Document:

Kilroy Realty 2006 Incentive Award Plan

 Exhibit 4.12 
  
 KILROY REALTY 
 2006 INCENTIVE AWARD PLAN 
  
 ARTICLE 1.

  
 PURPOSE 
  
 The purpose of the Kilroy Realty 2006 Incentive Award Plan (the
“Plan”) is to promote the success and enhance the value of Kilroy Realty Corporation (the “Company”), Kilroy Realty, L.P. (the “Partnership”), and Kilroy Realty TRS, Inc. (the
“TRS”) by linking the personal interests of the members of the Board, Employees, and Consultants to those of Company stockholders and by providing such individuals with an incentive for outstanding performance to generate superior
returns to Company stockholders. The Plan is further intended to provide flexibility to the Company, the TRS, the Partnership and their subsidiaries in their ability to motivate, attract, and retain the services of members of the Board, Employees,
and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s, the TRS’s and the Partnership’s operation is largely dependent. 
  
 ARTICLE 2. 
  
 DEFINITIONS AND CONSTRUCTION 
  
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The
singular pronoun shall include the plural where the context so indicates. 
  
 2.1 “Award” means an Option, a Restricted Stock award, a Stock Appreciation Right award, a Performance Share award, a Performance Stock Unit award, a Dividend Equivalents award, a Stock Payment award,
a Deferred Stock award, a Restricted Stock Unit award, a Profits Interest Unit award, an Other Incentive Award, a Performance Bonus Award, or a Performance-Based Award granted to a Participant pursuant to the Plan. 
  
 2.2 “Award Agreement” means any written agreement, contract,
or other instrument or document evidencing an Award, including through electronic medium. 
  
 2.3 “Board” means the Board of Directors of the Company. 
  
 2.4 “Change in Control” means and includes each of the following: 
  
 (a) A transaction or series of transactions (other than an offering of Stock to the general public through a
registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the
Company, any of its subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control
with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company and immediately after such acquisition possesses more than 50% of the total combined
voting power of the Company’s securities outstanding immediately after such acquisition; or 
  
 (b) During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any
new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in Section 2.4(a) hereof or Section 2.4(c) hereof) whose election by the Board or
nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either 

  

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were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to
constitute a majority thereof; or 
  
 (c) The
consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other
disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 
  
 (i) Which results in the Company’s voting securities
outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly,
the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at
least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and 
  
 (ii) After which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the
Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 2.4(c)(ii) as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting
power held in the Company prior to the consummation of the transaction; or 
  
 (d) The Company’s stockholders approve a liquidation or dissolution of the Company and all material contingencies to such liquidation or dissolution have been satisfied or waived. 
  
 2.5 “Code” means the Internal Revenue Code of 1986, as
amended. 
  
 2.6 “Committee” means the committee
of the Board described in Article 12 hereof. 
  
 2.7
“Company” means Kilroy Realty Corporation, a Maryland corporation. 
  
 2.8 “Company Consultant” means any consultant or adviser if: 
  
 (a) The consultant or adviser renders bona fide services to the Company or Company Subsidiary; 
  
 (b) The services rendered by the consultant or adviser are
not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; and 
  
 (c) The consultant or adviser is a natural person who has
contracted directly with the Company or Company Subsidiary to render such services. 
  
 2.9 “Company Employee” means any officer or other employee (as defined in accordance with Section 3401(c) of the Code) of the Company or of any Company Subsidiary. 
  
 2.10 “Company Subsidiary” means (i) a corporation,
association or other business entity of which 50% or more of the total combined voting power of all classes of capital stock is owned, directly or indirectly, by the Company or by one or more Company Subsidiaries or by the Company and one or more
Company Subsidiaries, (ii) any partnership or limited liability company of which 50% or more of the capital and profits interests is owned, directly or indirectly, by the Company or by one or more Company Subsidiaries or by the Company and one
or more Company Subsidiaries, and (iii) any other entity not described in clauses (i) or (ii) above of which 50% or more of the ownership and the power, pursuant to a written contract or agreement, to direct the policies and
management or the financial and the other affairs thereof, are owned or controlled by the Company or by one or more other Company Subsidiaries or by the Company and one or more Company Subsidiaries; provided, 

  

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however, that “Company Subsidiary” shall not include the TRS, any TRS Subsidiary, the Partnership or any Partnership Subsidiary. 

 
 2.11 “Consultant” means any Company Consultant, TRS
Consultant or Partnership Consultant. 
  
 2.12 “Covered
Employee” means a Company Employee who is, or could be, a “covered employee” within the meaning of Section 162(m) of the Code. 
  
 2.13 “Deferred Stock” means a right to receive a specified number of shares of Stock during specified time periods pursuant to
Section 8.5 hereof. 
  
 2.14 “Disability”
means that the Participant qualifies to receive long-term disability payments under the Company’s or the Partnership’s long-term disability insurance program, as it may be amended from time to time. 
  
 2.15 “Dividend Equivalents” means a right granted to a
Participant pursuant to Section 8.3 hereof to receive the equivalent value (in cash or Stock) of dividends paid on Stock. 
  
 2.16 “Effective Date” shall have the meaning set forth in Section 13.1 hereof. 
  
 2.17 “Eligible Individual” means any person who is an
Employee, a Consultant, a member of the Board or a TRS Director, as determined by the Committee. 
  
 2.18 “Employee” means any Company Employee, TRS Employee or Partnership Employee. 
  
 2.19 “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
  
 2.20 “Fair Market Value”
means, as of any given date, (a) if Stock is traded on an exchange, the closing price of a share of Stock as reported in the Wall Street Journal for the first trading date immediately prior to such date during which a sale occurred, or, (b)
such other determination of the fair market value of a share of Stock as established from time to time by the Committee acting in good faith. 
  
 2.21 “Incentive Stock Option” means an Option that is intended to meet the requirements of Section 422 of the Code or any successor
provision thereto. 
  
 2.22 “Independent
Director” means a member of the Board who is not an Employee of the Company. 
  
 2.23 “Non-Employee Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) under the Exchange Act, or any successor rule. 

 
 2.24 “Non-Qualified Stock Option” means an Option that is
not intended to be an Incentive Stock Option. 
  
 2.25
“Option” means a right granted to a Participant pursuant to Article 5 hereof to purchase a specified number of shares of Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or
a Non-Qualified Stock Option. 
  
 2.26 “Other Incentive
Award” means an Award granted pursuant to Section 8.8 of the Plan. 
  
 2.27 “Participant” means any Eligible Individual who, as a member of the Board, Consultant, Employee, or TRS Director, has been granted an Award pursuant to the Plan. 
  
 2.28 “Partnership” means Kilroy Realty, L.P., a Delaware
limited partnership. 
  

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 2.29 “Partnership Agreement” means the Fifth Amended and Restated Agreement of Limited
Partnership of Kilroy Realty, L.P., as the same may be amended, modified or restated from time to time. 
  
 2.30 “Partnership Consultant” means any consultant or advisor if: 
  
 (a) The consultant or adviser renders bona fide services to the Partnership or Partnership Subsidiary;

  
 (b) The services rendered by the consultant
or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Partnership’s securities; and 
  
 (c) The consultant or adviser is a natural person who has
contracted directly with the Partnership or Partnership Subsidiary to render such services. 
  
 2.31 “Partnership Employee” means any employee (as defined in accordance with Section 3401(c) of the Code) of the Partnership or any entity which is then a Partnership Subsidiary. 
  
 2.32 “Partnership Participant Purchased Shares” has the
meaning set forth in Section 5.4. 
  
 2.33
“Partnership Purchase Price” has the meaning set forth in Section 5.4. 
  
 2.34 “Partnership Purchased Shares” has the meaning set forth in Section 5.4. 
  
 2.35 “Partnership Subsidiary” means (i) a corporation, association or other business entity of which 50% or more of the total
combined voting power of all classes of capital stock is owned, directly or indirectly, by the Partnership or by one or more Partnership Subsidiaries or by the Partnership and one or more Partnership Subsidiaries, (ii) any partnership or
limited liability company of which 50% or more of the capital and profits interests is owned, directly or indirectly, by the Partnership or by one or more Partnership Subsidiaries or by the Partnership and one or more Partnership Subsidiaries, and
(iii) any other entity not described in clauses (i) or (ii) above of which 50% or more of the ownership and the power, pursuant to a written contract or agreement, to direct the policies and management or the financial and the other
affairs thereof, are owned or controlled by the Partnership or by one or more other Partnership Subsidiaries or by the Partnership and one or more Partnership Subsidiaries; provided, however, that “Partnership Subsidiary” shall not
include the TRS or any TRS Subsidiary. 
  
 2.36
“Performance-Based Award” means an Award, other than an Option or SAR, granted to selected Covered Employees, which the Committee determines shall be subject to the terms and conditions set forth in Article 9 hereof. All
Performance-Based Awards are intended to qualify as Qualified Performance-Based Compensation. 
  
 2.37 “Performance Bonus Award” has the meaning set forth in Section 8.9 hereof. 
  
 2.38 “Performance Criteria” means the criteria that the Committee selects for purposes of establishing the Performance Goal or
Performance Goals for a Participant for a Performance Period. The Performance Criteria that will be used to establish Performance Goals are limited to the following: net earnings (either before or after interest, taxes, depreciation and
amortization), economic value-added, sales or revenue, net income (either before or after taxes), operating earnings, cash flow (including, but not limited to, operating cash flow and free cash flow), cash flow return on capital, return on net
assets, return on stockholders’ equity, return on assets, return on capital, stockholder returns, return on sales, gross or net profit margin, productivity, expense, margins, operating efficiency, tenant satisfaction, working capital, earnings
per share, price per share of Stock, and market share, any of which may be measured either in absolute terms, by comparison to comparable performance in an earlier period or periods, or as compared to results of a peer group, industry index, or
other company or companies. The Committee shall define in an objective fashion the manner of calculating the Performance Criteria it selects to use for such Performance Period for such Participant. The Committee may use other performance criteria as
a basis for exercising negative discretion or in connection with an Award other than a Performance-Based Award. 
  

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 2.39 “Performance Goals” means, for a Performance Period, the goals established in
writing by the Committee for the Performance Period based upon the Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall performance of the
Company, the TRS, the Partnership, any Subsidiary, or the performance of a division, business unit, or an individual. The Committee, in its discretion, may, within the time prescribed by Section 162(m) of the Code, adjust or modify the
calculation of Performance Goals for such Performance Period in order to prevent the dilution or enlargement of the rights of Participants (a) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction,
event, or development, or (b) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, the TRS, the Partnership or any Subsidiary, or the financial statements of the Company, the TRS, the
Partnership or any Subsidiary, or in response to, or in anticipation of, changes in applicable laws, regulations, accounting principles, or business conditions. 
  

2.40 “Performance Period” means the one or more periods of time, which may be of varying and overlapping durations, as the Committee
may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance-Based Award. 
  
 2.41 “Performance Share” means a right granted to a
Participant pursuant to Section 8.1 hereof, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee. 
  
 2.42 “Performance Stock Unit” means a right granted to a
Participant pursuant to Section 8.2 hereof, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee. 
  
 2.43 “Plan” means this Kilroy Realty 2006 Incentive Award
Plan, as it may be amended from time to time. 
  
 2.44
“Profits Interest Unit” means to the extent authorized by the Partnership Agreement, a unit of the Partnership that is intended to constitute a “profits interest” within the meaning of the Code, Treasury Regulations
promulgated thereunder, and any published guidance by the Internal Revenue Service with respect thereto. 
  
 2.45 “Qualified Performance-Based Compensation” means any compensation that is intended to qualify as “qualified performance-based
compensation” as described in Section 162(m)(4)(C) of the Code. 
  
 2.46 “REIT” means a real estate investment trust within the meaning of Sections 856 through 860 of the Code. 
  
 2.47 “Restricted Stock” means Stock awarded to a Participant pursuant to Article 6 hereof that is subject to certain restrictions and may
be subject to risk of forfeiture. 
  
 2.48 “Restricted
Stock Unit” means an Award granted pursuant to Section 8.6 hereof. 
  
 2.49 “Securities Act” shall mean the Securities Act of 1933, as amended. 
  
 2.50 “Stock” means the common stock of the Company, par value $.01 per share, and such other securities of the Company that may be
substituted for Stock pursuant to Article 11 hereof. 
  
 2.51
“Stock Appreciation Right” or “SAR” means a right granted pursuant to Article 7 hereof to receive a payment equal to the excess of the Fair Market Value of a specified number of shares of Stock on the date the SAR
is exercised over the Fair Market Value on the date the SAR was granted as set forth in the applicable Award Agreement. 
  

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 2.52 “Stock Payment” means (a) a payment in the form of shares of Stock, or
(b) an option or other right to purchase shares of Stock, as part of any bonus, deferred compensation or other arrangement, made in lieu of all or any portion of the compensation, granted pursuant to Section 8.4 hereof. 
  
 2.53 “Subsidiary” means any Company Subsidiary, TRS
Subsidiary or Partnership Subsidiary. 
  
 2.54
“TRS” means Kilroy Realty TRS, Inc., a Delaware corporation. 
  
 2.55 “TRS Consultant” means any consultant or advisor if: 
  
 (a) The consultant or adviser renders bona fide services to the TRS or TRS Subsidiary; 
  
 (b) The services rendered by the consultant or adviser are
not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; and 
  
 (c) The consultant or adviser is a natural person who has
contracted directly with the TRS or TRS Subsidiary to render such services. 
  
 2.56 “TRS Director” means a member of the Board of Directors of the TRS. 
  
 2.57 “TRS Employee” means any officer or other employee (as defined in accordance with Section 3401(c) of the Code) of the TRS or of
any corporation, partnership or limited liability company which is then a TRS Subsidiary. 
  
 2.58 “TRS Participant Purchased Shares” has the meaning set forth in Section 5.5. 
  
 2.59 “TRS Purchase Price” has the meaning set forth in Section 5.5. 
  
 2.60 “TRS Purchased Shares” has the meaning set forth in Section 5.5. 
  
 2.61 “TRS Subsidiary” means (i) a corporation,
association or other business entity of which 50% or more of the total combined voting power of all classes of capital stock is owned, directly or indirectly, by the TRS or by one or more TRS Subsidiaries or by the TRS and one or more TRS
Subsidiaries, (ii) any partnership or limited liability company of which 50% or more of the capital and profits interests is owned, directly or indirectly, by the TRS or by one or more TRS Subsidiaries or by the TRS and one or more TRS
Subsidiaries, and (iii) any other entity not described in clauses (i) or (ii) above of which 50% or more of the ownership and the power, pursuant to a written contract or agreement, to direct the policies and management or the
financial and the other affairs thereof, are owned or controlled by the TRS or by one or more other TRS Subsidiaries or by the TRS and one or more TRS Subsidiaries. 
  
 ARTICLE 3. 
  
 SHARES SUBJECT TO THE PLAN 
  
 3.1 Number of Shares. 
  
 (a) Subject to Article 11 hereof and Section 3.1(b) hereof, the aggregate number of shares of Stock which may be issued or
transferred pursuant to Awards under the Plan is 1,535,000. 
  
 (b) To the extent that an Award terminates, expires, lapses for any reason, or is settled in cash, any shares of Stock subject to the Award shall again be available for the grant of an Award pursuant to the Plan.
Additionally, any shares of Stock tendered or withheld to satisfy the grant or exercise price or tax withholding obligation with respect to any Award shall not be counted as issued or transferred to the 

  

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Participant under the Plan and shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by applicable law or any
exchange rule, shares of Stock issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company or any Subsidiary shall not be counted against shares of Stock available for
grant pursuant to this Plan. Each Profits Interest Unit issued pursuant to an Award shall count as one share of Stock for purposes of calculating the aggregate number of shares of Stock available for issuance under the Plan as set forth in
Section 3.1(a) and for purposes of calculating the share limitation set forth in Section 3.3. To the extent that a SAR is exercised for Stock, only the number of shares actually issued or transferred upon such exercise will be counted for
purposes of calculating the aggregate number of shares of Stock available for issuance under the Plan as set forth in Section 3.1(a). The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards, shall not be counted
against the shares available for issuance or transfer under the Plan. Notwithstanding the provisions of this Section 3.1(b), no shares of Stock may again be optioned, granted or awarded if such action would cause an Incentive Stock Option to
fail to qualify as an incentive stock option under Section 422 of the Code. 
  
 3.2 Stock Distributed.    Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market.

  
 3.3 Limitation on Number of Shares Subject to
Awards.    Notwithstanding any provision in the Plan to the contrary, and subject to Article 11 hereof, the maximum number of shares of Stock with respect to one or more Awards that may be granted to any one Participant
during any calendar year shall be 500,000 and, with respect to one or more Awards to any one Participant which are not denominated in Stock or otherwise for which the foregoing limitation would not be an effective limitation, the maximum amount that
may be paid in cash during any calendar year shall be $10,000,000. 
  
 ARTICLE 4. 
  
 ELIGIBILITY AND PARTICIPATION

  
 4.1 Eligibility.    Each
Eligible Individual shall be eligible to be granted one or more Awards pursuant to the Plan. 
  
 4.2 Participation.    Subject to the provisions of the Plan, the Committee may, from time to time, select from among all Eligible Individuals, those to whom Awards shall be granted and shall
determine the nature and amount of each Award. No Eligible Individual shall have any right to be granted an Award pursuant to this Plan. 
  
 4.3 Foreign Participants.    Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in
other countries in which the Company, the Partnership, the TRS, or any Subsidiary operates or has Eligible Individuals, the Committee, in its sole discretion, shall have the power and authority to: (i) determine which Subsidiaries shall be
covered by the Plan; (ii) determine which Eligible Individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Eligible Individuals outside the United States
to comply with applicable foreign laws and customs and meet the objectives of the Plan; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such
subplans and/or modifications shall be attached to this Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitations contained in Sections 3.1 and 3.3 hereof; and (v) take any
action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local governmental regulatory exemptions or approvals or local customs. 
  

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 ARTICLE 5. 
  
 STOCK OPTIONS 
  
 5.1 General.    The Committee is authorized to grant Options to Participants on the following terms and conditions: 

 
 (a) Exercise Price.    The
exercise price per share of Stock subject to an Option shall be determined by the Committee and set forth in the Award Agreement; provided, that, subject to Section 5.2(b) hereof, the per share exercise price for any Option shall not be
less than 100% of the Fair Market Value of a share of Stock on the date of grant. 
  
 (b) Time and Conditions of Exercise.    The Committee shall determine the time or times at which an Option may
be exercised in whole or in part; provided that the term of any Option granted under the Plan shall not exceed ten years. The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or
part of an Option may be exercised. 
  
 (c)
Payment.    The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation: (i) cash, (ii) shares of Stock having a fair market
value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, including shares that would be issuable or transferable upon exercise of the Option, or (iii) other property acceptable to the
Committee (including through the delivery of a notice that the Participant has placed a market sell order with a broker with respect to shares of Stock then issuable upon exercise of the Option, and that the broker has been directed to pay a
sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company at such time as may be required by the Company not later than
settlement of such sale), and the methods by which shares of Stock shall be delivered or deemed to be delivered to Participants. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member of the Board or an
“executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of an Option, or continue any extension of credit with respect to the exercise price of an Option
with a loan from the Company, the Partnership, the TRS or any Subsidiary or a loan arranged by the Company, the Partnership, the TRS or any Subsidiary in violation of Section 13(k) of the Exchange Act. 
  
 (d) Evidence of Grant.    All
Options shall be evidenced by an Award Agreement between the Company and the Participant. The Award Agreement shall include such additional provisions as may be specified by the Committee. 
  
 5.2 Incentive Stock Options.    Incentive Stock
Options shall be granted only to Company Employees or to Employees of a corporation which constitutes a “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code, and the terms of any Incentive Stock
Options granted pursuant to the Plan, in addition to the requirements of Section 5.1 hereof, must comply with the provisions of this Section 5.2. 
  
 (a) Dollar Limitation.    The aggregate Fair Market Value (determined as of the time the Option is granted) of
all shares of Stock with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision.
To the extent that Incentive Stock Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Stock Options. 
  
 (b) Ten Percent Owners.    An Incentive Stock Option may not be granted to any
individual who, at the date of grant, owns stock possessing more than ten percent of the total combined voting power of all classes of Stock of the Company or any “parent corporation” or “subsidiary corporation” of the Company
within the meaning of Section 424(e) and 424(f), respectively, of the Code, unless such Option is granted at a price that is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than five years
from the date of grant. 
  

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 (c) Notice of Disposition.    The Participant shall give the
Company prompt notice of any disposition of shares of Stock acquired by exercise of an Incentive Stock Option within (i) two years from the date of grant of such Incentive Stock Option or (ii) one year after the transfer of such shares of
Stock to the Participant. 
  
 (d) Right to
Exercise.    During a Participant’s lifetime, an Incentive Stock Option may be exercised only by the Participant. 
  
 (e) Failure to Meet Requirements.    Any Option (or portion thereof) purported to be an Incentive Stock Option,
which, for any reason, fails to meet the requirements of Section 422 of the Code shall be considered a Non-Qualified Stock Option. 
  
 5.3 Transfer of Shares to a Company Employee, Consultant or Independent Director.    As soon as practicable after receipt by
the Company of payment for the shares with respect to which an Option (which in the case of a Company Employee, Company Consultant or Independent Director was issued to and is held by such Participant in such capacity), or portion thereof, is
exercised by a Participant who is a Company Employee, Company Consultant or Independent Director, then, with respect to each such exercise, the Company shall transfer to the Participant the number of shares equal to: 
  
 (a) The amount of the payment made by the Participant to the
Company pursuant to Section 5.1(c), divided by 
  
 (b) The price per share of the shares subject to the Option as determined pursuant to Section 5.1(a) or 5.2(c), as applicable. 
  
 5.4 Transfer of Shares to a Partnership Employee or Consultant.    As soon as practicable after receipt by the Company,
pursuant to Section 5.1(c), of payment for the shares with respect to which an Option (which was issued to and is held by a Partnership Employee or Partnership Consultant in such capacity), or portion thereof, is exercised by a Participant who
is a Partnership Employee or Partnership Consultant, then, with respect to each such exercise: 
  
 (a) The Company shall transfer to the Participant the number of shares equal to (A) the amount of the payment made by the Participant
to the Company pursuant to Section 5.1(c) divided by (B) the Fair Market Value of a share of Stock at the time of exercise (the “Partnership Participant Purchased Shares”); 
  
 (b) The Company shall sell to the Partnership the number of
shares (the “Partnership Purchased Shares”) equal to the excess of (i) the amount obtained by dividing (A) the amount of the payment made by the Participant to the Company pursuant to Section 5.1(c) by (B) the
price per share of the shares subject to the Option as determined pursuant to Section 5.1(a), over (ii) the Partnership Participant Purchased Shares. The price to be paid by the Partnership to the Company for the Partnership Purchased
Shares (the “Partnership Purchase Price”) shall be an amount equal to the product of (x) the number of Partnership Purchased Shares multiplied by (y) the Fair Market Value of a share of Stock at the time of the exercise;
and 
  
 (c) As soon as practicable after receipt
of the Partnership Purchased Shares by the Partnership, the Partnership shall transfer such shares to the Participant at no additional cost, as additional compensation. 
  
 5.5 Transfer of Shares to a TRS Employee, Consultant or Director.    As soon as practicable after
receipt by the Company, pursuant to Section 5.1(c), of payment for the shares with respect to which an Option (which was issued to and is held by a TRS Employee, TRS Director or TRS Consultant in such capacity), or portion thereof, is exercised
by a Participant who is a TRS Employee, TRS Director or TRS Consultant, then, with respect to each such exercise: 
  
 (a) The Company shall transfer to the Participant the number of shares equal to (A) the amount of the payment made by the Participant
to the Company pursuant to Section 5.1(c) divided by (B) the Fair Market Value of a share of Stock at the time of exercise (the “TRS Participant Purchased Shares”); 
  
 (b) The Company shall sell to the TRS the number of shares
(the “TRS Purchased Shares”) equal to the excess of (i) the amount obtained by dividing (A) the amount of the payment made by the Participant to the 

  

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Company pursuant to Section 5.1(c) by (B) the price per share of the shares subject to the Option as determined pursuant to Section 5.1(a),
over (ii) the TRS Participant Purchased Shares. The price to be paid by the TRS to the Company for the TRS Purchased Shares (the “TRS Purchase Price”) shall be an amount equal to the product of (x) the number of TRS
Purchased Shares multiplied by (y) the Fair Market Value of a share of Stock at the time of the exercise; and 
  
 As soon as practicable after receipt of the TRS Purchased Shares by the TRS, the TRS shall transfer such shares to the Participant at no additional cost,
as additional compensation. 
  
 5.6 Transfer of Payment to the
Partnership.    As soon as practicable after receipt by the Company of the amounts described in Sections 5.1(c), 5.4(b), and 5.5(b), the Company shall contribute to the Partnership an amount of cash equal to such payments and
the Partnership shall issue an additional interest in the Partnership on the terms set forth in the Partnership Agreement. 
  
 5.7 Allocation of Payment upon Option Exercise.    Notwithstanding the foregoing, to the extent that a Participant provides
services to more than one of the Company, the Partnership, the TRS or any Subsidiary, the Company may, in its discretion, allocate the payment or issuance of shares with respect to any Options exercised by such Participant (and the services
performed by the Participant ) among such entities for purposes of the provisions of Sections 5.3, 5.4, 5.5 and 5.6 in order to ensure that the relationship between the Company and the TRS, the Partnership or such Subsidiary remains at arms-length.

  
 ARTICLE 6. 
  
 RESTRICTED STOCK AWARDS 
  
 6.1 Grant of Restricted Stock.    The Committee is
authorized to make Awards of Restricted Stock to any Participant selected by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. All Awards of Restricted Stock shall be evidenced by an Award
Agreement. 
  
 6.2 Issuance and
Restrictions.    Restricted Stock shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock
or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the
grant of the Award or thereafter. 
  
 6.3
Forfeiture.    Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Stock that
is at that time subject to restrictions shall be forfeited; provided, however, that, the Committee may (a) provide in any Restricted Stock Award Agreement that restrictions or forfeiture conditions relating to Restricted Stock will lapse
in whole or in part in the event of terminations resulting from specified causes, and (b) provide in other cases for the lapse in whole or in part of restrictions or forfeiture conditions relating to Restricted Stock. 
  
 6.4 Certificates for Restricted
Stock.    Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing shares of Restricted Stock are registered in the name of the Participant,
certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company, the TRS or the Partnership, as applicable, may, at its discretion, retain physical possession of
the certificate until such time as all applicable restrictions lapse. 
  

 10 

 ARTICLE 7. 
  
 STOCK APPRECIATION RIGHTS 
  
 7.1 Grant of Stock Appreciation Rights. 
  
 (a) A Stock Appreciation Right may be granted to any Participant selected by the Committee. A Stock Appreciation Right shall be subject to
such terms and conditions not inconsistent with the Plan as the Committee shall impose and shall be evidenced by an Award Agreement. 
  
 (b) A Stock Appreciation Right shall entitle the Participant (or other person entitled to exercise the Stock Appreciation Right pursuant
to the Plan) to exercise all or a specified portion of the Stock Appreciation Right (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount equal to the product of (i) the excess of (A) the Fair
Market Value of the Stock on the date the Stock Appreciation Right is exercised over (B) the Fair Market Value of the Stock on the date the Stock Appreciation Right was granted and (ii) the number of shares of Stock with respect to which
the Stock Appreciation Right is exercised, subject to any limitations the Committee may impose. 
  
 7.2 Payment and Limitations on Exercise. 
  

(a) Subject to Section 7.2(b) below, payment of the amounts determined under Sections 7.1(b) above shall be in cash, in Stock
(based on its Fair Market Value as of the date the Stock Appreciation Right is exercised) or a combination of both, as determined by the Committee in the Award Agreement. 
  
 (b) To the extent any payment under Section 7.1(b) hereof is effected in Stock, it shall be made
subject to satisfaction of all provisions of Article 5 above pertaining to Options. 
  
 ARTICLE 8. 
  
 OTHER
TYPES OF AWARDS 
  
 8.1 Performance Share
Awards.    Any Participant selected by the Committee may be granted one or more Performance Share awards which shall be denominated in a number of shares of Stock and which may be linked to any one or more of the Performance
Criteria or other specific performance criteria determined appropriate by the Committee, in each case on a specified date or dates or over any period or periods determined by the Committee. In making such determinations, the Committee shall consider
(among such other factors as it deems relevant in light of the specific type of award) the contributions, responsibilities and other compensation of the particular Participant. 
  
 8.2 Performance Stock Units.    Any Participant selected by the Committee may be granted
one or more Performance Stock Unit awards which shall be denominated in unit equivalent of shares of Stock and/or units of value including dollar value of shares of Stock and which may be linked to any one or more of the Performance Criteria or
other specific performance criteria determined appropriate by the Committee, in each case on a specified date or dates or over any period or periods determined by the Committee. In making such determinations, the Committee shall consider (among such
other factors as it deems relevant in light of the specific type of award) the contributions, responsibilities and other compensation of the particular Participant. 
  
 8.3 Dividend Equivalents. 
  

(a) Any Participant selected by the Committee may be granted Dividend Equivalents based on the dividends declared on the shares of
Stock that are subject to any Award, to be credited as of dividend payment dates, during the period between the date the Award is granted and the date the Award is exercised, vests or expires, as determined by the Committee. Such Dividend
Equivalents shall be converted to cash or additional shares of Stock by such formula and at such time and subject to such limitations as may be determined by the Committee. 
  

 11 

 (b) Dividend Equivalents granted with respect to Options or SARs that are intended to be
Qualified Performance-Based Compensation shall be payable, with respect to pre-exercise periods, regardless of whether such Option or SAR is subsequently exercised. 
  
 8.4 Stock Payments.    Any Participant selected by the Committee may receive Stock Payments in
the manner determined from time to time by the Committee; provided, that unless otherwise determined by the Committee such Stock Payments shall be made in lieu of base salary, bonus, or other cash compensation otherwise payable to such
Participant. The number of shares shall be determined by the Committee and may be based upon the Performance Criteria or other specific performance criteria determined appropriate by the Committee, determined on the date such Stock Payment is made
or on any date thereafter. 
  
 8.5 Deferred
Stock.    Any Participant selected by the Committee may be granted an award of Deferred Stock in the manner determined from time to time by the Committee. The number of shares of Deferred Stock shall be determined by the
Committee and may be linked to the Performance Criteria or other specific performance criteria determined to be appropriate by the Committee, in each case on a specified date or dates or over any period or periods determined by the Committee. Stock
underlying a Deferred Stock award will not be issued until the Deferred Stock award has vested, pursuant to a vesting schedule or performance criteria set by the Committee. Unless otherwise provided by the Committee, a Participant awarded Deferred
Stock shall have no rights as a Company stockholder with respect to such Deferred Stock until such time as the Deferred Stock Award has vested and the Stock underlying the Deferred Stock Award has been issued. 
  
 8.6 Restricted Stock Units.    The Committee is
authorized to make Awards of Restricted Stock Units to any Participant selected by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. At the time of grant, the Committee shall specify the date or
dates on which the Restricted Stock Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate. At the time of grant, the Committee shall specify the maturity date applicable to each grant
of Restricted Stock Units which shall be no earlier than the vesting date or dates of the Award and may be determined at the election of the grantee. On the maturity date, the Company, the TRS or the Partnership, as applicable, shall, subject to
Section 10.5(b) hereof, transfer to the Participant one unrestricted, fully transferable share of Stock for each Restricted Stock Unit scheduled to be paid out on such date and not previously forfeited. 
  
 8.7 Profits Interest Units.    Any Participant
selected by the Committee may be granted an award of Profits Interest Units in such amount and subject to such terms and conditions as may be determined by the Committee; provided, however, that Profits Interest Units may only be issued to a
Participant for the performance of services to or for the benefit of the Partnership (a) in the Participant’s capacity as a partner of the Partnership, (b) in anticipation of the Participant becoming a partner of the Partnership, or (c) as
otherwise determined by the Committee, provided that the Profits Interest Units would constitute “profits interests” within the meaning of the Code, Treasury Regulations promulgated thereunder and any published guidance by the Internal
Revenue Service with respect thereto. At the time of grant, the Committee shall specify the date or dates on which the Profits Interest Units shall vest and become nonforfeitable, and may specify such conditions to vesting as it deems appropriate.
Profits Interest Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose. These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such
installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. The Committee shall specify the purchase price, if any, to be paid by the grantee to the Partnership for the Profits Interest Units.

  
 8.8 Other Incentive Awards.    Any
Participant selected by the Committee may be granted one or more Awards that provide Participants with shares of Stock or the right to purchase shares of Stock or that have a value derived from the value of, or an exercise or conversion privilege at
a price related to, or that are otherwise payable in or based on, shares of Stock or shareholder value or shareholder return, in each case on a specified date or dates or over any period or periods determined by the Committee. Other Incentive Awards
may be linked to any one or more of the Performance Criteria or other specific performance criteria determined appropriate by 

  

 12 

 
the Committee. Amounts payable under Other Incentive Awards may be in cash, Stock, units of the Partnership, or a combination of any of the foregoing, as
determined by the Committee. 
  
 8.9 Performance Bonus
Awards.    Any Participant selected by the Committee may be granted a cash bonus (a “Performance Bonus Award”) payable upon the attainment of Performance Goals that are established by the Committee and relate
to one or more of the Performance Criteria or other specific performance criteria determined to be appropriate by the Committee, in each case on a specified date or dates or over any period or periods determined by the Committee. Any such
Performance Bonus Award paid to a Covered Employee may be a Performance-Based Award and be based upon objectively determinable bonus formulas established in accordance with Article 9 hereof. 
  
 8.10 Term.    Except as otherwise provided herein,
the term of any Award of Performance Shares, Performance Stock Units, Dividend Equivalents, Stock Payments, Deferred Stock, Restricted Stock Units or an Other Incentive Award shall be set by the Committee in its discretion. 
  
 8.11 Exercise or Purchase Price.    The Committee
may establish the exercise or purchase price, if any, of any Award of Performance Shares, Performance Stock Units, Deferred Stock, Stock Payments, Restricted Stock Units or an Other Incentive Award; provided, however, that such price shall
not be less than the par value of a share of Stock on the date of grant, unless otherwise permitted by applicable state law. 
  
 8.12 Exercise upon Termination of Employment or Service.    An Award of Performance Shares, Performance Stock Units, Dividend
Equivalents, Deferred Stock, Stock Payments, Restricted Stock Units, Profits Interest Units, and an Other Incentive Award shall only vest or be exercisable or payable while the Participant is an Employee, Consultant, a member of the Board, or a TRS
Director, as applicable; provided, however, that the Committee in its sole and absolute discretion may provide that an Award of Performance Shares, Performance Stock Units, Dividend Equivalents, Stock Payments, Deferred Stock, Restricted
Stock Units, Profits Interest Units or an Other Incentive Award may vest or be exercised or paid subsequent to a termination of employment or service, as applicable, or following a Change in Control of the Company, or because of the
Participant’s retirement, death or Disability, or otherwise; provided, however, that, to the extent required to preserve tax deductibility under Section 162(m) of the Code, any such provision with respect to Performance Shares or
Performance Stock Units that are intended to constitute Qualified Performance-Based Compensation shall be subject to the applicable requirements of Section 162(m) of the Code that apply to Qualified Performance-Based Compensation. 

 
 8.13 Form of Payment.    Payments with respect
to any Awards granted under this Article 8, other than Profits Interest Units, shall be made in cash, in Stock or a combination of both, as determined by the Committee. 
  
 8.14 Award Agreement.    All Awards under this Article 8 shall be subject to such additional
terms and conditions as determined by the Committee and shall be evidenced by an Award Agreement. 
  
 ARTICLE 9. 
  
 PERFORMANCE-BASED AWARDS 
  
 9.1
Purpose.    The purpose of this Article 9 is to provide the Committee the ability to qualify Awards other than Options and SARs and that are granted pursuant to Articles 6 and 8 hereof as Qualified Performance-Based
Compensation. If the Committee, in its discretion, decides to grant a Performance-Based Award to a Covered Employee, the provisions of this Article 9 shall control over any contrary provision contained in Articles 6 or 8 hereof; provided,
however, that the Committee may in its discretion grant Awards to Covered Employees that are based on Performance Criteria or Performance Goals but that do not satisfy the requirements of this Article 9. 
  
 9.2 Applicability.    This Article 9 shall apply
only to those Covered Employees selected by the Committee to receive Performance-Based Awards. The designation of a Covered Employee as a Participant for a 

  

 13 

 
Performance Period shall not in any manner entitle the Participant to receive an Award for the period. Moreover, designation of a Covered Employee as a
Participant for a particular Performance Period shall not require designation of such Covered Employee as a Participant in any subsequent Performance Period and designation of one Covered Employee as a Participant shall not require designation of
any other Covered Employees as a Participant in such period or in any other period. 
  
 9.3 Procedures with Respect to Performance-Based Awards.    To the extent necessary to comply with the Qualified Performance-Based Compensation requirements of Section 162(m)(4)(C) of
the Code, with respect to any Award granted under Articles 6 or 8 hereof which may be granted to one or more Covered Employees, no later than ninety (90) days following the commencement of any fiscal year in question or any other designated
fiscal period or period of service (or such other time as may be required or permitted by Section 162(m) of the Code), the Committee shall, in writing, (a) designate one or more Covered Employees, (b) select the Performance Criteria
applicable to the Performance Period, (c) establish the Performance Goals, and amounts of such Awards, as applicable, which may be earned for such Performance Period, and (d) specify the relationship between Performance Criteria and the
Performance Goals and the amounts of such Awards, as applicable, to be earned by each Covered Employee for such Performance Period. Following the completion of each Performance Period, the Committee shall certify in writing whether the applicable
Performance Goals have been achieved for such Performance Period. In determining the amount earned by a Covered Employee, the Committee shall have the right to reduce or eliminate (but not to increase) the amount payable at a given level of
performance to take into account additional factors that the Committee may deem relevant to the assessment of individual or corporate performance for the Performance Period. 
  
 9.4 Payment of Performance-Based Awards.    Unless otherwise provided in the applicable Award
Agreement, a Participant must be employed by the Company or a Company Subsidiary, the Partnership or a Partnership Subsidiary, or the TRS or a TRS Subsidiary, on the day a Performance-Based Award for such Performance Period is paid to the
Participant. Furthermore, a Participant shall be eligible to receive payment pursuant to a Performance-Based Award for a Performance Period only if the Performance Goals for such period are achieved, to the extent required in order to preserve tax
deductibility under Code Section 162(m). In determining the amount earned under a Performance-Based Award, the Committee may reduce or eliminate the amount of the Performance-Based Award earned for the Performance Period, if in its sole and
absolute discretion, such reduction or elimination is appropriate. 
  
 9.5 Additional Limitations.    Notwithstanding any other provision of the Plan, to the extent required in order to preserve tax deductibility under Code Section 162(m), any Award which is granted to a Covered
Employee and is intended to constitute Qualified Performance-Based Compensation shall be subject to any additional limitations set forth in Section 162(m) of the Code (including any amendment to Section 162(m) of the Code) or any
regulations or rulings issued thereunder that are requirements for qualification as qualified performance-based compensation as described in Section 162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the extent necessary to
conform to such requirements. 
  
 ARTICLE 10. 
  
 PROVISIONS APPLICABLE TO AWARDS 
  
 10.1 Stand-Alone and Tandem Awards.    Awards
granted pursuant to the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be
granted either at the same time as or at a different time from the grant of such other Awards. 
  
 10.2 Award Agreement.    Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for each Award which may include the term of an
Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award. 
  

 14 

 10.3 Limits on Transfer.    No right or interest of a Participant in any Award
may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company, the TRS, the Partnership or a Subsidiary, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the
Company, the TRS, the Partnership or a Subsidiary. Except as otherwise provided by the Committee, no Award shall be assigned, transferred, or otherwise disposed of by a Participant other than by will or the laws of descent and distribution. The
Committee by express provision in the Award or an amendment thereto may permit an Award to be transferred to, exercised by and paid to certain persons or entities related to the Participant, including but not limited to members of the
Participant’s family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of the Participant’s family and/or charitable institutions, or to such other persons or entities as may be
expressly approved by the Committee, pursuant to such conditions and procedures as the Committee may establish; provided, however, that no such transfer of an Incentive Stock Option shall be permitted to the extent that such transfer would
cause the Incentive Stock Option to fail to qualify as an “incentive stock option” under Section 422 of the Code. Any permitted transfer shall be subject to the condition that the Committee receive evidence satisfactory to it that the
transfer is being made for estate and/or tax planning purposes (or to a “blind trust” in connection with the Participant’s termination of employment or service with the Company, the TRS, the Partnership or a Subsidiary to assume a
position with a governmental, charitable, educational or similar non-profit institution) and on a basis consistent with the Company’s lawful issue of securities. Notwithstanding the foregoing, in no event shall any Award be transferable by a
Participant to a third party for consideration. 
  
 10.4
Beneficiaries.    Notwithstanding Section 10.3 hereof, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution
with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement
applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community
property state, a designation of a person other than the Participant’s spouse as his or her beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of
the Participant’s spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the
foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is filed with the Committee. 
  
 10.5 Stock Certificates; Book Entry Procedures. 
  
 (a) Notwithstanding anything herein to the contrary, the Company, the TRS, nor the Partnership shall not be required to issue or deliver
any certificates evidencing shares of Stock pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance with all applicable laws,
regulations of governmental authorities and, if applicable, the requirements of any exchange on which the shares of Stock are listed or traded. All Stock certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other
restrictions as the Committee deems necessary or advisable to comply with federal, state, or foreign jurisdiction, securities or other laws, rules and regulations and the rules of any national securities exchange or automated quotation system on
which the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate to reference restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Board may require that a
Participant make such reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee shall have the right to require any
Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee. 
  
 (b) Notwithstanding any other provision of the Plan, unless
otherwise determined by the Committee or required by any applicable law, rule or regulation, the Company shall not deliver to any Participant certificates evidencing shares of Stock issued in connection with any Award and instead such shares of

  

 15 

 
Stock shall be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). 
  
 10.6 Paperless Exercise.    In the event that the
Company establishes, for itself or using the services of a third party, an automated system for the exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless exercise of Awards by a Participant
may be permitted through the use of such an automated system. 
  
 ARTICLE 11. 
  
 CHANGES IN CAPITAL STRUCTURE

  
 11.1 Adjustments. 
  
 (a) In the event of any stock dividend, stock split,
combination or exchange of shares, merger, consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Stock or the share price of
the Stock, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to (a) the aggregate number and kind of shares that may be issued under the
Plan (including, but not limited to, adjustments of the limitations in Sections 3.1 and 3.3 hereof); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with
respect thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan. Any adjustment affecting an Award intended as Qualified Performance-Based Compensation shall be made consistent with the requirements of
Section 162(m) of the Code. 
  
 (b) In the
event of any transaction or event described in Section 11.1(a) hereof or any unusual or nonrecurring transactions or events affecting the Company, the Partnership, any affiliate of the Company or the Partnership, or the financial statements of
the Company, the Partnership or any affiliate, or of changes in applicable laws, regulations or accounting principles, the Committee, in its sole and absolute discretion, and on such terms and conditions as it deems appropriate, either by the terms
of the Award or by action taken prior to the occurrence of such transaction or event and either automatically or upon the Participant’s request, is hereby authorized to take any one or more of the following actions whenever the Committee
determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any Award under the Plan, to facilitate such transactions or
events or to give effect to such changes in laws, regulations or principles: 
  
 (i) To provide for either (A) termination of any such Award in exchange for an amount of cash, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the
Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction or event described in this Section 11.1 the Committee determines in good faith that no amount would have been attained upon the
exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment) or (B) the replacement of such Award with other rights or property selected by the Committee in its sole
discretion; 
  
 (ii) To provide that such Award
be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof,
with appropriate adjustments as to the number and kind of shares and prices; 
  
 (iii) To make adjustments in the number and type of shares of Stock (or other securities or property) subject to outstanding Awards, and in the number and kind of outstanding Restricted Stock or Deferred Stock and/or
in the terms and conditions of (including the grant or exercise price), and the criteria included in, outstanding options, rights and awards and options, rights and awards which may be granted in the future; 
  

 16 

 (iv) To provide that such Award shall be exercisable or payable or fully vested with
respect to all shares covered thereby, notwithstanding anything to the contrary in the Plan or the applicable Award Agreement; and 
  
 (v) To provide that the Award cannot vest, be exercised or become payable after such event. 
  
 11.2 Acceleration Upon a Change in
Control.    Notwithstanding Section 11.1 hereof, and except as may otherwise be provided in any applicable Award Agreement or other written agreement entered into between the Company and a Participant, if a Change in
Control occurs and a Participant’s Awards are not converted, assumed, or replaced by a successor entity, then immediately prior to the Change in Control such Awards shall become fully exercisable, and all forfeiture restrictions on such Awards
shall lapse. Upon, or in anticipation of, a Change in Control, the Committee may cause any and all Awards outstanding hereunder to terminate at a specific time in the future, including but not limited to the date of such Change in Control, and shall
give each Participant the right to exercise such Awards during a period of time as the Committee, in its sole and absolute discretion, shall determine. In the event that the terms of any agreement between the Company, the TRS, the Partnership or any
Subsidiary or affiliate and a Participant contains provisions that conflict with and are more restrictive than the provisions of this Section 11.2, this Section 11.2 shall prevail and control and the more restrictive terms of such
agreement (and only such terms) shall be of no force or effect. 
  
 11.3 No Other Rights.    Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend,
any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Committee
under the Plan, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock
subject to an Award or the grant or exercise price of any Award. 
  
 ARTICLE 12. 
  
 ADMINISTRATION 

 
 12.1 Committee.    Unless and until the Board
delegates administration of the Plan to a Committee as set forth below, the Plan shall be administered by the full Board, and for such purposes the term “Committee” as used in this Plan shall be deemed to refer to the Board. The Board, at
its discretion (including to the extent it deems it advisable to comply with the requirements of Section 162(m) of the Code, Rule 16b-3 promulgated under the Exchange Act or any other applicable rule or regulation), shall delegate
administration of the Plan to a Committee. The Committee shall consist solely of two or more members of the Board each of whom is an “outside director,” within the meaning of Section 162(m) of the Code, a Non-Employee Director and an
“independent director” under the rules of the New York Stock Exchange (or other principal securities market on which shares of Stock are traded). The governance of such Committee shall be subject to the charter of the Committee as approved
by the Board. Any action taken by the Committee shall be valid and effective, whether or not members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership set forth in this Section
12.1 or otherwise provided in the charter of the Committee. Notwithstanding the foregoing: (a) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to all Awards
granted to Independent Directors and for purposes of such Awards the term “Committee” as used in this Plan shall be deemed to refer to the Board and (b) the Committee may delegate its authority hereunder to the extent permitted by
Section 12.5 hereof. In its sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan. 
  
 12.2 Support for the Committee.    Each member of the Committee is entitled to, in good faith,
rely or act upon any report or other information furnished to that member by any officer or other employee of the Company, the TRS, the Partnership or any Subsidiary, the independent certified public accountants of the Company, the 

  

 17 

 
TRS, or the Partnership, or any executive compensation consultant or other professional retained by the Company, the TRS, or the Partnership to assist in the
administration of the Plan. 
  
 12.3 Authority of
Committee.    Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion to: 
  
 (a) Designate Participants to receive Awards; 
  
 (b) Determine the type or types of Awards to be granted to each Participant; 
  
 (c) Determine the number of Awards to be granted and the
number of shares of Stock or Profits Interest Units to which an Award will relate; 
  
 (d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant
price, or purchase price, any reload provision, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, any provisions
related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; provided, however, that the Committee shall not have the authority to accelerate the
vesting or waive the forfeiture of any Performance-Based Awards; 
  
 (e) Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Stock, other Awards, or other property, or an Award may be
canceled, forfeited, or surrendered; 
  
 (f)
Prescribe the form of each Award Agreement, which need not be identical for each Participant; 
  
 (g) Decide all other matters that must be determined in connection with an Award; 
  
 (h) Establish, adopt, or revise any rules and regulations as
it may deem necessary or advisable to administer the Plan; 
  
 (i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; 
  
 (j) In the case of Awards to TRS Employees, TRS Consultants, Partnership Employees or Partnership Consultants, determine the mechanics for
the transfer of rights under such Awards; and 
  
 (k) Make all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to administer the Plan. 
  
 12.4 Decisions Binding.    The Committee’s interpretation of the Plan, any Awards granted
pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. 
  
 12.5 Delegation of Authority.    To the extent permitted by applicable law, the Committee may
from time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards to Participants other than (a) senior executives of the Company who are subject to
Section 16 of the Exchange Act or Independent Directors, or (b) officers of the Company (or members of the Board) to whom authority to grant or amend Awards has been delegated hereunder. Any delegation hereunder shall be subject to the
restrictions and limits that the Committee specifies at the time of such delegation, and the Committee may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 12.5
shall serve in such capacity at the pleasure of the Committee. 
  

 18 

 ARTICLE 13. 
  
 EFFECTIVE AND EXPIRATION DATE 
  

13.1 Effective Date.    The Plan is effective as of the date the Plan is approved by the Company’s stockholders (the
“Effective Date”). The Plan will be deemed to be approved by the stockholders if it receives the affirmative vote of a majority of votes cast at a meeting duly held in accordance with the applicable provisions of the Company’s
bylaws, provided that the total vote cast on the proposal represents over 50% in interest of all securities entitled to vote on the proposal. 
  
 13.2 Expiration Date.    No Award may be granted pursuant to the Plan after the tenth anniversary of the Effective Date. Any
Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. 
  
 ARTICLE 14. 
  
 AMENDMENT, MODIFICATION, AND TERMINATION 
  
 14.1 Amendment, Modification, and Termination.    Subject to Section 15.17 hereof, with the approval of the Board, at any
time and from time to time, the Committee may terminate, amend or modify the Plan; provided, however, that (a) to the extent the Company deems it necessary or desirable to comply with any applicable law, regulation, or stock exchange
rule, the Company shall obtain stockholder approval of any Plan amendment in such a manner and to such a degree as required, and (b) stockholder approval shall be required for any amendment to the Plan that (i) increases the number of
shares available under the Plan (other than any adjustment as provided by Article 11 hereof), (ii) permits the Committee to grant Options or SARs with an exercise price that is below Fair Market Value on the date of grant, or (iii) permits
the Committee to extend the exercise period for an Option or SAR beyond ten years from the date of grant. Notwithstanding any provision in this Plan to the contrary, absent approval of the stockholders of the Company, (I) no Option or SAR may be
amended to reduce the per share exercise price of the shares subject to such Option or SAR below the per share exercise price as of the date the Award is granted, (II) except as permitted by Article 11 hereof, no Option or SAR may be granted in
exchange for, or in connection with, the cancellation or surrender of an Option or SAR having a higher per share exercise price, and (III) except as permitted by Article 11 hereof, no Award may be granted in exchange for the cancellation or
surrender of an Option or SAR with a per share exercise price that is greater than the Fair Market Value on the date of such grant or cancellation. 
  
 14.2 Awards Previously Granted.    Except with respect to amendments made pursuant to Section 15.17 hereof, no
termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 
  
 ARTICLE 15. 
  
 GENERAL PROVISIONS 
  
 15.1 No Rights to Awards.    No Eligible
Individual or other person shall have any claim to be granted any Award pursuant to the Plan, and none of the Company, the TRS, the Partnership, any Subsidiary or the Committee is obligated to treat Eligible Individuals, Participants or any other
persons uniformly. 
  
 15.2 No Stockholders
Rights.    Except as otherwise provided herein, a Participant shall have none of the rights of a stockholder with respect to shares of Stock covered by any Award until the Participant becomes the record owner of such shares
of Stock. 
  
 15.3 Withholding.    The
Company, the TRS, the Partnership or any Subsidiary, as applicable, shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, the TRS, the Partnership or any Subsidiary, as applicable, an amount
sufficient to satisfy federal, state, local and foreign taxes 

  

 19 

 
(including the Participant’s employment tax obligations) required by law to be withheld with respect to any taxable event concerning a Participant
arising as a result of this Plan. The Committee may in its discretion and in satisfaction of the foregoing requirement require or allow a Participant to elect to have the Company, the TRS, the Partnership or any Subsidiary, as applicable, withhold
shares of Stock otherwise issuable under an Award (or allow the return of shares of Stock) having a fair market value on the date of withholding equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number
of shares of Stock which may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award within six months (or such other period as may be determined by the
Committee) after such shares of Stock were acquired by the Participant from the Company) in order to satisfy the Participant’s federal, state, local and foreign income and payroll tax liabilities with respect to the issuance, vesting, exercise
or payment of the Award shall be limited to the number of shares which have a fair market value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal,
state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. 
  
 15.4 No Right to Employment or Services.    Nothing in the Plan or any Award Agreement shall interfere with or limit in any way
the right of the Company, the TRS, the Partnership or any Subsidiary to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employ or service of the Company, the TRS, the
Partnership or any Subsidiary. 
  
 15.5 Unfunded Status of
Awards.    The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award
Agreement shall give the Participant any rights that are greater than those of a general creditor of the Company, the TRS, the Partnership or any Subsidiary. 
  
 15.6 Indemnification.    To the extent allowable pursuant to applicable law, each member of the Committee or of the Board shall
be indemnified and held harmless by the Company, the TRS, and/or the Partnership from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit,
or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such
action, suit, or proceeding against him or her; provided he or she gives the Company, the TRS and the Partnership an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or
her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Certificate of Incorporation or bylaws, as a matter of law, or
otherwise, or any power that the Company, the TRS, and/or the Partnership may have to indemnify them or hold them harmless. 
  
 15.7 Relationship to Other Benefits.    No payment pursuant to the Plan shall be taken into account in determining any benefits
pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company, the TRS, the Partnership or any Subsidiary except to the extent otherwise expressly provided in writing in such other plan
or an agreement thereunder. 
  
 15.8
Expenses.    The expenses of administering the Plan shall be borne by the Company, the TRS, the Partnership and their Subsidiaries. 
  

15.9 Titles and Headings.    The titles and headings of the Sections in the Plan are for convenience of reference only and,
in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
  
 15.10 Fractional Shares.    No fractional shares of Stock shall be issued and the Committee shall determine, in its discretion,
whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate. 
  

 20 

 15.11 Limitations Applicable to Section 16 Persons.    Notwithstanding
any other provision of the Plan, the Plan, and any Award granted or awarded to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule
under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 under the Exchange Act) that are requirements for the application of such exemptive rule if and to the extent necessary in order that the Participant not have actual
short-swing profits liability under Section 16(b) of the Exchange Act, and, to the extent permitted by applicable law, the Plan and such Awards shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

  
 15.12 Government and Other
Regulations.    The obligation of the Company, the TRS and the Partnership to make payment of awards in Stock, Profits Interest Units or otherwise shall be subject to all applicable laws, rules, and regulations, and to such
approvals by government agencies as may be required. The Company shall be under no obligation to register pursuant to the Securities Act, as amended, any of the shares of Stock or Profits Interest Units paid pursuant to the Plan. If the shares or
Profits Interest Units paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act, as amended, the Company, the TRS and the Partnership may restrict the transfer of such shares or Profits
Interest Units in such manner as it deems advisable to ensure the availability of any such exemption. 
  
 15.13 Section 83(b) Election Prohibited.    No Participant may make an election under Section 83(b) of the Code with
respect to any Award under the Plan without the consent of the Company or the Partnership, which the Company or the Partnership may grant or withhold in its sole discretion. 
  
 15.14 Grant of Awards to Certain Employees or Consultants.    The Company, the TRS, the
Partnership or any Subsidiary may provide through the establishment of a formal written policy or otherwise for the method by which shares of Stock or other securities and/or payment therefor may be exchanged or contributed between the Company and
such other party, or may be returned to the Company upon any forfeiture of Stock or other securities by the Participant, for the purpose of ensuring that the relationship between the Company and the TRS, the Partnership or such Subsidiary remains at
arms-length. 
  
 15.15 Restrictions on
Awards.    This Plan shall be interpreted and construed in a manner consistent with the Company’s status as a REIT. No Award shall be granted or awarded, and with respect to an Award already granted under the Plan, such
Award shall not be exercisable or payable: 
  
 (a) To the extent that the grant, exercise or payment of such Award could cause the Participant to be in violation of the Ownership Limit (as defined in the Company’s Articles of Incorporation, as amended from time to time) or
Subparagraph E(2) of Article IV (or any successor provision thereto) of the Company’s Articles of Incorporation, as amended from time to time; or 
  
 (b) If, in the discretion of the Committee, the grant or exercise of such Award could impair the Company’s status as a REIT.

  
 15.16 Governing Law.    The Plan
and all Award Agreements shall be construed in accordance with and governed by the laws of the State of Maryland. 
  
 15.17 Section 409A.    To the extent that the Committee determines that any Award granted under the Plan is subject to
Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance
with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date.
Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject to Section 409A of the Code and related Department of Treasury guidance (including
such Department of Treasury guidance as may be issued after the Effective Date), the Committee may adopt such amendments to the Plan and 

  

 21 

 
the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any
other actions, that the Committee determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or
(b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance. 
  
 * * * * * 
  
 I hereby certify that the foregoing Plan was duly adopted by the Board of Directors of Kilroy Realty Corporation on March 30, 2006. 
  
 * * * * * 
  
 I hereby certify that the foregoing Plan was approved by the stockholders of Kilroy Realty Corporation on May 18, 2006. 
  
 Executed on this 18th day of May, 2006. 
  

	
	/s/ Richard E. Moran Jr.
	Corporate Secretary

  

 22An employment agreement between Neal Hubbard and Northern Savings & Loan Company

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement is made and entered into by and among The
Northern Savings & Loan Company (“Bank”), and Neal Hubbard (“Executive”). 
 Executive and the Bank
are parties to a prior employment agreement dated November 1, 1999, amended March 21, 2005, (“Prior Employment Agreement”). In accordance with the terms of the Prior Employment Agreement, Executive is entitled to a certain
“change-in-control payment” upon the effective time of the transactions set forth in an Agreement and Plan of Merger dated January 27, 2006, by and among First Place Financial Corp. (“Holding Company”), First Place Bank,
First Place Interim Bank and the Bank (“Merger Agreement”). Upon receiving the change-in-control payment, Executive agrees to waive and release the Bank, Holding Company and their affiliates from any and all claims under the Prior
Employment Agreement. Except for the obligation of the Bank to pay the change-in-control payment, this Employment Agreement cancels and replaces the Prior Employment Agreement in its entirety. 
 By signing this Agreement, Holding Company agrees to guarantee the obligations of the Bank under this Agreement. 
 To protect its trade secrets, confidential information, and business, the Bank requires noncompetition, nonsolicitation, and nondisclosure provisions in
this Agreement. Executive agrees that the consideration set forth in this Agreement includes sufficient consideration for the noncompetition, nonsolicitation, and nondisclosure provisions. 
 The parties agree as follows: 
  

	1.	Definitions. 

  

	 	A.	“Affiliate” means any entity which the Bank or the Holding Company controls or which is under common control with the Bank or the Holding Company.

  

	 	B.	“Change in Control” of the Bank or Holding Company shall mean an event of a nature that: (i) would be required to be reported in response to Item 1 of the
Current Report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); or (ii) results in a Change in Control of the Bank or the
Holding Company within the meaning of the Home Owners’ Loan Act of 1933, as amended, the Federal Deposit Insurance Act and the Rules and Regulations promulgated by the Office of Thrift Supervision (“OTS”) (or its predecessor agency),
as in effect on the date hereof (provided, that in applying the definition of change in control as set forth under the rules and regulations of the OTS, the Board shall substitute its judgment for that of the OTS); or (iii) without limitation
such a Change in Control shall be deemed to have occurred at such time as (A) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the 

	 	  	“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Bank or the Holding Company representing 50% or
more of the Bank’s or the Holding Company’s outstanding voting securities or right to acquire such securities except for any voting securities of the Bank purchased by the Holding Company and any voting securities purchased by any employee
benefit plan of the Bank or the Holding Company, or (B) individuals who constitute the Board on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming
a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Holding Company’s stockholders was approved by a
Nominating Committee solely composed of members which are Incumbent Board members, shall be, for purposes of this clause (B), considered as though he were a member of the Incumbent Board, or (C) a plan of reorganization, merger, consolidation,
sale of all or substantially all the assets of the Bank or the Holding Company or similar transaction occurs or is effectuated in which the Bank or Holding Company is not the resulting entity; provided, however, that such an event listed above will
be deemed to have occurred or to have been effectuated upon the receipt of all required regulatory approvals not including the lapse of any statutory waiting periods. 

  

	 	C.	“Competing Business” means any business which is, in whole or in part, directly or indirectly, competitive with any portion of the business of the Bank, Holding Company,
or their Affiliates. 

  

	 	D.	“Date of Termination” means the date upon which the Executive’s employment with the Bank ceases. 

  

	 	E.	“Effective Date” of this Employment Agreement shall be the date of the closing of the Acquisition of the Northern Savings & Loan Company by First Place Financial
Corp. as described and defined in the Agreement and Plan of Merger dated January 27, 2006. 

  

	 	F.	“Permanent Disability” and “Permanently Disabled” mean that the Executive has a mental or physical infirmity which permanently impairs his ability to perform
substantially his duties and responsibilities under this Agreement and which results in eligibility of the Executive under the long-term disability plan of the Bank. 

  

	 	G.	“Termination for Cause,” “Terminate for Cause,” and “Cause” mean termination of employment because of Executive’s personal dishonesty,
incompetence, willful misconduct, conduct damaging the reputation of the Bank or the Holding Company, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, repeated unexcused absence, willful violation
of any law, rule, or regulation (other than traffic violations or similar offenses), noncompliance with or violation of any final cease-and-desist order, or material 

	 	  	breach of any provision of this Agreement. No act or failure to act by the Executive shall be considered willful unless the Executive acted or failed to act with an absence of good
faith and without a reasonable belief that his action or failure to act was in the best interest of the Bank. Executive shall not be deemed to have been Terminated for Cause unless and until there shall have been delivered to him a Notice of
Termination which shall include a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the members of the Board at a meeting of the Board called and held for that purpose (after reasonable notice to Executive and
an opportunity for him, together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board, Executive was guilty of conduct justifying Termination for Cause and specifying the particulars thereof in detail.

  

	 	H.	“Termination for Good Reason” and “Good Reason” mean termination of the employment by the Executive due to any one or more of the following reasons unless waived
in writing by the Executive: (1) a material demotion of the Executive; (2) a reduction in the Executive’s salary; (3) a material adverse change in the Executive’s perquisites, benefits, contingent benefits, or vacation,
unless such change is applicable to all senior executives of the Bank on a nondiscriminatory basis; (4) a material permanent increase in the required hours of work or the workload of the Executive; (5) the failure of the Board of Directors
to elect Executive to the position of Senior Vice President - Bank Operations or to an equivalent senior level position, or any action by the Board removing Executive from any such office; (6) relocation of Executive’s principal office if
the relocation increases Executive’s one way travel distance to the office by more than fifty (50) miles. Failure of the Board or Committee to extend the Term of this Agreement is not “Good Reason” and is not a ground for
termination by Executive for Good Reason. 

  

	2.	Employment and Duties. Executive is employed to fill the position of Senior Vice President - Bank Operations for the Northern Division of the Bank. As such, Executive
shall render administrative and management services as are customarily performed by persons situated in similar executive capacities, and shall have such other powers and duties as management or the Board of Directors may prescribe from time to
time. Executive shall also render services to any affiliate or subsidiary of the Bank as requested by the Bank from time to time consistent with his executive position. Executive shall devote substantially all of his business time, attention, skill,
and effort to the faithful performance of his duties under this Agreement. Subject to Board review, Executive shall participate in community, professional, and civic organizations and may serve on the boards of directors of, and hold other offices
or positions in, companies or organizations which in the judgment of the Board, will not present any conflict of interest with the Bank or materially affect the performance of Executive’s duties with the Bank. Executive may manage personal
investments so long as such activities do not interfere materially with performance of his responsibilities under this Agreement. 

	3.	Term/Extension of Term. The Term of this Agreement shall commence on the Effective Date and shall continue through December 31, 2007, subject to earlier
termination as set forth herein. Commencing on July 1, 2007, and continuing annually thereafter, the Board of Directors (“Board”), or its designated committee, will review this Agreement and the needs of the Bank and may extend the
Term for one additional year or may for any reason elect not to extend the Term. The results of the review will be included in the Board or the Committee minutes, and the Board or the Committee will notify the Executive whether the Term is to be
extended. If the Board or Committee notifies the Executive that the Term is not extended, the Term will continue through the later of: (i) the then existing expiration date of the Term, or (ii) three (3) months following the date of
notice of nonextension. 

  

	4.	Compensation. 

  

	 	A.	Salary. The Bank shall pay Executive an annual salary in the amount of $125,000.00 (“Base Salary”). Base Salary shall include any amounts of compensation deferred
by Executive under any qualified or unqualified plan maintained by the Bank. Base Salary shall be payable on the dates and according to the schedule established for payment of salary or wages to all employees of the Bank. Base Salary may be
increased (but shall not be decreased) from time to time by the Board or the Committee in accordance with salary guidelines approved by the Board for senior executives. 

  

	 	B.	Bonuses. In the event that the Board establishes a bonus program for executives of the Northern Division of the Bank, Executive shall be entitled to participate in an
equitable manner with all other executive officers of the Northern Division in such performance based and discretionary bonuses. 

  

	 	C.	Expenses. Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in performing services under this Agreement in
accordance with the policies and procedures applicable to executive officers of the Bank provided that Executive accounts for such expenses as required under such policies and procedures. 

  

	5.	Benefits. Executive shall be entitled to participate, to the same extent as executive officers of the Bank generally, in such plans, if any, that the Bank may have, or
may in its discretion adopt, relating to equity incentive, pension, retirement, thrift, profit sharing, savings, group or other life insurance, hospitalization, medical and dental coverage, short and long term disability, travel and accident
insurance, education, and other retirement or employee benefits or combinations thereof. 

  

	6.	Stock Options. Subject to the Closing of the Acquisition pursuant to the Agreement and Plan of Merger dated January 27, 2006, subject to execution and delivery of
this Employment Agreement, and subject to review and approval by the Compensation Committee, Executive shall be eligible for an award of options on 5,000 shares of First Place Financial Corp. common stock. Terms and conditions of any award shall be
set by the Compensation Committee in accordance with the provisions of the applicable stock option plan. 

	7.	Vacation/Sick Leave. Executive shall be entitled to four (4) weeks of paid vacation annually in accordance with the policies established by the Board for
executive officers. Unused vacation will not carry over to subsequent years, and there will be no cash compensation paid for unused vacation. Executive shall accrue entitlement to sick leave in accordance with sick leave policies in effect for all
employees. 

  

	8.	Termination of Employment and Effect on Compensation. 

  

	 	A.	General. The employment shall terminate upon the date of Executive’s resignation, the last day of the Term, or upon the date of Executive’s death or permanent
disability (each an “Executive Termination”). The Bank may terminate the employment for Cause as defined in Section 1.G. above. The employment may be terminated at will at any time by the Bank (“Termination without Cause”).
Under the conditions described in Section 1.H. above, Executive may terminate the employment for Good Reason. 

  

	 	B.	Executive Termination and Termination for Cause. In the event of an Executive Termination or Termination for Cause, the Bank shall be obligated to pay the Executive his
salary, earned bonus if any, earned incentive if any, and applicable benefit contributions through the Date of Termination, payable at the time such payments are normally due; and the Bank shall have no further obligation to the Executive under this
Agreement. 

  

	 	  	Beginning on the date of a Notice of Termination for Cause and continuing through the Date of Termination for Cause, stock options and related limited rights granted to Executive
under any stock option plan shall not be exercisable nor shall any unvested awards granted to Executive under any stock benefit plan of the Bank, the Holding Company, or any subsidiary or affiliate thereof, vest. At the date of Termination for
Cause, such stock options and related limited rights and any unvested awards shall become null and void and shall not be exercisable by or delivered to Executive at any time subsequent to such Termination for Cause. 

  

	 	C.	Termination Without Cause/Termination for Good Reason. In the event that the employment is Terminated without Cause or in the event that the Executive terminates the
employment for Good Reason during the Term of this Agreement, the Bank shall pay Executive his salary, earned bonus if any, earned incentive if any, and applicable benefit contributions through the Date of Termination, payable at the time such
payments are normally due; and the following provisions shall apply: 

	 	(1)	Payment. The Bank shall pay Executive, or in the event of his subsequent death, his estate or such person or persons as he may have previously designated in writing, a lump
sum equal to the greater of: (i) the Executive’s Base Salary, bonus, if any, and benefit plan contributions through the remainder of the Term, or (ii) one (1) times the Executive’s Base Salary, bonus, if any, and benefit
plan contributions for the then current year. 

  

	 	(2)	Date of Payment.  

  

	 	a.	If the termination is a Termination without Cause, the lump sum payment shall be made not later than thirty (30) days following the Date of Termination.

  

	 	b.	If the termination is a Termination for Good Reason, the lump sum payment shall be made not sooner than six (6) months and not later than six (6) months and fifteen
(15) days following the Date of Termination. 

  

	 	(3)	Minimum Capital Restriction. In the event that the Bank is not in compliance with its minimum capital requirements, or if payment pursuant to this Section 8.C. would
cause the Bank’s capital to be reduced below its minimum regulatory capital requirements, the payment shall be deferred until the earliest date at which the Bank or its successor reasonably anticipates that payment will not cause a capital
compliance violation. 

  

	 	(4)	Life and Medical Insurance. For twelve (12) months following the Date of Termination, the Bank shall maintain for the Executive life and medical insurance coverage
substantially equivalent to the coverage maintained by the Bank or Holding Company for Executive prior to the termination, except to the extent such coverage may be changed in its application to all Bank or Holding Company employees on a
nondiscriminatory basis. 

  

	 	D.	Change in Control. If there is a Change in Control of the Bank or Holding Company followed by a Termination without Cause or a Termination for Good Reason during the Term of
this Agreement, the Bank or its successor will be liable for the lump sum payment and the continuation of life and medical insurance as set forth above in Section 8.C. 

  

	 	E.	Change in Control Payment Limitations. Notwithstanding the preceding, in no event shall the aggregate payments or benefits to be made or afforded to Executive constitute an
“excess parachute payment” under Section 280G of the Internal Revenue Code of 1986 as amended or any successor thereto, and in order to avoid such result, termination benefits will be reduced, if necessary, to an amount (the
“Non-triggering Amount”), the value of which is one dollar ($1.00) 

	 	  	less than an amount equal to three (3) times Executive’s “Base Amount,” as determined in accordance with said Section 280G. The allocation of the reduction
required hereby among the termination benefits provided by the preceding paragraphs shall be determined by Executive. 

  

	 	F.	Internal Revenue Code Section 409A. It is the intent of the parties that payments pursuant to this Agreement either shall not constitute “deferred
compensation” or shall otherwise qualify for exemption from excise and other tax penalties applicable under Section 409A of the Internal Revenue Code. If it is determined that any payment(s) under this Agreement would be subject to excise
or other tax penalty under Section 409A, the terms of this Agreement shall be amended so that such payment(s) will comply with the requirements of Section 409A and will not be subject to excise or other tax penalty under 409A.

  

	 	G.	Regulatory Provisions. 

  

	 	(1)	The Bank may terminate Executive’s employment at any time, but any termination by the Bank, other than Termination for Cause, shall not prejudice Executive’s right to
compensation or other benefits under this Agreement. Executive shall not have the right to receive compensation or other benefits for any period after Termination for Cause. 

  

	 	(2)	If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or
8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Bank may in its discretion: (i) pay Executive all or part of the compensation withheld while the contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended.

  

	 	(3)	If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the
Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this contract shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

  

	 	(4)	If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1), all obligations of the Bank under this contract shall
terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

  

	 	(5)	All obligations of the Bank under this contract shall be terminated, except to the extent determined that continuation of the contract is necessary for 

	 	  	the continued operation of the institution: (i) by the Director of the OTS (or his designee), or the FDIC, at the time the FDIC enters into an agreement to provide assistance
to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS (or his designee) at the time the Director (or his designee)
approves a supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be
affected by such action. 

  

	 	(6)	Any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with 12 U.S.C. § 1828(k), 12 C.F.R. Part 359, 12 C.F.R.
§ 545.121, and any rules and regulations promulgated thereunder. 

  

	9.	Notice of Termination. Any termination of the employment by the Bank or by the Executive shall be communicated by a Notice of Termination to the other party. The
Notice of Termination shall: (i) state the Date of Termination, (ii) state the specific termination provision in this Agreement relied upon and, (iii) if applicable, set forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of Executive’s employment. In the case of a Termination for Cause, the Date of Termination shall not be less than thirty (30) days from the date the Notice of Termination is given.

  

	10.	Noncompetition. 

  

	 	A.	While employed. During Executive’s employment with the Bank, Executive will not directly or indirectly engage or participate, as an employee, owner, partner,
shareholder, officer, director, member, advisor, consultant, agent, or otherwise in any Competing Business, and will not permit his name to be used by, or render services of any type for any person or entity developing a Competing Business; except
that Executive may make passive investments in the capital stock of a publicly held Competing Business of up to one percent (1%) ownership interest in such Competing Business. 

  

	 	B.	No Longer Employed. For a period of one year following termination of the employment, Executive will not compete with the Bank or its Affiliates in Lorain County, Ohio.
During such period, Executive will not directly or indirectly engage or participate, as an employee, owner, partner, shareholder, officer, director, member, advisor, consultant, agent, or otherwise in any Competing Business in Lorain County, and
will not permit his name to be used by, or render services of any type for any person or entity developing a Competing Business in Lorain County; except that Executive may make passive investments in the capital stock of a publicly held Competing
Business of up to one percent (1%) ownership interest in such Competing Business. Exceptions: Notwithstanding 

	 	  	the foregoing, Executive may, after termination of the employment, work as a lawyer, title insurance agent, or real estate agent, or as a consultant to any law firm, title insurance
agency, or real estate agency, provided that (i) such work is not competitive with the business of the Bank, (ii) such work does not involve any claim or cause of action alleged, asserted, or to be asserted against the Bank, its parent or
affiliate companies, or any of their respective directors, officers, or employees, and (iii) Executive complies at all times with the confidential information provisions set forth below in Section 12. 

  

	11.	Nonsolicitation/Nonhire. During Executive’s employment with the Bank and continuing for two (2) years following the date Executive ceases to be an employee
of the Bank or the Holding Company, Executive will not directly or indirectly: (i) solicit, divert, entice, take away, or attempt to solicit, divert, entice, or take away any customer or business of Bank or its Affiliates for the sale or
delivery of any product or service that competes with a product or service offered by the Bank or Affiliates; (ii) solicit, divert, entice, take away, or attempt to solicit, divert, entice, or take away any potential customer identified,
selected, or targeted by the Bank, with whom the Executive has had contact, involvement, or responsibility during the employment with the Bank, for the sale or delivery of any product or service that competes with a product or service offered by the
Bank or its Affiliates; (iii) solicit, induce, or cause any employee, agent, consultant, independent contractor, representative, or associate of the Bank or its Affiliates to terminate his, her, or its relationship with the Bank or Affiliate or
leave the employment of the Bank or Affiliate and/or become employed directly or indirectly by Executive or by any Competing Business or any other person or entity who or which competes directly or indirectly with any portion of the business of the
Bank or the Affiliate (“employed” includes without limitation service directly or indirectly as an owner, manager, operator, employee, independent contractor, agent, shareholder, or consultant); (iv) hire any employee of the Bank or
its Affiliates, which employee (a) was an employee of the Bank or the Affiliate on the Date of Termination of Executive’s employment or (b) became an employee of the Bank or the Affiliate in the two- (2) year period following
termination of Executive’s employment. Exception: Notwithstanding the foregoing, following termination of the Executive’s employment, Executive may solicit for employment and hire Patricia Lyons and/or Barrett Hubbard.

  

	12.	Confidential Information. Executive has and will have access to and knowledge of trade secrets and confidential business information of the Bank, Holding Company,
their affiliates, and their customers (“Confidential Information”). At all times during and after his employment with the Bank, Executive will keep Confidential Information in strict confidence, and will not at any time, directly or
indirectly, disclose Confidential Information to any other entity or individual and will not use such information for any purpose other than performance of Executive’s duties with the Bank. Confidential Information means and includes all
information disclosed to or known by Executive as a consequence of or through his employment with the Bank, which (i) has not been made generally available to the public, and is useful or of value to the current or the anticipated business of
the Bank and Affiliates; or (ii) has been identified to Executive as confidential either orally or in writing. Confidential Information includes, without 

	  	limitation, products and product information; software and programs; marketing or organizational research and development; business plans; sales forecasts; identities, competence,
abilities, and compensation of employees of the Bank and the Affiliates; pricing, costs, and financial information; current and prospective customer and supplier lists and information about customers, suppliers, and their employees; information
concerning planned or pending acquisitions or divestitures; and information concerning purchases of equipment or property. Confidential Information does not include information which is in or hereafter enters the public domain through no fault of
Executive or is disclosed by a third party having the legal right to use and disclose the information. If Executive is required by legal process to disclose any Confidential Information, he will provide the Bank with prompt written notice of such
request or requirement so that the Bank may seek a protective order or other appropriate remedy or waive compliance with this paragraph. 

  

	13.	Intellectual Property. 

  

	 	A.	“Intellectual Property” shall mean all discoveries, inventions, improvements, computer programs, formulas, ideas, devices, writings or other Intellectual Property
(including any notes, records, reports, sketches, plans, memoranda, and other tangible information relating to such Intellectual Property), whether or not subject to protection under the patent or copyright laws, which Executive shall conceive
solely or jointly with others, in the course of or within the scope of employment, or which relate directly to the business or products of the Bank or its affiliates or their actual or anticipated development, or which are conceived or created using
the Bank’s or its Affiliates’ materials or facilities, whether during or after working hours. 

  

	 	B.	All Intellectual Property developed by Executive during employment by the Bank shall be the sole and exclusive property of the Bank without further compensation. Any Intellectual
Property based upon Confidential Information and developed at any time during or following the employment term shall be the property of the Bank. Executive agrees to promptly notify the Bank of and fully disclose to the Bank all Intellectual
Property. Executive shall take such steps as are deemed necessary to maintain complete and current records thereof. 

  

	 	C.	Executive shall assign (without additional compensation) to the Bank or its designees the entire right, title, and interest in such Intellectual Property. Executive shall, at the
Bank’s request and expense, make applications for patents, execute all documents necessary thereto, assist in securing, defending, or enforcing any such title and right, and assist in any other claims or litigation concerning the Bank or its
affiliates. 

  

	 	D.	Exceptions: Upon termination of the employment, Executive may retain and use for himself and for his prospective employers, customers and clients (a) templates developed
by Executive for various deed forms, real estate purchase agreements, letterhead, power of attorney forms, Ohio medical power of attorney forms, and 

	 	  	living will forms, (b) spreadsheets, formulas, programming or systems developed by the Executive for calculating certain amounts related to real estate and loan transactions,
such as truth in lending disclosure amounts, amortization, interest rates, payment amounts and fees, and (c) spreadsheets, formulas, programming or systems developed by the Executive for tracking shareholder records, dividend payments and Form
1099 information, provided, in each case, that such items do not contain any Confidential Information of the Bank. Such templates, forms, spreadsheets, formulas, programming or systems themselves shall not be considered to be Confidential
Information and shall not be considered to be Intellectual Property of the Bank. Executive’s knowledge of programming concepts and Executive’s knowledge of and ability to use Excel and other computer software are not Intellectual Property
subject to restriction under paragraphs A, B, or C of this Section 13 or Section 12 above. 

  

	14.	Litigation Assistance. Following any termination of Executive’s employment, Executive shall continue to be obligated, upon reasonable notice, to furnish such
information and assistance to the Bank as may reasonably be required by the Bank in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party. All payments and benefits to Executive under this
Agreement shall be subject to Executive’s compliance with this Section 14. 

  

	15.	Remedies, Specific Performance. Executive agrees that any violation of this Agreement would be highly injurious to the Bank and would cause irreparable harm to the
Bank. Executive consents and agrees that if he violates any provisions of this Agreement, the Bank shall be entitled, in addition to any other rights and remedies that it may have, to apply to any court of competent jurisdiction for specific
performance and/or injunctive or other relief in order to enforce, or prevent any continuing violation of, the provisions of this Agreement. 

  

	  	Executive recognizes and agrees that the territorial, time, and scope limitations set forth in this Agreement are reasonable and are properly required for the protection of the
Bank; and in the event that any such territorial, time, or scope limitation is deemed to be unreasonable by a court of competent jurisdiction, the Bank and Executive agree to the reduction of any or all of said territorial, time, or scope
limitations to such an area, period, or scope as such court shall deem reasonable under the circumstances. If such partial enforcement is not possible, the provisions shall be deemed severed. 

  

	16.	Source of Payments. All payments provided in this Agreement shall be timely paid in cash or by check or wire transfer from the general funds of the Bank. The Holding
Company unconditionally guarantees payment and provision of all amounts and benefits due to Executive under this Agreement and, if such amounts and benefits due from the Bank are not timely paid or provided by the Bank, such amounts and benefits
shall be paid or provided by the Holding Company. 

  

	17.	Effect on Prior Agreements. Except for the obligation to make a lump sum payment of the change-in-control payment to Executive in accordance with the terms of the
Prior 

	  	Employment Agreement, and Section 6.11 of the Merger Agreement, as referred to above, this Agreement contains the entire understanding between the parties and supersedes,
cancels, and replaces any other employment agreement or change in control severance agreement between the Bank or any predecessor of the Bank and Executive. This Agreement does not affect or operate to reduce any benefit or compensation inuring to
Executive of a kind elsewhere provided. 

  

	18.	No Attachment. Except as required by law, no right to receive payments under this Agreement shall be subject to alienation, sale, assignment, encumbrance, charge,
pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt effect any such action shall be null and void. 

  

	19.	Successors. This Agreement shall be binding upon and inure to the benefit of, the parties and their respective successors and permitted assigns.

  

	20.	Successor to Assume Obligations of Bank. The Bank and the Holding Company shall require any successor or assignee, whether direct or indirect, by purchase, merger,
consolidation or otherwise, to all or substantially all the business, assets, or stock of the Bank or the Holding Company, expressly and unconditionally to assume and agree to perform the Bank’s obligations under this Agreement, in the same
manner and to the same extent that the Bank would be required to perform if no such succession or assignment had taken place. 

  

	21.	Assignment. Executive may not assign or delegate any of his rights or obligations under this Agreement without the written consent of the Bank. The Bank may assign its
rights and obligations under this Agreement to any successor. 

  

	22.	Modification and Waiver. This Agreement may not be modified or amended except by an instrument in writing signed by the parties. No term or condition of this Agreement
shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No written waiver shall be deemed to be
a continuing waiver unless specifically so stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for any subsequent act.

  

	23.	Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or
enforceability of the remaining provisions. 

  

	24.	Headings. The headings of sections and paragraphs in this Agreement are included solely for convenience of reference and shall not control the meaning or
interpretation of any of the provisions of this Agreement. 

	25.	Governing Law. This Agreement shall be interpreted and governed in accordance with the laws of the State of Ohio except to the extent that such laws are superseded by
federal law. 

  

	26.	Arbitration. Subject to the Bank’s right to apply to any court of competent jurisdiction for specific performance and/or injunctive relief as set forth in
Section 15 above, any dispute arising under this Agreement shall be settled exclusively by arbitration in accordance with the rules of the American Arbitration Association then in effect. The arbitration shall be held in Trumbull County, Ohio.
Each party shall pay his or its own costs and attorney fees. 

  

	27.	Indemnification. The Bank shall provide Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’
liability insurance policy at its expense and shall indemnify Executive (and his heirs, executors and administrators) to the fullest extent permitted under federal law against all expenses and liabilities reasonably incurred by him in connection
with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been an officer of the Bank (whether or not he continues to be an officer at the time of incurring such expenses or liabilities), such expenses
and liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements. Any payments made to Executive pursuant to this Section are subject to and conditioned upon compliance with 12
U.S.C. §1828(k), 12 C.F.R. Part 359, 12 C.F.R. §545.121, and any rules or regulations promulgated thereunder. 

  

	28.	Notices. All notices and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered
or sent by express delivery service, or sent by certified mail, return receipt requested, postage prepaid. All notices to Bank shall be sent to the home office of the Bank, directed to the attention of the Chief Executive Officer. All notices to
Executive shall be sent to the home or other address that he has most recently provided in writing to Bank. Notices shall be effective when received, as evidenced by the acknowledgment of delivery issued by the postal authority or the signed receipt
of the party to whom addressed. 

  

	29.	Office of Thrift Supervision Review. This Agreement is subject to review and approval by the Office of Thrift Supervision (“OTS”). If the OTS requests,
directs, or otherwise indicates that any term(s) of this Agreement should be amended to obtain OTS approval, then such term(s) shall be amended to comply with OTS requirements. 

  

					
	Witness:	 		 	The Northern Savings & Loan Company
			
	 /s/ Kimberly A. Wadman
	 		 	 /s/ Steven R. Lewis

		 		 	Steven R. Lewis
		 		 	President and Chief Executive Officer
			
		 		 	Date Signed: June 27, 2006

					
	Witness:	 		 	Executive
			
	 /s/ Carol Roswell
	 		 	 /s/ Neal Hubbard

		 		 	Neal Hubbard
			
		 		 	Date Signed: June 27, 2006
			
	Witness:	 		 	First Place Financial Corp.
		 		 	(Guarantor)
			
	 /s/ Kimberly A. Wadman
	 		 	 /s/ Steven R. Lewis

		 		 	Steven R. Lewis
		 		 	President and Chief Executive Officer
			
		 		 	Date Signed: June 27, 2006

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