Document:

Exhibit 10.1

 

Exhibit A

 

UNITED BANCORP, INC.

2018 STOCK INCENTIVE PLAN

ARTICLE 1

 

General Purpose of Plan; Definitions

 

		1.1	Name
and Purposes.   The name of this Plan is the United Bancorp, Inc. 2018 Stock Incentive Plan. The purpose of this
Plan is to enable United Bancorp, Inc. and its Affiliates to: (i) attract and retain skilled and qualified directors, officers
and key employees who are expected to contribute to the Company’s success by providing long-term incentive compensation
opportunities competitive with those made available by other companies; (ii) motivate participants to achieve the long-term success
and growth of the Company; (iii) facilitate ownership of shares of the Company; and (iv) align the interests of the participants
with those of the Company’s shareholders.

 

		1.2	Certain
Definitions.   Unless the context otherwise indicates, the following words used herein shall have the following
meanings whenever used in this instrument:

 

		(a)	“Affiliate”
means any corporation, partnership, joint venture or other entity, directly or indirectly, through one or more intermediaries,
controlling, controlled by, or under common control with the Company, as determined by the Board of Directors in its discretion.

 

		(b)	“Award”
means any grant under this Plan of a Stock Option, Stock Appreciation Right, Restricted Share, Restricted Share Unit or Performance
Share to any Plan participant.

 

		(c)	“Board
of Directors” means the Board of Directors of the Company, as constituted from time to time.

 

		(d)	“Cause”
with respect to an employee of the Company or any affiliate of the Company who had not entered into an employment agreement with
the Company or such an affiliate, means and is limited to (i) criminal dishonesty, (ii) refusal to perform duties on an exclusive
and substantially full-time basis, (iii) refusal to act in accordance with any specific substantive instructions given by the
Company or any affiliate of the Company with respect to performance of duties normally associated with such employee’s position,
or (iv) engaging in conduct which could be materially damaging to the Company or any affiliate of the Company without a reasonable
good faith belief that such conduct was in the best interest of the Company or any affiliate of the Company. With respect to an
employee who is employed pursuant to an employment agreement with the Company or such an affiliate, “Cause” shall mean “cause” as defined in the terms of such employment agreement (as it may be amended from time to time).

 

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		(e)	“Change
in Control” shall mean a “Change in Ownership,” “Change in Effective Control”, or a “Change
in Ownership of a Substantial Portion of Assets” as defined Treasury Regulation 1.409A-3(i)(5).

 

		(f)	“Code”
means the Internal Revenue Code of 1986, as amended, and any lawful regulations or guidance promulgated thereunder. Whenever reference
is made to a specific Internal Revenue Code section, such reference shall be deemed to be a reference to any successor Internal
Revenue Code section or sections with the same or similar purpose.

 

		(g)	“Committee”
means the committee administering this Plan as provided in Section 2.1.

 

		(h)	“Common
Shares” mean the common shares no par value per share, of the Company.

 

		(i)	“Company”
means United Bancorp, Inc., a corporation organized under the laws of the State of Ohio and, except for purposes of determining
whether a Change in Control has occurred, any corporation or entity that is a successor to United Bancorp, Inc. or substantially
all of the assets of United Bancorp, Inc. and that assumes the obligations of United Bancorp, Inc. under this Plan by operation
of law or otherwise.

 

		(j)	“Date
of Grant” means the date on which the Committee grants an Award.

 

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

 

		(l)	“Disability”
means the person (i) is, by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits
for a period of not less than 3 months under an accident and health plan of the Company or an affiliate covering the person, or
(ii) has been determined to be totally disabled by the United States Social Security Administration.

 

		(m)	“Eligible
Participant” is defined in Article 4.

 

		(n)	“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any lawful regulations or guidance promulgated thereunder.

 

		(o)	“Exercise
Price” means the purchase price of a Share pursuant to a Stock Option, or the exercise price per Share related to a Stock
Appreciation Right.

 

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		(p)	“Fair
Market Value” means the closing price of a Share as reported on The Nasdaq Stock Market, or, if applicable, on any national
securities exchange or automated quotation system on which the Common Shares are principally traded: (i) on the date for which
the determination of Fair Market Value is made, or (ii) if the closing price is not yet known as of such date then the date prior
to that, or, (iii) if there are no sales of Common Shares on such date, then on the most recent immediately preceding date on
which there were any sales of Common Shares. If the Common Shares are not, or cease to be, traded on The Nasdaq Stock Market or
any national securities exchange or automated quotation system, the “Fair Market Value” of Common Shares shall be
determined pursuant to a reasonable valuation method prescribed by the Committee. Notwithstanding the foregoing, as of any date,
the “Fair Market Value” of Common Shares shall be determined in a manner consistent with Code Section 409A and the
guidance then-existing thereunder. In addition, “Fair Market Value” with respect to ISOs and related SARs shall be
determined in accordance with Section 6.2(f).

 

		(q)	“Incentive
Stock Option” and “ISO” mean a Stock Option that is identified as such and which is intended to meet the requirements
of Section 422 of the Code.

 

		(r)	“Non-Qualified
Stock Option” and “NQSO” mean a Stock Option that: (i) is governed by Section 83 of the Code; and (ii) is not
intended to meet the requirements of Section 422 of the Code.

 

		(s)	“Outside
Director” means a nonemployee Director. In addition, at all times during which the Company is subject to the reporting requirements
of the Exchange Act, “Outside Director means a nonemployee Director who meets the definitions of the terms “independent
director” set forth in The Nasdaq Stock Market rules, and “non-employee director” set forth in Rule 16b-3, or
any successor definitions adopted by the Internal Revenue Service, The Nasdaq Stock Market and Securities and Exchange Commission,
respectively, and similar requirements under any other applicable laws and regulations.

 

		(t)	“Parent”
means any corporation which qualifies as a “parent corporation” of the Company under Section 424(e) of the Code.

 

		(u)	“Performance
Shares” is defined in Article 9.

 

		(v)	“Performance
Period” is defined in Section 9.2.

 

		(w)	“Plan”
means this United Bancorp, Inc. 2018 Stock Incentive Plan, as amended from time to time.

 

		(x)	“Restricted
Share Units” is defined in Article 8.

 

		(y)	“Restricted
Shares” is defined in Article 8.

 

		(z)	“Rule
16b-3” is defined in Article 16.

 

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		(aa)	“Share”
or “Shares” mean one or more of the Common Shares.

 

		(bb)	“Shareholder”
means an individual or entity that owns one or more Shares.

 

		(cc)	“Stock
Appreciation Rights” and “SARs” mean any right to receive the appreciation in Fair Market Value of a specified
number of Shares over a specified Exercise Price pursuant to an Award granted under Article 7.

 

		(dd)	“Stock
Option” means any right to purchase a specified number of Shares at a specified price which is granted pursuant to Article
5 and may be an Incentive Stock Option or a Non-Qualified Stock Option.

 

		(ee)	“Stock
Power” means a power of attorney executed by a participant and delivered to the Company which authorizes the Company to
transfer ownership of Restricted Shares, Performance Shares or Common Shares from the participant to the Company or a third party.

 

		(ff)	“Subsidiary”
means any corporation which qualifies as a “subsidiary corporation” of the Company under Section 424(f) of the Code.

 

		(gg)	“Vested”
means, with respect to a Stock Option, that the time has been reached when the option to purchase Shares first becomes exercisable;
and with respect to a Stock Appreciation Right, when the Stock Appreciation Right first becomes exercisable for payment; with
respect to Restricted Shares, when the Shares are no longer subject to forfeiture and restrictions on transferability; with respect
to Restricted Share Units and Performance Shares, when the units or Shares are no longer subject to forfeiture and are converted
to Shares. The words “Vest” and “Vesting” have meanings correlative to the foregoing.

 

ARTICLE 2

 

Administration

 

		2.1	Authority
and Duties of the Committee.

 

		(a)	The
Plan shall be administered by a Committee of at least two Directors who are appointed by the Board of Directors. Unless otherwise
determined by the Board of Directors, the Compensation Committee of the Board of Directors (or any subcommittee thereof) shall
serve as the Committee, and all of the members of the Committee shall be Outside Directors. Notwithstanding the requirement that
the Committee consist exclusively of Outside Directors, no action or determination by the Committee or an individual then considered
to be an Outside Director shall be deemed void because a member of the Committee or such individual fails to satisfy the requirements
for being an Outside Director, except to the extent required by applicable law.

 

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		(b)	The
Committee has the power and authority to grant Awards pursuant to the terms of this Plan to Eligible Participants. The Committee
may, at any time and from time to time, at the request of a Participant or at the discretion of the Committee, designate that
a portion of such Participant’s compensation otherwise payable in cash be payable in Common Shares, Options or SARs. The
Committee shall have the sole discretion to determine the value of the Common Shares, Options, or SARs so payable and the terms
and conditions under which such Common Shares shall be issued or such Options or SARs shall be granted.

 

		(c)	The
Committee has the sole and exclusive authority, subject to any limitations specifically set forth in this Plan, to:

 

		(i)	select
the Eligible Participants to whom Awards are granted;

 

		(ii)	determine
the types of Awards granted and the timing of such Awards;

 

		(iii)	determine
the number of Shares to be covered by each Award granted hereunder;

 

		(iv)	determine
the other terms and conditions, not inconsistent with the terms of this Plan, of any Award granted hereunder; such terms and conditions
include, but are not limited to, the Exercise Price, the time or times when Options or Stock Appreciation Rights may be exercised
(which may be based on performance objectives), any Vesting, acceleration or waiver of forfeiture restrictions, any performance
criteria applicable to an Award, and any restriction or limitation regarding any Option or Stock Appreciation Right or the Common
Shares relating thereto, based in each case on such factors as the Committee, in its sole discretion, shall determine;

 

		(v)	determine
whether any conditions or objectives related to Awards have been met, including but not limited to any determination of whether
the performance objectives for Performance Shares or other performance-based awards have been satisfied, as required for compliance
with Article 9 of this Plan;

 

		(vi)	subsequently
modify or waive any terms and conditions of Awards, not inconsistent with the terms of this Plan;

 

		(vii)	adopt,
alter and repeal such administrative rules, guidelines and practices governing this Plan as it deems advisable from time to time;

 

		(viii)	promulgate
such administrative forms as it from time to time deems necessary or appropriate for administration of the Plan;

 

		(ix)	construe,
interpret, administer and implement the terms and provisions of this Plan, any Award and any related agreements;

 

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		(x)	correct
any defect, supply any omission and reconcile any inconsistency in or between the Plan, any Award and any related agreements;

 

		(xi)	prescribe
any legends to be affixed to certificates representing Shares or other interests granted or issued under the Plan; and

 

		(xii)	otherwise
supervise the administration of this Plan.

 

		(d)	All
decisions made by the Committee pursuant to the provisions of this Plan are final and binding on all persons, including the Company,
its shareholders and participants, but may be made by their terms subject to ratification or approval by, the Board of Directors,
another committee of the Board of Directors or shareholders.

 

		(e)	The
Company shall furnish the Committee with such clerical and other assistance as is necessary for the performance of the Committee’s
duties under the Plan.

 

		2.2	Delegation
of Duties.   The Committee may delegate ministerial duties to any other person or persons, and it may employ attorneys,
consultants, accountants or other professional advisers for purposes of plan administration at the expense of the Company. The
power to delegate provided for herein does not include the power to grant an Award.

 

		2.3	Limitation
of Liability.   Members of the Board of Directors, members of the Committee and Company employees who are their
designees acting under this Plan shall be fully protected in relying in good faith upon the advice of counsel and shall incur
no liability except for gross or willful misconduct in the performance of their duties hereunder.

 

ARTICLE 3

 

Stock Subject to Plan

 

		3.1	Total
Shares Limitation.   Subject to the provisions of this Article, the maximum number of Shares that may be issued
or transferred under this Plan shall not exceed in the aggregate 500,000 Common Shares, which may be treasury or authorized but
unissued Shares.

 

		3.2	Participant
Limitation.   The aggregate number of Shares underlying Awards granted under this Plan to any participant in any
fiscal year (including but not limited to Awards of Stock Options and SARs), regardless of whether such Awards are thereafter
canceled, forfeited or terminated, shall not exceed 25,000 Shares.

 

		3.3	Awards
Not Exercised; Effect of Receipt of Shares.   If any outstanding Award, or portion thereof, expires, or is terminated,
canceled or forfeited, the Shares that would otherwise be issuable or released from restrictions with respect to the unexercised
or non-Vested portion of such expired, terminated, canceled or forfeited Award shall be available for subsequent Awards under
this Plan. If the Exercise Price of an Award is paid in Shares, or if Shares are withheld or sold to cover tax withholding obligations
pursuant to Sections 15.1 and 15.2 of this Plan, the Shares received by the Company in connection therewith shall not be added
to the maximum aggregate number of Shares which may be issued under Section 3.1.

 

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		3.4	Dilution
and Other Adjustments.   In the event that the Committee determines that any dividend or other distribution (whether
in the form of cash, Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization,
redesignation, reclassification, merger, consolidation, liquidation, split-up, reverse split, spin-off, combination, repurchase
or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities
of the Company or other similar corporate transaction or event affects the Shares such that an adjustment is determined by the
Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under this Plan, then the Committee shall, in such manner as it deems equitable, adjust any or all of (i) the number
and type of Shares (or other securities or other property) which thereafter may be made the subject of Awards, (ii) the number
and type of Shares (or other securities or other property) subject to outstanding Awards, (iii) the limitations set forth above
and (iv) the purchase or exercise price or any performance objective with respect to any Award; provided, however, that the number
of Shares or other securities covered by any Award or to which such Award relates is always a whole number. Notwithstanding the
foregoing, the foregoing adjustments shall be made in compliance with: (i) Sections 422 and 424 of the Code with respect to ISOs;
(ii) Treasury Department Regulation Section 1.424-1 (and any successor) with respect to NQSOs, applied as if the NQSOs were ISOs;
and (iii) Section 409 A of the Code, to the extent necessary to avoid its application or avoid adverse tax consequences thereunder.
In applying the provisions of this Section 3.4, the Committee shall lack discretion with respect to any adjustment which is required
to prevent enlargement or dilution of rights under any Award and shall promptly make such adjustments as are required to prevent
an enlargement or dilution of rights.

 

ARTICLE 4

 

Participants

 

		4.1	Eligibility.
  Directors, Officers and all other key employees of the Company or any of its Affiliates (each an “Eligible
Participant”) who are selected by the Committee in its sole discretion are eligible to participate in this Plan.

 

		4.2	Award
Agreements.   Awards shall be evidenced by a written agreement in a form prescribed by the Committee (hereinafter
 “Award Agreement”). Execution of an Award Agreement shall constitute the participant’s irrevocable agreement
to, and acceptance of, the terms and conditions of the Award set forth in such agreement and of the terms and conditions of the
Plan applicable to such Award. Award Agreements may differ from time to time and from participant to participant.

 

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ARTICLE 5

 

Stock Option Awards

 

		5.1	Option
Grant.   Each Stock Option granted under this Plan will be evidenced by minutes of a meeting, or by a unanimous
written consent without a meeting, of the Committee and by an Award Agreement dated as of the Date of Grant and executed by the
Company and by the appropriate participant.

 

		5.2	Terms
and Conditions of Grants.   Stock Options granted under this Plan are subject to the following terms and conditions
and may contain such additional terms, conditions, restrictions and contingencies with respect to exercisability and/or with respect
to the Shares acquired upon exercise as may be provided in the relevant agreement evidencing the Stock Options, so long as such
terms and conditions are not inconsistent with the terms of this Plan, as the Committee deems desirable:

 

		(a)	Exercise
Price.   Subject to Section 3.4, the Exercise Price shall never be less than 100% of the Fair Market Value of the
Shares on the Date of Grant. If a variable Exercise Price is specified at the time of grant, the Exercise Price may vary pursuant
to a formula or other method established by the Committee; provided, however, that such formula or method will provide
for a minimum Exercise Price equal to the Fair Market Value of the Shares on the Date of Grant. Except as otherwise provided in
Section 3.4, no subsequent amendment of an outstanding Stock Option may reduce the Exercise Price to less than 100% of the Fair
Market Value of the Shares on the Date of Grant. Nothing in this Section 5.2(a) shall be construed as limiting the Committee’s
authority to grant premium price Stock Options which do not become exercisable until the Fair Market Value of the underlying Shares
exceeds a specified percentage (e.g. , 110%) of the Exercise Price; provided, however, that such percentage will
never be less than 100%.

 

		(b)	Option
Term.   Any unexercised portion of a Stock Option granted hereunder shall expire at the end of the stated term of
the Stock Option. The Committee shall determine the term of each Stock Option at the time of grant, which term shall not
exceed 10 years from the Date of Grant. The Committee may extend the term of a Stock Option, in its discretion, but not beyond
the date immediately prior to the tenth anniversary of the original Date of Grant. If a definite term is not specified by the
Committee at the time of grant, then the term is deemed to be 10 years. Nothing in this Section 5.2(b) shall be construed as limiting
the Committee’s authority to grant Stock Options with a term shorter than 10 years.

 

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		(c)	Vesting.
  Stock Options, or portions thereof, are exercisable at such time or times as determined by the Committee in its
discretion at or after grant. The Committee may provide that a vesting schedule shall be specified in an Award Agreement. If the
Committee provides that any Stock Option becomes Vested over a period of time or upon performance events, in full or in installments,
the Committee may waive or accelerate such Vesting provisions at any time. Unless otherwise determined by the Committee in connection
with the grant and set forth in the Award Agreement, all unvested Stock Options shall immediately vest upon the Death or Disability
of the holder.

 

		(d)	Method
of Exercise.   Vested portions of any Stock Option may be exercised in whole or in part at any time during the option
term by giving written notice of exercise to the Company specifying the number of Shares to be purchased. The notice must be given
by or on behalf of a person entitled to exercise the Stock Option, accompanied by payment in full of the Exercise Price, along
with any tax withholding pursuant to Article 15. Subject to the approval of the Committee, the Exercise Price may be paid:

 

		(i)	in
cash in any manner satisfactory to the Committee;

 

		(ii)	by
tendering (by either actual delivery of Shares or by attestation) unrestricted Shares owned by the person entitled to exercise
the Stock Option having an aggregate Fair Market Value on the date of exercise equal to the Exercise Price applicable to such
Stock Option exercise, and, with respect to the exercise of NQSOs, including restricted Shares;

 

		(iii)	by
a combination of cash and unrestricted Shares that are owned on the date of exercise by the person entitled to exercise the Stock
Option; and

 

		(iv)	by
another method permitted by law and affirmatively approved by the Committee which assures full and immediate payment or satisfaction
of the Exercise Price, which may include broker assisted cashless exercise.

 

The Committee may withhold its approval
for any method of payment for any reason, in its sole discretion, including but not limited to concerns that the proposed method
of payment will result in adverse financial accounting treatment, adverse tax treatment for the Company or a participant or a violation
of any law applicable to the Company from time to time, and related regulations and guidance.

 

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If the Exercise Price of an NQSO
is paid by tendering Restricted Shares, then the Shares received upon the exercise will contain restrictions that are no less restrictive
then the Restricted Shares so tendered.

 

		(e)	Form.
  Unless the grant of a Stock Option is expressly designated at the time of grant as an ISO, it is deemed to be
an NQSO. ISOs are subject to the additional terms and conditions in Article 6.

 

		(f)	Special
Limitations on Stock Option Awards.   Unless an Award Agreement approved by the Committee provides otherwise, Stock
Options awarded under this Plan are intended to meet the requirements for exclusion from coverage under Code Section 409A and
applicable Treasury regulations and all Stock Option Awards shall be construed and administered accordingly.

 

		5.3	Termination
of Grants Prior to Expiration.   Subject to Article 6 with respect to ISOs, if the employment of an optionee with
the Company or its Affiliates terminates for any reason, all unexercised Stock Options may be exercised only in accordance with
rules established by the Committee or as specified in the relevant agreement evidencing the Stock Options. Such rules may provide,
as the Committee deems appropriate, for the expiration, continuation (but only to the originally scheduled expiration date), or
acceleration of the vesting of all or part of the Stock Options.

 

ARTICLE 6

 

Special Rules Applicable to Incentive
Stock Options

 

		6.1	Eligibility.
  Notwithstanding any other provision of this Plan to the contrary, an ISO may only be granted to full or part-time
employees (including officers) of the Company or of an Affiliate, provided that the Affiliate is a Parent or Subsidiary.

 

		6.2	Special
ISO Rules.

 

		(a)	Term.
  No ISO may be exercisable on or after the tenth anniversary of the Date of Grant, and no ISO may be granted under
this Plan on or after the tenth anniversary of the effective date of this Plan.

 

		(b)	Ten
Percent Shareholder.   No grantee may receive an ISO under this Plan if such grantee, at the time the Award is granted,
owns (after application of the rules contained in Section 424(d) of the Code) equity securities possessing more than 10% of the
total combined voting power of all classes of equity securities of the Company, its Parent or any Subsidiary, unless (i) the option
price for such ISO is at least 110% of the Fair Market Value of the Shares as of the Date of Grant, and (ii) such ISO is not exercisable
on or after the fifth anniversary of the Date of Grant.

 

 

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		(c)	Limitation
on Grants.   The aggregate Fair Market Value (determined with respect to each ISO at the time of grant) of the Shares
with respect to which ISOs are exercisable for the first time by a grantee during any calendar year (under this Plan or any other
plan adopted by the Company or its Parent or its Subsidiary) shall not exceed $100,000. Unless otherwise set forth in an Award
Agreement, if such aggregate Fair Market Value shall exceed $100,000, such number of ISOs as shall have an aggregate Fair Market
Value equal to the amount in excess of $100,000 shall be treated as NQSOs.

 

		(d)	Non-Transferability.
  Notwithstanding any other provision herein to the contrary, no ISO granted hereunder (and, if applicable, related
Stock Appreciation Right) may be transferred except by will or by the laws of descent and distribution, nor may such ISO (or related
Stock Appreciation Right) be exercisable during a grantee’s lifetime other than by him (or his guardian or legal representative
to the extent permitted by applicable law).

 

		(e)	Termination
of Employment.   No ISO may be exercised more than three months following termination of employment for any reason
(including retirement) other than death or Disability, nor more than one year following termination of employment for the reason
of death or Disability (as defined in Section 422 of the Code). If the Award Agreement for an ISO permits exercise after such
date such option will no longer qualify as an ISO and shall thereafter be, and receive the tax treatment applicable to, an NQSO.
For this purpose, a termination of employment is cessation of employment such that no employment relationship exists between the
participant and the Company, a Parent or a Subsidiary.

 

		(f)	Fair
Market Value.   For purposes of any ISO granted hereunder (or, if applicable, related Stock Appreciation Right),
the Fair Market Value of Shares shall be determined in the manner required by Section 422 of the Code and any Treasury regulations
thereunder.

 

		6.3	Subject
to Code Amendments.   The foregoing limitations are designed to comply with the requirements of Section 422 of the
Code and shall be automatically amended or modified to comply with amendments or modifications to Section 422 of the Code. Any
ISO which fails to comply with Section 422 of the Code is automatically treated as an NQSO appropriately granted under this Plan
provided it otherwise meets the Plan’s requirements for NQSOs.

 

ARTICLE 7

 

Stock Appreciation Rights

 

		7.1	SAR
Grant and Agreement.   Stock Appreciation Rights (including SOSARs with the meaning set forth below) may be granted
under this Plan and each SAR granted under this Plan will be evidenced by minutes of a meeting, or by a unanimous written consent
without a meeting, of the Committee and by an Award Agreement dated as of the Date of Grant and executed by the Company and by
the appropriate participant.

 

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		(a)	Term.
  Any unexercised portion of a Stock Appreciation Right granted hereunder shall expire at the end of the stated
term of the Stock Appreciation Right. The Committee shall determine the term of each Stock Appreciation Right at the time of grant,
which term shall not exceed ten years from the Date of Grant. The Committee may extend the term of a Stock Appreciation Right,
in its discretion, but not beyond the date immediately prior to the tenth anniversary of the original Date of Grant. If a definite
term is not specified by the Committee at the time of grant, then the term is deemed to be ten years.

 

		(b)	Vesting.
  A Stock Appreciation Right is exercisable, in whole or in part, at such time or times as determined by the Committee
at or after the time of grant. Unless otherwise determined by the Committee in connection with the grant and set forth in the
Award Agreement, all unvested Stock Appreciation Rights shall immediately vest upon the Death or Disability of the holder.

 

		(c)	Exercise
Price.   Subject to Section 3.4, the Exercise Price of a Stock Appreciation Right will never be less than 100% of
the Fair Market Value of the related Shares on the Date of Grant. If a variable Exercise Price is specified at the time of grant,
the Exercise Price may vary pursuant to a formula or other method established by the Committee; provided, however, that
such formula or method will provide for a minimum Exercise Price equal to the Fair Market Value of the Shares on the Date of Grant.
Except as otherwise provided in Section 3.4, no subsequent amendment of an outstanding Stock Appreciation Right may reduce the
Exercise Price to less than 100% of the Fair Market Value of the Shares on the Date of Grant. Nothing in this Section 7.3(c) shall
be construed as limiting the Committee’s authority to grant premium price Stock Appreciation Rights which do not become
exercisable until the Fair Market Value of the related Shares exceeds a specified percentage (e.g., 110%) of the Exercise
Price; provided, however, that such percentage will never be less than 100%.

 

		(d)	Method
of Exercise.   A Stock Appreciation Right may be exercised in whole or in part during the term by giving written
notice of exercise to the Company specifying the number of Shares in respect of which the Stock Appreciation Right is being exercised.
The notice must be given by or on behalf of a person entitled to exercise the Stock Appreciation Right. Upon the exercise of a
Stock Appreciation Right, subject to satisfaction of the tax withholding requirements pursuant to Article 15, the holder of the
Stock Appreciation Right is entitled to receive Shares or cash as specified in the original Award Agreement (as set forth below)
equal in value to the excess of the Fair Market Value of a Share on the exercise date over the Exercise Price of the SAR multiplied
by the number of Stock Appreciation Rights being exercised. At any time the Fair Market Value of a Share on a proposed exercise
date does not exceed the Exercise Price of the SAR, the holder of the Stock Appreciation Right shall not be permitted to exercise
such right.

 

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		(i)	Stock
Appreciation Right designated as a Stock Only Stock Appreciation Right (“SOSAR”) in the original Award Agreement.
  With respect to an Award designated by the Company in the original Award Agreement as a SOSAR, the holder shall
be entitled to receive only Shares of the Company upon exercise.

 

		(ii)	All
Other Stock Appreciation Rights.   With respect to all other Awards the holder shall be entitled to the cash or
other property set forth in the Award Agreement.

 

		(e)	Early
Termination Prior to Expiration.   If the employment of an optionee with the Company or its Affiliates terminates
for any reason, all unexercised Stock Appreciation Rights may be exercised only in accordance with rules established by the Committee
or as specified in the relevant agreement evidencing such Stock Appreciation Rights. Such rules may provide, as the Committee
deems appropriate, for the expiration, continuation (but only to the originally scheduled expiration date), or acceleration of
the vesting of all or part of such Stock Appreciation Rights.

 

		7.2	Other
Terms and Conditions of SAR Grants.   Stock Appreciation Rights are subject to such other terms and conditions, not
inconsistent with the provisions of this Plan, as are determined from time to time by the Committee.

 

		7.3	Special
Limitations on SAR Awards.   Unless an Award Agreement approved by the Committee provides otherwise, Stock Appreciation
Rights awarded under this Plan are intended to meet the requirements for exclusion from coverage under Code Section 409A and applicable
Treasury regulations and all Stock Appreciation Rights Awards shall be construed and administered accordingly.

 

ARTICLE 8

 

Restricted Share and Restricted Share
Unit Awards

 

		8.1	Restricted
Share Grants and Agreements.   Restricted Share Awards consist of Shares which are issued by the Company to a participant
at no cost or at a purchase price determined by the Committee which may be below their Fair Market Value but which are subject
to forfeiture and restrictions on their sale or other transfer by the participant. Each Restricted Share Award granted under this
Plan will be evidenced by minutes of a meeting, or by a unanimous written consent without a meeting, of the Committee and by an
Award Agreement dated as of the Date of Grant and executed by the Company and by the participant. The timing of Restricted Share
Awards and the number of Shares to be issued (subject to Section 3.2) are to be determined by the Committee in its discretion.
By accepting a grant of Restricted Shares, the participant consents to any tax withholding as provided in Article 15.

 

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		8.2	Terms
and Conditions of Restricted Share Grants.   Restricted Shares granted under this Plan are subject to the following
terms and conditions, which, except as otherwise provided herein, need not be the same for each participant, and may contain such
additional terms, conditions, restrictions and contingencies not inconsistent with the terms of this Plan and any operative employment
or other agreement, as the Committee deems desirable:

 

		(a)	Purchase
Price.   The Committee shall determine the prices, if any, at which Restricted Shares are to be issued to a participant,
which may vary from time to time and from participant to participant and which may be below the Fair Market Value of such Restricted
Shares at the Date of Grant.

 

		(b)	Restrictions.
  All Restricted Shares issued under this Plan will be subject to such restrictions as the Committee may determine,
which may include, without limitation, a requirement that the participant forfeit such Restricted Shares in the event of termination
of the participant’s employment with the Company or its Affiliates prior to vesting. The Committee may at any time waive
any such restrictions or accelerate the date or dates on which the restrictions will lapse.

 

		(c)	Performance-Based
Restrictions.   The Committee may, in its sole discretion, provide restrictions that lapse upon the attainment of
specified performance objectives. In such case, the provisions of Sections 9.2 and 9.3 will apply (including, but not limited
to, the enumerated performance objectives). If the Award Agreement governing an Award provides that such Award is intended to
be “performance-based compensation,” the provisions of Article 9 will also apply.

 

		(d)	Delivery
of Shares.   Restricted Shares will be registered in the name of the participant and deposited, together with a
Stock Power, with the Company or its designated officer or escrow agent. Each such certificate will bear a legend in substantially
the following form:

 

“The transferability of this
certificate and the Common Shares represented by it are subject to the terms and conditions (including conditions of forfeiture)
contained in the United Bancorp, Inc. 2018 Stock Incentive Plan and an agreement entered into between the registered owner and
the Company. A copy of this Plan and agreement are on file in the office of the Secretary of the Company.”

 

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At the end of any time period during
which the Restricted Shares are subject to forfeiture and restrictions on transfer, and after any tax withholding, such Shares
will be delivered free of all restrictions (except for any pursuant to Article 14) to the participant or other appropriate person
and with the foregoing legend removed from the stock certificate.

 

		(e)	Forfeiture
of Shares.   If a participant who holds Restricted Shares fails to satisfy the restrictions, vesting requirements
and other conditions relating to the Restricted Shares prior to the lapse, satisfaction or waiver of such restrictions and conditions,
except as may otherwise be determined by the Committee, the participant shall forfeit the Shares and transfer them back to the
Company in exchange for a refund of any consideration paid by the participant or such other amount which may be specifically set
forth in the Award Agreement. A participant shall execute and deliver to the Company one or more Stock Powers with respect to
Restricted Shares granted to such participant.

 

		(f)	Voting
and Other Rights.   Except as otherwise required by the terms of the applicable Restricted Share Agreement, during
any period in which Restricted Shares are subject to forfeiture and restrictions on transfer, the participant holding such Restricted
Shares shall have all the rights of a Shareholder with respect to such Shares, including, without limitation, the right to vote
such Shares and the right to receive any dividends paid with respect to such Shares.

 

		8.3	Restricted
Share Unit Awards and Agreements.   Restricted Share Unit Awards consist of Shares that will be issued to a participant
at a future time or times at no cost, or at a purchase price determined by the Committee which purchase price may be below their
Fair Market Value if continued employment and/or other terms and conditions specified by the Committee are satisfied. Each Restricted
Share Unit Award granted under this Plan will be evidenced by minutes of a meeting, or by a unanimous written consent without
a meeting, of the Committee and by an Award Agreement dated as of the Date of Grant and executed by the Company and the Plan participant.
The timing of Restricted Share Unit Awards and the number of Restricted Share Units to be awarded (subject to Section 3.2) are
to be determined by the Committee in its sole discretion. By accepting a Restricted Share Unit Award, the participant agrees to
remit to the Company when due any tax withholding as provided in Article 15.

 

		8.4	Terms
and Conditions of Restricted Share Unit Awards.   Restricted Share Unit Awards are subject to the following terms
and conditions, which, except as otherwise provided herein, need not be the same for each participant, and may contain such additional
terms, conditions, restrictions and contingencies not inconsistent with the terms of this Plan and any operative employment or
other agreement, as the Committee deems desirable:

 

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		(a)	Restrictions.
  All Restricted Share Units awarded under this Plan will be subject to such restrictions as the Committee may determine,
which may include, without limitation, a requirement that the participant forfeit such Restricted Share Unit in the event of termination
of the participant’s employment with the Company or its Affiliates prior to Vesting. The Committee may at any time waive
such restrictions or accelerate the date or dates on which the restrictions will lapse.

 

		(b)	Performance-Based
Restrictions.   The Committee may, in its sole discretion, provide restrictions that lapse upon the attainment of
specified performance objectives. In such case, the provisions of Sections 9.2 and 9.3 will apply (including, but not limited
to, the enumerated performance objectives). If the Award Agreement governing an Award provides that such Award is intended to
be “performance-based compensation,” the provisions of Article 9 will also apply.

 

		(c)	Voting
and Other Rights.  A participant holding Restricted Share Units shall not be deemed to be a Shareholder solely because
of such units. Such participant shall have no rights of a Shareholder with respect to such units; provided, however, that
an Award Agreement may provide for payment of an amount of money (or Shares with a Fair Market Value equivalent to such amount)
equal to the dividends paid from time to time on the number of Common Shares that would become payable upon vesting of a Restricted
Share Unit Award.

 

		(d)	Lapse
of Restrictions.   If a participant who holds Restricted Share Units satisfies the restrictions and other conditions
relating to the Restricted Share Units prior to the lapse or waiver of such restrictions and conditions, the Restricted Share
Units shall be converted to, or replaced with, Shares which are free of all restrictions except for any restrictions pursuant
to Article 14.

 

		(e)	Forfeiture
of Restricted Share Units.   If a participant who holds Restricted Share Units fails to satisfy the restrictions,
Vesting requirements and other conditions relating to the Restricted Share Units (prior to the lapse, satisfaction or waiver of
such restrictions and conditions), except as may otherwise be determined by the Committee, the participant shall forfeit the Restricted
Share Units.

 

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		(f)	Termination.
  A Restricted Share Unit Award or unearned portion thereof will terminate without the issuance of Shares on the
termination date specified on the Date of Grant or upon the termination of employment of the participant during the time period
or periods specified by the Committee during which any performance objectives must be met (the “Performance Period”).
If a participant’s employment with the Company or its Affiliates terminates by reason of his or her death, disability or
retirement, the Committee in its discretion at or after the Date of Grant may determine that the participant (or the heir, legatee
or legal representative of the participant’s estate) will receive a distribution of Shares in an amount which is not more
than the number of Shares which would have been earned by the participant if 100% of the performance objectives for the current
Performance Period had been achieved prorated based on the ratio of the number of months of active employment in the Performance
Period to the total number of months in the Performance Period. However, with respect to Awards intended to be performance-based
compensation (as described in Section 9.4(d)), distribution of the Shares shall not be made prior to attainment of the relevant
performance objectives.

 

		(g)	Special
Limitations on Restricted Share Unit Awards.   Unless an Award Agreement approved by the Committee provides otherwise,
Restricted Share Units awarded under this Plan are intended to meet the requirements for exclusion from coverage under Code Section
409A and all Restricted Share Unit Awards shall be construed and administered accordingly.

 

		8.5	Time
Vesting of Restricted Share and Restricted Share Unit Awards.   Restricted Shares or Restricted Share Units, or
portions thereof, are exercisable at such time or times as determined by the Committee in its discretion at or after grant, subject
to the restrictions on time Vesting set forth in this Section. If the Committee provides that any Restricted Shares or Restricted
Share Unit Awards become Vested over time (with or without a performance component), the Committee may waive or accelerate such
Vesting provisions at any time, subject to the restrictions on time Vesting set forth in this Section. Unless otherwise determined
by the Committee in connection with the grant and set forth in the Award Agreement, all unvested Restricted Share and Restricted
Share Unit Awards shall immediately Vest with respect to any required time vesting upon the Death or Disability of the holder.

 

		8.6	Special
Limitations on Restricted Share and Restricted Stock Unit Awards.   Unless an Award Agreement approved by the Committee
provides otherwise, Restricted Share and Restricted Stock Units awarded under this Plan are intended to meet the requirements
for exclusion from coverage under Code Section 409A and applicable Treasury regulations and all Awards shall be construed and
administered accordingly.

 

ARTICLE 9

 

Performance Share Awards

 

		9.1	Performance
Share Awards and Agreements.   A Performance Share Award is a right to receive Shares in the future conditioned
upon the attainment of specified performance objectives and such other conditions, restrictions and contingencies as the Committee
may determine. Each Performance Share Award granted under this Plan will be evidenced by minutes of a meeting, or by a unanimous
written consent without a meeting, of the Committee and by an Award Agreement dated as of the Date of Grant and executed by the
Company and by the Plan participant. The timing of Performance Share Awards and the number of Shares covered by each Award (subject
to Section 3.2) are to be determined by the Committee in its discretion. By accepting a grant of Performance Shares, the participant
agrees to remit to the Company when due any tax withholding as provided in Article 15.

 

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		9.2	Performance
Objectives.   At the time of grant of a Performance Share Award, the Committee will specify the performance objectives
which, depending on the extent to which they are met, will determine the number of Shares that will be distributed to the participant.
The Committee will also specify the time period or periods (the “Performance Period”) during which the performance
objectives must be met. The Committee may designate a single goal criterion or multiple goal criteria for performance measurement
purposes. Performance measurement may be described in terms of objectives that are related to the performance by the Company,
by any Subsidiary, or by any employee or group of employees in connection with services performed by that employee or those employees
for the Company, a Subsidiary, or one or more subunits of the Company or of any Subsidiary. The performance objectives may be
made relative to the performance of other companies. The performance objectives and periods need not be the same for each participant
nor for each Award.

 

		9.3	Adjustment
of Performance Objectives.   The Committee may modify, amend or otherwise adjust the performance objectives specified
for outstanding Performance Share Awards if it determines that an adjustment would be consistent with the objectives of this Plan
and taking into account the interests of the participants and the public Shareholders of the Company and such adjustment complies
with any applicable legal requirements, to the extent applicable, unless the Committee indicates a contrary intention. The types
of events which could cause an adjustment in the performance objectives include, without limitation, accounting changes which
substantially affect the determination of performance objectives, changes in applicable laws or regulations which affect the performance
objectives, and divisive corporate reorganizations, including spin-offs and other distributions of property or stock.

 

		9.4	Other
Terms and Conditions.   Performance Share Awards granted under this Plan are subject to the following terms and
conditions and may contain such additional terms, conditions, restrictions and contingencies not inconsistent with the terms of
this Plan and any operative employment or other agreement as the Committee deems desirable:

 

		(a)	Delivery
of Shares.   As soon as practicable after the applicable Performance Period has ended, the participant will receive
a distribution of the number of Shares earned during the Performance Period, depending upon the extent to which the applicable
performance objectives were achieved. Such Shares will be registered in the name of the participant and will be free of all restrictions
except for any restrictions pursuant to Article 14. Notwithstanding the forgoing, the distribution of Shares provided for herein
shall occur not later than two and one-half months following the end of the calendar year in which the Performance Period has
ended.

 

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		(b)	Termination.
  A Performance Share Award or unearned portion thereof will terminate without the issuance of Shares on the termination
date specified at the time of grant or upon the termination of employment of the participant during the Performance Period. If
a participant’s employment with the Company or its Affiliates terminates by reason of his or her death, disability or retirement,
the Committee in its discretion at or after the time of grant may determine, notwithstanding any Vesting requirements, that the
participant (or the heir, legatee or legal representative of the participant’s estate) will receive a distribution of a
portion of the participant’s then-outstanding Performance Share Awards in an amount which is not more than the number of
shares which would have been earned by the participant if 100% of the performance objectives for the current Performance Period
had been achieved prorated based on the ratio of the number of months of active employment in the Performance Period to the total
number of months in the Performance Period.

 

		(c)	Voting
and Other Rights.   Awards of Performance Shares do not provide the participant with voting rights or rights to
dividends prior to the participant becoming the holder of record of Shares issued pursuant to an Award; provided, however,
that an Award Agreement may provide for payment of an amount of money (or Shares with a Fair Market Value equivalent to such
amount) equal to the dividends paid from time to time on the number of Common Shares that would become payable upon vesting of
a Performance Share Award. Prior to the issuance of Shares, Performance Share Awards may not be sold, transferred, pledged, assigned
or otherwise encumbered.

 

		9.5	Special
Limitations on Performance Share Awards.   Unless an Award Agreement approved by the Committee provides otherwise,
Performance Shares awarded under this Plan are intended to meet the requirements for exclusion from coverage under Code Section
409A and all Performance Share Awards shall be construed and administered accordingly.

 

ARTICLE 10

 

Transfers and Leaves of Absence

 

		10.1	Transfer
of Participant.   For purposes of this Plan, the transfer of a participant among the Company and its Affiliates
is deemed not to be a termination of employment.

 

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		10.2	Effect
of Leaves of Absence.   For purposes of this Plan, the following leaves of absence are deemed not to be a termination
of employment:

 

		(a)	a
leave of absence, approved in writing by the Company, for military service, sickness or any other purpose approved by the Company,
if the period of such leave does not exceed 90 days;

 

		(b)	a
leave of absence in excess of 90 days, approved in writing by the Company, but only if the employee’s right to reemployment
is guaranteed either by a statute or by contract, and provided that, in the case of any such leave of absence, the employee returns
to work within 30 days after the end of such leave; and

 

		(c)	any
other absence determined by the Committee in its discretion not to constitute a termination of employment.

 

ARTICLE 11

 

Effect of Change in Control

 

		11.1	Change
in Control Defined.   “Change in Control” shall mean a “Change in Ownership” as defined
in Article 1 of this Plan.

 

		11.2	Effect
of Ch ange in Control.   Unless otherwise determined by the Committee in connection with the grant and set forth
in the Award Agreement, in the event of a Change in Control of the Company:

 

		(a)	all
Stock Options or SARs, notwithstanding any limitations set forth in the Plan or Award Agreement shall become fully Vested;

 

		(b)	all
Restricted Shares, notwithstanding any limitations set forth in the Plan or Award Agreement shall become fully Vested; and

 

		(c)	all
Restricted Share Units and Performance Shares, notwithstanding any limitations set forth in the Plan or Award Agreement shall
become fully Vested.

 

In addition, in connection with
a Change in Control the Committee shall have the right, in its sole discretion, to:

 

		(d)	cancel
any or all outstanding Stock Options, SARs, Restricted Share Units and Performance Shares in exchange for the kind and amount
of shares of the surviving or new corporation, cash, securities, evidences of indebtedness, other property or any combination
thereof receivable in respect of one Share upon consummation of the transaction in question (the “Acquisition Consideration”)
that the holder of the Stock Option, SAR, Restricted Share Unit or Performance Share would have received had the Stock Option,
SAR, Restricted Share Unit or Performance Share been exercised or converted into Shares, as applicable, prior to such transaction,
less the applicable exercise or purchase price therefor;

 

    	 	A-20 	 

     

    

  

		(e)	cause
the holders of any or all Stock Options, SARs, Restricted Share Units and Performance Shares to have the right thereafter and
during the term of the Stock Option, SAR, Restricted Share Unit or Performance Share to receive upon exercise thereof the Acquisition
Consideration receivable upon the consummation of such transaction by a holder of the number of Common Shares which might have
been obtained upon exercise or conversion of all or any portion thereof, less the applicable exercise or purchase price therefor,
or to convert such Stock Option, SAR, Restricted Share Unit or Performance Share into a stock option, appreciation right, restricted
share unit or performance share relating to the surviving or new corporation in the transaction; or

 

		(f)	take
such other action as it deems appropriate to preserve the value of the Award to the Participant, including the cancellation of
such Award and the payment of the value of the Acquisition Consideration attributable to the Award, net of payments due from the
holder thereof upon exercise if any, in cash.

 

The Committee may provide for any
of the foregoing in an Award Agreement governing an Award in advance, may provide for any of the foregoing in connection with a
Change in Control, or do both. Alternatively, the Committee shall also have the right to require any purchaser of the Company’s
assets or stock, as the case may be, to take any of the actions set forth in the preceding sentence.

 

The manner of application and interpretation
of the foregoing provisions of this Section 11.2 shall be determined by the Committee in its sole and absolute discretion.

 

		11.3	Code
Section 409A.   Unless an Award Agreement approved by the Committee provides otherwise, each Award granted under
this Plan is intended to meet the requirements for exclusion from coverage under Code Section 409A. If the Committee provides
than an Award shall be subject to Code Section 409A, then, notwithstanding the other provisions of this Article 11, the
Committee may provide in the Award Agreement for such changes to the definition of Change in Control from the definition set forth
in this Article 11, and for such changes to the Committee’s rights upon a Change in Control, as the Committee may deem necessary
in order for such Award to comply with Code Section 409A.

 

ARTICLE 12

 

Transferability of Awards

 

		12.1	Awards
Are Non-Transferable.   Except as provided in Sections 12.2 and 12.3, Awards are non-transferable and any attempts
to assign, pledge, hypothecate or otherwise alienate or encumber (whether by operation of law or otherwise) any Award shall be
null and void.

 

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		12.2	Inter-Vivos
Exercise of Awards.   During a participant’s lifetime, Awards are exercisable only by the participant or,
as permitted by applicable law and notwithstanding Section 12.1 to the contrary, the participant’s guardian or other legal
representative.

 

		12.3	Limited
Transferability of Certain Awards.   Notwithstanding Section 12.1 to the contrary, Awards may be transferred by
will and by the laws of descent and distribution. Moreover, the Committee, in its discretion, may allow at or after the time of
grant the transferability of Awards which are Vested, provided that the permitted transfer is made (a) if the Award is an Incentive
Stock Option, the transfer is consistent with Section 422 of the Code; (b) to the Company (for example in the case of forfeiture
of Restricted Shares), an Affiliate or a person acting as the agent of the foregoing or which is otherwise determined by the Committee
to be in the interests of the Company; or (c) by the participant for no consideration to Immediate Family Members (as defined
below) or to a bona fide trust, partnership or other entity controlled by and for the benefit of one or more Immediate Family
Members. “Immediate Family Members” means the participant’s spouse, children, stepchildren, parents, stepparents,
siblings (including half brothers and sisters), in-laws and other individuals who have a relationship to the participant arising
because of a legal adoption. No transfer may be made to the extent that transferability would cause Form S-8 or any successor
form thereto not to be available to register Shares related to an Award. The Committee in its discretion may impose additional
terms and conditions upon transferability.

 

ARTICLE 13

 

Amendment and Discontinuation

 

		13.1	Amendment
or Discontinuation of this Plan.   The Board of Directors may amend, alter, or discontinue this Plan at any time,
provided that no amendment, alteration, or discontinuance may be made:

 

		(a)	which
would materially and adversely affect the rights of a participant under any Award granted prior to the date such action is adopted
by the Board of Directors without the participant’s written consent thereto; and

 

		(b)	without
shareholder approval, if shareholder approval is required under applicable laws, regulations or exchange requirements (including
Section 422 of the Code with respect to ISOs).

 

Notwithstanding the foregoing, this
Plan may be amended without participants’ consent to: (i) comply with any law; (ii) preserve any intended favorable tax effects
for the Company, the Plan or participants; or (iii) avoid any unintended unfavorable tax effects for the Company, the Plan or participants.

 

		13.2	Amendment
of Grants.   The Committee may amend, prospectively or retroactively, the terms of any outstanding Award, provided
that no such amendment may be inconsistent with the terms of this Plan (specifically including the prohibition on granting Stock
Options or SARs with an Exercise Price less than 100% of the Fair Market Value of the Common Shares on the Date of Grant) or would
materially and adversely affect the rights of any holder without his or her written consent.

 

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ARTICLE 14

 

Issuance of Shares and Share Certificates

 

		14.1	Issuance
of Shares.   The Company will issue or cause to be issued Shares as soon as practicable upon exercise or conversion
of an Award that is payable in Shares. No certificates for Shares will be issued until full payment has been made, to the extent
payment is required. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other
rights as a shareholder will exist with respect to the Shares, notwithstanding the exercise or conversion of the Award payable
in shares.

 

		14.2	Delivery
of Share Certificates.   The Company is not required to issue or deliver any certificates for Shares issuable with
respect to Awards under this Plan prior to the fulfillment of all of the following conditions:

 

		(a)	payment
in full for the Shares and for any tax withholding (See Article 15);

 

		(b)	completion
of any registration or other qualification of such Shares under any Federal or state laws or under the rulings or regulations
of the Securities and Exchange Commission or any other regulating body which the Committee in its discretion deems necessary or
advisable;

 

		(c)	admission
of such Shares to listing on The Nasdaq Stock Market or any stock exchange on which the Shares are listed;

 

		(d)	in
the event the Shares are not registered under the Securities Act of 1933, qualification as a private placement under said Act;

 

		(e)	obtaining
of any approval or other clearance from any Federal or state governmental agency which the Committee in its discretion determines
to be necessary or advisable; and

 

		(f)	the
Committee is fully satisfied that the issuance and delivery of Shares under this Plan is in compliance with applicable Federal,
state or local law, rule, regulation or ordinance or any rule or regulation of any other regulating body, for which the Committee
may seek approval of counsel for the Company.

 

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		14.3	Applicable
Restrictions on Shares.   Shares issued with respect to Awards may be subject to such stock transfer orders and
other restrictions as the Committee may determine necessary or advisable under any applicable Federal or state securities law
rules, regulations and other requirements, the rules, regulations and other requirements of The Nasdaq Stock Market or any stock
exchange upon which the Shares are then-listed, and any other applicable Federal or state law and will include any restrictive
legends on stock certificates that the Committee may deem appropriate to include.

 

		14.4	Book
Entry.   In lieu of the issuance of stock certificates evidencing Shares, the Company may use a “book entry”
system in which a computerized or manual entry is made in the records of the Company to evidence the issuance of such Shares.
Such Company records are, absent manifest error, binding on all parties.

 

ARTICLE 15

 

Satisfaction of Tax Liabilities

 

		15.1	In
General.   The Company shall withhold any taxes which the Committee determines the Company is required by law or
required by the terms of this Plan to withhold in connection with any payments incident to this Plan. The participant or other
recipient shall provide the Committee with such additional information or documentation as may be necessary for the Company to
discharge its obligations under this Section. The Company may withhold: (a) cash, (b) subject to any limitations under Rule 16b-3,
Common Shares to be issued, or (c) any combination thereof, in an amount equal to the amount which the Committee determines is
necessary to satisfy the obligation of the Company, a Subsidiary or a Parent to withhold federal, state and local income taxes
or other amounts incurred by reason of the grant or exercise of an Award, its disposition, or the disposition of the underlying
Common Shares. Alternatively, the Company may require the holder to pay to the Company such amounts, in cash, promptly upon demand.

 

		15.2	Withholding
from Share Distributions.   With respect to a distribution in Shares pursuant to Restricted Share, Restricted Share
Unit or Performance Share Awards under the Plan, the Committee may cause the Company to sell the number of such Shares with a
value (net proceeds of such sale) equal to (or exceeded by not more than the actual sale price of a single Share) the Company’s
required tax withholding relating to such distribution. The Committee may withhold the proceeds of such sale for purposes of satisfying
such tax withholding obligation.

 

		15.3	Section
83(b) Election.   The Committee may, where applicable, provide in an Award Agreement the right of the participant
to make an election pursuant to Section 83(b) of the Code, or comparable provisions of any state tax law, to include in the participant’s
gross income the fair market value as of the Award as of the Date of Grant. The participant may make such an election only
if, prior to making any such election, the participant (a) notifies the Company of participant’s intention to make such
election in accordance with any notice requirements set forth in the Award Agreement, and (b) pays to the Company an amount sufficient
to satisfy any taxes or other amounts required by any governmental authority to be withheld or paid over to such authority for
participant’s account, or otherwise makes arrangements satisfactory to the Company for the payment of such amounts through
withholding or otherwise.

 

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ARTICLE 16

 

General Provisions

 

		16.1	No
Implied Rights to Awards or Employment.   No potential participant has any claim or right to be granted an Award
under this Plan, and there is no obligation of uniformity of treatment of participants under this Plan. Neither this Plan nor
any Award thereunder shall be construed as giving any individual any right to continued employment with the Company or any Affiliate.
The Plan does not constitute a contract of employment, and the Company and each Affiliate expressly reserve the right at any time
to terminate employees free from liability, or any claim, under this Plan, except as may be specifically provided in this Plan
or in an Award Agreement.

 

		16.2	Other
Compensation Plans.   Nothing contained in this Plan prevents the Board of Directors from adopting other or additional
compensation arrangements, subject to shareholder approval if such approval is required, and such arrangements may be either generally
applicable or applicable only in specific cases.

 

		16.3	Rule
16b-3 Compliance.   The Plan is intended to comply with all applicable conditions of Rule 16b-3 of the Exchange
Act, as such rule may be amended from time to time (“Rule 16b-3”). All transactions involving any participant subject
to Section 16(a) of the Exchange Act shall be subject to the conditions set forth in Rule 16b-3, regardless of whether such conditions
are expressly set forth in this Plan. Any provision of this Plan that is contrary to Rule 16b-3 does not apply to such participants.

 

		16.4	Successors.
  All obligations of the Company with respect to Awards granted under this Plan are binding on any successor to
the Company, whether as a result of a direct or indirect purchase, merger, consolidation or otherwise of all or substantially
all of the business and/or assets of the Company.

 

		16.5	Severability.
  In the event any provision of this Plan, or the application thereof to any person or circumstances, is held illegal
or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, or other applications,
and this Plan is to be construed and enforced as if the illegal or invalid provision had not been included.

 

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		16.6	Governing
Law.   To the extent not preempted by Federal law, this Plan and all Award Agreements pursuant thereto are construed
in accordance with and governed by the laws of the State of Ohio. This Plan is not intended to be governed by the Employee Retirement
Income Security Act and shall be so construed and administered.

 

		16.7	Legal
Requirements .  No Awards shall be granted and the Company shall have no obligation to make any payment under the
Plan, whether in Shares, cash, or a combination thereof, unless such payment is, without further action by the Committee, in compliance
with all applicable Federal and state laws and regulations, including, without limitation, the Code and Federal and state securities
laws.

 

		16.8	Forfeiture
by Employees in Connection with Termination for Cause.    Notwithstanding any other provision of this Plan, subject
to the provisions of the Award Agreement to which such Award relates, upon the termination of employment of an employee Participant
for Cause such employee Participant shall forfeit all benefits associated with any Award as provided for herein. Pursuant to this
provision, an employee shall forfeit all unexercised Options whether or not previously vested, all unexercised SARs whether or
not previously vested and all Restricted Shares, Restricted Share Units and Performance Shares for which the delivery of Shares
has not yet occurred.

 

ARTICLE 17

 

Effective Date and Term

 

		17.1	Effective
Date.   The effective date of this United Bancorp, Inc. 2018 Stock Incentive Plan is the date on which the shareholders
of the Company approve it at a duly held shareholders’ meeting.

 

		17.2	Termination
Date.   This Plan will continue in effect until midnight on the day before the tenth anniversary of the effective
date specified in Section 17.1; provided, however, that Awards granted on or before that date may extend beyond that date.

 

    	 	A-26ck0001448038-ex108_182.htm

 

 

Exhibit 10.8

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

ASSET SALE AGREEMENT

 

 

 

THIS ASSET SALE AGREEMENT ("Agreement"), entered into this 27th day of June, 2018, by and between the undersigned Seller and Buyer sets forth the terms and conditions whereby the Seller agrees to sell and the Buyer agrees to purchase the Loan(s) identified herein.  For purposes of clarification, Redwood Mortgage Corp. (RMC) is a licensed real estate broker in the State of California.  RMC brokers real estate secured loans between borrowers and its investors, Redwood Mortgage Investors VIII, a limited partnership, (“RMI 8”) and Redwood Mortgage Investors IX, LLC, a limited liability company (“RMI 9”).   RMC’s president is Michael Burwell.  RMC is one of the general partners of RMI 8.  RMC is one of the managers of RMI 9.  Notwithstanding the foregoing, the negotiation of this Asset Sale Agreement is being handled by RMI 8 and RMI 9 as independent entities, through either its general partner or its manager.  

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Seller and the Buyer hereby agree as follows:

 

1.Definitions.  Capitalized terms shall be defined as set forth in this Agreement, including in Appendix A to this Agreement.

 

2.Agreement to Purchase and Sell.  Subject to and in accordance with the terms and conditions of this Agreement, the Seller hereby agrees to sell, assign, transfer and convey to the Buyer on the Closing Date, and the Buyer hereby agrees to purchase and accept on the Closing Date, all rights, title, and interests of the Seller, together with all payment and performance obligations of the Seller, as of the Closing Date, in, to and under the Loan(s) set forth on Schedule A attached hereto.  The Loan(s) shall be sold on a whole loan servicing released basis.

 

3.Payment of Purchase Price; Closing.  The closing shall occur on the Closing Date, by delivery of Closing Documents by hand or overnight delivery.

 

3.1Intentionally Omitted.

 

3.2Payment of Adjusted Purchase Price.  On the Closing Date, the Buyer shall pay to the Seller by wire transfer in immediately available funds, the amount of the Purchase Price, adjusted as follows: (i) ) less all principal payments received by the Seller on account of the Loan(s) from the Calculation Date through the day before the Closing Date multiplied by the Bid Percentage, (ii) plus accrued and unpaid interest with respect to an Loan(s) which are not more than sixty (60) days past due, (iii) less any escrows held by, or plus any escrows owed to, the Seller relating to the Loan(s), and (iv) plus any protective advances made by the Seller, in its 

 

 

reasonable discretion between the Calculation Date and the Closing Date.  The adjusted Purchase Price shall be calculated on a settlement statement prepared by the Seller and available for the Buyer's review two Business Days prior to the Closing Date.

 

3.3Conveyance.  Upon receipt of the Purchase Price, the Seller shall sell, assign, transfer and convey the Loan(s) to the Buyer subject to and in accordance with the provisions of this Agreement.

 

 

3.4Taxes, Fees, Etc.  The Buyer shall pay all transfer, filing and recording fees, taxes, costs and expenses, and any applicable documentary taxes, required to be paid by either the Seller or the Buyer in connection with the transactions contemplated hereby, and hereby agrees to indemnify and hold the Seller harmless from and against any and all claims, liability, costs and expenses arising out of or in connection with the failure of the Buyer to pay any such amount on a timely basis.  The Seller shall be entitled to require the payment of any such fees, taxes, costs and expenses at or prior to the closing and as a condition thereof.  This Section shall not require the Buyer to pay any taxes, costs or expenses related to the Seller’s sale or income tax obligations occasioned by the sale of the Loan(s).

 

3.5Payments Subsequent to the Closing Date.  From time to time after the Closing Date the Seller shall pay to the Buyer, within five (5) Business Days after receipt thereof, the net amount of any Collections received by the Seller on or after the Closing Date (to the extent collected in good funds by the Seller) and not already so paid to the Buyer, but only after all payments due to the Seller from the Buyer in connection with the sale of the Loan(s) have been paid to the Seller, including, without limitation, any costs and expenses related to any Collections.

 

4.Transfer of Loan(s).

 

4.1Closing Documents.  Upon receipt of the Purchase Price, as adjusted pursuant to Section  3.2, the Seller shall deliver to the Buyer (i) a Bill of Sale in the form attached hereto as Attachment 1, selling, assigning, transferring and conveying to the Buyer all rights, title and interests of the Seller in, to and under the Loan(s), all on the terms and conditions set forth in this Agreement; (ii) the original Note(s), or affidavits of lost Note(s), endorsed to the Buyer by allonge in the form attached hereto as Attachment 2; and (iii) assignment(s) of the Mortgage(s) in the form attached hereto as Attachment 3 (collectively, to the extent delivered to the Buyer, the "Closing Documents").  The endorsements and assignments included in the Closing Documents shall be without recourse, representation or warranty of any kind or nature.  Such qualifying language on the endorsements and assignments shall not affect, limit or enlarge the obligations of 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

the Seller and the rights, remedies and recourse of the Buyer under this Agreement.  The Seller shall furnish to the Buyer (i) drafts of the Closing Documents, and (ii) final pay histories with respect to the Loan(s) at least one day prior to the Closing Date.

 

4.2Delivery of Closing Documents.  The Seller shall make the Closing Documents available for review by the Buyer prior to the closing.  The Seller shall have the Closing Documents delivered to the Buyer by hand or overnight delivery upon Seller's receipt of the adjusted Purchase Price.  

 

4.3Delivery of Collateral Documents, Etc.  Within five (5) calendar days of the Closing Date, the Seller shall deliver to the Buyer the entire Review File including, without limitation, originals of each Collateral Document to the extent originals are in the Seller's possession.

 

4.4Execution of Separate Loan Assignments.  At and after the closing, to the extent prepared by the Buyer, the Seller shall execute, and acknowledge if appropriate, for delivery to the Buyer one or more additional documents to the extent required by applicable public recording or filing laws to transfer to such Buyer the rights, title and interests of the Seller in, to and under the purchased Loan(s) (collectively, "Separate Loan Assignments").  The Separate Loan Assignments shall be without recourse, representation or warranty of any kind or nature.  Such qualifying language on the Separate Loan Assignments shall not affect, limit or enlarge the obligations of the Seller and the rights, remedies and recourse of the Buyer under this Agreement. The Buyer shall prepare and furnish any and all further Separate Loan Assignments, if necessary, in form satisfactory to the Seller.  The Buyer shall promptly file or record each Separate Loan Assignment, at its sole cost and expense.

 

4.5Hazard, Liability Insurance, Etc.  At the request and sole cost and expense of the Buyer, the Seller shall cooperate with the Buyer in executing written requests to each hazard, casualty and liability insurer, and to the writing agent for each flood hazard insurer, issuing a policy of insurance obtained by an Obligor with respect to the Loan(s), requesting an endorsement of its policy of insurance effective on the Closing Date adding the Buyer as the mortgagee, the loss payee and/or an insured named therein, as the case may be, together with

instructions that such endorsement be forwarded directly to the Buyer, with a copy to the Seller at the address herein specified for notices.  Each such request shall be prepared by the Buyer at its sole cost and expense, and any additional premium or other charge in connection therewith shall be paid by the Buyer.  The Buyer shall not be entitled to be added to or acquire an interest in any policy of insurance obtained by the Seller.  Any loss on or after the Closing Date either to an Obligor, the Buyer or to the value or collectability of the Loan(s) due to the Seller's cancellation

of collateral or real property risk insurance or its failure to identify the Buyer as loss payee, 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

mortgagee or other insured is the sole responsibility of the Buyer.  To the extent the Loan(s) constitute personal or real property, the Seller expressly disclaims any obligation to provide title insurance, pay property taxes, or pay any related transaction taxes or other fees.

 

5.Representations and Warranties of the Buyer.  The Buyer hereby represents and warrants as follows:

 

5.1Organization, Existence, Etc.  The Buyer is duly formed or organized, validly existing and in good standing under the laws of the jurisdiction of its formation or organization, and is registered or qualified to conduct business in all other jurisdictions in which the failure to be so registered or qualified would materially and adversely affect the ability of the Buyer to perform its obligations hereunder.

 

5.2Authority and Enforceability, Etc.  The Buyer has the power and authority to execute, deliver and perform each of the Sale Documents to which it is a party and has taken all necessary action to authorize such execution, delivery and performance.  The Buyer's execution of this Agreement and its performance of its obligations hereunder are not subject to any further approval, vote or contingency from any person or committee.  Assuming due authorization, execution and delivery by the Seller, the Sale Documents and all obligations of the Buyer thereunder are the legal, valid and binding obligations of the Buyer, enforceable in accordance

with the terms of the Sale Documents, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other laws affecting the enforcement of creditors' rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

5.3Conflict with Existing Laws or Contracts.  The execution and delivery of the Sale Documents and the performance by the Buyer of its obligations thereunder will not conflict with or be a breach of any provision of any law, regulation, judgment, order, decree, writ, injunction, contract, agreement or instrument to which the Buyer is subject; and the Buyer has obtained any consent, approval, authorization or order of any court or governmental agency or body required for the execution, delivery and performance by the Buyer of the Sale Documents.

 

5.4Financial Condition.  Neither the Buyer nor any general partner, limited partner, shareholder or joint venturer in the Buyer is involved in any financial difficulties which would impair or prevent a closing pursuant to this Agreement on the Closing Date.  The Buyer has now and will have as of the Closing Date sufficient liquid assets, capital and net worth to meet its obligations under the Sale Documents and to pay the Purchase Price without any financing or other contingencies.

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

5.5Decision to Purchase.  The Buyer's bid and decision to purchase the Loan(s) is based upon its own comprehensive review and independent expert evaluation and analysis of the Review File and other materials deemed relevant by the Buyer and its agents.  The Buyer has made such independent investigation as the Buyer deems to be warranted into the nature, title, attachment, perfection, priority, validity, enforceability, collectability, and value of the Loan(s), the title, condition and value of any collateral securing the Loan(s), the market conditions and other characteristics of the places where any such collateral is located, and all other facts it deems material to the purchase of the Loan(s).

 

5.6       No Reliance.  In entering into this Agreement and the other Sale Documents, the Buyer has not relied upon any oral or written information from the Seller or any of its respective employees, agents, attorneys or representatives, other than the limited representations and warranties of the Seller contained herein.  The Buyer acknowledges that no employee, agent, attorney or representative of the Seller has been authorized to make, and that the Buyer has not relied upon, any statements, representations or warranties other than those specifically contained in this Agreement.

 

5.7       Buyer a Sophisticated Investor.  The Buyer is a sophisticated investor (as that term is used in regulations promulgated under the Securities Act of 1933) who could withstand the loss of the entire Purchase Price.

 

5.8Information True and Correct, Full Disclosure.  The information provided by the Buyer in connection with its negotiations with Seller was true and correct on the date provided and did not omit any information necessary to the accuracy and full disclosure of information provided and such information is accurate and complete on the date hereof except as the Buyer has otherwise disclosed in writing to the Seller.

 

5.9Confidentiality Agreement.  The Buyer has not violated any of the terms of the Confidentiality Agreement.  At no time has the Buyer or any of its representatives or agents communicated with any Obligor or any of its representatives or agents regarding the Loan(s). The Buyer has no affiliation with, any ownership interest in, or agreement with the Obligor or any of its representatives or agents regarding the Loan(s).

 

5.10Brokers.  No broker or other party entitled to a commission is involved in connection with this transaction other than [*], who shall be paid by the Seller.

 

6.Seller's Representations, Warranties and Recourse.  This sale is made without recourse against the Seller, or representation or warranty by the Seller, whether expressed, implied or imposed by law, of any kind or nature except as provided in Sections 6 and 22 of this Agreement.  

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

The Seller has attempted to provide accurate information to Buyer. Without limiting the generality of the foregoing, the Seller does not represent, warrant or insure the accuracy or completeness of any information or its sources of information contained in the Review File, Collateral Documents, Note(s) or Loan(s) (whether contained in originals, duplicate originals, copies, or magnetic media, including computer tapes and disks), including without limitation any reports or other information prepared by accountants, engineers, appraisers, environmental consultants or other professionals.  The Seller has not, does not and will not make any representations or warranties with respect to the collectibility of any Loan or the value or condition of the Mortgaged Property.  To the extent the Loan(s) constitute personal or real property, such property is sold "as is, where is," and the Seller expressly disclaims any representations or warranties with respect to such property.

 

6.1Representations and Warranties by the Seller.  The Seller hereby represents and warrants as follows:

 

6.1.1Organization, Existence, Etc.  The Seller is duly formed or organized, validly existing and in good standing under the laws of the jurisdiction of its formation or organization, and is registered or qualified to conduct business in all other jurisdictions in which the failure to be so registered or qualified would materially and adversely affect the ability of the Seller to perform its obligations hereunder.

 

6.1.2Authority, Enforceability, Etc.  The Seller has taken all necessary action to authorize execution, delivery and performance of each of the Sale Documents to which it is a party. Assuming due authorization, execution and delivery by the Buyer, the Sale Documents and all the obligations of the Seller thereunder are the legal, valid and binding obligations of the Seller enforceable in accordance with the terms of the Sale Documents, except as such

enforcement may be limited by bankruptcy, insolvency, reorganization or other laws affecting the enforcement of creditors' rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

6.1.3Conflict with Existing Laws or Contracts.  The execution and delivery of the Sale Documents and the performance by the Seller of its obligations thereunder will not conflict with or be a breach of any material provision of any law, regulation, judgment, order, decree, writ, injunction, contract, agreement or instrument to which the Seller is subject; and the Seller has obtained any consent, approval, authorization or order of any court or governmental agency or body required for the execution, delivery and performance by the Seller of the Sale Documents.

 

6.1.4    Legal Action Against Seller.  There is no action, suit or proceeding of which the Seller has received actual notice pending against the Seller in any court or by or before any other 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

governmental agency or instrumentality which would materially affect the ability of the Seller to carry out the transactions contemplated by the Sale Documents.

 

6.1.5Brokers.  No broker or other party entitled to a commission is involved in connection with this transaction other than [*], who shall be paid by the Seller.

 

6.1.6Marketing Prior to Closing.  Seller agrees that it shall not sell any of the Loan(s) to any third party or otherwise market or dispose of any Loan(s) prior to closing.

 

6.2Representations and Warranties by Seller as to the Loan(s).  Except as otherwise disclosed in the Review File, the Seller hereby represents and warrants that, as to the Loan(s), the following representations and warranties are true and correct in all material respects as of the date hereof.

 

6.2.1Title to Loan(s).  The Seller has good title to and is the sole owner of the Loan(s), free and clear of any liens, claims, encumbrances or other charges whatsoever.  The Loan(s) are not subject to any prior assignment, conveyance, transfer or participation or agreement to assign, convey, transfer or participate, in whole or in part.

 

6.2.2Enforceability.  To the best of the Seller’s knowledge, the Note(s) and Mortgage(s) are the legal, valid and binding obligations of the Obligor thereof, enforceable against such Obligor in accordance with their terms (a) except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors rights generally and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (b) except particular remedies, waivers and other provisions may not be enforceable, but such unenforceability does not affect the practical realization of the intended benefits of the Mortgage(s), meaning the ability of the holder thereof to foreclose the Mortgage(s) for any payment default by the maker or obligor thereunder.

 

6.2.3No Defense by Obligor.  To the best of the Seller’s knowledge, the Obligor has no valid defense that prevents enforcement by the holder thereof of the provisions of the Note(s) or Mortgage(s), or realization by the holder thereof or its assigns against the Mortgaged Property that arises from applicable local, state or federal laws, regulations or other requirements pertaining to usury and any or all other requirement of any federal, state or local law including,

without limitation, truth-in-lending, real estate settlement procedures, consumer credit protection, and equal credit opportunity or disclosure laws applicable to such Loan(s).  To the best of the Seller’s knowledge, the Loan(s) are not subject to any valid right of rescission, set-off,

abatement, diminution, counterclaim or defense that prevents enforcement by the Seller thereof 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

or its assigns of the provisions of the Note(s) or Mortgage(s), or realization by the Seller thereof or its assigns against the Mortgaged Property of the intended benefits of such Mortgage and no such claims have been asserted as of the date hereof with respect to such Loan.

 

6.2.4    Certain Schedule Information.  The statement of the principal balances and, if included, accrued and unpaid interest for the Loan(s) set forth in Schedule A is true and correct as of the date of calculation.

 

6.2.5No Modification.  Except by written instrument or other written documentation contained in the Review File, neither the Seller nor, to the best of the Seller’s knowledge, any prior holder of the Loan(s) has (i) modified the Note(s) or Mortgage(s) or satisfied, canceled or subordinated the Note(s) or Mortgage(s) in whole or in part, (ii) released all or any material portion of the Mortgaged Property from the lien of the Mortgage(s) or executed any instrument of

release, cancellation or satisfaction, or (iii) entered into an agreement with any Borrower or Obligor, which has not expired, to (A) accept less than a full payoff on any of the Loan(s), (B) release any or all of the Mortgaged Property, and/or (C) release any Borrower or Obligor from liability under the Note(s) and Loan.  The Note(s) and Mortgage(s) and any documents modifying their terms included in the Review File are true and correct copies of the documents they purport to be and have not been superseded, amended, modified, canceled or otherwise changed except as disclosed in the Review File.

 

6.2.6    Review File.  The Review File includes all material documents in the possession of the Seller, or copies thereof, relating to the Loan(s).

 

6.2.7Disbursement of Loan Proceeds.  The Obligor does not have the right to disbursement of additional loan proceeds or future advances with respect to the Loan(s).

 

6.2.8Cross-Collateralization.  The Loan(s) are not secured by the same property as any other loan held by the Seller or its affiliated entities, which is not the subject of this Agreement.

 

6.2.9Litigation. To the best of the Seller’s knowledge, there is no litigation, proceeding or governmental investigation pending, or any order, injunction or decree outstanding, existing or relating to the Loan(s) or Mortgaged Property.

 

6.2.10Third Party Liabilities.  There are no third party liabilities (e.g. legal fees, fines, unpaid bills, real estate taxes, future advances etc.) which would be assumed by Buyer at closing.

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

7.Conditions Precedent to Closing.  The respective obligations of the Buyer and the Seller to complete the purchase and sale of the Loan(s) pursuant to this Agreement are subject to the fulfillment on or prior to Closing Date of each of the following additional conditions to be fulfilled by the other, unless the same is specifically waived in writing by the party for whose benefit the same is to be fulfilled:

 

7.1Performance of Covenants.  The Seller and the Buyer shall have performed all of their respective covenants and agreements contained herein which are required to be performed by them on or prior to the Closing Date.

 

7.2Representations and Warranties.  All representations and warranties of the Buyer set forth in Section 5 and the Seller set forth in Section 6.1 of this Agreement shall be true in all material respects at and as of the Closing Date.

 

7.3Governmental Approvals.  All requisite federal, state and local governmental and regulatory approvals relating to the transactions contemplated hereby, if any, shall have been obtained.

 

7.4Other Approvals.  Upon the request of the other, the Seller and the Buyer shall provide certified copies of appropriate resolutions, directions and consents approving the execution and delivery of the Sale Documents and the consummation of the transactions contemplated thereby together with such other certificates of incumbency and other evidences of authority as the Seller or the Buyer or their respective counsel may reasonably require.

 

8.Certain Obligations of the Buyer.

 

8.1Collection Practices.  The Buyer will not violate any laws relating to unfair credit collection practices in connection with the Loan(s).  The Buyer hereby agrees to indemnify the

Seller and to hold it harmless from and against any and all claims, demands, losses, damages, penalties, fines, forfeitures, judgments, legal fees and any other costs, fees, and expenses incurred by the Seller as a result of (1) a breach by the Buyer of the aforesaid warranty or (2) any claim, demand, or assertion that, after the Closing Date, the Seller was in any way involved in or had in any way authorized any unlawful collection practices in connection with the Loan(s) transferred

to the Buyer pursuant to this Agreement.  The Buyer agrees to notify the Seller within ten (10) Business Days of notice or knowledge of any such claim or demand.

 

8.2Reporting to or for the Internal Revenue Service.  The Seller and Buyer agree to submit all Internal Revenue Service Forms and Information Returns for the Loan(s) for the period during which each owned the Loan(s).  Following the Closing Date, the Seller shall 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

furnish the Buyer with the tax identification information for each Obligor on the Loan(s).

 

8.3Buyer’s Duties Regarding Litigation.  If the Loan(s) are or become subject to any claim, action, lawsuit, foreclosure action, bankruptcy, or other proceeding, administrative or judicial, or similar action filed by or against any Obligor (collectively, “Litigation”), Buyer shall within the later of (i) ten (10) days after the Closing Date or (ii) ten (10) days after receipt of notice of such Litigation, provide Seller and Seller’s counsel in connection with each such Litigation with the name of counsel selected by Buyer to represent Buyer’s interests in such Litigation.  Buyer shall, at its own cost, liability, responsibility and risk, within ten (10) days after the Closing Date, notify the applicable clerk of all applicable courts and all counsel of record that ownership of the Loan(s) was transferred from Seller to Buyer.  Buyer shall have its counsel file appropriate pleadings with all applicable courts within ten (10) days after the Closing Date substituting Buyer’s counsel for Seller’s counsel, removing Seller as a party to all Litigation and substituting Buyer as the real party in interest in all such Litigation, such that Seller shall have no further obligation with respect to any such Litigation, including any fees or costs of any receiver arising from and after the Closing.  Seller shall have the right to notify its counsel representing its interests to cease participating in all Litigation upon the Closing Date or any date thereafter.

Buyer hereby irrevocably appoints the Seller and Seller’s agents as the true and lawful attorney of Buyer (which appointment is coupled with an interest) in the name, place and stead of, and at the expense of, the Buyer to take such actions and file such motions and other documents with the court and otherwise as necessary to substitute Buyer in place of Seller in all such Litigation, to effectuate Seller’s counsel’s withdrawal as counsel from the Litigation, and to otherwise effectuate Buyer’s assumed obligations with respect to such Litigation.  Seller may, but shall not be obligated to, utilize this power of attorney.

 

9.Notice to Obligor.  The Buyer and Seller shall, within five (5) Business Days after the Closing Date or such other period as may be required by applicable regulations or laws, give notice of this transfer of the Loan(s) to the Obligors by first class U.S. Mail.

 

10.       Notice of Claim.  The Buyer shall immediately notify the Seller of any claim, threatened claim, or any litigation against the Seller or any of their predecessors or affiliates, which may come to its attention relating to the Loan(s).

 

11.Notices.  All notices or deliveries required or permitted hereunder shall be in writing and delivered personally or by facsimile or generally recognized overnight delivery service, and shall be deemed given (a) when delivered, if delivered personally or by facsimile, or (b) on the following Business Day, if sent by generally recognized overnight delivery service, in each case to the Seller at the following address, to the Buyer at the address set forth on the signature page below, or such other address as either party may hereafter designate by notice given in 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

compliance with this Section to the other party:

 

SELLER:Redwood Mortgage

177 Bovet Road, Suite 520, San Mateo, CA 94402

Attn: Anthony Garcia

Operations Manager

Ph. 650-645-9723

Fax 650-257-8364

 

 

 

 

BUYER:        [*]

 

12.Severability.  Each part of this Agreement is intended to be severable.  If any term, covenant, condition or provision hereof is unlawful, invalid, or unenforceable for any reason whatsoever, and such illegality, invalidity, or unenforceability does not affect the remaining parts of this Agreement, then all such remaining parts hereof shall be valid and enforceable and have full force and effect as if the invalid or unenforceable part had not been included.

 

13.Construction.  Unless the context otherwise requires, singular nouns and pronouns (including defined terms), when used herein, shall be deemed to include the plural and vice versa, and impersonal pronouns shall be deemed to include the personal pronoun of the appropriate gender.

 

14.Assignment.  This Agreement and the terms, covenants, conditions, provisions, obligations, undertakings, rights and benefits hereof, including any attachments hereto, shall be binding upon, and shall inure to the benefit of, the undersigned parties and their respective heirs, executors, administrators, representatives, successors, and assigns.  Notwithstanding anything herein to the contrary, however, the Buyer shall not assign its rights under this Agreement without the prior written consent of the Seller, except that the Buyer may assign its rights under this Agreement to an affiliate, and in the event of any assignment both the Buyer and assignee shall be jointly and severally liable hereunder.

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

 

15.Prior Understandings.  This Agreement supersedes any and all prior discussions and agreements between the Seller and the Buyer with respect to the purchase of the Loan(s) and other matters contained herein, and this Agreement contains the sole and entire understanding between the parties hereto with respect to the transactions contemplated herein.

 

16.Survival.  Each and every covenant made by the Buyer or the Seller in this Agreement shall survive the closing and shall not merge into the closing documents, but instead shall be independently enforceable, provided, however, that the Seller's representations and warranties set forth in Section 6 shall expire six (6) months after the Closing Date, after which time no claim for breach of the Seller's representations or warranties may be made.

 

17.Indemnifications.

 

17.1  Buyer's Indemnification Covenants.  Buyer shall indemnify, save and keep Seller, and its successors and assigns, harmless against and from all liabilities, demands, claims, actions or causes of action, assessments, loses, fines, penalties, costs, damages and expenses, including reasonable attorneys' and expert witness fees, sustained or incurred by Seller, its successors and assigns, as a result of or arising out of or by virtue of:

	
 
	
(a)
	
The material inaccuracy of any representation or warranty made by Buyer herein;

	
 
	
(b)
	
The breach by Buyer of any of the covenants of this Agreement to be performed by it; or

	
 
	
(c)
	
Any and all actions, claims, liabilities or damages  arising out of the acts or omissions of Buyer in regard to any Loan from and after the Closing Date.

17.2.  Seller's Indemnification Covenants.  Seller shall indemnify, save and keep Buyer and its successors and assigns harmless against and from all liabilities, demands, claims, actions or causes of action, assessments, losses, fines, penalties, costs, damages and expenses, including reasonable attorneys' and expert witness fees, sustained or incurred by Buyer or its successors or assigns as a result of or arising out of or by virtue of: 

	
 
	
(a)
	
The material inaccuracy of any representation or warranty made by Seller herein;

	
 
	
(b)
	
The breach by Seller of any of the covenants of this Agreement to be performed by it; or

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

	
 
	
(c)
	
Any and all actions, claims, liabilities or damages arising out of the acts or omissions of Seller in regard to any Loan prior to the Closing Date.

 

18.Choice of Law.  This Agreement and claims arising out of or in connection therewith shall be governed by and construed and enforced in accordance with the laws of the state of the Seller's incorporation or organization, or, if the Seller is organized under the laws of the United States or a foreign jurisdiction, the state of the Seller's principal place of business, and the Buyer consents to jurisdiction in the federal or state courts situated in the city or county of the Seller's principal place of business.

 

19.Time of the Essence.  Time is of the essence of all provisions of this Agreement.

 

20.Buyer Failure to Fund.  If the Buyer fails to tender the balance of the Purchase Price for the Loan(s) on the Closing Date, the Seller may  pursue all remedies available at law or in equity, including, without limitation, the remedy of specific performance.

 

21.Remedies and Recourse.  In the event that the Seller shall have any liability hereunder or in connection with the transactions contemplated hereby with respect to the Loan(s), the Buyer's sole claim shall be against the Seller. 

 

22.Limitation of Damages.  Neither party shall be liable to the other party for any consequential, special or punitive damages.  .  If after the Closing Date the Seller breaches any representation or warranty set forth in Section 6 which has not expired, the Buyer shall give written notice to the Seller within 30 days of discovery of such breach, and the Seller shall have the right to cure such breach during a period of ninety (90) days after receipt of such notice. If such breach or failure is not duly cured within such ninety (90) day period, or not waived or consented to in writing by the Buyer, the Seller shall elect, in its sole discretion to either (i) repurchase the Loan(s) at the Repurchase Price, or (ii) to pay to Buyer the Buyer's actual damages directly caused by such breach, up to an amount not exceeding the Repurchase Price.  The Buyer's remedies set forth in this Section 22 shall be the exclusive remedies of the Buyer, and the Buyer shall not be entitled to any other

rights, remedies or other relief, at law or in equity, for the Seller's breach of any representation or warranty set forth in this Agreement.

 

23.       Counterparts; Faxed Document.  This Agreement may be executed and delivered by the parties in facsimile format and in any number of separate counterparts, all of which, when delivered, shall together constitute one and the same document.

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

[Signatures on Following Page] [Remainder of Page Intentionally Left Blank]

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

 

EXECUTED AS AN INSTRUMENT UNDER SEAL AS OF THE DATE WRITTEN ABOVE.

 

 

 

BUYER:SELLER:

 

 

	
 
	
[*]
	
REDWOOD MORTGAGE INVESTORS VIII*
	
 

 

 

By: __________________By:___________________

 

Name:________________Name:_________________ 

 

Title:__________________Title:__________________ 

 

 

REDWOOD MORTGAGE INVESTORS IX LLC*

 

By: __________________

Name:________________ 

Title:__________________

 

 

*It is expressly acknowledged and agreed that this Agreement applies to each Seller only as to any and all of the Loans which it holds upon the Closing Date, i.e. each Seller makes only the representations, 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

warranties and covenants in this Agreement only as to the Loans it owns at the Closing Date. 

 

 

 

 

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

 

 

 

 

 

 

 

 

 

 

 

APPENDIX A Definitions

 

"Bid Percentage" means one hundred and 60/100ths percent (100.60%).

 

"Business Day" means any day other than a Saturday, Sunday or national holiday.

 

"Buyer" is defined in the preamble hereto, and shall also mean and include its heirs, personal representatives, successors and assigns.

 

"Calculation Date" is defined as June 26, 2018.

 

"Closing Date" is defined as June 27, 2018, or such other date as the Seller and the Buyer may agree in writing.

 

"Closing Documents" is defined in Section 4.1 of this Agreement.

 

"Collateral Document" means the Mortgage(s), any assignments of leases and rents, security agreements, financing statements, guaranties, and other agreements or documents, whether an original or a copy and whether or not similar to those enumerated, evidencing, securing, guarantying or otherwise documenting or giving notice of the Loan(s) and any performance or payment obligations with respect thereto or any document evidencing ownership in any asset that was acquired in connection with a foreclosure, deed-in-lieu of foreclosure or otherwise in connection with the resolution of a Loan, and title insurance policies insuring the ownership or liens thereof, provided, however, that the term "Collateral Document" shall expressly exclude the Note(s).

 

 

"Collections" means all payments, proceeds and/or awards, actually received by the specified holder of the Note(s), in cash, including checks which have been reduced to good funds, for current application to the indebtedness of the Obligor under the Loan(s), whether or not so applied and, if so applied, whether applied to principal, interest, fees, or any other such indebtedness.

 

"Confidentiality Agreement" means any confidentiality agreement executed by the

Buyer in favor of the Seller.

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

17

 
 

 

 

 

“Excluded Information” means information or documentation excluded from the Review File or redacted from documents left in the Review File relating to the Loan(s) or the Obligors including internal memoranda and officer comments, attorney-client correspondence or other information from attorneys or prepared in anticipation of litigation, personal tax returns, and any documents prepared by or for the use of the Seller regarding the valuation of the Loan(s).

 

"Loan(s)" means the loan obligations and debts evidenced by the Note(s) and includes

(a) the Note(s); (b) all rights to payment and other rights, title and interests of the Seller in, to and under the Note(s), specifically including, all accrued interest and late charges; (c) each Collateral Document; (d) all rights, title, interests, powers, liens or security interests of the Seller in, to or under each Collateral Document, including without limitation claims and rights to and interests

in proceeds of hazard or casualty insurance covering collateral securing such Loan and awards in eminent domain and condemnation proceedings affecting such collateral; (e) all Collections received by the Seller on or after the Closing Date and then or thereafter actually collected in good funds; (f) any right, claim or cause of action, and any liability or counterclaim associated therewith, arising out of or in connection with litigation pending, if any; (g) any judgment or execution based upon the Note(s) or any Collateral Document, to the extent attributable thereto, and any lien arising from any such judgment or execution; and (h) all other documents held by the Seller contained in the Review File with respect to the Loan(s).

 

"Mortgage(s)" means each mortgage, deed of trust or other similar instrument, if any, securing the Note(s), including, without limitation, all modifications, restructurings, extensions consolidations and amendments thereof.

 

"Mortgaged Property" means the real property covered by the Mortgage(s) or Deed of

Trust(s).

 

"Note(s)" means each promissory note, other instrument evidencing indebtedness or other asset as listed on Schedule A, including, without limitation, all modifications, restructurings, extensions, consolidations and amendments thereof.

 

"Obligor" means the maker, co-maker of the Note(s) and any guarantor, surety or other primary, secondary or other party obligated with respect to the Loan(s) or any performance or payment obligation in connection therewith, and any other party who has granted collateral for or whose property or any part thereof is subject to any encumbrance securing the Loan(s) or any performance or payment obligation in connection therewith.

 

"Purchase Price" means the amount bid by the Buyer for the Loan(s).

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

18

 
 

 

 

"Repurchase Price" means with respect to the Loan(s), the price to be paid by the Seller for such Loan(s) if repurchased from the Buyer pursuant to the terms of this Agreement, which shall be computed as follows:

 

(a)the Purchase Price for such Loan(s) paid by the Buyer; minus

 

	
 
	
(b)
	
all amounts paid by any Obligor or otherwise received or collected by the Buyer in respect of the Loan(s) between the Closing Date and the repurchase date (whether characterized as principal, interest, principal and interest, fees, expenses, proceeds and any other payment of every kind and nature), which amounts shall be evidenced and certified by the Buyer to the Seller as true and accurate; minus
	
 

 

	
 
	
(c)
	
any diminution in the value of the Loan(s) since the Closing Date attributable to the action, omission or fault of the Buyer; plus
	
 

 

	
 
	
(d)
	
all (i) reasonable amounts paid by the Buyer in good faith to third parties to collect principal, interest and other amounts due under the Loan(s), and (ii) commercially reasonable advances made by the Buyer to third parties in order to protect the security of its collateral and other advances made by the Buyer pursuant to the
	
 

Collateral Documents, in each case from the Closing Date to the repurchase date (as evidenced by invoices and canceled checks) and (iii) all accrued and unpaid interest from the Closing Date through the repurchase date on such Loan(s).

 

"Review File" means all instruments and documents, in the files of the Seller pertaining to the Loan(s), including without limitation, the Note(s) and any Collateral Documents and any loan summaries prepared by the Seller, but excluding any Excluded Information.

 

"Sale Documents" means this Agreement and all attachments hereto, and all other instruments, agreements, certificates and other documents at any time executed and delivered by or on behalf of the Seller and/or the Buyer in connection with the sale of the Loan(s).

 

"Separate Loan Assignments" is defined in Section 4.4 of this Agreement.

 

"Seller" is defined in the preamble hereto and shall also mean and include its successors and assigns.

 

 

END OF APPENDIX A

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

19

 
 

 

 

 

 

SCHEDULE A LOANS

 

[*]

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

20

 
 

ATTACHMENT 1

 
 
 

BILL OF SALE

 

 

 

(the "Seller"), for value received and pursuant to the

 

terms and conditions of that certain Asset Sale Agreement dated the Seller and

between

(the "Buyer"), does

 

hereby sell, assign, transfer and convey to the Buyer, its heirs, administrators, representatives, successors and assigns, all rights, title and interests of the Seller, as of the date hereof, in, to and under the Loan(s) described in the Asset Sale Agreement.

 

THIS BILL OF SALE IS EXECUTED WITHOUT RECOURSE AND WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXPRESSED, IMPLIED OR IMPOSED BY LAW, EXCEPT AS PROVIDED IN THE ASSET SALE AGREEMENT.

 

EXECUTED this  day of  ,  .

 

 

 

SELLER:

 

 

 

 

 

 

By: Its:

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

21

 
 

ATTACHMENT 2

 
 
 

Allonge

 

 

Reference is made to the $

promissory note dated

(the "Note") payable to the order of

from

 

("Assignor")[, as successor to]. It is intended that this Allonge be attached to and made a permanent part of the Note.

 

 

Pay to the order of

representations or warranties of any kind.

 

Executed this  day of  ,  .

("Assignee"), without recourse,

 

 

 

 

 

 

 

 

By: Its:

 

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

22

 
 

 

ATTACHMENT 3

 

THIS INSTRUMENT PREPARED BY:

 

 

 

 

RECORD AND RETURN TO:

 

 

 

 

APN:

 

_____________________________________________________________________________________

SPACE ABOVE THIS LINE FOR RECORDER’S USE ONLY

 

ASSIGNMENT OF SECURITY INSTRUMENT(S)

 

For Value Received, __________________, a ___________________, having an address at _________________________ (the “Assignor”), the holder of the instrument(s) described on SCHEDULE A (the “Instrument(s)”), does hereby grant, sell, assign, transfer and convey, unto ____________________, a ________________, having an address at ________________________, its successors and assigns (the “Assignee”), without recourse, representation, warranty or covenant, express or implied, except as provided in that certain __________________ dated on or near _____________, by and between Assignor and Assignee, all interest of the undersigned Assignor in and to the lien upon the following described property situated in _______________ County, State of California, and more particularly described in EXHIBIT A attached hereto (the “Property”).

 

The transaction to which this assignment is a part is unrelated to the sale of any interest in the Property owned by the obligor named in the Instrument(s).  The Instrument(s) is being assigned to a new lender in a transaction in which no new monies will be advanced by the new lender. 

 

TO HAVE AND TO HOLD the same unto Assignee, its successor and assigns, forever, subject only to the terms and conditions of the Instrument. 

 

IT WITNESS WHEREOF, this assignment was executed by the undersigned Assignor on this the ___ day of ______________, 2018.

 

“Assignor”

 

___________________________________

 

 

___________________________________

By: 

Its: 

 

 

 

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

23

 
 

 

 

 

 

 

 

 

 

ACKNOWLEDGEMENT

 

A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy or validity of that document.

 

 

 
 
 

 

 

 

State of _________________________

County of _______________________, ss.

 

On ________________________, 2018 before me, ____________________, Notary Public (insert name and title of the officer) personally appeared ________________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the laws of the State of ____________________ that the foregoing paragraph is true and correct.

 

WITNESS my hand and official seal.

 

 

 

Signature ______________________________ (Seal)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

24

 
 

 

 

 

 

 

 

 

 

 

SCHEDULE A

 

[Insert DOT schedule]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

25

 
 

 

 

 

 

 

 

 

EXHIBIT A

[Insert Legal Description]

 

 

 

 

 

 

 

 

 

 

 

 

 

[*] Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.  

26

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