Document:

Exhibit 10.1

 

	 	 	 

 

Farmland
Partners Inc. 

 

THIRD
Amended and restated 2014 Equity Incentive Plan

	 	 	 

 

     

     

    

 

TABLE OF CONTENTS

Page

	1.   PURPOSE	1
	2.   DEFINITIONS	1
	3.   ADMINISTRATION OF THE PLAN	7
	3.1   Committee.	7
	3.2   Terms of Awards.	8
	3.3   Forfeiture; Recoupment.	9
	3.4   No Repricing.	10
	3.5   Deferral Arrangement.	10
	3.6   No Liability.	10
	3.7   Share Issuance/Book-Entry.	10
	4.   SHARES SUBJECT TO THE PLAN	10
	4.1   Number of Shares Available for Awards.	10
	4.2   Adjustments in Authorized Shares.	11
	4.3   Share Usage.	11
	5.   EFFECTIVE DATE, DURATION AND AMENDMENTS	11
	5.1   Effective Date.	11
	5.2   Term.	11
	5.3   Amendment and Termination of the Plan.	12
	6.   AWARD ELIGIBILITY AND LIMITATIONS	12
	6.1   Service Providers and Other Persons.	12
	6.2   Limitation on Shares Subject to Awards and Cash Awards.	12
	6.3   Non-Employee Director Limit	13
	6.4   Stand-Alone, Additional, Tandem and Substitute Awards.	13
	7.   AWARD AGREEMENT	13
	8.   TERMS AND CONDITIONS OF OPTIONS	13
	8.1   Option Price.	13
	8.2   Vesting.	14
	8.3   Term.	14
	8.4   Termination of Service.	14
	8.5   Limitations on Exercise of Option.	14
	8.6   Method of Exercise.	14
	8.7   Rights of Holders of Options.	15
	8.8   Delivery of Share Certificates.	15
	8.9   Transferability of Options.	15
	8.10   Family Transfers.	15
	8.11   Limitations on Incentive Stock Options.	15
	8.12   Notice of Disqualifying Disposition.	16
	9.   TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS	16
	9.1   Right to Payment and Grant Price.	16
	9.2   Other Terms.	16
	9.3   Term.	16
	9.4   Transferability of SARS.	16
	9.5   Family Transfers.	17
	10.   TERMS AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS	17

 

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	10.1   Grant of Restricted Stock or Stock Units.	17
	10.2   Restrictions.	17
	10.3   Restricted Stock Certificates.	17
	10.4   Rights of Holders of Restricted Stock.	18
	10.5   Rights of Holders of Stock Units.	18
	10.6   Termination of Service.	19
	10.7   Delivery of Shares.	19
	11.   TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS	19
	12.   FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK	20
	12.1   General Rule.	20
	12.2   Surrender of Shares.	20
	12.3   Cashless Exercise.	20
	12.4   Other Forms of Payment.	20
	13.   TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS	20
	13.1   Dividend Equivalent Rights.	20
	13.2   Termination of Service.	21
	14.   TERMS AND CONDITIONS OF PERFORMANCE AWARDS AND ANNUAL INCENTIVE AWARDS	21
	14.1   Grant of Performance Awards and Annual Incentive Awards.	21
	14.2   Value of Performance Awards and Annual Incentive Awards.	21
	14.3   Earning of Performance Awards and Annual Incentive Awards.	21
	14.4   Form and Timing of Payment of Performance Awards and Annual Incentive Awards.	22
	14.5   Performance Conditions.	22
	14.6   Performance Awards or Annual Incentive Awards Granted to Designated Covered Employees.	22
	14.7   Status of Awards Under Code Section 162(m).	25
	15.   TERMS AND CONDITIONS OF LONG-TERM INCENTIVE UNITS	26
	15.1   Vesting.	26
	16.   PARACHUTE LIMITATIONS	26
	17.   REQUIREMENTS OF LAW	27
	17.1   General.	27
	17.2   Rule 16b-3.	27
	18.   EFFECT OF CHANGES IN CAPITALIZATION	28
	18.1   Changes in Shares.	28
	18.2   Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control.	28
	18.3   Change in Control in which Awards are not Assumed.	29
	18.4   Change in Control in which Awards are Assumed.	30
	18.5   Adjustments	30
	18.6   No Limitations on Company.	30
	19.   GENERAL PROVISIONS	31
	19.1   Disclaimer of Rights.	31
	19.2   Nonexclusivity of the Plan.	31
	19.3   Withholding Taxes.	31

 

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	19.4   Captions.	32
	19.5   Other Provisions.	32
	19.6   Number and Gender.	32
	19.7   Severability.	32
	19.8   Governing Law.	32
	19.9   Code Section 409A.	32

 

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Farmland
Partners Inc.

2014 EQUITY INCENTIVE PLAN

(as amended and restated effective May 7, 2021)

 

Farmland Partners Inc., a Maryland corporation
(the “Company”), sets forth herein the terms of its 2014 Equity Incentive Plan (the “Plan”), as follows:

 

		1.	PURPOSE

 

The Plan is intended to provide (a) incentive to
officers, employees, directors, consultants and other eligible persons to stimulate their efforts towards the success of the Company and
to operate and manage its business in a manner that will provide for the long term growth and profitability of the Company; and (b) a
means of obtaining, rewarding and retaining key personnel. To this end, the Plan provides for the grant of stock options, stock appreciation
rights, restricted stock, unrestricted stock, stock units (including deferred stock units), dividend equivalent rights, long-term incentive
units, other equity-based awards and cash bonus awards. Any of these awards may, but need not, be made as performance incentives to reward
attainment of annual or long-term performance goals in accordance with the terms hereof. Stock options granted under the Plan may be non-qualified
stock options or incentive stock options, as provided herein.

 

		2.	DEFINITIONS

 

For purposes of interpreting the Plan and related
documents (including Award Agreements), the following definitions shall apply:

 

2.1             
“Affiliate” means, with respect to the Company, any company or other trade or business that controls, is controlled
by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the Securities Act, including, without
limitation, any Subsidiary. For purposes of granting Options or Stock Appreciation Rights, an entity may not be considered an Affiliate
of the Company unless the Company holds a “controlling interest” in such entity, where the term “controlling interest”
has the same meaning as provided in Treasury Regulation Section 1.414(c)-2(b)(2)(i), provided that the language “at least 50 percent”
is used instead of “at least 80 percent” and, provided further, that where granting of Options or Stock Appreciation Rights
is based upon a legitimate business criteria, the language “at least 20 percent” is used instead of “at least 80 percent”
each place it appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i).

 

2.2             
“Annual Incentive Award” means an Award, denominated in cash, made subject to attainment of performance goals (as
described in Section 14) over a Performance Period of up to one (1) year (which shall correspond to the Company’s fiscal
year, unless otherwise specified by the Committee).

 

2.3             
“Applicable Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions
of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange
or national market system, of any jurisdiction applicable to Awards granted to residents therein.

 

     

     

    

 

2.4             
 “Award” means a grant of an Option, Stock Appreciation Right, Restricted Stock, Unrestricted Stock, Stock Unit,
Dividend Equivalent Right, Performance Award, Annual Incentive Award, LTIP Unit, or Other Equity-Based Award under the Plan.

 

2.5             
“Award Agreement” means the agreement between the Company and a Grantee that evidences and sets out the terms and
conditions of an Award.

 

2.6             
“Benefit Arrangement” shall have the meaning set forth in Section 16.

 

2.7             
“Board” means the Board of Directors of the Company.

 

2.8             
“Cause” means, unless defined otherwise in a Service Provider’s Award Agreement or employment, consulting
or services agreement with the Company or an Affiliate (in which case such definition shall control), as determined by the Committee,
the Service Provider’s (i) continued failure to substantially perform duties, or gross negligence or willful misconduct in connection
with the performance of duties; (ii) conviction or plea of guilty or nolo contendere of a felony; (iii) conviction of any other criminal
offense involving an act of dishonesty intended to result in substantial personal enrichment of such Grantee at the expense of the Company
or an Affiliate; or (iv) material breach of any Company policy or term of any employment, consulting or other services, confidentiality,
intellectual property or non-competition agreements, if any, between the Service Provider and the Company or an Affiliate.

 

2.9             
“Change in Control” means:

 

(i)                
Any “person” as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”) (other than the Company, any trustee or other fiduciary holding securities under any employee benefit
plan of the Company or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion
as their ownership of stock of the Company), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s
then outstanding voting securities;

 

(ii)             
During any period of twelve consecutive months, individuals who at the beginning of such period constitute the Board, and any new
director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described
in clause (i), (iii) or (iv) hereof) whose election by the Board or nomination for election by the Company’s stockholders was approved
by a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof, but excluding,
for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest
with respect to the election or removal of directors or actual threatened solicitation of proxies or consents by or on behalf of a person
other than the Board;

 

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(iii)            The
consummation of a merger or consolidation of the Company with any other entity or approve the issuance of voting securities in
connection with a merger or consolidation of the Company (or any direct or indirect subsidiary thereof) pursuant to applicable
exchange requirements, other than (A) a merger or consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving or parent entity) at least 50.1% of the combined voting power of the voting securities of the Company or
such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected
to implement a recapitalization of the Company (or similar transaction) in which no “person” (as defined above) is or
becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of either of the then
outstanding shares of Common Stock or the combined voting power of the Company’s then outstanding voting securities; or

 

(iv)            
The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets (or any transaction
or series of transactions within a period of twelve months ending on the date of the last sale or disposition having a similar effect).

 

Notwithstanding the foregoing, if an Award constitutes
deferred compensation within the meaning of Code Section 409A, no payment, settlement or vesting (if vesting would be deemed a distribution
with respect to the Award under Section 409A) shall occur with respect to such Award on account of the Change in Control transaction or
event unless the transaction or event also constitutes a change in the ownership or effective control of the Company or a change in the
ownership of a substantial portion of the Company’s assets, as those terms are used in Code Section 409A(a)(2)(c)(v).

 

2.10         
“Code” means the Internal Revenue Code of 1986, as now in effect or as hereafter amended.

 

2.11         
“Committee” means the Committee constituted under Section 3 to administer the Plan.

 

2.12         
“Common Stock” means the common stock of the Company, par value $0.01 per share.

 

2.13         
“Company” means Farmland Partners Inc., a Maryland corporation.

 

2.14         
“Covered Employee” means a Grantee who is a covered employee within the meaning of Code Section 162(m)(3).

 

2.15         
“Determination Date” means the Grant Date or such other date as of which the Fair Market Value of a Share is required
to be established for purposes of the Plan.

 

2.16          “Disability”
means the Grantee is unable to perform each of the essential duties of such Grantee’s position by reason of a medically
determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a
continuous period of not less than 12 months; provided, however, that, with respect to rules regarding expiration of an Incentive
Stock Option following termination of the Grantee’s Service, Disability shall mean the Grantee is unable to engage in any
substantial gainful activity by reason of a medically determinable physical or mental impairment which can be expected to result in
death or which has lasted or can be expected to last for a continuous period of not less than 12 months.

 

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2.17         
“Dividend Equivalent Right” means a right, granted to a Grantee under Section 13, to receive cash, Shares,
other Awards or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic payments.

 

2.18         
“Effective Date” means March 24, 2014, the date the Plan was approved by the stockholders of the Company.

 

2.19         
“Exchange Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended.

 

2.20         
“Fair Market Value” means the fair market value of a Share for purposes of the Plan, which shall be determined
as of any Determination Date as follows:

 

(i)                
If on such Determination Date the Shares are listed on a Stock Exchange, or are publicly traded on another established securities
market (a “Securities Market”), the Fair Market Value of a Share shall be the closing price of a Share as reported
on such Stock Exchange or such Securities Market (provided that, if there is more than one such Stock Exchange or Securities Market, the
Committee shall designate the appropriate Stock Exchange or Securities Market for purposes of the Fair Market Value determination). If
there is no such reported closing price on such Determination Date, the Fair Market Value of a Share shall be the closing price of a Share
on the most recent date prior to such Determination Date on which any sale of Shares shall have been reported on such Stock Exchange or
such Securities Market.

 

(ii)             
If on such Determination Date the Shares are not listed on a Stock Exchange or publicly traded on a Securities Market, the Fair
Market Value of a Share shall be the value of a Share as determined by the Committee in good faith; provided, however, that if such Fair
Market Value is used to determine an Option Price or a SAR Exercise Price, the Committee shall use a reasonable application of a reasonable
valuation method, in a manner consistent with Code Section 409A.

 

2.21         
“Family Member” means a person who is a spouse, former spouse, child, stepchild, grandchild, parent, stepparent,
grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law,
including adoptive relationships, of the Grantee, any person sharing the Grantee’s household (other than a tenant or employee),
a trust in which any one or more of these persons have more than fifty percent (50%) of the beneficial interest, a foundation in which
any one or more of these persons (or the Grantee) control the management of assets, and any other entity in which one or more of these
persons (or the Grantee) own more than fifty percent (50%) of the voting interests.

 

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2.22          “Good
Reason” means, unless defined otherwise in a Service Provider’s Award Agreement or employment, consulting or
services agreement with the Company or an Affiliate (in which case such definition shall control), as determined by the Committee
(i) a material adverse change to the Service Provider’s title or responsibilities; (ii) a material reduction in the Service
Provider’s annual base salary or annual target bonus opportunity; or (iii) the relocation of the Service Provider’s
principal place of employment to a location more than 35 miles from the Service Provider’s principal place of employment or
the Company’s requiring the Service Provider to be based anywhere other than such principal place of employment (or permitted
relocation thereof) except for required travel on the Company’s business to an extent substantially consistent with the
Service Provider’s business travel obligations as of immediately prior to the Change in Control; provided, however, that the
Service Provider must provide written notice to the Company of the condition that could constitute a “Good Reason” event
within ninety (90) days of the initial existence of such condition, such condition must not have been remedied by the Company within
thirty (30) days of such written notice, and the termination must occur within ninety (90) days after such failure to remedy the
event.

 

2.23         
“Grant Date” means, as determined by the Committee, the latest to occur of (i) the date as of which the Company
completes the action constituting the Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award
under Section 6, or (iii) such other date as may be specified by the Committee.

 

2.24         
“Grantee” means a natural person who receives or holds an Award under the Plan.

 

2.25         
“Incentive Stock Option” means an “incentive stock option” within the meaning of Code Section 422,
or the corresponding provision of any subsequently enacted tax statute, as amended from time to time.

 

2.26         
“Long-Term Incentive Unit” or “LTIP Unit” means an Award under Section 15 of an interest
in the operating partnership affiliated with the Company.

 

2.27         
“Non-Qualified Stock Option” means an Option that is not an Incentive Stock Option.

 

2.28         
“Option” means an option to purchase one or more Shares pursuant to the Plan.

 

2.29         
“Option Price” means the exercise price for each Share subject to an Option.

 

2.30         
“Other Agreement” shall have the meaning set forth in Section 16.

 

2.31         
“Other Equity-Based Award” means a right or other interest that may be denominated or payable in, valued in whole
or in part by reference to, or otherwise based on, or related to, Shares, other than an Option, Stock Appreciation Right, Restricted Stock,
Unrestricted Stock, Stock Unit, Dividend Equivalent Right, Performance Award or Annual Incentive Award.

 

2.32         
“Outside Director” means a member of the Board who is not an officer or employee of the Company.

 

2.33         
“Performance Award” means an Award made subject to the attainment of performance goals (as described in Section
14) over a Performance Period of up to ten (10) years.

 

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2.34         
 “Performance-Based Compensation” means compensation under an Award that is intended to satisfy the requirements
of Code Section 162(m) for “qualified performance-based compensation” paid to Covered Employees. Notwithstanding the foregoing,
nothing in the Plan shall be construed to mean that an Award which does not satisfy the requirements for “qualified performance-based
compensation” under Code Section 162(m) does not constitute performance-based compensation for other purposes, including for purposes
of Code Section 409A.

 

2.35         
“Performance Measures” means measures as described in Section 14 on which the performance goals are based
and which have been approved by the Company’s stockholders pursuant to the Plan in order to qualify Awards as Performance-Based
Compensation.

 

2.36         
“Performance Period” means the period of time during which the performance goals must be met in order to determine
the degree of payout and/or vesting with respect to an Award.

 

2.37         
“Plan” means this Farmland Partners Inc. 2014 Equity Incentive Plan, as amended from time to time.

 

2.38         
“Purchase Price” means the purchase price for each Share pursuant to a grant of Restricted Stock, Stock Units or
Unrestricted Stock.

 

2.39         
“Restatement Effective Date” means May 7, 2021, the date the third amendment and restatement of the Plan was approved
by the stockholders of the Company.

 

2.40         
“Restricted Stock” means Shares awarded to a Grantee pursuant to Section 10.

 

2.41         
“SAR Exercise Price” means the per share exercise price of a SAR granted to a Grantee under Section 9.

 

2.42         
“Securities Act” means the Securities Act of 1933, as now in effect or as hereafter amended.

 

2.43         
“Service” means service as a Service Provider to the Company or any Affiliate. Unless otherwise stated in the applicable
Award Agreement, a Grantee’s change in position or duties shall not result in interrupted or terminated Service, so long as such
Grantee continues to be a Service Provider to the Company or any Affiliate. Subject to the preceding sentence, whether a termination of
Service shall have occurred for purposes of the Plan shall be determined by the Committee, which determination shall be final, binding
and conclusive. Notwithstanding any other provision to the contrary, for any individual providing services solely as a director, only
service to the Company or any of its Subsidiaries constitutes Service. Except as may otherwise be required to comply with Code Section
409A, if the Service Provider’s employment or other service relationship is with an Affiliate and that entity ceases to be an Affiliate,
a termination of Service shall be deemed to have occurred when the entity ceases to be an Affiliate unless the Service Provider transfers
his or her employment or other service relationship to the Company or its remaining Affiliates.

 

2.44         
“Service Provider” means an employee, officer, director, or a consultant or adviser (who is a natural person) providing
services to the Company or any of its Affiliates.

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2.45         
 “Share” means a share of Common Stock.

 

2.46         
“Stock Appreciation Right” or “SAR” means a right granted to a Grantee under Section 9.

 

2.47         
“Stock Units” means a bookkeeping entry representing the equivalent of one Share awarded to a Grantee pursuant
to Section 10.

 

2.48         
“Stock Exchange” means the New York Stock Exchange or another established national or regional stock exchange.

 

2.49         
“Subsidiary” means any “subsidiary corporation” of the Company within the meaning of Code Section 424(f).

 

2.50         
“Substitute Award” means an Award granted upon assumption of, or in substitution for, outstanding awards previously
granted by a company or other entity acquired by the Company or an Affiliate or with which the Company or an Affiliate combines.

 

2.51         
“Ten Percent Stockholder” means an individual who owns more than ten percent (10%) of the total combined voting
power of all classes of outstanding voting securities of the Company, its parent or any of its Subsidiaries. In determining Share ownership,
the attribution rules of Code Section 424(d) shall be applied.

 

2.52         
“Unrestricted Stock” shall have the meaning set forth in Section 11.

 

Unless the context otherwise requires, all references
in the Plan to “including” shall mean “including without limitation.”

 

References in the Plan to any Code Section shall
be deemed to include, as applicable, regulations promulgated under such Code Section.

 

		3.	ADMINISTRATION OF THE PLAN

 

3.1            
Committee.

 

The Plan shall be administered by the Committee,
constituted as follows:

 

(i)              The
Committee will consist of the Compensation Committee of the Board or, in the absence of a Compensation Committee, the Board or such
committee as the Board shall select. Once appointed, the Committee will serve in its designated capacity until otherwise directed by
the Board. The Board may increase the size of the Committee and appoint additional members, remove members (with or without cause)
and substitute new members, fill vacancies (however caused), or remove all members of the Committee and thereafter directly
administer the Plan. Notwithstanding the foregoing, unless the Board determines otherwise, at any time that the Company Shares are
registered pursuant to Section 12 of the Exchange Act, the Plan will be administered only by a committee consisting of no fewer than
two directors of the Company, each of whom is (A) a “non-employee director” within the meaning of Rule 16b-3 (or any
successor rule) of the Exchange Act, (B) an “outside director” within the meaning of Section 162(m)(4)(C)(i) of the
Code, and (C) an “independent director” for purpose of the rules and regulations of the Stock Exchange or quotation
system on which the Shares are principally traded; provided, however, the failure of the Committee to be composed solely of
individuals who are “non-employee directors,” “outside directors,” and “independent directors”
shall not render ineffective or void any Awards made by, or other actions taken by, such Committee.

 

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(ii)            
The Plan may be administered by different bodies with respect to different Grantees.

 

(iii)           
 Decisions of the Committee shall be final, conclusive and binding on all persons or entities, including the Company, any Grantee,
any stockholder and any employee or any Affiliate. A majority of the members of the Committee may determine its actions and fix the time
and place of its meetings.

 

(iv)           
The Committee may delegate 7to a committee of one or more Directors of the Company or, to the extent permitted by Applicable Law,
to one or more officers or a committee of officers, the authority to grant Awards to employees and officers of the Company and its Affiliates
who are not directors, Covered Employees, or “officers,” as such term is defined by Rule 16a-1(f) of the Exchange Act.

 

3.2            
Terms of Awards.

 

Subject to the other terms and conditions of the
Plan, the Committee shall have full and final authority to:

 

(i)             
designate Grantees;

 

(ii)            
determine the type or types of Awards to be made to a Grantee;

 

(iii)           
determine the number of Shares to be subject to an Award;

 

(iv)            
establish the terms and conditions of each Award (including, but not limited to, the exercise price of any Option, the nature and
duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of
an Award or the Shares subject thereto, the treatment of an Award in the event of a Change in Control, and any terms or conditions that
may be necessary to qualify Options as Incentive Stock Options);

 

(v)            
prescribe the form of each Award Agreement evidencing an Award;

 

(vi)           
interpret and administer the Plan and any instrument or agreement entered into under or in connection with the Plan, including
any Award Agreement;

 

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(vii)          
 correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent
that the Committee shall deem desirable to carry it into effect;

 

(viii)         
establish such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the
Plan;

 

(ix)            
amend, modify, or reprice (except as such practice is prohibited by Section 3.4 herein) the terms of any outstanding Award;
and

 

(x)             
make any other determination and take any other action that the Committee deems necessary or desirable for administration of the
Plan.

 

Such authority specifically includes the authority, in order to effectuate
the purposes of the Plan but without amending the Plan, to make or modify Awards to eligible individuals who are foreign nationals or
are individuals who are employed outside the United States to recognize differences in local law, tax policy, or custom. Notwithstanding
the foregoing, no amendment, modification or supplement of any Award shall, without the consent of the Grantee, impair the Grantee’s
rights under such Award.

 

3.3            
Forfeiture; Recoupment.

 

The Company may reserve the right in an Award Agreement
to cause a forfeiture of the gain realized by a Grantee with respect to an Award thereunder on account of actions taken by, or failed
to be taken by, such Grantee in violation or breach of or in conflict with any (a) employment agreement, (b) non-competition agreement,
(c) agreement prohibiting solicitation of employees or clients of the Company or any Affiliate, (d) confidentiality obligation with respect
to the Company or any Affiliate, or (e) other agreement, as and to the extent specified in such Award Agreement. The Company may annul
an outstanding Award if the Grantee thereof is an employee and is terminated for Cause as defined in the Plan or the applicable Award
Agreement or for “cause” as defined in any other agreement between the Company or any Affiliate and such Grantee, as applicable.

 

If the Company adopts a “clawback”
or recoupment policy, any Award will be subject to repayment to the Company to the extent so provided under the terms of such policy.
Such policy may authorize the Company to recover from a Grantee incentive-based compensation (including Options awarded as compensation)
awarded to or received by such Grantee during a period of up to three (3) years, as determined by the Committee, preceding the date on
which the Company is required to prepare an accounting restatement due to material noncompliance by the Company, as a result of misconduct,
with any financial reporting requirement under the federal securities laws. In addition, notwithstanding the foregoing, such policy may
otherwise authorize the Company to recover from a Grantee any amounts or awards as may in the future be prescribed by the rules and regulations
of the Securities and Exchange Commission and/or the primary stock exchange on which the Shares are listed, if any.

 

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3.4            
 No Repricing.

 

Except for adjustments to Options or SARs contemplated
by Section 18, the Company may not, without obtaining stockholder approval: (a) amend the terms of outstanding Options or SARs
to reduce the Option Price or SAR Exercise Price of such outstanding Options or SARs; (b) cancel outstanding Options or SARs in exchange
for or substitution of Options or SARs with an Option Price or SAR Exercise Price that is less than the exercise price of the original
Options or SARs; (c) cancel outstanding Options or SARs with an Option Price or SAR Exercise Price above the current Fair Market Value
of a Share in exchange for cash or other securities; or (d) take any other action with respect to Options or SARS that would be treated
as a repricing under the Stock Exchange or quotation system on which the Shares are principally traded.

 

3.5            
Deferral Arrangement.

 

The Committee may permit or require the deferral
of any award payment into a deferred compensation arrangement, subject to such rules and procedures as it may establish, which may include
provisions for the payment or crediting of interest or Dividend Equivalent Rights and, in connection therewith, provisions for converting
such credits into Stock Units and for restricting deferrals to comply with hardship distribution rules affecting tax-qualified retirement
plans subject to Code Section 401(k)(2)(B)(IV), provided that no Dividend Equivalent Rights may be granted in connection with, or related
to, an Award of Options or SARs. Any such deferrals shall be made in a manner that complies with Code Section 409A.

 

3.6            
No Liability.

 

No member of the Board or the Committee (or any
other person to whom administrative authority has been delegated hereunder) shall be liable for any action or determination made in good
faith with respect to the Plan or any Award or Award Agreement.

 

3.7            
Share Issuance/Book-Entry.

 

Notwithstanding any provision of the Plan to the
contrary, the issuance of the Shares under the Plan may be evidenced in such a manner as the Committee, in its discretion, deems appropriate,
including, without limitation, book-entry or direct registration or issuance of one or more share certificates.

 

		4.	SHARES SUBJECT TO THE PLAN

 

4.1            
Number of Shares Available for Awards.

 

Subject to adjustment as provided in Section
18, the aggregate number of Shares available for issuance under this Plan (including pursuant to Incentive Stock Options) shall be
1,915,851. Shares issued or to be issued under the Plan shall be authorized but unissued shares or treasury Shares or any combination
of the foregoing, as may be determined from time to time by the Board or by the Committee.

 

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4.2            
 Adjustments in Authorized Shares.

 

The Committee shall have the right to substitute
or assume Awards in connection with mergers, reorganizations, separations, or other transactions to which Code Section 424(a) applies.
The number of Shares reserved pursuant to Section 4 shall be increased by the corresponding number of awards assumed and, in the
case of a substitution, by the net increase in the number of Shares subject to awards before and after the substitution. Available shares
under a stockholder approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Awards
under the Plan and do not reduce the number of Shares available under the Plan, subject to requirements of the Stock Exchange on which
the Shares are listed.

 

4.3            
Share Usage.

 

Shares covered by an Award shall be counted as
used as of the Grant Date. Any Shares that are subject to Awards shall be counted against the limit set forth in Section 4.1 as
one (1) Share for every one (1) Share subject to an Award. With respect to SARs, the number of Shares subject to an award of SARs will
be counted against the aggregate number of Shares available for issuance under the Plan regardless of the number of Shares actually issued
to settle the SAR upon exercise. If any Shares covered by an Award granted under the Plan are not purchased or are forfeited or expire,
or if an Award otherwise terminates without delivery of any Shares subject thereto, then the number of Shares counted against the aggregate
number of Shares available under the Plan with respect to such Award shall, to the extent of any such forfeiture, termination or expiration,
again be available for making Awards under the Plan in the same amount as such Shares were counted against the limit set forth in Section
4.1. The number of Shares available for issuance under the Plan shall not be increased by (i) any Shares tendered or withheld or Award
surrendered in connection with the purchase of Shares upon exercise of an Option as described in Section 12.2, (ii) any Shares
deducted or delivered from an Award payment in connection with the Company’s tax withholding obligations as described in Section 19.3
or (iii) any Shares purchased by the Company with proceeds from option exercises.

 

		5.	EFFECTIVE DATE, DURATION AND AMENDMENTS

 

5.1            
Effective Date.

 

The Plan shall be effective as of the Effective
Date.

 

5.2            
Term.

 

The Plan first became effective on the Effective
Date and was subsequently amended and restated effective as of May 5, 2015 and May 3, 2017.The Plan was subsequently further amended and
restated, subject to approval by the stockholders of the Company effective as of the Restatement Effective Date. The Plan shall continue
in effect until the 10-year anniversary of the Restatement Effective Date, unless sooner terminated on any date as provided in Section 5.3
or extended with approval by the stockholders of the Company.

 

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5.3           
Amendment and Termination of the Plan.

 

The Board may, at any time and from time to time,
amend, suspend, or terminate the Plan as to any Shares as to which Awards have not been made. An amendment shall be contingent on approval
of the Company’s stockholders to the extent stated by the Board, required by Applicable Laws or required by the Stock Exchange on
which the Shares are listed. No amendment will be made to the no-repricing provisions of Section 3.4 or the option pricing provisions
of Section 8.1 without the approval of the Company’s stockholders. No amendment, suspension, or termination of the Plan shall,
without the consent of the Grantee, impair rights or obligations under any Award theretofore awarded under the Plan.

 

		6.	AWARD ELIGIBILITY AND LIMITATIONS

 

6.1            
Service Providers and Other Persons.

 

Subject to this Section 6, Awards may be
made under the Plan to: (i) any Service Provider, as the Committee shall determine and designate from time to time and (ii) any other
individual whose participation in the Plan is determined to be in the best interests of the Company by the Committee.

 

6.2            
Limitation on Shares Subject to Awards and Cash Awards.

 

During any time when the Company has a class of
equity security registered under Section 12 of the Exchange Act and the transition period under Treasury Regulation Section 1.162-27(f)(2)
has lapsed or does not apply, Awards intended to qualify as Performance-Based Compensation shall be subject to the following limitations:

 

(i)             
the maximum number of Shares subject to Options or SARs that can be granted under the Plan to any person eligible for an Award
under Section 6 is One Million (1,000,000) Shares in a calendar year (for this purpose, tandem SARs/Options shall be treated as
one Award);

 

(ii)            
the maximum number of Shares that can be granted under the Plan, other than pursuant to Options or SARs, to any person eligible
for an Award under Section 6 is One Million (1,000,000) Shares in a calendar year; and

 

(iii)           
the maximum amount that may be paid as an Annual Incentive Award in a calendar year to any person eligible for an Award shall be
Five Million Dollars ($5,000,000) and the maximum amount that may be paid pursuant to cash-settled Performance Award granted in a calendar
year to any person eligible for an Award shall be Five Million Dollars ($5,000,000).

 

The preceding limitations in this Section 6.2
are subject to adjustment as provided in Section 18.

 

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6.3            
Non-Employee Director Limit

 

The combined maximum number of Shares and
LTIP Units subject to Awards granted during a single calendar year to any non-employee Director, taken together with any cash fees
paid during the calendar year in respect of the non-employee Director’s service as a member of the Board (including service as
a member or chair of any regular committees of the Board), shall not exceed $500,000 in total value (calculating the value of any
such Awards based on the grant date fair value of such Awards for financial reporting purposes). The Committee may make exceptions
to this limit for a non-executive chair of the Board or, in extraordinary circumstances, for other individual directors, as the
Committee 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.

 

6.4            
Stand-Alone, Additional, Tandem and Substitute Awards.

 

Subject to Section 3.4, Awards granted under
the Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange
for, any other Award or any award granted under another plan of the Company, any Affiliate, or any business entity to be acquired by the
Company or an Affiliate, or any other right of a Grantee to receive payment from the Company or any Affiliate. Such additional, tandem,
and substitute or exchange Awards may be granted at any time. Subject to Section 3.4, if an Award is granted in substitution or
exchange for another Award, the Committee shall require the surrender of such other Award in consideration for the grant of the new Award.
In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash amounts payable under other plans of the Company
or any Affiliate. Notwithstanding Section 8.1 and Section 9.1 but subject to Section 3.4, the Option Price of an
Option or the SAR Exercise Price of an SAR that is a Substitute Award may be less than 100% of the Fair Market Value of a Share on the
original date of grant; provided, that, the Option Price or grant price is determined in accordance with the principles of Code Section
424 and the regulations thereunder for any Incentive Stock Option and consistent with Code Section 409A for any other Option or SAR.

 

		7.	AWARD AGREEMENT

 

Each Award granted pursuant to the Plan shall be
evidenced by an Award Agreement, in such form or forms as the Committee shall from time to time determine. Award Agreements granted from
time to time or at the same time need not contain similar provisions but shall be consistent with the terms of the Plan. Each Award Agreement
evidencing an Award of Options shall specify whether such Options are intended to be Non-Qualified Stock Options or Incentive Stock Options,
and in the absence of such specification such options shall be deemed Non-Qualified Stock Options.

 

		8.	TERMS AND CONDITIONS OF OPTIONS

 

8.1            
Option Price.

 

The Option Price of each Option shall be fixed
by the Committee and stated in the Award Agreement evidencing such Option. Except in the case of Substitute Awards, the Option Price of
each Option shall be at least the Fair Market Value of a Share on the Grant Date; provided, however, that in the event that a Grantee
is a Ten Percent Stockholder, the Option Price of an Option granted to such Grantee that is intended to be an Incentive Stock Option shall
be not less than one hundred ten percent (110%) of the Fair Market Value of a Share on the Grant Date. In no case shall the Option Price
of any Option be less than the par value of a Share.

 

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8.2           
 Vesting.

 

Subject to Sections 8.3 and 18.3, each Option
granted under the Plan shall become exercisable at such times and under such conditions as shall be determined by the Committee and stated
in the Award Agreement. For purposes of this Section 8.2, fractional numbers of Shares subject to an Option shall be rounded down
to the next nearest whole number.

 

8.3            
Term.

 

Each Option granted under the Plan shall terminate,
and all rights to purchase Shares thereunder shall cease, upon the expiration of ten (10) years from the date such Option is granted,
or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated
in the Award Agreement relating to such Option; provided, however, that in the event that the Grantee is a Ten Percent Stockholder, an
Option granted to such Grantee that is intended to be an Incentive Stock Option shall not be exercisable after the expiration of five
(5) years from its Grant Date.

 

8.4            
Termination of Service.

 

Each Award Agreement shall set forth the extent
to which the Grantee shall have the right to exercise the Option following termination of the Grantee’s Service. Such provisions
shall be determined in the sole discretion of the Committee, need not be uniform among all Options issued pursuant to the Plan, and may
reflect distinctions based on the reasons for termination of Service.

 

8.5            
Limitations on Exercise of Option.

 

Notwithstanding any other provision of the Plan,
in no event may any Option be exercised, in whole or in part, prior to the date the Plan is approved by the stockholders of the Company
as provided herein or after the occurrence of an event referred to in Section 18 which results in termination of the Option.

 

8.6            
Method of Exercise.

 

Subject to the terms of Section 12 and Section
19.3, an Option that is exercisable may be exercised by the Grantee’s delivery to the Company of notice of exercise on any business
day, at the Company’s principal office, on the form specified by the Company and in accordance with any additional procedures specified
by the Committee. Subject to the terms of Section 12 and Section 19.3, such notice shall specify the number of Shares with
respect to which the Option is being exercised and shall be accompanied by payment in full of the Option Price of the Shares for which
the Option is being exercised plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required
to withhold with respect to an Award.

 

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	8.7	Rights of Holders of Options.

 

Unless otherwise stated in the applicable
Award Agreement, an individual or entity holding or exercising an Option shall have none of the rights of a stockholder (for
example, the right to receive cash or dividend payments or distributions attributable to the subject Shares or to direct the voting
of the subject Shares or to receive notice of any meeting of the Company’s stockholders) until the Shares covered thereby are
fully paid and issued to him. Except as provided in Section 18, no adjustment shall be made for dividends, distributions or
other rights for which the record date is prior to the date of such issuance.

 

	8.8	Delivery of Share Certificates.

 

Promptly after the exercise of an Option by a Grantee
and the payment in full of the Option Price with respect thereto, such Grantee shall be entitled to receive such evidence of such Grantee’s
ownership of the Shares subject to such Option as shall be consistent with Section 3.7.

 

	8.9	Transferability of Options.

 

Except as provided in Section 8.10, during
the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee’s guardian or legal
representative) may exercise an Option. Except as provided in Section 8.10, no Option shall be assignable or transferable by the
Grantee to whom it is granted, other than by will or the laws of descent and distribution.

 

	8.10	Family Transfers.

 

If authorized in the applicable Award Agreement
or by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of an Option which is not an Incentive
Stock Option to any Family Member. For the purpose of this Section 8.10, a “not for value” transfer is a transfer which
is (i) a gift, (ii) a transfer under a domestic relations order in settlement of marital property rights; or (iii) unless Applicable Law
does not permit such transfers, a transfer to an entity in which more than fifty percent (50%) of the voting interests are owned by Family
Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 8.10, any such Option
shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, and Shares acquired pursuant
to the Option shall be subject to the same restrictions on transfer of shares as would have applied to the Grantee. Subsequent transfers
of transferred Options are prohibited except to Family Members of the original Grantee in accordance with this Section 8.10 or
by will or the laws of descent and distribution. The events of termination of Service of Section 8.4 shall continue to be applied
with respect to the original Grantee, following which the Option shall be exercisable by the transferee only to the extent, and for the
periods specified, in Section 8.4.

 

	8.11	Limitations on Incentive Stock Options.

 

An Option shall constitute an Incentive Stock Option
only (i) if the Grantee of such Option is an employee of the Company or any Subsidiary of the Company; (ii) to the extent specifically
provided in the related Award Agreement; and (iii) to the extent that the aggregate Fair Market Value (determined at the time the Option
is granted) of the Shares with respect to which all Incentive Stock Options held by such Grantee become exercisable for the first time
during any calendar year (under the Plan and all other plans of the Grantee’s employer and its Affiliates) does not exceed $100,000.
Except to the extent provided in the regulations under Code Section 422, this limitation shall be applied by taking Options into account
in the order in which they were granted.

 

    15 

     

    

 

	8.12	Notice of Disqualifying Disposition.

 

If any Grantee shall make any disposition of Shares
issued pursuant to the exercise of an Incentive Stock Option under the circumstances described in Code Section 421(b) (relating to certain
disqualifying dispositions), such Grantee shall notify the Company of such disposition within ten (10) days thereof.

 

		9.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS

 

	9.1	Right to Payment and Grant Price.

 

A SAR shall confer on the Grantee to whom it is
granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise over (B)
the SAR Exercise Price as determined by the Committee. The Award Agreement for a SAR shall specify the SAR Exercise Price, which shall
be at least the Fair Market Value of one (1) Share on the Grant Date. SARs may be granted in conjunction with all or part of an Option
granted under the Plan or at any subsequent time during the term of such Option, in conjunction with all or part of any other Award or
without regard to any Option or other Award; provided that a SAR that is granted subsequent to the Grant Date of a related Option must
have a SAR Exercise Price that is no less than the Fair Market Value of one Share on the SAR Grant Date; and provided further that a Grantee
may only exercise either the SAR or the Option with which it is granted in tandem and not both.

 

	9.2	Other Terms.

 

The Committee shall determine on the Grant Date
or thereafter, the time or times at which and the circumstances under which a SAR may be exercised in whole or in part (including based
on achievement of performance goals and/or future service requirements), the time or times at which SARs shall cease to be or become exercisable
following termination of Service or upon other conditions, the method of exercise, method of settlement, form of consideration payable
in settlement, method by or forms in which Shares will be delivered or deemed to be delivered to Grantees, whether or not a SAR shall
be in tandem or in combination with any other Award, and any other terms and conditions of any SAR.

 

	9.3	Term.

 

Each SAR granted under the Plan shall terminate,
and all rights thereunder shall cease, upon the expiration of ten (10) years from the date such SAR is granted, or under such circumstances
and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award Agreement relating
to such SAR.

 

	9.4	Transferability of SARS.

 

Except as provided in Section 9.5, during
the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee’s guardian or legal
representative) may exercise a SAR. Except as provided in Section 9.5, no SAR shall be assignable or transferable by the Grantee
to whom it is granted, other than by will or the laws of descent and distribution.

 

    16 

     

    

 

	9.5	Family Transfers.

 

If authorized in the applicable Award Agreement
and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all or part of a SAR to any Family Member. For the
purpose of this Section 9.5, a “not for value” transfer is a transfer which is (i) a gift, (ii) a transfer under a
domestic relations order in settlement of marital property rights; or (iii) unless Applicable Law does not permit such transfers, a transfer
to an entity in which more than fifty percent (50%) of the voting interests are owned by Family Members (or the Grantee) in exchange for
an interest in that entity. Following a transfer under this Section 9.5, any such SAR shall continue to be subject to the same
terms and conditions as were applicable immediately prior to transfer, and Shares acquired pursuant to a SAR shall be subject to the same
restrictions on transfer or shares as would have applied to the Grantee. Subsequent transfers of transferred SARs are prohibited except
to Family Members of the original Grantee in accordance with this Section 9.5 or by will or the laws of descent and distribution.

 

		10.	TERMS AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS

 

	10.1	Grant of Restricted Stock or Stock Units.

 

Awards of Restricted Stock or Stock Units may be
made for consideration or no consideration. To the extent required by Applicable Law, Grantees will be required to pay the par value of
the Shares; provided, however, that, to the extent permitted by Applicable Law, par value shall be deemed paid by past Service or, if
so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service to the Company
or an Affiliate of the Company).

 

	10.2	Restrictions.

 

At the time a grant of Restricted Stock or Stock
Units is made, the Committee may, in its sole discretion, establish a period of time (a “restricted period”) applicable to
such Restricted Stock or Stock Units. Each Award of Restricted Stock or Stock Units may be subject to a different restricted period. The
Committee may in its sole discretion, at the time a grant of Restricted Stock or Stock Units is made, prescribe restrictions in addition
to or other than the expiration of the restricted period, including the satisfaction of corporate or individual performance objectives,
which may be applicable to all or any portion of the Restricted Stock or Stock Units as described in Section 14, and which shall
be set forth in the Award Agreement relating to such grant. Except as authorized by the Committee in writing, neither Restricted Stock
nor Stock Units may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the restricted period or prior
to the satisfaction of any other restrictions prescribed by the Committee with respect to such Restricted Stock or Stock Units.

 

	10.3	Restricted Stock Certificates.

 

Pursuant to Section 3.7, to the extent
that ownership of Restricted Stock is evidenced by a book-entry registration or direct registration, such registration shall be notated
to evidence the restrictions imposed on such Award of Restricted Stock under the Plan and the applicable Award Agreement. Subject to
Section 3.7 and the immediately following sentence, the Company may issue, in the name of each Grantee to whom Restricted Stock
have been granted, share certificates representing the total number of Restricted Stock granted to the Grantee, as soon as reasonably
practicable after the Grant Date. The Committee may provide in an Award Agreement that either (i) the Secretary of the Company shall
hold such certificates for the Grantee’s benefit until such time as the shares of Restricted Stock are forfeited to the Company
or the restrictions applicable thereto lapse and such Grantee shall deliver a stock power to the Company with respect to each certificate,
or (ii) such certificates shall be delivered to the Grantee, provided, however, that such certificates shall bear a legend or legends
that comply with the applicable securities laws and regulations and make appropriate reference to the restrictions imposed under the
Plan and the Award Agreement.

 

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	10.4	Rights of Holders of Restricted Stock.

 

Unless the Committee otherwise provides in an Award
Agreement, holders of Restricted Stock shall have the right to vote such Shares. Awards of Restricted Stock may provide for the right
to receive any dividends declared or paid with respect to such Shares; provided, however, that to the extent such dividend rights are
provided with respect to Restricted Stock that vests or is earned based upon the achievement of performance goals, dividends shall not
be paid currently, but shall, instead, be paid (or, to the extent deemed reinvested into additional Shares of Restricted Stock, vest)
only to the extent (and when) such Restricted Stock vests. The Award Agreement may provide that dividends are payable in cash or deemed
reinvested in additional Shares of Restricted Stock at a price per Share equal to the Fair Market Value of a Share on the date that such
dividend is paid. All distributions, if any, received by a Grantee with respect to Restricted Stock as a result of any stock split, extraordinary
dividend, share dividend, combination of shares, or other similar transaction shall be subject to the restrictions applicable to the original
Grant. Absent advance written consent by the Committee, holders of Restricted Stock may not make an election under Code Section 83(b)
with regard to the grant of Restricted Stock, and any holder who attempts to make such an election without first obtaining such consent
shall forfeit the Restricted Stock.

 

	10.5	Rights of Holders of Stock Units.

 

10.5.1   
Voting and Dividend Equivalent Rights.

 

Holders of Stock Units shall have no rights as
stockholders of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the Shares subject
to such Stock Units, to direct the voting of the Shares subject to such Stock Units, or to receive notice of any meeting of the Company’s
stockholders); provided, however, that the Committee may provide in an Award Agreement evidencing a grant of Stock Units that the holder
of such Stock Units shall be entitled to receive Dividend Equivalent Rights.

 

10.5.2   
Creditor’s Rights.

 

A holder of Stock Units shall have no rights other
than those of a general creditor of the Company. Stock Units represent an unfunded and unsecured obligation of the Company, subject to
the terms and conditions of the applicable Award Agreement.

 

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	10.6	Termination of Service.

 

Unless the Committee otherwise provides in an
Award Agreement or in writing after the Award Agreement is issued, upon the termination of a Grantee’s Service, any Restricted
Stock or Stock Units held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have
not lapsed, shall immediately be deemed forfeited. Upon forfeiture of Restricted Stock or Stock Units, the Grantee shall have no further
rights with respect to such Award, including but not limited to any right to vote Restricted Stock or any right to receive dividends
with respect to Restricted Stock or Stock Units.

 

	10.7	Delivery of Shares.

 

Upon the expiration or termination of any restricted
period and the satisfaction of any other conditions prescribed by the Committee and set forth in the Award Agreement relating to such
Restricted Stock or Stock Units, the restrictions applicable to Restricted Stock or Stock Units settled in Shares shall lapse, and, unless
otherwise provided in the applicable Award Agreement, a book-entry or direct registration or a share certificate evidencing ownership
of such Shares shall, consistent with Section 3.7, be issued, free of all such restrictions, to the Grantee or the Grantee’s
beneficiary or estate, as the case may be. Neither the Grantee, nor the Grantee’s beneficiary or estate, shall have any further
rights with regard to a Stock Unit once the Shares represented by the Stock Unit has been delivered.

 

		11.	TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS

 

The Committee may, in its sole discretion, grant
(or sell) an Unrestricted Stock Award to any Grantee pursuant to which such Grantee may receive Shares free of any restrictions (“Unrestricted
Stock”) under the Plan. Unrestricted Stock Awards may be granted or sold to any Grantee as provided in the immediately preceding
sentence in respect of past or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform
future Service to the Company or an Affiliate or other valid consideration, or in lieu of, or in addition to, any cash compensation due
to such Grantee. To the extent required by Applicable Law, Grantees will be required to pay the par value of any Shares received pursuant
to an Award; provided, however, that, to the extent permitted by Applicable Law, par value shall be deemed paid by past Service or, if
so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service to the Company
or an Affiliate of the Company).

 

The Committee may, in its sole discretion, grant
Awards to Grantees in the form of Other Equity-Based Awards, as deemed by the Committee to be consistent with the purposes of the Plan.
Awards granted pursuant to this Section 11 may be granted with vesting, value and/or payment contingent upon the attainment of
one or more performance goals. The Committee shall determine the terms and conditions of such Awards at the date of grant or thereafter.
Unless the Committee otherwise provides in an Award Agreement or in writing after the Award Agreement is issued, upon the termination
of a Grantee’s Service, any Other Equity-Based Awards held by such Grantee that have not vested, or with respect to which all applicable
restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of Other Equity-Based Awards, the
Grantee shall have no further rights with respect to such Award.

 

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		12.	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK

 

	12.1	General Rule.

 

Payment of the Option Price for the Shares purchased
pursuant to the exercise of an Option or the Purchase Price for Restricted Stock shall be made in cash or in cash equivalents acceptable
to the Company.

 

	12.2	Surrender of Shares.

 

To the extent the Award Agreement so provides,
payment of the Option Price for Shares purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock may
be made all or in part through the tender or attestation to the Company of Shares, which shall be valued, for purposes of determining
the extent to which the Option Price or Purchase Price has been paid thereby, at their Fair Market Value on the date of exercise or surrender,
as applicable.

 

	12.3	Cashless Exercise.

 

With respect to an Option only (and not with respect
to Restricted Stock), to the extent permitted by law and to the extent the Award Agreement so provides, payment of the Option Price for
Shares purchased pursuant to the exercise of an Option may be made all or in part (i) by delivery (on a form acceptable to the Committee)
by the Grantee of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Shares and to deliver all
or part of the sales proceeds to the Company in payment of the Option Price and any withholding taxes described in Section 19.3,
or, (ii) with the consent of the Company, by the Grantee electing to have the Company issue to Grantee only that the number of Shares
equal in value to the difference between the Option Price and the Fair Market Value of the Shares subject to the portion of the Option
being exercised.

 

	12.4 	Other Forms of Payment.

 

To the extent the Award Agreement so provides and/or
unless otherwise specified in an Award Agreement, payment of the Option Price for Shares purchased pursuant to exercise of an Option or
the Purchase Price for Restricted Stock may be made in any other form that is consistent with Applicable Laws, regulations and rules,
including, without limitation, Service to the Company or an Affiliate or net exercise.

 

		13.	TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS

 

	13.1	Dividend Equivalent Rights.

 

A Dividend Equivalent Right is an Award entitling
the recipient to receive credits based on cash distributions that would have been paid on the Shares specified in the Dividend Equivalent
Right (or other award to which it relates) if such Shares had been issued to and held by the recipient. A Dividend Equivalent Right may
be granted hereunder to any Grantee, provided that no Dividend Equivalent Rights may be granted in connection with, or related to, an
Award of Options or SARs, and, provided, further, that to the extent such Dividend Equivalent Rights are provided with respect to an
Award that vests or is earned based upon the achievement of performance goals, any dividend equivalent amounts shall not be paid currently,
but shall, instead, be paid (or, to the extent deemed reinvested into additional Shares or Share-based Awards, issued) only to the extent
such Award vest (with the Dividend Equivalent amount paid or issued, as the case may be, at the same time the cash is paid or Shares
are issued at or after vesting of the Award). The terms and conditions of Dividend Equivalent Rights shall be specified in the Award
Agreement. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid in cash or may be deemed to be reinvested
in additional Shares or Share-based Awards, which may thereafter accrue additional dividend equivalents. Any such reinvestment shall
be based on the Fair Market Value of a Share on the date the dividend was paid.

 

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	13.2	Termination of Service.

 

Except as may otherwise be provided by the Committee
either in the Award Agreement or in writing after the Award Agreement is issued, a Grantee’s rights in all Dividend Equivalent Rights
or interest equivalents shall automatically terminate upon the Grantee’s termination of Service for any reason.

 

		14.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS AND ANNUAL INCENTIVE AWARDS

 

	14.1	Grant of Performance Awards and Annual Incentive Awards.

 

Subject to the terms and provisions of the Plan,
the Committee, at any time and from time to time, may grant Performance Awards and/or Annual Incentive Awards to a Plan participant in
such amounts and upon such terms as the Committee shall determine. For the avoidance of doubt, provisions in this Section 14 that
were intended to satisfy requirements under Code Section 162(m) applicable to Performance-Based Compensation shall not be applicable to
Performance or Annual Incentive Awards (including any related dividends or dividend equivalents) which are not intended to satisfy the
performance-based compensation requirements under Code Section 162(m).

 

	14.2	Value of Performance Awards and Annual Incentive Awards.

 

Each Performance Award and Annual Incentive Award
shall have an initial value that is established by the Committee at the time of grant. The Committee shall set performance goals in its
discretion which, depending on the extent to which they are met, will determine the value and/or number of Performance Awards that will
be paid out to the Plan participant.

 

	14.3	Earning of Performance Awards and Annual Incentive Awards.

 

Subject to the terms of the Plan, after the applicable
Performance Period has ended, the holder of Performance Awards or Annual Incentive Awards shall be entitled to receive payout on the value
and number of the Performance Awards or Annual Incentive Awards earned by the Plan participant over the Performance Period, to be determined
as a function of the extent to which the corresponding performance goals have been achieved.

 

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	14.4	Form and Timing of Payment of Performance Awards and Annual Incentive Awards.

 

Payment of earned Performance Awards and Annual
Incentive Awards shall be as determined by the Committee and as evidenced in the Award Agreement. Subject to the terms of the Plan, the
Committee, in its sole discretion, may pay earned Performance Awards in the form of cash or in Shares (or in a combination thereof) equal
to the value of the earned Performance Awards at the close of the applicable Performance Period, or as soon as practicable after the end
of the Performance Period; provided that, unless specifically provided in the Award Agreement pertaining to the grant of the Award, such
payment shall occur no later than the 15th day of the third month following the end of the calendar year in which the Performance Period
ends. Any Shares may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with
respect to the form of payout of such Awards shall be set forth in the Award Agreement pertaining to the grant of the Award.

 

	14.5	Performance Conditions.

 

The right of a Grantee to exercise or receive a
grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee.
The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance
conditions.

 

	14.6	Performance Awards or Annual Incentive Awards Granted to Designated Covered Employees.

 

If and to the extent that the Committee determines
that a Performance or Annual Incentive Award to be granted to a Grantee who is designated by the Committee as likely to be a Covered Employee
should qualify as “qualified performance-based compensation” for purposes of Code Section 162(m), the grant, exercise and/or
settlement of such Award shall be contingent upon achievement of pre-established performance goals and other terms set forth in this Section 14.6.

 

14.6.1   
Performance Goals Generally.

 

The performance goals for Performance or Annual
Incentive Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of
such criteria, as specified by the Committee consistent with this Section 14.6. Performance goals applicable to Awards intended
to qualify as Performance-Based Compensation shall be objective and shall otherwise meet the requirements of Code Section 162(m) and
regulations thereunder including the requirement that the level or levels of performance targeted by the Committee result in the achievement
of performance goals being “substantially uncertain.” The Committee may determine that such Awards shall be granted, exercised
and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition
to the grant, exercise and/or settlement of such Awards. Performance goals may differ for Awards granted to any one Grantee or to different
Grantees. For the avoidance of doubt, with respect to Performance or Annual Incentive Awards (including any related dividends or dividend
equivalents) which are not intended to satisfy the performance-based compensation exception under Code Section 162(m), the Committee
may specify performance goals consistent with this Section 14.6 or such other performance measures as the Committee may determine.

 

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14.6.2   
Timing For Establishing Performance Goals.

 

Performance goals applicable to Awards intended
to qualify as Performance-Based Compensation shall be established not later than the earlier of (i) 90 days after the beginning of any
performance period applicable to such Awards and (ii) the day on which twenty-five percent (25%) of any performance period applicable
to such Awards has expired, or at such other date as may be required or permitted for “qualified performance-based compensation”
under Code Section 162(m).

 

14.6.3   
Settlement of Awards; Other Terms.

 

Settlement of such Awards shall be in cash, Shares,
other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce the amount of a settlement
otherwise to be made in connection with such Awards. The Committee shall specify the circumstances in which such Performance or Annual
Incentive Awards shall be paid or forfeited in the event of termination of Service by the Grantee prior to the end of a performance period
or settlement of Awards.

 

14.6.4   
Performance Measures.

 

The performance goals upon which the payment or
vesting of a Performance or Annual Incentive Award to a Covered Employee that is intended to qualify as Performance-Based Compensation
shall be limited to the following Performance Measures, with or without adjustment:

 

(a)              
funds from operations;

 

(b)              
adjusted funds from operations;

 

(c)              
earnings before any one or more of the following: interest, taxes, depreciation, amortization and/or stock compensation;

 

(d)              
operating (or gross) income or profit;

 

(e)              
pretax income before allocation of corporate overhead and/or bonus;

 

(f)               
operating efficiencies;

 

(g)              
operating income as a percentage of net revenue;

 

(h)              
return on equity, assets, capital, capital employed or investment;

 

(i)                
after tax operating income;

 

    23 

     

    

 

(j)                
 net income;

 

(k)              
earnings or book value per share;

 

(l)                
financial ratios;

 

(m)            
cash flow(s);

 

(n)              
total rental income or revenues;

 

(o)              
capital expenditures as a percentage of rental income;

 

(p)              
total operating expenses, or some component or combination of components of total operating expenses, as a percentage of rental
income;

 

(q)              
stock price or total stockholder return, including any comparisons with stock market indices;

 

(r)               
appreciation in or maintenance of the price of the common stock or any of our publicly-traded securities;

 

(s)               
dividends;

 

(t)                
debt or cost reduction;

 

(u)              
comparisons with performance metrics of peer companies;

 

(v)              
comparisons of our stock price performance to the stock price performance of peer companies;

 

(w)            
strategic business objectives, consisting of one or more objectives based on meeting specified cost, acquisition or leasing targets,
meeting or reducing budgeted expenditures, attaining division, group or corporate financial goals, meeting business expansion goals and
meeting goals relating to leasing, acquisitions, joint ventures or collaborations or dispositions; economic value-added models; or

 

(x)              
any combination of any of the foregoing.

 

Business criteria may be (but are not required
to be) measured on a basis consistent with U.S. Generally Accepted Accounting Principles.

 

Any Performance Measure(s) may be expressed on
an absolute and/or relative basis, may be based on or otherwise employ comparisons based on internal targets, the performance of the
Company, Subsidiary, and/or Affiliate or past performance or the past performance of any of the Company, Subsidiary, and/or Affiliate,
operating units, business segments or divisions and/or the past or current performance of other companies, and in the case of earnings
based measures, may use or employ comparisons relating to capital, stockholders’ equity and/or shares outstanding, or to assets
or net assets, as the Committee may deem appropriate. The Committee also has the authority to provide for accelerated vesting of any
Award based on the achievement of performance goals pursuant to the Performance Measures specified in this Section 14.

 

    24 

     

    

 

 

14.6.5   
Evaluation of Performance.

 

The Committee may provide in any such Award that
any evaluation of performance may include or exclude any of the following events that occur during a Performance Period: (a) asset impairments
or write-downs; (b) litigation or claim judgments or settlements; (c) the effect of changes in tax laws, accounting principles, or other
laws or provisions affecting reported results; (d) accruals for reorganization and restructuring programs; (e) any item that is either
unusual or infrequent in nature, as determined in accordance with Accounting Standards Codification Topic 225-20 “Extraordinary
and Unusual Items,” and/or as described in “Management’s Discussion and Analysis of Financial Condition and Results
of Operations” appearing in the Company’s annual report to stockholders for the applicable year; (f) foreign exchange gains
and losses, (g) the effect of adverse federal, governmental or regulatory action, or delays in federal, governmental or regulatory action;
and (h) any other event either not directly related to operations or not within the reasonable control of management. To the extent such
inclusions or exclusions affect Awards to Covered Employees that are intended to qualify as Performance-Based Compensation, they shall
be prescribed in a form that meets the requirements of Code Section 162(m) for deductibility.

 

14.6.6   
Adjustment of Performance-Based Compensation.

 

Awards that are intended to qualify as Performance-Based
Compensation may not be adjusted upward. The Committee shall retain the discretion to adjust such Awards downward, either on a formula
or discretionary basis, or any combination as the Committee determines.

 

14.6.7   
Board Discretion.

 

In the event that applicable tax and/or securities
laws change to permit Board discretion to alter the governing Performance Measures without obtaining stockholder approval of such changes,
the Committee shall have sole discretion to make such changes without obtaining stockholder approval provided the exercise of such discretion
does not violate Code Sections 162(m) or 409A. In addition, in the event that the Committee determines that it is advisable to grant Awards
that shall not qualify as Performance-Based Compensation, the Committee may make such grants without satisfying the requirements of Code
Section 162(m) and base vesting on Performance Measures other than those set forth in Section 14.6.4.

 

14.7         
Status of Awards Under Code Section 162(m).

 

It is the intent of the Company that Awards
under Section 14.6 granted to persons who are designated by the Committee as likely to be Covered Employees within the
meaning of Code Section 162(m) and regulations thereunder shall, if so designated by the Committee, constitute “qualified
performance-based compensation” within the meaning of Code Section 162(m) and regulations thereunder. Accordingly, with
respect to an Award that is intended to qualify as Performance-Based Compensation, the terms of Section 14.6, including the
definitions of Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m)
and regulations thereunder. If any provision of the Plan or any agreement relating to such Awards does not comply or is inconsistent
with the requirements of Code Section 162(m) or regulations thereunder, such provision shall be construed or deemed amended to the
extent necessary to conform to such requirements.

 

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	15.	TERMS AND CONDITIONS OF LONG-TERM INCENTIVE UNITS

 

LTIP Units are intended to be profits interests
in the operating partnership affiliated with the Company, if any (such operating partnership, if any, the “Operating Partnership”),
the rights and features of which, if applicable, will be set forth in the agreement of limited partnership for the Operating Partnership
(the “Operating Partnership Agreement”). Subject to the terms and provisions of the Plan and the Operating Partnership Agreement,
the Committee, at any time and from time to time, may grant LTIP Units to Plan participants in such amounts and upon such terms as the
Committee shall determine. LTIP Units must be granted for service to the Operating Partnership. Each LTIP Unit awarded will be equivalent
to an award of one Share for purposes of reducing the number of Shares available under the Plan on a one-for-one basis pursuant to Section
4.3.

 

15.1         
Vesting.

 

Subject to Section 18, each LTIP Unit granted
under the Plan shall vest at such times and under such conditions as shall be determined by the Committee and stated in the Award Agreement.

 

	16.	PARACHUTE LIMITATIONS

 

Unless the Grantee is party to a written agreement
or other legally enforceable contract that expressly addresses Code Section 280G or Code Section 4999 (in which case, the provisions in
such agreement or contract relating to Code Section 280G and Code Section 4999 shall control and the provisions in this Section 16 shall
not be applicable to the Grantee), if the Grantee is a “disqualified individual,” as defined in Code Section 280G(c), then,
notwithstanding any other provision of the Plan or of any other agreement, contract, or understanding heretofore or hereafter entered
into by a Grantee with the Company or an Affiliate (an “Other Agreement”) providing any right to exercise, vesting, payment
or benefit, and notwithstanding any formal or informal plan or other arrangement for the direct or indirect provision of compensation
to the Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such compensation
is deferred, is in cash, or is in the form of a benefit to or for the Grantee (a “Benefit Arrangement”), any right to exercise,
vesting, payment or benefit to the Grantee under the Plan shall be reduced or eliminated:

 

(i)                
to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights, payments, or benefits
to or for the Grantee under the Plan, all Other Agreements, and all Benefit Arrangements, would cause any exercise, vesting, payment or
benefit to the Grantee under the Plan to be considered a “parachute payment” within the meaning of Code Section 280G(b)(2)
as then in effect (a “Parachute Payment”) and

 

(ii)             
if, as a result of receiving such Parachute Payment, the aggregate after-tax amounts received by the Grantee from the Company
under the Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be
received by the Grantee without causing any such payment or benefit to be considered a Parachute Payment.

 

The Company shall accomplish such reduction by
first reducing or eliminating any cash payments (with the payments to be made furthest in the future being reduced first), then by reducing
or eliminating any accelerated vesting of Performance Awards, then by reducing or eliminating any accelerated vesting of Options or SARs,
then by reducing or eliminating any accelerated vesting of Restricted Stock or Stock Units, then by reducing or eliminating any other
remaining Parachute Payments.

 

    26 

     

    

 

	17.	REQUIREMENTS OF LAW

 

17.1         
General.

 

No participant in the Plan will be permitted to
acquire, or will have any right to acquire, Shares thereunder if such acquisition would be prohibited by any share ownership limits contained
in charter or bylaws or would impair the Company’s status as a REIT. The Company shall not be required to offer, sell or issue any
Shares under any Award if the offer, sale or issuance of such Shares would constitute a violation by the Grantee, any other individual
or entity exercising an Option, or the Company or an Affiliate of any provision of any law or regulation of any governmental authority,
including without limitation any federal or state securities laws or regulations. If at any time the Company shall determine, in its discretion,
that the offering, listing, registration or qualification of any Shares subject to an Award upon any securities exchange or under any
governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance or purchase of Shares hereunder,
no Shares may be offered, issued or sold to the Grantee or any other individual or entity exercising an Option pursuant to such Award
unless such offering, listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions
not acceptable to the Company, and any delay caused thereby shall in no way affect the date of termination of the Award. Without limiting
the generality of the foregoing, in connection with the Securities Act, upon the exercise of any Option or any SAR that may be settled
in Shares or the delivery of any Shares underlying an Award, unless a registration statement under such Act is in effect with respect
to the Shares covered by such Award, the Company shall not be required to offer, sell or issue such Shares unless the Committee has received
evidence satisfactory to it that the Grantee or any other individual or entity exercising an Option or SAR or accepting delivery of such
Shares may acquire such Shares pursuant to an exemption from registration under the Securities Act. Any determination in this connection
by the Committee shall be final, binding, and conclusive. The Company may, but shall in no event be obligated to, register any securities
covered hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the
exercise of an Option or a SAR or the issuance of Shares pursuant to the Plan to comply with any Applicable Laws. As to any jurisdiction
that expressly imposes the requirement that an Option (or SAR that may be settled in Shares) shall not be exercisable until the Shares
covered by such Option (or SAR) are registered under the securities laws thereof or are exempt from such registration, the exercise of
such Option (or SAR) under circumstances in which the laws of such jurisdiction apply shall be deemed conditioned upon the effectiveness
of such registration or the availability of such an exemption.

 

17.2         
 Rule 16b-3.

 

During any time when the Company has a class of
equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that Awards pursuant to the Plan and
the exercise of Options and SARs granted hereunder that would otherwise be subject to Section 16(b) of the Exchange Act will qualify for
the exemption provided by Rule 16b-3 under the Exchange Act. To the extent that any provision of the Plan or action by the Committee does
not comply with the requirements of Rule 16b-3, it shall be deemed inoperative with respect to such Awards to the extent permitted by
Applicable Law and deemed advisable by the Committee, and shall not affect the validity of the Plan. In the event that Rule 16b-3 is revised
or replaced, the Board may exercise its discretion to modify the Plan in any respect necessary to satisfy the requirements of, or to take
advantage of any features of, the revised exemption or its replacement.

 

    27 

     

    

 

	18.	EFFECT OF CHANGES IN CAPITALIZATION

 

18.1         
Changes in Shares.

 

If the number of outstanding Shares is increased
or decreased or the Shares are changed into or exchanged for a different number or kind of Shares or other securities of the Company on
account of any recapitalization, reclassification, stock split, reverse stock split, spin-off, combination of share, exchange of shares,
share dividend or other distribution payable in capital shares, or other increase or decrease in such shares effected without receipt
of consideration by the Company occurring after the Effective Date, the number and kinds of shares for which grants of Options and other
Awards may be made under the Plan, including, without limitation, the limits set forth in Section 6.2, shall be adjusted proportionately
and accordingly by the Company in a manner deemed equitable by the Committee. In addition, the number and kind of shares for which Awards
are outstanding shall be adjusted proportionately and accordingly so that the proportionate interest of the Grantee immediately following
such event shall, to the extent practicable, be the same as immediately before such event. Any such adjustment in outstanding Options
or SARs shall not change the aggregate Option Price or SAR Exercise Price payable with respect to shares that are subject to the unexercised
portion of an outstanding Option or SAR, as applicable, but shall include a corresponding proportionate adjustment in the Option Price
or SAR Exercise Price per share. The conversion of any convertible securities of the Company shall not be treated as an increase in shares
effected without receipt of consideration. Notwithstanding the foregoing, in the event of any distribution to the Company’s stockholders
of securities of any other entity or other assets (including an extraordinary dividend but excluding a non-extraordinary dividend of the
Company) without receipt of consideration by the Company, the Company shall, in such manner as the Company deems appropriate, adjust (i)
the number and kind of shares subject to outstanding Awards and/or (ii) the exercise price of outstanding Options and Stock Appreciation
Rights to reflect such distribution.

 

18.2         
Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control.

 

Subject to Section 18.3, if the
Company shall be the surviving entity in any reorganization, merger, or consolidation of the Company with one or more other entities
which does not constitute a Change in Control, any Option or SAR theretofore granted pursuant to the Plan shall pertain to and apply
to the securities to which a holder of the number of Shares subject to such Option or SAR would have been entitled immediately
following such reorganization, merger, or consolidation, with a corresponding proportionate adjustment of the Option Price or SAR
Exercise Price per share so that the aggregate Option Price or SAR Exercise Price thereafter shall be the same as the aggregate
Option Price or SAR Exercise Price of the Shares remaining subject to the Option or SAR immediately prior to such reorganization,
merger, or consolidation. Subject to any contrary language in an Award Agreement evidencing an Award, or in another agreement with
the Grantee, or otherwise set forth in writing, any restrictions applicable to such Award shall apply as well to any replacement
shares received by the Grantee as a result of the reorganization, merger or consolidation. In the event of a transaction described
in this Section 18.2, Performance Awards shall be adjusted (including any adjustment to the Performance Measures applicable
to such Awards deemed appropriate by the Committee) so as to apply to the securities that a holder of the number of Shares subject
to the Performance Awards would have been entitled to receive immediately following such transaction.

 

    28 

     

    

 

18.3         
Change in Control in which Awards are not Assumed.

 

Except as otherwise provided in the applicable
Award Agreement or in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control
in which outstanding Options, SARs, Stock Units, Dividend Equivalent Rights, Restricted Stock, LTIP Units or other Equity-Based Awards
are not being assumed or continued:

 

(i)                
in each case with the exception of any Performance Award, all outstanding Restricted Stock and LTIP Units shall be deemed to have
vested, all Stock Units shall be deemed to have vested and the Shares subject thereto shall be delivered, and all Dividend Equivalent
Rights shall be deemed to have vested and the Shares subject thereto shall be delivered, immediately prior to the occurrence of such Change
in Control, and

 

(ii)             
either of the following two actions shall be taken:

 

(A)            
fifteen (15) days prior to the scheduled consummation of a Change in Control, all Options and SARs outstanding hereunder shall
become immediately exercisable and shall remain exercisable for a period of fifteen (15) days, or

 

(B)             
the Committee may elect, in its sole discretion, to cancel any outstanding Awards of Options, Restricted Stock, Stock Units, and/or
SARs and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount in cash or securities having a value (as determined
by the Committee acting in good faith), in the case of Restricted Stock or Stock Units, equal to the formula or fixed price per share
paid to holders of Shares and, in the case of Options or SARs, equal to the product of the number of Shares subject to the Option or SAR
(the “Award Shares”) multiplied by the amount, if any, by which (I) the formula or fixed price per share paid to holders of
Shares pursuant to such transaction exceeds (II) the Option Price or SAR Exercise Price applicable to such Award Shares.

 

(iii)           
 for Performance Awards denominated in Shares, Stock Units or LTIP Units, if less than half of the Performance Period has lapsed,
the Awards shall be converted into Restricted Stock or Stock Units assuming target performance has been achieved (or Unrestricted Stock
if no further restrictions apply). If more than half the Performance Period has lapsed, the Awards shall be converted into Restricted
Stock or Stock Units based on actual performance to date (or Unrestricted Stock if no further restrictions apply). If actual performance
is not determinable, then Performance Awards shall be converted into Restricted Stock or Stock Units assuming target performance has been
achieved, based on the discretion of the Committee (or Unrestricted Stock if no further restrictions apply).

 

(iv)            
Other-Equity Based Awards shall be governed by the terms of the applicable Award Agreement.

 

With respect to the Company’s establishment
of an exercise window, (i) any exercise of an Option or SAR during such fifteen (15)-day period shall be conditioned upon the consummation
of the event and shall be effective only immediately before the consummation of the event, and (ii) upon consummation of any Change in
Control, the Plan and all outstanding but unexercised Options and SARs shall terminate. The Committee shall send notice of an event that
will result in such a termination to all individuals and entities that hold Options and SARs not later than the time at which the Company
gives notice thereof to its stockholders.

 

    29 

     

    

 

18.4         
Change in Control in which Awards are Assumed.

 

Except as otherwise provided in the applicable
Award Agreement or in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control
in which outstanding Awards are being assumed or continued, the following provisions shall apply to such Award, to the extent assumed
or continued:

 

The Plan, Options, SARs, Stock Units, Restricted
Stock and Other Equity-Based Awards theretofore granted shall continue in the manner and under the terms so provided in the event of any
Change in Control to the extent that provision is made in writing in connection with such Change in Control for the assumption or continuation
of the Options, SARs, Stock Units, Restricted Stock and Other Equity-Based Awards theretofore granted, or for the substitution for such
Options, SARs, Stock Units, Restricted Stock and Other Equity-Based Awards for new common stock options and stock appreciation rights
and new common stock units, restricted stock and other equity-based awards relating to the stock of a successor entity, or a parent or
subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any consideration that is not common stock)
and option and stock appreciation rights exercise prices.

 

18.5         
Adjustments

 

Adjustments under this Section 18 related
to Shares or securities of the Company shall be made by the Committee, whose determination in that respect shall be final, binding and
conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting from
any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. The Committee shall determine the
effect of a Change in Control upon Awards other than Options, SARs, Stock Units and Restricted Stock, and such effect shall be set
forth in the appropriate Award Agreement. The Committee may provide in the Award Agreements at the time of grant, or any time thereafter
with the consent of the Grantee, for different provisions to apply to an Award in place of those described in Sections 18.1, 18.2,
18.3 and 18.4. This Section 18 does not limit the Company’s ability to provide for alternative treatment of Awards
outstanding under the Plan in the event of change in control events that do not constitute a Change in Control.

 

18.6         
No Limitations on Company.

 

The making of Awards pursuant to the Plan shall
not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of
its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of its business
or assets (including all or any part of the business or assets of any Subsidiary or other Affiliate) or engage in any other transaction
or activity.

 

    30 

     

    

 

	19.	GENERAL PROVISIONS

 

19.1         
Disclaimer of Rights.

 

No provision in the Plan or in any Award or Award
Agreement shall be construed to confer upon any individual or entity the right to remain in the employ or Service of the Company or an
Affiliate, or to interfere in any way with any contractual or other right or authority of the Company or an Affiliate either to increase
or decrease the compensation or other payments to any individual or entity at any time, or to terminate any employment or other relationship
between any individual or entity and the Company or an Affiliate. In addition, notwithstanding anything contained in the Plan to the contrary,
unless otherwise stated in the applicable Award Agreement, in another agreement with the Grantee, or otherwise in writing, no Award granted
under the Plan shall be affected by any change of duties or position of the Grantee, so long as such Grantee continues to provide Service.
The obligation of the Company to pay any benefits pursuant to the Plan shall be interpreted as a contractual obligation to pay only those
amounts described herein, in the manner and under the conditions prescribed herein. The Plan and Awards shall in no way be interpreted
to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment to
any Grantee or beneficiary under the terms of the Plan.

 

19.2         
Nonexclusivity of the Plan.

 

Neither the adoption of the Plan nor the submission
of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations upon the right and authority
of the Company to adopt such other incentive compensation arrangements (which arrangements may be applicable either generally to a class
or classes of individuals or specifically to a particular individual or particular individuals) as it may determine to be desirable.

 

19.3         
Withholding Taxes.

 

The Company or an Affiliate, as the case may be,
shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or local taxes of any kind required
by law to be withheld with respect to the vesting of or other lapse of restrictions applicable to an Award or upon the issuance
of any Shares upon the exercise of an Option or pursuant to an Award. At the time of such vesting, lapse, or exercise, the Grantee shall
pay in cash to the Company or an Affiliate, as the case may be, any amount that the Company or an Affiliate may reasonably determine
to be necessary to satisfy such withholding obligation; provided, that if there is a same-day sale of Shares subject to an Award, the
Grantee shall pay such withholding obligation on the day on which such same-day sale is completed. Subject to the prior approval of the
Company or an Affiliate, which may be withheld by the Company or an Affiliate, as the case may be, in its sole discretion, the Grantee
may elect to satisfy such obligations, in whole or in part, (i) by causing the Company or an Affiliate to withhold Shares otherwise issuable
to the Grantee or (ii) by delivering to the Company or an Affiliate Shares already owned by the Grantee. The Shares so delivered or withheld
shall have an aggregate Fair Market Value equal to such withholding obligations. The Fair Market Value of the Shares used to satisfy
such withholding obligation shall be determined by the Company or an Affiliate as of the date that the amount of tax to be withheld is
to be determined. A Grantee who has made an election pursuant to this Section 19.3 may satisfy his or her withholding obligation
only with Shares that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. The maximum
number of Shares that may be withheld from any Award to satisfy any federal, state or local tax withholding requirements upon the exercise,
vesting, lapse of restrictions applicable to such Award or payment of Shares pursuant to such Award, as applicable, cannot exceed such
number of Shares having a Fair Market Value equal to the maximum statutory amount required by the Company or an Affiliate to be withheld
and paid to any such federal, state or local taxing authority with respect to such exercise, vesting, lapse of restrictions or payment
of Shares, or such lesser amount as the Company may specify or as may be necessary to avoid adverse accounting treatment. Notwithstanding
Section 2.20 or this Section 19.3, for purposes of determining taxable income and the amount of the related tax withholding
obligation pursuant to this Section 19.3, for any Shares subject to an Award that are sold by or on behalf of a Grantee on the
same date on which such shares may first be sold pursuant to the terms of the related Award Agreement, the Fair Market Value of such
shares shall be the sale price of such shares on such date (or if sales of such shares are effectuated at more than one sale price, the
weighted average sale price of such shares on such date), so long as such Grantee has provided the Company or an Affiliate, or its designee
or agent, with advance written notice of such sale.

 

    31 

     

    

 

19.4         
Captions.

 

The use of captions in the Plan or any Award Agreement
is for the convenience of reference only and shall not affect the meaning of any provision of the Plan or such Award Agreement.

 

19.5         
Other Provisions.

 

Each Award granted under the Plan may contain such
other terms and conditions not inconsistent with the Plan as may be determined by the Committee, in its sole discretion.

 

19.6         
Number and Gender.

 

With respect to words used in the Plan, the singular
form shall include the plural form, the masculine gender shall include the feminine gender, etc., as the context requires.

 

19.7         
Severability.

 

If any provision of the Plan or any Award Agreement
shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof
shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.

 

19.8         
Governing Law.

 

The validity and construction of the Plan and the
instruments evidencing the Awards hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the State
of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of
the Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction.

 

19.9         
Code Section 409A.

 

The Company intends to comply with Code Section
409A, or an exemption to Code Section 409A, with regard to Awards hereunder that constitute deferred compensation within the meaning of
Code Section 409A, and the Plan and all Award Agreements shall be interpreted accordingly. To the extent that the Company determines that
a Grantee would be subject to the additional twenty percent (20%) tax imposed on certain nonqualified deferred compensation plans pursuant
to Code Section 409A as a result of any provision of any Award granted under the Plan, such provision shall be deemed amended to the minimum
extent necessary to avoid application of such additional tax. The nature of any such amendment shall be determined by the Board. Notwithstanding
anything to the contrary in this Plan or any Award Agreement, if a Grantee is deemed on the date of the Grantee’s termination of
employment to be a “specified employee” within the meaning of Code Section 409A(a)(2)(B), then, to the extent required by
Code Section 409A, any payment or the provision of any benefit pursuant to an Award that is considered deferred compensation under Code
Section 409A and that is payable on account of such Grantee’s “separation from service” shall not be made or provided
until the date which is the earlier of (i) the expiration of the six (6)-month period measured from the date of such “separation
from service,” and (ii) the date of the Grantee’s death. Upon the expiration of the foregoing delay period, all payments and
benefits delayed pursuant to this Section 19.9 (whether they would have otherwise been payable in a single sum or in installments
in the absence of such delay) shall be paid or reimbursed to the Grantee in a lump sum, and any remaining payments and benefits due under
this this Plan and any Award Agreement shall be paid or provided in accordance with the normal payment dates specified for them therein.

 

* * *

    32Document

Exhibit 10.1 
RESTRICTED STOCK AWARD AGREEMENT
RED ROCK RESORTS, INC.
2016 Equity Incentive Plan
This RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), is made as of [          ] (the “Grant Date”) between Red Rock Resorts, Inc., a Delaware corporation (the “Company”), and [          ] (the “Participant”), and is made pursuant to the terms of the Company’s 2016 Equity Incentive Plan (the “Plan”).  Capitalized terms used herein but not defined shall have the meanings set forth in the Plan.
Section 1.Restricted Stock.  The Company hereby issues to the Participant, as of the Date of Grant, [          ] Restricted Shares (the “Restricted Shares”), subject to such vesting, transfer and other restrictions and conditions as set forth in this Agreement (the “Award”).
Section 2.Vesting Requirements.
(a)Generally. Except as otherwise provided herein, 50% of the Restricted Shares shall vest and become non-forfeitable on each of the third and fourth anniversaries of [          ] (each, a “Vesting Date”), subject to the Participant’s continuous service or employment with the Company and its Affiliates (“Service”) from the Grant Date through the applicable Vesting Date.
(b)Termination of Service.  Subject to Section 12 of the Plan, upon the occurrence of a termination of the Participant’s Service for any reason (other than the death or Disability of the Participant), all outstanding and unvested Restricted Shares shall immediately be forfeited and cancelled, and the Participant shall not be entitled to any compensation or other amount with respect thereto.  Subject to Section 12 of the Plan, upon the occurrence of a termination of the Participant’s Service due to the death or Disability of the Participant, all outstanding and unvested Restricted Shares, together with the unvested portion of any other restricted stock award previously granted to the Participant under the Plan that is outstanding as of the date of such death or Disability,  shall immediately vest.  Notwithstanding anything to the contrary herein, upon a termination of the Participant’s Service for Cause, all unvested Restricted Shares shall immediately be forfeited and cancelled, and the Participant shall not be entitled to any compensation or other amount with respect thereto.
Section 3.Settlement.  Subject to the terms of this Agreement and the Plan, on the date that any Restricted Shares vest and became non-forfeitable pursuant to Section 2 hereof, the restrictions thereon shall immediately lapse.
Section 4.Restrictions on Transfer.  No Restricted Shares (nor any interest therein) may be sold, assigned, alienated, pledged, attached or otherwise transferred or encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and any such purported sale, assignment, alienation, pledge, attachment, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not constitute a sale, assignment, alienation, pledge, attachment, transfer or encumbrance.  Notwithstanding the foregoing, at the discretion of the Committee, Restricted Shares may be transferred by the Participant solely to the Participant’s spouse, siblings, parents, children and grandchildren or trusts for the benefit of such persons or partnerships, corporations, limited liability companies or other entities owned solely by such persons, including, but not limited to, trusts for such persons.
Section 5.Investment Representation.  Upon acquisition of the Restricted Shares at a time when there is not in effect a registration statement under the Securities Act of 1933, as amended (the “Securities Act”) relating to the Shares, the Participant hereby represents and warrants, and by virtue of such acquisition shall be deemed to represent and warrant, to the Company that the Shares shall be acquired for investment and not with a view to the distribution thereof, and not with any present intention of distributing the same, and the Participant shall provide the Company with such further representations and warranties as the Company may require in order to ensure compliance with applicable federal and state securities, blue sky and other laws.  No Shares shall be acquired unless and until the Company and/or the Participant shall have complied with all applicable federal or state registration, listing and/or qualification requirements and all other requirements of law or of any regulatory agencies 

having jurisdiction, unless the Committee has received evidence satisfactory to it that the Participant may acquire such shares pursuant to an exemption from registration under the applicable securities laws.  Any determination in this connection by the Committee shall be final, binding and conclusive.  The Company reserves the right to legend any certificate or book entry representation of the Shares, conditioning sales of such shares upon compliance with applicable federal and state securities laws and regulations.
Section 6.Securities Laws/Legend on Certificates.  The issuance and delivery of certificates representing vested Restricted Shares shall comply with all applicable requirements of law, including without limitation the Securities Act, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s securities may then be traded.  If the Company deems it necessary to ensure that the issuance of securities under the Plan is not required to be registered under any applicable securities laws, each Participant to whom such security would be issued shall deliver to the Company an agreement or certificate containing such representations, warranties and covenants as the Company which satisfies such requirements. The certificates representing the vested Restricted Shares shall be subject to such stop transfer orders and other restrictions as the Committee may deem reasonably advisable, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.
Section 7.Adjustments.  The Award granted hereunder shall be subject to the adjustment as provided in Section 4(b) of the Plan.
Section 8.Section 83(b).  The Participant may make an election under Section 83(b) of the Code with respect to the Restricted Shares and filing a copy of such election with the Company within 30 days of the Grant Date.  If the Participant makes such an election, the grant of Restricted Shares shall be conditioned upon the prompt payment by the Participant to the Company of an amount equal to the applicable federal, state and local income taxes and other amounts required to be withheld in connection with such election.  The Participant is advised to consult with the Participant’s own tax advisors regarding the purchase and holding of the Restricted Shares, and the Company shall bear no liability for any consequence of the Participant making and 83(b) election or failing to make an 83(b) election.
Section 9.No Right of Continued Service.  Nothing in the Plan or this Agreement shall confer upon the Participant any right to continued Service.
Section 10.Tax Withholding.  This Agreement and the Award shall be subject to tax and/or other withholding in accordance with Section 16(e) of the Plan.
Section 11.Rights as a Stockholder; Dividends.  The Participant shall have the privileges of a stockholder of the Company with respect to the Restricted Shares, including without limitation any right to vote any Restricted Shares and to receive dividends or other distributions in respect thereof; provided that any such dividends or other distributions shall be paid only on a deferred basis, to the extent that the underlying Restricted Shares vest.
Section 12.Clawback.  The Award will be subject to recoupment in accordance with any existing clawback policy or clawback policy that the Company adopts or 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.  The implementation of any clawback policy will not be deemed a triggering event for purposes of any definition of “good reason” for resignation or “constructive termination.”
Section 13.Amendment and Termination.  Subject to the terms of the Plan, any amendment to this Agreement shall be in writing and signed by the parties hereto.  Notwithstanding the immediately-preceding sentence, subject to the terms of the Plan, the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, this Agreement and/or the Award; provided that, subject to the terms of the Plan, any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially impair the rights of the Participant or any holder or beneficiary of the Award shall not be effective without the written consent of the Participant, holder or beneficiary.
2

Section 14.Construction.  The Award granted hereunder is granted by the Company pursuant to the Plan and is in all respects subject to the terms and conditions of the Plan.  The Participant hereby acknowledges that a copy of the Plan has been delivered to the Participant and accepts the Award hereunder subject to all terms and provisions of the Plan, which are incorporated herein by reference.  In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the Plan will govern and prevail.  The construction of and decisions under the Plan and this Agreement are vested in the Committee, whose determinations shall be final, conclusive and binding upon the Participant.
Section 15.Governing Law.  This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof.
Section 16.Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.
Section 17.Binding Effect.  This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns.
Section 18.Entire Agreement.  This Agreement and the Plan constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, merging any and all prior agreements.
[SIGNATURES ON FOLLOWING PAGE]
3

IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the Grant Date.
RED ROCK RESORTS, INC.
By:          
Name:          
Title:          
    

Signature Page to Restricted Stock Award Agreement

PARTICIPANT:
        
Participant’s Signature             Date
Name:        
Address:            
Signature Page to Restricted Stock Award Agreement

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