Document:

EXHIBIT 10.5

 

SUBSIDIARY GUARANTY AGREEMENT

 

THIS SUBSIDIARY GUARANTY
AGREEMENT (this “Guaranty”) is executed as of April 16, 2012, by EACH OF THE SUBSIDIARIES OF AMERICAN
REALTY CAPITAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“Borrower”), LISTED ON SCHEDULE
1 ATTACHED HERETO or who become a party hereto pursuant to Section 21 below (each a “Guarantor”
and collectively, “Guarantors”), for the benefit of the Credit Parties (defined
below).

 

RECITALS:

 

A.        Borrower may,
from time to time, be indebted to the Credit Parties pursuant to that certain Term Loan Agreement dated of even date herewith (as
amended, modified, supplemented, or restated from time to time, the “Term Loan Agreement”), among
Borrower, American Realty Capital Trust, Inc., a Maryland corporation, a limited partner of Borrower, the Lenders now or hereafter
party to the Term Loan Agreement (the “Lenders”), and Wells Fargo Bank,
National Association, as Administrative Agent for the benefit of the Lenders (“Administrative Agent”),
(Administrative Agent and the Lenders, together with their respective successors and assigns, are each a “Credit Party,”
and collectively the “Credit Parties”). Capitalized terms used herein shall, unless otherwise
indicated, have the respective meanings set forth in the Term Loan Agreement.

 

B.        Each Guarantor
is a Subsidiary of Borrower and will, directly or indirectly, benefit from the Credit Parties’ extension of credit to Borrower.

 

C.        This Guaranty
is integral to the transactions contemplated by the Loan Documents, and the execution and delivery hereof is a condition precedent
to the Credit Parties’ obligations to extend credit to Borrower under the Loan Documents.

 

NOW, THEREFORE, as
an inducement to the Credit Parties to enter into the Term Loan Agreement and to make Loans to Borrower thereunder, and to extend
such credit to Borrower as the Credit Parties may from time to time agree to extend, and for other good and valuable consideration,
the receipt and legal sufficiency of which are hereby acknowledged, Guarantors hereby jointly and severally guarantee payment of
the Guaranteed Obligations (hereinafter defined) and hereby agree as follows:

 

Section
1.        Nature of Guaranty. Each Guarantor hereby absolutely and
unconditionally guarantees, jointly and severally, as a guarantee of payment and not merely as a guarantee of collection, prompt
payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of any and all existing
and future Obligations including, without limitation, all indebtedness and liabilities of every kind, nature and character, direct
or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary, of Borrower to the Credit Parties arising
under the Term Loan Agreement and the other Loan Documents (including, without limitation, all renewals, extensions, modifications,
amendments, and restatements thereof and all costs, attorneys’ fees and expenses incurred by any Credit Party in connection
with the collection or enforcement thereof) including, without limitation, any and all environmental indemnifications contained
in the Loan Documents (collectively, the “Guaranteed Obligations”). Administrative Agent’s books
and records showing the amount of the Guaranteed Obligations shall be admissible in evidence in any action or proceeding, and shall
be binding upon each Guarantor and conclusive for the purpose of establishing the amount of the Guaranteed Obligations. This Guaranty
shall not be affected by the genuineness, validity, regularity, or enforceability of the Guaranteed Obligations or any instrument
or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, or extent of any
collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense
to the obligations of any Guarantor under this Guaranty.

 

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Section
2.        No Setoff or Deductions; Taxes. Each
Guarantor represents and warrants that it is formed and resident in the United States of America. All payments by any Guarantor
hereunder shall be paid in full, without setoff or counterclaim or any deduction or withholding whatsoever, including, without
limitation, for any and all present and future taxes. If any Guarantor must make a payment under this Guaranty, then such Guarantor
represents and warrants that it will make the payment from its offices located in the United States of America to Administrative
Agent, for the benefit of the Credit Parties, so that no withholding tax is imposed on such payment. Notwithstanding the foregoing,
if any Guarantor makes a payment under this Guaranty to which withholding tax applies, or any taxes (other than Excluded Taxes)
are at any time imposed on any payments under or in respect of this Guaranty including, but not limited to, payments made pursuant
to this Section 2, then such Guarantor shall pay all such taxes to the relevant authority in accordance with applicable
law such that each Credit Party receives the sum it would have received had no such deduction or withholding been made and shall
also pay to Administrative Agent, for the benefit of the Credit Parties, on demand, all additional
amounts which Administrative Agent specifies as necessary to preserve the after-tax yield the
Credit Parties would have received if such taxes had not been imposed. Guarantors shall promptly
provide Administrative Agent with an original receipt or certified copy issued by the relevant authority evidencing the payment
of any such amount required to be deducted or withheld.

 

Section
3.        No Termination. This Guaranty is a continuing and irrevocable
guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed
Obligations and any other amounts payable under this Guaranty are indefeasibly paid and performed in full and any commitments of
the Credit Parties or facilities provided by the Credit Parties with respect to the Guaranteed
Obligations are terminated. All payments under this Guaranty shall be made at Administrative Agent’s Office in Dollars.

 

Section
4.        Waiver of Notices. Each Guarantor waives notice of the acceptance
of this Guaranty and of the extension or continuation of the Guaranteed Obligations or any part thereof. Each Guarantor further
waives presentment, protest, notice, dishonor or default, demand for payment, notice of intent to accelerate, notice of acceleration,
and any other notices to which any Guarantor might otherwise be entitled.

 

Section
5.        NO SUBROGATION. No Guarantor shall exercise any right of subrogation, contribution, or similar rights with
respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this
Guaranty are indefeasibly paid and performed in full and any commitments of the Credit Parties or
facilities provided by the Credit Parties with respect to the Guaranteed Obligations are terminated.
If any amounts are paid to any Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for
the benefit of the Credit Parties and shall forthwith be paid to Administrative Agent, for the
benefit of the Credit Parties, to reduce the amount of the Guaranteed Obligations, whether matured
or unmatured.

 

Section
6.        Waiver of Suretyship Defenses. Each Guarantor agrees that
the Credit Parties may, at any time and from time to time, and without notice to Guarantors, make any agreement with Borrower or
with any other person or entity liable on any of the Guaranteed Obligations or providing collateral as security for the Guaranteed
Obligations, for the extension, renewal, payment, compromise, discharge, or release of the Guaranteed Obligations or any collateral
(in whole or in part), or for any modification or amendment of the terms thereof or of any instrument or agreement evidencing the
Guaranteed Obligations or the provision of collateral, all without in any way impairing, releasing, discharging, or otherwise affecting
the obligations of any Guarantor under this Guaranty. Each Guarantor waives any defense arising by reason of any disability or
other defense of Borrower or any other guarantor, or the cessation from any cause whatsoever of the liability of Borrower, or any
claim that any Guarantor’s obligations exceed or are more burdensome than those of Borrower and waives the benefit of any
statute of limitations affecting the liability of any Guarantor hereunder. Each Guarantor waives any right to enforce any remedy
which such Guarantor now has or may hereafter have against Borrower and waives any benefit of
and any right to participate in any security now or hereafter held by Administrative Agent for the benefit of the Credit Parties.
Further, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary
the risks of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.

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Section
7.        Exhaustion of Other Remedies Not Required. The obligations
of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations.
Each Guarantor waives diligence by any of the Credit Parties and action on delinquency in respect
of the Guaranteed Obligations or any part thereof, including, without limitation any provisions of law requiring any
Credit Party to exhaust any right or remedy or to take any action against Borrower, any other guarantor, or any other person,
entity, or property before enforcing this Guaranty against any Guarantor.

 

Section
8.        Reinstatement. Notwithstanding anything in this Guaranty
to the contrary, this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment
of any portion of the Guaranteed Obligations is revoked, terminated, rescinded, or reduced or must otherwise be restored or returned
upon the insolvency, bankruptcy, or reorganization of Borrower or any other person or entity or otherwise, as if such payment had
not been made and whether or not Administrative Agent is in possession of or has released this
Guaranty and regardless of any prior revocation, rescission, termination or reduction.

 

Section
9.        Subordination. Each Guarantor hereby expressly subordinates
the payment of all obligations and indebtedness of Borrower owing to such Guarantor, whether now existing or hereafter arising
and whether those obligations are (a) direct, indirect, fixed, contingent, liquidated, unliquidated, joint, several, or joint
and several, (b) due or to become due to such Guarantor, (c) held by or are to be held by such Guarantor, (d) created
directly or acquired by assignment or otherwise, or (e) evidenced in writing (collectively, the “Subordinated
Debt”) to the indefeasible payment in full of all Guaranteed Obligations. Each Guarantor
agrees not to accept any payment in respect of such Subordinated Debt from Borrower if a Default exists. If any Guarantor receives
any payment in respect of any Subordinated Debt in violation of the foregoing, then such Guarantor shall hold that payment in trust
for the Credit Parties and promptly turn it over to Administrative Agent, for the benefit of the Credit Parties, in the
form received (with any necessary endorsements), to be applied in accordance with the Term Loan Agreement, but without
reducing or affecting in any manner the liability of any Guarantor under this Guaranty.

 

Section
10.        Information. Each Guarantor agrees to furnish promptly
to Administrative Agent any and all financial or other information regarding such Guarantor or its property as Administrative Agent
may reasonably request in writing.

 

Section
11.        Stay of Acceleration. In the event that acceleration of
the time for payment of any of the Guaranteed Obligations is stayed, upon the insolvency, bankruptcy, or reorganization of Borrower
or any other person or entity, or otherwise, all such amounts shall nonetheless be payable by Guarantors immediately upon demand
by Administrative Agent.

 

Section
12.        INDEMNIFICATION AND Expenses.

 

(a)        Each Guarantor
agrees to indemnify each Credit Party from and against any and all claims, losses, and liabilities in any way relating to, growing
out of, or resulting from this Guaranty and the transactions contemplated hereby (including, without limitation, enforcement of
this Guaranty), except to the extent such claims, losses, or liabilities result from such Credit Party’s gross negligence
or willful misconduct as finally determined by a court of competent jurisdiction.

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(b)        Each
Guarantor shall indemnify each Credit Party and each Related Party of any of the Credit Parties (each such Person being called
an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities, and related expenses (including, without limitation, the fees, charges, and disbursements of any counsel for any Indemnitee),
and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be
employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or any Loan Party
arising out of, in connection with, or as a result of (i) the execution or delivery or enforcement of this Guaranty or any
agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder, the
consummation of the transactions contemplated hereby, or, in the case of Administrative Agent and its Related Parties only, the
administration of this Guaranty; or (ii) any actual or prospective claim, litigation, investigation, or proceeding relating
to any of the foregoing, whether based on contract, tort, or any other theory, whether brought by a third party or by any Loan
Party, and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to
any Indemnitee and its Related Parties, be available to the extent that such losses, claims, damages, liabilities, or related expenses
are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence
or willful misconduct of such Indemnitee or its Related Parties.

 

(c)        Each
Guarantor shall pay to Administrative Agent upon demand the amount of any and all costs and expenses, including the reasonable
fees and expenses of its counsel and of any experts and agents, that Administrative Agent may incur in connection with the administration
of this Guaranty, including, without limitation, any such costs and expenses incurred in the preservation, protection, or enforcement
of any rights of any Credit Party in any case commenced by or against any Guarantor under the Bankruptcy Code (Title 11, United
States Code) or any similar or successor statute. The obligations of Guarantors under the preceding sentence shall survive termination
of this Guaranty.

 

Section
13.        AMENDMENTS. No amendment, modification, termination, or
waiver of any provision of this Guaranty, and no consent to any departure by any Guarantor from the terms and conditions hereof,
shall in any event be effective unless the same shall be in writing and signed by Administrative Agent and each Guarantor. Any
such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given.

 

Section 14.        Notices.
Any notice or other communication herein required or permitted to be given shall be in writing and shall be in accordance with
the provisions of Section 11.02 of the Term Loan Agreement. All notices or other communications hereunder shall be made
to the applicable address, as follows: (i) if addressed to Administrative Agent, then to the address specified for Administrative
Agent set forth on Schedule 11.02 of the Term Loan Agreement; and (ii) if addressed to any Guarantor, then to the address
as follows: c/o American Realty Capital, 405 Park Avenue, 15th Floor, New York, New York 10022, Attention:
William M. Kahane, Facsimile No.: (646) 861-7812, with a copy to c/o American Realty Capital, 405 Park Avenue, 15th Floor, New
York, New York 10022, Attention: Jesse C. Galloway, Facsimile No.: (646) 861-7804. Any party
to this Guaranty may change its address, telecopier or telephone number for notices and other communications in accordance with
the terms and provisions set forth in Section 11.02(d) of the Term Loan Agreement.

 

Section
15.        No Waiver; Enforceability. No failure by any Credit Party
to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof
or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law
or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity
of any other provision herein.

 

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Section
16.        Assignment. This Guaranty shall: (a) bind each Guarantor
and its successors and assigns, provided that no Guarantor may assign its rights or obligations under this Guaranty without the
prior written consent of Administrative Agent (and any attempted assignment without such consent shall be void); and (b) inure
to the benefit of each of the Credit Parties and their respective successors and assigns and the Credit Parties may, without notice
to any Guarantor and without affecting any Guarantor’s obligations hereunder, assign or sell participations in the Guaranteed
Obligations and this Guaranty, in whole or in part. Each Guarantor agrees that the Credit Parties may disclose to any prospective
purchaser and any purchaser of all or part of the Guaranteed Obligations any and all information in the Credit Parties’ possession
concerning any Guarantor, this Guaranty, and any security for this Guaranty to the extent permitted under, and in compliance with,
the terms of the Term Loan Agreement.

 

Section
17.        Condition of Borrower. Each Guarantor acknowledges and
agrees that it has the sole responsibility for, and has adequate means of, obtaining from Borrower such information concerning
the financial condition, business, and operations of Borrower as Guarantors require, and that no Credit Party shall have any duty,
and Guarantors are not relying on any Credit Party at any time, to disclose to Guarantors any information relating to the business,
operations, or financial condition of Borrower.

 

Section
18.        RIGHTS OF SETOFF. If and to the extent any payment is not
made when due hereunder, then Administrative Agent and each other Credit Party (with the prior consent of Administrative Agent)
may setoff and charge from time to time any amount so due against any or all of Guarantors’ accounts or deposits with Administrative
Agent or such other Credit Party.

 

Section
19.        Other Guarantees. Unless otherwise agreed by Administrative
Agent, the applicable Credit Party and Guarantors in writing, this Guaranty is not intended to supersede or otherwise affect any
other guaranty now or hereafter given by Guarantors for the benefit of the Credit Parties or any term or provision thereof.

 

Section
20.        REPRESENTATIONS AND WARRANTIES;
LOAN DOCUMENTS. By execution hereof, each Guarantor covenants and agrees that certain representations,
warranties, terms, covenants, and conditions set forth in the Loan Documents are applicable by their terms to such Guarantor and
shall be imposed upon such Guarantor, and each Guarantor reaffirms that each such representation and warranty is true and correct
and covenants and agrees to promptly and properly perform, observe, and comply with each such term, covenant, or condition. Moreover,
each Guarantor acknowledges and agrees that this Guaranty is subject to the setoff provisions as noted in Section 18 above in favor
of the Credit Parties. In the event the Term Loan Agreement or any other Loan Document shall cease to remain in effect for any
reason whatsoever during any period when any part of the Guaranteed Obligations remains unpaid, such terms, covenants, and agreements
of the Term Loan Agreement or such other Loan Document incorporated herein by this reference and which are, by their terms, made
applicable to any Guarantors shall nevertheless continue in full force and effect as obligations of each Guarantor under this Guaranty.

 

Section
21.        Additional Guarantors. The initial Guarantors hereunder
shall be each of the Subsidiary Guarantors of Borrower that are signatories hereto and that are listed on Schedule 1
attached hereto. From time to time subsequent to the date hereof, additional Subsidiary Guarantors of Borrower may become parties
hereto as additional Guarantors (each an “Additional Guarantor”) by executing a counterpart of this Guaranty
in the form of Exhibit A attached hereto. Upon delivery of any such counterpart to Administrative Agent, notice of
which is hereby waived by Guarantors, each such Additional Guarantor shall be a Guarantor and shall be a party hereto as if such
Additional Guarantor were an original signatory hereof. Each Guarantor expressly agrees that its obligations arising hereunder
shall not be affected or diminished by the addition or release of any other Guarantor hereunder, or by any election by Administrative
Agent not to cause any Subsidiary Guarantor of Borrower to become an Additional Guarantor hereunder. Subject to Section 22, this
Guaranty shall be fully effective as to any Guarantor that is or becomes a party hereto regardless of whether any such person becomes
or fails to become or ceases to be a Guarantor hereunder.

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Section
22.        Release of Guarantors. Subject to Section 10.10
of the Term Loan Agreement, a Guarantor may be released from its obligations under this Guaranty by Administrative Agent’s
execution of a Release of Guaranty in the form of Exhibit B attached hereto. Each Guarantor expressly agrees that
its obligations arising hereunder shall not be affected or diminished by the release of any other Guarantor hereunder.

 

Section
23.        GOVERNING LAW; JURISDICTION; ETC.

 

(a)        GOVERNING
LAW.        THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)        SUBMISSION
TO JURISDICTION. EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT
OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY
OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT
IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY
OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS GUARANTY OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ANY CREDIT PARTY
MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT AGAINST ANY GUARANTOR
OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)        WAIVER OF
VENUE. EACH GUARANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION
THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY
OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 23(b). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION
OR PROCEEDING IN ANY SUCH COURT.

 

(d)        SERVICE OF
PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02
OF THE TERM LOAN AGREEMENT. NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY APPLICABLE LAW.

 

(e)        Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY
OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 23.

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Section
24.        Counterparts. This Guaranty may be executed in counterparts
(and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract.

 

Section
25.         ACKNOWLEDGMENT OF BENEFITS; CONTRIBUTION; EFFECT OF AVOIDANCE PROVISIONS. 

 

(a) Each Guarantor
acknowledges that it has received, or will receive, significant financial and other benefits, either directly or indirectly, from
the proceeds of the Loans made by the Lenders to the Borrower pursuant to the Term Loan Agreement; that the benefits received by
such Guarantor are reasonably equivalent consideration for such Guarantor's execution of this Guaranty; and that such benefits
include, without limitation, the access to capital afforded to the Borrower pursuant to the Term Loan Agreement from which the
activities of such Guarantor will be supported, the refinancing of certain existing indebtedness of Borrower and such Guarantor
secured by such Guarantor’s Borrowing Base Properties from the proceeds of the Loans, and the ability to refinance that indebtedness
at a lower interest rate and otherwise on more favorable terms than would be available to it if the Borrowing Base Properties owned
by such Guarantor’s were being financed on a stand-alone basis and not as part of a pool of assets comprising the security
for the Obligations. Each Guarantor is executing this Guaranty and the other Loan Documents in consideration of those benefits
received by it.

 

(b)        Each Guarantor
hereby agrees as among themselves that, in connection with payments made hereunder, each Guarantor shall have a right of contribution
from each other Guarantor in accordance with applicable Law.  Such contribution rights shall be subordinate and subject in
right of payment to the Guaranteed Obligations until such time as the Guaranteed Obligations have been indefeasibly and irrevocably
paid in full, and none of the Guarantors shall exercise any such contribution rights until the Guaranteed Obligations have been
indefeasibly and irrevocably paid in full.

 

(c)        It is the intent
of each Guarantor, the Administrative Agent and the Lenders that in any proceeding under any Debtor Relief Laws, such Guarantor's
maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of
such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the other Lenders under the
Loan Documents) to be avoidable or unenforceable against such Guarantor in such proceeding as a result of applicable Laws, including,
without limitation, (i) Section 548 of the Bankruptcy Code of the United States and (ii) any state fraudulent transfer or fraudulent
conveyance act or statute applied in such proceeding, whether by virtue of Section 544 of the Bankruptcy Code of the United States
or otherwise. The Laws under which the possible avoidance or unenforceability of the obligations of such Guarantor hereunder (or
any other obligations of such Guarantor to the Administrative Agent and the other Lenders under the Loan Documents) shall be determined
in any such proceeding are referred to herein as "Avoidance Provisions". Accordingly, to the extent that the obligations
of a Guarantor hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Guaranteed Obligations
for which such Guarantor shall be liable hereunder shall be reduced to the greater of (A) the amount which, as of the time any
of the Guaranteed Obligations are deemed to have been incurred by such Guarantor under the Avoidance Provisions, would not cause
the obligations of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the other
Lenders under the Loan Documents), to be subject to avoidance under the Avoidance Provisions or (B) the amount which, as of the
time demand is made hereunder upon such Guarantor for payment on account of the Guaranteed Obligations, would not cause the obligations
of such Guarantor hereunder (or any other obligations of such Guarantor to the Administrative Agent and the Lenders under the Loan
Documents), to be subject to avoidance under the Avoidance Provisions. In determining the limitations, if any, on the amount of
any Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that
any rights of subrogation, indemnification or contribution which such Guarantor may have under this Guaranty, any other agreement
or applicable law shall be taken into account. The provisions under this Section are intended solely to preserve the rights of
the Administrative Agent and the Lenders hereunder to the maximum extent that would not cause the obligations of any Guarantor
hereunder to be subject to avoidance under the Avoidance Provisions, and no Guarantor or any other Person shall have any right
or claim under this Section as against the Administrative Agent and the Lenders that would not otherwise be available to such Person
under the Avoidance Provisions.

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Section
26.        FINAL AGREEMENT. This Guaranty and the other Loan Documents constitute
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. there are no unwritten oral agreements between the parties.

 

 

[Remainder of Page Intentionally Left
Blank;

Signature Pages Follow]

 

 

 

 

 

 

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IN WITNESS WHEREOF,
each Guarantor and Administrative Agent have caused this Guaranty to be duly executed and delivered as of the date first written
above.

GUARANTORS:

 

	ARC ARABLOH001, LLC
	ARC ARABRNC001, LLC
	ARC ARBYCMI001, LLC
	ARC ARCBYPA001, LLC
	ARC ARCTDNY001, LLC
	ARC ARGIDNE001, LLC
	ARC ARHDNFL001, LLC
	ARC ARKTGOH001, LLC
	ARC ARMLNSC001, LLC
	ARC AROCTNY001, LLC
	ARC ARPBLCO001, LLC
	ARC ARPCLFL001, LLC
	ARC ARPHRFL001, LLC
	ARC ARPQAOH001, LLC
	ARC ARRLDMS001, LLC
	ARC ARRTDNY001, LLC
	ARC ARSPHFL001,LLC
	ARC ARVCTTX001, LLC
	ARC AZCLBSC001, LLC
	ARC BFABQNM001, DST
	ARC BFALLTX001, DST
	ARC BFCHSVA001, LLC
	ARC BFCRWTX001, DST
	ARC BFDRDMO001, LLC
	ARC BFEDMOK001, LLC
	ARC BFLGCTX001, DST
	ARC BFMDBFL001, LLC
	ARC BFMWKWI001, LLC
	ARC BFNRFNJ001, LLC
	
        ARC BFOKCOK001, LLC, each a Delaware limited liability company

         

 

	By:	/s/ Jesse C. Galloway	 
	 	Name: Jesse C. Galloway	 
	 	Title: Authorized Signatory	 

 

 

Signature Page to

Subsidiary Guaranty Agreement

    	 

    	 

    

 

	
ARC BFOWAOK001, LLC	 
	ARC BFRKWTX001, DST	 
	ARC BFTULOK001, LLC	 
	ARC BFWTFTX001, DST	 
	ARC BFYKNOK001, LLC	 
	ARC BJBBGSC001, LLC	 
	ARC BJBUFGA001, LLC	 
	ARC BJGRFNC001, LLC	 
	ARC BJHLBNC001,LLC	 
	ARC BJHPTNC001, LLC	 
	ARC BJHWLGA001, LLC	 
	ARC BJINMSC001, LLC	 
	ARC BJLNCNC001, LLC	 
	ARC BJNPTAL001, LLC	 
	ARC BJPDNSC001, LLC	 
	ARC BJRFDNC001, LLC	 
	ARC BJTSVNC001, LLC	 
	ARC BJWKTNC001, LLC	 
	ARC BSPSCAR001, LLC	 
	ARC CAOMHNE001, LLC	 
	ARC CCALBGA001, LLC	 
	ARC CVCHSNY001, LLC	 
	ARC CVDRYFL001, LLC	 
	ARC CVRKRNC001, LLC	 
	ARC DDBLKID001, LLC	 
	ARC DDENTAL001, LLC	 
	ARC DDSLVPA001, LLC	 
	ARC DFLVPIL001, LLC	 
	ARC DFWCHKS001, LLC	 
	ARC DGABBLA001, LLC	 
	ARC DGADLAL001, LLC	 
	ARC DGALSMI001, LLC	 
	ARC DGBKYMI001, LLC	 
	ARC DGBMNOH001, LLC	 
	ARC DGBMTTX001, LLC	 
	ARC DGBNTMO001, LLC	 
	ARC DGBSMAL001, LLC	 
	ARC DGBSNKY001, LLC	 
	ARC DGCATIL001, LLC	 
	ARC DGCCPMO001, LLC, each a Delaware limited liability company
	 
	 	 

 

	By:	/s/ Jesse C. Galloway	 
	 	Name: Jesse C. Galloway	 
	 	Title: Authorized Signatory	 

 

Signature Page to

Subsidiary Guaranty Agreement

    	 

    	 

    
 

 

	ARC DGCDNOH001, LLC
	ARC DGCLBIL001, LLC
	ARC DGCNTMI001, LLC
	ARC DGCPCTX001, LLC
	ARC DGCPMMI001, LLC
	ARC DGCRGIL001, LLC
	ARC DGCVLAL001, LLC
	ARC DGDRNKY001, LLC
	ARC DGDSNLA001, LLC
	ARC DGDTNOH001, LLC
	ARC DGELSTX001, LLC
	ARC DGFLNLA001, LLC
	ARC DGFYTOH001, LLC
	ARC DGGDNMI001, LLC
	ARC DGGNSTX001, LLC
	ARC DGIWNGA001, LLC
	ARC DGJSNMO001, LLC
	ARC DGJSPAL001, LLC
	ARC DGJSPAL002, LLC
	ARC DGJSPAL003, LLC
	ARC DGKGNOH001, LLC
	ARC DGLFTLA001, LLC
	ARC DGLRHFL001, LLC
	ARC DGLTCMI001, LLC
	ARC DGLVLLA001, LLC
	ARC DGMCLMI001, LLC
	ARC DGMLVLA001, LLC
	ARC DGMMTLA001, LLC
	ARC DGMNRLA001, LLC
	ARC DGMTATX001, LLC
	ARC DGCDNOH001, LLC
	ARC DGCLBIL001, LLC
	ARC DGCNTMI001, LLC
	ARC DGCPCTX001, LLC
	ARC DGCPMMI001, LLC
	ARC DGCRGIL001, LLC
	ARC DGCVLAL001, LLC
	ARC DGDRNKY001, LLC
	ARC DGDSNLA001, LLC, each a Delaware limited liability company

 

	By:	/s/ Jesse C. Galloway	 
	 	Name: Jesse C. Galloway	 
	 	Title: Authorized Signatory	 

 

 

Signature Page to

Subsidiary Guaranty Agreement

    	 

    	 

    

 

	
        ARC DGMTSIA001, LLC

        ARC DGNMKMI001, LLC

	ARC DGNPTOH001, LLC
	ARC DGOKHOH001, LLC
	ARC DGOLKAL001, LLC
	ARC DGOLSLA001, LLC
	ARC DGOROMO001, LLC
	ARC DGPNKMI001, LLC
	ARC DGPVTLA001, LLC
	ARC DGQNCMO001, LLC
	ARC DGRBLLA001, LLC
	ARC DGSATTX001, LLC
	ARC DGSBTTN001, LLC
	ARC DGSHNMI001, LLC
	ARC DGSLBAL001, LLC
	ARC DGSMTFL001, LLC
	ARC DGSPHMI001, LLC
	ARC DGSSTAL001, LLC
	ARC DGSTJMI001, LLC
	ARC DGSVLOH001, LLC
	ARC DGTBYAL001, LLC
	ARC DGTKSMI001, LLC
	ARC DGUVLMO001, LLC
	ARC DGWLLMI001, LLC
	ARC DGWTLIA001, LLC
	ARC FEBTMMD001, LLC
	ARC FECNTOH001, LLC
	ARC FEEGBNY001, LLC
	ARC FEGRNOH001, LLC
	ARC FENPXAZ001, LLC
	ARC DGMTSIA001, LLC
	ARC DGNMKMI001, LLC
	ARC DGNPTOH001, LLC
	ARC DGOKHOH001, LLC
	ARC DGOLKAL001, LLC
	ARC DGOLSLA001, LLC
	ARC DGOROMO001, LLC
	ARC DGPNKMI001, LLC
	ARC DGPVTLA001, LLC, each a Delaware limited liability company

 

 

	By:	/s/ Jesse C. Galloway	 
	 	Name: Jesse C. Galloway	 
	 	Title: Authorized Signatory	 

 

Signature Page to

Subsidiary Guaranty Agreement

    	 

    	 

    
 

 

	ARC FESAGMI001, LLC
	ARC FESHRTX001, LLC
	ARC FEWLBNH001, LLC
	ARC GSBRKNY001, LLC
	ARC GSBRNTX001, LLC
	ARC GSCOSCO001, LLC
	ARC GSDALTX001, LLC
	ARC GSEAGTX001, LLC
	ARC GSKNXTN001, LLC
	ARC GSNPRFL001, LLC
	ARC GSPARTX001, LLC
	ARC GSPARWV001, LLC
	ARC GSREDCA001, LLC
	ARC GSSCYIA001, LLC
	ARC GSSVAAZ001, LLC
	ARC HVHVPA0001 GP LLC
	ARC HVLHNPA001 GP LLC
	ARC HVLNDPA001 GP LLC
	ARC HVLNDPA002 GP LLC
	ARC HVLRKPA001 GP LLC
	ARC HVLSDPA001 GP LLC
	ARC HVPMTPA001 GP LLC
	ARC HVSGHPA001 GP LLC
	ARC HVSHPA0001 GP LLC
	ARC HVSPKPA001 GP LLC
	ARC HVSTNPA001 GP LLC
	ARC HVSTNPA002 GP LLC
	ARC HVSVPA0001 GP LLC
	ARC HVWPTPA001 GP LLC
	ARC HVWYMPA001 GP LLC
	ARC FESAGMI001, LLC
	ARC FESHRTX001, LLC
	ARC FEWLBNH001, LLC
	ARC GSBRKNY001, LLC
	ARC GSBRNTX001, LLC
	ARC GSCOSCO001, LLC
	ARC GSDALTX001, LLC
	ARC GSEAGTX001, LLC, each a Delaware limited liability company

 

 

	By:	/s/ Jesse C. Galloway	 
	 	Name: Jesse C. Galloway	 
	 	Title: Authorized Signatory	 

 

Signature Page to

Subsidiary Guaranty Agreement

 

    	 

    	 

    
 

	ARC IHBRGLA001, LLC
	ARC IHSAL0R001, LLC
	ARC JJAMHNY001, LLC
	ARC JJLKGNY001, LLC
	ARC JJPLYMA001, LLC
	ARC JJWATNJ001, LLC
	ARC KGADRIA001, LLC
	ARC KGBLVMO001, LLC
	ARC KGBLVMO002, LLC
	ARC KGFGRMO001, LLC
	ARC KGHLSMO001, LLC
	ARC KGMNTMO001, LLC
	ARC KGNLAIA001, LLC
	ARC KGSPFMO001, LLC
	ARC KGSPFMO002, LLC
	ARC KGSPFMO003, LLC
	ARC KGSPFMO004, LLC
	ARC KGSPFMO005, LLC
	ARC KGSPFMO006, LLC
	ARC KGSPFMO007, LLC
	ARC KGSPFMO008, LLC
	ARC KGWYVMO001, LLC
	ARC LWAUGGA001, LLC
	ARC MBOKCOK001, LLC
	ARC MBWESTX001, LLC
	ARC NTDLVGA001, LLC
	ARC NTKNSGA001, LLC
	ARC NTLBNGA001, LLC
	ARC ORBVAMI001, LLC
	ARC ORRSVMI001, LLC, each a Delaware limited liability company

 

 

	By:	/s/ Jesse C. Galloway	 
	 	Name: Jesse C. Galloway	 
	 	Title: Authorized Signatory	 

 

 

Signature Page to

Subsidiary Guaranty Agreement

    	 

    	 

    

 

 

	ARC ORSGNMI001, LLC
	ARC ORWFDMI001, LLC
	ARC PBLVGNV001, LLC
	ARC PBNWLPA001, LLC
	ARC PBSTKCA001, LLC
	ARC PMOTTIL001, LLC
	ARC RNAUGGA001, LLC
	ARC RNDKSTN001, LLC
	ARC RNKSCKS001, LLC
	ARC RNMPHTN001, LLC
	ARC RNNAUSC001, LLC
	ARC RNNCSIN001, LLC
	ARC RNSMPTN001, LLC
	ARC RNSVLGA001, LLC
	ARC RNVLDGA001, LLC
	ARC SEBRDFL001, LLC
	ARC SEMTDFL001, LLC
	ARC TJPTLME001, LLC
	ARC TPCANNY001, LLC
	ARC TSFRCSC001, LLC
	ARC TSKMZMI001, LLC
	ARC TSMDNGA001, LLC
	ARC TSPTKCT001, LLC
	ARC USMNEMN001, LLC
	ARC VACLDID001, LLC
	ARC WGACWGA001, LLC
	ARC WGANGNY001, LLC
	ARC WGBKLNY001 LLC
	ARC WGBKLNY002 LLC
	ARC WGELKIN001, LLC, each a Delaware limited liability company

 

 

	By:	/s/ Jesse C. Galloway	 
	 	Name: Jesse C. Galloway	 
	 	Title: Authorized Signatory	 

 

Signature Page to

Subsidiary Guaranty Agreement

    	 

    	 

    
 

	ARC WGFSTMS001, LLC
	ARC WGLSPGA001, LLC
	ARC WGMRCLA001, LLC
	ARC WGPTHNY001 LLC
	ARC WGQNSNY001 LLC
	ARC WGQNSNY002 LLC
	ARC WGQNSNY003 LLC
	ARC WMEBBPA001, LLC
	ARC WPMRNOH001, LLC
	CRE JV Mixed Five IL 1 Branch Holdings LLC, each a Delaware limited liability company

 

 

	By:	/s/ Jesse C. Galloway	 
	 	Name: Jesse C. Galloway	 
	 	Title: Authorized Signatory	 

 

 

 

 

 

 

Signature Page to

Subsidiary Guaranty Agreement

 

    	 

    	 

    
 

ADMINISTRATIVE AGENT:

	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Matthew Ricketts	 
	 	 	Name: Matthew Ricketts	 
	 	 	Title: Managing Director	 

 

 

 

 

 

 

 

Signature Page to

Subsidiary Guaranty Agreement

 

    	 

    	 

    
 

 

SCHEDULE 1

INITIAL GUARANTORS

 

 

	1	 ARC JJWATNJ001, LLC
	2	 ARC JJAMHNY001, LLC
	3	 ARC JJLKGNY001, LLC
	4	 ARC JJPLYMA001, LLC
	5	 ARC IHBRGLA001, LLC
	6	 ARC IHSAL0R001, LLC
	7	 ARC DGSMTFL001, LLC
	8	 ARC CCALBGA001, LLC
	9	 ARC DGWLLMI001, LLC
	10	 ARC DGALSMI001, LLC
	11	 ARC DGSPHMI001, LLC
	12	 ARC DGBKYMI001, LLC
	13	 ARC DGCPMMI001, LLC
	14	 ARC DGNMKMI001, LLC
	15	 ARC DFWCHKS001, LLC
	16	 ARC DDENTAL001, LLC
	17	 ARC BJNPTAL001, LLC
	18	 ARC BJBUFGA001, LLC
	19	 ARC BJLNCNC001, LLC
	20	 ARC BJGRFNC001, LLC
	21	 ARC BJHLBNC001,LLC
	22	 ARC BJINMSC001, LLC
	23	 ARC BJTSVNC001, LLC
	24	 ARC BJHPTNC001, LLC
	25	 ARC BJWKTNC001, LLC
	26	 ARC BJHWLGA001, LLC
	27	 ARC BJRFDNC001, LLC
	28	 ARC BJBBGSC001, LLC
	29	 ARC BJPDNSC001, LLC
	30	 ARC DGFLNLA001, LLC
	31	 ARC DGPVTLA001, LLC
	32	 ARC ORWFDMI001, LLC
	33	 ARC DDBLKID001, LLC
	34	 ARC WGFSTMS001, LLC
	35	 ARC SEMTDFL001, LLC
	36	 ARC BFMWKWI001, LLC
	37	 ARC NTDLVGA001, LLC
	38	 ARC NTLBNGA001, LLC

 

 

    	Schedule 1

    	 

    

 

 

	39	 ARC NTKNSGA001, LLC
	40	 ARC CVDRYFL001, LLC
	41	 ARC BFDRDMO001, LLC
	42	 ARC BFNRFNJ001, LLC
	43	 ARC NTCHSVA001, LLC
	44	 ARC DGABBLA001, LLC
	45	 ARC FEBTMMD001, LLC
	46	 ARC SEBRDFL001, LLC
	47	 ARC DGMNRLA001, LLC
	48	 ARC PBNWLPA001, LLC
	49	 ARC PBSTKCA001, LLC
	50	 ARC PBLVGNV001, LLC
	51	 ARC WMEBBPA001, LLC
	52	 ARC USMNEMN001, LLC
	53	 ARC WGACWGA001, LLC
	54	 ARC WGLSPGA001, LLC
	55	 ARC TPCANNY001, LLC
	56	 ARC ARABLOH001, LLC
	57	 ARC ARABRNC001, LLC
	58	 ARC ARBYCMI001, LLC
	59	 ARC ARCBYPA001, LLC
	60	 ARC ARCTDNY001, LLC
	61	 ARC ARGIDNE001, LLC
	62	 ARC ARHDNFL001, LLC
	63	 ARC ARKTGOH001, LLC
	64	 ARC ARMLNSC001, LLC
	65	 ARC AROCTNY001, LLC
	66	 ARC ARPBLCO001, LLC
	67	 ARC ARPCLFL001, LLC
	68	 ARC ARPHRFL001, LLC
	69	 ARC ARPQAOH001, LLC
	70	 ARC ARRLDMS001, LLC
	71	 ARC ARRTDNY001, LLC
	72	 ARC ARSPHFL001,LLC
	73	 ARC ARVCTTX001, LLC
	74	 ARC AZCLBSC001, LLC
	75	 ARC BFABQNM001, DST
	76	 ARC BFALLTX001, DST
	77	 ARC BFCRWTX001, DST
	78	 ARC BFEDMOK001, LLC
	79	 ARC BFLGCTX001, DST
	80	 ARC BFMDBFL001, LLC

 

    	Schedule 1

    	 

    
 

 

	81	 ARC BFOKCOK001, LLC
	82	 ARC BFOWAOK001, LLC
	83	 ARC BFRKWTX001, DST
	84	 ARC BFTULOK001, LLC
	85	 ARC BFWTFTX001, DST
	86	 ARC BFYKNOK001, LLC
	87	 ARC BSPRCAR001, LLC
	88	 ARC CAOMHNE001, LLC
	89	 ARC CVCHSNY001, LLC
	90	 ARC CVRKRNC001, LLC
	91	 ARC DDSLVPA001, LLC
	92	 ARC DFLVPIL001, LLC
	93	 ARC DGADLAL001, LLC
	94	 ARC DGBMNOH001, LLC
	95	 ARC DGBMTTX001, LLC
	96	 ARC DGBNTMO001, LLC
	97	 ARC DGBSMAL001, LLC
	98	 ARC DGBSNKY001, LLC
	99	 ARC DGCATIL001, LLC
	100	 ARC DGCCPMO001, LLC
	101	 ARC DGCDNOH001, LLC
	102	 ARC DGCLBIL001, LLC
	103	 ARC DGCNTMI001, LLC
	104	 ARC DGCPCTX001, LLC
	105	 ARC DGCRGIL001, LLC
	106	 ARC DGCVLAL001, LLC
	107	 ARC DGDRNKY001, LLC
	108	 ARC DGDSNLA001, LLC
	109	 ARC DGDTNOH001, LLC
	110	 ARC DGELSTX001, LLC
	111	 ARC DGFYTOH001, LLC
	112	 ARC DGGDNMI001, LLC
	113	 ARC DGGNSTX001, LLC
	114	 ARC DGIWNGA001, LLC
	115	 ARC DGJSNMO001, LLC
	116	 ARC DGJSPAL001, LLC
	117	 ARC DGJSPAL002, LLC
	118	 ARC DGJSPAL003, LLC
	119	 ARC DGKGNOH001, LLC
	120	 ARC DGLFTLA001, LLC
	121	 ARC DGLRHFL001, LLC
	122	 ARC DGLTCMI001, LLC

    	Schedule 1

    	 

    
 

 

	123	 ARC DGLVLLA001, LLC
	124	 ARC DGMCLMI001, LLC
	125	 ARC DGMLVLA001, LLC
	126	 ARC DGMMTLA001, LLC
	127	 ARC DGMTATX001, LLC
	128	 ARC DGMTSIA001, LLC
	129	 ARC DGNPTOH001, LLC
	130	 ARC DGOKHOH001, LLC
	131	 ARC DGOLKAL001, LLC
	132	 ARC DGOLSLA001, LLC
	133	 ARC DGOROMO001, LLC
	134	 ARC DGPNKMI001, LLC
	135	 ARC DGQNCMO001, LLC
	136	 ARC DGRBLLA001, LLC
	137	 ARC DGSATTX001, LLC
	138	 ARC DGSBTTN001, LLC
	139	 ARC DGSHNMI001, LLC
	140	 ARC DGSLBAL001, LLC
	141	 ARC DGSSTAL001, LLC
	142	 ARC DGSTJMI001, LLC
	143	 ARC DGSVLOH001, LLC
	144	 ARC DGTBYAL001, LLC
	145	 ARC DGTKSMI001, LLC
	146	 ARC DGUVLMO001, LLC
	147	 ARC DGWTLIA001, LLC
	148	 ARC FECNTOH001, LLC
	149	 ARC FEEGBNY001, LLC
	150	 ARC FEGRNOH001, LLC
	151	 ARC FENPXAZ001, LLC
	152	 ARC FESAGMI001, LLC
	153	 ARC FESHRTX001, LLC
	154	 ARC FEWLBNH001, LLC
	155	 ARC GSBRKNY001, LLC
	156	 ARC GSBRNTX001, LLC
	157	 ARC GSCOSCO001, LLC
	158	 ARC GSDALTX001, LLC
	159	 ARC GSEAGTX001, LLC
	160	 ARC GSKNXTN001, LLC
	161	 ARC GSNPRFL001, LLC
	162	 ARC GSPARTX001, LLC
	163	 ARC GSPARWV001, LLC
	164	 ARC GSREDCA001, LLC

 

    	Schedule 1

    	 

    
 

 

	165	 ARC GSSCYIA001, LLC
	166	 ARC GSSVAAZ001, LLC
	167	 ARC HVHVPA0001 GP LLC
	168	 ARC HVLHNPA001 GP LLC
	169	 ARC HVLNDPA001 GP LLC
	170	 ARC HVLNDPA002 GP LLC
	171	 ARC HVLRKPA001 GP LLC
	172	 ARC HVLSDPA001 GP LLC
	173	 ARC HVPMTPA001 GP LLC
	174	 ARC HVSGHPA001 GP LLC
	175	 ARC HVSHPA0001 GP LLC
	176	 ARC HVSPKPA001 GP LLC
	177	 ARC HVSTNPA001 GP LLC
	178	 ARC HVSTNPA002 GP LLC
	179	 ARC HVSVPA0001 GP LLC
	180	 ARC HVWPTPA001 GP LLC
	181	 ARC HVWYMPA001 GP LLC
	182	 ARC KGADRIA001, LLC
	183	 ARC KGBLVMO001, LLC
	184	 ARC KGBLVMO002, LLC
	185	 ARC KGFGRMO001, LLC
	186	 ARC KGHLSMO001, LLC
	187	 ARC KGMNTMO001, LLC
	188	 ARC KGNLAIA001, LLC
	189	 ARC KGSPFMO001, LLC
	190	 ARC KGSPFMO002, LLC
	191	 ARC KGSPFMO003, LLC
	192	 ARC KGSPFMO004, LLC
	193	 ARC KGSPFMO005, LLC
	194	 ARC KGSPFMO006, LLC
	195	 ARC KGSPFMO007, LLC
	196	 ARC KGSPFMO008, LLC
	197	 ARC KGWYVMO001, LLC
	198	 ARC LWAUGGA001, LLC
	199	 ARC MBOKCOK001, LLC
	200	 ARC MBWESTX001, LLC
	201	 ARC ORBVAMI001, LLC
	202	 ARC ORRSVMI001, LLC
	203	 ARC ORSGNMI001, LLC
	204	 ARC PMOTTIL001, LLC
	205	 ARC RNAUGGA001, LLC
	206	 ARC RNDKSTN001, LLC

    	Schedule 1

    	 

    
 

 

	207	ARC RNKSCKS001, LLC
	208	ARC RNMPHTN001, LLC
	209	ARC RNNAUSC001, LLC
	210	ARC RNNCSIN001, LLC
	211	ARC RNSMPTN001, LLC
	212	ARC RNSVLGA001, LLC
	213	ARC RNVLDGA001, LLC
	214	ARC TJPTLME001, LLC
	215	ARC TSFRCSC001, LLC
	216	ARC TSKMZMI001, LLC
	217	ARC TSMDNGA001, LLC
	218	ARC TSPTKCT001, LLC
	219	ARC VACLDID001, LLC
	220	ARC WGANGNY001, LLC
	221	ARC WGBKLNY001 LLC
	222	ARC WGBKLNY002 LLC
	223	ARC WGELKIN001, LLC
	224	ARC WGMRCLA001, LLC
	225	ARC WGPTHNY001 LLC
	226	ARC WGQNSNY001 LLC
	227	ARC WGQNSNY002 LLC
	228	ARC WGQNSNY003 LLC
	229	ARC WPMRNOH001, LLC
	230	CRE JV Mixed Five IL 1 Branch Holdings LLC

 

 

    	Schedule 1

    	 

    
 

 

EXHIBIT A

 

COUNTERPART TO SUBSIDIARY GUARANTY AGREEMENT

 

In witness whereof,
the undersigned Additional Guarantor has caused this Subsidiary Guaranty Agreement to be executed and delivered by its officer
thereunto duly authorized as of ______________ ____, 20___.

 

 

	 	 	 
	 	[NAME OF ADDITIONAL GUARANTOR]
	 	 	 	 	 
	 	 	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

 

 

 

 

    	Exhibit A

    	 

    
 

 

EXHIBIT B

 

FORM OF RELEASE OF GUARANTOR

 

 

In witness whereof, the undersigned Administrative
Agent, on behalf of the Credit Parties, hereby releases and discharges ____________________ from any and all obligations and liabilities
of ____________________ to the Credit Parties under that certain Subsidiary Guaranty Agreement dated as of April 16, 2012 executed
by the Subsidiary Guarantors of American Realty Capital Operating Partnership, LP, a Delaware limited partnership, described therein
in favor of Administrative Agent for the benefit of the Credit Parties.

 

Wells Fargo Bank, National Association, as Administrative Agent

 

 

	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

 

    	Exhibit BEXHIBIT 4.1

 

JINKOSOLAR HOLDING CO., LTD. 2009 LONG
TERM INCENTIVE PLAN 

 

(AS AMENDED AND RESTATED AS OF JANUARY
25, 2010 AND

 

SEPTEMBER 28, 2011)

 

Section 1. Purpose 

 

The purpose of the 2009 Long Term Incentive
Plan, as amended (the “Plan”) of JinkoSolar Holding Co., Ltd., a Cayman Islands company (the “Company”)
is to promote the interests of the Company by enabling it to attract, retain and motivate key employees, directors and consultants
responsible for the success and growth of the Company and its subsidiaries by providing them with appropriate incentives and rewards
and enabling them to participate in the growth of the Company. The Plan provides for the grant of Options, Restricted Shares, Restricted
Share Units, Share Appreciation Rights and Other Share-Based Awards. Options granted under the Plan may include Nonqualified Stock
Options as well as Incentive Stock Options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as
amended (the “Code”).

 

Certain capitalized terms used in this
Plan are defined in Section 2.

 

Section 2. Definitions 

 

(a) “American Depositary Shares”
or “ADSs” means American Depositary Shares issued by a depositary bank and representing the Company’s
Shares.

 

(b) “Applicable Laws”
means (i) the laws of the Cayman Islands as they relate to the Company and its Shares; (ii) the legal requirements relating
to the Plan and Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government
orders; and (iii) the rules of any applicable securities exchange, of any jurisdiction applicable to Awards granted to residents
therein.

 

(c) “Award” means any
Option, Share Appreciation Right, Restricted Share, Restricted Share Unit, or Other Share-Based Award granted under the Plan.

 

(d) “Award Agreement”
means the written agreement or other written instrument between the Company and a Participant that evidences and sets forth the
terms, conditions and restrictions pertaining to a Participant’s Award.

 

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

 

(f) “Cause” means,
with respect to the termination by the Company of a Participant’s Service, that such termination is for “cause”
as such term is expressly defined in the relevant written agreement between the Participant and the Company, or in the absence
of any such written agreement or definition, means (i) misconduct by the Participant in the performance of the Participant’s
duties and obligations to the Company or its Subsidiaries; (ii) dishonesty, fraud, breach of duty of loyalty, insubordination,
violation of Company policies, gross negligence, gross incompetence, any intentional act contrary to the interests of the Company,
embezzlement or misappropriation by the Participant relating to the Company or any of its affiliates or any of their funds, properties
or assets or failure to follow any lawful directive of the Board; (iii) the neglect or failure by the Participant, after written
notice and thirty (30) days to cure (or such shorter period of cure as the Board reasonably determines is necessary to avoid
an adverse effect on the business of the Company), to perform the duties assigned to him or her or; (iv) any material breach
of any employment agreement, noncompetition agreement or other agreement with the Company and/or its affiliates; (v) the conviction
by Participant or plea of nolo contendere (or similar plea) to any facts constituting a felony or a misdemeanor involving
moral turpitude; or (vi) acting in a manner or making any statements which the Board reasonably determines to have an adverse
effect on the reputation, operations, prospects or business relations of the Company or its affiliates. Determination of Cause
will be made by the Board in its sole discretion.

 

(g) “Change in Control”
means a change in ownership or control of the Company after the date of the effectiveness of the Company’s first registration
statement on Form F-1 filed with the US Securities and Exchange Commission, effected by means of:

 

    	1

    	 

    

 

(i) The acquisition by any individual,
entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”),
within any period of 12 consecutive months, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of 50% or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally
in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes
of this subsection (i), the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly
from the Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the Company or (4) any acquisition by any corporation
pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (iii) below; or

 

(ii) Individuals who, as of the Effective
Date, constitute the Board (the “Incumbent Board”) cease, within any period of 12 consecutive months, for any
reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to
the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at
least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member
of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board; or

 

(iii) Consummation of a reorganization,
merger or consolidation of the Company(a “Business Combination”) or a sale or other disposition of all or substantially
all of the assets of the Company having a total gross fair market value equal to or more than 50% of the Outstanding Company Common
Stock or Outstanding Company Voting Securities other than to a “related party,” as such term is defined in the regulations
issued under Section 409A of the Code, unless, following such Business Combination, (A) all or substantially all of the
individuals and entities who were the beneficial owners, of the Outstanding Company Voting Securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding
voting securities entitled to vote generally in the election of directors, of the corporation resulting from such Business Combination
(including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all
of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their
ownership, immediately prior to such Business Combination of the Outstanding Company Voting Securities; (B) no Person (excluding
any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such
corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of the combined voting
power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the
Business Combination; and (C) at least a majority of the members of the board of directors of the corporation resulting from
such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the
action of the Board, providing for such Business Combination; or

 

(iv) Approval by the shareholders of the
Company of a complete liquidation or dissolution of the Company.

 

Notwithstanding the foregoing and anything to the contrary in
the Plan, for the purposes of this Plan and with respect to any and all clauses of this Section of the Plan, (i) an IPO or
any transactions or events constituting part of an IPO shall not be deemed to constitute or in any way effect a Change in Control
and (ii) if it is determined that an Award hereunder is subject to the requirements of Section 409A of the Code, the
Company will not be deemed to have undergone a Change in Control unless the Company is deemed to have undergone a change in the
ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company (as such
terms are defined in Section 409A of the Code and the regulations thereunder) for purposes of the payment of any amounts pursuant
to Section 12(b) or any other provision of the Plan.

 

(h) “Committee” means
a committee of the Board, having the composition, powers and duties as described in Section 3(a).

 

(i) “Consultant” means
any person (other than an Employee or a Director, solely with respect to rendering Services in such person’s capacity as
a Director) who (i) is engaged by any Relevant Group Company to render consulting or advisory services to the Company or such
Relevant Group Company or (ii) the Board determines has performed bona fide services to, or has made contributions to the
business or other development of, the Company or other Relevant Group Company.

 

    	2

    	 

    

 

(j) “Covered Employee”
means a “covered employee,” as defined in Code Section 162(m) and Treasury Regulation Section 1.162-27(c)
(or its successor), during any period that the Company is a Publicly Held Corporation.

 

(k) “Director” means
a non-employee member of the Board.

 

(l) “Effective Date”
means the date on which this Plan is approved by the shareholders of the Company.

 

(m) “Employee” means
any person, including an officer or Director of the Company, any Parent or Subsidiary of the Company, who is in the employ of a
Relevant Group Company, subject to the control and direction of the Relevant Group Company as to both the work to be performed
and the manner and method of performance. The payment of a Director’s fee by a Relevant Group Company shall not be sufficient
to constitute “employment” for this purpose.

 

(n) “Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended.

 

(o) “Exercise Price”
means the amount for which one Share may be purchased when an Option is exercised, as specified by the Board in the applicable
Award Agreement.

 

(p) “Fair Market Value,”
as of a particular date, means:

 

		(i)	if the Shares are then listed or admitted to trading on Nasdaq or New York Stock Exchange (“NYSE”) or another established
securities exchange, the closing price of a Share on Nasdaq, the NYSE or other established securities exchange, for the date of
determination, or if no sale occurred on such date, the first trading date immediately prior to such date, the first trading date
immediately prior to such date during which a sale occurred; or

 

		(ii)	if the Shares are not traded on an exchange but are quoted on an established market or other quotation system, the last sales
price on such date, or if no sales occurred on such date, then on the date immediately prior to such date on which sales prices
are reported;

 

		(iii)	if the Shares are not then listed or admitted to trading on Nasdaq or the NYSE, such value as the Board, acting in good faith
and in compliance with Code Section 409A, determines, with reference to (i) the placing price of the latest private placement
of the Shares, the development of the Company’s business operations and general economic and market conditions since such
latest private placement, (ii) any independent valuation of the Company’s equity or (iii) such other methodologies
or information as the Committee determines to be indicative of Fair Market Value.

 

(q) “IPO” means a firm
underwritten public offering of Shares (or ADSs representing the Shares) with a listing on Nasdaq, NYSE or other internationally
recognized securities exchange duly approved by the shareholders of the Company.

 

(r) “Incentive Stock Option”
or “ISO” means an option intended to qualify as an incentive stock option within the meaning of Code Section 422.
ISOs under the Plan may only be granted to Participants who are U.S. taxpayers.

 

(s) “Nasdaq” means
any of Nasdaq Capital Market, Nasdaq Global Market or Nasdaq Global Select Market, and “listed or admitted to trading on
Nasdaq” shall have correlative meaning.

 

(t) “Nonqualified Stock Option”
or “NQSO” means an option granted pursuant to the Plan that is not an ISO.

 

(u) “Option” means
an ISO or NQSO granted under the Plan that entitles the holder to purchase Shares.

 

(v) “Other Share-Based Awards”
are Awards (other than Options, Share Appreciation Rights, Restricted Shares or Restricted Share Units) granted pursuant to Section 10
hereof that are denominated in, valued in whole or in part by reference to, or otherwise based on or related to, Shares.

 

(w) “Parent” means
any corporation, whether now or hereafter existing (other than the Company), in an unbroken chain of corporations ending with the
Company if each of the corporations other than the last corporation in the unbroken chain owns stock possessing more than 50% of
the total combined voting power of all classes of shares in one of the other corporations in such chain.

 

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(x) “Participant” means
a person who, as a Director, Employee or Consultant, has been granted an Award by the Board or the Committee under the Plan.

 

(y) “Performance Objective”
means one or more objective, measurable performance factors as determined by the Board with respect to each Performance Period
based upon one or more of the factors set forth in Section 13(b) of the Plan.

 

(z) “Performance Period”
means a period for which Performance Objectives are set and during which performance is to be measured to determine whether a Participant
is entitled to payment of an Award under the Plan. A Performance Period may coincide with one or more complete or partial calendar
or fiscal years of the Company. Unless otherwise designated by the Board, the Performance Period will be based on the calendar
year.

 

(aa) “Publicly Held Corporation”
means a corporation issuing any class of common equity securities required to be registered under Section 12 of the Exchange
Act.

 

(bb) “Related Entity”
means any business, corporation, partnership, limited liability company or other entity in which the Company, a Parent or Subsidiary
of the Company holds a substantial ownership interest, directly or indirectly, but which is not a Subsidiary and which in each
case the Board designates as a Related Entity for purposes of the Plan.

 

(cc) “Relevant Group Company”
means the Company, any Parent or Subsidiary of the Company and any Related Entity to which a Participant provides Services.

 

(dd) “Restricted Shares”
means Shares granted to a Participant under Section 8 hereof which are subject to certain restrictions (which may include,
but are not limited to, continuous Service, achievement of specific business objectives, increases in specified indices, attaining
growth rates, and other comparable measurements of the Company or its Subsidiaries’ performance) and to a risk of forfeiture
or repurchase by the Company.

 

(ee) “Restricted Share Unit”
or “RSU” means a bookkeeping entry representing an unfunded right to receive (if conditions are met) an amount equal
to the Fair Market Value of one Share, granted pursuant to Section 9 hereof.

 

(ff) “Service” means
service as an Director, Employee or Consultant.

 

(gg) “Share” means
one ordinary share of the Company, and such other securities of the Company as may be substituted for Shares pursuant to Section 12
hereof.

 

(hh) “Share Appreciation Right”
or “SAR” means an Award granted to a Participant, as described in Section 7 hereof.

 

(ii) “Subsidiary” means
any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations
other than the last corporation in the unbroken chain owns shares possessing 50% or more of the total combined voting power of
all classes of shares in one of the other corporations in the chain. A corporation that becomes a Subsidiary on a date after the
adoption of the Plan will be considered a Subsidiary commencing as of that date.

 

Section 3. Administration 

 

(a) Committees of the Board. The
Plan may be administered by one or more Committees. A Committee will consist of three or more members of the Board, and will have
the authority and be responsible for those functions assigned to it by the Board. If no Committee is appointed, the entire Board
will administer the Plan. Any reference to the Board in the Plan will be construed as a reference to the Committee, if any, to
which the Board assigns a particular function in connection with the Plan. If the Company is a Publicly Held Corporation, the Plan
shall be administered by a Committee appointed by the Board consisting of not less than three directors who fulfill the “nonemployee
director” requirements of Rule 16b-3 under the Exchange Act, the independence requirements of the principal exchange or quotation
system on which the Shares are listed or quoted, and the “outside director” requirements of Code Section 162(m).
Nothing in this Section 3(a) shall affect the Company’s ability to take advantage of any available exemptions from the
provisions of Section 16 of the Exchange Act and the independence requirements of the principal securities exchange on which
the Shares are listed, for so long as the Company is a “foreign private issuer” as defined in Rule 3b-4 under the Exchange
Act.

 

    	4

    	 

    

 

(b) Compliance with Code Section 162(m).
The Board may, but is not required to, grant Awards that are intended to qualify as performance-based compensation exempt from
the deductibility limitations of Code Section 162(m) (“Qualified Performance Awards”). Any such grants
shall be made and certified only by a Committee (or a subcommittee thereof) consisting solely of two or more “outside directors”
(as such term is defined under Code Section 162(m)).

 

(c) Powers of the Board. Subject
to the provisions of the Plan, the Board has the discretionary authority and power to:

 

(i) Determine and designate those individuals
selected to receive Awards;

 

(ii) Determine the terms of Awards, including
the exercise price, time at which each Award will be granted and the number of Shares subject to each Award;

 

(iii) Establish the terms and conditions
upon which Awards may be exercised, vested or paid (including any requirements that the Participant or the Company satisfy performance
criteria or Performance Objectives);

 

(iv) Prescribe, amend, or rescind any
rules and regulations necessary or appropriate for the administration of the Plan;

 

(v) Grant Awards in substitution for options
or other equity interests held by individuals who become Employees of the Company or one of its Subsidiaries as a result of the
Company’s acquiring or merging with the individual’s employer. If necessary to conform the Awards to the interests
for which they are substitutes, the Board or a Committee may grant substitute Awards under terms and conditions that vary from
those the Plan otherwise requires. Notwithstanding anything in the foregoing to the contrary, any Award to any participant who
is a U.S. taxpayer will be adjusted appropriately to comply with Code Section 409A or 424, if applicable;

 

(vi) Correct any defect, supply any deficiency,
and reconcile any inconsistency in the Plan or in any related Award or agreement; and

 

(vii) Make other determinations and take
such other action in connection with the administration of the Plan as it deems necessary or advisable.

 

(d) Delegation of Duties. The Board
may delegate to designated officers of the Company any of its duties and authority under the Plan pursuant to such conditions or
limitations as the Board may establish from time to time including, without limitation, the authority to recommend individuals
for the grant of Awards and the form and terms of their Awards; provided, however, the Board may not delegate to any person the
authority (i) to grant Awards or (ii) if the Company is a Publicly Held Corporation, to take any action which would contravene
the requirements of Rule 16b-3 under the Exchange Act or the Sarbanes-Oxley Act of 2002.

 

(e) Interpretation of Plan. The
Board has the discretionary authority and power to interpret and construe the Plan and all related Awards and agreements, to resolve
any ambiguities and determine the amount of benefits payable to a person under the Plan. All decisions, interpretations and determinations
of the Board with respect to the Plan will be final and binding on all Participants and all persons deriving their rights from
Participants.

 

(f) Indemnification. Each member
of the Board is indemnified and held harmless by the Company against any cost or expense (including any sum paid in settlement
of a claim with the approval of the Company) arising out of any act or omission to act in connection with the Plan to the extent
permitted by applicable law. This indemnification is in addition to any rights of indemnification a member may have as a Director
or otherwise under the Articles of Association of the Company or a Subsidiary, any agreement, any vote of shareholders or disinterested
directors, or otherwise.

 

Section 4. Eligibility 

 

(a) General Rule. Persons eligible
to participate in this Plan include all Employees, Directors and Consultants of the Company or any Relevant Group Company, as determined
by the Board. Any Awards, other than ISOs, may be granted to Employees, Consultants and Directors. ISOs may be granted only to
Employees of the Company, its Parent or any Subsidiary.

 

(b) Ten-Percent Shareholders. An
individual who owns more than 10% of the total combined voting power of all classes of outstanding shares of the Company or any
of its Subsidiaries (as determined in accordance with Code Section 424(d)) will not be eligible for the grant of an ISO unless
(i) the Exercise Price is at least 110% of the Fair Market Value of a Share on the date of grant and (ii) the Option
by its terms is not exercisable after the expiration of 5 years from the date of grant.

 

    	5

    	 

    

 

(c) Variation by Jurisdiction.
In order to assure the viability of Awards granted to Participants employed in various jurisdictions, the Board may provide for
such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom applicable
in the jurisdiction in which the Participant resides or is employed. Moreover, the Board may approve such supplements to, or amendments,
restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby
affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements, amendments,
restatements or alternative versions shall increase the limitation on the number of Shares subject to grant set out in Section 5(a),
and provided further that the granting of Awards under the Plan shall in all cases comply with Applicable Laws.

 

Section 5. Shares Subject To Plan 

 

(a) Number of Shares. The aggregate
number of Shares that may be issued under the Plan or covered by Awards including upon the exercise of ISOs, is 9,325,122 Shares,
subject to adjustment pursuant to Section 12. Shares available for grant of Awards under the Plan may be authorized but unissued
Shares or treasury Shares. The number of Shares that are subject to Awards outstanding at any time under the Plan shall not exceed
the number of Shares that then remain available for grant under the Plan.

 

(b) Shares Subject to Reoption.
In the event that any Award granted under the Plan expires, is terminated unexercised, or is forfeited or settled or in a manner
that results in fewer Shares being issued than were initially awarded, the Shares subject to the Award, to the extent of such expiration,
termination, forfeiture or reduction shall again become available for grant of subsequent Awards under the Plan. If payment for
the exercise of an Award is made by transfer to the Company of Shares owned by the Participant or Shares withheld by the Company
upon exercise, the Shares transferred to the Company or withheld by the Company will be added to the Company’s treasury or
canceled and become authorized and unissued shares. Unissued Shares in respect of an outstanding Award that is settled in cash
shall not be available for purposes of the Plan. Shares that are issued under the Plan and subsequently acquired by the Company
shall be available for grant of subsequent Awards. To the extent permitted by Applicable Laws, Shares issued in assumption of,
or in substitution for, any outstanding awards of any entity acquired by the Company or any Parent or Subsidiary of the Company
shall not be counted against the Shares available for grant pursuant to the Plan.

 

(c) Shares Issued. Any Shares issued
or distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares (subject
to Applicable Laws) or Shares purchased on the open market. In the discretion of the Board, American Depositary Shares representing
the number of Shares to be issued or distributed pursuant to an Award (subject to adjustment based on the applicable ratio of ADSs
to Shares) may be distributed in lieu of Shares in settlement of any Award.

 

(d) Code Section 162(m) Limitations
on Awards. During any period that the Company is a Publicly Held Corporation, unless the Board determines that a particular
Award granted to a Covered Employee is not intended to be a Qualified Performance Award, the following rules shall apply to grants
of Awards to Covered Employees:

 

(i) Subject to the provisions of Section 12(a),
relating to capitalization adjustments, the maximum aggregate number of Shares that may be granted (in the case of Options and
SARs) or that may vest (in the case of Restricted Shares, Restricted Share Units or Other Share-Based Awards), as applicable, in
any calendar year pursuant to any Award held by any individual Covered Employee shall be 10,000 Shares, subject to the annual review
and adjustment by the Board.

 

(ii) The maximum aggregate cash payout
(with respect to any Awards paid out in cash) in any calendar year which may be made to any Covered Employee shall be US $1,000,000.

 

(iii) To the extent required by Code Section 162(m),
in applying the foregoing limitation with respect to a Covered Employee, if any Award intended to comply with Section 162(m)
is canceled, the cancelled Award shall continue to count against the maximum number of Shares with respect to which an Award may
be granted to a Covered Employee.

 

Section 6. Terms And Conditions Of Option

 

(a) Written Agreement. Each grant
of an Option under the Plan will be evidenced by an Award Agreement between the Participant and the Company, setting forth the
terms, conditions and limitations for each Option which may include the provisions applicable in the event the Participant’s
Service terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind
an Option, in each case as the Board deems appropriate and consistent with this Plan. The provisions of Award Agreements entered
into under the Plan need not be identical.

 

    	6

    	 

    

 

(b) Number of Shares. Each Award
Agreement will specify the number of Shares that are subject to the Award or the formula for determining the number of Shares that
are subject to the Award, and will further provide for the adjustment in accordance with Section 12. The Award Agreement also
will specify whether an Option is an ISO or NQSO. However, if any portion of an Option does not meet the requirements to qualify
as an ISO, that portion will be an NQSO.

 

(c) Exercise Price. Each Award
Agreement pertaining to an Option will specify the Exercise Price as determined by the Board. The Exercise Price of Options awarded
to United States taxpayers shall not be less than 100% of the Fair Market Value of a Share on the date of grant, and, in the case
of ISOs, any higher percentage required by Section 4(b), except where a lower Exercise Price is required to comply with Code
Section 409A or 424 in the event of an Option substitution, as contemplated by Section 3(c)(v), or except as provided
under Section 12(a) relating to capitalization adjustments.

 

(d) Term. The Award Agreement will
specify the term of the Option. The Board in its sole discretion may determine when an Option is to expire, except that the term
may not exceed ten (10) years from the date of grant or five (5) years from the date of grant for an ISO granted to 10%
or greater shareholder as required by Section 4(b).

 

(e) Vesting. Each Award Agreement
will specify when all or any portion of the Option becomes exercisable. The vesting provisions of any Award Agreement will be determined
by the Board in its sole discretion, and may provide that Options shall vest over a period of four years from the date of grant
in the proportion of 25% of such Options per year, and may be exercised once per year, or such other provisions as the Board in
its discretion may direct.

 

(f) No Rights as a Shareholder.
Unless otherwise specified in an Award Agreement, a Participant, or a transferee of a Participant, has no rights as a shareholder
with respect to any Shares covered by such Option prior to the date of issuance to the Participant or transferee of a certificate
or certificates for the Shares.

 

(g) $100,000 Annual Limitation on ISO.
To the extent that the aggregate Fair Market Value (determined with respect to each ISO as of the time the ISO is granted) of the
Shares with respect to which ISOs are exercisable for the first time by a Participant during any calendar year (under all plans
of the Company and its Subsidiaries) exceeds US $100,000, the Option or portions of the Option that exceed such limit will be treated
as NQSOs (in the reverse order in which they were granted, so that the last ISO will be the first to be treated as NQSO).

 

(h) Method of Exercise and Payment.
Options shall be exercised by the delivery of a signed written notice of exercise to the Company which must be received as of a
date set by the Company in advance of the effective date of the proposed exercise. The notice shall set forth the number of Shares
with respect to which the Option is to be exercised, accompanied by full payment for the Shares. The Exercise Price upon exercise
of any Option shall be payable to the Company in full in the following manner:

 

(i) in cash or cash equivalents when the
Shares are purchased;

 

(ii) subject to prior approval by the
Board in its discretion, by surrendering Shares that are already owned by the Participant. Such Shares will be surrendered to the
Company in good form for transfer and will be valued at their Fair Market Value on the date when the Option is exercised. Unless
the Board otherwise determines, the Participant will not surrender Shares in payment of the Exercise Price if that action would
cause the Company to recognize compensation expense (or additional compensation expense) with respect to the Option for financial
reporting purposes;

 

(iii) subject to prior approval by the
Board in its discretion, with a full recourse promissory note. Shares issuable pursuant to the Option will be pledged as a security
for payment of the principal amount of the promissory note and interest on it. The interest rate payable under the terms of the
promissory note will not be less than the minimum rate (if any) required to avoid the imputation of additional interest under the
Code. Subject to the foregoing, the Board (at its sole discretion) will specify the term, interest rate, amortization requirements
(if any) and other provisions of any note;

 

    	7

    	 

    

 

(iv) subject to prior approval by the
Board in its discretion, and if the Shares or ADSs are is publicly traded, by the delivery (on a form prescribed by the Company)
of an irrevocable direction to a securities broker approved by the Company to sell the Shares and to deliver all or part of the
sales proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes;

 

(v) subject to prior approval by the Board
in its discretion, and if the Shares or ADSs are publicly traded, by the delivery (on a form prescribed by the Company) of an irrevocable
direction to pledge the Shares to a securities broker or lender approved by the Company, as security for a loan, and to deliver
all or part of the loan proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes; or

 

(vi) subject to prior approval by the
Board in its discretion, any combination of the above methods of payment.

 

Notwithstanding anything to the contrary in this Section 6,
if the Company is a Publicly Held Corporation, any payment by a promissory note or a broker-assisted exercise may be made only
if and to the extent that the Company determines that it is permissible under section 402 of the Sarbanes-Oxley Act of 2002 as
amended from time to time.

 

Section 7. Share Appreciation Rights

 

(a) Written SAR Agreement. Each
SAR will be evidenced by an Award Agreement that will specify the grant price, the term of the SAR, the conditions of exercise,
and such other terms and conditions as the Board, in its sole discretion, may determine.

 

(b) Terms of SAR Awards. Subject
to the terms of the Plan and any applicable Award Agreement, a SAR granted under the Plan shall confer on the holder thereof a
right to receive, upon exercise thereof, the excess of (i) the Fair Market Value of one Share on the date of exercise over
(ii) the sum of (A) the grant price of the SAR as specified by the Board in the Award Agreement, which shall not be less
than 100% of the Fair Market Value of one Share on the date of grant of the SAR and (B) unless the holder elects to pay such
tax in cash, any amount of tax that must be withheld in connection with such exercise. Subject to the terms of the Plan, the grant
price, term, methods of exercise, methods of settlement (including whether the Participant will be paid in cash, Shares or any
combination thereof), and any other terms and conditions of any SARs shall be determined by the Board. The Board may impose such
conditions or restrictions on the exercise of any SARs as it may deem appropriate.

 

Section 8. Restricted Shares 

 

(a) Written Restricted Share Agreement.
The terms and conditions of each grant of Restricted Shares shall be evidenced by an Award Agreement that will specify the terms
and conditions of such Award as the Board, in its sole discretion, may determine.

 

(b) Vesting, Payment and Other Terms.
Awards of Restricted Shares may be subject to restrictions and vesting conditions, including time-based vesting conditions and/or
the attainment of performance-based vesting conditions or Performance Objectives, as determined by the Board and, with regard to
Performance Objectives, determined and certified by the Board (in the manner prescribed by Code Section 162(m)). To the extent
consistent with the Company’s Articles of Association at the Board’s election, Restricted Shares may be (i) held
in book entry form subject to the Company’s instructions until any restrictions relating to the Restricted Shares lapse;
or (ii) evidenced by a certificate, which certificate shall be held in such form and manner as determined by the Board. If
certificates representing Restricted Shares 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 Shares, and the Company may, at its discretion,
retain physical possession of the certificates until such time as all applicable restrictions lapse. The Restricted Shares will
become nonforfeitable at such times and in such manner as the Board determines; provided, however, that, except with respect to
Restricted Share awards the Board designates as Qualified Performance Awards, the Board may, on such terms and conditions as it
determines appropriate, accelerate the time at which restrictions or other conditions on such awards of Restricted Shares will
lapse. Unless otherwise specified by the Board in the Award Agreement, the Restricted Shares that are subject to restrictions which
are not satisfied shall be forfeited and all rights of the Participant to such Shares shall terminate.

 

(c) Rights as a Shareholder. Unless
otherwise specified in the Award Agreement, each Award of Restricted Shares shall constitute an immediate transfer of the record
and beneficial ownership of the Restricted Shares to the Participant in consideration of the performance of Services as a Director,
Employee or Consultant, as applicable, entitling such Participant to all voting, dividends and other ownership rights in such Shares.
As specified in the Award Agreement, an Award of Restricted Shares may limit the Participant’s dividend or voting rights
during the period in which the Restricted Shares are subject to a “substantial risk of forfeiture” (within the meaning
given to such term under Code Section 83) and restrictions on transfer. In the Award Agreement, the Board, in its discretion,
may apply any other restrictions on the dividend rights that the Board deems appropriate.

 

    	8

    	 

    

 

(d) Consideration for Restricted Shares.
Restricted Shares shall be awarded for no additional consideration or such additional consideration as the Board may determine
satisfies Cayman Islands corporate law requirements, which consideration may be less than, equal to or greater than the Fair Market
Value of the shares of Restricted Shares on the grant date.

 

Section 9. Restricted Share Units 

 

(a) Written RSU Agreement. The
terms and conditions of each grant of RSUs shall be evidenced by an Award Agreement that will specify the terms and conditions
of such Award, including the number of RSUs, the vesting criteria and such other provisions as the Board shall determine. RSUs
shall be credited as a bookkeeping entry in the name of the Participant in an account maintained by the Company. No Shares are
actually issued to the Participant in respect of RSUs on their date of grant.

 

(b) Vesting Criteria and Payment Terms.
The Board shall set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine
the number of RSUs that will be paid out to the Participant. Unless otherwise provided in an Award Agreement, upon meeting the
applicable vesting criteria, the Participant shall be entitled to receive a payout as specified in the RSU Award Agreement. At
any time after the grant of RSUs, except with respect to RSU awards the Board designates as Qualified Performance Awards, the Board,
in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout. The Board, in its sole discretion,
may pay RSUs in cash or in Shares (or in a combination thereof) that have an aggregate Fair Market Value equal to the value of
the earned RSUs. Payments in settlement of RSUs shall be made not later than the March 15 following the year in which the
vesting criteria are met to the extent that such Awards are intended to qualify for the “short-term deferral” exception
under Code Section 409A.

 

(c) No Rights as a Shareholder.
A Participant shall have no rights as a shareholder with respect to the Shares underlying RSUs granted hereunder.

 

(d) Dividend Equivalents. At the
discretion of the Board, a Participant may be awarded the right to receive Dividend Equivalents, which may be paid currently or
credited to an account for the Participant, and may be settled in cash and/or Shares, as determined by the Board in its sole discretion,
subject in each case to such terms and conditions as the Board shall establish. Without limiting the generality of the preceding
sentence, if RSUs and/or the Dividend Equivalents is designated as a Qualified Performance Award, the Board may apply any restrictions
it deems appropriate to the payment of Dividend Equivalents awarded with respect to such RSUs, such that the RSUs and/or Dividend
Equivalents maintain eligibility for the Code Section 162(m) performance-based exception.

 

(e) Forfeiture. On the date set
forth in the Award Agreement, all unvested RSUs shall expire and be forfeited to the Company.

 

Section 10. Other Share-Based Awards

 

The Board may grant Other Share-Based Awards
that are denominated in, valued in whole or in part by reference to, or otherwise based on or related to, Shares. The purchase,
exercise, exchange or conversion of Other Share-Based Awards and all other terms and conditions applicable to such Awards will
be determined by the Board in its sole discretion and set forth in an Award Agreement. Such Awards may be settled in Shares, cash
or any combination thereof.

 

Section 11. Termination Of Service 

 

(a) Termination of Service Before an
IPO. If a Participant’s Service terminates for any reason prior to an IPO, any outstanding unexercised or unvested Award
granted to the Participant will terminate and be forfeited for no consideration on the date of the Participant’s termination
of Service.

 

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(b) Termination of Service After an
IPO.

 

(i) Unless otherwise provided in the Award
Agreement, upon termination of a Participant’s Service on or following an IPO for any reason other than for death, all unvested
portions of any outstanding Awards shall be immediately forfeited without consideration, the vested portion of any outstanding
RSUs or Other Share-Based Awards shall be settled upon termination and the Participant shall have a period of three (3) months
(twelve (12) months in the case of termination of Service due to death), commencing with the date the Participant’s
Service has terminated, to exercise the vested portion of any outstanding Options or SARs, subject to the term of the Option or
SAR. The Participant may exercise all or part of his or her Options or SARs at any time before their expiration under this subsection,
but only to the extent that the Options or SARs had become exercisable before the date the Participant’s Service terminated.
Those Options or SARs that are not exercisable immediately before the date of termination of Service will expire on the date of
termination of Service. If the Participant dies after the termination of his or her Service but before the expiration of the Participant’s
Options or SARs, all or part of the Options or SARs may be exercised (prior to expiration) by the executors or administrators of
the Participant’s estate or by any person who has acquired the Options or SARs directly from the Participant by beneficiary
designation, bequest or inheritance, or in the case of NQSOs only, by other transfer, if permitted, but in any event only to the
extent that the Options or SARs had become exercisable before the Participant’s Service terminated (or became exercisable
as a result of the termination of Service).

 

(ii) Unless otherwise provided in the
Award Agreement or in an employment or other compensation agreement between the Participant and the Company or any of its Subsidiaries,
for purposes of this Subsection (b), the date of termination of Service occurs on the date the Participant is given notice of termination
by the Company, the date in which the Participant gives notice of termination to the Company or the date of death.

 

(c) Leaves of Absence. Service
will be deemed to continue while the Participant is on a bona fide leave of absence for less than six months, or if longer, if
the Participant retains a right to reemployment with the Company under Applicable Law or the terms of any employment agreement
(as determined by the Company).

 

Section 12. Adjustment Of Shares; Corporate
Events 

 

(a) Capitalization Adjustments.
If the Shares of the Company are increased, decreased, changed into or exchanged for a different number or kind of shares or securities
of the Company through a reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or
other similar transaction, the Board shall make such appropriate and proportionate adjustments as it deems necessary or appropriate
in one or more of (i) the number and class of shares subject to the Plan, (ii) the number of shares or class of shares
covered by each outstanding Award and (iii) the Exercise Price or grant price under each outstanding Option or SAR.

 

(b) Corporate Transactions. In
the event that the Company is subject to a Change in Control, the Board may provide for any of the following: (i) the cancellation
of each outstanding Award after payment to the Participant of an amount, if any, in cash or cash equivalents equal to (x) the
Fair Market Value of the Shares subject to the Award at the time of the merger, consolidation or other reorganization minus, in
the case of an Option or SAR, (y) the Exercise Price and grant price of the Shares subject to the Option or SAR; (ii) the
assumption or continuation by any surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company) of any or all Awards outstanding under the Plan or substitution of similar awards for Awards outstanding under
the Plan (including but not limited to, awards to acquire the same consideration paid to the shareholders of the Company pursuant
to the Change in Control), and any assignment by the Company to the successor of the Company (or the successor’s parent company,
if any) of any reacquisition or repurchase rights held by the Company in respect of Shares issued pursuant to Awards, in connection
with such Change in Control, provided that the terms of any assumptions, continuation or substitution shall be in accordance with
the requirements of Code Section 409A or 424; (iii) the acceleration of exercisability or vesting of all or a portion
of the Awards (in full or in part) to a date prior to the effective time of such Change in Control (contingent upon the effectiveness
of the Corporate Transaction) as the Board shall determine, and (iv) termination of Awards if not exercised (if applicable)
at or prior to the effective time of the Change in Control, and lapse of any reacquisition or repurchase rights held by the Company
with respect to such Awards (contingent upon the effectiveness of the Corporate Transaction).

 

(c) Acceleration Upon a Change in Control.
Notwithstanding Section 12(b) 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 Board 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 Board, in its sole and absolute discretion, shall determine. In the event that the terms of any agreement between
the Company or any Subsidiary or Related Entity and a Participant contains provisions that conflict with and are more restrictive
than the provisions of this Section 12(c), this Section 12(c) shall prevail and control and the more restrictive terms
of such agreement (and only such terms) shall be of no force or effect.

 

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(d) No Other Adjustment. Except
as expressly provided in this Section 12, a Participant has no rights by reason of (i) any subdivision or consolidation
of shares of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number of shares
of any class, or any other dilution event. Without limiting the generality of the foregoing, no adjustment will be made to the
number of Shares subject to an Award or the Exercise Price or grant price of Shares subject to an Option or SAR in the event of
any issuance by the Company of shares of any class, or securities convertible into shares of any class at any price the Board may
determine. The grant of an Award under the Plan will not confer any rights on a Participant in relation to, nor affect the right
or power of the Company to make any adjustments, reclassifications, reorganizations or changes of its capital or business structure,
to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets.

 

Section 13. Performance Awards 

 

(a) Performance Rules. Subject
to the terms of the Plan, the Board will have the authority to establish and administer performance-based grant and/or vesting
conditions and Performance Objectives with respect to such Awards as it considers appropriate, which Performance Objectives must
be satisfied, as the Board specifies, before the Participant receives or retains an Award or before the Award becomes nonforfeitable.
Where such Awards are granted to Covered Employees within the meaning of Code Section 162(m), and the Company is a Publicly
Held Corporation, the Board (as described in Section 3(b) of the Plan) may designate any Awards, at the time of grant as Qualified
Performance Awards in which case the provisions of the Awards are intended to conform with all provisions of Code Section 162(m)
to the extent necessary to allow the Company to claim a U.S. federal income tax deduction for the Awards as “qualified performance-based
compensation.” However, the Board retains the discretion to grant Awards that do not so qualify and to determine the terms
and conditions of such Awards including the Performance Objectives or other performance-based vesting conditions that shall apply
to such Awards. Notwithstanding satisfaction of applicable Performance Objectives, to the extent specified on the date of grant
of an Award, the number of Shares or other benefits received under an Award that are otherwise earned upon satisfaction of such
Performance Objectives may be reduced by the Board (but not increased) on the basis of such further considerations that the Board
in its sole discretion shall determine. No Qualified Performance Award shall be granted or vest, as applicable, unless and until
the date that the Board has certified, in the manner prescribed by Code Section 162(m), the extent to which the Performance
Objectives for the Performance Period have been attained and has made its decisions regarding the extent, if any, of a reduction
of such Award.

 

(b) Performance Objective. Performance
Objectives will be based on one or more of the following performance-based measures determined based on the Company and its Subsidiaries
on a group-wide basis or on the basis of Subsidiary, business platform, or operating unit results: (i) earnings per share
(on a fully diluted or other basis), (ii) pretax or after tax net income, (iii) operating income, (iv) gross revenue,
(v) profit margin, (vi) stock price targets or stock price maintenance, (vi) working capital, (vii) free cash
flow, (viii) cash flow, (ix) return on equity, (x) return on capital or return on invested capital, (xi) earnings
before interest, taxes, depreciation, and amortization (EBITDA), (xii) strategic business criteria, consisting of one or more
objectives based on meeting specified revenue, market penetration, geographic business expansion goals, cost targets, or objective
goals relating to acquisitions or divestitures, or (xiv) any combination of these measures. The Board shall determine whether
such Performance Objectives are attained, and such determination will be final and conclusive. Each Performance Objective may be
expressed in absolute and/or relative terms, may be based on or use comparisons with internal targets, the past performance of
the Company (including the performance of one or more Subsidiaries, divisions, business platforms, and/or operating units) and/or
the past or current performance of other companies. In the case of earnings-based measures, Performance Objectives may use comparisons
relating to capital (including, but not limited to, the cost of capital), shareholders’ equity and/or shares outstanding,
or to assets or net assets. If the Board determines that a change in the business, operations, corporate structure or capital structure
of the Company or the manner in which the Company or a Subsidiary conducts its business, or other vents or circumstances render
performance goals to be unsuitable, the Board may modify such Performance Objectives in whole or in part, as the Committee deems
appropriate. If a Participant is promoted, demoted or transferred to a different business unit or function during a Performance
Period, the Board may determine that the Performance Objectives or Performance Period are no longer appropriate and may (i) adjust,
change or eliminate the Performance Objectives or the applicable Performance Period as it deems appropriate to make such objectives
and period comparable to the initial objectives and period, or (ii) make a cash payment to the participant in amount determined
by the Board. The foregoing two sentences shall not apply with respect to Qualified Performance Awards. In respect of Qualified
Performance Awards, Performance Objectives shall be established no later than ninety (90) days after the beginning of any
performance period applicable to such Awards, or at such other date as may be required or permitted for “performance-based
compensation” under Code Section 162(m).

 

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Section 14. Conditions Upon Issuance
Of Shares 

 

(a) Securities Law Requirements.
The Company shall be under no obligation to issue Shares under the Plan unless the issuance and delivery of the Shares comply with
(or are exempt from) all applicable requirements of law, including (without limitation) the Securities Act of 1933, as amended,
the rules and regulations promulgated under it, state and federal securities laws and regulations, and the regulations of any stock
exchange or other securities market on which the Company’s securities then may be traded.

 

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

 

(c) Inability to Obtain Authorization.
The inability of the Company to obtain authorization from any regulatory body having jurisdiction, which authorization is deemed
by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares under this Plan, will relieve the
Company of any obligation to, or liability in respect of the failure to, issue or sell such Shares as to which the requisite authority
has not been obtained.

 

(d) Lock-Up Period; Insider Information.
By accepting any Award, the Participant shall be deemed to have agreed that, if so requested by the Company or any representative
of the underwriters (the “Managing Underwriter”) in connection with any registration of the offering of any securities
of the Corporation under the Securities Act of 1933 as amended (“Securities Act”) the Participant shall not sell or
otherwise transfer any Shares or other securities of the Company during the 180-day period (or such other period as may be requested
in writing by the Managing Underwriter and agreed to in writing by the Company) (the “Market Standoff Period”) following
the effective date of a registration statement of the Company filed under the Securities Act. Such restriction shall apply only
to the first registration statement of the Corporation to become effective under the Securities Act that includes securities to
be sold on behalf of the Corporation in an underwritten public offering under the Securities Act. The Corporation may impose stop-transfer
instructions with respect to securities subject to the foregoing restrictions until the end of the Market Standoff Period. By accepting
any Award, the Participant also shall be deemed to have agreed to abide by the Company’s inside information guidelines, including
any prohibitions on the sale or transfers of any Shares or other securities of the Company during “blackout periods,”
as provided therein. Notwithstanding any other provision of this Plan all Awards shall be immediately forfeited at the option of
the Board in the event of the Participant purchasing or selling securities of the Company without written authorization in accordance
with the Company’s inside information guidelines then in effect.

 

Section 15. Withholding Taxes 

 

As a condition to the grant, exercise of,
issuance of Stock under, or other settlement of an Award, the Participant will make such arrangements as the Board may require
for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such
grant, exercise, issuance or other settlement.

 

Section 16. Nontransferability of Awards
and Shares 

 

Except as the Board may otherwise determine
or provide in an Award Agreement, Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by the person
to whom they are granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and,
during the life of the Participant, shall be exercisable only by the Participant. References to a Participant, to the extent relevant
in the context, shall include references to authorized transferees. If necessary to comply with Rule 16b-3 under the Exchange Act,
the Participant may not transfer or pledge Shares acquired under an Award until at least six months have elapsed from (but excluding)
the date of grant of the Award, unless the Board approves otherwise in advance. Any Shares issued in respect of an Award may be
subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as
the Board may determine. These restrictions will be set forth in the applicable Award Agreement and will apply in addition to any
restrictions that may apply to holders of Shares generally. The Company will be under no obligation to sell or deliver Shares covered
by an Award under the Plan unless the Participant executes an agreement giving effect to the restrictions in the form prescribed
by the Company.

 

    	12

    	 

    

 

Section 17. No Retention Rights 

 

Nothing in the Plan or in any Award granted
under the Plan will confer on the Participant any right to continue in Service for any period of time or will interfere with or
otherwise restrict in any way the rights of the Company (or any Subsidiary) or of the Participant, which rights are expressly reserved
by each, to terminate his or her Service at any time and for any reason.

 

Section 18. Duration And Amendments

 

(a) Effectiveness of the Plan.
The Plan shall become effective on the Effective Date and continue in effect until the date that is ten (10) years after the
Effective Date.

 

(b) Right to Amend or Terminate the
Plan. The Board may amend, suspend or terminate the Plan at any time and for any reason. However, (i) any amendment of
the Plan that increases the number of Shares available for issuance under the Plan (except as provided in Section 12), or
that materially changes the class of persons who are eligible for the grant of Awards, is subject to the approval of the Company’s
shareholders and (ii) no amendment shall be effective unless approved by the shareholders of the Company to the extent shareholder
approval is necessary to satisfy the listing requirements of any stock exchange on which the Shares are traded or Applicable Law.
The Board, in its sole discretion, may submit any other amendment to the Plan for shareholder approval, including, but not limited
to, amendments to the Plan intended to satisfy the requirements of Code Section 162(m) and the regulations thereunder regarding
the exclusion of performance-based compensation from the limit on corporate deductibility of compensation paid to certain executive
officers.

 

(c) Right to Amend Awards. The
Board at any time, and from time to time, may amend the terms of any one or more Awards; provided, however, that the rights under
any Award shall not be impaired by any such amendment without the consent of the Participant.

 

(d) Effect of Amendment or Termination.
No Shares will be issued or sold under the Plan after its termination, except on exercise of an Option granted prior to the termination.
No amendment, suspension, or termination of the Plan will, without the consent of the Participant, alter or impair any rights or
obligations under any Award previously granted under the Plan.

 

(e) Compliance with Code Section 409A.
It is intended that the Awards granted under the Plan shall be exempt from, or be in compliance with Code Section 409A. In
the event any of the Awards issued under the Plan are subject to Code Section 409A it is intended that no payment or entitlement
pursuant to this Plan will give rise to any adverse tax consequences to a Participant under Code Section 409A and regulations
and other interpretive guidance issued thereunder, including that issued after the date hereof (collectively, “Section
409A”). The Plan shall be interpreted to that end and, consistent with that objective and notwithstanding any provision
herein to the contrary, the Company may unilaterally take any action it deems necessary or desirable to amend any provision herein
to avoid the application of or excise tax or any other adverse tax consequences under Section 409A. Further, no effect shall
be given to any provision herein in a manner that reasonably could be expected to give rise to adverse tax consequences under that
provision. Neither the Company nor its current employees, officers, directors, representatives or agents shall have any liability
to any current or former Participant with respect to any accelerated taxation, additional taxes, penalties or interest for which
any current or former Participant may become liable in the event that any amounts payable under the Plan are determined to violate
Section 409A.

 

Section 19. Applicable Law 

 

The Plan and all Options granted under
it will be construed and interpreted in accordance with, and governed by, the laws of the Cayman Islands, other than its laws regarding
choice of law.

 

Section 20. Execution 

 

To record the adoption of the Plan by
the Board, the Company has caused its authorized officer to execute it.

 

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