Document:

EX-10.1

 Exhibit 10.1 
  

 
 September 20, 2019 

Mr. Edward Jennings 
 c/o Mimecast North America, Inc. 

191 Spring Street 
 Lexington, MA 02421 

 

	Re:	 Resignation and Transition Agreement 

Dear Ed: 
 This letter follows our recent discussions regarding
your desire to resign from employment with Mimecast North America, Inc. (the “Company”), which includes for this purpose your position as Chief Operating Officer of the Company’s parent company, Mimecast Limited (the
“Parent Company”). We appreciate your contributions and would like to work with you to make this transition as smooth as possible for both you and the Company. With that in mind, this Resignation and Transition (the
“Transition Agreement”) proposes an amicable arrangement under which you would remain employed by the Company during a transition period and, if successfully completed, you will receive enhanced health and welfare benefits at the
end of your employment relationship. If you agree, this Transition Agreement will become a binding agreement between you and the Company as of the Effective Date (as defined below). 

The separation date shall be December 31, 2019, unless your employment ends on an earlier date in accordance with this Transition Agreement. For purposes
of this Transition Agreement, the actual last day of your employment shall be referred to as the “Separation Date” and the time period between the date of this letter and the Separation Date shall be referred to as the
“Transition Period.” 
 With those understandings, the Transition Agreement between you and the Company is as follows: 

 

	1.	 Resignations 

You acknowledge and agree that you are resigning from your employment with the Company and that your resignation is not a termination event that entitles you
to severance benefits under the terms of your Offer Letter with the Company dated July 9, 2015 (the “Offer Letter”), or otherwise. In connection with the ending of your employment, you hereby resign from all officer, director
and manager positions you hold with the Company, its direct or indirect subsidiaries or controlled entities, and the Parent Company, and any of its direct or indirect subsidiaries or controlled entities, effective on the Separation Date, or any
earlier date requested by the Company’s Chief Executive Officer. You agree to execute any documents reasonably requested by the Company or the Parent Company in order to effectuate these resignations. 

 

	2.	 Transition Period 

(a)    Duties. During the Transition Period, you shall continue to work and provide services to the Company and the Parent Company
on a full-time basis, unless otherwise directed by the Company’s Chief Executive Officer. You agree to work cooperatively and productively with the Company during the Transition Period, and acknowledge and agree that your title, duties,
reporting responsibilities, and/or level of responsibilities may be altered or diminished during the Transition Period at the discretion of the Company and any such changes will not be a breach of the Offer Letter or trigger your right to terminate
your employment and claim a constructive termination under any federal or state law. You agree to assist with the transition of your responsibilities through the Separation Date. In addition, following the Separation Date, you agree to make yourself
reasonably available to the Company to respond to requests by the Company for documents and information concerning matters involving facts or events relating to the Company and the Parent Company, and their affiliates or subsidiaries, that may be
within your knowledge, and you further agree to provide truthful information to the Company and the Parent Company, and their affiliates or subsidiaries, or any of their representatives, in each case, as reasonably requested with respect to pending
and future litigation, arbitrations, dispute resolutions, investigations or requests for information. You shall be reimbursed for your reasonable out-of-pocket expenses incurred as a result of such
cooperation. 
 (b)    Compensation and Benefits. During the Transition Period, you shall continue to be paid your current base
salary and any executive incentive bonus, if earned, pursuant to the terms of the Offer Letter and the Mimecast Limited Executive Incentive Plan – FY 2020, and you will be eligible for employee benefits (including health benefits and
reimbursement of authorized business expenses), subject to the terms of the applicable plan documents and generally applicable Company policies. You will also continue to vest in your outstanding equity awards during the Transition Period. 

(c)    Election to End Transition Period Early. The Transition Period will end on December 31, 2019, unless, on an earlier
date either: (i) you elect to resign, (ii) the Company elects to terminate the employment relationship, with or without “Cause” (as defined below); or (iii) your employment ends due to your death or
disability. If the Company elects to terminate your employment relationship prior to December 31, 2019 without “Cause” (as defined below), (i) the severance provisions of the Offer Letter shall apply and (ii) you
shall be entitled to the Benefit Extension (as defined in Section 3(b) below) and the 2015 Share Option Exercise Extension (as defined in Section 4(b) below). For avoidance of doubt, by signing this agreement you acknowledge and
agree that, if you resign prior to December 31, 2019 for any reason or if the Company terminates your employment for “Cause” (as defined below), you will receive your pay and benefits and you will continue to vest in your
outstanding share options and other share-based awards, in each case through the last day of your employment, but you will not be entitled to any other benefits set forth in this Transition Agreement. “Cause” for purposes of this
Transition Agreement shall mean (i) you act with gross negligence or willful misconduct in the performance of your material duties or material responsibilities to the Company under this Transition Agreement or otherwise;
(ii) you violate any material policy of the Company, (iii) you breach the provisions of that certain Confidentiality and Non-Disclosure Agreement dated July 29, 2015, between you and the
Company (the “NDA”); or (iv) you are charged with or indicted for a felony. 

  
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	3.	 Continuing Benefits 

(a)    If you (a) enter into and comply with this Transition Agreement, (b) work cooperatively and productively
with the Company during the Transition Period, (c) remain continuously employed until December 31, 2019 (unless terminated by the Company prior to that date other than for “Cause”), and (d) enter into and do not
revoke a release of claims in the form attached as Exhibit A (the “General Release”), you shall be entitled to the benefit set forth in Section 3(b) below as well as the benefit described in
Section 4(b) below. 
 (b)    The Separation Date will serve as the “qualifying event” under the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). If you timely elect to continue medical and/or dental insurance coverage after the Separation Date in accordance with the provisions of COBRA, the Company will pay the
standard Company contribution portion of your monthly premium payments (the “Benefit Extension”) during the period that begins on the Separation Date and continues for six months thereafter (the “Benefit Extension
Period”). You will be responsible for the same employee portion of the premium during the Benefit Extension Period being paid by active employees participating in the same health program and paid in such manner as the Company provides. In
the event you become eligible for medical and/or dental insurance coverage from a new employer during the Benefit Extension Period, the Benefit Extension shall terminate on the date you become eligible for such coverage. You agree to notify the
Company promptly if you become eligible for medical and/or dental insurance coverage through a new employer. You also agree to respond promptly and fully to any reasonable requests for information by the Company concerning your eligibility for such
coverage. 
  

	4.	 Equity Awards 

(a)    During the Transition Period, you shall continue to vest in all of your share options and any other share-based awards, subject to
the terms of any and all applicable equity incentive plan(s) and the applicable award agreement(s) governing the terms of such share options and other share-based awards and the provisions of the Offer Letter solely as it relates to the acceleration
of vesting in the event of a Change in Control of the Company (as defined in the Offer Letter) (collectively, the “Equity Documents”). 

(b)    For the avoidance of doubt, all of your unvested share options and other share-based awards shall immediately cease to continue
vesting as of the Separation Date, and your exercise period shall be as set forth in the Equity Documents, except that the exercise period for the share option granted to you on August 1, 2015 shall be extended from 39 days to 90 days following
the Separation Date; provided, however, that in no event shall the exercise period be extended beyond the original term of such share option (the “2015 Share Option Exercise Extension”). For the avoidance of any doubt,
to be entitled to the 2015 Share Option Exercise Extension, you must have satisfied the conditions set forth in Section 3(a) above. At all times, your share options and any other share-based awards shall remain subject to the terms of the
Equity Documents. 

  
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	5.	 Continuing Obligations 

You acknowledge your continuing obligations under the NDA, which, among other things, (i) prohibit disclosure of any confidential or proprietary
information of the Company, (ii) limit your ability to solicit certain employees and customers of the Company and its affiliates, and (iii) prohibit you from providing employment or other services to the Company’s competitors (each of
(i), (ii) and (iii) as further described in the NDA). A copy of the NDA is attached hereto as Exhibit B, and its terms are incorporated by reference as material terms of this Transition Agreement except as otherwise
excluded herein. 
  

	6.	 Return of Company Property 

You must return to the Company on or before the Separation Date (and in any event promptly upon request by the Company) all Company property, including,
without limitation, computer equipment, software, keys and access cards, credit cards, files and any documents (including computerized data and any copies made of any computerized data or software) containing information concerning the Company and
the Parent Company and their affiliates, their respective business or their respective business relationships (in the latter two cases, actual or prospective) (collectively, “Company Property”). After returning all such Company
Property to the Company, you must delete and finally purge any duplicates of files or documents that may contain Company or Parent Company information from any non-Company computer or other device that remains
your property after the Separation Date. In the event that you discover that you continue to retain any Company Property, you must return it to the Company immediately. 
  

	7.	 Release of All Claims 

In consideration for, among other terms, the Benefit Extension and the 2015 Share Option Exercise Extension, to which you acknowledge you would otherwise not
be entitled, you voluntarily release and forever discharge the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such
plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively referred to as the “Releasees”)
generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (“Claims”) that, as of the date when you sign this Transition Agreement, you have, ever had, now claim to have or ever
claimed to have had against any or all of the Releasees. This release includes, without limitation, all Claims: 
  

	 	•	 	 relating to your employment by and termination of employment with the Company; 

 

	 	•	 	 of wrongful discharge or violation of public policy; 

 

	 	•	 	 of breach of contract; 

 

	 	•	 	 of defamation or other torts; 

 

	 	•	 	 of retaliation or discrimination under federal, state or local law (including, without limitation, Claims of
discrimination or retaliation under the Americans with Disabilities Act and Title VII of the Civil Rights Act of 1964); 

  

	 	•	 	 under any other federal or state statute (including, without limitation, Claims under the Age Discrimination in
Employment Act of 1967, as amended by The Older Workers Benefit Protection Act, the Worker Adjustment and Retraining Notification Act or the Fair Labor Standards Act); 

  
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	 	•	 	 for wages, bonuses, incentive compensation, commissions, shares, share options, restricted share units, vacation
pay or any other compensation or benefits, either under the Massachusetts Wage Act, M.G.L. c. 149, §§148-150C, or otherwise; and 

 

	 	•	 	 for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages,
injunctive relief and attorney’s fees; 

 provided, however, that this release shall not affect your
rights under this Transition Agreement. You acknowledge that the termination of your employment in accordance with this Transition Agreement shall not give rise to any Claims. 

You agree not to accept damages of any nature, other equitable or legal remedies for your own benefit or attorney’s fees or costs from any of the
Releasees with respect to any Claim released by this Transition Agreement. As a material inducement to the Company to enter into this Transition Agreement, you represent that you have not assigned any Claim to any third party. 

 

	8.	 Non-disparagement 

Subject to Section 9, you agree not to make any disparaging statements concerning the Company or any of its affiliates, products, services or current or
former officers, directors, shareholders, employees or agents. These non-disparagement obligations shall not apply to truthful testimony in any legal proceeding. 

 

	9.	 Protected Disclosures 

Nothing contained in this Transition Agreement limits your ability to file a charge or complaint with any federal, state or local governmental agency or
commission (a “Government Agency”). In addition, nothing contained in this Transition Agreement limits your ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be
conducted by any Government Agency, nor does anything contained in this Transition Agreement apply to truthful testimony in litigation. If you file any charge or complaint with any Government Agency and if the Government Agency pursues any claim on
your behalf, or if any other third party pursues any claim on your behalf, you waive any right to monetary or other individualized relief (either individually or as part of any collective or class action); provided that nothing in this
Transition Agreement limits any right you may have to receive a whistleblower award or bounty for information provided to the Securities and Exchange Commission. 
  

	10.	 Tax Treatment 

(a)    The Company shall make deductions, withholdings and tax reports with respect to payments and benefits under this Transition
Agreement that it reasonably determines to be required. Payments under this Transition Agreement shall be in amounts net of any such deductions or withholdings. Nothing in this Transition Agreement shall be construed to require the Company to make
any payments to compensate you for any adverse tax effect associated with the terms of this Transition Agreement. 

  
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 (b)    It is intended that all payments made under the terms of this Transition
Agreement come within exceptions to Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). The Transition Agreement and all related documents shall be interpreted and administered in
accordance with that intention. However, if any amount payable under this Transition Agreement is determined to be subject to Section 409A then such payments shall be administered in accordance with Section 409A, provided that the
Company shall not be liable for any failures under this Section 10 that result in the payment of any taxes or other amounts due under the terms of Section 409A. To the extent any amount subject to Section 409A is
to be paid or provided to you in connection with a separation from service at a time when you are considered a specified employee within the meaning of Section 409A then such payment shall not be made until the date that is six months and one
day following such separation from service, or upon your earlier death. 
  

	11.	 Other Provisions 

(a)    Termination of Payments. If you breach any of your obligations under this Transition Agreement, in addition to any other
legal or equitable remedies it may have for such breach, the Company shall have the right to terminate your at-will employment (if you are still employed), and the Company shall further have the right to recover from you any payments made to you
during any time periods following the commencement of any such breach. Any such consequences of a breach by you will not affect the release or your continuing obligations under this Transition Agreement. 

(b)    Absence of Reliance. In signing this Transition Agreement, you are not relying upon any promises or representations made by
anyone at or on behalf of the Company. 
 (c)    Enforceability. If any portion or provision of this Transition Agreement
(including, without limitation, any portion or provision of the NDA) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Transition Agreement, or the application of such portion
or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Transition Agreement shall be valid and enforceable to the fullest extent
permitted by law. To the extent any portion or provision of this Transition Agreement (including, without limitation any portion or provision of the NDA) shall for any reason be held to be excessively broad as to duration, geographical scope,
activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

(d)    Waiver; Amendment. No waiver of any provision of this Transition Agreement shall be effective unless made in writing and
signed by the waiving party. The failure of a party to require the performance of any term or obligation of this Transition Agreement, or the waiver by a party of any breach of this Transition Agreement, shall not prevent any subsequent enforcement
of such term or obligation or be deemed a waiver of any subsequent breach. This Transition Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. 

  
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 (e)    Jurisdiction. You and the Company hereby agree that the Superior Court of
the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts shall have the exclusive jurisdiction to consider any matters related to this Transition Agreement, including without limitation any claim of a
violation of this Transition Agreement. With respect to any such court action, you submit to the jurisdiction of such courts and you acknowledge that venue in such courts is proper. 

(f)    Governing Law; Interpretation. This Transition Agreement shall be interpreted and enforced under the laws of the
Commonwealth of Massachusetts, without regard to conflict of law principles. In the event of any dispute, this Transition Agreement is intended by the parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not
to be construed strictly for or against either you or the Company or the “drafter” of all or any portion of this Transition Agreement. 

(g)    Entire Agreement. This Transition Agreement, along with each of the Offer Letter (but only to the extent necessary to
effectuate the terms of this Transition Agreement), the NDA, and the Equity Documents, as amended, constitute the entire agreement between you and the Company regarding the subject matter hereof and supersedes any previous agreements or
understandings between you and the Company; provided that you acknowledge and accept that your resignation is not a termination event that entitles you to severance benefits under the terms of the Offer Letter. 

(h)    Time for Consideration; Effective Date. You acknowledge that you have knowingly and voluntarily entered into this Transition
Agreement. You understand and acknowledge that you have been given the opportunity to consider this Transition Agreement for seven (7) days from your receipt of this Transition Agreement before signing it (the “Consideration
Period”). To accept this Transition Agreement, you must return a signed, unmodified original or PDF copy of this Transition Agreement so that it is received by Robert P. Nault at rnault@mimecast.com at or before the expiration of the
Consideration Period. If you sign this Transition Agreement before the end of the Consideration Period, you acknowledge that such decision was entirely voluntary and that you had the opportunity to consider this Transition Agreement for the entire
Consideration Period. This Transition Agreement shall become effective on the date when it becomes fully executed (the “Effective Date”). 

(i)    Counterparts. This Transition Agreement may be executed in separate counterparts. When both counterparts are signed, they
shall be treated together as one and the same document. PDF copies of signed counterparts shall be equally effective as originals. 

[Signature page follows.] 

  
 7 

 Please indicate your agreement to the terms of this Transition Agreement by signing and returning to Robert
P. Nault the original or a PDF copy of this letter within the time period set forth above. 
 Sincerely, 

MIMECAST NORTH AMERICA, INC. 
  

									
	By:	  	 /s/ Peter Bauer
	  		  	 9/20/2019
	  	
		  	Peter Bauer	  	            	  	Date	  	            
		  	Chief Executive Officer	  		  		  	

 By signing below, you acknowledge that you have carefully read and fully understand all of the provisions of this Transition
Agreement and that you are knowingly and voluntarily entering into this Transition Agreement. 
  

							
	 /s/ Edward Jennings
	 		  	 9/20/2019
	  	
	Edward Jennings	 	            	  	Date	  	            

  

  
 8 

 Exhibit A 

General Release 
 Background

 I, EDWARD JENNINGS, acknowledge that in connection with the ending of my employment with Mimecast North America, Inc. (the
“Company”), I entered into a Resignation and Transition Agreement dated September 20, 2019 (the “Transition Agreement”). I understand that this is the General Release referenced in the Transition Agreement.
I further understand that I may not sign this General Release until on or after the Separation Date (as defined in the Transition Agreement) but that I must return it to the Company on or before the expiration of the Release Consideration Period
(as defined below). 
 Release and Related Terms 

1.    I acknowledge that the Company has paid me all salary, vacation pay, and all other earned compensation through the
last day of my employment, except for any earned executive incentive pay for the quarter ended December 31, 2019, which shall be paid in accordance with normal Company practices and pursuant to the terms of the Offer Letter (as defined in the
Transition Agreement). 
 2.    I understand that, regardless of whether I sign this General Release, the Transition
Agreement shall remain in full force and effect, except that by not signing I will not have satisfied one of the conditions to receive the Benefit Extension and the 2015 Share Option Exercise Extension provided in the Transition Agreement. 

3.    I voluntarily release and forever discharge the Company, its affiliated and related entities, its and their
respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the
foregoing in their official and personal capacities (collectively referred to as the “Releasees”) generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown
(“Claims”) that I have, ever had, now claim to have or ever claimed to have had against any or all of the Releasees until and through the date I sign this General Release. This release includes, without limitation, all Claims:
relating to my employment by and termination of employment with the Company; of wrongful discharge; of breach of contract; of discrimination or retaliation under federal, state or local law (including, without limitation, Claims of discrimination or
retaliation under the Americans with Disabilities Act, the Age Discrimination in Employment Act of 1967, as amended by The Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964 or Massachusetts General Laws ch. 151B); under
any other federal or state statute; of defamation or other torts; of violation of public policy; for wages, bonuses, incentive compensation, including without limitation Claims pursuant to the Massachusetts Wage Act, shares, share options,
restricted share units, profit interests, vacation pay or any other compensation, benefits or equity interest, for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and
attorney’s fees; 

 
and for reinstatement of employment. I represent that I have not filed any Claim against the Releasees in any forum. Notwithstanding the foregoing, this general release does not release my rights
under the Transition Agreement. 
 4.    I acknowledge that I received this General Release along with the Transition
Agreement and that I have been given the opportunity to consider this General Release for twenty-one (21) days before signing it. I also acknowledge that the Company advises me to consult with an attorney
before signing this General Release and that I have been given ample opportunity to do so. I understand that, to accept this General Release, I must return a signed original of this General Release so that it is received by Robert P. Nault at
rnault@mimecast.com (with a copy to legal@mimecast.com) on or after the Separation Date and the later of twenty-one (21) days from the date I received it with the Transition Agreement, or (ii) ten
(10) days immediately following the Separation Date (either (i) or (ii), as applicable, the “Release Consideration Period”). I understand that for the period of seven (7) days from the date when I sign this General Release (the
“Revocation Period”), I have the right to revoke this General Release by notice to Robert P. Nault at rnault@mimecast.com (with a copy to legal@mimecast.com). For such a revocation to be effective, it must be delivered so that it is
received by Robert P. Nault at or before the expiration of the Revocation Period. This General Release shall not become effective or enforceable during the Revocation Period. This General Release shall become effective on the first business day
following the expiration of the revocation period (the “Effective Date of General Release”). 
 I HAVE READ THIS GENERAL RELEASE
THOROUGHLY, UNDERSTAND ITS TERMS AND HAVE SIGNED IT KNOWINGLY AND VOLUNTARILY. I UNDERSTAND THAT THIS GENERAL RELEASE IS A LEGAL DOCUMENT. 
  

					
	  
	 		  	  

	Edward Jennings	 		  	Date

  
 2 

 Exhibit B 

NDA 

 

 
  
 Confidentiality and Non-Disclosure Agreement 
 In addition to the Employee’s offer letter and for the
consideration offered therein, and in consideration for the promises made below, Employee agrees as follows: 
 1.      At-Will Employment. Employee understands that this Agreement does not give MCNA the right to require Employee to remain in its employ or give Employee the right to be employed by MCNA. Employee further
understands that absent a separate written employment agreement signed by Employee and an authorized representative of MCNA, Employee’s employment is “at-will” and that both Employee and MCNA
may terminate Employee’s employment at any time, with or without notice, for any or no reason. 

2.      Nondisclosure of Trade Secrets and Confidential Information. 

(a)      Except as reasonably necessary to perform his/her duties for MCNA, Employee will not, without the
express written consent of MCNA, directly or indirectly, disclose to any person or entity, or make use of for himself/herself or any other person or entity, (i) any Confidential Information during his/her employment and for a period of three
(3) years immediately following his/her termination for any reason, and (ii) any Trade Secrets during his/her employment and for so long as any particular Trade Secret retains its status as a trade secret under applicable law. The
protection afforded to Trade Secrets and/or Confidential Information by this provision is not intended to limit in any way any protection provided to any such information under any applicable federal, state or local law. 

(b)      For purposes of this Agreement, the following definitions shall apply: 

(i)      “Trade Secret” shall be given its broadest possible interpretation under the law of the
Commonwealth of Massachusetts and shall include, without limitation, anything tangible or intangible or electronically kept or stored, which constitutes, represents, evidences, or records any secret technical, merchandising, production or management
information, or any other secret formula, pattern, compilation, program, device, method, technique, drawing, process, design, procedure, invention, improvement, financial data, financial plans, product plans, or a list of actual or potential
customers or suppliers, or other confidential or proprietary information or documents that (A) derives economic value, actual or potential, from not being generally known to and not being readily ascertainable by proper means by other persons who
can obtain economic value from its disclosure or use and (B) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. Trade Secrets also include any information described in this subparagraph (i) which
MCNA obtains from another party which MCNA treats as proprietary, confidential, or designates as a trade secret, whether or not owned or developed by MCNA. 

(ii)      “Confidential Information” shall mean any MCNA confidential and proprietary data or
information, whether in written, oral, electronic or other form, that is of value to MCNA and is not generally known to competitors of MCNA. Confidential Information includes, but is not limited to, lists of any information about MCNA executives and
employees, technical data and specifications, business and financial information, product and marketing plans, customer and client information, customer and client lists, customer, client and vendor identities and characteristics, agreements,
marketing knowledge and techniques, sales figures, business plans, price lists, pricing policies, MCNA business methods, strategy forecasts, financial information, budgets, software, projections and procedures, contracts and contractual relations
with MCNA customers and suppliers, the confidential evaluation of (and confidential use or non-use by the Company or any affiliate of) technical or business information in the public domain, Inventions, and any other scientific, technical, or trade
secrets of MCNA. Confidential Information also includes any information described in this subparagraph (ii) which MCNA obtains from another party which MCNA treats as proprietary or designates as confidential information, whether or not owned
or developed by MCNA. 
  

									
	Mimecast Limited – Corporate Headquarters	  	Mimecast Australia Pty Ltd	  	Mimecast North America	  	Mimecast South Africa	  	Mimecast Offshore Ltd
	Mimecast Services Limited	  	Level 3. 55 Southbank Boulevard,	  	430 Pleasant Street.	  	Upper Grayslon Office Park. Phase I,	  	The Powerhouse. Queens Road,
	City Point, One Ropemaker Street	  	Southbank, Melbourne Vic 3006	  	Watertown, MA 02472	  	150 Linden Road. Strathavon. 2031	  	St Helier, Jersey, JE2 3AP
	London, EC2Y 9AW	  	tel: 1300 307 318	  	tel: +01 781-996- 5340	  	tel: +27 (0)117 223 700	  	tel: +44 (0)153 475 2300
	tel: +44 (0)207 347 8700	  	international: +61 3 9017 5101	  	email: info@mimecast.com	  	email: info@mimecast.co.za	  	email: info@mimecast-offshore.com
	email: info@mimecast.com	  	email: info@mimecast.com.au	  		  		  	
			
	www.mimecast.com	  	 Mimecast Limited Mimecast Limited is a company registered in England and wales

Registered office Number 4693693 VAT Number GB 123 4197 34
	  	

 

 
  

(iii)      The terms “Trade Secrets” and “Confidential Information” shall not include any
materials or information of the types specified above to the extent that such materials or information: (A) are or become publicly known or generally utilized by others engaged in the same business or activities in which MCNA utilized,
developed or otherwise acquired such information; or (B) are known to Employee prior to his/her employment; or (C) are furnished to others by MCNA with no restriction on disclosure. Failure to mark any of the Trade Secrets or Confidential
Information as confidential shall not affect its status as Trade Secrets or Confidential Information under this Agreement. 

3.      Return of Property. 

(a)      Within five (5) days of the termination of Employee’s employment, or if MCNA otherwise requests,
Employee will: (i) return to the all property of MCNA including, but not limited to, all Confidential Information and copies thereof (regardless how such Confidential Information or copies are maintained), (ii) deliver to MCNA any property of
the Company which may be in Employee’s possession including, but not limited to, products, materials, memoranda, notes, records, reports, or other documents or photocopies of the same, and (iii) advise MCNA in writing that Employee has no
MCNA information or property in Employee’s possession, custody, or control. 
 4.      Ownership of Protected
Works. 
 (b)      “Protected Works”. “Protected Works” means all ideas,
inventions, formulas, techniques, processes, apparatuses, methods of operation, machines, manufactures, compositions of matter, concepts, systems, programs, software, schematics, flow charts, client lists, manuals, pamphlets, instructional
materials, photographs, artwork, compilations, data, documents, notes, designs, drawings, trademarks, service marks, or trade names, including improvements thereto or derivatives therefrom, whether patentable or subject to copyright, trademark or
trade secret protection, developed, created, or conceived by Employee, either alone or with others, either (1) during or in connection with his/her employment with MCNA or (2) using resources, materials, facilities, Confidential
Information, Trade Secrets or other property of MCNA. 
 (c)      Ownership and Assignment of Protected
Works. Employee agrees that any Protected Works are the sole property of MCNA, and that no additional compensation other than that set forth in Paragraph 1 hereof is due to him/her therefore. Employee hereby assigns and agrees to assign all of
his/her respective rights, title and interest in the Protected Works, including all patents, patent applications, divisional, continuation, continuation-in-part, or
reissue applications to MCNA. Employee agrees that Employee’s contributions to the Protected Works are intended to be works made for hire by Employee, but, to the extent such contributions are not considered works made for hire, then Employee
hereby assigns and agrees to assign all of his/her respective rights, title and interest in and to the Protected Works as set forth herein. Employee agrees, at MCNA’s request and expense, that he/she will communicate to MCNA any facts known to
him/her; testify in any legal proceedings involving the Protected Works; sign all instruments, applications or papers to register and/or obtain protection for the Protected Works in the United States and any foreign country, and to carry into full
force and effect, the assignment, transfer and conveyance hereby made or intended to be made; and generally do everything possible for title to the Protected Works and all patents, copyrights, trademarks or service marks therein to be exclusively
held by MCNA. Employee agrees not to apply for any state, federal, or other jurisdiction’s registration of rights in any Protected Works and that he/she will not challenge, oppose or seek to cancel any applications or registration of same by
MCNA or its designees. Employee agrees that he/she will not make Protected Works available to a third party without MCNA’s express written consent. 
  

									
	Mimecast Limited – Corporate Headquarters	  	Mimecast Australia Pty Ltd	  	Mimecast North America	  	Mimecast South Africa	  	Mimecast Offshore Ltd
	Mimecast Services Limited	  	Level 3. 55 Southbank Boulevard,	  	430 Pleasant Street.	  	Upper Grayslon Office Park. Phase I,	  	The Powerhouse. Queens Road,
	City Point, One Ropemaker Street	  	Southbank, Melbourne Vic 3006	  	Watertown, MA 02472	  	150 Linden Road. Strathavon. 2031	  	St Helier, Jersey, JE2 3AP
	London, EC2Y 9AW	  	tel: 1300 307 318	  	tel: +01 781-996- 5340	  	tel: +27 (0)117 223 700	  	tel: +44 (0)153 475 2300
	tel: +44 (0)207 847 8700	  	international: +61 3 9017 5101	  	email: info@mimecast.com	  	email: info@mimecast.co.za	  	email: info@mimecast-offshore.com
	email: info@mimecast.com	  	email: info@mimecast.com.au	  		  		  	
			
	www.mimecast.com	  	 Mimecast Limited Mimecast Limited is a company registered in England and wales

Registered office Number 4693693 VAT Number GB 123 4197 34
	  	

 

 
  
 5. Rights to Materials. Employee agrees that
all documents, files, software, equipment, price or customer lists, or other tangible things (and all copies thereof) that are made available to Employee by MCNA or that are discovered or obtained by Employee as a result of his/her employment with
MCNA, will, as between MCNA and Employee, remain the sole property of MCNA. Upon Employee’s termination, or upon a demand by MCNA, Employee will return all such things to MCNA immediately. 

6. Inventions, Discoveries and Improvements. 

(a) In addition to Employee’s obligations under Paragraph 4 above, Employee will promptly disclose to MCNA all inventions, discoveries,
and improvements, whether or not patentable, made or conceived by Employee, either alone or with others, (i) during Employee’s employment, and (ii) within one (1) year after Employee’s termination, if based in whole or in
part upon Confidential Information or Trade Secrets of MCNA, (both categories collectively referred to hereafter as “Inventions”). All such Inventions that relate in any way to MCNA’s business (“MCNA Inventions”) will be
used solely for the benefit of MCNA and will become and remain its exclusive property. Employee agrees to execute an assignment to MCNA or its nominee of Employee’s entire right, title and interest in and to such MCNA Inventions and to execute
any other documents that may be requested by MCNA for the purpose of applying for and obtaining patents with respect to such MCNA Inventions in the United States and abroad. Employee also agrees to cooperate at any time to the extent and in the
manner reasonably requested by MCNA in the prosecution or defense of any patent claims or any litigation or other proceeding involving any such MCNA Inventions. 

(b) Employee warrants that he / she is under no other contract or duty to assign Inventions. Employee will not disclose or induce MCNA to use
any confidential information or material that belongs to anyone other than MCNA. 
 7. Non-Solicitation of
Customers. Employee agrees that, during his/her employment and for a period of one (1) year immediately following his/ her termination from MCNA for any reason, he/she will not solicit or take away, or attempt to solicit or take away, any
Customer of MCNA with whom Employee had contact or about whom Employee had Confidential Information that Employee would not have known but for Employee’s employment with MCNA, for any purpose which may be construed, or may be in fact,
competitive in nature. 
 8. Non-Solicitation of Employees. Employee agrees that, during his/her employment
and for a period of one (1) year immediately following his/her termination for any reason, he/she will not solicit or attempt to hire, on his own behalf or on behalf of any other person or entity, any person who was employed by MCNA during the
one (1) year prior to Employee’s termination and who has not thereafter ceased to be employed by MCNA for a period of at least six (6) months. 

9. Covenant Not to Compete. During Employee’s employment, Employee will not engage in any employment, consulting, or other activity in any
business competitive with MCNA’s business as conducted now or at any future time during Employee’s employment. Employee further agrees that, for a period of one (1) year immediately following his/her termination from MCNA, he/she will
not perform duties or functions that are the same as or substantially similar to those performed on behalf of MCNA during his/her employment with MCNA on behalf of himself/herself or any other person or entity engaged in any activity in competition
with the services and products offered by MCNA at the time of Employee’s terminations. 
  

									
	Mimecast Limited – Corporate Headquarters	  	Mimecast Australia Pty Ltd	  	Mimecast North America	  	Mimecast South Africa	  	Mimecast Offshore Ltd
	Mimecast Services Limited	  	Level 3, 55 Southbank Boulevard,	  	480 Pleasant Street,	  	Upper Grayston Office Park, Phase 1,	  	The Powerhouse, Queens Road,
	CityPoint, One Ropemaker Street	  	Southbank, Melbourne Vic 3006	  	Watertown, MA 02472	  	150 Linden Road, Strathavon, 2031	  	St Helier, Jersey, JE2 3AP
	London, EC2Y 9AW	  	tel: 1300 307 318	  	tel: +01 781-996-5340	  	tel: +27 (0)117 223 700	  	tel: +44 (0)153 475 2300
	tel: +44 (0)207 847 8700	  	international: +61 3 9017 5101	  	email: info@mimecast.com	  	email: info@mimecast.co.za	  	email: info@mimecast-offshore.com
	email: info@mimecast.com	  	email: info@mimecast.com.au	  		  		  	
			
	www.mimecast.com	  	 Mimecast Limited Mimecast Limited is a company registered in England and wales

Registered office Number 4693693 VAT Number GB 123 4197 34
	  	

 

 
  
 10. Arbitration. Except for actions seeking
injunctive relief to enforce Paragraphs 3 through 10 of this Agreement, which shall be brought in the Business Litigation Session of the Suffolk County Superior Court, any dispute pertaining to this Agreement and Employee’s employment with MCNA
will be resolved through binding arbitration conducted by JAMS in Boston, Massachusetts. 
 A request for arbitration must be submitted
within the appropriate statute of limitations period under Massachusetts law. After a request for arbitration is submitted, the parties will promptly select a date or dates for arbitration. Thereafter, JAMS administration will give to the parties
the names of five arbitrators who are qualified, not conflicted, and can hear the matter on the date(s) selected. Each party will independently rank each arbitrator from one to five, with one representing the most desirable arbitrator and five
representing the least desirable arbitrator, and will forward such ranking to JAMS administration confidentially. JAMS will then select the arbitrator with the highest combined rank. 

Where the dispute proceeds to actual arbitration, Employee and MCNA agree: (i) to engage in a
one-day arbitration; (ii) to exchange documents in advance of such arbitration; and (iii) to limit each party to one (1) deposition at the arbitration. For all disputes arbitrated in this
manner, the Arbitrator shall, within thirty (30) days after the conclusion of the arbitration, issue a brief written opinion setting forth the factual and legal findings and conclusions on which his or her decision is based. The Arbitrator will
be empowered to award either party any remedy at law or equity that the party would otherwise have been entitled to had the matter been litigated in court including, but not limited to, general, special, and punitive damages, injunctive relief,
costs and attorney’s fees; provided, however, that the authority to award any remedy is subject to whatever limitations, if any, exist in the applicable law on such remedies. The Arbitrator shall have no jurisdiction to issue any award contrary
to or inconsistent with the law, including the statute at issue. 
 11. Miscellaneous. 

(a) Severability. The covenants set forth herein are separate and independent. If any portion of any covenant is held to be invalid,
void or unenforceable, such defect shall not render invalid, void, or unenforceable any other portion of this Agreement. If any portion of this Agreement is found to be invalid or unenforceable because its duration, territory, or definition(s) of
activities or information covered is unreasonable, the unreasonable term shall be redefined or replaced such that the intent of the parties in entering this Agreement will not be impaired and the provision in question will be enforceable to the
fullest extent of the applicable laws. 
 (b) Waiver. The waiver by MCNA or Employee of a breach of any of the provisions of this
Agreement will not operate or be construed as a waiver of any other provision or subsequent breach of the same or different provision. No waiver or modification of this Agreement or any covenant, condition or limitation contained herein shall be
valid unless in writing and duly executed by both MCNA and Employee. 
 (c) Reasonableness and Relief: Tolling. Employee agrees that
the covenants contained herein are reasonable and necessary means to protect MCNA’s interests in its goodwill, Trade Secrets, Confidential Information, and intellectual property and that they will not unreasonably interfere with his/her ability
to earn a living should his/her employment be terminated. Employee agrees that any breach by him/her of these covenants will cause irreparable harm and injury to MCNA and will leave it with no adequate remedy at law. Employee agrees that such a
breach will entitle MCNA to, among other appropriate relief, injunctive relief in any appropriate court without the necessity of posting a bond and reasonable attorneys’ fees and costs. If any violation of the provisions of Paragraphs 7, 8, or
9 of this Agreement occur, Employee acknowledges and agrees that such post-termination restrictions shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the
applicable post-termination restriction period shall be tolled during any period of such violation. 
  

									
	Mimecast Limited – Corporate Headquarters	  	Mimecast Australia Pty Ltd	  	Mimecast North America	  	Mimecast South Africa	  	Mimecast Offshore Ltd
	Mimecast Services Limited	  	Level 3, 55 Southbank Boulevard,	  	480 Pleasant Street,	  	Upper Grayston Office Park, Phase 1,	  	The Powerhouse, Queens Road,
	CityPoint, One Ropemaker Street	  	Southbank, Melbourne Vic 3006	  	Watertown, MA 02472	  	150 Linden Road, Strathavon, 2031	  	St Helier, Jersey, JE2 3AP
	London, EC2Y 9AW	  	tel: 1300 307 318	  	tel: +01 781-996-5340	  	tel: +27 (0)117 223 700	  	tel: +44 (0)153 475 2300
	tel: +44 (0)207 847 8700	  	international: +61 3 9017 5101	  	email: info@mimecast.com	  	email: info@mimecast.co.za	  	email: info@mimecast-offshore.com
	email: info@mimecast.com	  	email: info@mimecast.com.au	  		  		  	
			
	www.mimecast.com	  	 Mimecast Limited Mimecast Limited is a company registered in England and wales

Registered office Number 4693693 VAT Number GB 123 4197 34
	  	

 

 
  
 (d) Governing Law. The Parties
acknowledge that Mimecast is incorporated in the State of Delaware and accordingly agree that this Agreement will be deemed to be made in and will in all respects be governed by the laws of the State of Delaware, without given effect to Delaware
conflict of laws principles. This Agreement will not be construed against any party by reason of such party having, or being deemed to have, structured or drafted such provision. 

(e) Entire Agreement. The Exhibits to this Agreement are hereby incorporated by reference and made a part hereof. This Agreement
(including applicable Exhibits) is intended to be the final and complete expression of the parties’ agreement with respect to its subject matter. This Agreement supersedes any former agreements, whether written or oral, governing the same
subject matter and may be modified only by a written instrument signed by each of the parties hereto. 
 (f) Counterparts. This
Agreement may be executed in multiple counterparts each of which will be deemed an original and together will constitute but one and the same instrument. 

(g) Notices. All communications or notices required or permitted by this Agreement shall be sufficiently given for all purposes
hereunder if given in writing and delivered (i) personally, (ii) by United States mail, return receipt requested, (iii) by document overnight delivery service or (iv) by telecopy, facsimile or other electronic transmission service,
provided sender sends a confirmation copy of said service by U. S. mail within three (3) business days thereafter. All notices delivered in accordance with this Paragraph shall be sent to the appropriate address or number set forth under the
signature blocks or to such other address as the recipient party has specified by prior written notice to the sending party and shall be effective upon its delivery to the addressee, as provided herein, either personally, by mail or by electronic
transmission, as the case may be, or three business days after it is sent or dispatched, whichever occurs earlier. 
 (h) Amendment.
This Agreement may not be modified or amended except by an instrument or instruments in writing signed by the party against whom enforcement of such modification or amendment is sought. 

(i) Survival of Obligations. Employee acknowledges and agrees that if Employee should transfer between or among any affiliates of MCNA,
wherever situated, or be promoted or reassigned to functions other than Employee’s present functions, or incur any material change to Employee’s employment, all terms of this Agreement shall continue to apply with full force and no new
agreement need be executed between the Parties. The obligations hereunder shall also survive the termination of Employee’s employment with MCNA regardless of the manner of or reasons for such termination, and this agreement shall be binding, if
applicable, on Employee’s heirs, executors, administrators, successors and assigns. The MCNA shall have the right to assign this Agreement to a successor to all or substantially all of its business or assets or those of any subsidiary, or a
successor to any part of the business or assets of 
  

									
	Mimecast Limited – Corporate Headquarters	  	Mimecast Australia Pty Ltd	  	Mimecast North America	  	Mimecast South Africa	  	Mimecast Offshore Ltd
	Mimecast Services Limited	  	Level 3, 55 Southbank Boulevard,	  	480 Pleasant Street,	  	Upper Grayston Office Park, Phase 1,	  	The Powerhouse, Queens Road,
	CityPoint, One Ropemaker Street	  	Southbank, Melbourne Vic 3006	  	Watertown, MA 02472	  	150 Linden Road, Strathavon, 2031	  	St Helier, Jersey, JE2 3AP
	London, EC2Y 9AW	  	tel: 1300 307 318	  	tel: +01 781-996-5340	  	tel: +27 (0)117 223 700	  	tel: +44 (0)153 475 2300
	tel: +44 (0)207 847 8700	  	international: +61 3 9017 5101	  	email: info@mimecast.com	  	email: info@mimecast.co.za	  	email: info@mimecast-offshore.com
	email: info@mimecast.com	  	email: info@mimecast.com.au	  		  		  	
			
	www.mimecast.com	  	 Mimecast Limited Mimecast Limited is a company registered in England and wales

Registered office Number 4693693 VAT Number GB 123 4197 34
	  	

 

 
  
 MCNA or any subsidiary to which Confidential
Information or an Invention relate. Employee may not assign Employee’s rights and obligations under this Agreement without the prior written consent of MCNA. 
  

									
		 		 		 	MIMECAST NORTH AMERICA, INC.
				
		 		 		 	 /s/ Corey Donahoe

					
		 		 		 	By its:	 	 HR Generalist

				
	 Employee Name:
	 		 		 	
					
	 Signature:
	 	 /s/ Edward Jennings
	 		 	 Date:
	 	 7/29/15

					
	 Address:
	 	      
	 		 		 	
					
		 	      
	 		 		 	
					
	 Phone Number:
	 	      
	 		 		 	

  

									
	Mimecast Limited – Corporate Headquarters	  	Mimecast Australia Pty Ltd	  	Mimecast North America	  	Mimecast South Africa	  	Mimecast Offshore Ltd
	Mimecast Services Limited	  	Level 3, 55 Southbank Boulevard,	  	480 Pleasant Street,	  	Upper Grayston Office Park, Phase 1,	  	The Powerhouse, Queens Road,
	CityPoint, One Ropemaker Street	  	Southbank, Melbourne Vic 3006	  	Watertown, MA 02472	  	150 Linden Road, Strathavon, 2031	  	St Helier, Jersey, JE2 3AP
	London, EC2Y 9AW	  	tel: 1300 307 318	  	tel: +01 781-996-5340	  	tel: +27 (0)117 223 700	  	tel: +44 (0)153 475 2300
	tel: +44 (0)207 847 8700	  	international: +61 3 9017 5101	  	email: info@mimecast.com	  	email: info@mimecast.co.za	  	email: info@mimecast-offshore.com
	email: info@mimecast.com	  	email: info@mimecast.com.au	  		  		  	
			
	www.mimecast.com	  	 Mimecast Limited Mimecast Limited is a company registered in England and wales

Registered office Number 4693693 VAT Number GB 123 4197 34grif_Current Folio_8K_Credit Line_Ex. 10.1

		
			Exhibit 10.1
		

		
			WEBSTER BANK, N.A.
		

		
			REVOLVING LINE OF CREDIT LOAN AGREEMENT
		

		
			 
		

		
			September 19, 2019
		

		
			 
		

		
			THIS REVOLVING LINE OF CREDIT LOAN AGREEMENT (this “Agreement”), made as of the above date, by and between GRIFFIN INDUSTRIAL REALTY, INC., a Delaware corporation, having an address at 641 Lexington Avenue, 26th Floor, New York, New York 10022 (“Borrower”), and WEBSTER BANK, N.A., a national banking association, with an address at CityPlace II, 185 Asylum Street, Hartford, Connecticut 06103 (the “Bank”).
		

		
			 
		

		
			Borrower and the Bank agree as follows:
		

		
			 
		

		
			l.The Credit Loan. In reliance on the representations and warranties contained herein, and upon the fulfillment of all conditions set forth herein, the Bank agrees to make advances (each an “Advance”; collectively, the “Advances”) to Borrower at any time and from time to time on or after the date hereof to and including the Maturity Date (as hereinafter defined) or the Extended Maturity Date (as hereinafter defined), as the case may be, pursuant to that certain Revolving Line of Credit Note, dated the date hereof (the “Note”), made by Borrower in favor of the Bank, for the purpose of Borrower’s funding the acquisition of real property (each such property, an “Acquisition Property”) by Borrower and/or any direct or indirect wholly owned subsidiary of Borrower (any directly or indirectly wholly owned subsidiary of Borrower which acquires an Acquisition Property with the proceeds of an Advance hereunder, herein an “Acquisition Subsidiary”), provided that the aggregate unpaid principal amount of the Advances shall not exceed FIFTEEN MILLION AND NO/100 DOLLARS ($15,000,000.00) (the “Credit Loan”). Notwithstanding anything contained herein to the contrary, no Advance shall be made if at any time there is an Event of Default (hereinafter defined) existing or any event has occurred, and is existing, which with the passage of time or the giving of notice, or both, would constitute an Event of Default. All Advances made to Borrower hereunder shall be payable in full upon demand of the Bank on the Maturity Date or the Extended Maturity Date, as the case may be. The Credit Loan is subject to the terms and conditions of this Agreement and the Note. Each Advance made by the Bank hereunder and each payment of principal or interest under the Note shall be noted by the Bank on its records provided that any failure to record any such information on such records shall not in any manner affect the obligation of the Borrower to make payments of principal and interest in accordance with the terms of this Agreement or the Note. Borrower hereby agrees to repay the outstanding Advances under the Credit Loan together with interest thereon as set forth in Section 3 herein. Proceeds of the Credit Loan are to be used to fund the acquisition of industrial real property in connection with Borrower’s business.  
		

		
			 
		

		
			2.Definitions.  All capitalized terms used in this Agreement, or in any certificate, report or other document, instrument or agreement executed or delivered pursuant hereto and thereto (unless otherwise indicated therein) shall have the meanings ascribed to such terms below.
		

		
			 
		

		
			Adjusted LIBOR Rate.  The LIBOR Rate multiplied by the Statutory Reserve Rate.
		

		
			
		

		
			

		 

		

			

		

		

		
			Agreement. This Agreement, as the same may be supplemented or amended from time to time.
		

		
			Applicable Interest Rate. The Adjusted LIBOR Rate plus 275 basis points per annum. 
		

		
			Breakage Costs.  An amount equal to all costs Bank sustains in breaking or unwinding any Advance at the Applicable Interest Rate, and all expenses that Bank sustains or incurs as a result of prepayment or receipt of principal with respect to a loan bearing interest at the Applicable Interest Rate on a day other than the last day of the then current Interest Period.
		

		
			Business Day. Business Day means (a) for all purposes other than as set forth in clause (b) below, any day other than a Saturday, a Sunday or a day on which commercial banks located in Hartford, Connecticut are authorized or required by law or other governmental action to close, and (b) with respect to all notices and determinations in connection with, and payments of principal and interest on, Advances, any day which is a Business Day described in clause (a) above and which is also a day on which funding in Dollars between banks may be carried on in London, England.
		

		
			Interest Periods. Each Interest Period shall consist of one (1) month, provided, however:
		

			
	
			
				 (i)
			all payment dates herein shall be subject to and adjusted in accordance with the “Modified Following Business Day Convention”. The Modified Following Business Day Convention shall mean the convention for adjusting any relevant date if it would otherwise fall on a day that is not a Business Day and provides that, in such event, such date shall be adjusted to the first following day that is a Business Day, except that if such following day shall be a day in the following month, such date shall be adjusted to be the immediately preceding Business Day;

			
	
			
				 (ii)
			any Interest Period which begins on a day for which there is no numerically corresponding day in the calendar month during which such Interest Period is to end, shall (subject to clause (i) above) end on the last day of such calendar month; and

			
	
			
				 (iii)
			no Interest Period shall end after the Maturity Date.

		
			LIBOR Advance and LIBOR Loan.  When used in reference to any Advance or Loan, refers to whether such Advance or Loan bears interest at a rate determined by reference to the Adjusted LIBOR Rate.
		

		
			LIBOR Rate.  Means, with respect to the Interest Period applicable to any LIBOR Advance, a rate of interest per annum, as determined by the Bank, equal to the rate for deposits in U.S. Dollars for a period of one month, which appears on Reuters Page ‘LIBOR01’ (or such other page as may replace the LIBOR Page on that service for the purpose of displaying such rates or such other service as may be nominated by the ICE Benchmark Administration, for the purpose of displaying London interbank offered rates for Dollar deposits) as of 11:00 a.m., London time, on the day that is two (2) Business Days prior to the first day of such Interest Period.  In the event that the LIBOR Rate ever falls below zero, the LIBOR Rate shall be deemed to be zero for purposes of this definition.
		

		
			
		

		
			

		 

		

			2

		

		

			

		

		

		
			Loan. The loan evidenced by the Note and made by the Bank pursuant to the terms and conditions of this Agreement.
		

		
			Loan Year. Shall mean each successive period of twelve (12) consecutive months which fall during the Revolving Credit Period, beginning on the date hereof.
		

		
			Maturity Date.  September 30, 2021, subject to a one-year extension as set forth in Section 7 hereof.
		

		
			Note.  The Revolving Line of Credit Note attached hereto as Exhibit A evidencing the Loan.
		

		
			Revolving Credit Period. The period beginning on the date of this Agreement and extending through and including the earlier of (i) Maturity Date, as extended to the Extended Maturity Date, if applicable, or (ii) the date on which the commitment to make advances under the Loan is terminated in accordance with the terms hereof.
		

		
			Statutory Reserve Rate.  A fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board of Governors of the Federal Reserve System of the United States to which a lender is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of such Board). Such reserve percentages shall include those imposed pursuant to such Regulation D.  LIBOR Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to the affected lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.
		

		
			Unused Line Fee.  Shall have the meaning set forth in Section 6 hereof.
		

		
			3.Interest Rate and Payments.
		

		
			 
		

		
			A.During the initial term (the “Initial Term”):
		

		
			 
		

		
			(i)Commencing October 1, 2019 and on the first day of each calendar month thereafter up to and including September 1, 2021, Borrower shall make monthly payments of interest only on any Advances outstanding under the Credit Loan, calculated at the Applicable Interest Rate (hereinafter defined), as well as any other sums that may be due pursuant to the Note or this Agreement. Said payments, as and when received by the Bank, shall be applied by it first, to the payment of any late charges due hereunder; second, to the payment of interest computed at the Applicable Interest Rate; and the balance, if any, toward the satisfaction of the outstanding Advances under the Credit Loan; and
		

		
			 
		

		
			(ii)The entire outstanding Advances under the Credit Loan, together with all interest accrued and unpaid thereon calculated at the Applicable Interest Rate and all other sums due under the Note, this Agreement or any other document executed and delivered by Borrower to the Bank in connection with the Credit Loan, including but not limited to the Mortgage Loan Documents (as hereinafter defined; collectively, the “Other Security
		

		
			
		

		
			

		 

		

			3

		

		

			

		

		

		
			 Documents”), shall be due and payable on September 30, 2021 (the “Maturity Date”), unless extended in accordance with Section 3B (ii) hereof, or sooner as provided herein.
		

		
			B.If the Credit Loan is extended for one (1) additional period of one (1) year (the “Extended Term”) in accordance with Section 7 hereof:
		

		
			(i)Commencing October 1, 2021 and on the first day of each calendar month of the Extended Term up to and including September 1, 2022, Borrower shall make monthly payments of interest only on any Advances outstanding under the Credit Loan, calculated at the Applicable Interest Rate, as well as any other sums that may be due pursuant to the Note or this Agreement. Said payments, as and when received by the Bank, shall be applied by it first, to the payment of any late charges due hereunder; second, to the payment of interest computed at the Applicable Interest Rate; and the balance, if any, toward the satisfaction of the outstanding Advances under the Credit Loan; and
		

		
			 
		

		
			(ii)The entire outstanding Advances under the Credit Loan, together with all interest accrued and unpaid thereon calculated at the Applicable Interest Rate and all other sums due under the Note, this Agreement or the Other Security Documents shall be due and payable on September 30, 2022 (the “Extended Maturity Date”) or sooner as provided herein.
		

		
			 
		

		
			C.Interest shall be calculated on the basis of the actual number of days elapsed in a 360 day year.
		

		
			4.Prepayments. Borrower shall have the right to prepay outstanding Advances under the Credit Loan in whole at any time or in part from time to time, upon payment of any Breakage Costs (as defined in Section 2 above) without premium or penalty and principal amounts repaid may be re-borrowed, in whole or in part, up to the Credit Loan and subject to the terms of this Agreement. Prepayments shall be applied first, to the payment of any late charges due hereunder; second, to the payment of interest computed at the Applicable Interest Rate; and the balance, if any, toward the outstanding principal balance of the Advances in the inverse order of their date of advancement. Prepayments shall not affect the duty of Borrower to pay interest when due (except for the amount of such interest to which such prepayment has been applied as provided above) or change the amount of such interest payments and shall not affect or impair the right of the Bank to pursue all remedies available to the Bank under this Agreement, the Note or the Other Security Documents.    
		

		
			 
		

		
			5.Notice of Borrowing.  Borrower shall give Bank notice of its request for an Advance under the Credit Loan in accordance with the terms set forth in the Conditions to Advance set forth in Section 8 below (each, a “Request”).  Each Request shall constitute a representation and warranty by Borrower that (i) no Event of Default or event which with the passing of time or the giving of notice, or both, would constitute an Event of Default has occurred and (ii) the representations and warranties of Borrower under this Agreement shall be deemed true and correct as of the effective date of such Advance unless otherwise disclosed to the Bank in writing prior thereto. If any day on which an Advance is to be made is a day on which banks in the Hartford, Connecticut area are permitted to close, such Advance will be made on the next succeeding Business Day.     
		

		
			 
		

		
			6.Fees.   Upon execution of this Agreement, Borrower shall pay a fee of 1/2 of one percent (0.50%) of the maximum face amount of the Credit Loan.  Borrower shall pay on each anniversary of the date hereof the following fee (the “Unused Line Fee”):  (i) 1/8th of 
		

		
			
		

		
			

		 

		

			4

		

		

			

		

		

		
			one percent (0.125%) of the average undrawn portion of the Credit Loan, if the average outstanding Advances of the Credit Loan, calculated on a twelve (12) month basis for the preceding twelve (12) months, are equal to or less than one hundred percent (100%) of the Credit Loan.    Borrower hereby acknowledges and agrees that the Bank is authorized to pay itself the foregoing fees  on the dates specified herein.
		

		
			7.Extension Option.  The Credit Loan shall expire on the Maturity Date. Notwithstanding the foregoing, Borrower shall have the option to extend the Credit Loan for one (1) additional period of one (1) year (the “Extension Option”), but only if (a) no default exists under this Agreement, the Note or the Other Security Documents at the time the Extension Notice (as hereinafter defined) is given, and on the Maturity Date, (b) in order to elect the Extension Option, Borrower so elects by written notice (the “Extension Notice”) to the Bank delivered in accordance with the requirements of this Agreement not later than thirty (30) nor earlier than ninety (90) days prior to the Maturity Date, (c) Borrower shall execute all documents the Bank determines are reasonably necessary to extend the Credit Loan, (d) there shall be no material adverse change in the financial condition of Borrower, in each instance determined by the Bank in its sole discretion, and (e) Borrower shall pay all costs and expenses incurred in connection with such extension, including, but not limited to, the Bank's attorneys' fees and disbursements, payable upon Bank’s confirmation that Borrower’s exercise of the Extension Option has been accepted.
		

		
			8.Conditions to Advance.  In addition to any other requirements or conditions set forth in this Agreement, Borrower shall satisfy each of the following conditions prior to any Advance to Borrower for Borrower’s or Borrower’s Acquisition Subsidiary’s acquisition of an Acquisition Property (the “Conditions to Advance”):
		

		
			 
		

			
	
			
				 (a)
			Each Advance shall not exceed sixty five percent (65%) of the purchase price of the Acquisition Property for which such Advance is to be made. Borrower shall provide to Bank a copy of the executed agreement of purchase and sale with respect to each Acquisition Property at least twenty (20) days prior to the date of the requested Advance, and shall promptly provide copies to Bank of each executed  amendment thereto.

		
			 
		

			
	
			
				 (b)
			At all times during the term of the Credit Loan, Borrower shall maintain a minimum debt service coverage ratio (“DSCR”) of the aggregate Acquisition Property equal to or greater than 1.25x based on the greater of ten (10) year Treasury plus two hundred fifty (250) basis points or a rate of 5.5% and a 25-year amortization.  This covenant shall be tested annually at the end of each of Borrower’s fiscal years during the term of the Credit Loan.   

		
			 
		

			
	
			
				 (c)
			In the event an Acquisition Property has insufficient cash flow (i.e. cash flow with a DSCR of less than 1.25x) to support the Advance to be made to acquire such Acquisition Property, Bank may, in Bank’s commercially reasonable discretion, approve an Advance for the acquisition of such Acquisition Property in an amount equal to fifty percent (50%) of the value of such Acquisition Property.

		
			 
		

			
	
			
				 (d)
			

			
	
			
			     Each Acquisition Property shall be industrial in nature.

		
			 
		

			
	
			
				 (e)
			Borrower shall obtain and provide to Bank, at least ten (10) business days prior to the date of the requested Advance, a Phase I Environmental Site Assessment that is (i) prepared by an environmental professional qualified under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (CERCLA),

		
			
		

		
			

		 

		

			5

		

		

			

		

		

		
			(ii) in compliance with standard ASTM and AAI Rule guidelines, (iii) less than 6 months old, (iv) identifying no recognized environmental conditions, and (v) concluding that no further action or assessment is recommended with respect to the subject Acquisition Property.
		

		
			 
		

			
	
			
				 (f)
			Borrower shall provide to Bank copies of all leases together with a certified rent roll pertaining to each Acquisition Property sufficient in form and substance to compute the required DSCR at least twenty (20) days prior to the date of the requested Advance.

		
			 
		

			
	
			
				 (g)
			Borrower shall promptly provide additional financial information reasonably requested by Bank.

		
			 
		

			
	
			
				 (h)
			Borrower shall provide Bank evidence of property and liability insurance coverage with respect to the Acquisition Property, in form and substance satisfactory to Bank.

		
			 
		

		
			(i)If title to an Acquisition Property is to be acquired by an Acquisition Subsidiary instead of by Borrower directly, Borrower shall provide Bank with copies of all organizational documents of such direct or indirect wholly owned subsidiary evidencing its (their) existing and organizational structure and governance.
		

		
			 
		

		
			(j)Borrower shall not be in default under the Note, this Agreement, any mortgage now or hereafter securing the Credit Loan, or the Other Security Documents, and such Advance shall not result in a violation of any of the Financial Covenants (as hereinafter defined).
		

		
			 
		

		
			9. Right of First Offer to Finance. Within thirty (30) days following an Advance by Bank hereunder, Borrower shall provide Bank with a written notice setting forth a description in reasonable detail of Borrower’s request for permanent financing for such Acquisition Property (a “Request for Financing”).  In the event that, within fifteen (15) days following Bank’s receipt of such Request for Financing from Borrower, Bank delivers to Borrower a term sheet setting forth the terms under which Bank is prepared to make a loan for the financing of the Acquisition Property (the “Financing Proposal”), Borrower and Bank shall discuss applicable terms, and if the parties are able to reach agreement on loan terms, Borrower shall satisfy Bank’s standard due diligence requirements and Bank and Borrower (or if title to the applicable Acquisition Property is held by an Acquisition Subsidiary, such Acquisition Subsidiary) shall use reasonable efforts to consummate such financing on or prior to the date that is one hundred thirty-five days (135) following the date on which the Advance was made with respect to the applicable Acquisition Property.  In the event Bank does not so deliver the Financing Proposal or if the parties are unable to reach agreement on terms acceptable to each of them, Borrower shall (i) diligently seek other financing with respect to such Acquisition Property, (ii) keep Bank apprised of the progress of its discussions regarding such other financing and the anticipated closing date, and (iii) if Borrower does not expect to close alternate financing within one hundred thirty five (135) days following the date on which the Advance was made with respect to the applicable Acquisition Property, deliver the Property Due Diligence Items (as hereinafter defined) to Bank within one hundred (100) days following the date on which the Advance was made with respect to the applicable Acquisition Property (the “Due Diligence Deadline”).  Bank agrees to provide Borrower with a list of its Property Due Diligence Items at least forty-five (45) days prior to the Due Diligence Deadline.
		

		
			
		

		
			

		 

		

			6

		

		

			

		

		

		
			10.Property Due Diligence Items.  In connection with each Acquisition Property, Borrower shall deliver to Bank for Bank’s review and approval, on or before the Due Diligence Deadline for such Acquisition Property, such due diligence items as Bank typically requires in connection with a commercial mortgage loan transaction (the “Property Due Diligence Items”), including but not limited to:
		

		
			 
		

			
	
			
				 (i)
			

			
	
			
			A Commitment to issue a lender’s title insurance policy for the Acquisition Property in form and substance satisfactory to Bank and copies of all referenced documents.  Such policy shall be issued at closing.

			
	
			
				 (ii)
			

			
	
			
			An ALTA Survey of the Acquisition Property certified to Bank and the title company.

			
	
			
				 (iii)
			

			
	
			
			Copies of all leases, licenses agreements, service agreements, management agreements and other contracts affecting the Acquisition Property and, to the extent required by Bank, subordination, non-disturbance and attornment agreements and estoppel certificates.

			
	
			
				 (iv)
			

			
	
			
			Organizational documents of Borrower or if title to the applicable Acquisition Property is held by an Acquisition Subsidiary, such Acquisition Subsidiary’s organizational documents and UCC/litigation/bankruptcy searches required by Bank.

			
	
			
				 (v)
			

			
	
			
			Legal Opinion.

			
	
			
				 (vi)
			

			
	
			
			Evidence that the Acquisition Property complies with all zoning requirements.

			
	
			
				 (vii)
			

			
	
			
			Property Condition Report.

		
			 
		

		
			In the event that Bank does not find the Property Due Diligence Items satisfactory, in Bank’s commercially reasonable discretion, Bank shall so notify Borrower, in writing, and upon receipt of such written notification the portion of the Credit Line allocable to the Advance to acquire such Acquisition Property shall become immediately due and payable.
		

		
			 
		

		
			11.Acquisition Property as Security.  
		

		
			 
		

		
			On or before the date that is one hundred thirty-five (135) days following the date of the Advance in connection with an Acquisition Property (the “Advance Repayment Deadline”), Borrower shall either (i) repay the portion of the Credit Line allocable to such Advance, or (ii) execute and deliver, or cause the execution and delivery of, the Mortgage Loan Documents (hereinafter defined) to Bank together with the Property Due Diligence Items to be delivered at closing, each in form and substance satisfactory to Bank and at Borrower’s sole cost and expense. The Mortgage Loan Documents shall be promptly filed or recorded, as applicable.  In the event Borrower does not satisfy either of the conditions set forth in this Section 11 on or before the Advance Repayment Deadline, the portion of the Credit Line allocable to such Advance shall become immediately due and payable. 
		

		
			 
		

		
			Borrower shall pay all costs and expenses in connection with the Mortgage Loan Documents.  Borrower agrees to use diligent and commercially reasonable efforts to cooperate with Bank to enter into the Mortgage Loan Documents in accordance with this Section 11.
		

		
			 
		

		
			The Mortgage Loan Documents shall consist of:
		

		
			 
		

			
	
			
				 (a)
			A first priority Open-End Mortgage and Security Agreement to be filed in the appropriate land records, given by Borrower or the applicable Acquisition Subsidiary

		
			
		

		
			

		 

		

			7

		

		

			

		

		

		
			in favor of the Bank, encompassing Borrower’s or such Acquisition Subsidiary’s right, title and interest in and to (i) the fee estate in the Acquisition Property, (ii) all land, improvements, furniture, fixtures, equipment and other assets (including, without limitation, contracts, contract rights, accounts, licenses and permits and general intangibles), including all after-acquired property, owned, or in which the owner of the applicable Acquisition Property has or obtains any interest, in connection with the applicable Acquisition Property, (iii) all insurance proceeds and other proceeds therefrom, and (iv) all other assets of the owner of the applicable Acquisition Property whether now owned or hereafter acquired and located at and used exclusively at the applicable Acquisition Property, but excluding general business assets of Borrower used at its office in the building known as 204 West Newberry Road.
		

		
			 
		

			
	
			
				 (b)
			A first priority assignment of leases and rents for the benefit of Bank, with respect to all leases, subleases and occupancy rights of the Acquisition Property and all income and profits to be derived from the operation and leasing of the Acquisition Property.

		
			 
		

			
	
			
				 (c)
			An environmental indemnification agreement given by Borrower for the benefit of Bank with respect to environmental matters affecting the Acquisition Property.

		
			 
		

			
	
			
				 (d)
			A collateral assignment of all contracts for the benefit of the Bank, including, but not limited to, development contracts, operating agreements, licenses, insurance proceeds, management agreements, and other agreements and plans, specifications and permits affecting the Acquisition Property.

		
			 
		

			
	
			
				 (e)
			Uniform Commercial Code Financing Statements in favor of the Bank giving notice of a security interest in collateral related to the Acquisition Property, to be filed in the appropriate public records.

		
			 
		

			
	
			
				 (f)
			A legal opinion of counsel to Borrower and, if applicable, the Acquisition Subsidiary which owns the applicable Acquisition Property, regarding the existence of Borrower and, if applicable, such Acquisition Subsidiary, and the enforceability of the other Mortgage Loan Documents.

		
			 
		

			
	
			
				 (g)
			Such other documents reasonably required by Bank to effectuate the intent of this Section 11.

		
			 
		

		
			12.Representations and Warranties. Borrower makes the following representations and warranties, all of which shall be deemed to be continuing representations and warranties so long as any part of the Credit Loan is unpaid or as otherwise specifically provided herein below:
		

		
			 
		

		
			(a)Good Standing and Authority.  Borrower is corporation, duly organized, validly existing and in good standing under the laws of the State of Delaware, authorized to do business in the State of Connecticut. Borrower has the power and authority to transact the business in which it is engaged; is duly licensed or qualified and in good standing in each jurisdiction in which the conduct of its business or ownership of property requires such licensing or such qualification; and has all necessary power and authority to enter into this Agreement and to execute, deliver and perform this Agreement, the Note and the Other
		

		
			
		

		
			

		 

		

			8

		

		

			

		

		

		
			Security Documents, all of which have been duly authorized by all proper and necessary corporate and shareholder action, as appropriate. The execution and delivery of this Agreement, the Note and the Other Security Documents is not and will not be in violation of any agreement to which Borrower is a party. No consent of any kind is required for Borrower to enter into or perform this Agreement or to execute and deliver the Note.
		

		
			 
		

		
			(b)Financial Condition.  Borrower has furnished to the Bank its most current financial statements, which fairly represent the results of the operations and transactions of Borrower as of the dates and for the period referred to therein, and have been prepared in accordance with generally accepted accounting principles consistently applied (“GAAP”) during each interval involved and from interval to interval. As of the date hereof, there have not been any materially adverse changes in the financial condition of Borrower which have a material adverse impact on Borrower's ability to perform its obligations with respect to the Credit Loan.
		

		
			 
		

		
			(c)Taxes.  Borrower has duly filed all consolidated federal and other tax returns required to be filed and has duly paid all taxes required by such returns. Borrower has not received any notice from the Internal Revenue Service or any other taxing authority proposing additional unpaid taxes, except as otherwise disclosed to the Bank.
		

		
			 
		

		
			(d)Litigation.  There are not any actions, suits, proceedings or investigations pending or, to the knowledge of Borrower, threatened against Borrower or any basis therefor, which, if adversely determined, would, in any case or in the aggregate, adversely affect the assets, financial condition or business of Borrower or impair the right of Borrower to carry on its operations, substantially as now conducted.
		

		
			 
		

		
			(e)No Event of Default. No Event of Default has occurred and no event has occurred which with the giving of notice or lapse of time or both would constitute an Event of Default.
		

		
			 
		

		
			(f)Use of Proceeds.  Borrower shall not use any part of the proceeds of the Credit Loan to purchase or carry any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or to extend credit to others for the purpose of purchasing or carrying any margin stock.
		

		
			 
		

		
			(g)Valid and Binding.  This Agreement, the Note and the Other Security Documents to which Borrower is a party, when the same are executed and delivered, will constitute the legal, valid and binding obligations of Borrower, enforceable against the Borrower in accordance with the respective terms thereof subject to bankruptcy, insolvency and similar laws of general application affecting the rights and remedies of creditors and, with respect to the availability of the remedies of specific enforcement, subject to the discretion of the court before which any proceeding therefor may be brought.
		

		
			 
		

		
			13.Affirmative Covenants. So long as any part of the Credit Loan is unpaid, Borrower shall:
		

		
			 
		

		
			(a)  Minimum Net Worth/Total Shareholder’s Equity.  Maintain total shareholder's equity and minimum net worth of not less than Eighty Million ($80,000,000) Dollars. 
		

		
			
		

		
			

		 

		

			9

		

		

			

		

		

		
			(b)Current Liquidity.   Maintain a minimum liquidity of $5,000,000.  Liquidity shall include availability under the lines of credit and ATM equity shelf offering, in accordance with the universal shelf registration statement on Form S-3 filed April 11, 2018 and the prospectus supplement filed with the SEC on May 10, 2018 which allow Borrower to issue and sell up to $30,000,000 of its common stock.
		

		
			 
		

		
			(c) Total Debt Plus Preferred Stock Ratio.  Maintain a ratio of total debt, plus preferred stock, to total assets not to exceed fifty (50%) percent of the total fair market value of Borrower’s assets. 
		

		
			 
		

		
			(d) Fixed Charge Coverage.  Borrower shall maintain a Fixed Charge Coverage ratio of at least 1.1:1.0.  Fixed Charge Coverage is defined as (1) EBITDA minus cash income taxes, and dividends paid, divided by (2) debt service.  EBITDA is calculated as net income plus interest, taxes, depreciation, and amortization.  
		

		
			 
		

		
			(e)Taxes.  Promptly pay and discharge all of its taxes, assessments and other governmental charges (including any charged or assessed on the issuance of this Agreement) prior to the date on which penalties are attached thereto, establish adequate reserves for the payment of taxes and assessments and make all required withholding and other tax deposits; provided however, that Borrower may dispute or appeal any such charges in good faith in accordance with applicable law, provided that Borrower pays all sums required by statute during the pendency of any such proceeding and provided that no foreclosure or enforcement action which jeopardizes Bank’s security is commenced. 
		

		
			 
		

		
			(f)Litigation. Promptly notify the Bank in writing as soon as Borrower has knowledge thereof, of the institution or filing of any litigation, or governmental or regulatory proceeding against, or investigation of, Borrower: a) the outcome of which may materially and adversely affect the finances or operations of Borrower, or Borrower's ability to fulfill its obligations hereunder, or which involves more than $500,000.00, unless fully covered by insurance; or b) which questions the validity of this Agreement, the Note or the Other Security Documents, or any action taken pursuant thereto; and furnish or cause to be furnished to the Bank such information regarding any such matter as the Bank may request.
		

		
			 
		

		
			(g)Good Standing; Business. Maintain its corporate existence in good standing and remain or become duly licensed or qualified and in good standing in each jurisdiction in which the conduct of its business or ownership of its property requires such qualification or licensing; and engage only in the business conducted by it on the date of this Agreement.
		

		
			 
		

		
			(h)Operating Accounts.  Maintain its cash management and depository functions at Bank. 
		

		
			 
		

		
			(i)Financial and Operating Statements.  Borrower shall provide annual financial statements for Borrower and annual property level operating statements and rent rolls for each Acquisition Property, each in form and substance satisfactory to Bank. Borrower shall promptly provide Bank additional financial information as reasonably requested by Bank.
		

		
			 
		

		
			The covenants contained in Subsections (a) through (c) hereof shall be tested annually as of the end of Borrower’s fiscal year and Borrower shall submit all documentation
		

		
			
		

		
			

		 

		

			10

		

		

			

		

		

		
			reasonably necessary for the Bank to make its determination as to compliance to Bank. If Borrower is not in compliance with any of the covenants contained in Subsections (a) through (c) hereof as of the date of testing of such covenant, and fails to cure such breach within ninety (90) days after written notice from Bank, such breach shall constitute an Event of Default.
		

		
			 
		

		
			14.Negative Covenants.  So long as any part of the Credit Loan is unpaid, Borrower shall not:
		

		
			 
		

		
			(a)Negative Pledge. Borrower shall not guaranty any loan facilities, other than guarantees for the benefit of its subsidiaries, during the Credit Loan without the prior written consent of the Bank.  Borrower further agrees not to grant any blanket lien on all or substantially all of its assets to any other lender. Notwithstanding the foregoing, Borrower may take on additional indebtedness unrelated to any Acquisition Property and secured by other properties or groups of properties not encumbered by this Credit Loan without the prior written consent of the Bank provided that (i) Borrower is not then in default under the Note, this Agreement, any mortgage now or hereafter securing the Credit Loan, or the Other Security Documents at the time of the initial closing for such indebtedness, and (ii) the creation of such additional indebtedness would not result in a violation of any of the financial covenants of Borrower under any of such documents (the “Financial Covenants”).  If Borrower is in default under the Note, this Agreement, any mortgage now or hereafter securing the Credit Loan, or the Other Security Documents, the Bank’s prior written consent shall be required prior to Borrower incurring such additional indebtedness.  Borrower’s breach of the foregoing covenant shall constitute an Event of Default under this Agreement.
		

		
			 
		

		
			(b)Encumbrances.  Create, incur, assume or suffer to exist any mortgages, lien, security interest, pledge or other encumbrance on any Acquisition Property, except in favor of the Bank, without Bank’s prior written consent, which may be granted or withheld in Bank’s sole discretion.
		

		
			 
		

		
			(c)Sale of the Acquisition Property or Other Assets.  Convey, sell, transfer, lease (except as expressly permitted by the terms of any mortgage now or hereafter securing the Credit Loan), or sell and leaseback all or any substantial portion of any Acquisition Property, or Borrower’s business to any other person firm or corporation except in the ordinary course of business.  Notwithstanding the foregoing, Borrower may sell any Acquisition Property provided that (i) Borrower repays the portion of the Credit Line allocable to the Advance for such Acquisition Property (or repays the portion of the Credit Line which constitutes the portion of the Advance which is allocable to the property to be sold if the property to be sold is part of two or more properties constituting such Acquisition Property), and (ii) such sale would not result in a violation of any of the Financial Covenants. Sale of a portfolio of Borrower’s assets, which are not Acquisition Property, shall not be prohibited hereby, provided that such sale would not result in a violation of any of the Financial Covenants, but reasonable advance notice of any such portfolio sale shall be given to Bank in order to permit Bank to review compliance with the Financial Covenants.
		

		
			 
		

		
			(d)No Additional Direct Unsecured Indebtedness.  Borrower shall not incur any additional direct unsecured indebtedness other than (i) trade payables incurred in the ordinary course of business and (ii) unsecured indebtedness owed to Bank.
		

		
			
		

		
			

		 

		

			11

		

		

			

		

		

		
			(e)No Merger or Acquisition.  Borrower shall not dissolve or liquidate, nor merge or consolidate with or otherwise acquire all or substantially all of the assets of any other entity other than the acquisition of real estate and related improvements thereon.
		

		
			(f)Transfer of Assets.  Borrower shall not sell, convey, transfer or exchange any of its assets of any character, including without limitation any property held directly or indirectly by Borrower, or any portion thereof, whether now owned or hereafter acquired, if such sale, conveyance, transfer or exchange would result in a violation of any of the Financial Covenants.
		

		
			(g)No Change in Business.  Borrower shall not fundamentally change the nature of its business investments or operations to anything other than investment in industrial real estate and land to be developed for industrial purposes.
		

		
			(h)Ownership Structure.  Borrower shall not directly or indirectly permit any sale, transfer, exchange, assignment or pledge of any security interest in any ownership interests in Borrower that will result in a change in control of the Borrower.
		

		
			(i)Debt.  Other than as expressly approved in writing by Bank, Borrower shall not create, incur or assume any indebtedness for borrowed money (including subordinate debt) secured by all or any portion of any Acquisition Property or interest therein or in other real property owned by Borrower (including subordinate debt) other than (i) payment obligations and secured indebtedness contemplated, pursuant to, or permitted by this Agreement (including alternative permanent financing for Acquisition Properties, secured by commercially reasonable first priority permanent mortgage liens on such Acquisition Properties, as contemplated by Section 11 hereof) or the other documents evidencing or securing the Credit Loan, (ii) any new secured indebtedness created, incurred or assumed by Borrower if Borrower is not then in default under the Note, this Agreement, any mortgage now or hereafter securing the Credit Loan, or the Other Loan Documents, and such new indebtedness would not result in a violation of any of the Financial Covenants, and (iii) trade payables incurred in the ordinary course of business.
		

		
			15.Event of Default. There shall be an Event of Default hereunder if any of the following events occurs:
		

			
	
			
				 (a)
			the Borrower shall fail to pay when due any amount of principal or any amount of interest thereon or any fees or expenses payable hereunder or under the Note within ten (10) days of the due date therefor; or

			
	
			
				 (b)
			The Borrower shall fail to perform any term, covenant or agreement contained herein and such failure shall continue for thirty (30) days after written notice thereof has been sent to the Borrower by the Bank; or

			
	
			
				 (c)
			any representation or warranty of the Borrower made in this Agreement or in the Note or any other documents or agreements executed in connection with the transactions contemplated by this Agreement or in any certificate delivered hereunder shall prove to have been false in any material respect upon the date when made or deemed to have been made; or

			
	
			
				 (d)
			the Borrower shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar official of itself or of all or a substantial part of its property, (ii) be generally not paying its debts as such debts become

		
			
		

		
			

		 

		

			12

		

		

			

		

		

		
			due, (iii) make a general assignment for the benefit of its creditors, (iv) commence a voluntary case under the Federal Bankruptcy Code (as now or hereafter in effect), (v) take any action or commence any case or proceeding under any law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts, or any other law providing for the relief of debtors, (vi) fail to contest in a timely or appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the Federal Bankruptcy Code or other law, (vii) take any action under the laws of its jurisdiction of incorporation or organization similar to any of the foregoing, or (viii) take any action for the purpose of effecting any of the foregoing; or
		

			
	
			
				 (e)
			a proceeding or case shall be commenced, without the application or consent of the Borrower in any court of competent jurisdiction, seeking (i) the liquidation, reorganization, dissolution, winding up, or composition or readjustment of its debts, (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of all or any substantial part of its assets, or (iii) similar relief in respect of it, under any law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts or any other law providing for the relief of debtors, and such proceeding or case shall continue undismissed, or unstayed and in effect, for a period of 30 days; or an order for relief shall be entered in an involuntary case under the Federal Bankruptcy Code, against the Borrower; or

			
	
			
				 (f)
			a judgment or order for the payment of money shall be entered against the Borrower by any court, or a warrant of attachment or execution or similar process shall be issued or levied against property of the Borrower, that in the aggregate exceeds $100,000 in value and such judgment, order, warrant or process shall continue undischarged or unstayed for 30 days.

			
	
			
				 (g)
			a default occurs under any of the Mortgage Loan Documents which continues beyond any applicable notice and cure period.

		
			16.Remedies.  Upon the happening of one or more Events of Default which continues beyond any applicable notice, grace or cure periods, the Note shall become immediately due and payable, without presentation, demand or notice of any kind to Borrower, and the Bank may pursue any and all remedies provided for hereunder, or under the Note or any one or more of the Other Security Documents.
		

		
			17.Default Rate.  Upon the occurrence of an Event of Default which continues beyond any applicable notice, grace or cure periods, and during the continuance thereof, the Bank shall be entitled to receive and Borrower shall pay interest on the entire unpaid principal balance of the Note at a rate that is the lesser of five percent (5%) per annum over the Applicable Interest Rate, or the maximum rate permitted by applicable law (the “Default Rate”). The Default Rate shall be computed from the occurrence of the Event of Default until the earlier of (i) the date upon which the Event of Default is cured or (ii) the date upon which the outstanding Advances are paid in full. Interest calculated at the Default Rate shall be added to the balance of the outstanding Advances and shall be secured by any mortgages constituting part of Mortgage Loan Documents.
		

		
			18.Late Payment Charge.  If any monthly installment of principal or interest (but not including the principal due at maturity) is not paid on or prior to the tenth (10th) day after the date on which it is due, Borrower shall pay to the Bank upon demand an amount equal to the lesser of five percent (5%) of such unpaid portion of the outstanding \installment of
		

		
			
		

		
			

		 

		

			13

		

		

			

		

		

		
			principal or interest then due or the maximum amount permitted by applicable law, to defray the expense incurred by the Bank in handling and processing such delinquent payment and to compensate the Bank for the loss of the use of such delinquent payment, and such amount shall be secured by the Other Security Documents.
		

		
			 
		

		
			19.Termination Right; Continuation of Obligation. Borrower shall have the right at any time and from time to time upon at least five (5) Business Days' prior written notice to the Bank to (i) elect to terminate the Credit Loan and pay the entire outstanding Advances under the Credit Loan, together with all interest accrued and unpaid thereon calculated at the Applicable Interest Rate and all other sums due under the Note, this Agreement or the Other Security Documents in order to terminate the Credit Loan, in which event the Bank will have no further obligation to fund further Advances, or (ii) permanently reduce the Credit Loan available under this Agreement to an amount selected by Borrower, subject to the Bank's prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, no termination of the Credit Loan and no refusal by the Bank to make future Advances hereunder shall affect Borrower's obligations and liabilities hereunder, under the Note or the Other Security Documents or the Bank's rights, powers or remedies with respect thereto, or otherwise arising following such termination. All of the Bank's rights, liens and security interests shall continue after any termination until all obligations of Borrower to the Bank hereunder until the Note and the Other Security Documents shall have been finally paid and satisfied in full.
		

		
			 
		

		
			20.Expenses and Counsel Fees. Borrower shall reimburse the Bank promptly for all of its out-of-pocket expenses incurred in connection with this Agreement or the Credit Loan, including, without limitation, filing fees, recording fees, any taxes (other than income taxes payable by the Bank) which the Bank may be required to pay in connection with the execution and delivery of this Agreement and the Other Security Documents. Borrower shall also pay: (i) all costs and expenses of the Bank (including, without limitation, reasonable fees and disbursements of counsel) incidental to the preparation and negotiation of this Agreement and the documents referred to herein, and (ii) all costs and expenses of the Bank (including, without limitation, fees and disbursements of counsel) incidental to the protection of the rights of the Bank hereunder and the enforcement of the Bank's rights, powers and remedies hereunder and thereunder, whether by judicial proceedings or otherwise, including, without limitation, such costs and expenses incurred in the course of bankruptcy or liquidation proceedings. The obligations of Borrower hereunder shall survive the termination of this Agreement and the final and indefeasible payment in full of the outstanding Advances under the Credit Loan.
		

		
			 
		

		
			21.Miscellaneous.
		

		
			 
		

		
			(a)Amendments and Waivers.  No modification, rescission, waiver, release or amendment of any provision of this Agreement shall be made except by a written agreement signed by a duly authorized officer of Borrower and duly authorized officer of the Bank.
		

		
			 
		

		
			(b)Delays and Omissions. No delay or omission by the Bank in exercising any right or remedy hereunder or with respect to the Credit Loan shall operate as a waiver thereof or of any other right or remedy, and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right or remedy. The Bank may remedy any default by Borrower hereunder or with respect to the Credit Loan
		

		
			
		

		
			

		 

		

			14

		

		

			

		

		

		
			in any reasonable manner without waiving the default remedied and without waiving any other prior or subsequent default by Borrower, and shall be reimbursed for its expenses in so remedying such default. All rights and remedies of the Bank hereunder, under the Note and the Other Security Documents, under any other agreement and otherwise are cumulative; if any provision of this Agreement is inconsistent with any provision of any other agreement between the Bank and Borrower, the provisions of this Agreement shall control.
		

		
			(c)Successors and Assigns. Borrower and the Bank as used herein shall include the legal representatives, successors and assigns of those parties.
		

		
			(d)Governing Law. This Agreement shall be construed and interpreted in accordance with, and governed by, the laws of the State of Connecticut without regard to its principles of conflicts or choice of laws.
		

		
			(e)Usury Law.  The Note and this Agreement are subject to the express condition that at no time shall Borrower be obligated or required to pay interest or the principal balance due under the Note at a rate which could subject the Bank to either civil or criminal liability as a result of being in excess of the maximum interest rate which Borrower is permitted by applicable law to contract or agree to pay. If by the terms of the Note or this Agreement, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to the Bank for the use, forbearance, or detention of the Credit Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Note until payment in full so that the rate or amount of interest on account of the outstanding Advances does not exceed the maximum lawful rate of interest from time to time in effect and applicable to the Credit Loan for so long as the Advances are outstanding.
		

		
			(f)Inapplicable Provisions. If any provision hereof or of any other agreement made in connection herewith is held to be illegal or unenforceable, such provision shall be fully severable, and the remaining provisions of the applicable agreement shall remain in full force and effect and shall not be affected by such provision's severance; provided, however, in lieu of any such provision, there shall be added automatically as a part of the applicable agreement a legal and enforceable provision as similar in terms to the severed provision as may be possible.
		

		
			(g)Further Assurances.  At any time and from time to time, upon the reasonable request of the Bank, Borrower shall execute, deliver and acknowledge, or cause to be executed, delivered and acknowledged, such other documents or instruments and do such other acts and things as the Bank may reasonably request in order to fully effectuate the terms of this Agreement and the Other Security Documents. The foregoing may include, without limitation, executing documents to confirm the amount of the Advances outstanding under the Credit Loan from time to time, and the date and amount of payments made in respect of the Credit Loan. All such requests shall receive the full cooperation and compliance by Borrower within seven (7) Business Days of the Bank making such requests. The failure of Borrower to comply with the obligations set forth in this Subsection 20(g) shall constitute an Event of Default.
		

		
			
		

		
			

		 

		

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			(h)No Assignment. The rights and obligations of Borrower under this Agreement shall not be assigned or delegated, in whole or in part, without the prior written consent of the Bank, and any purported assignment or delegation without the prior written consent of the Bank shall be void.
		

		
			 
		

		
			(i)LIBOR Termination Provisions.  If the Bank, in its sole discretion, determines that (a) (i) the interest rate applicable to LIBOR loans cannot be readily determined or does not adequately and fairly reflect the cost of making or maintaining LIBOR Loans or (ii) deposits of a type and maturity appropriate to match fund LIBOR Loans are not available to the Bank, and such circumstances are likely to be permanent, (b) ICE Benchmark Administration (or any Person that takes over the administration of such rate) ceases its administration and publication of interest settlement rates for deposits in U.S. dollars, or (c) the supervisor for the administrator of the publication of such rates or a Governmental Authority having jurisdiction over the Bank has made a public statement identifying a specific date after which such interest settlement rate shall no longer be used for determining interest rates for loans, then the Bank shall determine an alternate rate of interest to the LIBOR rate taking into account then prevailing standards in the market for determining interest rates for commercial loans made by financial institutions in the United States at such time.  The Bank and the Borrower hereby agree to enter into an amendment to this Loan Agreement and/or the Note, if necessary, to incorporate such alternate interest rate and other accompanying changes to this Loan Agreement and/or the Note that are reasonably determined to be applicable thereto.  In the event the alternate rate of interest determined pursuant to this Section shall be less than zero, such rate shall be deemed to be zero for the purposes of this Loan Agreement.
		

		
			 
		

		
			(j)Notices.  All notices requests, reports or other communications (each, a “Notice”) required hereunder or under the Note or any Other Security Document shall be in writing and shall be deemed to have been properly given (i)  upon delivery, if delivered in person, (ii) one (1) Business Day after having been deposited for overnight delivery with any reputable overnight courier service, or (iii) three (3) Business Days after having been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by certified mail, postage prepaid, return receipt requested, addressed as follows:
		

		
			 
		

			
					
						If to Borrower:

					
					
						Griffin Industrial Realty, Inc.

				
	
					
						 

					
					
						641 Lexington Avenue, 26th Floor

				
	
					
						 

					
					
						New York, New York 10022

				
	
					
						 

					
					
						Attention: Mr. Michael Gamzon

				
	
					
						 

					
					
						President and Chief Executive Officer

				

		
			 
		

		
			
		

		

		 

		

			16

		

		

			

		

	
					
						

					
						 

					
					
						 

				
	
					
						With a copy to:

					
					
						Griffin Industrial Realty, Inc.

				
	
					
						 

					
					
						204 West Newberry Road

				
	
					
						 

					
					
						Bloomfield, Connecticut 06002

				
	
					
						 

					
					
						Attention: Mr. Anthony J. Galici

				
	
					
						 

					
					
						Vice President and Chief Financial Officer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Murtha Cullina LLP

				
	
					
						 

					
					
						CityPlace I

				
	
					
						 

					
					
						185 Asylum Street

				
	
					
						 

					
					
						Hartford, Connecticut 06103-3469

				
	
					
						 

					
					
						Attention: Thomas M. Daniells, Esq.

				

		
			 
		

		
			 
		

			
					
						If to the Bank:

					
					
						Webster Bank, N. A.

				
	
					
						 

					
					
						CityPlace II – 185 Asylum Street

				
	
					
						 

					
					
						Hartford,  Connecticut  06103

				
	
					
						 

					
					
						Attention:  James Lane, Senior Vice President

				
	
					
						 

					
					
						 

				
	
					
						With a copy to:

					
					
						Hinckley Allen & Snyder, LLP

				
	
					
						 

					
					
						20 Church Street

				
	
					
						 

					
					
						Hartford, Connecticut 06103

				
	
					
						 

					
					
						Attention: Jorie T. Andrews, Esq.,

				

		
			 
		

		
			or to such other address as any party may designate for itself by like notice.
		

		
			Either party by notice to the other may designate additional or different addresses for subsequent notices or communications.
		

		
			22.Right of Offset.  Upon the occurrence and during the continuance of any Event of Default, the Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Bank to or for the credit or the account of Borrower against any and all of the obligations of Borrower now or hereafter existing under this Agreement or the other obligations to the Bank by Borrower, whether or not the Bank shall have made any demand under this Agreement or otherwise and even if such obligation may be unmatured upon reasonable notice to Borrower. The rights of the Bank under this provision are in addition to any and all other rights and remedies available to the Bank.
		

		
			 
		

		
			23.No Oral Modification.  This Agreement embodies the entire agreement and understanding between Borrower and the Bank and supersedes all prior agreements and understandings relating to the subject matter hereof. Any modification, amendment or waiver of, or with respect to, any provision of this Agreement must be made in a writing signed by both the Bank and Borrower. This Agreement may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties hereto. There are no unwritten oral agreements among the parties. Borrower and the Bank acknowledge that each has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement and the other loan documents in connection herewith with its legal counsel and that this Agreement and the other loan documents shall be consulted as if jointly drafted by Borrower and the Bank.
		

		
			
		

		
			

		 

		

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			24.WAIVER OF TRIAL BY JURY. THE BANK AND BORROWER EACH HEREBY ABSOLUTELY, IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY OTHER LOAN INSTRUMENTS, OR ANY OTHER INSTRUMENT OR DOCUMENT EXECUTED OR DELIVERED PURSUANT TO OR OTHERWISE IN CONNECTION WITH THIS AGREEMENT. BORROWER AND THE BANK EACH AGREES THAT THE COURTS OF THE STATE OF CONNECTICUT HAVE EXCLUSIVE JURISDICTION OVER ANY ACTIONS AND PROCEEDINGS INVOLVING THIS AGREEMENT OR ANY OTHER AGREEMENT MADE IN CONNECTION HEREWITH EXCEPT AS SPECIFICALLY PROVIDED IN SUCH OTHER AGREEMENT AND BORROWER AND THE BANK HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES TO SUBMIT TO THE JURISDICTION OF SUCH COURTS FOR PURPOSES OF ANY SUCH ACTION OR PROCEEDING. BORROWER AND THE BANK EACH HEREBY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO SERVICE OF PROCESS PROVIDED THE SAME IS GIVEN IN ACCORDANCE WITH THIS AGREEMENT. FINAL JUDGMENT IN ANY SUCH PROCEEDING SHALL BE CONCLUSIVE, SUBJECT TO ANY RIGHT OF APPEAL, AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT.
		

		
			 
		

		
			[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]
		

		
			

		 

		

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			THE PARTIES HERETO have signed this Agreement as of the date written above.
		

		
			 
		

			
					
						BORROWER:

				
	
					
						 

				
	
					
						GRIFFIN INDUSTRIAL REALTY, INC.

				
	
					
						a Delaware corporation

				
	
					
						 

				
	
					
						By:  /s/Anthony Galici

				
	
					
						Name:  Anthony J. Galici

				
	
					
						Title:  Vice President and Chief Financial Officer

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

			
					
						BANK:

				
	
					
						 

				
	
					
						WEBSTER BANK, N.A,

				
	
					
						a  national banking association

				
	
					
						 

				
	
					
						By:  /s/James Lane

				
	
					
						Name:  James Lane

				
	
					
						Title:  Senior Vice President

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			(Signature page of Revolving Line of Credit Loan Agreement)
		

		
			 
		

		 

		

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