Document:

Form of Advisory Agreement

 EXHIBIT 10.1 
 FORM OF ADVISORY AGREEMENT 
 AMONG 

INDEPENDENCE MORTGAGE TRUST, INC., 
 INDEPENDENCE MORTGAGE TRUST, LP, 
 AND 

INDEPENDENCE MORTGAGE ADVISOR, LLC 

 TABLE OF CONTENTS 

 

					
	 ARTICLE 1—DEFINITIONS
	  			
		
	 ARTICLE 2—APPOINTMENT
	  	 	7	  
		
	 ARTICLE 3—DUTIES OF THE ADVISOR
	  	 	7	  
		
	 3.01 Offering Services
	  	 	7	  
		
	 3.02 Acquisition Services
	  	 	7	  
		
	 3.03 Asset Management Services
	  	 	8	  
		
	 3.04 Accounting and Other Administrative Services
	  	 	8	  
		
	 3.05 Stockholder Services
	  	 	9	  
		
	 3.06 Financing Services
	  	 	9	  
		
	 3.07 Disposition Services
	  	 	10	  
		
	 ARTICLE 4—AUTHORITY OF ADVISOR
	  	 	10	  
		
	 4.01 Powers of the Advisor
	  	 	10	  
		
	 4.02 Approval by the Board
	  	 	10	  
		
	 4.03 Modification or Revocation of Authority of Advisor
	  	 	10	  
		
	 ARTICLE 5—BANK ACCOUNTS
	  	 	10	  
		
	 ARTICLE 6—RECORDS AND ACCESS
	  	 	11	  
		
	 ARTICLE 7—LIMITATION ON ACTIVITIES
	  	 	11	  
		
	 ARTICLE 8—FEES
	  	 	11	  
		
	 8.01 Asset Management Fees
	  	 	11	  
		
	 8.02 Subordinated Share of Cash Flows
	  	 	11	  
		
	 8.03 Subordinated Incentive Fee
	  	 	12	  
		
	 8.04 Changes to Fee Structure
	  	 	12	  
		
	 8.05 Payment of Fees in Shares
	  	 	12	  
		
	 ARTICLE 9—EXPENSES
	  	 	12	  
		
	 9.01 General
	  	 	12	  
		
	 9.02 Timing of and Additional Limitations on Reimbursements
	  	 	14	  
		
	 ARTICLE 10—OTHER SERVICES
	  	 	14	  
		
	 ARTICLE 11—VOTING AGREEMENT
	  	 	14	  
		
	 ARTICLE 12—RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	 	15	  
		
	 12.01 Relationship
	  	 	15	  
		
	 12.02 Time Commitment
	  	 	15	  
		
	 12.03 Investment Opportunities and Allocation
	  	 	15	  
		
	 ARTICLE 13—THE INDEPENDENCE NAME
	  	 	16	  
		
	 ARTICLE 14—TERM AND TERMINATION OF THE AGREEMENT
	  	 	16	  

  
 i 

					
		
	 14.01 Term
	  	 	16	  
		
	 14.02 Termination by the Parties
	  	 	16	  
		
	 14.03 Payments on Termination and Survival of Certain Rights and Obligations
	  	 	16	  
		
	 ARTICLE 15—ASSIGNMENT
	  	 	17	  
		
	 ARTICLE 16—INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	17	  
		
	 16.01 Indemnification
	  	 	17	  
		
	 16.02 Limitation on Indemnification
	  	 	18	  
		
	 16.03 Limitation on Payment of Expenses
	  	 	18	  
		
	 16.04 Indemnification by Advisor
	  	 	18	  
		
	 ARTICLE 17—NON-SOLICITATION
	  	 	18	  
		
	 ARTICLE 18—MISCELLANEOUS
	  	 	19	  
		
	 18.01 Notices
	  	 	19	  
		
	 18.02 Modification
	  	 	19	  
		
	 18.03 Severability
	  	 	19	  
		
	 18.04 Construction
	  	 	19	  
		
	 18.05 Entire Agreement
	  	 	19	  
		
	 18.06 Waiver
	  	 	19	  
		
	 18.07 Gender
	  	 	19	  
		
	 18.08 Titles Not to Affect Interpretation
	  	 	19	  
		
	 18.09 Counterparts
	  	 	20	  

  
 ii 

 ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT (this “Agreement”), dated as of
                    , 2012, and effective as of the date that the Registration Statement is declared effective by the SEC (the
“Effective Date”), is entered into by and among Independence Mortgage Trust, Inc., a Maryland corporation, Independence Mortgage Trust, LP, a Delaware limited partnership, and Independence Mortgage Advisor, LLC, a Delaware limited
liability company. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in Section 1 below. 
 W I T N E S S E T H 
 WHEREAS, the Company intends to qualify as a REIT,
and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code; 
 WHEREAS, the Company
is the general partner of the Operating Partnership and intends to conduct all of its business and make all or substantially all Investments through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to avail themselves of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and
to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board, all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree
as follows: 
 ARTICLE 1 
 DEFINITIONS 
 As used in this Agreement, the following terms shall have the
meanings specified below: 
 Acquisition Expenses means any and all expenses, excluding Acquisition Fees, incurred
by the Company, the Operating Partnership, the Advisor or any of their Affiliates in connection with the selection, evaluation, acquisition, origination or development of any Investments, whether or not acquired or originated, as applicable,
including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance premiums
and the costs of performing due diligence. 
 Acquisition Fees means all fees and commissions, excluding
Acquisition Expenses, paid by any Person to any Person in connection with the Company or the Operating Partnership making or investing in any Investments or the purchase, development or construction of any Property by the Company. Included in the
computation of such fees or commissions shall be any real estate commission, selection fee, development fee, construction fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be
development fees and construction fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property. 
 Advisor means (i) Independence Mortgage Advisor, LLC, a Delaware limited liability company, or (ii) any successor advisor to the Company. 

Affiliate or Affiliated means, with respect to any Person, (i) any Person directly or indirectly controlling,
controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10.0% or more of the outstanding voting securities of such other

 
Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10.0% or more of whose outstanding voting
securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or
be under common control with a program sponsored by the sponsor of the Company unless (A) the entity owns 10.0% or more of the voting equity interests of such program or (B) a majority of the Board (or equivalent governing body) of such
program is composed of Affiliates of the entity. 
 Agreement has the meaning set forth in the preamble to this
Agreement. 
 Asset Management Fee means the fees payable to the Advisor pursuant to Section 8.02.

 Average Invested Assets means, for a specified period, the average of the aggregate book value of the assets of
the Company invested, directly or indirectly, in Investments before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 

Board means the board of directors of the Company, as of any particular time. 

Bylaws mean the bylaws of the Company, as amended from time to time. 

Cash from Financings means, for any period, the net cash proceeds realized by the Company for such period from the
financing of Investments or from the refinancing of any Company indebtedness (after deduction of all expenses incurred in connection therewith). 
 Cash from Sales and Settlements means, for any period, the net cash proceeds realized by the Company for such period from (i) the sale, exchange or other disposition of any of the
Company’s assets or any portion thereof after deduction of all expenses incurred in connection therewith and (ii) the prepayment, maturity, workout or other settlement of any Loan or other Investment or portion thereof after deduction of
all expenses incurred in connection therewith. In the case of a transaction described in clause (C) of the definition of “Sale” and clause (B) of the definition of “Settlement,” Cash from Sales and Settlements means the
proceeds of any such transaction actually distributed to the Company from the Joint Venture. Cash from Sales and Settlements shall not include Cash from Financings. 
 Cash Flows Threshold has the meaning set forth in Section 8.02. 

Cause means, with respect to the termination of this Agreement, fraud, criminal conduct, misconduct, negligence or breach
of fiduciary duty by the Advisor, or a material breach of this Agreement by the Advisor. 
 Charter means the
articles of incorporation of the Company, as amended or restated from time to time. 
 Code means the Internal
Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto,
as interpreted by any applicable regulations as in effect from time to time. 
 Company means Independence
Mortgage Trust, Inc., a corporation organized under the laws of the State of Maryland. 
 Contract Sales Price
means the total consideration received by the Company for the sale of an Investment. 
 Cost of Investments means
the sum of: 
 (i) with respect to Investments wholly owned, directly or indirectly, by the Company, (a) the
amount actually paid or allocated to fund the origination or acquisition of the Investments, inclusive of expenses 

  
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associated with the origination or acquisition of such Investments and the amount of any debt associated with, or used to fund, such Investments, less (b) the amount of any principal repaid
by borrowers with respect to Loans or other debt-related Investments, and 
 (ii) with respect to Investments
held by the Company or the Operating Partnership, directly or indirectly, through any Joint Venture, the portion of (a) the amount actually paid or allocated to fund the origination or acquisition of such Investments, inclusive of expenses
associated with the origination or acquisition of such Investments and expenses of such Joint Venture, plus the amount of any debt associated with, or used to fund, such Investments, less (b) amount of any principal repaid by borrowers with
respect to Loans or other debt-related Investments, that is proportionate to the Company’s investment in such Joint Venture. 
 Dealer Manager means Independence Realty Securities, LLC, a Delaware limited liability company, or such other Person selected by the Board to act as dealer manager for an Offering.

 Director means a member of the board of directors of the Company. 

Distribution means any distributions of money or other property by the Company to Stockholders, including distributions
that may constitute a return of capital for federal income tax purposes. 
 Effective Date has the meaning set
forth in the preamble to this Agreement. 
 Excess Amount has the meaning set forth in Section 9.02.

 Expense Year has the meaning set forth in Section 9.02. 

FINRA means the Financial Industry Regulatory Authority, Inc. 

GAAP means generally accepted accounting principles as in effect in the United States of America from time to time.

 Gross Proceeds means the aggregate purchase price of all Shares sold for the account of the Company through an
Offering, without deduction for Organization and Offering Expenses. 
 Independent Directors has the meaning set
forth in the Charter. 
 Initial Public Offering means the initial public offering of Shares registered on the
Registration Statement. 
 Invested Capital means the amount calculated by multiplying the total number of Shares
purchased by Stockholders by the issue price for such Shares, reduced by any amounts paid by the Company to repurchase Shares pursuant to the Company’s share redemption program. 

Investment means any (i) Loan, (ii) Property, (iii) commercial mortgage-backed securities, or CMBS, or other
commercial real estate-related debt security, and (iv) other investment which the Company or the Operating Partnership may originate or acquire an interest in, either directly or indirectly, including through a Joint Venture, pursuant to the
Charter, Bylaws and the investment objectives and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 
 Investment Guidelines means the investment guidelines adopted by the Board, as amended from time to time, pursuant to which the Advisor has the authority, within the limits set forth
therein, to acquire and dispose of Investments for the Company and the Operating Partnership without the prior approval of the Board. 
 Joint Venture means any joint venture, limited liability company, partnership or other entity pursuant to which the Company or the Operating Partnership is, directly or indirectly, a
co-venturer or partner with respect to the ownership of any Investments. 

  
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 Listing means the listing of the Shares on a national securities exchange.
Upon such Listing, the Shares shall be deemed “Listed.” 
 Loans means mortgage loans and other types of
debt financing investments originated or acquired by the Company or the Operating Partnership, either directly or indirectly, including through ownership interests in a Joint Venture, including, without limitation, first and second mortgage loans,
mezzanine loans, subordinated mortgage loans, or “B-notes,” bridge or transitional loans, construction mortgage loans and equity participations in such loans. 
 NASAA REIT Guidelines means the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association as in effect on the
Effective Date. 
 Net Income means, for any period, the Company’s total revenues applicable to such period,
less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as
defined herein) shall exclude the gain from the sale of the Company’s assets. 
 Offering means any offering
of Shares that is registered with the SEC, excluding Shares offered under any employee benefit plan. 
 Operating Cash
Flow means, for any period, Operating Revenue Cash Flows for such period minus the sum of (i) Operating Expenses, (ii) all principal and interest payments on indebtedness and other sums paid to lenders, (iii) the expenses of
raising capital such as Organization and Offering Expenses, (iv) taxes, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on the
resale of real property, and other expenses connected with the acquisition, disposition and ownership of Investments (other than commissions on the sale of assets other than real property) for such period. 

Operating Expenses means all costs and expenses paid or incurred by the Company, as determined under GAAP, that in any way
are related to the operation of the Company or its business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage,
listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes,
(iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines, (vi) Acquisition Fees, origination fees, Acquisition Expenses, real estate
commissions on the resale of real property and other fees and expenses connected with the acquisition, financing, disposition, management and ownership of real estate interests, loans or other property (other than commissions on the sale of assets
other than real property), including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property. The definition of “Operating Expenses” set forth above is intended to encompass only those
expenses which are required to be treated as “Total Operating Expenses” under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating
Expenses under the NASAA REIT Guidelines shall not be treated as part of “Operating Expenses” for purposes hereof. 

Operating Partnership means Independence Mortgage Trust, LP, a Delaware limited partnership. 

Operating Partnership Agreement means the limited partnership agreement by and among the Company, the Advisor and
Independence Mortgage Trust OP Holder, LLC. 
 Operating Revenue Cash Flows means, for any period, the
Company’s cash flow for such period from ownership and/or operation of (i) Investments and (ii) short-term investments. 

  
 4 

 Operator means an entity that has been retained to perform and carry out
property management services at one or more Properties, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed
through to and ultimately paid by the tenant at such Property. 
 Organization and Offering Expenses means any and
all costs and expenses incurred by or on behalf of the Company and to be paid from the assets of the Company in connection with the formation of the Company and the qualification and registration of an Offering, and the marketing and distribution of
Shares, including, without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing, engraving and amending registration statements or supplementing
prospectuses, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses, charges of transfer agents, registrars, trustees, escrow
holders, depositories and experts and expenses related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including taxes, fees and accountants’ and attorneys’ fees. 

Person means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a)
or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of
the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 Property means any real property or properties owned by the Company or the Operating Partnership, either
directly or indirectly, including through ownership interests in a Joint Venture. 
 Registration Statement means
the registration statement filed by the Company with the SEC on Form S-11 (Reg. No. 333-178088), as amended from time to time, in connection with the Initial Public Offering. 

REIT means a “real estate investment trust” under Sections 856 through 860 of the Code. 

Sale means any transaction or series of transactions whereby: (A) the Company or the Operating Partnership sells,
grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any event with respect to any Investment that gives rise to a
significant amount of insurance proceeds or condemnation awards, and including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction;
(B) the Company or the Operating Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating Partnership in any Joint Venture in which it is a partner;
or (C) any Joint Venture in which the Company or the Operating Partnership is a co-venturer or partner, sells, grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof, including any event with respect to
any Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or one of its subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization
transaction. 
 SEC means the United States Securities and Exchange Commission. 

Securities means any Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting
trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest,
shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 

  
 5 

 Settlement means the prepayment, maturity, workout or other settlement of any
Loan or other Investment or portion thereof owned, directly or indirectly, by (A) the Company or the Operating Partnership or (B) any Joint Venture in which the Company or the Operating Partnership is, directly or indirectly, a partner;
provided, however, that the term “Settlement” shall not include any transaction or series of transactions specified in clause (A) or (B) above in which the proceeds of such prepayment, maturity, workout or other settlement are
reinvested in one or more Investments within 180 days thereafter. 
 Shares means shares of common stock of the
Company, par value $.01 per share. 
 Stockholders mean the registered holders of the Shares. 

Stockholders’ 8.0% Return means, as of any date, an aggregate amount equal to an 8.0% cumulative, non-compounded,
annual return on Invested Capital (calculated like simple interest on a daily basis based on a three hundred sixty-five (365) day year); provided, however, that for purposes of calculating the Stockholders’ 8.0% Return, Invested Capital
shall be determined on a daily basis net of Distributions attributable to Cash from Sales and Settlements which constitute a return of capital. 
 Subordinated Incentive Fee has the meaning set forth in Section 8.03. 
 Subordinated Incentive Fee Due Upon Termination means a fee payable, at the election of the Advisor, in the form of either (i) a non-interest bearing promissory note (the
“Performance Fee Note”) in a principal amount equal to (1) 15.0% of the amount, if any, by which (a) the fair market value of all Loans and other Investments at the Termination Date, less the amount of all indebtedness related to
such Loans and other Investments, plus total Distributions (excluding any stock dividend) through the Termination Date exceeds (b) the sum of Invested Capital plus total Distributions required to be made to the stockholders in order to pay the
Stockholders’ 8.0% Return from inception through the Termination Date (the amount calculated under clause (b) is the “Termination Fee Threshold”), less (2) any prior payment to the Advisor of a Subordinated Share of Cash
Flows, or (ii) Shares with an aggregate value equal to the principal amount calculated pursuant to clause (i) above, based upon a per Share value equal to the fair market value for the Shares as determined by the Board based upon the fair
market value of all Loans and other Investments on the date of election. If the Advisor elects to receive a Performance Fee Note, the Company shall repay the Performance Fee Note at such time as the Company completes the first Sale or Settlement
after the Termination Date using Cash from Sales and Settlements. If the Cash from Sales and Settlements from the first Sale or Settlement after the Termination Date is insufficient to pay the Performance Fee Note in full, then the Performance Fee
Note shall be paid in part from the Cash from Sales and Settlements from the first Sale or Settlement, and in part from the Cash from Sales and Settlements from each successive Sale or Settlement until the Performance Fee Note is repaid in full. If
the Performance Fee Note has not been paid in full within one year from the Termination Date, then the Advisor, its successors or assigns, may elect to convert the balance of the Performance Fee Note at any time upon notice to the Company into
Shares at a price per Share equal to the average closing price of the Shares over the ten trading days immediately preceding the date of such election if the Shares are Listed at such time. If the Shares are not Listed at such time, the Advisor, its
successors or assigns, may elect to convert the balance of the Performance Fee Note into Shares at a price per Share equal to the fair market value for the Shares as determined by the Board based upon the fair market value of all Loans and other
Investments on the date of election. 
 Subordinated Incentive Fee Threshold has the meaning set forth in
Section 8.03. 
 Subordinated Share of Cash Flows has the meaning set forth in Section 8.02. 

Termination Date means the effective date of termination of the Agreement determined in accordance with Article 15 hereof.

 Termination Fee Threshold has the meaning set forth in the definition of “Subordinated Incentive Fee Due
Upon Termination.” 

  
 6 

 2%/25% Guidelines has the meaning set forth in Section 9.02. 

ARTICLE 2 

APPOINTMENT 
 The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor and asset manager on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts
such appointment. 
 ARTICLE 3 
 DUTIES OF THE ADVISOR 
 The Advisor is responsible for managing, operating,
directing and supervising the operations and administration of the Company and its assets. The Advisor undertakes to use its commercially reasonable efforts to present to the Company and the Operating Partnership potential investment
opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Charter, the direction and oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable
investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the
continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform the duties described below. 

3.01 Offering Services. The Advisor shall manage and supervise: 

(i) Development of the Initial Public Offering and any subsequent Offering approved by the Board, including the
determination of the specific terms of the Securities to be offered by the Company, preparation of all offering and related documents, and obtaining all required regulatory approvals of such documents; 

(ii) Along with the Dealer Manager, approval of the participating broker-dealers and negotiation of the related selling
agreements; 
 (iii) Coordination of the due diligence process relating to participating broker-dealers and their
review of the Registration Statement and other Offering and Company documents; 
 (iv) Preparation and approval
of all marketing materials contemplated to be used by the Dealer Manager or others relating to any Offering; 

(v) Along with the Dealer Manager, negotiation and coordination with the transfer agent for the receipt, collection,
processing and acceptance of subscription agreements, commissions, and other administrative support functions; 

(vi) Creation and implementation of various technology and electronic communications related to any Offering; and

 (vii) All other services related to any Offering, other than services that (a) are to be performed by the
Dealer Manager, (b) the Company elects to perform directly or (c) would require the Advisor to register as a broker-dealer with the SEC, FINRA or any blue sky jurisdiction. 

3.02 Acquisition Services. 
 The Advisor shall: 
 (i) Serve as the Company’s investment and
financial advisor and obtain certain market research and economic and statistical data in connection with prospective Investments and investment objectives and policies; 

  
 7 

 (ii) Subject to Article 4 hereof and the investment objectives and
policies of the Company: (a) to the extent within the Advisor’s authority as set forth in the Investment Guidelines, identify, analyze, negotiate and complete acquisitions and dispositions of Investments; (b) to the extent outside the
Advisor’s authority as set forth in the Investment Guidelines, identify, analyze and recommend acquisitions and dispositions of Investments to the Board and negotiate and complete such transactions on behalf of the Company and the Operating
Partnership in accordance with the direction of the Board; and (c) structure and negotiate the terms and conditions of transactions pursuant to which the Investments will be made; 

(iii) Oversee the due diligence process related to prospective Investments; 

(iv) Prepare reports regarding prospective Investments which include recommendations and supporting documentation
necessary for the Board to evaluate such prospective Investments; and 
 (v) Obtain reports (which may be
prepared by the Advisor or its Affiliates), where appropriate, concerning the value of prospective Investments. 
 3.03 Asset
Management Services. 
 The Advisor shall: 

(i) Investigate, select, and, on behalf of the Company, engage and conduct business with, such Persons as the Advisor
deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries,
custodians, agents for collection, insurers, insurance agents, developers, construction companies, Operators and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the
foregoing services; 
 (ii) Monitor applicable markets and obtain reports (which may be prepared by the Advisor
or its Affiliates) where appropriate, concerning the value of Investments; 
 (iii) Monitor and evaluate the
performance of Investments, provide daily management services to the Company and perform and supervise the various management and operational functions related to Investments; 

(iv) Formulate and oversee the implementation of strategies for the administration, promotion, management, operation,
maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Investments on an overall portfolio basis; 
 (v) Oversee the performance by the Operators of their duties, including collection and proper deposit of rental payments and payment of Property expenses and maintenance; 

(vi) Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties
to inspect the physical condition of the Properties and to evaluate the performance of the Operators; 
 (vii)
Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Operator and aggregate these property budgets into the Company’s overall budget; 

(viii) Coordinate and manage relationships between the Company and any Joint Venture partners; and 

(ix) Provide financial and operational planning services and investment portfolio management functions. 

3.04 Accounting and Other Administrative Services. 
 The Advisor shall: 
 (i) Manage and perform the various
administrative functions necessary for the management of the day-to-day operations of the Company; 

  
 8 

 (ii) From time-to-time, or at any time reasonably requested by the Board,
make reports to the Board on the Advisor’s performance of services to the Company under this Agreement; 

(iii) Coordinate with the Company’s independent accountants and auditors to prepare and deliver to the Company’s
audit committee an annual report covering the Advisor’s compliance with certain material aspects of this Agreement; 
 (iv) Provide or arrange for administrative services, legal services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and
operations; 
 (v) Provide financial and operational planning services and portfolio management functions;

 (vi) Maintain accounting data and any other information concerning the activities of the Company as shall be
needed to prepare and file all periodic financial reports and returns required to be filed with the SEC and any other regulatory agency, including annual financial statements; 

(vii) Oversee tax and compliance services and risk management services and coordinate with appropriate third parties,
including independent accountants and other consultants, on related tax matters; 
 (viii) Supervise the
performance of such ministerial and administrative functions as may be necessary in connection with the daily operations of the Company; 
 (ix) Provide the Company with all necessary cash management services; 
 (x) Manage and coordinate with the transfer agent the distribution process and payments to Stockholders; 
 (xi) Consult with the officers of the Company and the Board and assist in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 

(xii) Provide the officers of the Company and the Board with timely updates related to the overall regulatory environment
affecting the Company, as well as managing compliance with such matters; 
 (xiii) Consult with the officers of
the Company and the Board relating to the Company’s corporate governance structure and appropriate policies and procedures related thereto; and 
 (xiv) Oversee all reporting, record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law including the Sarbanes-Oxley Act of 2002. 

3.05 Stockholder Services. 
 The Advisor shall: 
 (i) Manage communications with Stockholders,
including answering phone calls, preparing and sending written and electronic reports and other communications; and 
 (ii) Establish technology infrastructure to assist in providing Stockholder support and service. 
 3.06 Financing Services. 
 The Advisor shall: 

(i) Identify and evaluate potential financing and refinancing sources and engage third-party brokers if necessary;

 (ii) Negotiate the terms of, arrange and execute financing agreements; 

(ii) Manage relationships between the Company and its lenders; and 

(iv) Monitor and oversee the service of the Company’s debt facilities and other financings. 

  
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 3.07 Disposition Services. 

The Advisor shall: 
 (i) Consult with the Board and provide assistance with the evaluation and approval of potential asset dispositions, sales or other liquidity events; and 

(ii) Structure and negotiate the terms and conditions of transactions pursuant to which Investments may be sold.

 ARTICLE 4 
 AUTHORITY OF ADVISOR 
 4.01 Powers of the Advisor. Subject to
the express limitations set forth in this Agreement and the continuing and exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of the Company, including making, financing
and disposing of Investments, and the performance of those services described in Article 3 hereof, shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to
carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform
its obligations under this Agreement. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and
representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement
and the Charter. Notwithstanding the foregoing, any origination, acquisition or disposition of an Investment that the Advisor does not have the authority to execute without the prior approval of the Board pursuant to the Investment Guidelines will
require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 
 4.02 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board or duly authorized committees
thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board. If the Board or a committee of the Board must approve a proposed transaction, or chooses to do so, the Advisor will deliver to the Board or the
appropriate committee of the Board, as applicable, all documents required by the Board or such committee thereof to evaluate such transaction. 
 4.03 Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3
hereof and this Article 4; provided, however, that such modification or revocation shall be effective upon receipt thereof by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to
the date of receipt by the Advisor of such modification or revocation. 
 ARTICLE 5 

BANK ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in the name of the Company and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from
any such account or accounts, any money on behalf of the Company or the Operating Partnership, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall
from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 

  
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 ARTICLE 6 
 RECORDS AND ACCESS 
 The Advisor, in the conduct of its responsibilities to
the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately
recorded. Such books and records shall be the property of the Company and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business
hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership. 
 ARTICLE 7 
 LIMITATION ON ACTIVITIES 

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in
good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code unless the Board has determined that the Company will not seek or maintain REIT qualification for the Company,
(ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares
or any other Securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state, or (v) violate the Charter or Bylaws. In the event that an action which would violate (i) through (v) of the preceding
sentence has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions
regarding such action from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. 
 ARTICLE 8 
 FEES 

8.01 Asset Management Fees. The Company shall pay the Advisor, as compensation for the services described in
Section 3.03 hereof, a monthly Asset Management Fee in an amount equal to one-twelfth of 1.25% of the sum of the Cost of Investments, as of the end of the preceding month. The Advisor shall submit a monthly invoice to the Company, accompanied
by a computation of the Asset Management Fee for the applicable period. Generally, the Asset Management Fee payable to the Advisor shall be paid by the Company upon the Company’s receipt of such invoice. Payment of the Asset Management Fee may
be deferred, in whole or in part, as to any month in the sole discretion of the Advisor. Any such deferred Asset Management Fees shall be paid to the Advisor without interest at such subsequent date as the Advisor shall request. 

8.02 Subordinated Share of Cash Flows. After the Stockholders have received Distributions in an aggregate amount equal to the sum
of: (i) the Stockholders’ 8.0% Return and (ii) Invested Capital (the “Cash Flows Threshold”), the Advisor shall be entitled to receive, on an on-going basis following the satisfaction of the Cash Flows Threshold, an amount
equal to 15.0% of the sum of Operating Cash Flows, Cash from Financings and Cash from Sales and Settlements (such amount the “Subordinated Share of Cash Flows”). 
 When determining whether the Cash Flows Threshold has been met: 
 (i) Any stock
dividend shall not be included as a Distribution; and 
 (ii) Distributions paid on Shares redeemed by the Company (and thus no
longer included in the determination of Invested Capital), shall not be included as a Distribution. 

  
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 Following Listing, no Subordinated Share of Cash Flows will be paid to the Advisor.

 If the Subordinated Share of Cash Flows is payable to the Advisor, the Advisor shall submit a monthly invoice to the Company,
accompanied by a computation of the total amount of the Subordinated Share of Cash Flows payable to the Advisor for the applicable month. Generally, the Subordinated Share of Cash Flows payable to the Advisor shall be paid by the Company upon the
Company’s receipt of such invoice from the Advisor. The Subordinated Share of Cash Flows may or may not be taken, in whole or in part, as to any month or other period in the sole discretion of the Advisor. All or any portion of the Subordinated
Share of Cash Flows not taken as to any month shall be deferred without interest and may be paid at such subsequent date as the Advisor shall request. 
 8.03 Subordinated Incentive Fee. Upon Listing, the Advisor shall be entitled to a fee (the “Subordinated Incentive Fee”) in an amount equal to 15.0% of the amount by which (i) the
market value of the outstanding Shares, measured by taking the average closing price or the average of the bid and asked price, as the case may be, over a 30-day trading period beginning 180 days after Listing (the “Market Value”), plus
the total of all Distributions paid to Stockholders (excluding any stock dividends) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the
total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 8.0% Return from inception through the date Market Value is determined (the sum of (A) and (B) is the “Subordinated Incentive Fee
Threshold”); provided that the Subordinated Incentive Fee is not payable unless Stockholders have received Distributions in an amount equal to the sum of (i) the Stockholders’ 8.0% Return and (ii) Invested Capital. The Company shall have
the option to pay the Subordinated Incentive Fee in the form of (i) cash or (ii) Shares with an aggregate value equal to the amount of the Subordinated Incentive Fee (based upon the price per Share established by the Market Value
calculation pursuant to clause (i) above), or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the amount of any prior payment to the Advisor of a Subordinated Share of Cash Flows. In the event the
Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee will be paid to the Advisor. The Subordinated Incentive Fee may or may not be taken, in whole or in part, in the sole discretion of the Advisor. All or any
portion of the Subordinated Incentive Fee not taken by the Advisor in its sole discretion shall be deferred without interest and may be paid at such subsequent date as the Advisor shall determine. 

8.04 Changes to Fee Structure. The Advisor and the Company shall not agree to reduce the Cash Flows Threshold, the
Subordinated Incentive Fee Threshold or the Termination Fee Threshold without the approval of Stockholders holding a majority of the Shares. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee
structure appropriate for a perpetual-life entity. 
 8.05 Payment of Fees in Shares. In lieu of cash, the
Advisor may elect to receive the payment of any of the fees to which the Advisor is entitled pursuant to this Article 8 (other than the Subordinated Incentive Fee) in Shares, subject to the availability of unissued and authorized shares for such
purposes. Any such Shares will be valued (i) during the Initial Public Offering and any follow-on Offering, at the offering price per Share for Shares sold to the public, and (ii) following the termination of the Initial Public Offering and any
follow-on Offering, at a price per Share equal to the most recently determined estimated per share value of our common stock. 

ARTICLE 9 

EXPENSES 

9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay
directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited
to: 
 (i) All Organization and Offering Expenses in an amount equal to up to 1.0% of the Gross Proceeds raised
as of the date of the reimbursement; provided, however, that (a) in no event will the Company reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the

  
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Company on Organization and Offering Expenses to exceed 15.0% of the Gross Proceeds raised as of the date of the reimbursement, (b) within 60 days after the end of the month in which an
Offering terminates, the Advisor shall reimburse the Company to the extent the Company incurred Organization and Offering Expenses exceeding 15.0% of the Gross Proceeds raised in the completed Offering, (c) the Company shall not reimburse the
Advisor for any Organization and Offering Expenses that the Independent Directors determine are not fair and commercially reasonable to the Company, and (d) the Company shall not reimburse the Advisor for any individual retirement account
custodian fees that the Advisor or its Affiliates pays on behalf of Stockholders; 
 (ii) Acquisition Fees and
Acquisition Expenses incurred in connection with the selection and acquisition of Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, provided that, notwithstanding
anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Charter; 

(iii) The actual out-of-pocket cost of goods and services used by the Company and obtained from entities not Affiliated
with the Advisor; 
 (iv) Interest and other costs for borrowed money or securitization transactions, including
discounts, points and other similar fees; 
 (v) Taxes and assessments on income or Properties, taxes as an
expense of doing business and any other taxes otherwise imposed on the Company and its business, assets or income; 
 (vi) Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Board; 

(vii) Expenses of managing, improving, developing, operating and selling Investments, as well as expenses of other
transactions relating to such Investments, including but not limited to prepayments, maturities, workouts and other settlements of Loans and other Investments; 
 (viii) All out-of-pocket expenses in connection with payments to the Board and meetings of the Board and Stockholders; 

(ix) Personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services described
in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no reimbursement shall be made for costs of such employees
of the Advisor or its Affiliates to the extent that such employees serve as executive officers of the Company; 

(x) Out-of-pocket expenses of providing services for and maintaining communications with Stockholders, including the
cost of preparation, printing and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Board or any other
committee of the Board; 
 (xii) Out-of-pocket costs for the Company to comply with all applicable laws,
regulations and ordinances; 
 (xiii) Expenses connected with payments of Distributions made or caused to be made
by the Company to the Stockholders; 
 (xiv) Expenses of organizing, redomesticating, merging, liquidating or
dissolving the Company or of amending the Charter or the Bylaws; and 
 (xv) All other out-of-pocket costs
incurred by the Advisor in performing its duties hereunder. 

  
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 9.02 Timing of and Additional Limitations on Reimbursements. 

(i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter.

 (ii) Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this Article
9 shall not become reimbursable to the Advisor unless and until the Company has raised $2 million in Gross Proceeds from the sale of Shares to Persons not affiliated with the Company or the Advisor in the Initial Public Offering. 

(iii) Commencing with the end of fourth fiscal quarter following the fiscal quarter in which the commencement of the
Initial Public Offering occurs, the following limitation on Operating Expenses shall apply: the Company shall not reimburse the Advisor at the end of any fiscal quarter for Operating Expenses to the extent that the aggregate Operating Expenses
in the four consecutive fiscal quarters then ended (such period the “Expense Year”) exceed (the amount of any such excess the “Excess Amount”) the greater of (a) 2% of Average Invested Assets or (b) 25% of
Net Income (the “2%/25% Guidelines”) for such Expense Year unless the Independent Directors determine that such Excess Amount was justified, based on unusual and nonrecurring factors that the Independent Directors deem sufficient.
If the Independent Directors do not approve such Excess Amount as being so justified, any Excess Amount paid to the Advisor during the fiscal quarter shall promptly be repaid to the Company by the Advisor. If the Independent Directors determine such
Excess Amount was justified, then, within 60 days after the end of the fiscal quarter, the Advisor, at the direction of the Board, shall cause such fact to be disclosed to the Stockholders in writing (or the Company shall disclose such fact to the
Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors the Independent Directors considered in determining that
such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on
a consistent basis. 
 ARTICLE 10 
 OTHER SERVICES 
 Should (i) the Company or the Operating Partnership
request that the Advisor or any manager, officer or employee thereof render services for the Company other than as set forth in this Agreement or (ii) there be changes to the regulatory environment in which the Advisor or Company operates that
would increase significantly the level of services performed such that the costs and expenses borne by the Advisor for which the Advisor is not entitled to separate reimbursement for personnel and related employment direct costs and overhead under
Article 9 of this Agreement would increase significantly, such services shall be separately compensated at such rates and in such amounts as are agreed upon by the Advisor and the Independent Directors, subject to the limitations contained in
the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement. 
 ARTICLE 11 

VOTING AGREEMENT 
 Independence Mortgage Advisor, LLC agrees that, with respect to any Shares now or hereinafter owned by it, it will not vote or consent on matters submitted to the Stockholders regarding (i) the
removal of Independence Mortgage Advisor, LLC or any of its Affiliates as the Advisor or (ii) any transaction between the Company and Independence Mortgage Advisor, LLC or any of its Affiliates. This voting restriction shall survive until
such time that Independence Mortgage Advisor, LLC or any of its Affiliates is no longer serving as the Advisor. 

  
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 ARTICLE 12 
 RELATIONSHIP OF ADVISOR AND COMPANY; 
 OTHER ACTIVITIES OF THE ADVISOR

 12.01 Relationship. The Company and the Advisor are not partners or joint venturers with each other, and
nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons
(including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the
Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every
other participant therein. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge that creates or could create a conflict of interest between the
Advisor’s obligations to the Company and its obligations to or its interest in any other Person. 
 12.02 Time
Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an
appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide
services to Persons other than the Company or any of its Affiliates. 
 12.03 Investment Opportunities and
Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but
neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the
Company. In allocating investment opportunities between the Company and other investment programs managed or advised by the Advisor or its Affiliates, the Advisor will consider: (i) the anticipated cash flow of the asset to be acquired and the
cash requirements of each program; (ii) the investment objectives and strategy of each program; (iii) the effect of the acquisition on the diversification of the investments of each program; (iv) the policy of each program relating to
financial leverage requirements; (v) the income tax effects of the investment to each program; (vi) the amount of funds available to each program and the length of time such funds have been available for investment; and (vii) any
other key facts or circumstances deemed relevant by the Advisor. 
 In the event that an investment opportunity becomes
available that is equally suitable for the Company and one or more other investment programs managed or advised by the Advisor or its Affiliates, the investment opportunity will be offered to the investment program that has had the longest period of
time elapse since it was offered and accepted an investment opportunity. If a subsequent event or development causes any such investment opportunity, in the opinion of the Advisor, to be more appropriate for another investment program, the Advisor
may offer the investment opportunity to another program. If an investment program or investor rejects a proposed acquisition, the investment opportunity will be offered to another program and the program rejecting the investment opportunity will be
treated for future allocations as if it had not made the investment and will maintain its position as the program that has had the longest period of time elapse since it was offered and accepted an investment opportunity. The Board will determine,
at least annually, whether the method for allocating investment opportunities is applied fairly to the Company. 

  
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 ARTICLE 13 
 THE INDEPENDENCE NAME 
 The Advisor and its Affiliates have a proprietary
interest in the name “Independence.” The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “Independence” during the term of this Agreement.
Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the
Advisor, cease to conduct business under or use the name “Independence” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name
“Independence” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such time, the
Company will also make any changes to any trademarks, servicemarks or other marks necessary to remove any references to the word “Independence.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more
of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate loans, real estate-related debt securities and other real estate
assets) and financial and service organizations having “Independence” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company. 

ARTICLE 14 

TERM AND TERMINATION OF THE AGREEMENT 
 14.01 Term. This Agreement shall have an initial term of one year from the Effective Date and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the
parties. The Company (acting through the Independent Directors) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be
approved by the Independent Directors. 
 14.02 Termination by the Parties. This Agreement may be terminated:

 (i) immediately by the Company or the Operating Partnership for Cause or upon the bankruptcy of the Advisor;

 (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors;
or 
 (iii) upon 60 days written notice without penalty by the Advisor. 

The provisions of Article 13, Section 14.03 and Articles 16 through 18 of this Agreement shall survive termination of this
Agreement. 
 14.03 Payments on Termination and Survival of Certain Rights and Obligations. Payments to the Advisor
pursuant to this Section 14.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (i)
After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except that it shall be entitled to receive from the Company or the Operating Partnership within 30 days after the Termination Date
(A) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to the Termination Date, and (B) the Subordinated Incentive Fee Due Upon Termination, provided that no Subordinated Incentive Fee Due
Upon Termination will be paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee. 

  
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 (ii) The Advisor shall promptly upon termination: 

(a) pay over to the Company and the Operating Partnership all money collected and held for the account of the Company and
the Operating Partnership pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(b) deliver to the Board 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; 

(c) deliver to the Board all assets and documents of the Company and the Operating Partnership then in the custody of the
Advisor; and 
 (d) cooperate with the Company to provide an orderly transition of advisory functions.

 ARTICLE 15 
 ASSIGNMENT 
 This Agreement may be assigned by the Advisor to an Affiliate
with the prior approval of a majority of the Board (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This
Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation or other organization that is a
successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the
Operating Partnership are bound by this Agreement. Nothing herein shall be deemed to prohibit or otherwise restrict any transfers or additional issuances of equity interests in the Advisor nor shall any such transfer or issuance be deemed an
assignment for purposes of this Article 15. 
 ARTICLE 16 

INDEMNIFICATION AND LIMITATION OF LIABILITY 
 16.01 Indemnification. Except as prohibited by the restrictions provided in this Section 16.01, Section 16.02 and Section 16.03, the Company and the Operating Partnership shall
indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties
hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of the Advisor may be made only out
of the net assets of the Company and not from Stockholders. 
 Notwithstanding the foregoing, the Company shall not indemnify
the Advisor or its Affiliates for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a
successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the
particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court
considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for
violations of securities laws. 

  
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 16.02 Limitation on Indemnification. Notwithstanding the foregoing, the Company
and Operating Partnership shall not provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all
of the following conditions are met: 
 (i) The Advisor or its Affiliates have determined, in good faith, that
the course of conduct that caused the loss or liability was in the best interests of the Company and the Operating Partnership. 
 (ii) The Advisor or its Affiliates were acting on behalf of or performing services for the Company or the Operating Partnership. 

(iii) Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates. 

(iv) Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not
from the Stockholders. 
 16.03 Limitation on Payment of Expenses. The Company shall pay or reimburse reasonable
legal expenses and other costs incurred by the Advisor or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as amended from time to time) all
of the following are satisfied: (i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the Operating Partnership, (ii) the legal proceeding was initiated by a third
party who is not a Stockholder or by a Stockholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement and (iii) the Advisor or its Affiliates undertake to repay the amount paid or
reimbursed by the Company or the Operating Partnership, together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 

16.04 Indemnification by Advisor. The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from
contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are
incurred by reason of the Advisor’s bad faith, fraud, misfeasance, intentional misconduct, negligence or reckless disregard of its duties; provided, however, that the Advisor shall not be held responsible for any action of the Board in
following or declining to follow any advice or recommendation given by the Advisor. 
 ARTICLE 17 

NON-SOLICITATION 
 During the period commencing on the Effective Date and ending one year following the Termination Date, the Company shall not, without the Advisor’s prior written consent, directly or indirectly,
(i) solicit or encourage any person to leave the employment or other service of the Advisor or its Affiliates, or (ii) hire, on behalf of the Company or any other person or entity, any person within the one year period following the
termination of that person’s employment with the Advisor or its Affiliates. During the period commencing on the date hereof through and ending one year following the Termination Date, the Company will not, whether for its own account or for the
account of any other Person, intentionally interfere with the relationship of the Advisor or its Affiliates with, or endeavor to entice away from the Advisor or its Affiliates, any person who during the term of the Agreement is, or during the
preceding one-year period, was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or its Affiliates. 

  
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 ARTICLE 18 
 MISCELLANEOUS 
 18.01 Notices. Any notice, report or other
communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and
shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  

			
	To the Board, the Company or the Operating Partnership:	 	 Independence Mortgage Trust, Inc.
 Cira Centre
 2929 Arch Street, 17th Floor

Philadelphia, PA 19104

		
	To the Advisor:	 	 Independence Mortgage Advisor, LLC
 Cira Centre
 2929 Arch Street, 17TH Floor

Philadelphia, PA 19104

 Any party may at any time give notice in writing to the other parties of a change in its address for the
purposes of this Section 18.01. 
 18.02 Modification. This Agreement shall not be changed, modified,
terminated or discharged, in whole or in part, except by an instrument in writing signed by all of the parties hereto, or their respective successors or permitted assigns. 
 18.03 Severability. The provisions of this Agreement are independent of and severable 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. 
 18.04
Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware. 
 18.05 Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter hereof, 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 hereof. The express terms hereof control and supersede any course of performance
and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
 18.06 Waiver. 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. 

18.07 Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to
include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

18.08 Titles Not to Affect Interpretation. The titles of Articles and Sections 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 hereof. 

  
 19 

 18.09 Counterparts. This Agreement may be executed in two or more 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 hereof,
individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. This Agreement may be executed by facsimile, telecopy or other form of electronic reproduction, and such execution shall be
considered valid, binding and effective for all purposes. 
 [The remainder of this page is intentionally left blank.

 Signature page follows] 

  
 20 

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

					
	Independence Mortgage Trust, Inc.
		
	By:	 	 
	Name:  Raphael Licht
	Title:    President
	
	Independence Mortgage Trust, LP
		
	By:	 	 Independence Mortgage Trust, Inc.,
 its General Partner

			
		 	By:	 	 
		 	Name:	 	Raphael Licht
		 	Title:	 	President
	
	Independence Mortgage Advisor, LLC
		
	By:	 	 
	Name:  R. Martel Day
	Title:    President

 Signature Page To Advisory AgreementForm of Long-Term Incentive Plan

 Exhibit 10.3 

 
  
  

FORM OF INDEPENDENCE MORTGAGE TRUST, INC. 
 LONG-TERM INCENTIVE PLAN 
  
  

 

 INDEPENDENCE MORTGAGE TRUST, INC. 

LONG-TERM INCENTIVE PLAN 
  

					
	ARTICLE 1 PURPOSE	  	 	1	  
		
	 1.1        General
	  	 	1	  
		
	ARTICLE 2 DEFINITIONS	  	 	1	  
		
	 2.1        Definitions
	  	 	1	  
		
	ARTICLE 3 PLAN EFFECTIVE DATE; TERMINATION OF PLAN	  	 	5	  
		
	 3.1        Plan Effective Date
	  	 	5	  
	 3.2        Termination of Plan
	  	 	5	  
		
	ARTICLE 4 ADMINISTRATION	  	 	5	  
		
	 4.1        Committee
	  	 	5	  
	 4.2        Actions and Interpretations by the Committee
	  	 	6	  
	 4.3        Authority of Committee
	  	 	6	  
	 4.4        Indemnification
	  	 	6	  
		
	ARTICLE 5 SHARES SUBJECT TO THE PLAN	  	 	7	  
		
	 5.1        Number of Shares
	  	 	7	  
	 5.2        Share Counting
	  	 	7	  
	 5.3        Stock Distributed
	  	 	7	  
		
	ARTICLE 6 ELIGIBILITY	  	 	8	  
		
	 6.1        General
	  	 	8	  
		
	ARTICLE 7 STOCK OPTIONS	  	 	8	  
		
	 7.1        General
	  	 	8	  
	 7.2        Incentive Stock Options
	  	 	8	  
		
	ARTICLE 8 STOCK APPRECIATION RIGHTS	  	 	9	  
		
	 8.1        Grant of Stock Appreciation Rights
	  	 	9	  
		
	ARTICLE 9 RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS	  	 	9	  
		
	 9.1        Grant of Restricted Stock, Restricted Stock Units and Deferred Stock
Units
	  	 	9	  
	 9.2        Issuance and Restrictions
	  	 	9	  
	 9.3        Dividends on Restricted Stock
	  	 	10	  
	 9.4        Forfeiture
	  	 	10	  
	 9.5        Delivery of Restricted Stock
	  	 	10	  
		
	ARTICLE 10 PERFORMANCE AWARDS	  	 	10	  
		
	 10.1      Grant of Performance Awards
	  	 	10	  
	 10.2      Performance Goals
	  	 	10	  
		
	ARTICLE 11 DIVIDEND EQUIVALENTS	  	 	11	  
		
	 11.1      Grant of Dividend Equivalents
	  	 	11	  
		
	ARTICLE 12 STOCK OR OTHER STOCK-BASED AWARDS	  	 	11	  
		
	 12.1      Grant of Stock or Other Stock-Based Awards
	  	 	11	  
		
	ARTICLE 13 PROVISIONS APPLICABLE TO AWARDS	  	 	11	  
		
	 13.1      Award Certificates
	  	 	11	  
	 13.2      Form of Payment of Awards
	  	 	11	  

  
 i 

					
	 13.3      Limits on Transfer
	  	 	11	  
	 13.4      Beneficiaries
	  	 	12	  
	 13.5      Stock Trading Restrictions
	  	 	12	  
	 13.6      Acceleration for Other Reasons
	  	 	12	  
	 13.7      Forfeiture Events
	  	 	12	  
	 13.8      Substitute Awards
	  	 	12	  
		
	 ARTICLE 14 CHANGES IN CAPITAL STRUCTURE
	  	 	12	  
		
	 14.1      Mandatory Adjustments
	  	 	12	  
	 14.2      Discretionary Adjustments
	  	 	13	  
	 14.3      General
	  	 	13	  
		
	 ARTICLE 15 AMENDMENT, MODIFICATION AND TERMINATION
	  	 	13	  
		
	 15.1      Amendment, Modification and Termination
	  	 	13	  
	 15.2      Awards Previously Granted
	  	 	14	  
	 15.3      Compliance Amendments
	  	 	14	  
		
	 ARTICLE 16 GENERAL PROVISIONS
	  	 	14	  
		
	 16.1      Rights of Participants
	  	 	14	  
	 16.2      Withholding
	  	 	15	  
	 16.3      Special Provisions Related to Section 409A of the Code
	  	 	15	  
	 16.4      Unfunded Status of Awards
	  	 	16	  
	 16.5      Relationship to Other Benefits
	  	 	16	  
	 16.6      Expenses
	  	 	17	  
	 16.7      Titles and Headings
	  	 	17	  
	 16.8      Gender and Number
	  	 	17	  
	 16.9      Fractional Shares
	  	 	17	  
	 16.10    Government and Other Regulations
	  	 	17	  
	 16.11    Governing Law
	  	 	17	  
	 16.12    Severability
	  	 	17	  
	 16.13    No Limitations on Rights of Company
	  	 	18	  

  
 ii 

 FORM OF INDEPENDENCE MORTGAGE TRUST, INC. 

LONG-TERM INCENTIVE PLAN 
 ARTICLE 1 
 PURPOSE 

1.1. GENERAL. The purpose of the Independence Mortgage Trust, Inc. Long-Term Incentive Plan (the “Plan”) is to
promote the success, and enhance the value, of Independence Mortgage Trust, Inc. (the “Company”) by linking the personal interests of employees, officers, directors, consultants and advisors of the Company or any Affiliate (as
defined below) to those of Company stockholders and by providing such persons with an incentive for outstanding performance. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract and retain the
services of employees, officers, directors, consultants and advisors upon whose judgment, interest and special effort the successful conduct of the Company’s operation is largely dependent. Accordingly, the Plan permits the grant of incentive
awards from time to time to selected employees, officers, directors, consultants and advisors of the Company and its Affiliates. 

ARTICLE 2 

DEFINITIONS 

2.1. DEFINITIONS. When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not
commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different meaning is required by the context. The following words and phrases shall have the
following meanings: 
  

	 	(a)	“Affiliate” means (i) any Subsidiary or Parent, or (ii) an entity that directly or through one or more intermediaries controls, is controlled
by or is under common control with, the Company, as determined by the Committee. 

  

	 	(b)	“Award” means an award of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Deferred Stock Units, Performance Awards,
Dividend Equivalents, Other Stock-Based Awards, or any other right or interest relating to Stock or cash, granted to a Participant under the Plan. 

  

	 	(c)	“Award Certificate” means a written document, in such form as the Committee prescribes from time to time, setting forth the terms and conditions of an
Award. Award Certificates may be in the form of individual award agreements or certificates or a program document describing the terms and provisions of an Award or series of Awards under the Plan. The Committee may provide for the use of
electronic, internet or other non-paper Award Certificates, and the use of electronic, internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant. 

 

	 	(d)	“Beneficial Owner” shall have the meaning given such term in Rule 13d-3 of the General Rules and Regulations under the 1934 Act.

  

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

  

	 	(f)	 “Cause” as a reason for a Participant’s termination of employment shall have the meaning assigned such term in the employment,
severance or similar agreement, if any, between such Participant and the Company or an Affiliate, provided, however that if there is no such employment, severance or similar agreement in which such term is defined, and unless otherwise defined in
the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined by the Committee: gross neglect of duty, prolonged absence from duty without the consent of the Company, material breach by
the Participant of any published Company code of conduct or code of ethics; intentionally engaging in activity that is in conflict with or adverse to the business or other interests of the Company; or willful misconduct, misfeasance or malfeasance
of duty which is reasonably determined to be detrimental to the Company. With respect to a Participant’s termination of 

  
 1 

	 	
directorship, “Cause” means an act or failure to act that constitutes cause for removal of a director under applicable Maryland law. The determination of the Committee as to the
existence of “Cause” shall be conclusive on the Participant and the Company. 

  

	 	(g)	“Change in Control” means and includes the occurrence of any one of the following events but shall specifically exclude a Public Offering:

 (i) during any consecutive 12-month period, individuals who, at the beginning of such period,
constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any person becoming a director after the beginning of such 12-month period and whose election or
nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a
result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than
the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or 

(ii) any Person becomes a Beneficial Owner, directly or indirectly, of either (A) 35% or more of the then-outstanding
shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the
election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions of Company Common Stock or Company Voting Securities shall not constitute a Change in
Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary, (y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or
(z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or 

(iii) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate
transaction involving the Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of assets or stock of
another corporation or other entity (an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the Beneficial Owners,
respectively, of the outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 35% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Reorganization, Sale or
Acquisition (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries, the
“Surviving Entity”) in substantially the same proportions as their ownership, immediately prior to such Reorganization, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as
the case may be, and (B) no Person (other than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the
foregoing) is the Beneficial Owner, directly or indirectly, of 35% or more of the total common stock or 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Entity, and (C) at
least a majority of the members of the board of directors of the Surviving Entity were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition (any
Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); or 

  
 2 

 (iv) approval by the stockholders of the Company of a complete liquidation
or dissolution of the Company. 
  

	 	(h)	“Charter” means the Articles of Incorporation of the Company, as such Articles of Incorporation may be amended from time to time.

  

	 	(i)	“Code” means the Internal Revenue Code of 1986, as amended from time to time. For purposes of this Plan, references to sections of the Code shall be
deemed to include references to any applicable regulations thereunder and any successor or similar provision. 

  

	 	(j)	“Committee” means the committee of the Board described in Article 4. 

 

	 	(k)	“Company” means Independence Mortgage Trust, Inc., a Maryland corporation, or any successor corporation. 

 

	 	(l)	“Continuous Service” means the absence of any interruption or termination of service as an employee, officer, director, consultant or advisor of the
Company or any Affiliate, as applicable; provided, however, that for purposes of an Incentive Stock Option “Continuous Service” means the absence of any interruption or termination of service as an employee of the Company or any Parent or
Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Service shall not be considered interrupted in the following cases: (i) a Participant transfers employment between the Company and an Affiliate or between Affiliates,
or (ii) in the discretion of the Committee as specified at or prior to such occurrence, in the case of a spin-off, sale or disposition of the Participant’s employer from the Company or any Affiliate, (iii) a Participant transfers from
being an employee of the Company or an Affiliate to being a director of the Company or of an Affiliate, or vice versa, (iv) in the discretion of the Committee as specified at or prior to such occurrence, a Participant transfers from being an
employee of the Company or an Affiliate to being a consultant or advisor to the Company or of an Affiliate, or vice versa, or (v) any leave of absence authorized in writing by the Company prior to its commencement; provided, however, that for
purposes of Incentive Stock Options, no such leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so
guaranteed, on the 91st day of such leave any Incentive Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. Whether military, government or
other service or other leave of absence shall constitute a termination of Continuous Service shall be determined in each case by the Committee at its discretion, and any determination by the Committee shall be final and conclusive; provided,
however, that for purposes of any Award that is subject to Code Section 409A, the determination of a leave of absence must comply with the requirements of a “bona fide leave of absence” as provided in Treas. Reg.
Section 1.409A-1(h). 

  

	 	(m)	“Deferred Stock Unit” means a right granted to a Participant under Article 9 to receive Shares (or the equivalent value in cash or other property if
the Committee so provides) at a future time as determined by the Committee, or as determined by the Participant within guidelines established by the Committee in the case of voluntary deferral elections. 

 

	 	(n)	“Disability” of a Participant means that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident or health plan covering
employees of the Participant’s employer. If the determination of Disability relates to an Incentive Stock Option, Disability means Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the
determination of whether a Participant has incurred a Disability will be made by the Committee and may be supported by the advice of a physician competent in the area to which such Disability relates. 

  
 3 

	 	(o)	“Dividend Equivalent” means a right granted to a Participant under Article 12. 

 

	 	(p)	“Effective Date” has the meaning assigned such term in Section 3.1. 

 

	 	(q)	“Eligible Participant” means an employee (including a leased employee), officer, director, consultant or advisor of the Company or any Affiliate.

  

	 	(r)	“Exchange” means any national securities exchange on which the Stock may from time to time be listed or traded. 

 

	 	(s)	“Fair Market Value,” on any date, means (i) if the Stock is listed on a securities exchange, the closing sales price on such exchange on such date
or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Stock is not listed on a securities exchange, the mean between the bid and offered prices
as quoted by the applicable interdealer quotation system for such date, provided that if the Stock is not quoted on an interdealer quotation system or it is determined that the fair market value is not properly reflected by such quotations, Fair
Market Value will be determined by such other method as the Committee determines in good faith to be reasonable and in compliance with Code Section 409A. 

 

	 	(t)	“Full-Value Award” means an Award other than in the form of an Option or SAR, and which is settled by the issuance of Stock (or at the discretion of
the Committee, settled in cash valued by reference to Stock value). 

  

	 	(u)	“Grant Date” of an Award means the first date on which all necessary corporate action has been taken to approve the grant of the Award as provided in
the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be provided to the grantee within a reasonable time after the Grant Date. 

 

	 	(v)	“Incentive Stock Option” means an Option that is intended to be an incentive stock option and meets the requirements of Section 422 of the Code or
any successor provision thereto. 

  

	 	(w)	“Nonstatutory Stock Option” means an Option that is not an Incentive Stock Option. 

 

	 	(x)	“Option” means a right granted to a Participant under Article 7 of the Plan to purchase Stock at a specified price during specified time periods. An
Option may be either an Incentive Stock Option or a Nonstatutory Stock Option. 

  

	 	(y)	“Other Stock-Based Award” means a right, granted to a Participant under Article 13, that relates to or is valued by reference to Stock or other Awards
relating to Stock. 

  

	 	(z)	“Parent” means a corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding
voting stock or voting power of the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Parent shall have the meaning set forth in Section 424(e) of the Code. 

 

	 	(aa)	“Participant” means an Eligible Participant who has been granted an Award under the Plan; provided that in the case of the death of a Participant, the
term “Participant” refers to a beneficiary designated pursuant to Section 13.4 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable state law and court
supervision. 

  

	 	(bb)	“Performance Award” means any award granted under the Plan pursuant to Article 10. 

 

	 	(cc)	“Person” means any individual, entity or group, within the meaning of Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or
14(d)(2) of the 1934 Act. 

  

	 	(dd)	“Plan” means the Independence Mortgage Trust, Inc. Long-Term Incentive Plan, as amended from time to time. 

 

	 	(ee)	“Public Offering” means the closing date of a public offering of any class or series of the Company’s equity securities pursuant to a registration
statement filed by the Company under the 1933 Act. 

  
 4 

	 	(ff)	“Restricted Stock” means Stock granted to a Participant under Article 9 that is subject to certain restrictions and to risk of forfeiture.

  

	 	(gg)	“Restricted Stock Unit” means the right granted to a Participant under Article 9 to receive shares of Stock (or the equivalent value in cash or other
property if the Committee so provides) in the future, which right is subject to certain restrictions and to risk of forfeiture. 

  

	 	(hh)	“Shares” means shares of the Company’s Stock. If there has been an adjustment or substitution pursuant to Article 14, the term “Shares”
shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to Article 14. 

  

	 	(ii)	“Stock” means the $0.01 par value common stock of the Company and such other securities of the Company as may be substituted for Stock pursuant to
Article 14. 

  

	 	(jj)	“Stock Appreciation Right” or “SAR” means a right granted to a Participant under Article 8 to receive a payment equal to the
difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the base price of the SAR, all as determined pursuant to Article 8. 

 

	 	(kk)	“Subsidiary” means any corporation, limited liability company, partnership or other entity, domestic or foreign, of which a majority of the outstanding
voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Subsidiary shall have the meaning set forth in Section 424(f) of the Code.

  

	 	(ll)	“1933 Act” means the Securities Act of 1933, as amended from time to time. 

 

	 	(mm)	“1934 Act” means the Securities Exchange Act of 1934, as amended from time to time. 

ARTICLE 3 
 PLAN
EFFECTIVE DATE; TERMINATION OF PLAN 
 3.1. PLAN EFFECTIVE DATE. The Plan will become effective on the date that
it is adopted by the Board (the “Effective Date”). 
 3.2. TERMINATION OF PLAN. Unless earlier
terminated as provided herein, the Plan shall continue in effect until the tenth anniversary of the Effective Date. The termination of the Plan on such date shall not affect the validity of any Award outstanding on the date of termination, which
shall continue to be governed by the applicable terms and conditions of the Plan. Notwithstanding the foregoing, no Incentive Stock Options may be granted more than ten (10) years after the Effective Date. 

ARTICLE 4 

ADMINISTRATION 

4.1. COMMITTEE. The Plan shall be administered by a Committee appointed by the Board (which Committee shall consist of at least
two directors) or, in the absence of a Committee or at the discretion of the Board from time to time, the Plan may be administered by the Board. The members of the Committee shall be appointed by, and may be changed at any time and from time to time
in the discretion of, the Board. It is intended that at least two of the directors appointed to serve on the Committee shall be “non-employee directors” (within the meaning of Rule 16b-3 promulgated under the 1934 Act) and that any such
members of the Committee who do not so qualify shall abstain from participating in any decision to make or administer Awards that are made to Eligible Participants who at the time of consideration for such Award are persons subject to the
short-swing profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee member shall fail to qualify as a “non- employee director” or shall fail to abstain from such action shall not invalidate any Award made
by the Committee which Award is otherwise validly made under the Plan. The members of the Committee shall be appointed by, and may be changed at any time and from time to time in the discretion of, the Board. The Board

  
 5 

 
may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator of the Plan for any and all purposes. To the extent the Board has
reserved any authority and responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers of the Committee hereunder, and any reference herein to the Committee (other than in this
Section 4.1) shall include the Board. To the extent any action of the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control. 

4.2. ACTION AND INTERPRETATIONS BY THE COMMITTEE. For purposes of administering the Plan, the Committee may from time to time
adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Committee may deem appropriate. The Committee may correct any
defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the manner and to the extent it deems necessary to carry out the intent of the Plan. The Committee’s interpretation of the Plan, any Awards granted under
the Plan, any Award Certificate and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Committee is entitled to, in good faith, rely or act upon any report
or other information furnished to that member by any officer or other employee of the Company or any Affiliate, the Company’s or an Affiliate’s independent certified public accountants, Company counsel or any executive compensation
consultant or other professional retained by the Company or the Committee to assist in the administration of the Plan. No member of the Committee will be liable for any good faith determination, act or omission in connection with the Plan or any
Award. 
 4.3. AUTHORITY OF COMMITTEE. Except as otherwise provided in this Article IV, the Committee has the exclusive
power, authority and discretion to: 
  

	 	(a)	grant Awards; 

  

	 	(b)	designate Participants; 

  

	 	(c)	determine the type or types of Awards to be granted to each Participant; 

  

	 	(d)	determine the number of Awards to be granted and the number of Shares or dollar amount to which an Award will relate; 

 

	 	(e)	determine the terms and conditions of any Award granted under the Plan; 

  

	 	(f)	prescribe the form of each Award Certificate, which need not be identical for each Participant; 

 

	 	(g)	decide all other matters that must be determined in connection with an Award; 

 

	 	(h)	establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem necessary or advisable to administer the Plan; 

 

	 	(i)	make all other decisions and determinations that may be required under the Plan or as the Committee deems necessary or advisable to administer the Plan;

  

	 	(j)	amend the Plan or any Award Certificate as provided herein; and 

  

	 	(k)	adopt such modifications, procedures, and subplans as may be necessary or desirable to comply with provisions of the laws of the United States or any non-U.S.
jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in the United States or such other jurisdictions and to further the objectives of the Plan.

 4.4. INDEMNIFICATION. Each person who is or shall have been a member of the Committee, or of the Board,
or an officer of the Company to whom authority was delegated in accordance with this Article 4 shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense that may be imposed upon or reasonably
incurred by him or her in connection with or resulting from any claim, action, suit or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action 

taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement

  
 6 

 
thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit or proceeding against him or her, provided he or she shall give the
Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability or expense is a result of his or her own willful misconduct or
except as expressly provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Charter or the Company’s bylaws, as a matter of law,
or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 ARTICLE 5 

SHARES SUBJECT TO THE PLAN 
 5.1. NUMBER OF SHARES. Subject to adjustment as provided in Sections 5.2 and Section 14.1, the aggregate number of Shares reserved and available for issuance pursuant to Awards granted under
the Plan shall be 2,000,000. The maximum number of Shares that may be issued upon exercise of Incentive Stock Options granted under the Plan shall be 2,000,000. Notwithstanding the foregoing, the number of Shares underlying Nonstatutory Stock
Options granted under the Plan shall not exceed twenty percent (20%) of the number of Shares outstanding on the date that the Company’s initial Public Offering is completed. 

5.2. SHARE COUNTING. Shares covered by an Award shall be subtracted from the Plan share reserve as of the Grant Date as provided
in subsection (a) below, but shall be added back to the Plan share reserve or otherwise treated in accordance with subsections (b) through (i) of this Section 5.2. 

 

	 	(a)	To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued or forfeited Shares subject to the Award will be added
back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan. 

  

	 	(b)	Shares subject to Awards settled in cash will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan.

  

	 	(c)	Shares withheld or repurchased from an Award or delivered by a Participant to satisfy minimum tax withholding requirements will be added back to the Plan share reserve
and again be available for issuance pursuant to Awards granted under the Plan. 

  

	 	(d)	If the exercise price of an Option is satisfied in whole or in part by delivering Shares to the Company (by either actual delivery or attestation), the number of Shares
so tendered (by delivery or attestation) shall be added to the Plan share reserve and will be available for issuance pursuant to Awards granted under the Plan. 

 

	 	(e)	To the extent that the full number of Shares subject to an Option or SAR is not issued upon exercise of the Option or SAR for any reason, including by reason of
net-settlement of the Award, the unissued Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to other Awards granted under the Plan. 

 

	 	(f)	To the extent that the full number of Shares subject to a Full Value Award is not issued for any reason, including by reason of failure to achieve maximum performance
goals, the unissued Shares originally subject to the Award will be added back to the Plan share reserve and again be available for issuance pursuant to Awards granted under the Plan. 

 

	 	(g)	Substitute Awards granted pursuant to Section 13.10 of the Plan shall not count against the Shares otherwise available for issuance under the Plan under
Section 5.1. 

  

	 	(h)	Subject to applicable Exchange requirements, shares available under a stockholder-approved plan of a company acquired by the Company (as appropriately adjusted to
Shares to reflect the transaction) may be issued under the Plan pursuant to Awards granted to individuals who were not employees of the Company or its Affiliates immediately before such transaction and will not count against the maximum share
limitation specified in Section 5.1. 

 5.3. STOCK DISTRIBUTED. Any Stock distributed pursuant to an
Award may consist, in whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market. 

  
 7 

 ARTICLE 6 
 ELIGIBILITY 
 6.1. GENERAL. Awards may be granted only to Eligible
Participants. Incentive Stock Options may be granted only to Eligible Participants who are employees of the Company or a Parent or Subsidiary as defined in Section 424(e) and (f) of the Code. Eligible Participants who are service providers
to an Affiliate may be granted Options or SARs under this Plan only if the Affiliate qualifies as an “eligible issuer of service recipient stock” within the meaning of Treas. Reg. Section 1.409A-1(b)(5)(iii)(E) of the final
regulations under Code Section 409A. 
 ARTICLE 7 
 STOCK OPTIONS 
 7.1. GENERAL. The Committee is authorized to grant Options
to Participants on the following terms and conditions: 
  

	 	(a)	Exercise Price. The exercise price per Share under an Option shall be determined by the Committee, provided that the exercise price for any Option (other than an
Option issued as a substitute Award pursuant to Section 13.10) shall not be less than the Fair Market Value as of the Grant Date. 

  

	 	(b)	Prohibition on Repricing. Except as otherwise provided in Section 14.1, the exercise price of an Option may not be reduced, directly or indirectly by
cancellation and regrant or otherwise, without the prior approval of the stockholders of the Company. 

  

	 	(c)	Time and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, subject to
Section 7.1(e), and may include in the Award Certificate a provision that an Option that is otherwise exercisable and has an exercise price that is less than the Fair Market Value of the Stock on the last day of its term will be automatically
exercised on such final date of the term by means of a “net exercise,” thus entitling the optionee to Shares equal to the intrinsic value of the Option on such exercise date, less the number of Shares required for tax withholding. The
Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised or vested. 

 

	 	(d)	Payment. The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, and the methods by which Shares
shall be delivered or deemed to be delivered to Participants. As determined by the Committee at or after the Grant Date, payment of the exercise price of an Option may be made, in whole or in part, in the form of (i) cash or cash equivalents,
(ii) delivery (by either actual delivery or attestation) of previously-acquired Shares based on the Fair Market Value of the Shares on the date the Option is exercised, (iii) withholding of Shares from the Option based on the Fair Market
Value of the Shares on the date the Option is exercised, (iv) broker-assisted market sales, or (iv) any other “cashless exercise” arrangement. 

 

	 	(e)	Exercise Term. Except for Nonstatutory Options granted to Participants outside the United States, no Option granted under the Plan shall be exercisable for more
than ten years from the Grant Date. 

  

	 	(f)	No Deferral Feature. No Option shall provide for any feature for the deferral of compensation other than the deferral of recognition of income until the exercise
or disposition of the Option. 

  

	 	(g)	No Dividend Equivalents. No Option shall provide for Dividend Equivalents. 

7.2. INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under the Plan must comply with the requirements of
Section 422 of the Code. Without limiting the foregoing, any Incentive Stock Option granted to a Participant who at the Grant Date owns more than 10% of the voting power of all classes of shares of the Company must have an exercise price per
Share of not less than 110% of the Fair Market Value per Share on the Grant Date and an Option term of not more than five years. If all of the requirements of Section 422 of the Code (including the above) are not met, the Option shall
automatically become a Nonstatutory Stock Option. 

  
 8 

 ARTICLE 8 
 STOCK APPRECIATION RIGHTS 
 8.1. GRANT OF STOCK APPRECIATION RIGHTS. The
Committee is authorized to grant Stock Appreciation Rights to Participants on the following terms and conditions: 
  

	 	(a)	Right to Payment. Upon the exercise of a SAR, the Participant has the right to receive, for each Share with respect to which the SAR is being exercised, the
excess, if any, of: 

  

	 	(1)	The Fair Market Value of one Share on the date of exercise; over 

  

	 	(2)	The base price of the SAR as determined by the Committee and set forth in the Award Certificate, which shall not be less than the Fair Market Value of one Share on the
Grant Date. 

  

	 	(b)	Prohibition on Repricing. Except as otherwise provided in Section 14.1, the base price of a SAR may not be reduced, directly or indirectly by cancellation
and regrant or otherwise, without the prior approval of the stockholders of the Company. 

  

	 	(c)	Time and Conditions of Exercise. The Committee shall determine the time or times at which a SAR may be exercised in whole or in part, and may include in the
Award Certificate a provision that a SAR that is otherwise exercisable and has a base price that is less than the Fair Market Value of the Stock on the last day of its term will be automatically exercised on such final date of the term, thus
entitling the holder to cash or Shares equal to the intrinsic value of the SAR on such exercise date, less the cash or number of Shares required for tax withholding. Except for SARs granted to Participants outside the United States, no SAR shall be
exercisable for more than ten years from the Grant Date. 

  

	 	(d)	No Deferral Feature. No SAR shall provide for any feature for the deferral of compensation other than the deferral of recognition of income until the exercise or
disposition of the SAR. 

  

	 	(e)	No Dividend Equivalents. No SAR shall provide for Dividend Equivalents. 

 

	 	(f)	Other Terms. All SARs shall be evidenced by an Award Certificate. Subject to the limitations of this Article 8, the terms, methods of exercise, methods of
settlement, form of consideration payable in settlement (e.g., cash, Shares or other property), and any other terms and conditions of the SAR shall be determined by the Committee at the time of the grant and shall be reflected in the Award
Certificate. 

 ARTICLE 9 
 RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS 
 9.1. GRANT
OF RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS. The Committee is authorized to make Awards of Restricted Stock, Restricted Stock Units or Deferred Stock Units to Participants in such amounts and subject to such terms and
conditions as may be selected by the Committee. An Award of Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be evidenced by an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award.

 9.2. ISSUANCE AND RESTRICTIONS. Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be subject to
such restrictions on transferability and other restrictions as the Committee may impose (including, for example, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may
lapse separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Except as
otherwise provided in an Award Certificate or any special Plan document governing an Award, a Participant shall have none of the rights of a stockholder with respect to Restricted Stock Units or Deferred Stock Units until such time as Shares of
Stock are paid in settlement of such Awards. 

  
 9 

 9.3. DIVIDENDS ON RESTRICTED STOCK. In the case of Restricted Stock, the Committee
may provide that ordinary cash dividends declared on the Shares before they are vested (i) will be forfeited, (ii) will be deemed to have been reinvested in additional Shares or otherwise reinvested (subject to Share availability under
Section 5.1 hereof), or (iii) in the case of Restricted Stock that is not subject to performance-based vesting, will be paid or distributed to the Participant as accrued (in which case, such dividends must be paid or distributed no later
than the 15th day of the 3rd month following the later of (A) the calendar year in which the corresponding dividends were paid to stockholders, or (B) the first calendar year in which the Participant’s right to such dividends is no
longer subject to a substantial risk of forfeiture). Unless otherwise provided by the Committee, dividends accrued on Shares of Restricted Stock before they are vested shall, as provided in the Award Certificate, either (i) be reinvested in the
form of additional Shares, which shall be subject to the same vesting provisions as provided for the host Award, or (ii) be credited by the Company to an account for the Participant and accumulated without interest until the date upon which the
host Award becomes vested, and any dividends accrued with respect to forfeited Restricted Stock will be reconveyed to the Company without further consideration or any act or action by the Participant. 

9.4. FORFEITURE. Subject to the terms of the Award Certificate and except as otherwise determined by the Committee at the time of
the grant of the Award or thereafter, upon termination of Continuous Service during the applicable restriction period or upon failure to satisfy a performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units
that are at that time subject to restrictions shall be forfeited. 
 9.5. DELIVERY OF RESTRICTED STOCK. Shares of
Restricted Stock shall be delivered to the Participant at the Grant Date either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of its
employees) designated by the Committee, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates
must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 

ARTICLE 10 

PERFORMANCE AWARDS 
 10.1. GRANT OF PERFORMANCE AWARDS. The Committee is authorized to grant any Award under this Plan, including cash-based Awards, with performance-based vesting criteria, on such terms and conditions
as may be selected by the Committee. Any such Awards with performance-based vesting criteria are referred to herein as Performance Awards. The Committee shall have the complete discretion to determine the number of Performance Awards granted to each
Participant, and to designate the provisions of such Performance Awards as provided in Section 4.3. All Performance Awards shall be evidenced by an Award Certificate or a written program established by the Committee, pursuant to which
Performance Awards are awarded under the Plan under uniform terms, conditions and restrictions set forth in such written program. 
 10.2. PERFORMANCE GOALS. The Committee may establish performance goals for Performance Awards which may be based on any criteria selected by the Committee. Such performance goals may be described
in terms of Company-wide objectives or in terms of objectives that relate to the performance of the Participant, an Affiliate or a division, region, department or function within the Company or an Affiliate. If the Committee determines that a change
in the business, operations, corporate structure or capital structure of the Company or the manner in which the Company or an Affiliate conducts its business, or other events or circumstances render performance goals to be unsuitable, the Committee
may modify such performance goals in whole or in part, as the Committee deems appropriate. If a Participant is promoted, demoted or transferred to a different business unit or function during a performance period, the Committee may determine that
the performance goals or performance period are no longer appropriate and may (i) adjust, change or eliminate the performance goals or the applicable performance period as it deems appropriate to make such goals and period comparable to the
initial goals and period, or (ii) make a cash payment to the participant in an amount determined by the Committee. 

  
 10 

 ARTICLE 11 
 DIVIDEND EQUIVALENTS 
 11.1. GRANT OF DIVIDEND EQUIVALENTS. The Committee
is authorized to grant Dividend Equivalents with respect to Full-Value Awards granted hereunder, subject to such terms and conditions as may be selected by the Committee. Dividend Equivalents shall entitle the Participant to receive payments equal
to ordinary cash dividends or distributions with respect to all or a portion of the number of Shares subject to a Full-Value Award, as determined by the Committee. The Committee may provide that Dividend Equivalents (i) will be deemed to have
been reinvested in additional Shares or otherwise reinvested, or (ii) except in the case of Performance Awards, will be paid or distributed to the Participant as accrued (in which case, such Dividend Equivalents must be paid or distributed no
later than the 15th day of the 3rd month following the later of (A) the calendar year in which the corresponding dividends were paid to stockholders, or (B) the first calendar year in which the Participant’s right to such Dividends
Equivalents is no longer subject to a substantial risk of forfeiture). Unless otherwise provided by the Committee, Dividend Equivalents accruing on unvested Full-Value Awards shall, as provided in the Award Certificate, either (i) be reinvested
in the form of additional Shares, which shall be subject to the same vesting provisions as provided for the host Award, or (ii) be credited by the Company to an account for the Participant and accumulated without interest until the date upon
which the host Award becomes vested, and any Dividend Equivalents accrued with respect to forfeited Awards will be reconveyed to the Company without further consideration or any act or action by the Participant. 

ARTICLE 12 
 STOCK
OR OTHER STOCK-BASED AWARDS 
 12.1. GRANT OF STOCK OR OTHER STOCK-BASED AWARDS. The Committee is authorized, subject to
limitations under applicable law, to grant to Participants such other Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, as deemed by the Committee to be consistent with the purposes
of the Plan, including without limitation membership interests in a Subsidiary or operating partnership, Shares awarded purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities,
other rights convertible or exchangeable into Shares, and Awards valued by reference to book value of Shares or the value of securities of or the performance of specified Parents or Subsidiaries. The Committee shall determine the terms and
conditions of such Awards. 
 ARTICLE 13 
 PROVISIONS APPLICABLE TO AWARDS 
 13.1. AWARD CERTIFICATES. Each Award
shall be evidenced by an Award Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the Committee. 
 13.2. FORM OF PAYMENT FOR AWARDS. At the discretion of the Committee, payment of Awards may be made in cash, Stock, a combination of cash and Stock, or any other form of property as the Committee
shall determine. In addition, payment of Awards may include such terms, conditions, restrictions and/or limitations, if any, as the Committee deems appropriate, including, in the case of Awards paid in the form of Stock, restrictions on transfer and
forfeiture provisions. Further, payment of Awards may be made in the form of a lump sum, or in installments, as determined by the Committee. 
 13.3. LIMITS ON TRANSFER. No right or interest of a Participant in any unexercised or restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company
or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or an Affiliate. No unexercised or restricted Award shall be assignable or transferable by a Participant other
than by will or the laws of descent and distribution; provided, however, that the Committee may (but need not) permit other transfers (other than transfers for value) where the Committee concludes that such transferability (i) does not result
in accelerated taxation, (ii) does not cause any Option intended to be an 

  
 11 

 
Incentive Stock Option to fail to be described in Code Section 422(b), and (iii) is otherwise appropriate and desirable, taking into account any factors deemed relevant, including
without limitation, state or federal tax or securities laws applicable to transferable Awards. 
 13.4. BENEFICIARIES.
Notwithstanding Section 13.3, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s
death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan
and Award Certificate otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If no beneficiary has been designated or survives the Participant, any payment due to the Participant shall be made to the
Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant, in the manner provided by the Company, at any time provided the change or revocation is filed with the Committee. 

13.5. STOCK TRADING RESTRICTIONS. All Stock issuable under the Plan is subject to any stop-transfer orders and other restrictions
as the Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is listed, quoted, or traded. The
Committee may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock. 
 13.6. ACCELERATION FOR ANY REASON. The Committee may in its sole discretion at any time determine that all or a portion of such Participant’s Options or SARs shall become fully or partially
exercisable, that all or a part of the restrictions on all or a portion of the Participant’s outstanding Awards shall lapse, and/or that any performance-based criteria with respect to any Awards held by that Participant shall be deemed to be
wholly or partially satisfied, in each case, as of such date as the Committee may, in its sole discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to
this Section 13.6. 
 13.7. FORFEITURE EVENTS. Awards under the Plan shall be subject to any compensation recoupment
policy that the Company may adopt from time to time that is applicable by its terms to the Participant. In addition, the Committee may specify in an Award Certificate that the Participant’s rights, payments and benefits with respect to an Award
shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but shall not be
limited to, (i) termination of employment for cause, (ii) violation of material Company or Affiliate policies, (iii) breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant,
(iv) other conduct by the Participant that is detrimental to the business or reputation of the Company or any Affiliate, or (v) a later determination that the vesting of, or amount realized from, a Performance Award was based on materially
inaccurate financial statements or any other materially inaccurate performance metric criteria, whether or not the Participant caused or contributed to such material inaccuracy. 

13.8. SUBSTITUTE AWARDS. The Committee may grant Awards under the Plan in substitution for stock and stock-based awards held by
employees of another entity who become employees of the Company or an Affiliate as a result of a merger or consolidation of the former employing entity with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property or
stock of the former employing corporation. The Committee may direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances. 

ARTICLE 14 

CHANGES IN CAPITAL STRUCTURE 
 14.1. MANDATORY ADJUSTMENTS. In the event of a nonreciprocal transaction between the Company and its stockholders that causes the per-share value of the Stock to change (including, without
limitation, any 

  
 12 

 
stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the authorization limits under Section 5.1 shall be adjusted proportionately, and the Committee
shall make such adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Action by the Committee may include: (i) adjustment of
the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding Awards or the measure to be used to
determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Committee determines to be equitable. Notwithstanding the foregoing, the Committee shall not make any adjustments to outstanding Options or SARs
that would constitute a modification or substitution of the stock right under Treas. Reg. Sections 1.409A-1(b)(5)(v) that would be treated as the grant of a new stock right or change in the form of payment for purposes of Code Section 409A.
Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the
authorization limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically, without the necessity for any additional action by the Committee, be adjusted proportionately
without any change in the aggregate purchase price therefor. 
 14.2 DISCRETIONARY ADJUSTMENTS. Upon the occurrence or in
anticipation of any corporate event or transaction involving the Company (including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction described in Section 14.1), the
Committee may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock, (ii) that Awards will become immediately vested and non-forfeitable and exercisable (in whole or in part) and will expire after a
designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding
Awards may be settled by payment in cash or cash equivalents equal to the excess of the Fair Market Value of the underlying Stock, as of a specified date associated with the transaction, over the exercise or base price of the Award, (v) that
performance targets and performance periods for Performance Awards will be modified, or (vi) any combination of the foregoing. The Committee’s determination need not be uniform and may be different for different Participants whether or not
such Participants are similarly situated. 
 14.3 GENERAL. Any discretionary adjustments made pursuant to this Article 14
shall be subject to the provisions of Section 15.2. To the extent that any adjustments made pursuant to this Article 14 cause Incentive Stock Options to cease to qualify as Incentive Stock Options, such Options shall be deemed to be
Nonstatutory Stock Options. 
 ARTICLE 15 
 AMENDMENT, MODIFICATION AND TERMINATION 
 15.1. AMENDMENT, MODIFICATION AND
TERMINATION. The Board or the Committee may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board
or the Committee, either (i) materially increase the number of Shares available under the Plan, (ii) expand the types of awards under the Plan, (iii) materially expand the class of participants eligible to participate in the Plan,
(iv) materially extend the term of the Plan, or (v) otherwise constitute a material change requiring stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of an Exchange, then
such amendment shall be subject to stockholder approval; and provided, further, that the Board or Committee may condition any other amendment or modification on the approval of stockholders of the Company for any reason, including by reason of such
approval being necessary or deemed advisable (i) to comply with the listing or other requirements of an Exchange, or (ii) to satisfy any other tax, securities or other applicable laws, policies or regulations. 

  
 13 

 15.2. AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Committee may
amend, modify or terminate any outstanding Award without approval of the Participant; provided, however: 
  

	 	(a)	Subject to the terms of the applicable Award Certificate, such amendment, modification or termination shall not, without the Participant’s consent, reduce or
diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination (with the per-share value of an Option or SAR for this purpose being calculated as
the excess, if any, of the Fair Market Value as of the date of such amendment or termination over the exercise or base price of such Award); 

  

	 	(b)	The original term of an Option or SAR may not be extended without the prior approval of the stockholders of the Company; 

 

	 	(c)	Except as otherwise provided in Section 14.1, the exercise price of an Option or base price of a SAR may not be reduced, directly or indirectly, without the prior
approval of the stockholders of the Company; and 

  

	 	(d)	No termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without the written consent of the
Participant affected thereby. An outstanding Award shall not be deemed to be “adversely affected” by a Plan amendment if such amendment would not reduce or diminish the value of such Award determined as if the Award had been exercised,
vested, cashed in or otherwise settled on the date of such amendment (with the per-share value of an Option or SAR for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment over the exercise
or base price of such Award). 

 15.3. COMPLIANCE AMENDMENTS. Notwithstanding anything in the Plan or in
any Award Certificate to the contrary, the Board may amend the Plan or an Award Certificate, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or Award Certificate to any present or
future law relating to plans of this or similar nature (including, but not limited to, Section 409A of the Code), and to the administrative regulations and rulings promulgated thereunder. By accepting an Award under this Plan, a Participant
agrees to any amendment made pursuant to this Section 15.3 to any Award granted under the Plan without further consideration or action. 
 ARTICLE 16 
 GENERAL PROVISIONS 

16.1. RIGHTS OF PARTICIPANTS. 
  

	 	(a)	No Participant or any Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Committee is
obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may be made by the Committee selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or not such
Eligible Participants are similarly situated). 

  

	 	(b)	Nothing in the Plan, any Award Certificate or any other document or statement made with respect to the Plan, shall interfere with or limit in any way the right of the
Company or any Affiliate to terminate any Participant’s employment or status as an officer, or any Participant’s service as a director, consultant or advisor, at any time, nor confer upon any Participant any right to continue as an
employee, officer, director, consultant or advisor of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise. 

  

	 	(c)	Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company or any Affiliate and, accordingly, subject to Article
15, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Committee without giving rise to any liability on the part of the Company or an of its Affiliates. 

  
 14 

	 	(d)	No Award gives a Participant any of the rights of a stockholder of the Company unless and until Shares are in fact issued to such person in connection with such Award.

 16.2. WITHHOLDING. The Company or any Affiliate shall have the authority and the right to deduct or
withhold, or require a Participant to remit to the Company or such Affiliate, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any
exercise, lapse of restriction or other taxable event arising as a result of the Plan. The obligations of the Company under the Plan will be conditioned on such payment or arrangements and the Company or such Affiliate will, to the extent permitted
by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant. Unless otherwise determined by the Committee at the time the Award is granted or thereafter, any such withholding requirement may be
satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance with such
procedures as the Committee establishes. All such elections shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. 
 16.3. SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE. 
  

	 	(a)	General. It is intended that the payments and benefits provided under the Plan and any Award shall either be exempt from the application of, or comply with, the
requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan or any Award is not warranted or
guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers (other than in his or her capacity as a Participant) shall be held liable for any taxes, interest, penalties or other monetary amounts
owed by any Participant or other taxpayer as a result of the Plan or any Award. 

  

	 	(b)	Definitional Restrictions. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, to the extent that any amount or benefit that would
constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code (“Non-Exempt Deferred Compensation”) would otherwise be payable or distributable, or a different form of payment (e.g., lump sum or
installment) of such Non-Exempt Deferred Compensation would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control, or the Participant’s Disability or separation from service, such Non-Exempt
Deferred Compensation will not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control, Disability or
separation from service meet any description or definition of “change in control event”, “disability” or “separation from service”, as the case may be, in Section 409A of the Code and applicable regulations
(without giving effect to any elective provisions that may be available under such definition). This provision does not prohibit the vesting of any Award upon a Change in Control, Disability or separation from service, however defined. If this
provision prevents the payment or distribution of any amount or benefit, or the application of a different form of payment of any amount or benefit, such payment or distribution shall be made at the time and in the form that would have applied
absent the Change in Control, Disability or separation from service as applicable. 

  

	 	(c)	Allocation among Possible Exemptions. If any one or more Awards granted under the Plan to a Participant could qualify for any separation pay exemption described
in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions, the Company (acting through the Committee) shall determine which Awards or portions thereof will be
subject to such exemptions. 

  

	 	(d)	 Six-Month Delay in Certain Circumstances. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, if any amount or
benefit that would constitute Non-Exempt Deferred Compensation would otherwise be payable or distributable under this Plan or any Award Certificate by 

  
 15 

	 	
reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of
payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 

 

	 	(i)	the amount of such Non-Exempt Deferred Compensation that would otherwise be payable during the six-month period immediately following the Participant’s separation
from service will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during such period, within 30 days after the Participant’s
death) (in either case, the “Required Delay Period”); and 

  

	 	(ii)	the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period. 

For purposes of this Plan, the term “Specified Employee” has the meaning given such term in Code Section 409A and the final
regulations thereunder; provided, however, that, as permitted in such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of Code Section 409A(a)(2)(B)(i) shall be determined in accordance
with rules adopted by the Board or any committee of the Board, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this Plan. 

 

	 	(e)	Installment Payments. If, pursuant to an Award, a Participant is entitled to a series of installment payments, such Participant’s right to the series of
installment payments shall be treated as a right to a series of separate payments and not to a single payment. For purposes of the preceding sentence, the term “series of installment payments” has the meaning provided in Treas. Reg.
Section 1.409A-2(b)(2)(iii) (or any successor thereto). 

  

	 	(f)	Timing of Release of Claims. Whenever an Award conditions a payment or benefit on the Participant’s execution and non-revocation of a release of claims,
such release must be executed and all revocation periods shall have expired within 60 days after the date of termination of the Participant’s employment; failing which such payment or benefit shall be forfeited. If such payment or benefit is
exempt from Section 409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period. If such payment or benefit constitutes Non-Exempt Deferred Compensation, then, subject to subsection (c) above,
(i) if such 60-day period begins and ends in a single calendar year, the Company may make or commence payment at any time during such period at its discretion, and (ii) if such 60-day period begins in one calendar year and ends in the next
calendar year, the payment shall be made or commence during the second such calendar year (or any later date specified for such payment under the applicable Award), even if such signing and non-revocation of the release occur during the first such
calendar year included within such 60-day period. In other words, a Participant is not permitted to influence the calendar year of payment based on the timing of signing the release. 

 

	 	(g)	Permitted Acceleration. The Company shall have the sole authority to make any accelerated distribution permissible under Treas. Reg. section 1.409A-3(j)(4) to
Participants of deferred amounts, provided that such distribution(s) meets the requirements of Treas. Reg. section 1.409A-3(j)(4). 

 16.4. UNFUNDED STATUS OF AWARDS. The Plan is intended to be an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant
to an Award, nothing contained in the Plan or any Award Certificate shall give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate. In its sole discretion, the Committee may authorize the
creation of grantor trusts or other arrangements to meet the obligations created under the Plan to deliver Shares or payments in lieu of Shares or with respect to Awards. This Plan is not intended to be subject to ERISA. 

16.5. RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be taken into account in determining any benefits under any
pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate unless provided otherwise in such other plan. Nothing contained in 

  
 16 

 
the Plan will prevent the Company from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required; and such arrangements may be either
generally applicable or applicable only in specific cases. 
 16.6. EXPENSES. The expenses of administering the Plan
shall be borne by the Company and its Affiliates. 
 16.7. TITLES AND HEADINGS. The titles and headings of the Sections
in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 16.8. GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular
shall include the plural. 
 16.9. FRACTIONAL SHARES. No fractional Shares shall be issued and the Committee shall
determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down. 
 16.10. GOVERNMENT AND OTHER REGULATIONS. 
  

	 	(a)	Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may, during any period of time that such Participant is an
affiliate of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is made (i) pursuant to an effective registration statement
under the 1933 Act, which is current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirement of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act.

  

	 	(b)	Notwithstanding any other provision of the Plan, if at any time the Committee shall determine that the registration, listing or qualification of the Shares covered by
an Award upon any Exchange or under any foreign, federal, state or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award
or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such Award unless and until such registration, listing, qualification, consent or approval shall have been effected or obtained free of
any condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall make such representations and agreements and furnish such information as the Committee may request to assure compliance with the
foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to the Committee’s determination that all related requirements have been
fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law or to take any other action in order to cause the issuance and delivery of such certificates to comply with
any such law, regulation or requirement. 

 16.11. GOVERNING LAW. To the extent not governed by federal
law, the Plan and all Award Certificates shall be construed in accordance with and governed by the laws of the State of Maryland. 
 16.12. SEVERABILITY. In the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any applicable law, such invalidity or unenforceability will not be
construed as rendering any other provisions contained herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent as though the invalid or unenforceable provision was not contained herein.

  
 17 

 16.13. NO LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any
way affect the right or power of the Company to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan
shall not restrict the authority of the Company, for proper corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Committee so directs, the Company may issue or transfer Shares to an
Affiliate, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and
specified by the Committee pursuant to the provisions of the Plan. 
 ************ 

  
 18 

 The foregoing is hereby acknowledged as being the Independence Mortgage Trust, Inc.
Long-Term Incentive Plan as adopted by the Board on                     , 201_ and by the stockholder on
                    , 201_. 
  

			
	INDEPENDENCE MORTGAGE TRUST, INC.
		
	By:	 	 
		
	Its:	 	 

  
 19

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