Document:

Exhibit
10.32

 

BIO-TECH
MEDICAL SOFTWARE, INC.

 

2014
STOCK INCENTIVE PLAN

 

1.
Purposes of the Plan. The purposes of this Plan are to attract and retain the best available personnel, to provide
additional incentives to Employees, Directors and Consultants and to promote the success of the Company’s business.

 

2.
Definitions. The following definitions shall apply as used herein and in the individual Award Agreements except
as defined otherwise in an individual Award Agreement. In the event a term is separately defined in an individual Award Agreement,
such definition shall supersede the definition contained in this Section 2.

 

(a)
“Administrator” means the Board or any of the Committees appointed to administer the Plan.

 

(b)
“Affiliate” and “Associate” shall have the respective meanings ascribed to
such terms in Rule 12b-2 promulgated under the Exchange Act.

 

(c)
“Applicable Laws” means the legal requirements relating to the Plan and the Awards under applicable
provisions of federal securities laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange
or national market system, and the rules of any non-U.S. jurisdiction applicable to Awards granted to residents therein.

 

(d)
“Assumed” means that pursuant to a Corporate Transaction either (i) the Award is expressly affirmed
by the Company or (ii) the contractual obligations represented by the Award are expressly assumed (and not simply by operation
of law) by the successor entity or its Parent in connection with the Corporate Transaction with appropriate adjustments to the
number and type of securities of the successor entity or its Parent subject to the Award and the exercise or purchase price thereof
which at least preserves the compensation element of the Award existing at the time of the Corporate Transaction as determined
in accordance with the instruments evidencing the agreement to assume the Award.

 

(e)
“Award” means the grant of an Option, SAR, Dividend Equivalent Right, Restricted Stock, Restricted Stock
Unit or other right or benefit under the Plan.

 

(f)
“Award Agreement” means the written agreement evidencing the grant of an Award executed by the Company
and the Grantee, including any amendments thereto.

 

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

 

(h)
“Cause” means, with respect to the termination by the Company or a Related Entity of the
Grantee’s Continuous Service, that such termination is for “Cause” as such term (or word of like
import) is expressly defined in a then-effective written agreement between the Grantee and the Company or such Related
Entity, or in the absence of such then-effective written agreement and definition, is based on, in the determination of the
Administrator, the Grantee’s: (i) performance of any act or failure to perform any act in bad faith and to the
detriment of the Company or a Related Entity; (ii) dishonesty, intentional misconduct or material breach of any agreement
with the Company or a Related Entity; or (iii) commission of a crime involving dishonesty, breach of trust, or physical or
emotional harm to any person; provided, however, that with regard to any agreement that defines “Cause” on
the occurrence of or in connection with a Corporate Transaction or a Change in Control, such definition of
“Cause” shall not apply until a Corporate Transaction or a Change in Control actually occurs.

 

     

     

    

 

(i)
“Change in Control” means a change in ownership or control of the Company after the Registration Date
effected through either of the following transactions:

 

(i)
the direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company
or by a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under
common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities
possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities pursuant
to a tender or exchange offer made directly to the Company’s stockholders which a majority of the Continuing Directors who
are not Affiliates or Associates of the offeror do not recommend such stockholders accept, or

 

(ii)
a change in the composition of the Board over a period of twelve (12) months or less such that a majority of the Board
members (rounded up to the next whole number) ceases, by reason of one or more contested elections for Board membership, to
be comprised of individuals who are Continuing Directors.

 

(j)
“Code” means the Internal Revenue Code of 1986, as amended.

 

(k)
“Committee” means any committee composed of members of the Board appointed by the Board to administer
the Plan.

 

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

 

(m)
“Company” means Bio-Tech Medical Software, Inc., a Florida corporation, or any successor entity that
adopts the Plan in connection with a Corporate Transaction.

 

(n)
“Consultant” means any person (other than an Employee or a Director, solely with respect to rendering
services in such person’s capacity as a Director) who is engaged by the Company or any Related Entity to render consulting
or advisory services to the Company or such Related Entity.

 

(o)
“Continuing Directors” means members of the Board who either (i) have been Board members continuously
for a period of at least twelve (12) months or (ii) have been Board members for less than twelve (12) months and were elected
or nominated for election as Board members by at least a majority of the Board members described in clause (i) who were still
in office at the time such election or nomination was approved by the Board.

 

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(p)
“Continuous Service” means that the provision of services to the Company or a Related Entity in
any capacity of Employee, Director or Consultant is not interrupted or terminated. In jurisdictions requiring notice in
advance of an effective termination as an Employee, Director or Consultant, Continuous Service shall be deemed terminated
upon the actual cessation of providing services to the Company or a Related Entity notwithstanding any required notice period
that must be fulfilled before a termination as an Employee, Director or Consultant can be effective under Applicable Laws. A
Grantee’s Continuous Service shall be deemed to have terminated either upon an actual termination of Continuous Service
or upon the entity for which the Grantee provides services ceasing to be a Related Entity. Continuous Service shall not be
considered interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related
Entity, or any successor, in any capacity of Employee, Director or Consultant, or (iii) any change in status as long as the
individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director or Consultant
(except as otherwise provided in the Award Agreement). Notwithstanding the foregoing, except as otherwise determined by the
Administrator, in the event of any spin-off of a Related Entity, service as an Employee, Director or Consultant for such
Related Entity following such spin-off shall be deemed to be Continuous Service for purposes of the Plan and any Award under
the Plan. An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave. For
purposes of each Incentive Stock Option granted under the Plan, if such leave exceeds three (3) months, and reemployment upon
expiration of such leave is not guaranteed by statute or contract, then the Incentive Stock Option shall be treated as a Non-
Qualified Stock Option on the day three (3) months and one day following the expiration of such three month
period.

 

(q)
“Corporate Transaction” means any of the following transactions, provided, however, that the Administrator
shall determine under (iv) and (v) below whether multiple transactions are related, and its determination shall be final, binding
and conclusive:

 

(i)
a merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of
which is to change the state in which the Company is incorporated;

 

(ii)
the sale, transfer or other disposition of all or substantially all of the assets of the Company;

 

(iii)
the complete liquidation or dissolution of the Company;

 

(iv)
any reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a
tender offer followed by a reverse merger) in which the Company is the surviving entity but (A) the shares of Common Stock
outstanding immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether
in the form of securities, cash or otherwise, or (B) in which securities possessing more than forty percent (40%) of the
total combined voting power of the Company’s outstanding securities are transferred to a person or persons different
from those who held such securities immediately prior to such merger or the initial transaction culminating in such merger,
but excluding any such transaction or series of related transactions that the Administrator determines shall not be a
Corporate Transaction; or

 

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(v) acquisition in a single or series of related transactions by any person or related group of
persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning
of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power
of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the
Administrator determines shall not be a Corporate Transaction.

 

(r)
“Covered Employee” means an Employee who is a “covered employee” under Section 162(m) (3)
of the Code.

 

(s)
“Director” means a member of the Board or the board of directors of any Related Entity.

 

(t)
“Disability” means as defined under the long-term disability policy of the Company or the Related Entity
to which the Grantee provides services regardless of whether the Grantee is covered by such policy. If the Company or the Related
Entity to which the Grantee provides service does not have a long-term disability plan in place, “Disability”
means that a Grantee is unable to carry out the responsibilities and functions of the position held by the Grantee by reason of
any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Grantee
will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy
the Administrator in its discretion.

 

(u)
“Dividend Equivalent Right” means a right entitling the Grantee to compensation measured by dividends
paid with respect to Common Stock.

 

(v)
“Employee” means any person, including an Officer or Director, who is in the employ of the Company or
any Related Entity, subject to the control and direction of the Company or any Related Entity as to both the work to be performed
and the manner and method of performance. The payment of a director’s fee by the Company or a Related Entity shall not be
sufficient to constitute “employment” by the Company.

 

(w)
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

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

 

(i)
if the Common Stock is listed on one or more established stock exchanges or national market systems, including without limitation
The NASDAQ Global Select Market, The NASDAQ Global Market, The NASDAQ Capital Market of The NASDAQ Stock Market LLC, the New York
Stock Exchange or the New York MKT, its Fair Market Value shall be the closing sales price for such stock (or the closing bid,
if no sales were reported) as quoted on the principal exchange or system on which the Common Stock is listed (as determined by
the Administrator) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable,
on the last trading date such closing sales price or closing bid was reported), as reported in The Wall Street Journal or such
other source as the Administrator deems reliable;

 

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(ii)
if the Common Stock is regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized
securities dealer, its Fair Market Value shall be the closing sales price for such stock as quoted on such system or by such securities
dealer on the date of determination, but if selling prices are not reported, the Fair Market Value of a share of Common Stock
shall be the mean between the high bid and low asked prices for the Common Stock on the date of determination (or, if no such
prices were reported on that date, on the last date such prices were reported), as reported in The Wall Street Journal or such
other source as the Administrator deems reliable; or

 

(iii)
in the absence of an established market for the Common Stock of the type described in (i) and (ii), above, the Fair Market Value
thereof shall be determined by the Administrator in good faith.

 

(y)
“Good Reason” means the occurrence after a Corporate Transaction or Change in Control of any of the
following events or conditions unless consented to by the Grantee (and the Grantee shall be deemed to have consented to any such
event or condition unless the Grantee provides written notice of the Grantee’s non-acquiescence within thirty

(30)
days of the effective time of such event or condition):

 

(i)
a change in the Grantee’s responsibilities or duties that represents a material and substantial diminution in the Grantee’s
responsibilities or duties as in effect immediately preceding the consummation of a Corporate Transaction or Change in Control;
or

 

(ii)
a reduction in the Grantee’s base salary to a level below that in effect at any time within six months preceding the consummation
of a Corporate Transaction or Change in Control or at any time thereafter; provided that an across-the-board reduction
in the salary level of substantially all other individuals in positions similar to the Grantee’s by substantially the same
percentage amount shall not constitute such a salary reduction.

 

(z)
“Grantee” means an Employee, Director or Consultant who receives an Award under the Plan.

 

(aa)
“Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the
meaning of Section 422 of the Code.

 

(bb)
“Non-Qualified Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

(cc)
“Officer” means a person who is an officer of the Company or a Related Entity within the meaning of
Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

 

(dd)
“Option” means an option to purchase Shares pursuant to an Award Agreement granted under the Plan.

 

(ee)
“Parent” means a “parent corporation”, whether now or hereafter existing, as defined in
Section 424(e) of the Code.

 

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(ff)
“Performance-Based Compensation” means compensation qualifying as “performance-based compensation”
under Section 162(m) of the Code.

 

(gg)
“Plan” means this 2014 Stock Incentive Plan.

 

(hh)
“Registration Date” means the first to occur of (i) the closing of the first sale to the general
public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under
the Securities Act, of (A) the Common Stock or (B) the same class of securities of a successor corporation (or its Parent)
issued pursuant to a Corporate Transaction in exchange for or in substitution of the Common Stock; (ii) in the event of a
Corporate Transaction, the date of the consummation of the Corporate Transaction if the same class of securities of the
successor corporation (or its Parent) issuable in such Corporate Transaction shall have been sold to the general public
pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the
Securities Act, on or prior to the date of consummation of such Corporate Transaction; and (iii) the date the Company
otherwise becomes subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

 

(ii)
“Related Entity” means any Parent or Subsidiary of the Company.

 

(jj)
“Replaced” means that pursuant to a Corporate Transaction the Award is replaced with a comparable stock
award or a cash incentive program of the Company, the successor entity (if applicable) or Parent of either of them which preserves
the compensation element of such Award existing at the time of the Corporate Transaction and provides for subsequent payout in
accordance with the same (or a more favorable) vesting schedule applicable to such Award. The determination of Award comparability
shall be made by the Administrator and its determination shall be final, binding and conclusive.

 

(kk)
“Restricted Stock” means Shares issued under the Plan to the Grantee for such consideration, if any,
and subject to such restrictions on transfer, rights of first refusal, repurchase provisions, forfeiture provisions, and other
terms and conditions as established by the Administrator.

 

(ll)
“Restricted Stock Units” means an Award that may be earned in whole or in part upon the passage of time
or the attainment of performance criteria established by the Administrator and that may be settled for cash, Shares or other securities
or a combination of cash, Shares or other securities as established by the Administrator.

 

(mm)
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor thereto.

 

(nn)
“SAR” means a stock appreciation right entitling the Grantee to Shares or cash compensation, as established
by the Administrator, measured by appreciation in the value of Common Stock.

 

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

 

(pp)
“Share” means a share of the Common Stock.

 

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(qq)
“Shareholders’ Agreement” means the Company’s shareholders’ agreement as amended or
amended and restated from time to time.

 

(rr)
“Subsidiary” means a “subsidiary corporation”, whether now or hereafter existing,
as defined in Section 424(f) of the Code.

 

3.
Stock Subject to the Plan.

 

(a)
Subject to the provisions of Section 10, below, the maximum aggregate number of Shares that may be issued pursuant to all
Awards is 600,000 Shares, plus an annual increase to be added on the first day of each calendar year beginning January 1, 2016,
so that the total maximum aggregate number of Shares as of such date shall equal fifteen percent (15%) of the number of Shares
outstanding as of such date. The Shares to be issued pursuant to Awards may be authorized, but unissued or reacquired Shares.

 

(b)
Any Shares covered by an Award (or portion of an Award) that is forfeited, canceled or expires (whether voluntarily or involuntarily)
shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares that may be issued
under the Plan. Shares that actually have been issued under the Plan pursuant to an Award shall not be returned to the Plan and
shall not become available for future issuance under the Plan, except that if unvested Shares are forfeited, or repurchased by
the Company at the lesser of their original purchase price or their Fair Market Value at the time of repurchase, such Shares shall
become available for future grant under the Plan.

 

(c)
To the extent not prohibited by the listing requirements of the stock exchange or national market system on which the Common Stock
is traded) or Applicable Law, any Shares covered by an Award that are surrendered (i) in payment of the Award exercise or purchase
price (including pursuant to the “net exercise” of an option pursuant to Section 7(b)(v)) or (ii) in satisfaction
of tax withholding obligations incident to the exercise of an Award shall be deemed not to have been issued for purposes of determining
the maximum number of Shares that may be issued pursuant to all Awards under the Plan, unless otherwise determined by the Administrator.

 

4.
Administration of the Plan.

 

(a)
Plan Administrator.

 

(i)
Administration with Respect to Directors and Officers. With respect to grants of Awards to Directors or Employees
who are also Officers or Directors of the Company, the Plan shall be administered by (A) the Board or (B) a Committee designated
by the Board, which Committee shall be constituted in such a manner as to satisfy the Applicable Laws and to permit such grants
and related transactions under the Plan to be exempt from Section 16(b) of the Exchange Act in accordance with Rule 16b-3. Once
appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board.

 

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(ii) Administration
With Respect to Consultants and Other Employees. With respect to grants of Awards to Employees or Consultants who are
neither Directors nor Officers of the Company, the Plan shall be administered by (A) the Board or (B) a Committee designated
by the Board, which Committee shall be constituted in such a manner as to satisfy the Applicable Laws. Once appointed, such
Committee shall continue to serve in its designated capacity until otherwise directed by the Board. The Board may
authorize one or more Officers to grant such Awards and may limit such authority as the Board determines from time to
time.

 

(iii)
Administration With Respect to Covered Employees. Notwithstanding the foregoing, as of and after the date that the
exemption for the Plan under Section 162(m) of the Code expires, as set forth in Section 18 below, grants of Awards to any Covered
Employee intended to qualify as Performance-Based Compensation shall be made only by a Committee (or subcommittee of a Committee)
that is comprised solely of two or more Directors eligible to serve on a committee making Awards qualifying as Performance-Based
Compensation. In the case of such Awards granted to Covered Employees, references to the “Administrator” or
to a “Committee” shall be deemed to be references to such Committee or subcommittee.

 

(iv)
Administration Errors. In the event an Award is granted in a manner inconsistent with the provisions of this subsection
(a), such Award shall be presumptively valid as of its grant date to the extent permitted by the Applicable Laws.

 

(b)
Powers of the Administrator. Subject to Applicable Laws and the provisions of the Plan (including any other powers
given to the Administrator hereunder), and except as otherwise provided by the Board, the Administrator shall have the authority,
in its discretion:

 

(i)
to select the Employees, Directors and Consultants to whom Awards may be granted from time to time hereunder;

 

(ii)
to determine whether and to what extent Awards are granted hereunder;

 

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

 

(iv)
to approve forms of Award Agreements for use under the Plan;

 

(v)
to determine the terms and conditions of any Award granted hereunder;

 

(vi)
to amend the terms of any outstanding Award granted under the Plan, provided that

 

(A)
any amendment that would adversely affect the Grantee’s rights under an outstanding Award shall not be made without the
Grantee’s written consent, provided, however, that an amendment or modification that may cause an Incentive
Stock Option to become a Non-Qualified Stock Option shall not be treated as adversely affecting the rights of the Grantee;

 

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(B)
The reduction of the exercise price of any Option awarded under the Plan and the base appreciation amount of any SAR awarded under
the Plan shall not be subject to shareholder approval; and

 

(C)
canceling an Option or SAR at a time when its exercise price or base appreciation amount (as applicable) exceeds the Fair Market
Value of the underlying Shares, in exchange for another Option, SAR, Restricted Stock, or other Award or for cash shall not be
subject to stockholder approval, unless the cancellation and exchange occurs in connection with a Corporate Transaction. Notwithstanding
the foregoing, canceling an Option or SAR in exchange for another Option, SAR, Restricted Stock, or other Award or for cash with
an exercise price, purchase price or base appreciation amount (as applicable) that is equal to or greater than the exercise price
or base appreciation amount (as applicable) of the original Option or SAR shall not be subject to shareholder approval;

 

(vii)
to construe and interpret the terms of the Plan and Awards, including without limitation, any notice of award or Award Agreement,
granted pursuant to the Plan;

 

(viii)
to grant Awards to Employees, Directors and Consultants employed outside the United States on such terms and conditions different
from those specified in the Plan as may, in the judgment of the Administrator, be necessary or desirable to further the purpose
of the Plan; and

 

(ix)
to take such other action, not inconsistent with the terms of the Plan, as the Administrator deems appropriate.

 

The
express grant in the Plan of any specific power to the Administrator shall not be construed as limiting any power or authority
of the Administrator; provided that the Administrator may not exercise any right or power reserved to the Board. Any decision
made, or action taken, by the Administrator or in connection with the administration of this Plan shall be final, conclusive and
binding on all persons having an interest in the Plan.

 

(c) Indemnification.
In addition to such other rights of indemnification as they may have as members of the Board or as Officers or Employees of
the Company or a Related Entity, members of the Board and any Officers or Employees of the Company or a Related Entity to
whom authority to act for the Board, the Administrator or the Company is delegated shall be defended and indemnified by the
Company to the extent permitted by law on an after-tax basis against all reasonable expenses, including
attorneys’ fees, actually and necessarily incurred in connection with the defense of any claim, investigation, action,
suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any
action taken or failure to act under or in connection with the Plan, or any Award granted hereunder, and against all amounts
paid by them in settlement thereof (provided such settlement is approved by the Company) or paid by them in satisfaction of a
judgment in any such claim, investigation, action, suit or proceeding, except in relation to matters as to which it shall be
adjudged in such claim, investigation, action, suit or proceeding that such person is liable for gross negligence, bad faith
or intentional misconduct; provided, however, that within thirty (30) days after the institution of such claim,
investigation, action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity at the
Company’s expense to defend the same.

 

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5.
Eligibility. Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants. Incentive
Stock Options may be granted only to Employees of the Company or a Parent or a Subsidiary of the Company. An Employee, Director
or Consultant, who has been granted an Award may, if otherwise eligible, be granted additional Awards. Awards may be granted to
such Employees, Directors or Consultants who are residing in non-U.S. jurisdictions as the Administrator may determine from time
to time.

 

6.
Terms and Conditions of Awards.

 

(a) Types
of Awards. The Administrator is authorized under the Plan to award any type of arrangement to an Employee, Director
or Consultant that is not inconsistent with the provisions of the Plan and that by its terms involves or might involve the
issuance of (i) Shares, (ii) cash, (iii) an Option, (iv) a SAR, or (v) a similar right with a fixed or variable price
related to the Fair Market Value of the Shares and with an exercise or conversion privilege related to the passage of time,
the occurrence of one or more events, or the satisfaction of performance criteria or other conditions. Such awards include,
without limitation, Options, SARs, sales or bonuses of Restricted Stock, Restricted Stock Units or Dividend Equivalent
Rights, and an Award may consist of one such security or benefit, or two or more of them in any combination or
alternative.

 

(b)
Designation of Award. Each Award shall be designated in the Award Agreement. In the case of an Option, the Option
shall be designated as either an Incentive Stock Option or a Non-Qualified Stock Option. However, notwithstanding such designation,
an Option will qualify as an Incentive Stock Option under the Code only to the extent the $100,000 limitation of Section 422(d)
of the Code is not exceeded. The $100,000 limitation of Section 422(d) of the Code is calculated based on the aggregate Fair Market
Value of the Shares subject to Options designated as Incentive Stock Options that become exercisable for the first time by a Grantee
during any calendar year (under all plans of the Company or any Parent or Subsidiary of the Company). For purposes of this calculation,
Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of the
Shares shall be determined as of the grant date of the relevant Option. In the event that the Code or the regulations promulgated
thereunder are amended after the date the Plan becomes effective to provide for a different limit on the Fair Market Value of
Shares permitted to be subject to Incentive Stock Options, then such different limit will be automatically incorporated herein
and will apply to any Options granted after the effective date of such amendment.

 

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(c) Conditions
of Award. Subject to the terms of the Plan, the Administrator shall determine the provisions, terms, and conditions
of each Award including, but not limited to, the Award vesting schedule, repurchase provisions, rights of first refusal,
forfeiture provisions, form of payment (cash, Shares, or other consideration) upon settlement of the Award, payment
contingencies, and satisfaction of any performance criteria. The performance criteria established by the Administrator may be
based on any one of, or combination of, the following: (i) increase in share price, (ii) earnings per share, (iii) total
shareholder return, (iv) operating margin, (v) gross margin, (vi) return on equity, (vii) return on assets, (viii) return on
investment, (ix) operating income, (x) net operating income, (xi) pre-tax profit, (xii) cash flow, (xiii) revenue, (xiv)
expenses, (xv) earnings before interest, taxes and depreciation, (xvi) economic value added and (xvii) market share. The
performance criteria may be applicable to the Company, Related Entities and/or any individual business units of the Company
or any Related Entity. Partial achievement of the specified criteria may result in a payment or vesting corresponding to the
degree of achievement as specified in the Award Agreement. In addition, the performance criteria shall be calculated in
accordance with generally accepted accounting principles, but excluding the effect (whether positive or negative) of any
change in accounting standards and any extraordinary, unusual or nonrecurring item, as determined by the Administrator,
occurring after the establishment of the performance criteria applicable to the Award intended to be performance-based
compensation. Each such adjustment, if any, shall be made solely for the purpose of providing a consistent basis from period
to period for the calculation of performance criteria in order to prevent the dilution or enlargement of the Grantee’s
rights with respect to an Award intended to be performance-based compensation.

 

(d)
Acquisitions and Other Transactions. The Administrator may issue Awards under the Plan in settlement, assumption
or substitution for, outstanding awards or obligations to grant future awards in connection with the Company or a Related Entity
acquiring another entity, an interest in another entity or an additional interest in a Related Entity whether by merger, stock
purchase, asset purchase or other form of transaction.

 

(e)
Deferral of Award Payment. The Administrator may establish one or more programs under the Plan to permit selected
Grantees the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria,
or other event that absent the election would entitle the Grantee to payment or receipt of Shares or other consideration under
an Award. The Administrator may establish the election procedures, the timing of such elections, the mechanisms for payments of,
and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms,
conditions, rules and procedures that the Administrator deems advisable for the administration of any such deferral program.

 

(f)
Separate Programs. The Administrator may establish one or more separate programs under the Plan for the purpose
of issuing particular forms of Awards to one or more classes of Grantees on such terms and conditions as determined by the Administrator
from time to time.

 

(g)
Individual Limitations on Awards.

 

(i) Individual
Limit for Options and SARs. Following the date that the exemption from application of Section 162(m) of the Code
described in Section 18 (or any exemption having similar effect) ceases to apply to Awards, the maximum number of
Shares with respect to which Options and SARs may be granted to any Grantee in any calendar year shall be 50,000 Shares.
In connection with a Grantee’s commencement of Continuous Service, a Grantee may be granted Options and SARs for up to
an additional 50,000 Shares that shall not count against the limit set forth in the previous sentence. The foregoing
limitations shall be adjusted proportionately in connection with any change in the Company’s capitalization pursuant to Section
10, below. To the extent required by Section 162(m) of the Code or the regulations thereunder, in applying the foregoing
limitations with respect to a Grantee, if any Option or SAR is canceled, the canceled Option or SAR shall continue to count
against the maximum number of Shares with respect to which Options and SARs may be granted to the Grantee. For this purpose,
the repricing of an Option (or in the case of a SAR, the base amount on which the stock appreciation is calculated is reduced
to reflect a reduction in the Fair Market Value of the Common Stock) shall be treated as the cancellation of the existing
Option or SAR and the grant of a new Option or SAR.

 

    	 	 	11 | Page

     

    

 

(ii)
Individual Limit for Restricted Stock and Restricted Stock Units. Following the date that the exemption from application
of Section 162(m) of the Code described in Section 18 (or any exemption having similar effect) ceases to apply to Awards,
for awards of Restricted Stock and Restricted Stock Units that are intended to be Performance-Based Compensation, the maximum
number of Shares with respect to which such Awards may be granted to any Grantee in any calendar year shall be 50,000 Shares.
The foregoing limitation shall be adjusted proportionately in connection with any change in the Company’s capitalization
pursuant to Section 10.

 

(h)
Deferral. If the vesting or receipt of Shares under an Award is deferred to a later date, any amount (whether denominated
in Shares or cash) paid in addition to the original number of Shares subject to such Award will not be treated as an increase
in the number of Shares subject to the Award if the additional amount is based either on a reasonable rate of interest or on one
or more predetermined actual investments such that the amount payable by the Company at the later date will be based on the actual
rate of return of a specific investment (including any decrease as well as any increase in the value of an investment).

 

(i)
Early Exercise. The Award Agreement may, but need not, include a provision whereby the Grantee may elect at any
time while an Employee, Director or Consultant to exercise any part or all of the Award prior to full vesting of the Award. Any
unvested Shares received pursuant to such exercise may be subject to a repurchase right in favor of the Company or a Related Entity
or to any other restriction the Administrator determines to be appropriate.

 

(j)
Term of Award. The term of each Award shall be the term stated in the Award Agreement, provided, however, that the
term of an Award shall be no more than ten (10) years from the date of grant thereof. However, in the case of an Incentive Stock
Option granted to a Grantee who, at the time the Option is granted, owns stock representing more than ten percent (10%) of the
voting power of all classes of stock of the Company or any Parent or Subsidiary of the Company, the term of the Incentive Stock
Option shall be five (5) years from the date of grant thereof or such shorter term as may be provided in the Award Agreement.
Notwithstanding the foregoing, the specified term of any Award shall not include any period for which the Grantee has elected
to defer the receipt of the Shares or cash issuable pursuant to the Award.

 

(k) Transferability
of Awards. Incentive Stock Options may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in
any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the
Grantee, only by the Grantee. Other Awards shall be transferable (i) by will and by the laws of descent and distribution and
(ii) during the lifetime of the Grantee, to the extent and in the manner authorized by the Administrator but only to the
extent such transfers are made to family members, to family trusts, to family controlled entities, to charitable
organizations, and pursuant to domestic relations orders or agreements, in all cases without payment for such transfers to
the Grantee. Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s Award
in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator.

 

    	 	 	12 | Page

     

    

 

(l)
Time of Granting Awards. The date of grant of an Award shall for all purposes be the date on which the Administrator
makes the determination to grant such Award, or such other later date as is determined by the Administrator.

 

7.
Award Exercise or Purchase Price, Consideration
and Taxes.

 

(a)
Exercise or Purchase Price. The exercise or purchase price, if any, for an Award shall be as follows:

 

(i)
In the case of an Incentive Stock Option:

 

(A)
granted to an Employee who, at the time of the grant of such Incentive Stock Option owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary of the Company, the per Share exercise
price shall be not less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant; or

 

(B)
granted to any Employee other than an Employee described in the preceding paragraph, the per Share exercise price shall be not
less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.

 

(ii)
In the case of a Non-Qualified Stock Option, the per Share exercise price shall be not less than one hundred percent (100%) of
the Fair Market Value per Share on the date of grant.

 

(iii)
In the case of Awards intended to qualify as Performance-Based Compensation, the exercise or purchase price, if any, shall be
not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.

 

(iv)
In the case of SARs, the base appreciation amount shall not be less than one hundred percent (100%) of the Fair Market Value per
Share on the date of grant.

 

(v)
In the case of other Awards, such price as is determined by the Administrator.

 

(vi)
Notwithstanding the foregoing provisions of this Section 7(a), in the case of an Award issued pursuant to Section
6(d), above, the exercise or purchase price for the Award shall be determined in accordance with the provisions of the
relevant instrument evidencing the agreement to issue such Award.

 

    	 	 	13 | Page

     

    

 

(b) Consideration. Subject to Applicable
Laws, the consideration to be paid for the Shares to be issued upon exercise or purchase of an Award including the method of
payment shall be determined by the Administrator. In addition to any other types of consideration the Administrator may
determine, the Administrator is authorized to accept as consideration for Shares issued under the Plan, the
following:

 

(i)
cash;

 

(ii)
check;

 

(iii)
surrender of Shares, or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require,
that have a Fair Market Value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to
which said Award shall be exercised;

 

(iv)
with respect to Options, if the exercise occurs on or after the Registration Date, payment through a broker-dealer sale and remittance
procedure pursuant to which the Grantee (A) shall provide written instructions to a Company designated brokerage firm to effect
the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise
price payable for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates for
the purchased Shares directly to such brokerage firm in order to complete the sale transaction;

 

(v)
with respect to Options, payment through a “net exercise” such that, without the payment of any funds, the
Grantee may exercise the Option and receive the net number of Shares equal to (i) the number of Shares as to which the Option
is being exercised, multiplied by (ii) a fraction, the numerator of which is the Fair Market Value per Share (on such date as
is determined by the Administrator) less the exercise price per Share, and the denominator of which is such Fair Market Value
per Share (the number of net Shares to be received shall be rounded down to the nearest whole number of Shares); or

 

(vi)
any combination of the foregoing methods of payment.

 

The
Administrator may at any time or from time to time, by adoption of or by amendment to the standard forms of Award Agreement described
in Section 4(b) (iv), or by other means, grant Awards that do not permit all of the foregoing forms of consideration to
be used in payment for the Shares or that otherwise restrict one or more forms of consideration.

 

(c)
Taxes. No Shares shall be delivered under the Plan to any Grantee or other person until such Grantee or other person
has made arrangements acceptable to the Administrator for the satisfaction of any non-U.S., federal, state, or local income and
employment tax withholding obligations, including, without limitation, obligations incident to the receipt of Shares. Upon exercise
or vesting of an Award the Company shall withhold or collect from the Grantee an amount sufficient to satisfy such tax obligations,
including, but not limited to, by surrender of the whole number of Shares covered by the Award sufficient to satisfy the minimum
applicable tax withholding obligations incident to the exercise or vesting of an Award (reduced to the lowest whole number of
Shares if such number of Shares withheld would result in withholding a fractional Share with any remaining tax withholding settled
in cash).

 

    	 	 	14 | Page

     

    

 

8.
Exercise of Award.

 

(a)
Procedure for Exercise; Rights as a Shareholder.

 

(i)
Any Award granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator under
the terms of the Plan and specified in the Award Agreement.

 

(ii)
An Award shall be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with
the terms of the Award by the person entitled to exercise the Award and full payment for the Shares with respect to which the
Award is exercised has been made, including, to the extent selected, use of the broker-dealer sale and remittance procedure to
pay the purchase price as provided in Section 7(b) (iv).

 

(b)
Exercise of Award Following Termination of Continuous Service. In the event of termination of a Grantee’s
Continuous Service for any reason other than Disability, death for Cause or voluntarily by Grantee (but not in the event of a
Grantee’s change of status from Employee to Consultant or from Consultant to Employee), such Grantee may, but only during
the post-termination exercise period (but in no event later than the expiration date of the term of such Award as set forth in
the Award Agreement), exercise the portion of the Grantee’s Award that was vested at the date of such termination or such
other portion of the Grantee’s Award as may be determined by the Administrator. In the event of termination of a Grantee’s
Continuous Service for Cause or voluntarily, the Grantee’s right to exercise the Award shall terminate concurrently with
the termination of Grantee’s Continuous Service, provided however, that in the event of termination of a Grantee’s
Continuous Service voluntarily, the Administrator shall have the discretion to allow the Grantee to exercise such portion of the
Grantee’s Award that was vested at the date of such termination or such other portion of the Grantee’s award as may
be determined by the Administrator. In the event of a Grantee’s change of status from Employee to Consultant, an Employee’s
Incentive Stock Option shall convert automatically to a Non-Qualified Stock Option on the day three months and one day following
such change of status. To the extent that the Grantee’s Award was unvested at the date of termination, or if the Grantee
does not exercise the vested portion of the Grantee’s Award within the post-termination exercise period, the Award shall
terminate.

 

(c)
Disability of Grantee. In the event of termination of a Grantee’s Continuous Service as a result of his or
her Disability, such Grantee may, but only within six months from the date of such termination (or such longer period as specified
in the Award Agreement but in no event later than the expiration date of the term of such Award as set forth in the Award Agreement),
exercise the portion of the Grantee’s Award that was vested at the date of such termination; provided, however, that if
such Disability is not a “disability” as such term is defined in Section 22(e)(3) of the Code, in the case
of an Incentive Stock Option such Incentive Stock Option shall automatically convert to a Non-Qualified Stock Option on the day
three months and one day following such termination. To the extent that the Grantee’s Award was unvested at the date of
termination, or if Grantee does not exercise the vested portion of the Grantee’s Award within the time specified herein,
the Award shall terminate.

 

    	 	 	15 | Page

     

    

 

(d)
Death of Grantee. In the event of a termination of the Grantee’s Continuous Service as a result of his or
her death, or in the event of the death of the Grantee during the post-termination exercise period or during the six month period
following the Grantee’s termination of Continuous Service as a result of his or her Disability, the Grantee’s estate
or a person who acquired the right to exercise the Award by bequest or inheritance may exercise the portion of the Grantee’s
Award that was vested as of the date of termination, within six months from the date of death (or such longer period as specified
in the Award Agreement but in no event later than the expiration of the term of such Award as set forth in the Award Agreement).
To the extent that, at the time of death, the Grantee’s Award was unvested, or if the Grantee’s estate or a person
who acquired the right to exercise the Award by bequest or inheritance does not exercise the vested portion of the Grantee’s
Award within the time specified herein, the Award shall terminate.

 

(e)
Extension if Exercise Prevented by Law. Notwithstanding the foregoing, if the exercise of an Award within the applicable
time periods set forth in this Section 8 is prevented by the provisions of Section 9 below, the Award shall remain
exercisable until one month after the date the Grantee is notified by the Company that the Award is exercisable, but in any event
no later than the expiration of the term of such Award as set forth in the Award Agreement and only in a manner and to the extent
permitted under Code Section 409A.

 

(f)
Shareholders’ Agreement. Upon exercise of an Award involving the issuance of Shares or receipt of an Award
consisting of Restricted Shares, the Grantee shall, as a condition thereof, execute a joinder to the Shareholders’ Agreement,
if any, in form and substance prescribed by the Administrator.

 

(g) Repurchase
of Shares Following Termination of Employment or Board Service. If the Grantee is an Employee, Officer or Director of
the Company, then, upon termination of employment or the cessation of service, for any reason whatsoever, the Company shall
have the option to repurchase from the Grantee, any Shares vested under an Award or issued upon exercise of a vested
Option (the “Repurchase Right”). The Repurchase Right shall be exercisable by the Company for a period of
ninety (90) days from the date of termination of employment or cessation of service, by written notice from the Company to
the Grantee. In the event the Company exercises the Repurchase Right, the purchase price for Shares repurchased shall be
eighty-five percent (85%) of the last price at which Shares were sold to a third party purchaser prior to the date of
termination of employment or cessation of service. The closing of the Share repurchase shall be occur at a mutually agreeable
time, but in no event later than thirty (30) days of the giving of notice by the Company of its exercise of the Repurchase
Right, at which time the Company shall pay the purchase price by wire transfer in immediately available funds and the Grantee
shall deliver the certificate or certificates evidencing the Shares duly endorsed for transfer. The Repurchase Right shall
terminate upon the Company being subject to the reporting requirements of Sections 13 or 15 (d) of the Exchange
Act.

 

    	 	 	16 | Page

     

    

 

9.
Conditions upon Issuance of Shares.

 

(a)
If at any time the Administrator determines that the delivery of Shares pursuant to the exercise, vesting or any other
provision of an Award is or may be unlawful under Applicable Laws, the vesting or right to exercise an Award or to otherwise
receive Shares pursuant to the terms of an Award shall be suspended until the Administrator determines that such delivery is
lawful and shall be further subject to the approval of counsel for the Company with respect to such compliance. The Company
shall have no obligation to effect any registration or qualification of the Shares under the Securities Act or applicable
state securities laws.

 

(b)
As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant
at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to
sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by any Applicable
Laws.

 

10.
Adjustments upon Changes in Capitalization. Subject to any required action by the shareholders of the Company and
Section 11 hereof, the number of Shares covered by each outstanding Award, and the number of Shares that have been authorized
for issuance under the Plan but as to which no Awards have yet been granted or that have been returned to the Plan, the exercise
or purchase price of each such outstanding Award, the maximum number of Shares with respect to which Awards may be granted to
any Grantee in any calendar year, as well as any other terms that the Administrator determines require adjustment shall be proportionately
adjusted for (i) any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock
dividend, recapitalization, combination or reclassification of the Shares, or similar transaction affecting the Shares, (ii) any
other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company, or (iii) any
other transaction with respect to Common Stock including a corporate merger, consolidation, acquisition of property or stock,
separation (including a spin-off or other distribution of stock or property), reorganization, liquidation (whether partial or
complete) or any similar transaction; provided, however that conversion of any convertible securities of the Company
shall not be deemed to have been “effected without receipt of consideration.” In the event of any distribution
of cash or other assets to stockholders other than a normal cash dividend, the Administrator shall also make such adjustments
as provided in this Section 10 or substitute, exchange or grant Awards to effect such adjustments (collectively, “adjustments”).
Any such adjustments to outstanding Awards will be effected in a manner that precludes the enlargement of rights and benefits
under such Awards. In connection with the foregoing adjustments, the Administrator may, in its discretion, prohibit the exercise
of Awards or other issuance of Shares, cash or other consideration pursuant to Awards during certain periods of time. Except as
the Administrator determines, no issuance by the Company of shares of any class, or securities convertible into shares of any
class, shall affect, and no adjustment by reason hereof shall be made with respect to, the number or price of Shares subject to
an Award.

 

11.
Corporate Transactions and Changes in Control.

 

(a)
Termination of Award to Extent Not Assumed in Corporate Transaction. Effective upon the consummation of a Corporate
Transaction, all outstanding Awards under the Plan shall terminate. However, all such Awards shall not terminate to the extent
they are assumed in connection with the Corporate Transaction.

 

    	 	 	17 | Page

     

    

 

(b)
Acceleration of Award upon Corporate Transaction or Change in Control. The Administrator shall have the authority,
exercisable either in advance of any actual or anticipated Corporate Transaction or Change in Control or at the time of an actual
Corporate Transaction or Change in Control and exercisable at the time of the grant of an Award under the Plan or any time while
an Award remains outstanding, to provide for the full or partial automatic vesting and exercisability of one or more outstanding
unvested Awards under the Plan and the release from restrictions on transfer and repurchase or forfeiture rights of such Awards
in connection with a Corporate Transaction or Change in Control, on such terms and conditions as the Administrator may specify.
The Administrator also shall have the authority to condition any such Award vesting and exercisability or release from such limitations
upon the subsequent termination of the Continuous Service of the Grantee within a specified period following the effective date
of the Corporate Transaction or Change in Control. The Administrator may provide that any Awards so vested or released from such
limitations in connection with a Change in Control, shall remain fully exercisable until the expiration or sooner termination
of the Award.

 

(c)
Effect of Acceleration on Incentive Stock Options. Any Incentive Stock Option accelerated under this Section
11 in connection with a Corporate Transaction or Change in Control shall remain exercisable as an Incentive Stock Option under
the Code only to the extent the $100,000 dollar limitation of Section 422(d) of the Code is not exceeded.

 

12.
Effective Date and Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption by the
Board or its approval by the shareholders of the Company. It shall continue in effect for a term of ten years unless sooner terminated.
Subject to Section 17, below, and Applicable Laws, Awards may be granted under the Plan upon its becoming effective.

 

13.
Amendment, Suspension or Termination of the
Plan.

 

(a)
The Board may at any time amend, suspend or terminate the Plan; provided, however, that no such amendment shall be made without
the approval of the Company’s shareholders to the extent such approval is required by Applicable Laws.

 

(b)
No Award may be granted during any suspension of the Plan or after termination of the Plan.

 

(c)
No suspension or termination of the Plan (including termination of the Plan under Section 11, above) shall adversely affect
any rights under Awards already granted to a Grantee.

 

14.
Reservation of Shares.

 

(a)
The Company, during the term of the Plan, will at all times reserve and keep available such number of Shares as shall be sufficient
to satisfy the requirements of the Plan.

 

(b)
The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by
the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the
Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall
not have been obtained.

 

    	 	 	18 | Page

     

    

 

15.
No Effect on Terms of Employment/Consulting Relationship. The Plan shall not confer upon any Grantee any right with
respect to the Grantee’s Continuous Service, nor shall it interfere in any way with his or her right or the right of the
Company or any Related Entity to terminate the Grantee’s Continuous Service at any time, with or without cause, including,
but not limited to, Cause, and with or without notice. The ability of the Company or any Related Entity to terminate the employment
of a Grantee who is employed at will is in no way affected by its determination that the Grantee’s Continuous Service has
been terminated for Cause for the purposes of this Plan.

 

16.
No Effect on Retirement and Other Benefit Plans. Except as specifically provided in a retirement or other benefit
plan of the Company or a Related Entity, Awards shall not be deemed compensation for purposes of computing benefits or contributions
under any retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit plan of
any kind or any benefit plan subsequently instituted under which the availability or amount of benefits is related to level of
compensation. The Plan is not a “Pension Plan” or “Welfare Plan” under the Employee Retirement Income
Security Act of 1974, as amended.

 

17. Shareholder
Approval. The grant of Incentive Stock Options under the Plan shall be subject to approval of the Plan by the
shareholders of the Company within twelve (12) months before or after the date the Plan is adopted excluding Incentive
Stock Options issued in substitution for outstanding Incentive Stock Options pursuant to Section 424(a) of the Code. Such
stockholder approval shall be obtained in the degree and manner required under Applicable Laws. The Administrator may grant
Incentive Stock Options under the Plan prior to approval by the stockholders, but until such approval is obtained, no such
Incentive Stock Option shall be exercisable. In the event that stockholder approval is not obtained within the twelve (12)
month period provided above, all Incentive Stock Options previously granted under the Plan shall be exercisable as
Non-Qualified Stock Options.

 

18. Effect
of Section 162(m) of the Code. Section 162(m) of the Code does not apply to the Plan prior to the Registration Date.
Following the Registration Date, the Plan, and all Awards issued thereunder, are intended to be exempt from the
application of Section 162(m) of the Code, which restricts under certain circumstances the Federal income tax deduction for
compensation paid by a public company to named executives in excess of $1.0 million per year. The exemption is based on
Treasury Regulation Section 1.162-27 (f), in the form existing on the effective date of the Plan, with the understanding that
such regulation generally exempts from the application of Section 162(m) of the Code compensation paid pursuant to a plan
that existed before a company becomes publicly held. Under such Treasury Regulation, this exemption is available to the Plan
for the duration of the period that lasts until the earlier of (i) the expiration of the Plan, (ii) the material modification
of the Plan, (iii) the exhaustion of the maximum number of shares of Common Stock available for Awards under the Plan, as set
forth in Section 3(a), (iv) the first meeting of stockholders at which directors are to be elected that occurs after
the close of the third calendar year following the calendar year in which the Company first becomes subject to the reporting
obligations of Section 12 of the Exchange Act, or (v) such other date required by Section 162(m) of the Code and the rules
and regulations promulgated thereunder. To the extent that the Administrator determines as of the date of grant of an Award
that (i) the Award is intended to qualify as Performance-Based Compensation and (ii) the exemption described above is no
longer available with respect to such Award, such Award shall not be effective until any stockholder approval required under
Section 162(m) of the Code has been obtained.

 

    	 	 	19 | Page

     

    

 

19.
Unfunded Obligation. Grantees shall have the status of general unsecured creditors of the Company. Any amounts payable
to Grantees pursuant to the Plan shall be unfunded and unsecured obligations for all purposes, including, without limitation,
Title I of the Employee Retirement Income Security Act of 1974, as amended. Neither the Company nor any Related Entity shall be
required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect
to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments,
which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any
trust or any Grantee account shall not create or constitute a trust or fiduciary relationship between the Administrator, the Company
or any Related Entity and a Grantee, or otherwise create any vested or beneficial interest in any Grantee or the Grantee’s
creditors in any assets of the Company or a Related Entity. The Grantees shall have no claim against the Company or any Related
Entity for any changes in the value of any assets that may be invested or reinvested by the Company with respect to the Plan.

 

20.
Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or
interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural
and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the
context clearly requires otherwise.

 

21.
Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board, the submission of the Plan to the shareholders
of the Company for approval, nor any provision of the Plan will be construed as creating any limitations on the power of the Board
to adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of Awards
otherwise than under the Plan, and such arrangements may be either generally applicable or applicable only in specific cases.

 

    	 	 	20 | PageEX-10.1

 Exhibit 10.1 

ASSET MANAGEMENT AGREEMENT 

dated as of May 31, 2018 

between 
 SPIRIT MTA
REIT 
 and 

SPIRIT REALTY, L.P. 
  

 

 TABLE OF CONTENTS 

 

							
	 SECTION 1.
	    	 DEFINITIONS
	  	 	1	 
			
	 SECTION 2.
	    	 APPOINTMENT AND DUTIES OF THE MANAGER
	  	 	6	 
			
	 SECTION 3.
	    	 DEVOTION OF TIME; ADDITIONAL ACTIVITIES
	  	 	10	 
			
	 SECTION 4.
	    	 AGENCY
	  	 	11	 
			
	 SECTION 5.
	    	 BANK ACCOUNTS
	  	 	11	 
			
	 SECTION 6.
	    	 RECORDS; CONFIDENTIALITY
	  	 	11	 
			
	 SECTION 7.
	    	 OBLIGATIONS OF MANAGER; RESTRICTIONS.
	  	 	12	 
			
	 SECTION 8.
	    	 COMPENSATION
	  	 	12	 
			
	 SECTION 9.
	    	 EXPENSES
	  	 	13	 
			
	 SECTION 10.
	    	 LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION
	  	 	15	 
			
	 SECTION 11.
	    	 NO JOINT VENTURE
	  	 	16	 
			
	 SECTION 12.
	    	 TERM; TERMINATION
	  	 	16	 
			
	 SECTION 13.
	    	 TERMINATION FEE
	  	 	17	 
			
	 SECTION 14.
	    	 PROMOTE
	  	 	17	 
			
	 SECTION 15.
	    	 ASSIGNMENT
	  	 	18	 
			
	 SECTION 16.
	    	 ACTION UPON TERMINATION
	  	 	19	 
			
	 SECTION 17.
	    	 RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN REQUEST
	  	 	19	 
			
	 SECTION 18.
	    	 NOTICES
	  	 	20	 
			
	 SECTION 19.
	    	 BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS
	  	 	20	 
			
	 SECTION 20.
	    	 ENTIRE AGREEMENT
	  	 	20	 
			
	 SECTION 21.
	    	 ARBITRATION
	  	 	20	 

							
			
	 SECTION 22.
	    	 NAME LICENSE
	  	 	23	 
			
	 SECTION 23.
	    	 CONTROLLING LAW
	  	 	23	 
			
	 SECTION 24.
	    	 INDULGENCES, NOT WAIVERS
	  	 	23	 
			
	 SECTION 25.
	    	 TITLES NOT TO AFFECT INTERPRETATION
	  	 	23	 
			
	 SECTION 26.
	    	 EXECUTION IN COUNTERPARTS
	  	 	24	 
			
	 SECTION 27.
	    	 PROVISIONS SEPARABLE
	  	 	24	 

  

 ASSET MANAGEMENT AGREEMENT 

THIS ASSET MANAGEMENT AGREEMENT (this “Agreement”) is made as of May 31, 2018 by and between Spirit MTA REIT, a Maryland
real estate investment trust (the “Company”), and Spirit Realty, L.P., a Delaware limited partnership (together with its permitted assignees, the “Manager”). 

WHEREAS, the Company desires to avail itself of the experience, sources of information, advice, assistance and certain facilities of, or
available to, the Manager and to have the Manager undertake the duties and responsibilities hereinafter set forth, on behalf of the Company, as provided in this Agreement; and 

WHEREAS, the Manager is willing to render such services on the terms and conditions hereinafter set forth. 

NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL AGREEMENTS HEREIN SET FORTH, THE PARTIES HERETO AGREE AS FOLLOWS: 

SECTION 1. DEFINITIONS. 
 The following
terms have the meanings assigned to them: 
 “AAA” has the meaning set forth in Section 21 of this Agreement. 

“Affiliate” means, with respect to any Person, (i) any other Person directly or indirectly controlling, controlled by,
or under common control with such Person, (ii) any executive officer, general partner or managing member of such Person, (iii) any member of the board of directors or board of managers (or bodies performing similar functions) of such
Person, and (iv) any legal entity for which such Person acts as an executive officer, general partner or managing member. For purposes of this Agreement, the Company shall not be considered an Affiliate of the Manager. 

“Agreement” means this Asset Management Agreement, as amended from time to time. 

“Appellate Rules” has the meaning set forth in Section 21 of this Agreement. 

“Award” has the meaning set forth in Section 21 of this Agreement. 

“Board of Trustees” means the board of trustees of the Company. 

“Change in Control” shall mean the occurrence of any of the following events: 

(i) a transaction or series of transactions whereby any “person” or related “group” of “persons” (as such terms
are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company or any Subsidiary of the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3
under the Exchange Act) of securities of the Company possessing more than fifty percent (50%) of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or 

  
 1 

 (ii) during any period of two (2) consecutive years, individuals who, at the beginning of
such period, constitute the Board of Trustees together with any new trustee(s) (other than a trustee designated by a person who shall have entered into an agreement with the Company to effect a transaction described in the preceding clause
(i) or the succeeding clause (iii) of this definition) whose election by the Board of Trustees or nomination for election by the Company’s shareholders was approved by a vote of at least
two-thirds (2/3) of the trustees then still in office who either were trustees at the beginning of the two (2)-year period or whose election or nomination for election was previously so approved, cease for any
reason to constitute a majority thereof; or 
 (iii) the consummation by the Company (whether directly involving the Company or indirectly
involving the Company through one or more intermediaries) of (A) a merger, consolidation, reorganization, or business combination, (B) a sale or other disposition of all or substantially all of the Company’s assets in any single
transaction or series of related transactions or (C) the acquisition of assets or stock of another entity, in each case, other than a transaction: 

(1) which results in the Company’s voting securities outstanding immediately before the transaction continuing to
represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or
substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of
the Successor Entity’s outstanding voting securities immediately after the transaction, and following which the Successor Entity continues to own all or substantially all the assets that the Company owned immediately before the transaction and
succeeds to its business, and 
 (2) after which no person or group beneficially owns voting securities representing fifty
percent (50%) or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (iii)(2) as beneficially owning fifty percent (50%) or more of the combined voting
power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or 

(iv) approval by the Company’s shareholders of a liquidation or dissolution of the Company. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Common Share” means a common share of beneficial interest, par value $0.01 per share, of the Company now or hereafter
authorized as common voting shares of the Company. 
 “Company” has the meaning set forth in the preamble to this
Agreement. 
 “Company Account” has the meaning set forth in Section 5 of this Agreement. 

“Company Indemnified Party” has the meaning set forth in Section 10 of this Agreement. 

“Company TSR Percentage” means the XIRR, expressed as a percentage (rounded to the nearest tenth of a percent (0.1%)), during
the Measurement Period due to the appreciation in the price per Common Share, plus dividends declared during the Measurement Period, assuming dividends are reinvested in Common Shares on the date that they were paid (at a price equal to the
closing price per Common Share on the applicable dividend payment date); provided, however, that for purposes of calculating the Company TSR Percentage, the initial share price shall equal the Initial Price Per Share and the final share price
as of any given date shall equal the Share Value. 

  
 2 

 “Company TSR Amount” means the sum of the price per Common Share on the last day
of the Measurement Period, plus the sum of all dividends declared during the Measurement Period, assuming dividends are reinvested in Common Shares on the date that they were paid (at a price equal to the closing price per Common Share on the
applicable dividend payment date); provided, however, that for purposes of calculating the Company TSR Amount, the initial share price shall equal the Initial Price Per Share and the final share price as of any given date shall equal the
Share Value. 
 “Conflicts of Interest Policy” refers to the conflicts of interest policy included in the Investment
Manual. 
 “Disputes” has the meaning set forth in Section 21 of this Agreement. 

“Distribution Date” means May 31, 2018. 

“Effective Termination Date” means the earliest to occur of (i) the date designated by the Company pursuant to
Section 12(b)(i) or Section 12(c)(i) on which the Manager shall cease to provide services under this Agreement and (ii) the effective date of termination of this Agreement pursuant to Section 12(b)(ii) and Section 12(c)(ii).

 “Excess Funds” has the meaning set forth in Section 2(i) of this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“GAAP” means generally accepted accounting principles in the United States. 

“Governing Instruments” means, with regard to any entity, the declaration of trust and bylaws in the case of a real estate
investment trust, the articles of incorporation and bylaws in the case of a corporation, the certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles of formation
and the operating agreement in the case of a limited liability company, or, in each case, comparable governing documents. 
 “Hurdle
TSR Amount” means an indicative price per Common Share on the last day of the Measurement Period calculated assuming appreciation in the price per Common Share based on a specified Company TSR Percentage during the Measurement Period;
provided, however, that for purposes of calculating the Hurdle TSR Amount, the initial share price shall equal the Initial Price Per Share. 

“Indemnified Party” has the meaning set forth in Section 10 of this Agreement. 

“Independent Trustees” means the members of the Board of Trustees who are not officers or employees of the Manager, and who
are otherwise “independent” in accordance with the Company’s Governing Instruments and the rules of the NYSE or such other securities exchange on which the Common Shares are listed. 

“Initial Price Per Share” means the VWAP per Common Share for the 30 consecutive trading days on the principal exchange on
which such shares are then traded immediately following the Distribution Date. 

  
 3 

 “Investment Manual” means the investment manual approved by the Board of
Trustees, as the same may amended, restated, modified, supplemented or waived pursuant to the approval of a majority of the entire Board of Trustees from time to time (which must include a majority of the Independent Trustees). 

“Investments” means the investments of the Company. 

“Investment Company Act” means the Investment Company Act of 1940, as amended. 

“Licensed Name” has the meaning set forth in Section 22 of this Agreement. 

“Losses” has the meaning set forth in Section 10 of this Agreement. 

“License Term” has the meaning set forth in Section 22 of this Agreement. 

“Management Fee” has the meaning set forth in Section 8(a) of this Agreement. 

“Management Fee PIK Event” means (i) the good faith determination by the Board of Trustees that forgoing the payment of
all or any portion of the monthly installment of the Management Fee is necessary for the Company to have sufficient funds to declare and pay dividends required to be paid in cash in order for the Company to maintain its status as a REIT under the
Code and to avoid incurring income or excise taxes, or (ii) the occurrence and continuance of an “Early Amortization Event,” “Event of Default” or “Sweep Period,” in each case, as defined under the Second Amended
and Restated Master Indenture, dated as of May 20, 2014, among Spirit Master Funding, LLC, Spirit Master Funding II, LLC, Spirit Master Funding III, LLC and Citibank, N.A., as amended and supplemented from time to time, such definitions not to
be revised, modified or amended without prior written consent by Manager. 
 “Manager” has the meaning set forth in the
preamble to this Agreement. 
 “Measurement Period” means the period commencing on the Distribution Date and ending upon
the earlier of (i) the Effective Termination Date and (ii) the date that is 42 full calendar months after the Distribution Date. 

“Notice of Proposal to Negotiate” has the meaning set forth in Section 12(b)(i) of this Agreement. 

“NYSE” means the New York Stock Exchange. 

“Operating Partnership” means Spirit MTA REIT, L.P., a Delaware limited partnership, of which Spirit MTA OP Holdings, LLC, a
Delaware limited liability company and a wholly-owned subsidiary of the Company, is the sole general partner. The Company is the managing member of Spirit MTA OP Holdings, LLC. 

“Original Term” has the meaning set forth in Section 12(a) of this Agreement. 

“Person” means any natural person, corporation, partnership, association, limited liability company, estate, trust, joint
venture, any federal, state, county or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such capacity on behalf of the foregoing. 

“Preferred Share” means a share of share capital of the Company now or hereafter authorized or reclassified that has dividend
rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common Shares. 

  
 4 

 “Promote” has the meaning set forth in Section 14 of this Agreement. 

“Property Management Agreement” means the Second Amended and Restated Property Management and Servicing Agreement dated
May 20, 2014, by and among Spirit Realty, L.P., Spirit Master Funding, LLC, Spirit Master Funding II, LLC, Spirit Master Funding III, LLC and Midland Loan Services, a division of PNC Bank, National Association, as subsequently amended. 

“REIT” means a real estate investment trust under the Code. 

“Renewal Term” has the meaning set forth in Section 12(a) of this Agreement. 

“Rules” has the meaning set forth in Section 21 of this Agreement. 

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

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

“Series A Preferred Shares” means the Series A preferred shares of the Company, par value $0.01 per share. 

“Share Value,” as of any given date, means the VWAP per Common Share for the 10 consecutive trading days on the principal
exchange on which such shares are then traded immediately preceding such date; provided, however, that if a Change in Control causes the end of the Measurement Period, Share Value shall
mean the price per Common Share paid by the acquiror in the Change in Control transaction or, to the extent that the consideration in the Change in Control transaction is paid in stock of the acquiror or its affiliates, the Share Value shall mean
the value of the consideration paid per Common Share based on the VWAP per share of such acquiror stock for the 10 consecutive trading days on the principal exchange on which such shares are then traded immediately preceding the date on which a
Change in Control occurs. 
 “Subsidiary” means any subsidiary of the Company and any partnership, the general partner of
which is the Company or any subsidiary of the Company and any limited liability company, the managing member of which is the Company or any subsidiary of the Company. 

“Termination Fee” has the meaning set forth in Section 13 of this Agreement. 

“Termination Notice” has the meaning set forth in Section 12(b)(i) of this Agreement. 

“Transition Services Agreement” has the meaning set forth in Section 12(b)(i) of this Agreement. 

“VWAP” means the volume weighted average price. 

“XIRR” means the Extended Internal Rate of Return as calculated by using the “=XIRR” function in Microsoft Excel.

  
 5 

 SECTION 2. APPOINTMENT AND DUTIES OF THE MANAGER. 

(a) The Company hereby appoints the Manager to manage the assets of the Company, subject to the further terms and conditions set forth in this
Agreement, and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein. The appointment of the Manager shall be exclusive to the Manager, except to the extent that the Manager elects,
pursuant to the terms and conditions of this Agreement, to cause the duties of the Manager hereunder to be provided by third parties. 
 (b)
The Manager, in its capacity as manager of the assets and the day-to-day operations of the Company (and all subsidiaries and joint ventures of the Company), at all times
will be subject to the supervision, direction and management of the Board of Trustees and will have only such functions and authority as the Company may delegate to it. The Company hereby reserves to a majority of the Board of Trustees (three
(3) of whom must be independent) the following powers: 
 (i) the authority to determine or change the strategic
direction of the Company at any time and in the sole discretion of the Board of Trustees; 
 (ii) the approval of prospective
Investments, to the extent required by the Investment Manual or the Conflicts of Interest Policy, which may not be amended in a manner that is detrimental to the Company without approval by a majority of the Independent Trustees, it being understood
that the Board of Trustees shall have the power to reject prospective Investments, even if such Investments comply with the criteria outlined in the Investment Manual; 

(iii) the approval or disapproval of prospective dispositions of Investments, to the extent required by the Investment Manual,
as it may be amended by the Board of Trustees from time to time; 
 (iv) the approval of the terms of loan documents for the
Company’s financings; 
 (v) the approval of the Company’s annual budget (which shall address in reasonable detail,
among other matters, financing plans and capital planning, it being understood that the Manager will submit such budget in advance to the Board of Trustees for review and approval, and will provide quarterly updates of performance against the annual
budget to the Board of Trustees; 
 (vi) the approval of the retention of the Company’s registered public accountants;

 (vii) the approval of any material transaction between the Company and the Manager and its Affiliates, other than
transactions pursuant to this Agreement, the Property Management Agreement and other transactions in effect as of the Distribution Date; 

(viii) the issuance of equity or debt securities by the Company; 

(ix) the grant of equity incentive awards by the Company; 

(x) the entry into joint ventures by the Company or its Subsidiaries; 

(xi) the approval of entry into any transaction that would constitute a Change in Control; and 

  
 6 

 (xii) such other matters as may be determined by the Board of Trustees from time
to time. 
 (c) The Company, subject to Section 2(b), hereby delegates the following functions and authority to the Manager. Subject to
the Section 2(b), the Manager will be responsible for managing the assets and the day-to-day operations of the Company and will perform (or cause to be performed)
such services and activities relating to the assets and operations of the Company as may be appropriate, including, without limitation: 

(i) sourcing, investigating and evaluating prospective Investments and dispositions of Investments, subject to and consistent
with the Investment Manual, and making recommendations with respect thereto to the Board of Trustees, where applicable; 

(ii) subject to and consistent with the Investment Manual, conducting negotiations with brokers, sellers and purchasers, and
their respective agents and representatives, investment bankers and owners of privately and publicly held real estate or related assets, regarding the purchase, sale, exchange or other disposition of any Investments; 

(iii) managing and monitoring the operating performance of Investments and providing periodic reports to the Board of Trustees,
including comparative information with respect to such operating performance and budgeted or projected operating results; 

(iv) assisting the Company in developing criteria that are specifically tailored to the Company’s investment objectives
and making available to the Company the Manager’s knowledge and experience with respect to its target assets; 
 (v)
engaging and supervising independent contractors that provide services relating to the Company or the Investments, including, but not limited to, investment banking, legal or regulatory advisory, tax advisory, accounting advisory, securities
brokerage, property management/operations, property condition, real estate and leasing advisory and brokerage, and other financial and consulting services reasonably necessary for Manager to perform its duties hereunder (it being understood that the
Board of Trustees and its Audit Committee shall retain authority to determine the Company’s independent public accountant and that the Independent Trustees and any committee of the Board of Trustees shall retain the authority to hire its or
their own attorneys or other advisors); 
 (vi) subject to any required approval of the Board of Trustees, negotiating, on
behalf of the Company, the terms of loan documents for the Company’s financings; 
 (vii) enforcing, monitoring and
managing compliance with loan documents to which the Company is a party on behalf of the Company; 
 (viii) coordinating and
managing operations of any joint venture or co-investment interests held by the Company and conducting all matters with the joint venture or co-investment partners; 

(ix) coordinating and supervising all property managers, tenant operators, leasing agents and developers for the
administration, leasing, management and/or development of any of the Investments; 

  
 7 

 (x) providing executive and administrative personnel, office space and office
services required in rendering services to the Company; 
 (xi) administering bookkeeping and accounting functions as are
required for the management and operation of the Company, contracting for audits and preparing or causing to be prepared such periodic reports and filings as may be required by any governmental authority in connection with the ordinary conduct of
the Company’s business, and otherwise advising and assisting the Company with its compliance with applicable legal and regulatory requirements, including, without limitation, periodic reports, returns or statements required under the Exchange
Act, the Code and any regulations or rulings thereunder, the securities and tax statutes of any jurisdiction in which the Company is obligated to file such reports, or the rules and regulations promulgated under any of the foregoing; 

(xii) advising and assisting in the preparation and filing of all offering documents, registration statements, prospectuses,
proxies, and other forms or documents filed with the SEC pursuant to the Securities Act or any state securities regulators (it being understood that the Company shall be responsible for the content of any and all of its offering documents, SEC
filings or state regulatory filings, and that Manager shall not be held liable for any costs or liabilities arising out of any misstatements or omissions in the Company’s offering documents, SEC filings, state regulatory filings or other
filings referred to in this subparagraph, whether or not material (except by reason of acts constituting bad faith, willful misconduct, gross negligence or reckless disregard of Manager’s duties under this Agreement); 

(xiii) causing the Company to retain qualified accountants and legal counsel, as applicable, to assist in developing
appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs (it being understood that the Board of Trustees and its
Audit Committee shall retain authority to determine the Company’s independent public accountant and that the Independent Trustees and any Committee of the Board of Trustees shall retain the authority to hire its or their own attorneys or other
advisors); 
 (xiv) taking all necessary actions to enable the Company to make required tax filings and reports, including
soliciting shareholders for required information to the extent required by the provisions of the Code applicable to REITs; 

(xv) counseling the Company regarding the maintenance of its status as a REIT and monitoring compliance with the various REIT
qualification tests and other rules set out in the Code and Treasury Regulations thereunder; 
 (xvi) counseling the Company
regarding the maintenance of its exemption from the Investment Company Act and monitoring compliance with the requirements for maintaining an exemption from the Investment Company Act; 

(xvii) counseling the Company in connection with policy decisions to be made by the Board of Trustees; 

  
 8 

 (xviii) evaluating and recommending to the Board of Trustees modifications to any
hedging strategies in effect on the date hereof and engaging in hedging activities; 
 (xix) communicating with the
Company’s investors and analysts as required to satisfy reporting or other requirements of any governing body or exchange on which the Company’s securities are traded and to maintain effective relations with such investors; 

(xx) investing and re-investing any moneys and securities of the Company (including
investing in short-term Investments pending investment in Investments, payment of fees, costs and expenses, or payments of dividends or distributions to shareholders and partners of the Company) and advising the Company as to its capital structure
and capital raising; 
 (xxi) causing the Company to qualify to do business in all applicable jurisdictions and to obtain and
maintain all appropriate licenses; 
 (xxii) handling and resolving all claims, disputes or controversies (including all
litigation, arbitration, settlement or other proceedings or negotiations) in which the Company may be involved or to which the Company may be subject arising out of the Company’s
day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the Board of Trustees; 

(xxiii) using commercially reasonable efforts to cause expenses incurred by or on behalf of the Company to be within any
expense guidelines set by the Board of Trustees from time to time; 
 (xxiv) performing such other services as may be
required from time to time for management and other activities relating to the assets of the Company as the Board of Trustees and Manager shall agree from time to time; and 

(xxv) using commercially reasonable efforts to cause the Company to comply with all applicable laws and regulations in all
material respects, subject to the Company providing appropriate, necessary and timely funding of capital. 
 The Board of Trustee has
dispositive power in the event of any conflict between the Board of Trustees and the Manager with respect to the functions and authority delegated to the Manager above. 

Without limiting the foregoing, the Manager will perform portfolio management services on behalf of the Company with respect to the
Investments. Such services will include, but not be limited to, consulting with the Company on the purchase and sale of, and other investment opportunities in connection with, the Company’s portfolio of assets; the collection of information and
the submission of reports pertaining to the Company’s assets, interest rates and general economic conditions; periodic review and evaluation of the performance of the Company’s portfolio of assets; acting as liaison between the Company and
banking, mortgage banking, investment banking and other parties with respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio management. Additionally, the Manager will perform monitoring
services on behalf of the Company with respect to any services provided by third parties, which the Manager determines are material to the performance of the business. 

(d) Subject to Section 2(b) above and the Conflicts of Interest Policy, the Manager may enter into agreements with other parties in
connection with its duties hereunder. 

  
 9 

 (e) The Manager may retain, for and on behalf, and at the sole cost and expense, of the Company,
such services of accountants, legal counsel, tax counsel, appraisers, insurers, brokers or business developers, transfer agents, registrars, developers, investment banks, financial advisors, underwriters, banks and other lenders and others as the
Manager deems necessary or advisable in connection with the management and operations of the Company. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to be rendered by its
employees or Affiliates (which, for the avoidance of doubt, includes any employees, consultants or agents of any Affiliate of the Manager). 

(f) As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of Trustees, the Manager shall, at the sole
cost and expense of the Company, prepare, or cause to be prepared, with respect to any Investment (i) an appraisal prepared by an independent real estate appraiser; (ii) reports and information on the Company’s operations and asset
performance; and (iii) other information reasonably requested by the Company. 
 (g) The Manager shall prepare, or cause to be
prepared, at the sole cost and expense of the Company, all reports, financial or otherwise, with respect to the Company required by the Board of Trustees in order for the Company to comply with its Governing Instruments or any other materials
required to be filed with any governmental body or agency, as well as all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of the Company’s books of account by a nationally
recognized independent accounting firm. 
 (h) The Manager shall prepare regular reports for the Board of Trustees to enable the Board of
Trustees to review the Company’s acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Investment Manual and any policies approved by the Board of Trustees. 

(i) Notwithstanding anything contained in this Agreement to the contrary, the Manager shall not be required to expend money (“Excess
Funds”) in excess of that contained in any applicable Company Account or otherwise made available by the Company to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the Company under Section 12(b) to terminate this Agreement due to the Manager’s unsatisfactory performance. 

(j) In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on qualified experts hired by the
Manager. 
 SECTION 3. DEVOTION OF TIME; ADDITIONAL ACTIVITIES. 

(a) The Manager will provide a management team, including a dedicated chief executive officer and a dedicated chief financial officer, to
provide the management services hereunder. The members of such team shall devote such of their time to the management of the Company as is reasonably necessary and appropriate. 

(b) Except to the extent set forth in clause (a) above or in the Conflicts of Interest Policy, nothing herein shall prevent the Manager
or any of its Affiliates or any of the officers and employees of any of the foregoing from engaging in other businesses or from rendering services of any kind to any other 

  
 10 

 
person or entity, including investment in, or advisory service to others investing in, any type of real estate or real estate related investment, including investments which meet the principal
investment objectives of the Company. Subject to the Conflicts of Interest Policy, the Company recognizes that it is not entitled to preferential treatment in receiving information, recommendations and other services from the Manager. The Manager
shall act in good faith to endeavor to identify to the Independent Trustees any conflicts that may arise among the Company, the Manager and/or any other person or entity on whose behalf the Manager may be engaged. When allocating investment
opportunities among the persons or entities for which the Manager acts as manager, the Manager will comply with its Conflicts of Interest Policy as in effect from time to time 

(c) Managers, members, officers, employees and agents of the Manager or Affiliates of the Manager may serve as trustees, officers, employees,
agents, nominees or signatories for the Company or any Subsidiary, to the extent permitted by the Governing Instruments of the Company or any such Subsidiary, as from time to time amended, or by any resolutions duly adopted by the Board of Trustees
pursuant to the Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company, such persons shall use their respective titles in the Company. 

SECTION 4. AGENCY. 
 The Manager shall act
as agent of the Company in making, acquiring, financing and disposing of Investments, disbursing and collecting the Company’s funds, paying the debts and fulfilling the obligations of the Company, supervising the performance of professionals
engaged by or on behalf of the Company and handling, prosecuting and settling any claims of or against the Company, the Board of Trustees, holders of the Company’s securities or the Company’s representatives or properties. 

SECTION 5. BANK ACCOUNTS. 
 The Manager
may establish and maintain one or more bank accounts in the name of the Company or any Subsidiary (any such account, a “Company Account”), and may collect and deposit funds into any such Company Account or Company Accounts, and
disburse funds from any such Company Account or Company Accounts; and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board of Trustees and, upon request, to the auditors of the Company or
any Subsidiary. 
 SECTION 6. RECORDS; CONFIDENTIALITY. 

The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of
account and records shall be accessible for inspection by representatives of the Company at any time during normal business hours upon reasonable advance notice to the Manager. 

The Manager shall keep confidential any and all non-public information obtained in connection with the
services rendered under this Agreement and shall not disclose any such information to any person, except to (i) its Affiliates, members, officers, directors, employees, agents, representatives or advisors who have a need to know such
information in order to carry out their duties to the Company and who have a duty to the Manager or to the Company to keep such information confidential, (ii) appraisers, financing sources and others in the ordinary course of the Manager’s
business for the purpose of rendering services hereunder, provided that such persons agree to keep such information confidential, (iii) in connection with any governmental or regulatory requests of the Manager and any of its Affiliates,
(v) as required by 

  
 11 

 
applicable law or regulation, including any applicable disclosure requirements applicable to the Manager and its Affiliates under securities or blue sky laws or stock exchange listing
requirements, or (vi) with the prior written consent of the Board of Trustees. 
 SECTION 7. OBLIGATIONS OF MANAGER; RESTRICTIONS. 

(a) The Manager shall require each seller or transferor of Investments to the Company to make such representations and warranties regarding
such assets as may, in the sole judgment made in good faith of the Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate with regard to the protection of the Investments.

 (b) The Manager shall refrain from any action that, in its sole judgment made in good faith, (i) is not in compliance with the
Investment Manual, (ii) can reasonably be expected to result in the loss of the Company’s status as a REIT under the Code or (iii) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over
the Company or any Subsidiary that would materially adversely affect the Company or that would otherwise not be permitted by such entity’s Governing Instruments. If the Manager is ordered to take any such action by the Board of Trustees, the
Manager shall promptly notify the Board of Trustees of the Manager’s judgment that such action would adversely affect such status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the
Manager and its Affiliates, officers and employees shall not be liable to the Company or any Subsidiary, the Board of Trustees, or the Company’s or any Subsidiary’s shareholders or partners for any act or omission by the Manager, its
Affiliates, officers or employees except as provided in Section 10. 
 (c) The Manager shall at all times during the term of this
Agreement (including the Original Term and any renewal term) maintain a tangible net worth equal to or greater than $1,000,000. Additionally, during such period the Manager shall maintain “errors and omissions” insurance coverage and other
insurance coverage which is customarily carried by asset and investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company, in an amount which is comparable
to that customarily maintained by other managers or servicers of similar assets. 
 SECTION 8. COMPENSATION. 

(a) The Company shall pay Manager a management fee (“Management Fee”) equal to $20.0 million per annum, payable in equal
monthly installments, in arrears, on the tenth day of each calendar month beginning with the first calendar month after the date of this Agreement; provided, however, that (i) in the event of a Management Fee PIK Event arising
under clause (i) of the definition thereof, the portion of the monthly installment of the Management Fee that is necessary for the Company to have sufficient funds to declare and pay dividends required to be paid in cash in order for the
Company to maintain its status as a REIT under the Code and to avoid incurring income or excise taxes shall, during the occurrence and continuation of any such Management Fee PIK Event, be payable in a number of Series A Preferred Shares determined
by dividing such portion of the Management Fee by the liquidation preference of the Series A Preferred Shares rounded down to the nearest whole share and (ii) in the event of a Management Fee PIK Event arising under clause (ii) of the
definition thereof, that the entire monthly installment of the Management Fee shall, during the occurrence and continuation of any such Management Fee PIK Event, be payable in a number of Series A Preferred Shares determined by dividing the
Management Fee by the liquidation preference of the Series A Preferred Shares rounded down to the nearest whole share. In the event that this Agreement commences on a date other than the first day of a

  
 12 

 
calendar month, or terminates on a date other than the last day of a calendar month, the installment of the Management Fee payable for that month shall be prorated for the actual number of days
that this Agreement is effective in that calendar month. 
 (b) The Management Fee is subject to adjustment pursuant to and in accordance
with the provisions of Section 12(b). 
 (c) To incentivize employees, officers, consultants,
non-employee trustees, Affiliates or representatives of the Manager to achieve the goals and business objectives of the Company as established by the Board of Trustees, in addition to the Management Fee set
forth above, the Board of Trustees will have the authority to make recommendations of annual equity awards to the Manager or its affiliates or directly to employees, officers, consultants, non-employee
trustees, Affiliates or representatives of the Manager (including the dedicated chief executive officer and chief financial officer of the Company), based on the achievement by the Company of certain financial or other objectives established by the
Board of Trustees; provided that, no equity awards by the Company to employees or officers of the Manager (including the dedicated chief executive officer and chief financial officer of the Company) shall be made without the Manager’s prior
written consent. The Company, at its option, may choose to issue such compensation in the form of equity awards in the Company or the Operating Partnership, unless and to the extent that receipt of such equity awards would adversely affect the
Company’s status as a REIT, in which case, the equity awards shall be limited to equity awards in the Operating Partnership, unless and to the extent that receipt of such equity awards would adversely affect the Operating Partnership’s
status as a partnership for U.S. federal income tax purposes or the Company’s status as a REIT, in which case, the grant of equity awards shall not be made. Any transfer of such equity awards at any time must comply with the transfer
restrictions of the Operating Partnership’s partnership agreement or the Company’s declaration of trust and bylaws, as applicable. 
 SECTION
9. EXPENSES. 
 (a) Expenses of the Manager. Except as otherwise expressly provided herein or approved by majority vote of
the Independent Trustees or the Audit Committee of the Board, the Manager shall bear the following expenses incurred in connection with the performance of its duties under this Agreement: 

(i) base salary, cash incentive compensation and other employment expenses (excluding equity awards granted by the Company
pursuant to Section 8(c)) of the dedicated chief executive officer and dedicated chief financial officer of the Company; 

(ii) employment expenses of other personnel employed by the Manager, including, but not limited to, salaries, wages, payroll
taxes and the cost of employee benefit plans; 
 (iii) fees and travel and other expenses of officers and employees of the
Manager, except for (A) fees and travel and other expenses of such persons incurred while performing services on behalf of the Company (provided that, if such fees and travel and other expenses are incurred while providing services on behalf of
both the Company and its affiliates and Spirit Realty Capital, Inc. and its affiliates, the Manager shall have the authority to reasonably allocate such fees and travel and other expenses between the entities), and (B) fees and travel and other
expenses of such persons who are trustees or officers of the Company incurred in their capacities as trustees or officers of the Company; 

(iv) rent, telephone, utilities, office furniture, equipment and machinery (including

  
 13 

 
computers, to the extent utilized) and other office expenses of the Manager, except to the extent such expenses relate solely to an office maintained by the Company separate from the office of
the Manager; and 
 (v) miscellaneous administrative expenses relating to performance by the Manager of its obligations
hereunder. 
 (b) Expenses of the Company. Except as expressly otherwise provided in this Agreement, the Company shall pay all
of its and its Subsidiaries’ expenses, and, without limiting the generality of the foregoing, it is specifically agreed that the following expenses of the Company and its Subsidiaries shall be paid by the Company or its Subsidiaries and shall
not be paid by the Manager: 
 (i) the cost of borrowed money; 

(ii) taxes on income and taxes and assessments on real and personal property, if any, and all other taxes applicable to the
Company or its Subsidiaries; 
 (iii) legal, auditing, accounting, underwriting, brokerage, listing, reporting, registration
and other fees, and printing, engraving and other expenses and taxes incurred in connection with the issuance, distribution, transfer, trading, registration and listing of the Company’s or any of its Subsidiaries securities on the stock
exchange, including transfer agent’s, registrar’s and indenture trustee’s fees and charges; 
 (iv) expenses
of organizing, restructuring, reorganizing or liquidating the Company or any of its Subsidiaries, or of revising, amending, converting or modifying the Company’s or any of its Subsidiaries’ organizational documents; 

(v) fees and travel and other expenses paid to members of the Board of Trustees and officers of the Company or those of
individuals in similar positions with any of its Subsidiaries in their capacities as such (but not in their capacities as officers or employees of the Manager) and fees and travel and other expenses paid to advisors, contractors, mortgage servicers,
consultants, and other agents and independent contractors employed by or on behalf of the Company and its Subsidiaries; 

(vi) expenses directly connected with the investigation, acquisition, disposition or ownership of real estate interests or
other property (including third party property diligence costs, appraisal reporting, the costs of foreclosure, insurance premiums, legal services, brokerage and sales commissions, maintenance, repair, improvement and local management of property),
other than expenses with respect thereto of employees of the Manager, to the extent that such expenses are to be borne by the Manager pursuant to Section 9(a) above; 

(vii) all insurance costs incurred in connection with the Company and its Subsidiaries (including officer and trustee liability
insurance) or in connection with any officer and trustee indemnity agreement to which the Company or any of its Subsidiaries is a party; 

(viii) expenses connected with payments of dividends or interest or contributions in cash or any other form made or caused to
be made by the Trustees to holders of securities of the Company or any of its Subsidiaries; 

  
 14 

 (ix) all expenses connected with communications to holders of securities of the
Company or its Subsidiaries and other bookkeeping and clerical work necessary to maintaining relations with holders of securities, including the cost of any transfer agent, the cost of preparing, printing, posting, distributing and mailing
certificates for securities and proxy solicitation materials and reports to holders of the Company’s or its Subsidiaries’ securities; 

(x) legal, accounting and auditing fees and expenses in addition to those described in subsection (iii) above; 

(xi) filing and recording fees for regulatory or governmental filings, approvals and notices to the extent not otherwise
covered by any of the foregoing items of this Section 9(b); 
 (xii) expenses relating to any office or office
facilities maintained by the Company or its Subsidiaries separate from the office of the Manager; 
 (xiii) software
licensing fees and other fees and costs associated with proprietary software and programs used separately by the Company; 

(xiv) the costs and expenses of all equity award or compensation plans or arrangements established by the Company or any of its
Subsidiaries, including the value of awards made by the Company or any of its Subsidiaries to the Manager or its employees, if any, and payment of any employment or withholding taxes in connection therewith; and 

(xv) all other costs and expenses of the Company and its Subsidiaries, other than those to be specifically borne by the Manager
pursuant to Section 9(a) above. 
 Notwithstanding the foregoing, nothing in this Agreement shall be deemed to amend or modify the
Property Management Agreement. 
 SECTION 10. LIMITS OF MANAGER RESPONSIBILITY; INDEMNIFICATION. 

(a) The Manager assumes no responsibility under this Agreement other than to render the services called for under this Agreement in good faith
and shall not be responsible for any action of the Board of Trustees in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b). The Manager, its members, managers, officers and
employees will not be liable to the Company or any Subsidiary, to the Board of Trustees, or the Company’s or any Subsidiary’s shareholders or partners for any acts or omissions by the Manager, its Affiliates, members, managers, officers or
employees, pursuant to or in accordance with this Agreement, except by reason of acts constituting bad faith, willful misconduct or gross negligence. The Company shall, to the full extent lawful, reimburse, indemnify and hold the Manager, its
Affiliates, members, managers, officers and employees, sub-advisers and each other Person, if any, controlling the Manager (each, an “Indemnified Party”), harmless of and from any and all
expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) (collectively, “Losses”) in respect of or arising from any acts or omissions of such Indemnified Party
made in good faith in the performance of the Manager’s duties under this Agreement and not constituting such Indemnified Party’s bad faith, willful misconduct or gross negligence. 

(b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold the Company, its shareholders, trustees, officers and
employees and each other Person, if any, controlling the Company (each, a “Company Indemnified Party”), harmless of and from any and all Losses in respect of or arising from any acts or omissions of the Manager constituting bad
faith, willful misconduct or gross negligence. 

  
 15 

 SECTION 11. NO JOINT VENTURE. 

Nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose any liability as such on
either of them. 
 SECTION 12. TERM; TERMINATION. 

(a) Term. Unless terminated in accordance with Section 15(a), this Agreement shall be in effect until the date that is three
years after the date hereof (the “Original Term”). At the expiration of the Original Term, this Agreement shall be deemed renewed automatically each year for an additional one-year period
(each, a “Renewal Term”), unless terminated pursuant to Section 12(b) or Section 12(c) below. 
 (b)
Termination without Cause. 
 (i) Termination by the Company. The Company may terminate this Agreement at any time upon 180-day written notice to the Manager informing it of the Company’s intention to terminate this Agreement. Effective on the termination date of this Agreement under this Section 12(b)(i), the Company and
the Manager will enter into a transition services agreement (“Transition Services Agreement”), upon mutually acceptable terms, that shall be in effect until the date that is eight months after the date of the termination of this
Agreement. For its services under the Transition Services Agreement, the Company shall pay the Manager the Management Fee, pro rated for the eights-month term of the Transition Services Agreement, payable in equal monthly installments, in arrears,
on the tenth day of each calendar month beginning with the first calendar month after the date of termination of this Agreement. 
 (ii)
Termination by the Manager. No later than 180 days prior to the expiration of the Original Term or any Renewal Term, the Manager may deliver written notice to the Company informing it of the Manager’s intention not to renew the term,
whereupon the term of this Agreement shall not be renewed and extended, and this Agreement shall terminate effective on the expiration date of this Agreement next following the delivery of such notice. 

(c) Termination for Cause. 

(i) Termination by the Company. The Company may terminate this Agreement upon 30 days’ prior written notice to the Manager if
(A) there is a commencement of any proceeding relating to the Manager’s bankruptcy or insolvency, including an order for relief in an involuntary bankruptcy case or the Manager authorizing or filing a voluntary bankruptcy petition, and
such proceeding or order shall remain in force or unstayed for a period of 30 days, (B) the Manager dissolves as an entity, or (C) the Manager commits fraud against the Company, misappropriates or embezzles funds of the Company, or acts in
a manner constituting bad faith, willful misconduct or gross negligence in the performance of its duties under this Agreement; provided, however, that if any of the actions or omissions described in this clause (C) are caused by an employee
and/or officer of the Manager or one of its affiliates and the Manager takes appropriate action against such person and cures the damage caused by such actions or omissions within 30 days of the Manager’s actual knowledge of its commission or
omission, the Company shall not have the right to terminate this Agreement pursuant to this clause (iii). 

  
 16 

 (ii) Termination by the Manager. The Manager may terminate this Agreement upon 60
days’ prior written notice to the Company in the event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30
days after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period. The Manager may also terminate this Agreement in its sole discretion effective
immediately concurrently with or within 90 days following a Change in Control or a non-cause termination of the Property Management Agreement, in each case upon 30 days’ prior written notice to the
Company. 
 SECTION 13. TERMINATION FEE. 

In the event that this Agreement is terminated (a) by the Company pursuant to Section 12(b)(i) or (b) by the Manager pursuant to
Section 12(c)(ii), the Company shall pay to the Manager, on the Effective Termination Date or as promptly thereafter as practicable, a termination fee (the “Termination Fee”) equal to 1.75 times the sum of (x) the
Management Fee for the 12 full calendar months preceding the Effective Termination Date, plus (y) all fees due to the Manager or its Affiliates under the Property Management Agreement for the 12 full calendar months preceding the
Effective Termination Date. 
 SECTION 14. PROMOTE. 

Upon the earlier of (a) a termination of this Agreement pursuant to Section 12(b)(i), (b) a termination of this Agreement pursuant to
Section 12(c)(ii), and (c) the date that is 42 full calendar months after the date of this Agreement, the Company shall pay to the Manager, on the date of the relevant termination or other event or as promptly thereafter as practicable, a
cash promote payment (the “Promote”) if the Company TSR Percentage exceeds 10% during the Measurement Period. The Promote shall be calculated, without duplication, as follows: 

(i) to the extent that the Company TSR Percentage exceeds 10% during the Measurement Period, the Promote shall equal the product of: 

(x) the weighted-average number of Common Shares outstanding during the Measurement Period (calculated on a fully-diluted basis in accordance
with GAAP), multiplied by 
 (y) the product of (A) 10%, multiplied by (B) the difference of (I) the Company
TSR Amount not to exceed a Hurdle TSR Amount implied by a Company TSR Percentage during the Measurement Period of 12.5%, less (II) a Hurdle TSR Amount implied by a Company TSR Percentage during the Measurement Period of 10%; 

(ii) to the extent that the Company TSR Percentage exceeds 12.5% during the Measurement Period, the Promote shall equal the sum of: 

(x) the amount under (i) above, plus 

(y) the product of: 
 (A) the
weighted-average number of Common Shares outstanding during the Measurement Period (calculated on a fully-diluted basis in accordance with GAAP), multiplied by 

  
 17 

 (B) the product of (I) 15%, multiplied by (II) the difference of (1) the
Company TSR Amount not to exceed a Hurdle TSR Amount implied by a Company TSR Percentage during the Measurement Period of 15%, less (2) a Hurdle TSR Amount implied by a Company TSR Percentage during the Measurement Period of 12.5%; and

 (iii) to the extent that the Company TSR Percentage exceeds 15% during the Measurement Period, the Promote shall equal the sum of: 

(x) the amount under (ii) above, plus  

(y) the product of: 
 (A) the
weighted-average number of Common Shares outstanding during the Measurement Period (calculated on a fully-diluted basis in accordance with GAAP), multiplied by 

(B) the product of (I) 20%, multiplied by (II) the difference of (1) the Company TSR Amount, less (2) a
Hurdle TSR Amount implied by a Company TSR Percentage during the Measurement Period of 15%. 
 For avoidance of doubt, the Promote
(including the related definitions of the Company TSR Amount, the Company TSR Percentage and the Hurdle TSR Amount) shall be calculated consistent with the illustrative Promote calculation methodology set forth on Exhibit A hereto. 

SECTION 15. ASSIGNMENT. 
 (a) Except as
set forth in Section 15(b), this Agreement shall terminate automatically in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company with the consent of a majority of the
Independent Trustees; provided, however, that no such consent shall be required in the case of an assignment by the Manager to an entity whose business and operations are managed or supervised by Spirit Realty Capital, Inc. Any such permitted
assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound. The Manager shall continue to be liable to the Company for all errors or omissions of any assignee that is managed or supervised by Spirit Realty
Capital, Inc. The Manager shall not be liable for errors or omissions of any other successor manager arising from and after any such assignment. In the case of any assignment, the assignee shall execute and deliver to the Company a counterpart of
this Agreement naming such assignee as Manager. This Agreement shall not be assigned by the Company without the prior written consent of the Manager, except in the case of assignment by the Company to another REIT or other organization that is a
successor (by merger, consolidation or purchase of assets) to the Company, in which case such successor organization shall be bound under this Agreement and by the terms of such assignment in the same manner as the Company is bound under this
Agreement. 
 (b) Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any or all of its responsibilities
under Section 2 to any of its Affiliates in accordance with the terms of this Agreement, and the Company hereby consents to any such assignment and subcontracting. In addition, provided that the Manager provides prior written notice to the
Company for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement. 

  
 18 

 SECTION 16. ACTION UPON TERMINATION. 

(a) From and after the Effective Termination Date pursuant to Section 12, the Manager shall not be entitled to compensation for further
services under this Agreement, but shall be paid all compensation accruing to the date of termination, including, without limitation, any Termination Fee or/and Promote Fee due in connection with such termination. On the Effective Termination Date
or as promptly thereafter as practicable, the Manager shall forthwith: 
 (i) after deducting any accrued compensation and reimbursement for
its expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; 

(ii) deliver to the Board of Trustees a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board of Trustees with respect to the Company or a Subsidiary; and 

(iii) deliver to the Board of Trustees all property and documents of the Company or any Subsidiary then in the custody of the Manager;
provided, however, that the Manager may retain copies of all such information. 
 (b) Upon termination of this Agreement pursuant to
Section 12, on the Effective Termination Date or as promptly thereafter as practicable, the Company shall forthwith: 
 (i) pay over to
the Manager all compensation accruing to the date of termination, including, without limitation, any Termination Fee or/and Promote Fee due in connection with such termination; and 

(ii) reimbursement the Manager for all its expenses to which it is then entitled. 

(c) The obligation of the Company to pay the Termination Fee and the Promote Fee shall survive the termination of this Agreement. In addition,
Section 9 and Section 10 shall survive the termination of this Agreement. 
 SECTION 17. RELEASE OF MONEY OR OTHER PROPERTY UPON WRITTEN
REQUEST. 
 The Manager agrees that any money or other property of the Company or a Subsidiary thereof held by the Manager under this
Agreement shall be held by the Manager as custodian for the Company or such Subsidiary, and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or other property by the Company or such Subsidiary.
Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company or any Subsidiary any money or other property then held by the Manager for the account of the
Company or any Subsidiary under this Agreement, the Manager shall release such money or other property to the Company or any Subsidiary within a reasonable period of time, but in no event later than 30 days following such request. The Manager shall
not be liable to the Company, any Subsidiary, the Independent Trustees, or the Company’s or a Subsidiary’s shareholders or partners for any acts performed, or omissions to act, by the Company or any Subsidiary in connection with the money
or other property released to the Company or any Subsidiary in accordance with the first sentence of this Section 17. 

  
 19 

 SECTION 18. NOTICES. 

Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted under this
Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of (i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery
by facsimile transmission or email against answerback, (iv) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below: 

 

	 	(a)	If to the Company: 

 Spirit MTA REIT 

c/o Spirit Realty Capital, Inc. 

2727 North Harwood Street 

Suite 300, Dallas, Texas 75201 

Attention: General Counsel 
  

	 	(b)	If to the Manager: 

 Spirit Realty, L.P. 

2727 North Harwood Street 

Suite 300, Dallas, Texas 75201 

Attention: General Counsel 

Either party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity
with the provisions of this Section 18 for the giving of notice. 
 SECTION 19. BINDING NATURE OF AGREEMENT; SUCCESSORS AND ASSIGNS. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives,
successors and permitted assigns as provided in this Agreement. 
 SECTION 20. ENTIRE AGREEMENT. 

This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter of this Agreement,
and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement. The express terms of this
Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other than by an agreement in writing executed by both parties.

 SECTION 21. ARBITRATION. 
 (a) Any
disputes, claims or controversies arising out of or relating to this Agreement, the provision of services by the Manager pursuant to this Agreement or the transactions contemplated hereby, including any disputes, claims or controversies brought by
or on behalf of the Company or the Manager or any holder of equity interests (which, for purposes of this Section 21, shall mean any holder of record 

  
 20 

 
or any beneficial owner of equity interests or any former holder of record or beneficial owner of equity interests) of the Company or the Manager, either on his, her or its own behalf, on behalf
of the Company or the Manager or on behalf of any series or class of equity interests of the Company or Manager or holders of any equity interests of the Company or the Manager against the Company or the Manager or any of their respective trustees,
directors, members, officers, managers (including the Manager or its successor), agents or employees, including any disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance or enforcement of this
Agreement, including this arbitration agreement or the governing documents of the Company or the Manager (all of which are referred to as “Disputes”), or relating in any way to such a Dispute or Disputes shall, on the demand of any
party to such Dispute or Disputes, be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”) then in effect,
except as those Rules may be modified in this Section 21. For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative actions against the trustees, directors, officers or managers of the Company or the
Manager and class actions by a holder of equity interests against those individuals or entities and the Company or the Manager. For the avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another
party. For purposes of this Section 21, the term “equity interest” shall mean, (i) in respect of the Company, shares of beneficial interest of the Company, and (ii) in respect of the Manager, “membership interest”
in the Manager as defined in the Delaware Limited Partnership Act. 
 (b) There shall be three (3) arbitrators. If there are only two
(2) parties to the Dispute, each party shall select one (1) arbitrator within fifteen (15) days after receipt by respondent of a copy of the demand for arbitration. The arbitrators may be affiliated or interested persons of the
parties. If there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may be, one
(1) arbitrator within fifteen (15) days after receipt of the demand for arbitration. The arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may be. If either a claimant (or all claimants)
or a respondent (or all respondents) fail(s) to timely select an arbitrator then the party (or parties) who has selected an arbitrator may request AAA to provide a list of three (3) proposed arbitrators in accordance with the Rules (each of
whom shall be neutral, impartial and unaffiliated with any party) and the party (or parties) that failed to timely appoint an arbitrator shall have ten (10) days from the date AAA provides the list to select one (1) of the three
(3) arbitrators proposed by AAA. If the party (or parties) fail(s) to select the second (2nd) arbitrator by that time, the party (or parties) who have appointed the first (1st) arbitrator shall then have ten (10) days to select one
(1) of the three (3) arbitrators proposed by AAA to be the second (2nd) arbitrator; and, if he/they should fail to select the second (2nd) arbitrator by such time, AAA shall select, within fifteen (15) days thereafter, one (1) of
the three (3) arbitrators it had proposed as the second (2nd) arbitrator. The two (2) arbitrators so appointed shall jointly appoint the third (3rd) and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party)
within fifteen (15) days of the appointment of the second (2nd) arbitrator. If the third (3rd) arbitrator has not been appointed within the time limit specified herein, then AAA shall provide a list of proposed arbitrators in accordance with
the Rules, and the arbitrator shall be appointed by AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number of strikes, excluding strikes for cause. 

(c) The place of arbitration shall be Dallas, Texas, unless otherwise agreed by the parties. 

(d) There shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by the
arbitrators. For the avoidance of doubt, it is intended that there shall be no depositions and no other discovery other than limited documentary discovery as described in the preceding sentence. 

  
 21 

 (e) In rendering an award or decision (the “Award”), the arbitrators shall be
required to follow the laws of the State of Maryland. Any arbitration proceedings or award rendered hereunder and the validity, effect and interpretation of this arbitration agreement shall be governed by the Federal Arbitration Act, 9 U.S.C.
§1 et seq. The Award shall be in writing and shall state the findings of fact and conclusions of law on which it is based. Any monetary award shall be made and payable in U.S. dollars free of any tax, deduction or offset. Subject to
Section 21(g), each party against which the Award assesses a monetary obligation shall pay that obligation on or before the thirtieth (30th) day following the date of the Award or such other date as the Award may provide. 

(f) Except to the extent expressly provided by this Agreement or as otherwise agreed by the parties thereto, each party involved in a Dispute
shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators shall not render an award that would include shifting of any such costs or expenses (including attorneys’ fees) or, in a derivative case or class
action, award any portion of the Company’s or the Manager’s, as applicable, award to the claimant or the claimant’s attorneys. Each party (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand,
and all respondents, on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there are more than two (2) parties to the Dispute, all claimants, on the one hand, and all
respondents, on the other hand) shall equally bear the costs and expenses of the third (3rd) appointed arbitrator. 
 (g) Notwithstanding
any language to the contrary in this Agreement, the Award, including but not limited to, any interim Award, may be appealed pursuant to the AAA’s Optional Appellate Arbitration Rules (“Appellate Rules”). The Award shall not be
considered final until after the time for filing the notice of appeal pursuant to the Appellate Rules has expired. Appeals must be initiated within thirty (30) days of receipt of the Award by filing a notice of appeal with any AAA office.
Following the appeal process, the decision rendered by the appeal tribunal may be entered in any court having jurisdiction thereof. For the avoidance of doubt, and despite any contrary provision of the Appellate Rules, this Section 21(f) shall
apply to any appeal pursuant to this Section and the appeal tribunal shall not render an award that would include shifting of any costs or expenses (including attorneys’ fees) of any party. 

(h) Following the expiration of the time for filing the notice of appeal, or the conclusion of the appeal process set forth in
Section 21(g), the Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between those parties relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the
arbitrators. Judgment upon the Award may be entered in any court having jurisdiction. To the fullest extent permitted by law, no application or appeal to any court of competent jurisdiction may be made in connection with any question of law arising
in the course of arbitration or with respect to any award made except for actions relating to enforcement of this agreement to arbitrate or any arbitral award issued hereunder and except for actions seeking interim or other provisional relief in aid
of arbitration proceedings in any court of competent jurisdiction. 
 (i) This Section 21 is intended to benefit and be enforceable by
the Company, the Manager and their respective holders of equity interests, trustees, directors, officers, managers (including the Manager or its successor), agents or employees, and their respective successors and assigns and shall be binding upon
the Company, the Manager and their respective holders of equity interests, and be in addition to, and not in substitution for, any other rights to indemnification or contribution that such individuals or entities may have by contract or otherwise.

  
 22 

 SECTION 22. NAME LICENSE. 

The Manager hereby grants to the Company and its Affiliates a personal, royalty-free, non-exclusive, non-sublicensable, and non-transferable right and license during the License Term (as defined below) and Wind-Down Term (if any, and as defined below) to use, display and
reproduce the name “Spirit” (“Licensed Name”) in connection with the operation of their respective businesses, including in the corporate names of Company and its Affiliates. The “License Term” shall mean
the period commencing on the date of this Agreement and continuing until 90 days after the Effective Date of Termination of this Agreement. For the avoidance of doubt, the license grant herein is non-exclusive
and accordingly the Manager and its Affiliates hereby retain the right to continue using the Licensed Name and to license or transfer any rights the Manager and its Affiliates may have in the Licensed Name to third parties, and Company and its
Affiliates will not take any action to challenge the Manager and its Affiliates rights in the Licensed Name. Company and its Affiliates acknowledge that certain goodwill and reputation may be associated with the Licensed Name and agree to use the
Licensed Name only in a manner that maintains and promotes such goodwill and reputation, and any use in contravention of the foregoing shall be deemed a material breach of this Agreement. Company and its Affiliates shall cooperate with Manager and
its Affiliates in facilitating the Manager’s control of the nature and quality of the products, services and other uses of the Licensed Name, including providing Manager, upon Manager’s written request, with samples of any public facing
materials produced by or on behalf of the Company and its Affiliates that bear the Licensed Name. Upon the expiration of the License Term, (i) the license grant set forth in this Section 22 will terminate, (ii) Company and its
Affiliates will cease all use of the Licensed Name and destroy, or at Manager’s election transfer to Manager, all public facing materials in the Company and its Affiliates’ possession or control containing the Licensed Names, and
(iii) Company and its Affiliates will immediately change their corporate names to no longer contain the word “Spirit” or any derivation thereof. 

SECTION 23. CONTROLLING LAW. 
 This
Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed, interpreted and enforced in accordance with the laws of the State of New York, notwithstanding any New York or
other conflict-of-law provisions to the contrary. 
 SECTION 24.
INDULGENCES, NOT WAIVERS. 
 Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall
any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is
signed by the party asserted to have granted such waiver. 
 SECTION 25. TITLES NOT TO AFFECT INTERPRETATION. 

The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement
nor are they to be used in the construction or interpretation of this Agreement. 

  
 23 

 SECTION 26. EXECUTION IN COUNTERPARTS. 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose
signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the signatures of all
of the parties reflected hereon as the signatories. 
 SECTION 27. PROVISIONS SEPARABLE. 

The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or
unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

[Remainder of this page intentionally left blank] 

  
 24 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
  

			
	 COMPANY:

	
	 Spirit MTA REIT

		
	 By:
	 	 /s/ Ricardo Rodriguez

		 	 Name: Ricardo Rodriguez

		 	Title: Chief Executive Officer, President, Chief Financial Officer and Treasurer
	
	 MANAGER:

	
	 Spirit Realty, L.P.,

a Delaware limited partnership

	 By: Spirit General OP Holdings, LLC, a Delaware limited liability company, its General
Partner

		
	 By:
	 	 /s/ Ken Heimlich

		 	 Name: Ken Heimlich

		 	 Title: Executive Vice President

 [Signature page to Asset Management Agreement] 

 EXHIBIT A 

Illustrative Total Shareholder Return Calculation Methodology 

[See attached.] 

 Spirit Promote Calculation 
  

									
	Assumptions	  	Annual	 	 	Quarterly	 
	 Illustrative Initial Share Price
	  	$	10.00	 	 	 	 	 
	 Illustrative Dividend Per Share (1)
	  	$	0.50	 	 	$	0.13	 
	 Implied Illustrative Initial Yield
	  	 	5.0	% 	 	 	 	 
	 Illustrative Share Price CAGR
	  	 	12.5	% 	 	 	3.0	% 

 

      
  

	
	 Structural
Notes

	Promote paid in month 36 on weighted average shares over that timeframe
	Initial measurement based on first 30 days SMTA trading VWAP
	SRC promote calculated on a per share basis, that per share figure is multiplied by the wtd. avg. shares outstanding over the entire period
	The measurement period to determine the exit share price is the 30 VWAP ending the day before the termination of the contract, the end of 36 months, or the cash/stock mix that SMTA
shareholders receive in a change of control transaction

 
 

  
 Total Shareholder Return Illustration
(Assuming Dividend Reinvestment) 
  

																																																					
	  	 	Q218	 	 	Q318	 	 	Q418	 	 	Q119	 	 	Q219	 	 	Q319	 	 	Q419	 	 	Q120	 	 	Q220	 	 	Q320	 	 	Q420	 	 	Q121	 	 	Q221	 
	 Share Price
	 	$	10.00	 	 	$	10.30	 	 	$	10.61	 	 	$	10.92	 	 	$	11.25	 	 	$	11.59	 	 	$	11.93	 	 	$	12.29	 	 	$	12.66	 	 	$	13.03	 	 	$	13.42	 	 	$	13.83	 	 	$	14.24	 
	 Dividends / Share - Reinvested
	 	 	 	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 	 	$	0.13	 
	 Shares Purchased
	 	 	1.000	 	 	 	0.012	 	 	 	0.012	 	 	 	0.011	 	 	 	0.011	 	 	 	0.011	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 	 	 	0.010	 	 	 	0.009	 	 	 	0.009	 	 	 	0.009	 
	 Adjusted Shares
	 	 	1.000	 	 	 	1.012	 	 	 	1.024	 	 	 	1.035	 	 	 	1.046	 	 	 	1.057	 	 	 	1.068	 	 	 	1.078	 	 	 	1.088	 	 	 	1.097	 	 	 	1.107	 	 	 	1.116	 	 	 	1.125	 
	 Cash Flow
	 	($	10.000	) 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	16.01	 
	
Total Shareholder Return
	 	 	17.0	% 	 				 				 				 				 				 				 				 				 				 				 				 			

  

																									
	Per Share Promote to SRC - 36 Months	  	 	 	 	 	 	 	Hurdle	 	  	In the
Money	 	  	SRC Value	 
	 	  	Threshold	 	 	Promote	 	 	Low	 	  	High	 	  	  
	 Amount
Eligible For Hurdle One
	  	 	10.0	% 	 	 	10.0	% 	 	$	13.310	 	  	$	14.238	 	  	$	0.928	 	  	$	0.093	 
	 Amount Eligible For Hurdle
Two
	  	 	12.5	% 	 	 	15.0	% 	 	$	14.238	 	  	$	15.209	 	  	$	0.970	 	  	$	0.146	 
	 Amount Eligible For Hurdle
Three
	  	 	15.0	% 	 	 	20.0	% 	 	$	15.209	 	  	 	NA	 	  	$	0.802	 	  	$	0.160	 
	
Per Share Value to SRC
	  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 	  	$	2.701	 	  	$	0.399	 

 Weighted Average Shares Outstanding Calculation 

 

																											
	  	 	Q218	 	Q318	 	Q418	 	Q119	 	Q219	 	Q319	 	Q419	 	Q120	 	Q220	 	Q320	 	Q420	 	Q121	 	Q221
	 1) No Share Issuance

	 Shares Outstanding
	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90	 	90
	 Wtd.
Avg. Shares Outstanding
	 	90	 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	
p     

Issuance / Buyback     
	 		 		 		 		 		 	
	
	 2) Share Buyback

	 Shares Outstanding
	 	90	 	90	 	90	 	90	 	80	 	80	 	80	 	80	 	80	 	80	 	80	 	80	 	80
	 Wtd.
Avg. Shares Outstanding
	 	83	 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	
p     

Issuance / Buyback     
	 		 		 		 		 		 	
	 3) Share Issuance

	 Shares Outstanding
	 	90	 	90	 	90	 	90	 	100	 	100	 	100	 	100	 	100	 	100	 	100	 	100	 	100
	 Wtd.
Avg. Shares Outstanding
	 	97	 		 		 		 		 		 		 		 		 		 		 		 	
		 		 		 		 	
p     

Issuance / Buyback     
	 		 		 		 		 		 	
	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Sensitivity to Illustrative Share Price
CAGR
  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Illustrative Share Price CAGR
	 	 	 	 	 	 	 	 	 	0.0%	 	2.5%	 	5.0%	 	7.5%	 	10.0%	 	12.5%	 	15.0%	 
	 SRC Promote Per Share
	 	 	 	 	 	 	 	 	 	$0.000	 	$0.000	 	$0.000	 	$0.077	 	$0.211	 	$0.399	 	$0.605	 
	 Gross Promote Assuming ($MM)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 1) No Share Issuance
	 	 	 	 	 	 	 	 	 	—  	 	—  	 	—  	 	7	 	19	 	36	 	54	 
	 2) Share Buyback
	 	 	 	 	 	 	 	 	 	—  	 	—  	 	—  	 	6	 	17	 	33	 	50	 
	 3) Share Issuance
	 	 	 	 	 	 	 	 	 	—  	 	—  	 	—  	 	7	 	20	 	39	 	58	 

 Note 

	1.	Assumes no change in dividend

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