effect to any applicable grace period and cure period,
or (iv) any Deficient Exchange Act Deliverable.

 

The
Master Servicer shall notify the Primary Servicer if the Primary Servicer becomes a Servicing Function Participant, an Additional
Servicer, and/or a Reporting Servicer. Upon request, the Master Servicer shall provide the Primary Servicer with current mailing
addresses of the Trustee, the Depositor, the Certificate Administrator, the Serviced Companion Loan Holders, the applicable Other
Depositor and/or Other Trustee to whom the Primary Servicer must deliver Exchange Act-related reports as a result of becoming
a Servicing Function Participant, an Additional Servicer and/or a Reporting Servicer.

 

If
the indemnification provided for in this Section 3.01(c)(39) is unavailable or insufficient to hold harmless any Certification
Party, the Master Servicer, the Depositor or any employee, director or officer of the Depositor, then the Primary Servicer shall
contribute to the amount paid or payable to the indemnified party as a result of the losses, claims, damages or liabilities of
the indemnified party in such proportion as is appropriate to reflect the relative fault of the indemnified party on the one hand
and the Primary Servicer on the other in connection with a breach of the Primary Servicer’s obligations pursuant to this
Section 3.01(c)(39).

 

(40)
Sections 11.01(b)(i)-(ii). The Primary Servicer shall provide all reasonable cooperation (with respect to information regarding
the Mortgage Loans or Serviced Companion Loans) to enable the Master Servicer to provide the information required pursuant to
Section 11.01(b)(i)-(ii) of the Pooling and Servicing Agreement.

 

Section
3.02    Merger or Consolidation of the Primary Servicer.

 

The
Primary Servicer shall keep in full effect its existence, rights and franchises as a limited liability company under the laws
of the state of its formation except as permitted herein, and shall obtain and preserve its qualification to do business as a
foreign limited liability company in each jurisdiction in which such qualification is or shall be necessary to protect the validity
and enforceability of this Agreement or the Mortgage Loans and Serviced Companion Loans and to perform its duties under this Agreement.

 

Any
Person into which the Primary Servicer may be merged or consolidated, or any limited liability company resulting from any merger,
conversion or consolidation to which the Primary Servicer shall be a party, or any Person succeeding to the business of the Primary

 

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Servicer,
or any Person succeeding to all or substantially all of the servicing business of the Primary Servicer, shall be the successor
of the Primary Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person
(i) must be a company whose business is the origination and servicing of mortgage loans and shall be authorized to transact business
in the state or states in which the related Mortgaged Properties it is to service is situated, (ii) must be reasonably acceptable
to the Master Servicer, and (iii) shall assume in writing the obligations of the Primary Servicer under this Agreement.

 

Section
3.03      Limitation on Liability of the Primary Servicer and Others.

 

Neither
the Primary Servicer nor any Affiliates, directors, officers, employees, members, managers, representatives or agents of the Primary
Servicer (the “Primary Servicer Parties”) will be under any liability to the Master Servicer for any action
taken, or for refraining from the taking of any action, in good faith pursuant to this Agreement, or for errors in judgment; provided,
however, that this provision shall not protect the Primary Servicer Parties against any breach of warranties or representations
made herein, or against any liability that would otherwise be imposed on the Primary Servicer by reason of its willful misconduct,
bad faith, fraud or negligence (or by reason of any specific liability imposed hereunder for a breach of the Servicing Standard)
in the performance of its duties hereunder or by reason of its negligent disregard of its obligations or duties hereunder. The
Primary Servicer and any officer, employee or Affiliate of the Primary Servicer may rely in good faith on any document of any
kind, prima facie, properly executed and submitted by any appropriate Person respecting any matters arising hereunder. The Primary
Servicer shall not be under any obligation to appear in, prosecute or defend any legal action unless such action is related to
its duties under this Agreement and either (i) it is specifically required to bear the cost of such action or (ii) such action
will not, in its reasonable and good faith judgment, involve it in any ultimate expense or liability for which it would not be
reimbursed hereunder; provided, however, that the Primary Servicer may, with the consent of the Master Servicer,
undertake any such action which it may deem necessary or desirable in respect to this Agreement and the rights and duties of the
parties hereto. In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses,
costs and liabilities for which the Master Servicer will be liable and the Primary Servicer shall be entitled to be reimbursed
to the extent the Master Servicer is reimbursed therefor by the Trust. To the extent provided in the Pooling and Servicing Agreement,
the Primary Servicer Parties shall be indemnified by the Trust, against any Losses incurred by the Primary Servicer in connection
with any claim, loss, penalty, fine, foreclosure, judgment, liability or legal action relating to this Agreement, other than any
Losses (i) that are specifically required to be borne by the Primary Servicer without right of reimbursement pursuant to the terms
of this Agreement or (ii) that are incurred by reason of (A) a breach of any representation or warranty by the Primary Servicer
or (B) willful misconduct, bad faith, fraud or negligence of the Primary Servicer in the performance of duties under this Agreement
or negligent disregard of obligations and duties under this Agreement; provided, however, that the indemnification described in
this sentence shall be strictly limited to any actual amount of indemnification received by the Master Servicer under the Pooling
and Servicing Agreement as a result of pursuing the Trust on behalf of the Primary Servicer for such indemnification.

 

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Section
3.04     Primary Servicer Not to Resign.

 

The
Primary Servicer shall not resign from the obligations and duties hereby imposed on it except by mutual consent of the Primary
Servicer and the Master Servicer, or upon the determination that its duties hereunder are no longer permissible under applicable
law and such incapacity cannot be cured by the Primary Servicer. Any such determination permitting the resignation of the Primary
Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Master Servicer, which Opinion of Counsel
shall be in form and substance acceptable to the Master Servicer.

 

Section
3.05     No Transfer or Assignment of Servicing.

 

With
respect to the responsibility of the Primary Servicer to service the Mortgage Loans and Serviced Companion Loans hereunder, the
Primary Servicer acknowledges that the Master Servicer has acted in reliance upon the Primary Servicer’s independent status,
the adequacy of its servicing facilities, plant, personnel, records and procedures, its integrity, reputation and financial standing
and the continuance thereof. Without in any way limiting the generality of this Section 3.05, the Primary Servicer shall
neither assign or transfer this Agreement or the servicing hereunder nor delegate its rights or duties hereunder or any portion
thereof, nor sell or otherwise dispose of all or substantially all of its property or assets, without the prior written approval
of the Master Servicer, which consent will not be unreasonably withheld or delayed. Notwithstanding the foregoing, prior to any
assignment or transfer by the Primary Servicer of this Agreement or the servicing hereunder (the “Primary Servicing Rights”),
the Primary Servicer shall allow the Master Servicer an opportunity to bid on the purchase of such Primary Servicing Rights. The
Primary Servicer may also solicit bids from other parties independent of the Primary Servicer. If after receipt by the Primary
Servicer of all bids, the Master Servicer is not the highest bidder, the Master Servicer will be given the opportunity to submit
a second bid and final bid, which bid shall be given equal consideration with all other bids.

 

Section
3.06     Indemnification.

 

The
Primary Servicer Parties shall be indemnified by the Master Servicer against any loss, liability or expense (collectively, the
“Losses”) incurred by the Primary Servicer in connection with any claim, loss, penalty, fine, foreclosure,
judgment, liability or legal action relating to this Agreement resulting from the Master Servicer’s willful misconduct,
bad faith, fraud, or negligence in the performance of duties hereunder or negligent disregard of its obligations hereunder. The
Primary Servicer shall indemnify and hold harmless the Master Servicer and its directors, officers, representatives, members,
managers, agents, employees or affiliates against any Losses incurred by the Master Servicer in connection with any claim, loss,
penalty, fine, foreclosure, judgment, liability or legal action relating to this Agreement, the Pooling and Servicing Agreement
or the Certificates by reason of (1) any breach by the Primary Servicer of a representation or warranty made by the Primary Servicer
in this Agreement or (2) any willful misconduct, bad faith, fraud or negligence by the Primary Servicer in the performance of
its obligations or duties under this Agreement or under the Pooling and Servicing Agreement or by reason of negligent disregard
of such obligations and duties. Each indemnified party hereunder shall give prompt written notice to the indemnitor of matters
which may give rise to liability of such indemnitor hereunder; provided, however, that failure to give such notice

 

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shall
not relieve the indemnitor of any liability except to the extent of actual prejudice. This Section 3.06 shall survive the
termination of this Agreement and the termination or resignation of the Master Servicer or the Primary Servicer.

 

ARTICLE
IV

DEFAULT

 

Section
4.01     Events of Default.

 

In
case one or more of the following events (each, a “Primary Servicer Termination Event”) by the Primary Servicer
shall occur and be continuing, that is to say:

 

(a)          any
failure by the Primary Servicer (i) to make a required deposit to the Primary Servicer Collection Account, the Primary Servicer
Serviced Whole Loan Collection Account or any Borrower Account on the day and by the time such deposit was first required to be
made, or (ii) to remit to the Master Servicer or the Serviced Companion Loan Noteholders any amount required to be so deposited
or remitted by the Primary Servicer, which failure is not cured within one (1) Business Day after such deposit or remittance is
due; or

 

(b)          any
failure on the part of the Primary Servicer to observe or perform its obligations and duties in accordance with Section 3.08
of the Pooling and Servicing Agreement; or

 

(c)          any
failure on the part of the Primary Servicer to (a) make available and certify to the Master Servicer the information called for
on Exhibit E at any time required hereunder, or (b) to timely make available and certify to the Master Servicer
the Collection Report which failure continues unremedied for one (1) Business Day; or

 

(d)          the
Primary Servicer shall fail three (3) times within any twelve (12) month period to (a) timely deposit or remit any amounts required
to be deposited or remitted under this Agreement, or (b) timely provide to the Master Servicer any report required by this Agreement
to be provided to the Master Servicer; or

 

(e)          any
failure (other than a failure referred to in another clause in this Section 4.01) on the part of the Primary Servicer duly
to observe or perform in any material respect any other of its covenants or agreements contained in this Agreement which continues
unremedied for a period of twenty-five (25) days (forty (40) days in the case of failure to pay the premium for any insurance
policy required to be force placed by the Primary Servicer pursuant to this Agreement or in any event such reasonable shorter
period of time as is necessary to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate
taxes or assessments or a lapse in any required insurance coverage) after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given to the Primary Servicer by (i) the Master Servicer or (ii) an affected Serviced
Companion Loan Noteholder; provided, if that failure is capable of being cured and the Primary Servicer is diligently
pursuing that cure, that 25- or 40-day period will be extended an additional 30 days; or

 

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(f)           any
breach on the part of the Primary Servicer of any representation or warranty contained in this Agreement which materially and
adversely affects the interests of the Master Servicer, any Class of Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of thirty (30) days after the date on which notice of such breach, requiring the same
to be remedied, shall have been given to the Primary Servicer by (i) the Master Servicer or (ii) an affected Serviced Companion
Loan Noteholder; provided, if that breach is capable of being cured and the Primary Servicer is diligently pursuing
that cure, that 30-day period will be extended an additional 30 days; or

 

(g)          a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Primary Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of sixty (60) days; or

 

(h)          the
Primary Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official in any bankruptcy,
insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Primary Servicer
or of or relating to all or substantially all of its property; or

 

(i)          the
Primary Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage
of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its creditors, voluntarily
suspend payment of its obligations, or take any corporate action in furtherance of the foregoing; or

 

(j)          the
Primary Servicer shall assign or transfer or attempt to assign or transfer all or part of its rights and obligations hereunder
except as permitted by this Agreement; or

 

(k)          Moody’s
or KBRA has (i) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or Serviced Companion
Loan Securities, or (ii) placed one or more Classes of Certificates or Serviced Companion Loan Securities on “watch status”
in contemplation of possible rating downgrade or withdrawal (and such qualification, downgrade, withdrawal or “watch status”
placement shall not have been withdrawn by Moody’s or KBRA, as applicable, within 60 days of such event) and, in the case
of either of clause (i) or (ii), publicly citing servicing concerns with the Master Servicer (because of actions of the Primary
Servicer) or the Primary Servicer as the sole or a material factor in such rating action); or

 

(l)          either
(a) the Primary Servicer ceases to have a commercial primary servicer rating of at least “CPS3” from Fitch and that
rating is not reinstated within 60 days of delisting or (b) if the Primary Servicer has not been ranked by Fitch on or after the
Closing Date, and Fitch has (1) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates
or (2) within the prior 12 months, placed one or more Classes of Certificates on “watch status” in contemplation of
rating downgrade or withdrawal and, in the case of either of clauses (1) or (2), has publicly cited servicing concerns with the
Primary Servicer as the sole or

 

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material
factor in such rating action (and such qualification, downgrade, withdrawal, or “watch status” placement has not been
withdrawn by Fitch within 60 days of such event);

 

(m)          the
net worth of the Primary Servicer, determined in accordance with generally accepted accounting principles shall decline to less
than $2 million; or

 

(n)          a
Servicer Termination Event by the Master Servicer under the Pooling and Servicing Agreement occurs, which Servicer Termination
Event occurred as a result of the failure of the Primary Servicer to perform any obligation required under this Agreement; or

 

(o)          (1)
so long as the Issuing Entity is subject to Exchange Act reporting requirements, any failure by the Primary Servicer to deliver
any annual certification, assessment of compliance with certain servicing criteria, any accountant’s attestation report
or any other Exchange Act reporting items that the Primary Servicer is required by this Agreement to deliver to the Depositor,
the Certificate Administrator or the Master Servicer (after any applicable grace period), (2) the failure of the Primary Servicer
to comply with any of the requirements under Article X of the Pooling and Servicing Agreement applicable to the Primary
Servicer or the Master Servicer, including the failure to deliver any reports, certificates or disclosure information under the
Exchange Act or under the rules and regulations promulgated under the Exchange Act at the time such report, certification or information
is required under Article X of the Pooling and Servicing Agreement or (3) the failure of the Primary Servicer to comply
with any and all requirements to deliver any items required by Items 1122 and 1123 of Regulation AB under any other pooling and
servicing agreement relating to any other series of certificates offered by the Depositor or backed by a Serviced Companion Loan.

 

If
any Primary Servicer Termination Event shall occur and be continuing, then, and in each and every such case, so long as such Primary
Servicer Termination Event shall not have been remedied, the Master Servicer or, in the case of a Primary Servicer Termination
Event described in Section 4.01(o) of this Agreement, the Depositor may terminate, by notice in writing to the Primary
Servicer, all of the rights and obligations of the Primary Servicer as Primary Servicer under this Agreement and in and to the
Mortgage Loans and the Serviced Companion Loans and the proceeds thereof. From and after the receipt by the Primary Servicer of
such written notice, all authority and power of the Primary Servicer under this Agreement, whether with respect to the Mortgage
Loans, the Serviced Companion Loans or otherwise, shall pass to and be vested in the Master Servicer pursuant to and under this
Section 4.01, and, without limitation, the Master Servicer is hereby authorized and empowered to execute and deliver, on
behalf of and at the expense of the Primary Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments,
and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination,
whether to complete the transfer and endorsement or assignment of the Mortgage Loans, the Serviced Companion Loans and related
documents, or otherwise. The Primary Servicer hereby acknowledges that the Serviced Companion Loan Noteholder shall be entitled
to direct the Trustee to direct the Master Servicer to replace the Primary Servicer with a successor sub-servicer for the Serviced
Whole Loan pursuant to Section 7.01(c) of the Pooling and Servicing Agreement (the “Successor Sub-Servicer”)
following a Primary Servicer Termination Event after any applicable cure periods with respect to such Serviced Whole Loan. The
Primary Servicer agrees that if it is terminated pursuant to this Section 4.01, it shall promptly (and in any event no
later than five (5) Business

 

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Days
subsequent to its receipt of the notice of termination) provide the Master Servicer or the Successor Sub-Servicer, as applicable,
with all documents and records (including, without limitation, those in electronic form) requested by it to enable it to assume
the Primary Servicer’s functions hereunder, and shall cooperate with the Master Servicer or the Successor Sub-Servicer,
as applicable, in effecting the termination of the Primary Servicer’s responsibilities and rights hereunder and the assumption
by a successor of the Primary Servicer’s obligations hereunder, including, without limitation, the transfer within one (1)
Business Day to the Master Servicer or the Successor Sub-Servicer, as applicable, for administration by it of all cash amounts
which shall at the time be or should have been credited by the Primary Servicer to the Primary Servicer Collection Account, the
Primary Servicer Serviced Whole Loan Collection Account, the Collection Account, the Serviced Whole Loan Collection Account, any
Escrow Account, any Reserve Account, any Lock-Box Account, or any Cash Collateral Account, or thereafter be received with respect
to the Mortgage Loans and/or Serviced Companion Loans (provided, however, that the Primary Servicer shall continue to be entitled
to receive all amounts accrued or owing to it under this Agreement on or prior to the date of such termination, and it and its
directors, officers, employees and agents shall continue to be entitled to the benefits of Section 3.03 of this Agreement
notwithstanding any such termination).

 

In
addition to any other rights the Master Servicer may have hereunder, if the Primary Servicer fails to remit to the Master Servicer
any amounts when required to be remitted hereunder, the Primary Servicer shall pay to the Master Servicer interest on the amount
of such late remittance at the rate of Wells Fargo Bank, National Association prime rate plus three percent (3%) per annum, applied
on a per diem basis for each day such remittance is late (i.e., said per annum rate divided by 365 multiplied by the number of
days late); but in no event shall such interest be greater than the maximum amount permitted by law.

 

In
addition to any other rights and remedies available to the Master Servicer hereunder or at law or equity, including, without limitation,
the right to a recovery of damages, the Master Servicer may impose, and if so imposed, the Primary Servicer shall pay, the penalties
described in this paragraph for any failure by the Primary Servicer to timely provide to the Master Servicer any report or certification
required by this Agreement to be provided to the Master Servicer, the Collection Report required by this Agreement, the remittance
report in the form of Exhibit G required by this Agreement, or the account reconciliations required by this Agreement
(and, with respect to the account reconciliations, such failure continues unremedied for thirty (30) days after the time within
which they are required to be delivered) (each such failure referred to herein as a “Primary Servicer Delinquency”).
The Master Servicer may impose on the Primary Servicer a penalty of $500.00 for the first Primary Servicer Delinquency to occur
hereunder (“Initial Primary Servicer Delinquency”), a penalty of $1,000.00 for the next Primary Servicer Delinquency
occurring within two (2) years following an Initial Primary Servicer Delinquency, and a penalty of $1,500.00 for any other Primary
Servicer Delinquency occurring within two (2) years following an Initial Primary Servicer Delinquency; provided, however,
that if no Primary Servicer Delinquency occurs during any two (2) year period, the first Primary Servicer Delinquency thereafter
shall be deemed to be an “Initial Primary Servicer Delinquency”. The penalties provided for in this paragraph are
not intended to constitute liquidated damages. The rights and remedies of the Master Servicer under this Agreement are cumulative
with, and not exclusive of, any other rights or remedies which it would otherwise have.

 

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Section
4.02     Waiver of Defaults.

 

The
Master Servicer may waive any default by the Primary Servicer in the performance of its obligations hereunder and its consequences.
Upon any such waiver of a past default, such default shall cease to exist, and any Primary Servicer Termination Event arising
therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent
or other default or impair any right consequent thereon except to the extent expressly so waived.

 

Section
4.03     Other Remedies of Master Servicer.

 

During
the continuance of any Primary Servicer Termination Event, so long as such Primary Servicer Termination Event shall not have been
remedied, the Master Servicer, in addition to the rights specified in Section 4.01 of this Agreement, shall have the right,
in its own name, to take all actions now or hereafter existing at law, in equity or by statute to enforce its rights and remedies
(including the institution and prosecution of all judicial, administrative and other proceedings and the filing of proofs of claim
and debt in connection therewith). Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement
shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition to any other remedy and
no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of
any Primary Servicer Termination Event.

 

ARTICLE
V

TERMINATION

 

Section
5.01     Termination.

 

Except
as otherwise specifically set forth herein, the rights, obligations and responsibilities of the Primary Servicer shall terminate
(without payment of any penalty or termination fee) (i) upon the later of the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan and the remittance of all funds due hereunder or if the last Mortgage Loan becomes
an REO Mortgage Loan or the related Mortgaged Property becomes REO Property; (ii) by mutual consent of the Primary Servicer and
the Master Servicer in writing; (iii) pursuant to Section 5.02 of this Agreement; (iv) at the option of any purchaser of
one or more Mortgage Loans pursuant to the Pooling and Servicing Agreement, upon such purchase and only with respect to such Mortgage
Loan(s), subject to the Primary Servicer’s rights to retain accrued and unpaid Primary Servicing Fees; (v) upon a Mortgage
Loan or a Serviced Whole Loan becoming a Specially Serviced Loan and only with respect to such Mortgage Loan or Serviced Whole
Loan or (vi) upon termination of the Pooling and Servicing Agreement. Notwithstanding anything herein to the contrary, the Primary
Servicer shall not receive any Primary Servicing Fee upon termination of this Agreement.

  

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Section
5.02     Termination With Cause.

 

The
Master Servicer may, at its sole option, terminate any rights the Primary Servicer may have hereunder with respect to any or all
of the Mortgage Loans or the Serviced Companion Loans as provided in Section 4.01 of this Agreement upon the occurrence
of a Primary Servicer Termination Event.

 

Any
notice of termination shall be in writing and delivered to the Primary Servicer as provided in Section 6.05 of this Agreement.

 

Section
5.03     Intentionally Deleted.

 

Section
5.04    Termination of Duties with Respect to Specially Serviced Loans.

 

At
such time as any Mortgage Loan or Serviced Whole Loan becomes a Specially Serviced Loan, the obligations and duties of the Primary
Servicer set forth herein with respect to such Specially Serviced Loan shall cease and such Mortgage Loan and/or Serviced Whole
Loan shall no longer be subject to this Agreement.

 

ARTICLE
VI

MISCELLANEOUS

 

Section
6.01     Successor to the Primary Servicer.

 

Prior
to termination of the Primary Servicer’s responsibilities and duties under this Agreement pursuant to Sections 3.04,
4.01, 5.01 or 5.02 of this Agreement, the Master Servicer shall (i) succeed to and assume all of the Primary
Servicer’s responsibilities, rights, duties and obligations under this Agreement, or (ii) appoint a successor which satisfies
the criteria for a successor Primary Servicer in Section 3.02 of this Agreement and which shall succeed to all rights and
assume all of the responsibilities, duties and liabilities of the Primary Servicer under this Agreement accruing following the
termination of the Primary Servicer’s responsibilities, duties and liabilities under this Agreement.

 

Section
6.02      Financial Statements.

 

The
Primary Servicer shall, upon the request of the Master Servicer, make available its financial statements and other records relevant
to the performance of the Primary Servicer’s obligations hereunder. It is acknowledged that the Primary Servicer and the
Master Servicer have entered into that certain confidentiality and nondisclosure agreement dated August 8, 2013 (the “NDA”),
and that any financial statements and other information relating to the Primary Servicer provided by the Primary Servicer to the
Master Servicer pursuant to this Agreement for the purpose of enabling the Master Servicer to receive information related to sub-servicer
reviews are subject to the terms of the NDA by its terms; provided that information regarding the Mortgage Loans, the Serviced
Companion Loans, the Borrowers or Mortgaged Properties shall not be subject to the NDA; and provided, further, that the NDA shall
not be deemed to restrict the Master Servicer’s use of information for the purpose of evaluating the Primary Servicer’s
performance under, and compliance with, this Agreement.

 

     28

     

    

 

Section
6.03     Closing.

 

The
closing for the commencement of the Primary Servicer to perform the servicing responsibilities under this Agreement with respect
to the Mortgage Loans and Serviced Companion Loans shall take place on the Closing Date. At the Master Servicer’s option,
the closing shall be either by telephone, confirmed by letter or wire as the parties shall agree, or conducted in person, at such
place as the parties shall agree.

 

The
closing shall be subject to the execution and delivery of the Pooling and Servicing Agreement by the parties thereto.

 

Section
6.04       Closing Documents.

 

The
Closing Documents shall consist of all of the following documents:

 

(a)          to
be provided by the Primary Servicer:

 

(1)          this
Agreement executed by the Primary Servicer;

 

(2)          an
Officer’s Certificate of the Primary Servicer, dated the Closing Date and in the form of Exhibit B hereto,
including all attachments thereto;

 

(3)          Reserved;
and

 

(4)          the
account certifications in the form of Exhibit F hereto required by Section 3.01(c)(8), (10) and (12)
of this Agreement, fully completed; and

 

(b)          to
be provided by the Master Servicer:

 

(1)          this
Agreement executed by the Master Servicer; and

 

(2)          the
Mortgage Loan Schedule, with one copy to be attached to each counterpart of this Agreement as Exhibit A hereto;
and

 

(3)          the
Pooling and Servicing Agreement substantially in the form of Exhibit C hereto.

 

Section
6.05       Notices.

 

All
demands, notices, consents and communications hereunder shall be in writing and shall be deemed to have been duly given when delivered
to the following addresses:

 

     29

     

    

 

		(i)	if
                                         to the Master Servicer:

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Reference: CFCRE 2016-C4 Asset Manager

 

with
a copy to:

Wells Fargo Bank, National Association

Legal Department

301 S. College St., TW-30

D1053-300

Charlotte, North Carolina 28202-6000

Reference: Commercial Mortgage Servicing Legal Support

 

		(ii)	if
                                         to the Primary Servicer:

 

Berkeley
Point Capital LLC

One Beacon Street, 14th Floor

Boston, MA 02108

Attention: Director and Head of Servicing

 

with
a copy to:

 

Berkeley
Point Capital LLC

4550 Montgomery Avenue Suite 1100

Bethesda, MD 20814

Attention: Raqual Crea-Legal Department

or
such other address as may hereafter be furnished to the other party by like notice.

 

Section
6.06      Severability Clause.

 

Any
part, provision, representation or warranty of this Agreement which is prohibited or which is held to be void or unenforceable
shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction as to the Mortgage Loans or the Serviced Companion Loans shall
not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the
parties hereto waive any provision of law which prohibits or renders void or unenforceable any provision hereof. If the invalidity
of any part, provision, representation or warranty of this Agreement shall deprive any party of the economic benefit intended
to be conferred by this Agreement, the parties shall negotiate, in good faith, to develop a structure the economic effect of which
is nearly as possible the same as the economic effect of this Agreement without regard to such invalidity.

 

     30

     

    

 

Section
6.07      Counterparts.

 

This
Agreement may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and
all such counterparts shall constitute one and the same instrument.

 

Section
6.08      Governing Law.

 

This
Agreement shall be construed in accordance with the laws of the State of New York and the obligations, rights and remedies of
the parties hereunder shall be determined in accordance with the laws of the State of New York, except to the extent preempted
by Federal Law.

 

Section
6.09      Protection of Confidential Information.

 

The
Primary Servicer shall keep confidential and shall not divulge to any party other than the Master Servicer, the Depositor, the
Special Servicer, the Trustee or the Serviced Companion Loan Noteholders, without the Master Servicer’s prior written consent,
any information pertaining to the Mortgage Loans, the Serviced Companion Loans or any borrower thereunder, except to the extent
that it is appropriate for the Primary Servicer to do so in working with legal counsel, auditors, taxing authorities or other
governmental agencies or in accordance with this Agreement.

 

Section
6.10      Intention of the Parties.

 

It
is the intention of the parties that the Master Servicer is conveying, and the Primary Servicer is receiving, only a contract
for servicing the Mortgage Loans and the Serviced Companion Loans. Accordingly, the parties hereby acknowledge that the Trustee
remains the sole and absolute beneficial owner of the Mortgage Loans and all rights related thereto and that the Serviced Companion
Loan Noteholders remain the sole and absolute beneficial owner of its related Serviced Companion Loans and all rights thereto.

 

Section
6.11      Third Party Beneficiary.

 

The
Trustee, for the benefit of the Certificateholders, shall be a third party beneficiary under this Agreement, provided that,
except to the extent the Trustee or its designee assumes the obligations of the Master Servicer hereunder as contemplated by Section
6.12 of this Agreement, none of the Trustee, the Trust Fund, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer, any successor Master Servicer, the Special Servicer, the Serviced Companion Loan Noteholders or any
Certificateholder shall have any duties under this Agreement or any liabilities arising herefrom. The Depositor and each Certification
Party shall be a third party beneficiary under this Agreement solely with respect to the obligations of the Primary Servicer under
Section 3.01(c)(39) of this Agreement and, with respect to the Depositor, Section 4.01 of this Agreement.

 

     31

     

    

 

Section
6.12      Successors and Assigns; Assignment of Agreement.

 

This
Agreement shall bind and inure to the benefit of and be enforceable by the Primary Servicer and the Master Servicer and the respective
successors and assigns of the Primary Servicer and the Master Servicer. This Agreement shall not be assigned, pledged or hypothecated
by the Primary Servicer to a third party except as otherwise specifically provided for herein. If the Master Servicer shall for
any reason no longer act in such capacity under the Pooling and Servicing Agreement (including by reason of a Master Servicer
Termination Event), the Trustee or its designee or any other successor to the Master Servicer may thereupon assume all of the
rights and, except to the extent they arose prior to the date of assumption, obligations of the Master Servicer under this Agreement,
subject to the Primary Servicer’s rights hereunder, including the right to retain accrued and unpaid Primary Servicing Fees.

 

Section
6.13       Waivers.

 

No
term or provision of this Agreement may be waived or modified unless such waiver or modification is in writing and signed by the
party against whom such waiver or modification is sought to be enforced.

 

Section
6.14       Exhibits.

 

The
Exhibits to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement.

 

Section
6.15       General Interpretive Principles.

 

The
article and section headings are for convenience of a reference only, and shall not limit or otherwise affect the meaning hereof.

 

Section
6.16       Complete Agreement.

 

This
Agreement embodies the complete agreement between the parties regarding the subject matter hereof and may not be varied or terminated
except by a written agreement conforming to the provisions of Section 6.18 of this Agreement. All prior negotiations or
representations of the parties are merged into this Agreement and shall have no force or effect unless expressly stated herein.

 

Section
6.17       Further Agreement.

 

The
Primary Servicer and the Master Servicer each agree to execute and deliver to the other such reasonable and appropriate additional
documents, instruments or agreements as may be necessary or appropriate to effectuate the purposes of this Agreement.

 

Section
6.18       Amendments.

 

This
Agreement may only be amended with the consent of the Primary Servicer and the Master Servicer. The Master Servicer shall not
consent to any modification to the Pooling and Servicing Agreement in any manner which would increase the obligations or limit
the rights of a

 

     32

     

    

 

Primary
Servicer under the Pooling and Servicing Agreement or under this Agreement without the prior written consent of the Primary Servicer
(which consent shall not be unreasonably withheld).

 

Section
6.19       Exchange Act Rule 17g-5 Procedures.

 

(a)           Notwithstanding
any provision herein to the contrary but subject to Section 6.19(c) of this Agreement and except as required by law, the
Primary Servicer shall not provide any information directly to, or communicate with, either orally or in writing, any Rating Agency
regarding the Certificates, the Mortgage Loans or the Serviced Companion Loans relevant to the Rating Agency’s surveillance
of the Certificates, the Mortgage Loans or the Serviced Companion Loans, including, but not limited to, providing responses to
inquiries from the Rating Agency regarding the Certificates, the Mortgage Loans or the Serviced Companion Loans and requests for
Rating Agency Confirmation. All such information will be provided by, and all such communications, responses and requests will
be made by, the Master Servicer in accordance with the procedures required by the Pooling and Servicing Agreement. To the extent
that the Master Servicer is required to take any action under the Pooling and Servicing Agreement to comply with Exchange Act
Rule 17g-5, the Primary Servicer shall cooperate and provide any information reasonably requested by the Master Servicer to enable
the Master Servicer to comply with such obligations.

 

(b)          The
Primary Servicer hereby expressly agrees to indemnify and hold harmless the Master Servicer and the Depositor and their respective
officers, directors, shareholders, members, managers, employees, agents, Affiliates and controlling persons, and the Trust Fund
(each, an “Indemnified Party”), from and against any and all losses, liabilities, damages, claims, judgments,
costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal fees and expenses), joint or several,
to which any such Indemnified Party may become subject, under the Act, the Exchange Act or otherwise, pursuant to a third-party
claim, insofar as such losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures or other expenses
(including reasonable legal fees and expenses) arise out of or are based upon (i) the Primary Servicer’s breach of this
Section 6.19 or (ii) a determination by the Rating Agency that it cannot reasonably rely on representations made by the
Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to the extent caused by any such breach referred
to in clause (i) above by the Primary Servicer, and will reimburse such Indemnified Party for any legal or other expenses reasonably
incurred by such Indemnified Party in connection with investigating or defending any such action or claim, as such expenses are
incurred.

 

(c)          None
of the foregoing restrictions in this Section 6.19 prohibit or restrict oral or written communications, or providing information,
between the Primary Servicer and any Rating Agency with regard to (i) such Rating Agency’s review of the ratings it assigns
to the Primary Servicer, (ii) such Rating Agency’s approval of the Primary Servicer as a commercial mortgage master, special
or primary servicer or (iii) such Rating Agency’s evaluation of the Primary Servicer’s servicing operations in general;
provided, however, that the Primary Servicer shall not provide any information relating to the Certificates or the
Mortgage Loans to such Rating Agency in connection with such review and evaluation by such Rating Agency unless (x) borrower,
property or deal specific identifiers are redacted; (y) the Master Servicer confirms to the Primary Servicer in writing that such
information has already been provided to the 17g-5 

 

     33

     

    

 

Information
Provider and has been uploaded on to the 17g-5 Information
Provider’s Website or the Master Servicer confirms to the Primary Servicer in writing that it has provided such
information to such Rating Agency in accordance with Section 3.14(f) of the Pooling and Servicing Agreement; or (z)
the Rating Agency confirms in writing that it does not intend to use such information in undertaking credit rating
surveillance with respect to the Certificates.

 

Section
6.20     Notification to Primary Servicer Concerning REO Property

 

The
Master Servicer shall notify the Primary Servicer if any Mortgage Loan or Serviced Companion Loan becomes an REO Loan or if a
related Mortgage Property becomes REO Property.

 

[SIGNATURES
ON NEXT PAGE]

 

     34

     

    

 

IN
WITNESS WHEREOF, the Primary Servicer and the Master Servicer have caused their names to be signed hereto by their respective
officers thereunto duly authorized as of the date first above written.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	/s/ Nachette Hadden
	 	 	Name: Nachette Hadden
Title:   Director

 

CFCRE
2016-C4 

Berkeley Point Primary Servicing Agreement

 

    	

     

    

 

IN
WITNESS WHEREOF, the Primary Servicer and the Master Servicer have caused their names to be signed hereto by their respective
officers thereunto duly authorized as of the date first above written.

	 	Berkeley
    Point Capital LLC
	 	 
	 	By:	/s/ Nancy Guanci
	 	 	Name: Nancy Guanci
Title: Vice President
	 	 	 
	 	By:	/s/ Ellen D. Miller
	 	 	Name: Ellen D. Miller
Title: Managing Director

 

CFCRE
2016-C4 

Berkeley Point Primary Servicing Agreement

 

    	

     

    

 

EXHIBIT
A

 

MORTGAGE
LOAN SCHEDULE

 

MORTGAGE
LOANS

 

 

	ID	 	Property
    Name	 	Cut-off
    Date 

    Balance	 	Primary
    Servicing Fee
	 	 	 	 	 	 	 
	3
	 	215
West 34th Street & 218 West 35th Street
	 	$45,000,000
	 	0.00250%

	 	 	 	 	 	 	 
	5
	 	Renaissance
Cincinnati
	 	$34,035,002
	 	0.0200%

	 	 	 	 	 	 	 
	15	 	GSP
    MHP Portfolio II	 	$21,723,756	 	0.0500%
	 	 	 	 	 	 	 
	21	 	Johnson
Crossing & Shops at Westwing
	 	$16,395,000	 	0.0500%
	 	 	 	 	 	 	 
	38	 	Athens
    Sentry Self Storage	 	$6,075,000	 	0.0700%
	 	 	 	 	 	 	 
	44	 	Hurley
    Way	 	$4,490,107	 	0.0700%

 

COMPANION
LOANS

 

	Loan
    Name	 	Cut-off
    Date 

    Balance	 	Primary
    Servicing Fee
	 	 	 	 	 
	215
West 34th Street & 218 West 35th Street
	 	$85,000,000
	 	0.00250%

	 	 	 	 	 
	Renaissance
Cincinnati
	 	$22,690,001
	 	0.0200%

 

    	A-1

     

    

 

EXHIBIT
B

 

PRIMARY
SERVICER’S OFFICER’S CERTIFICATE

CFCRE 2016-C4

 

I,
[__________], hereby certify that I am the duly elected [______________] of Berkeley Point Capital LLC, a [___________] organized
under the laws of the State of [____________] (the “Primary Servicer”) and further as follows:

 

		1.	Attached
                                         hereto as Exhibit 1 is a true, correct and complete copy of the [certificate
                                         of formation][articles of incorporation] of the Primary Servicer which are in full force
                                         and effect on the date hereof and which have been in effect without amendment, waiver,
                                         rescission or modification since January 1, 2009.

 

		2.	Attached
                                         hereto as Exhibit 2 is a true, correct and complete copy of the [organization
                                         document] of the Primary Servicer which are in effect on the date hereof and which have
                                         been in effect without amendment, waiver, rescission or modification since January 2009.

 

		3.	Attached
                                         hereto as Exhibit 3 is an original certificate of good standing of the
                                         Primary Servicer, issued on [May __, 2016], and no event has occurred since the date
                                         thereof which would impair such standing.

 

		4.	Attached
                                         hereto as Exhibit 4 is a true, correct and complete copy of the corporate
                                         resolutions of the Board of Directors of the Primary Servicer authorizing the Primary
                                         Servicer to execute and deliver the Primary Servicing Agreement, dated as of May 1, 2016
                                         (the “Primary Servicing Agreement”), by and between the Primary Servicer
                                         and Wells Fargo Bank, National Association and such resolutions are in effect on the
                                         date hereof and have been in effect without amendment, waiver, rescission or modification
                                         since August 31, 2011.

 

		5.	Either
                                         (i) no consent, approval, authorization or order of any court or governmental agency
                                         or body is required for the execution, delivery and performance by the Primary Servicer
                                         of or compliance by the Primary Servicer with the Primary Servicing Agreement or the
                                         consummation of the transactions contemplated by the Primary Servicing Agreement; or
                                         (ii) any required consent, approval, authorization or order has been obtained by the
                                         Primary Servicer.

 

		6.	Neither
                                         the consummation of the transactions contemplated by, nor the fulfillment of the terms
                                         of the Primary Servicing Agreement, conflicts or will conflict with or results or will
                                         result in a breach of or constitutes or will constitute a default under the charter or
                                         by-laws of the Primary Servicer, the terms of any indenture or other agreement or instrument
                                         to which the Primary Servicer is a party or by which it is bound or to which it is subject,
                                         or any

 

    	B-1

     

    

 

		 	statute or order, rule, regulation, writ, injunction or decree of any court, governmental authority or regulatory body to which
the Primary Servicer is subject or by which it is bound.

 

		7.	There
                                         is no action, suit, proceeding or investigation pending or to the best of my knowledge
                                         threatened against the Primary Servicer which, in our judgment, either in any one instance
                                         or in the aggregate, may result in any material adverse change in the business, operations,
                                         financial conditions, properties or assets of the Primary Servicer or in any material
                                         impairment of the right or ability of the Primary Servicer to carry on its business substantially
                                         as now conducted or in any material liability on the part of the Primary Servicer or
                                         which would draw into question the validity of the Primary Servicing Agreement or of
                                         any action taken or to be taken in connection with the transactions contemplated hereby,
                                         or which would be likely to impair materially the ability of the Primary Servicer to
                                         perform under the terms of the Primary Servicing Agreement.

 

		8.	Each
                                         person listed on Exhibit 5 attached hereto who, as an officer or representative
                                         of the Primary Servicer, signed the Primary Servicing Agreement and any other document
                                         delivered prior hereto or on the date hereof in connection with the Primary Servicing
                                         Agreement, was, at the respective times of such signing and delivery, and is now, a duly
                                         elected or appointed, qualified and acting officer or representative of the Primary Servicer,
                                         who holds the office set forth opposite his or her name on Exhibit 5,
                                         and the signatures of such persons appearing on such documents are their genuine
                                         signatures.

 

		9.	The
                                         Primary Servicer is duly authorized to engage in the transactions described and contemplated
                                         in the Primary Servicing Agreement.

 

IN
WITNESS WHEREOF, I have hereunto signed my name and affixed the seal of the Primary Servicer.

	 	 	 	 
	Dated:	 	 	By	 
	 	 	 	Name:

Title:

 

I,
[____________], an [____________________] of Berkeley Point Capital LLC, hereby certify that [______________] is the duly elected,
qualified and acting Senior Vice President of the Primary Servicer and that the signature appearing above is his genuine signature.

 

IN
WITNESS WHEREOF, I have hereunto signed my name.

 

    	B-2

     

    

 

	Dated:	 	 	By	 
	 	 	 	Name:

Title:

 

    	B-3

     

    

 

EXHIBIT
5

to

 

Primary
Servicer’s Officer’s Certificate

 

	Name	Title	Signature
	 		
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	B-4

     

    

 

EXHIBIT
C

 

POOLING
AND SERVICING AGREEMENT

 

Previously
Delivered.

 

    	C-1

     

    

 

EXHIBIT
D

 

[RESERVED]

 

    	D-1

     

    

 

EXHIBIT
E

 

QUARTERLY
SERVICING CERTIFICATION

 

Primary
Servicer:        __________________________________________________   

 

RE:          CFCRE
2016-C4

 

Pursuant
to the Servicing Agreement(s) between Wells Fargo Bank, National Association and the above referenced Primary Servicer, we certify
that with respect to the mortgage loans and companion loans serviced by us for Wells Fargo Bank, National Association that as
of the quarter ending except as otherwise noted below:

 

		·	All
                                         taxes, assessments and other governmental charges levied against the mortgaged premises,
                                         ground rents payable with respect to the mortgaged premises, if any, which would be delinquent
                                         if not paid, have been paid.

 

		·	All
                                         required insurance policies are in full force and effect on the mortgaged premises in
                                         the form and amount and with the coverage required by the loan documents.

 

		·	On
                                         all required insurance policies, the loss payee is in the name of the Trust.

 

		·	All
                                         UCC Financing Statements have been renewed prior to expiration.

 

		·	All
                                         reserves are maintained and disbursed in accordance with the loan documents and no expired
                                         reserves exist.

 

		·	All
                                         letters of credit are transferred to the Trust as beneficiary and are properly renewed.

 

		·	Lockboxes
                                         are being serviced in accordance with loan documents.

 

		·	All
                                         required loan documents, third party reports and underwriting files are complete and
                                         all applicable loan documents have been properly assigned to the Trust.

 

	EXCEPTIONS: 	 
	 	 
	 	 

 

	 	 	 
	Servicing Officer	 	Date

 

    E-1

     

    

 

EXHIBIT F

 

FORM OF ACCOUNT CERTIFICATION

CFCRE 2016-C4

 

Securitization: ___________________________________________________________________________________________________________________

 

Sub Servicer: ___________________________________________________________________________________________________________________

 

	 	________	New Account	________	Change of Account Information
	 	 	 
	Indicate purpose of account (check all that apply):	 	 
	 	 	 
	 	________	Principal & Interest	________	Deposit Clearing
	 	________	Taxes & Insurance	________	Disbursement Clearing
	 	________	Reserves (non-interest bearing)	________	Suspense
	 	________	Reserves (interest bearing)	 	 

 

Account Number: _______________________________________________________________________________________________________________

 

Account Name: _________________________________________________________________________________________________________________

 

Depository Institution (and Branch):

	 	 	 
	   	Name:	___________________________________________________________________________________________________________________
	 	 	 
	 	Street:	___________________________________________________________________________________________________________________

 

	 	 City, State,
    Zip:____________________________________________________________________________________________________________

 

	   	Rating Agency: _____________________________________________	Rating:	_______________________________________________________

 

Please note that the name of the account must follow the guideline
specifications detailed in the applicable agreement.

 

Prepared by: ____________________________________________________________________________________________________________________

 

Signature: ______________________________________________________________________________________________________________________

 

Title: __________________________________________________________________________________________________________________________

 

Date: __________________________________________________________________________________________________________________________

	 	 	 
	Telephone: _________________________________________________________	 	Fax: ______________________________________________

 

    	F-1

    	 

    

 

EXHIBIT G

 

FORM OF COLLECTION REPORT

 

CFCRE 2016-C4

 

Month of________

 

	

 1	

 2	

 3	

4	

5	

6	

7	

8	

9	

10	

11	

12	

13	

14	

15	

16	

17	18	19	20	21	22	23	24	25	26	27	28	29	30	31	32	33	34	35	36	37	38	39
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sub

Serv ID  	Master

Servicer

Loan#

	Sub-Servicer
Loan#  	Prosp

ID 	Sched

Due

Date	Begin Balance Prior to

Pmt

	Ending
Balance After Pmt	Paid
Thru Date	Current
Note Rate	Sub-

Servicer 

Fee Rate	Sched
Prin Pmt	Sched
Int Pmt	Sched
P&I Amount	Sched
Sub- Serv Fee	Sched
Addl Sub- Sub Fee  	Neg
Am/

Deferred Int Amount	Unsched
Principal Rec’d  	Other
Principal Adjust  	Other
Interest Adjust  	Liq/
Prepmt Date  	Prepmt
Penalty / YM Rec’d	Prepmt
Int Exc/Short	Liq/
Prepmt Code	T&I Advances O/S

	Pmt Eff Date Recd

	Actual Principal Rec’d

	Actual
(Gross) Interest Rec’d	Actual
Sub- Servicer Fee Paid	Addl
Sub-Sub Fee Paid	Actual
(Net) Interest Rec’d 	Late
Charges Rec’d 	Default
Interest Rec’d 	Assum
Fees Rec’d 	Addl
Fees Rec’d 	Remittance
Amount 	Actual
Loan Balance 	Total
Reserve Balance 	Pmt
Loan Status 	Comments
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	 	0.00	0.00	 	0.00	 	0.00	0.00	0.00	 	 	0.00	0.00	0.00	0.00	0.00	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	NET
REMIT

TO MS	-	 	 	 	 

 

    	G-1

    	 

    

 

EXHIBIT H

 

FORM OF CERTIFICATE OF INSURANCE

	Primary Servicer: 	 	 

 

	RE:	CFCRE 2016-C4

 

Pursuant to the Primary Servicing Agreement(s)
between Wells Fargo Bank, National Association and the above-named Primary Servicer, we certify with respect to the Mortgage Loans
and Serviced Companion Loans serviced by us for Wells Fargo Bank, National Association that all required insurance policies are
in full force and effect on the mortgaged premises in the form and amount and with the coverage required by the Servicing Agreement(s).

 

	Servicing Officer	 	Date

 

    	H-1

    	 

    

 

EXHIBIT I

 

NEW LEASE INFORMATION 

	 	 	 	 	 	 
	Loan #	 	Property Type:	 	Tenant:	 

	 	 
	Property Name/Address:	 

	 	 	 	 	 	 
	Term (Years, Months):	 	Sq Ft Gross Rentable:	 	Net Rentable	 

	 	 	 	 
	Begin Lease Date:	 	 	Retail

	 	 	 	 
	End Lease Date:	 	 	Office

	 	 	 	 
	Occupancy Date (if diff):	 	 	Other

 

	 	 	 	 
	Minimum Rent 	 	 	(S/SF/YR)

	 	 	 	 	 	 
	 	 	(Mo/Yr)	Escalation:	CPI	Other
	Change to	on	 	 	 	 
	Change to	on	 	 	 	 
	Change to	on	 	 	 	 
	Change to	on	 	 	 	 

 

Percentage Rent 

	 	 	 	 
	% Amount	For 	% Rent Due:	 
	 	For	 	Monthly
	 	Up to	 	Quarterly
	 	Up to	 	Annually

	 	 	 	 
	Breakpoint	(S/Yr)  	Sales Report Due:	 
	 	 	 	 	 

	 	 	(Mo/Yr)	 
	Change to	  on	 	Monthly
	Change to	  on	 	Quarterly
	Change to	  on	 	Annually

 

Recoveries 

	 	 	 	 	 
	Taxes	 	 	Per	 

	 	 	 	 	 
	Insurance	 	 	Per	 

	 	 	 	 	 
	Cam	 	 	Per	 

	 	 	 	 	 
	HVAC	 	 	Per	 

	 	 	 	 	 
	Adver/Promo	 	 	Per	 

	 	 	 	 	 
	 	 	 	Per	 

	 	 	 	 	 
	 	 	 	Per	 

 	 	 	 	 	 
	Management	 	 	Per	 

  

    	I-1

    	 

    

 

Renewal Options 

	 	 	 	 	 
	Term	 	 	SF	 

	 	 	 	 	 
	Minimum rent	 	 	Gross Rentable	 

	 	 	 	 	 
	% Rent	 	 	Net Rentable	 

 

Landlord Costs

	 	 	 
	 	 Alterations:	 

	 	 	 
	 	   Commissions: 	 

	 	 	 
	 	   Moving Allowances:	 

	 	 	 
	 	 Buyout Clauses:	 

	 	 	 
	 	Other:	 

	 	 
	Building Insurance Requirements
	 	Tenant maintains fire & ED on building(s); will need coverage to renew

Does not furnish building coverage

General liability naming landlord mortgagee as additional insured; will need 

coverage for 

review

General liability without mentioning landlord’s mortgagee; do not need coverage
	 	 
	Waiver of Subrogation
	 	
        N/A

Mutual; will need endorsement

Landlord only; will need endorsement

Tenant only; do not need endorsement

	 	 
	Comments:
	 	 
	Attachments:	 
	 	Original Lease

Original Subordination Agreement

 

    	I-2

    	 

    

 

EXHIBIT J

 

MONTHLY ACCOUNTS CERTIFICATION

 

	Primary Servicer:	 	 

 

	RE:	CFCRE 2016-C4

 

Pursuant to the Servicing Agreement(s)
between Wells Fargo Bank, National Association and the above named Primary Servicer, I certify with respect to each transaction
serviced by us, as noted above, for Wells Fargo Bank, National Association that as of the last day of the calendar month immediately
preceding the month in which this certificate is dated, all collection accounts and servicing accounts have been properly reconciled
and the reconciliations have been reviewed and approved by Primary Servicer’s management, except as otherwise noted below:

 

	EXCEPTIONS: 	 
	

                                                  
	 
	

                                                  
	 

 

	Servicing Officer	 	Datecerc_Exh_10_1

		

			Exhibit 10.1

		

		
			Cerecor, Inc.
		

		
			2016 Equity Incentive Plan
		

		
			 
		

		
			Adopted by the Board of Directors: April 5, 2016
		

		
			Approved by the Stockholders: May 18, 2016
		

			
	
			
				 1.
			General.

			
	
			
				 (a)
			Successor to and Continuation of Prior Plan.  The Plan is intended as the successor to and continuation of the Cerecor, Inc. 2015 Omnibus Incentive Compensation Plan, (the “2015 Plan”).  Following the Effective Date, no additional awards may be granted under the 2015 Plan.  Any unallocated shares remaining available for the grant of new awards under the 2015 Plan as of 12:01 a.m. Eastern Standard Time on the Effective Date (the “2015 Plan’s Available Reserve”) will cease to be available under the 2015 Plan at such time and will be added to the Share Reserve (as defined in Section 3(a)) and be then immediately available for issuance pursuant to Awards granted under this Plan.  In addition, from and after 12:01 a.m. Eastern Standard Time on the Effective Date, all outstanding awards granted under the 2015 Plan and the Cerecor, Inc. 2011 Stock Incentive Plan (the “2011 Plan” and together with the 2015 Plan, the “Prior Plans”) will remain subject to the terms of the 2015 Plan or 2011 Plan, as applicable; provided, however, that the following shares of Common Stock subject to any outstanding stock award granted under the Prior Plans (collectively, the “Prior Plans’ Returning Shares”) will immediately be added to the Share Reserve (as defined in Section 3(a)) as and when such shares become Prior Plans’ Returning Shares and become available for issuance pursuant to Awards granted under this Plan: (i) any shares subject to such stock award that are not issued because such stock award or any portion thereof expires or otherwise terminates without all of the shares covered by such stock award having been issued; (ii) any shares subject to such stock award that are not issued because such stock award or any portion thereof is settled in cash; (iii) any shares issued pursuant to such stock award that are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition required for the vesting of such shares; and (iv) any shares that are reacquired, withheld (or not issued) to satisfy a tax withholding obligation in connection with an award or to satisfy the purchase price or exercise price of a stock award.  All Awards granted on or after 12:01 a.m. Eastern Standard Time on the Effective Date will be subject to the terms of this Plan.

			
	
			
				 (b)
			Eligible Award Recipients.  Employees, Directors and Consultants are eligible to receive Awards.

			
	
			
				 (c)
			Available Awards.  The Plan provides for the grant of the following types of Awards: (i) Incentive Stock Options; (ii) Nonstatutory Stock Options; (iii) Stock Appreciation Rights; (iv) Restricted Stock Awards; (v) Restricted Stock Unit Awards; (vi) Performance Stock Awards; (vii) Performance Cash Awards; and (viii) Other Stock Awards.

			
	
			
				 (d)
			Purpose.  The Plan, through the granting of Awards, is intended to help the Company secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide a means by which the eligible recipients may benefit from increases in value of the Common Stock.

			
	
			
				 2.
			Administration.

			
	
			
				 (a)
			Administration by Board.  The Board will administer the Plan.  The Board may delegate administration of the Plan to a Committee or Committees, as provided in Section 2(c).

			
	
			
				 (b)
			Powers of Board.  The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

			
	
			
				 (i)
			To determine: (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted; (D) the provisions of each Award (which need not be identical), including when a Participant will be permitted to exercise or otherwise receive cash or Common Stock under the Award; (E) the number of shares of Common Stock subject to, or the cash value of, an Award; and (F) the Fair Market Value applicable to a Stock Award. 

		 

		

			 

		

		

			1

		

 

			
	
			
				 (ii)
			To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for administration of the Plan and Awards.  The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement or in the written terms of a Performance Cash Award, in a manner and to the extent it will deem necessary or expedient to make the Plan or Award fully effective.

			
	
			
				 (iii)
			To settle all controversies regarding the Plan and Awards granted under it.

			
	
			
				 (iv)
			To accelerate, in whole or in part, the time at which an Award may be exercised or vest (or at which cash or shares of Common Stock may be issued).  

			
	
			
				 (v)
			To suspend or terminate the Plan at any time.  Except as otherwise provided in the Plan (including Section 2(b)(viii)) or an Award Agreement, suspension or termination of the Plan will not materially impair a Participant’s rights under an outstanding Award without his or her written consent.

			
	
			
				 (vi)
			    To amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to make the Plan or Awards granted under the Plan compliant with the requirements for Incentive Stock Options or exempt from or compliant with the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law.  If required by applicable law or listing requirements, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of the Plan that (A) materially increases the number of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible to receive Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D) materially reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or (F) materially expands the types of Awards available for issuance under the Plan.  Except as otherwise provided in the Plan (including Section 2(b)(viii)) or an Award Agreement, no amendment of the Plan will materially impair a Participant’s rights under an outstanding Award without his or her written consent. 

			
	
			
				 (vii)
			To submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of (A) Section 162(m) of the Code regarding the exclusion of performance-based compensation from the limit on corporate deductibility of compensation paid to Covered Employees, (B) Section 422 of the Code regarding incentive stock options or (C) Rule 16b-3.

			
	
			
				 (viii)
			To approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more outstanding Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; provided, however, that except as otherwise provided in the Plan (including this Section 2(b)(viii)) or an Award Agreement, the Board may not amend the terms of an outstanding Award if the Board, in its sole discretion, determines that the amendment, taken as a whole, will materially impair the Participant’s rights under such Award without his or her written consent.

		
			Notwithstanding the foregoing or anything in the Plan to the contrary, unless prohibited by applicable law, the Board may amend the terms of any outstanding Award or the Plan, or may suspend or terminate the Plan, without the affected Participant’s consent, (A) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code, (B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code, (C) to clarify the manner of exemption from, or to bring the Award or the Plan into compliance with, Section 409A of the Code, or (D) to comply with other applicable laws or listing requirements.
		

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

		 

		

			 

		

		

			2

		

 

			
	
			
				 (x)
			To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction).

			
	
			
				 (c)
			Delegation to Committee.

			
	
			
				 (i)
			General.  The Board may delegate some or all of the administration of the Plan to a Committee or Committees.  If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee, as applicable).  Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable).  The Committee may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to the subcommittee.  The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

			
	
			
				 (ii)
			Section 162(m) and Rule 16b-3 Compliance.  The Committee may consist solely of two (2) or more Outside Directors, in accordance with Section 162(m) of the Code, or solely of two (2) or more Non-Employee Directors, in accordance with Rule 16b-3.

			
	
			
				 (d)
			Delegation to an Officer.  The Board may delegate to one (1) or more Officers the authority to do one or both of the following: (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law, other Stock Awards) and, to the extent permitted by applicable law, the terms of such Awards; and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such delegation will specify the total number of shares of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself.  Any such Stock Awards will be granted on the form of Award Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation of authority.  The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) to determine the Fair Market Value pursuant to Section 13(y)(iii).

			
	
			
				 (e)
			Effect of Board’s Decision.  All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

			
	
			
				 (f)
			Cancellation and Re-Grant of Stock Awards.  Neither the Board nor any Committee will have the authority to (i) reduce the exercise or strike price of any outstanding Option or SAR under the Plan or (ii) cancel any outstanding Option or SAR that has an exercise or strike price greater than the then-current Fair Market Value of the Common Stock in exchange for cash or other Stock Awards under the Plan, unless the stockholders of the Company have approved such an action within twelve (12) months prior to such an event.

			
	
			
				 3.
			Shares Subject to the Plan.

			
	
			
				 (a)
			Share Reserve.  

			
	
			
				 (i)
			Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Stock Awards from and after the Effective Date will not exceed 2,515,428 shares, which is the sum of (A) six hundred thousand (600,000) new shares, (B) the number of shares subject to the 2015 Plan’s Available Reserve as of the Effective Date plus (C) the Prior Plans’ Returning Shares, if any, which become available for grant under this Plan from time to time (such aggregate number of shares described in (A) through (C) above, the “Share Reserve”).

		 

		

			 

		

		

			3

		

 

			
	
			
				 (ii)
			In addition, the Share Reserve will automatically increase on January 1st of each year, for a period of up to ten years, commencing on January 1, 2017 and ending on (and including) January 1, 2026, in an amount equal to 4% of the total number of shares of Capital Stock outstanding on December 31st of the preceding calendar year. Notwithstanding the foregoing, the Board may act prior to January 1st of a given year to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share Reserve for such year will be a lesser number of shares of Common Stock than would otherwise occur pursuant to the preceding sentence.  

			
	
			
				 (iii)
			For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common Stock that may be issued pursuant to the Plan.  Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a).  Shares may be issued in connection with a merger or acquisition as permitted by NASDAQ Listing Rule 5635(c) or, if applicable, NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of shares available for issuance under the Plan.

			
	
			
				 (b)
			Reversion of Shares to the Share Reserve.  If a Stock Award or any portion thereof (i) expires or otherwise terminates without all of the shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash rather than stock), such expiration, termination or settlement will not reduce (or otherwise offset) the number of shares of Common Stock that may be available for issuance under the Plan. If any shares of Common Stock issued pursuant to a Stock Award are forfeited back to or repurchased by the Company because of the failure to meet a contingency or condition required to vest such shares in the Participant, then the shares that are forfeited or repurchased will revert to and again become available for issuance under the Plan. Any shares reacquired by the Company in satisfaction of tax withholding obligations on a Stock Award or as consideration for the exercise or purchase price of a Stock Award will again become available for issuance under the Plan. 

			
	
			
				 (c)
			Incentive Stock Option Limit.  Subject to the Share Reserve and Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be five million (5,000,000) shares of Common Stock.

			
	
			
				 (d)
			Section 162(m) Limitations.  Subject to the Share Reserve and Section 9(a) relating to Capitalization Adjustments, at such time as the Company may be subject to the applicable provisions of Section 162(m) of the Code, the following limitations will apply; provided, however, that if any additional Awards are granted to any Participant during any calendar year in excess of the limits below, compensation attributable to such additional Awards will not satisfy the requirements to be considered “qualified performance-based compensation” under Section 162(m) of the Code unless such additional Award is approved by the Company’s stockholders. 

			
	
			
				 (i)
			A maximum of five hundred thousand (500,000) shares of Common Stock subject to Options and SARs whose value is determined by reference to an increase over an exercise or strike price of at least one hundred percent (100%) of the Fair Market Value on the date any such Option or SAR is granted may be granted to any one Participant during any one calendar year.  

			
	
			
				 (ii)
			A maximum of five hundred thousand (500,000) shares of Common Stock subject to Performance Stock Awards may be granted to any one Participant during any one calendar year (whether the grant, vesting or exercise is contingent upon the attainment during the Performance Period of the Performance Goals).

			
	
			
				 (iii)
			A maximum of three million five hundred thousand dollars ($3,500,000) subject to Performance Cash Awards may be granted to any one Participant during any one calendar year.  

		
			For purposes of this Section 3(d): (1) if a Performance Stock Award is in the form of an Option or SAR, it will count only against the Performance Stock Award limit set forth in Section 3(d)(ii); (2) if a Performance Stock Award may be paid in the form of cash, it will count only against the Performance Stock Award limit set forth in Section 3(d)(ii); and (3) if a Performance Cash Award may be paid in the form of Common Stock, it will count only against the Performance Cash Award limit set forth in Section 3(d)(iii).
		

		 

		

			 

		

		

			4

		

 

			
	
			
				 (e)
			Limits on Grants to Non-Employee Directors.    The maximum number of shares of Common Stock subject to Stock Awards granted under the Plan or otherwise during any one calendar year to any Non-Employee Director, taken together with any cash fees paid by the Company to such Non-Employee Director during such calendar year for service on the Board, will not exceed $500,000 in total value (calculating the value of any such Stock Awards based on the grant date fair value of such Stock Awards for financial reporting purposes), or, with respect to the calendar year in which a Non-Employee Director is first appointed or elected to the Board, $700,000.  The Board may make exceptions to the applicable limit in this Section 3(e) for individual Non-Employee Directors in extraordinary circumstances, as the Board may determine in its discretion, provided that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation.

			
	
			
				 (f)
			Source of Shares.  The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased by the Company on the open market or otherwise.

			
	
			
				 4.
			Eligibility.

			
	
			
				 (a)
			Eligibility for Specific Stock Awards.  Incentive Stock Options may be granted only to employees of the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code).  Stock Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants; provided, however, that Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the Company, as such term is defined in Rule 405, unless (i) the stock underlying such Stock Awards is treated as “service recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate transaction such as a spin off transaction) or (ii) the Company, in consultation with its legal counsel, has determined that such Stock Awards are otherwise exempt from or alternatively comply with Section 409A of the Code.

			
	
			
				 (b)
			Ten Percent Stockholders.  A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of such Option is at least one hundred ten percent (110%) of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five (5) years from the date of grant.

			
	
			
				 5.
			Provisions Relating to Options and Stock Appreciation Rights.

		
			Each Option or SAR Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate.  All Options will be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option.  If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option.  The terms and conditions of separate Option or SAR Agreements need not be identical; provided, however, that each Award Agreement will conform to (through incorporation of the provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following provisions:
		

			
	
			
				 (a)
			Term.  Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration of ten (10) years from the date of its grant or such shorter period specified in the Award Agreement.

			
	
			
				 (b)
			Exercise Price.  Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option or SAR will be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Award is granted.  Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code.  Each SAR will be denominated in shares of Common Stock equivalents.

		 

		

			 

		

		

			5

		

 

			
	
			
				 (c)
			Purchase Price for Options.  The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below.  The Board will have the authority to grant Options that do not permit all of the following methods of payment (or that otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment.  The permitted methods of payment are as follows:

			
	
			
				 (i)
			by cash (including electronic funds transfers), check, bank draft or money order payable to the Company;

			
	
			
				 (ii)
			pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds;

			
	
			
				 (iii)
			by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

			
	
			
				 (iv)
			if an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued.  Shares of Common Stock will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or

			
	
			
				 (v)
			in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Award Agreement.

			
	
			
				 (d)
			Exercise and Payment of a SAR.  To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Company in compliance with the provisions of the Award Agreement evidencing such SAR.  The appreciation distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such date.  The appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Board and contained in the Award Agreement evidencing such SAR.

			
	
			
				 (e)
			Transferability of Options and SARs.  The Board may, in its sole discretion, impose such limitations on the transferability of Options and SARs as the Board will determine.  In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Options and SARs will apply:

			
	
			
				 (i)
			Restrictions on Transfer.  An Option or SAR will not be transferable, except by will or by the laws of descent and distribution (or pursuant to Sections 5(e)(ii) and 5(e)(iii)), and will be exercisable during the lifetime of the Participant only by the Participant.  The Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws.  Except as explicitly provided in the Plan, neither an Option nor a SAR may be transferred for consideration. 

			
	
			
				 (ii)
			Domestic Relations Orders.  Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulations Section 1.421-

		 

		

			 

		

		

			6

		

 

	1(b)(2).  If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

			
	
			
				 (iii)
			Beneficiary Designation.  Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon the death of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise.  In the absence of such a designation, upon the death of the Participant, the executor or administrator of the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise.  However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.

			
	
			
				 (f)
			Vesting Generally.  The total number of shares of Common Stock subject to an Option or SAR may vest and become exercisable in periodic installments that may or may not be equal.  The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction of Performance Goals or other criteria) as the Board may deem appropriate.  The vesting provisions of individual Options or SARs may vary.  The provisions of this Section 5(f) are subject to any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised.

			
	
			
				 (g)
			Termination of Continuous Service.  Except as otherwise provided in the applicable Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date that is three (3) months following such termination of Continuous Service (or such longer or shorter period specified in the Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement.  If, after such termination of Continuous Service, the Participant does not exercise his or her Option or SAR (as applicable) within the applicable time frame, the Option or SAR (as applicable) will terminate.

			
	
			
				 (h)
			Extension of Termination Date.  Except as otherwise provided in the applicable Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if the exercise of an Option or SAR following the termination of a Participant’s Continuous Service (other than for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration requirements, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement.  In addition, except as otherwise provided in the applicable Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if the sale of any Common Stock received upon exercise of an Option or SAR following the termination of a Participant’s Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the Option or SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Agreement.

			
	
			
				 (i)
			Disability of Participant.  Except as otherwise provided in the applicable Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date that is twelve (12) months following such termination of Continuous Service (or such longer or shorter period specified in the Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement.  If, after such termination of 

		 

		

			 

		

		

			7

		

 

	Continuous Service, the Participant does not exercise his or her Option or SAR (as applicable) within the applicable time frame, the Option or SAR (as applicable) will terminate.

			
	
			
				 (j)
			Death of Participant.    Except as otherwise provided in the applicable Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) a Participant dies within the period (if any) specified in the Award Agreement for exercisability after the termination of the Participant’s Continuous Service (for a reason other than death), then the Participant’s Option or SAR may be exercised (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance, or by a person designated to exercise the Option or SAR upon the Participant’s death, but only within such period of time ending on the earlier of (i) the date that is eighteen (18) months following the date of death (or such longer or shorter period specified in the Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement.  If, after the Participant’s death, the Option or SAR (as applicable) is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate.

			
	
			
				 (k)
			Termination for Cause.  Except as explicitly provided otherwise in the applicable Award Agreement or other individual written agreement between a Participant and the Company or an Affiliate, if a Participant’s Continuous Service is terminated for Cause, the Participant’s Option or SAR will terminate immediately upon such termination of Continuous Service, and the Participant will be prohibited from exercising his or her Option or SAR from and after the time of such termination of Continuous Service.

			
	
			
				 (l)
			Non-Exempt Employees.  If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least six (6) months following the date of grant of the Option or SAR (although the Award may vest prior to such date).  Consistent with the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt employee dies or suffers a Disability, (ii) upon a Corporate Transaction in which such Option or SAR is not assumed, continued or substituted, (iii) upon a Change in Control, or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Award Agreement, in another written agreement between the Participant and the Company or an Affiliate, or, if no such definition, in accordance with the Company’s then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six (6) months following the date of grant.  The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay.  To the extent permitted and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from the employee’s regular rate of pay, the provisions of this Section 5(l) will apply to all Stock Awards and are hereby incorporated by reference into such Stock Award Agreements.

			
	
			
				 6.
			Provisions of Stock Awards Other than Options and SARs.

			
	
			
				 (a)
			Restricted Stock Awards.  Each Restricted Stock Award Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate.  To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common Stock underlying a Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions until any restrictions relating to the Restricted Stock Award lapse, or (ii) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board.  The terms and conditions of separate Restricted Stock Award Agreements need not be identical; provided, however, that each Restricted Stock Award Agreement will conform to (through incorporation of the provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following provisions:

			
	
			
				 (i)
			Consideration.  A Restricted Stock Award may be awarded in consideration for (A) cash (including electronic funds transfers), check, bank draft or money order payable to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services) that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

		 

		

			 

		

		

			8

		

 

			
	
			
				 (ii)
			Vesting.  Shares of Common Stock awarded under a Restricted Stock Award Agreement may be subject to forfeiture to or repurchase by the Company in accordance with a vesting schedule to be determined by the Board.

			
	
			
				 (iii)
			Termination of Continuous Service.  If a Participant’s Continuous Service terminates, the Company may receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant that have not vested as of the date of such termination under the terms of the Participant’s Restricted Stock Award Agreement.

			
	
			
				 (iv)
			Transferability.  Rights to acquire shares of Common Stock under a Restricted Stock Award Agreement will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its sole discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the Restricted Stock Award Agreement.

			
	
			
				 (v)
			Dividends.  A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate.

			
	
			
				 (b)
			Restricted Stock Unit Awards.  Each Restricted Stock Unit Award Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate.  The terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical;  provided, however, that each Restricted Stock Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the applicable Award Agreement or otherwise) the substance of each of the following provisions:

			
	
			
				 (i)
			Consideration.  At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award.  The consideration to be paid (if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

			
	
			
				 (ii)
			Vesting.  At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

			
	
			
				 (iii)
			Payment.  A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.

			
	
			
				 (iv)
			Additional Restrictions.  At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to the Restricted Stock Unit Award to a time after the vesting of the Restricted Stock Unit Award.

			
	
			
				 (v)
			Dividend Equivalents.  Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.  At the sole discretion of the Board, such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such manner as determined by the Board.  Any additional shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock Unit Award Agreement to which they relate.

			
	
			
				 (vi)
			Termination of Continuous Service.  Except as otherwise provided in the applicable Restricted Stock Unit Award Agreement or other written agreement between a Participant and the Company or an 

		 

		

			 

		

		

			9

		

 

	Affiliate, if a Participant’s Continuous Service terminates, any portion of the Participant’s Restricted Stock Unit Award that has not vested as of the date of such termination will be forfeited upon such termination.

			
	
			
				 (c)
			Performance Awards.

			
	
			
				 (i)
			Performance Stock Awards.  A Performance Stock Award is a Stock Award (covering a number of shares not in excess of that set forth in Section 3(d)(ii)) that is payable (including that may be granted, vest or be exercised) contingent upon the attainment during a Performance Period of specified Performance Goals.  A Performance Stock Award may, but need not, require the Participant’s completion of a specified period of Continuous Service.  The length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively determined by the Committee (or, to the extent that an Award is not intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Board or the Committee), in its sole discretion.  In addition, to the extent permitted by applicable law and the applicable Award Agreement, the Board or the Committee may determine that cash may be used in payment of Performance Stock Awards.

			
	
			
				 (ii)
			Performance Cash Awards.  A Performance Cash Award is a cash award (for a dollar value not in excess of that set forth in Section 3(d)(iii)) that is payable contingent upon the attainment during a Performance Period of specified Performance Goals.  A Performance Cash Award may, but need not, require the Participant’s completion of a specified period of Continuous Service.  The length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively determined by the Committee (or, to the extent that an Award is not intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Board or the Committee), in its sole discretion.  The Board or the Committee may specify the form of payment of Performance Cash Awards, which may be cash or other property, or may provide for a Participant to have the option for his or her Performance Cash Award, or such portion thereof as the Board or the Committee may specify, to be paid in whole or in part in cash or other property.

			
	
			
				 (iii)
			Committee and Board Discretion.  With respect to any Performance Stock Award or Performance Cash Award, the Committee (or, to the extent that an Award is not intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Board or the Committee) retains the discretion to (A) reduce or eliminate the compensation or economic benefit due upon attainment of the Performance Goals on the basis of any considerations as the Committee or Board (as applicable), in its sole discretion, may determine and (B) define the manner of calculating the Performance Criteria it selects to use for a Performance Period.  

			
	
			
				 (iv)
			Section 162(m) Compliance.  With respect to any Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code, unless otherwise permitted under Section 162(m) of the Code, the Committee will establish the Performance Goals applicable to, and the formula for calculating the amount payable under, the Award no later than the earlier of (A) the date ninety (90) days after the commencement of the applicable Performance Period, and (B) the date on which twenty-five percent (25%) of the Performance Period has elapsed, and in any event at a time when the achievement of the applicable Performance Goals remains substantially uncertain.  Prior to the payment of any compensation under an Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee will certify the extent to which any Performance Goals and any other material terms under such Award have been satisfied (other than in cases where such Performance Goals or terms relate solely to the increase in the value of the Common Stock).

			
	
			
				 (d)
			Other Stock Awards.   Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including the appreciation in value thereof (e.g., options or stock appreciation rights with an exercise price or strike price less than one hundred percent (100%) of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone or in addition to Stock Awards granted under Section 5 and this Section 6.  Subject to the provisions of the Plan, the Board will have sole and complete authority to determine the persons to whom and the time or times at which such Other Stock Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock Awards and all other terms and conditions of such Other Stock Awards.

		 

		

			 

		

		

			10

		

 

			
	
			
				 7.
			Covenants of the Company.

			
	
			
				 (a)
			Availability of Shares.  The Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy then-outstanding Stock Awards.

			
	
			
				 (b)
			Securities Law Compliance.  The Company will seek to obtain from each regulatory commission or agency having jurisdiction over the Plan the authority required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this undertaking will not require the Company to register under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award.  If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained.  A Participant will not be eligible for the grant of an Award or the subsequent issuance of cash or Common Stock pursuant to the Award if such grant or issuance would be in violation of any applicable securities law.

			
	
			
				 (c)
			No Obligation to Notify or Minimize Taxes.  The Company will have no duty or obligation to any Participant to advise such holder as to the time or manner of exercising a Stock Award.  Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised.  The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award.

			
	
			
				 8.
			Miscellaneous.

			
	
			
				 (a)
			Use of Proceeds from Sales of Common Stock.  Proceeds from the sale of shares of Common Stock issued pursuant to Stock Awards will constitute general funds of the Company.

			
	
			
				 (b)
			Corporate Action Constituting Grant of Awards.  Corporate action constituting a grant by the Company of an Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant.  In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the papering of the Award Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documents.  

			
	
			
				 (c)
			Stockholder Rights.  No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to an Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of shares of Common Stock under, the Award pursuant to its terms, and (ii) the issuance of the Common Stock subject to such Award has been entered into the books and records of the Company.

			
	
			
				 (d)
			No Employment or Other Service Rights.    Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or will affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be.

			
	
			
				 (e)
			Change in Time Commitment.  In the event a Participant’s regular level of time commitment in the performance of his or her services for the Company or any Affiliate is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a full-time Employee 

		 

		

			 

		

		

			11

		

 

	to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant, the Board has the right in its sole discretion to (i) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award.  In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended.

			
	
			
				 (f)
			Incentive Stock Option Limitations.  To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000) (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

			
	
			
				 (g)
			Investment Assurances.  The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the Award, and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring Common Stock subject to the Award for the Participant’s own account and not with any present intention of selling or otherwise distributing the Common Stock.  The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws.  The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

			
	
			
				 (h)
			Withholding Obligations.    Unless prohibited by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any federal, state or local tax withholding obligation relating to an Award by any of the following means  or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii)  withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Stock Award; provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Stock Award as a liability for financial accounting purposes); (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such other method as may be set forth in the Award Agreement.

			
	
			
				 (i)
			Electronic Delivery.  Any reference herein to a “written” agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access).

			
	
			
				 (j)
			Deferrals.  To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be made by Participants.  Deferrals by Participants will be made in accordance with Section 409A of the Code.  Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise providing services to the Company.  The Board is authorized to make deferrals of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law.

		 

		

			 

		

		

			12

		

 

			
	
			
				 (k)
			Section 409A Compliance.  Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code.  If the Board determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement.  Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six (6) months following the date of the Participant’s “separation from service” or, if earlier, the date of the Participant’s death, unless such distribution or payment may be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six (6) month period elapses, with the balance paid thereafter on the original schedule.

			
	
			
				 (l)
			Clawback/Recovery.  All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.  In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including, but not limited to, a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of Cause.  No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company.

			
	
			
				 9.
			Adjustments upon Changes in Common Stock; Other Corporate Events.

			
	
			
				 (a)
			Capitalization Adjustments.    In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a); (ii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c); (iii) the class(es) and maximum number of securities that may be awarded to any Participant pursuant to Section 3(d); (iv) the class(es) and maximum number of securities that may be awarded to any Non-Employee Director pursuant to Section 3(e); and (v) the class(es) and number of securities and price per share of stock subject to outstanding Stock Awards.  The Board will make such adjustments, and its determination will be final, binding and conclusive.

			
	
			
				 (b)
			Dissolution or Liquidation.  Except as otherwise provided in the applicable Stock Award Agreement or other written agreement between a Participant and the Company or an Affiliate, in the event of a dissolution or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to a forfeiture condition or the Company’s right of repurchase may be reacquired or repurchased by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service; provided, however, that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested, exercisable and/or no longer subject to forfeiture or repurchase (to the extent such Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

			
	
			
				 (c)
			Corporate Transactions.  In the event of a Corporate Transaction, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Stock Awards, contingent upon the closing or consummation of the Corporate Transaction, unless otherwise provided in the instrument evidencing the Stock Award, in any other written agreement between the Company or any Affiliate and the Participant or in any director compensation policy of the Company, or unless otherwise expressly provided by the Board at the time of grant of the Stock Award:

		 

		

			 

		

		

			13

		

 

			
	
			
				 (i)
			arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award to acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction);

			
	
			
				 (ii)
			arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company);

			
	
			
				 (iii)
			accelerate the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be exercised) to a date prior to the effective time of such Corporate Transaction as the Board determines (or, if the Board does not determine such a date, to the date that is five (5) days prior to the effective date of the Corporate Transaction), with such Stock Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction; provided, however, that the Board may require Participants to complete and deliver to the Company a notice of exercise before the effective date of a Corporate Transaction, which exercise is contingent upon the effectiveness of such Corporate Transaction;

			
	
			
				 (iv)
			arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Stock Award;

			
	
			
				 (v)
			cancel or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the Corporate Transaction, and pay such cash consideration (including no consideration) as the Board, in its sole discretion, may consider appropriate; and

			
	
			
				 (vi)
			cancel or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the Corporate Transaction, in exchange for a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the per share amount payable to holders of Common Stock in connection with the Corporate Transaction, over (B) the per share exercise price under the applicable Award.  For clarity, this payment may be zero ($0) if the value of the property is equal to or less than the exercise price.  In addition, any escrow, holdback, earnout or similar provisions in the definitive agreement for the Corporate Transaction may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Common Stock.   

		
			The Board need not take the same action or actions with respect to all Stock Awards or portions thereof or with respect to all Participants.  The Board may take different actions with respect to the vested and unvested portions of a Stock Award.
		

		
			In the event of a Corporate Transaction, unless otherwise provided in the instrument evidencing a Performance Cash Award or any other written agreement between the Company or any Affiliate and the Participant, or unless otherwise expressly provided by the Board, all Performance Cash Awards outstanding under the Plan will terminate prior to the effective time of such Corporate Transaction.  
		

			
	
			
				 (d)
			Change in Control.  A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Stock Award Agreement for such Stock Award, in any other written agreement between the Company or any Affiliate and the Participant or in any director compensation policy of the Company, but in the absence of such provision, no such acceleration will occur.  

			
	
			
				 10.
			Termination or Suspension of the Plan.

			
	
			
				 (a)
			The Board may suspend or terminate the Plan at any time.  No Incentive Stock Option may be granted after the tenth (10th) anniversary of the earlier of (i) the Adoption Date or (ii) the date the Plan is approved by the stockholders of the Company.  No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

		 

		

			 

		

		

			14

		

 

			
	
			
				 (b)
			No Impairment of Rights.  Suspension or termination of the Plan will not materially impair rights and obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan (including Section 2(b)(viii)) or an Award Agreement.

			
	
			
				 11.
			Effective Date of Plan.

		
			This Plan will become effective on the Effective Date.
		

			
	
			
				 12.
			Choice of Law.

		
			The laws of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state’s conflict of laws rules.
		

			
	
			
				 13.
			Definitions.  As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

			
	
			
				 (a)
			“Adoption Date” means April 5, 2016, which is the date the Plan was adopted by the Board.

			
	
			
				 (b)
			“Affiliate” means, at the time of determination, any “parent” or “subsidiary” of the Company as such terms are defined in Rule 405.  The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition.

			
	
			
				 (c)
			  “Award” means a Stock Award or a Performance Cash Award.

			
	
			
				 (d)
			“Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of an Award.

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

			
	
			
				 (f)
			“Capital Stock” means each and every class of common stock of the Company, regardless of the number of votes per share.

			
	
			
				 (g)
			“Capitalization Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Stock Award after the Adoption Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto).  Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

			
	
			
				 (h)
			“Cause” will have the meaning ascribed to such term in any written agreement between a Participant and the Company or an Affiliate defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) such Participant has breached his or her employment or service contract with the Company or an Affiliate, (ii) such Participant has engaged in disloyalty to the Company or an Affiliate, including, without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty, (iii) such Participant has disclosed trade secrets or confidential information of the Company or an Affiliate to persons not entitled to receive such information, (iv) such Participant has breached any written non-competition, non-solicitation, invention assignment or confidentiality agreement between the Participant and the Company or an Affiliate or (v) such Participant has engaged in such other behavior detrimental to the interests of the Company or an Affiliate as the Company determines.  The determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause will be made by the Company, in its sole discretion.  Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose.

		 

		

			 

		

		

			15

		

 

			
	
			
				 (i)
			“Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events:

			
	
			
				 (i)
			any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction.  Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities, or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur;

			
	
			
				 (ii)
			there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%) of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction;

			
	
			
				 (iii)
			there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

			
	
			
				 (iv)
			individuals who, on the Adoption Date, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the Incumbent Board.

		
			Notwithstanding the foregoing definition or any other provision of this Plan, (A) the term Change in Control will not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous term) in an individual written agreement between a Participant and the Company or an Affiliate will supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that (1) if no definition of Change in Control (or any analogous term) is set forth in such an individual written agreement, the foregoing definition will apply; and (2) no Change in Control (or any analogous term) will be deemed to occur with respect to Awards subject to such an individual written agreement without a requirement that the Change in Control (or any analogous term) actually occur.  If required for compliance with Section 409A of the Code, in no event will an event be deemed a Change in Control if such event is not also a “change in the ownership of” the Company, a “change in the effective control of” the Company, or a “change in the ownership of a substantial portion of the assets of” the Company, each as determined under Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder).  The Board may, in its sole discretion and without a Participant’s consent, amend the definition of “Change in Control” to conform to the definition of a “change in control event” under Section 409A of the Code and the regulations thereunder.
		

		 

		

			 

		

		

			16

		

 

			
	
			
				 (j)
			“Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

			
	
			
				 (k)
			“Committee” means a committee of one (1) or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

			
	
			
				 (l)
			“Common Stock” means the common stock of the Company.

			
	
			
				 (m)
			“Company” means Cerecor, Inc., a Delaware corporation.

			
	
			
				 (n)
			“Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services.  However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan.    Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person.

			
	
			
				 (o)
			“Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated.  A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate.  For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption of Continuous Service.  To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors.  Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law.

			
	
			
				 (p)
			“Corporate Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:

			
	
			
				 (i)
			a sale or other disposition of all or substantially all, as determined by the Board, in its sole discretion, of the consolidated assets of the Company and its Subsidiaries;

			
	
			
				 (ii)
			a sale or other disposition of more than fifty percent (50%) of the outstanding securities of the Company;

			
	
			
				 (iii)
			a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

			
	
			
				 (iv)
			a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

		
			If required for compliance with Section 409A of the Code, in no event will an event be deemed a Corporate Transaction if such event is not also a “change in the ownership of” the Company, a “change in the effective control of” the Company, or a “change in the ownership of a substantial portion of the assets of” the Company, each as 

		 

		

			 

		

		

			17

		

 

determined under Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder).  The Board may, in its sole discretion and without a Participant’s consent, amend the definition of “Corporate Transaction” to conform to the definition of a “change in control event” under Section 409A of the Code and the regulations thereunder.
		

			
	
			
				 (q)
			“Covered Employee” will have the meaning provided in Section 162(m)(3) of the Code.

			
	
			
				 (r)
			“Director” means a member of the Board.

			
	
			
				 (s)
			“Disability” means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than twelve (12) months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.

			
	
			
				 (t)
			“Effective Date” means the effective date of this Plan document, which is the date of the annual meeting of stockholders of the Company held in 2016, provided that this Plan is approved by the Company’s stockholders at such meeting.

			
	
			
				 (u)
			“Employee” means any person employed by the Company or an Affiliate.  However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

			
	
			
				 (v)
			“Entity” means a corporation, partnership, limited liability company or other entity.

			
	
			
				 (w)
			“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

			
	
			
				 (x)
			“Exchange Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company, or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities.

			
	
			
				 (y)
			“Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:

			
	
			
				 (i)
			If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable.

			
	
			
				 (ii)
			Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing sales price on the last preceding date for which such quotation exists.

			
	
			
				 (iii)
			In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.

		 

		

			 

		

		

			18

		

 

			
	
			
				 (z)
			  “Incentive Stock Option” means an option granted pursuant to Section 5 that is intended to be, and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.

			
	
			
				 (aa)
			“Non-Employee Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K, or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3.

			
	
			
				 (bb)
			“Nonstatutory Stock Option” means an option granted pursuant to Section 5 that does not qualify as an Incentive Stock Option.

			
	
			
				 (cc)
			“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

			
	
			
				 (dd)
			“Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

			
	
			
				 (ee)
			“Option Agreement” means a written agreement between the Company and a holder of an Option evidencing the terms and conditions of an Option grant.  Each Option Agreement will be subject to the terms and conditions of the Plan.

			
	
			
				 (ff)
			“Other Stock Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant to the terms and conditions of Section 6(d).

			
	
			
				 (gg)
			“Other Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock Award evidencing the terms and conditions of an Other Stock Award grant.  Each Other Stock Award Agreement will be subject to the terms and conditions of the Plan.

			
	
			
				 (hh)
			“Outside Director” means a Director who either (i) is not a current employee of the Company or an “affiliated corporation” (within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company or an “affiliated corporation” who receives compensation for prior services (other than benefits under a tax-qualified retirement plan) during the taxable year, has not been an officer of the Company or an “affiliated corporation,” and does not receive remuneration from the Company or an “affiliated corporation,” either directly or indirectly, in any capacity other than as a Director, or (ii) is otherwise considered an “outside director” for purposes of Section 162(m) of the Code.

			
	
			
				 (ii)
			“Own,” “Owned,” “Owner,” “Ownership” means a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

			
	
			
				 (jj)
			“Participant” means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

			
	
			
				 (kk)
			“Performance Cash Award” means an award of cash granted pursuant to the terms and conditions of Section 6(c)(ii).

			
	
			
				 (ll)
			“Performance Criteria” means the one or more criteria that the Board will select for purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any one of, or combination of, the following as determined by the Board: (i) cash flow; (ii) earnings (including gross margin, earnings before interest and taxes, earnings before taxes, earnings 

		 

		

			 

		

		

			19

		

 

	before interest, taxes, depreciation, amortization and charges for stock-based compensation, earnings before interest, taxes, depreciation and amortization, earnings before interest, taxes and depreciation and net earnings); (iii) earnings per share; (iv) growth in earnings or earnings per share; (v) stock price; (vi) return on equity or average stockholder equity; (vii) total stockholder return or growth in total stockholder return either directly or in relation to a comparative group; (viii) return on capital; (ix) return on assets or net assets; (x) revenue, growth in revenue or return on sales; (xi)  income or net income; (xii) operating income, (xiii) net operating income or net operating income after tax; (xiv) operating profit or net operating profit; (xv) operating margin; (xvi) return on operating revenue or return on operating profit; (xvii) regulatory filings; (xviii) regulatory approvals, litigation or regulatory resolution goals; (xix) other operational, regulatory or departmental objectives; (xx) budget comparisons; (xxi) growth in stockholder value relative to established indexes, or another peer group or peer group index; (xxiii) development and implementation of strategic plans and/or organizational restructuring goals; (xxiv) development and implementation of risk and crisis management programs; (xxv) improvement in workforce diversity; (xxvi) compliance requirements and compliance relief; (xxvii) safety goals; (xxviii) productivity goals; (xxix) workforce management and succession planning goals; (xxx) economic value added (including typical adjustments consistently applied from generally accepted accounting principles required to determine economic value added performance measures); (xxxi) measures of customer satisfaction, employee satisfaction or staff development; (xxxii) development or marketing collaborations, formations of joint ventures or partnerships or the completion of other similar transactions intended to enhance the Company’s revenue or profitability or enhance its customer base; (xxxiii) merger and acquisitions; (xxxiv) implementation or completion of projects or processes (including, without limitation, clinical trial initiation, clinical trial enrollment and dates, clinical trial results, regulatory filing submissions, regulatory filing acceptances, regulatory or advisory committee interactions, regulatory approvals, new and supplemental indications for existing products, and product supply); (xxxv) initiation of phases of clinical trials and/or studies by specific dates; (xxxvi) acquisition of new customers, including institutional accounts; (xxxvii) customer retention and/or repeat order rate; (xxxviii) number of institutional customer accounts (xxxix) budget management; (xl) improvements in sample and test processing times; (xli) regulatory milestones; (xlii) progress of internal research or clinical programs; (xliii) progress of partnered programs; (xliv) partner satisfaction; (xlv) milestones related to samples received and/or tests run; (xlvi) expansion of sales in additional geographies or markets; (xlvii) research progress, including the development of programs; (xlviii) submission to, or approval by, a regulatory body (including, but not limited to the U.S. Food and Drug Administration) of an applicable filing or a product; (xlix) timely completion of clinical trials; (l) milestones related to samples received and/or tests or panels run; (li) expansion of sales in additional geographies or markets; (lii) research progress, including the development of programs; (liii) patient samples processed and billed; (liv) sample processing operating metrics (including, without limitation, failure rate maximums and reduction of repeat rates); (lv) strategic partnerships or transactions (including in-licensing and out-licensing of intellectual property; (lvi) and other similar criteria consistent with the foregoing; and (lvii) to the extent that an Award is not intended to comply with Section 162(m) of the Code, other measures of performance selected by the Board.

			
	
			
				 (mm)
			“Performance Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award Agreement at the time the Award is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established, the Board will appropriately make adjustments in the method of calculating the attainment of Performance Goals for a Performance Period as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects of changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax rates; (5) to exclude the effects of items that are unusual in nature or occur infrequently as determined under generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures; (7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of common stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common stockholders other than regular cash dividends; (9) to exclude the effects of stock based compensation and the award of bonuses under the Company’s bonus plans; (10) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to be expensed under generally accepted accounting principles; and (11) to exclude the goodwill and intangible asset impairment charges that are required to be recorded under generally accepted accounting principles. In addition, the 

		 

		

			 

		

		

			20

		

 

	Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for such Performance Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Stock Award Agreement or the written terms of a Performance Cash Award. 

			
	
			
				 (nn)
			“Performance Period” means the period of time selected by the Committee (or, to the extent that an Award is not intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Board or the Committee) over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to and the payment of a Performance Stock Award or a Performance Cash Award.  Performance Periods may be of varying and overlapping duration, at the sole discretion of the Committee (or Board, if applicable).

			
	
			
				 (oo)
			“Performance Stock Award” means a Stock Award granted under the terms and conditions of Section 6(c)(i).

			
	
			
				 (pp)
			“Plan” means this Cerecor, Inc. 2016 Equity Incentive Plan.

			
	
			
				 (qq)
			“Restricted Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a).

			
	
			
				 (rr)
			“Restricted Stock Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant.  Each Restricted Stock Award Agreement will be subject to the terms and conditions of the Plan.

			
	
			
				 (ss)
			“Restricted Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(b).

			
	
			
				 (tt)
			“Restricted Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant.  Each Restricted Stock Unit Award Agreement will be subject to the terms and conditions of the Plan.

			
	
			
				 (uu)
			“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

			
	
			
				 (vv)
			“Rule 405” means Rule 405 promulgated under the Securities Act.  

			
	
			
				 (ww)
			“Securities Act” means the Securities Act of 1933, as amended.

			
	
			
				 (xx)
			“Stock Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 5.

			
	
			
				 (yy)
			“Stock Appreciation Right Agreement” or “SAR Agreement” means a written agreement between the Company and a holder of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant.  Each Stock Appreciation Right Agreement will be subject to the terms and conditions of the Plan.

			
	
			
				 (zz)
			“Stock Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory Stock Option, a Stock Appreciation Right, a Restricted Stock Award, a Restricted Stock Unit Award, a Performance Stock Award or any Other Stock Award.

			
	
			
				 (aaa)
			“Stock Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of a Stock Award grant.  Each Stock Award Agreement will be subject to the terms and conditions of the Plan.

		 

		

			 

		

		

			21

		

 

			
	
			
				 (bbb)
			“Subsidiary” means, with respect to the Company, (i) any corporation of which more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%).

			
	
			
				 (ccc)
			“Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Affiliate.

		
			 
		

		 

		

			 

		

		

			22

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