Document:

EX-10.10

 Exhibit 10.10 

FORM OF RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. 

NOTICE OF GRANT OF RESTRICTED STOCK 

(For U.S. Participants) 
 Resource Real
Estate Opportunity REIT, Inc. (the “Company”) has granted to the Participant an award (the “Award”) of certain shares of Stock (the
“Shares”) pursuant to the Resource Real Estate Opportunity REIT, Inc. 2020 Long-Term Incentive Plan (the “Plan”), as follows: 

 

							
	Participant:	  	  
	  	Employee ID:	  	  

				
	Date of Grant:	  	  
	  		  	
		
	Total Number of Shares:	  	                , subject to adjustment as provided by the Restricted Stock Agreement.
		
	Fair Market Value per Share on Date of Grant:	  	$             
		
	Vested Shares:	  	Except as provided in the Restricted Stock Agreement and provided that the Participant’s Service has not terminated prior to the applicable date, the number of Vested Shares (disregarding any resulting fractional
share) as of any date is determined by multiplying the Total Number of Shares by the “Vested Ratio” determined as of such date, as follows:
				
		  		  		  	Vested Ratio
			
		  	Upon closing of the Merger (as defined below)	  	4/10
			
		  	Upon consummation of a Liquidity Event (as defined below)	  	10/10
		
		  	 “Liquidity Event” means (i) a listing of the common stock of Resource Real Estate Opportunity REIT
II, Inc., a Maryland corporation (“REIT II”), on a national securities exchange, (ii) a sale, merger or other transaction in which the stockholders of REIT II either receive, or have the option to receive, cash,
securities redeemable for cash, and/or securities of a publicly traded company, or (iii) the sale of all or substantially all of REIT II’s assets where stockholders either receive, or have the option to receive, cash or the securities of a
publicly traded company.
  
 “Merger” means that transaction
described in that certain Agreement and Plan of Merger, dated as of [●], 2020, entered into by and among REIT II, RRE Opportunity OP II, LP, a Delaware limited partnership and the operating partnership of REIT II, Revolution I Merger Sub, LLC,
a Maryland limited liability company and a wholly owned subsidiary of REIT II, the Company and Resource Real Estate Opportunity OP, LP, a Delaware limited partnership and the operating partnership of REIT I.

		
	Superseding Agreement:	  	None

 By their signatures below or by electronic acceptance or authentication in a form authorized by the Company,
the Company and the Participant agree that the Award is governed by this Grant Notice and by the provisions of the Restricted Stock Agreement and the Plan, both of which are made a part of this document, and by the Superseding Agreement, if any. The
Participant acknowledges that copies of the Plan, the Restricted Stock Agreement and the prospectus for the Plan are available on the Company’s internal web site and may be viewed and printed by the Participant for attachment to the
Participant’s copy of this Grant Notice. The Participant represents that the Participant has read and is familiar with the provisions of the Restricted Stock Agreement and the Plan, and hereby accepts the Award subject to all of their terms and
conditions. 
  

									
	RESOURCE REAL ESTATE OPPORTUNITY REIT, INC.	 		 	PARTICIPANT
				
	By:	 	  
	 		 	  

		 	[officer name]	 		 	Signature
		 	[officer title]	 		 	  

		 		 		 	Date
	Address:	 		 	  

		 		 		 	Address
		 		 		 	  

  

			
	ATTACHMENTS:	  	2020 Long-Term Incentive Plan, as amended to the Date of Grant; Restricted Stock Agreement; Assignment Separate from Certificate; form of Section 83(b) Election.

  
 2 

 RESOURCE REAL ESTATE OPPORUNITY REIT, INC. 

RESTRICTED STOCK AGREEMENT – PERFORMANCE 

(For U.S. Participants) 

Resource Real Estate Opportunity REIT, Inc. (the “Company”) has granted to the Participant named in the
Notice of Grant of Restricted Stock (the “Grant Notice”) to which this Restricted Stock Agreement (the “Agreement”) is attached an Award consisting of Shares subject
to the terms and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to and shall in all respects be subject to the terms and conditions of the Resource Real Estate Opportunity REIT, Inc. 2020 Long-Term
Incentive Plan (the “Plan”), as amended to the Date of Grant, the provisions of which are incorporated herein by reference. By signing the Grant Notice, the Participant: (a) acknowledges receipt of and
represents that the Participant has read and is familiar with the Grant Notice, this Agreement, and the Plan and a prospectus for the Plan prepared in connection with the registration with the Securities and Exchange Commission of the Shares (the
“Plan Prospectus”), (b) accepts the Award subject to all of the terms and conditions of the Grant Notice, this Agreement and the Plan and (c) agrees to accept as binding, conclusive and final all
decisions or interpretations of the Committee upon any questions arising under the Grant Notice, this Agreement or the Plan. 
  

	 	1.	 DEFINITIONS AND
CONSTRUCTION. 

 1.1 Definitions. Unless
otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in the Grant Notice or the Plan. 
 1.2
Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular
shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 

 

	 	2.	 ADMINISTRATION. 

All questions of interpretation concerning the Grant Notice, this Agreement, the Plan or any other form of agreement or other document employed
by the Company in the administration of the Plan or the Award shall be determined by the Committee. All such determinations by the Committee shall be final, binding and conclusive upon all persons having an interest in the Award, unless fraudulent
or made in bad faith. Any and all actions, decisions and determinations taken or made by the Committee in the exercise of its discretion pursuant to the Plan or the Award or other agreement thereunder (other than determining questions of
interpretation pursuant to the preceding sentence) shall be final, binding and conclusive upon all persons having an interest in the Award. Any Officer shall have the authority to act on behalf of the Company with respect to any matter, right,
obligation, or election which is the responsibility of or which is allocated to the Company herein, provided the Officer has apparent authority with respect to such matter, right, obligation, or election. 

	 	3.	 THE AWARD.

 3.1 Grant and Issuance of Shares. On the Date of Grant, the Participant shall acquire and the Company shall
issue, subject to the provisions of this Agreement, a number of Shares equal to the Total Number of Shares, subject to adjustment as provided in Section 9. As a condition to the issuance of the Shares, the Participant shall execute and deliver
the Grant Notice to the Company, and, if required by the Company, an Assignment Separate from Certificate duly endorsed (with date and number of shares blank) in the form provided by the Company. 

3.2 No Monetary Payment Required. The Participant is not required to make any monetary payment (other than to satisfy applicable tax
withholding, if any, with respect to the issuance or vesting of the Shares) as a condition to receiving the Shares, the consideration for which shall be past services actually rendered or future services to be rendered to a Participating Company or
for its benefit. Notwithstanding the foregoing, if required by applicable law, the Participant shall furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the
par value of the Shares issued pursuant to the Award. 
 3.3 Beneficial Ownership of Shares; Certificate Registration.
To the extent certificated, the Participant hereby authorizes the Company, in its sole discretion, to deposit the Shares with the Company’s transfer agent, including any successor transfer agent, to be held in book entry form during the term of
the Escrow pursuant to Section 6. Furthermore, the Participant hereby authorizes the Company, in its sole discretion, to deposit, following the term of such Escrow, for the benefit of the Participant with any broker with which the Participant
has an account relationship of which the Company has notice any or all Shares which are no longer subject to such Escrow. Except as provided by the foregoing and to the extent certificated, a certificate for the Shares shall be registered in the
name of the Participant, or, if applicable, in the names of the heirs of the Participant. Uncertificated Shares shall be deemed delivered for all purposes when the Company or the Company’s transfer agent shall have given to the participant by
electronic mail (with proof of receipt) or by United States mail, addressed to the participant, at the participant’s last known address on file with the Company, notice of issuance and recorded the issuance in its records (which may include
electronic “book entry” records). 
 3.4 Issuance of Shares in Compliance with Law. The issuance of the
Shares shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such securities. No Shares shall be issued hereunder if their issuance would constitute a violation of any applicable federal,
state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the
authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of any Shares shall relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority shall
not have been obtained. As a condition to the issuance of the Shares, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to
make any representation or warranty with respect thereto as may be requested by the Company. Uncertificated Shares shall be accompanied by a notation on the records of the Company or the transfer agent to the effect that they are subject to
forfeiture until such Shares are vested as provided herein. 

  
 2 

	 	4.	 VESTING OF
SHARES. 

 Shares acquired pursuant to this Agreement
shall become Vested Shares as provided in the Grant Notice. For purposes of determining the number of Vested Shares following an Ownership Change Event, credited Service shall include all Service with any corporation which is a Participating Company
at the time the Service is rendered, whether or not such corporation is a Participating Company both before and after the Ownership Change Event. 
  

	 	5.	 COMPANY REACQUISITION
RIGHT. 

 5.1 Grant of Company Reacquisition
Right. Except to the extent otherwise provided by the Superseding Agreement, if any, in the event that (a) the Participant’s Service terminates for any reason or no reason, with or without cause, or (b) the
Participant, the Participant’s legal representative, or other holder of the Shares, attempts to sell, exchange, transfer, pledge, or otherwise dispose of (other than pursuant to an Ownership Change Event), including, without limitation, any
transfer to a nominee or agent of the Participant, any Shares which are not Vested Shares (“Unvested Shares”), the Participant shall forfeit and the Company shall automatically reacquire the Unvested Shares, and
the Participant shall not be entitled to any payment therefor (the “Company Reacquisition Right”). 

5.2 Ownership Change Event, Non-Cash Dividends, Distributions and Adjustments.
Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other property, or any other adjustment upon a change in the capital structure of the Company as described in
Section 9, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Stock pursuant to the Company’s dividend policy)
to which the Participant is entitled by reason of the Participant’s ownership of Unvested Shares shall be immediately subject to the Company Reacquisition Right and included in the terms “Shares,” “Stock” and
“Unvested Shares” for all purposes of the Company Reacquisition Right with the same force and effect as the Unvested Shares immediately prior to the Ownership Change Event, dividend, distribution or adjustment, as the case may be. For
purposes of determining the number of Vested Shares following an Ownership Change Event, dividend, distribution or adjustment, credited Service shall include all Service with any corporation which is a Participating Company at the time the Service
is rendered, whether or not such corporation is a Participating Company both before and after any such event. 
 5.3 Cash Dividends and
Distributions. Cash dividends payable with respect to Unvested Shares shall be accumulated and paid upon, or as soon as practicable after, the vesting of the underlying Shares. The Participant shall, at the discretion of the Company, be
obligated to promptly repay to the Company upon termination of the Participant’s Service any dividends and other distributions paid to the Participant in cash with respect to Unvested Shares reacquired by the Company pursuant to the Company
Reacquisition Right. 

  
 3 

	 	6.	 ESCROW. 

6.1 Appointment of Agent. To ensure that Shares (including and any cash dividends or distributions as provided by Section 5.3)
subject to the Company Reacquisition Right will be available for reacquisition, the Participant and the Company hereby appoint the Secretary of the Company, or any other person designated by the Company, as their agent and as attorney-in-fact for the Participant (the “Agent”) to hold any and all Unvested Shares and to sell, assign and transfer to the Company
any such Unvested Shares reacquired by the Company pursuant to the Company Reacquisition Right. The Participant understands that appointment of the Agent is a material inducement to make this Agreement and that such appointment is coupled with an
interest and is irrevocable. The Agent shall not be personally liable for any act the Agent may do or omit to do hereunder as escrow agent, agent for the Company, or attorney in fact for the Participant while acting in good faith and in the exercise
of the Agent’s own good judgment, and any act done or omitted by the Agent pursuant to the advice of the Agent’s own attorneys shall be conclusive evidence of such good faith. The Agent may rely upon any letter, notice or other document
executed by any signature purporting to be genuine and may resign at any time. 
 6.2 Establishment of Escrow. The
Participant authorizes the Company to deposit the Unvested Shares with the Company’s transfer agent to be held in book entry form, as provided in Section 3.3, and the Participant agrees to deliver to and deposit with the Agent each
certificate, if any, evidencing the Shares and, if required by the Company, an Assignment Separate from Certificate with respect to such book entry shares and each such certificate duly endorsed (with date and number of Shares blank) in the form
attached to this Agreement, to be held by the Agent under the terms and conditions of this Section 6 (the “Escrow”). Upon the occurrence of an Ownership Change Event, a dividend or distribution to the
stockholders of the Company paid in shares of Stock or other property (other than regular, periodic dividends paid on Stock pursuant to the Company’s dividend policy) or any other adjustment
upon a change in the capital structure of the Company, as described in Section 9, any and all new, substituted or additional securities or other property to which the Participant is entitled by reason of his or her ownership of the Shares that
remain, following such Ownership Change Event, dividend, distribution or change described in Section 9, subject to the Company Reacquisition Right shall be immediately subject to the Escrow to the same extent as the Shares immediately before
such event. The Company shall bear the expenses of the Escrow. 
 6.3 Delivery of Shares to Participant. The Escrow
shall continue with respect to any Shares for so long as such Shares remain subject to the Company Reacquisition Right. Upon termination of the Company Reacquisition Right with respect to Shares, the Company shall so notify the Agent and direct the
Agent to deliver such number of Shares (and any related cash dividends or distributions payable with respect to such Shares) to the Participant. As soon as practicable after receipt of such notice, the Agent shall cause the Shares (and any related
cash dividends or distributions payable with respect to such Shares) specified by such notice to be delivered to the Participant, and the Escrow shall terminate with respect to such Shares. 

  
 4 

	 	7.	 TAX MATTERS.

 7.1 Tax Withholding. 

(a) In General. At the time the Grant Notice is executed, or at any time thereafter as requested by a Participating Company,
the Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax (including any
social insurance) withholding obligations of the Participating Company, if any, which arise in connection with the Award, including, without limitation, obligations arising upon (a) the transfer of Shares to the Participant, (b) the
lapsing of any restriction with respect to any Shares, (c) the filing of an election to recognize tax liability, or (d) the transfer by the Participant of any Shares. The Company shall have no obligation to deliver the Shares or to release
any Shares from the Escrow established pursuant to Section 6 until the tax withholding obligations of the Participating Company have been satisfied by the Participant. 

(b) Assignment of Sale Proceeds. Subject to compliance with applicable law and the Company’s Trading Compliance
Policy, if permitted by the Company, the Participant may satisfy the Participating Company’s tax withholding obligations in accordance with procedures established by the Company providing for delivery by the Participant to the Company or a
broker approved by the Company of properly executed instructions, in a form approved by the Company, providing for the assignment to the Company of the proceeds of a sale with respect to some or all of the shares becoming Vested Shares on a Vesting
Date as provided in the Grant Notice. 
 (c) Withholding in Shares. The Company shall have the right, but not the obligation,
to require the Participant to satisfy all or any portion of a Participating Company’s tax withholding obligations by withholding a number of whole, Vested Shares otherwise deliverable to the Participant or by the Participant’s tender to
the Company of a number of whole, Vested Shares or vested shares acquired otherwise than pursuant to the Award having, in any such case, a fair market value, as determined by the Company as of the date on which the tax withholding obligations arise,
not in excess of the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates if required to avoid liability classification of the Award under generally accepted accounting principles in the United
States. 
 7.2 Election Under Section 83(b) of the Code. 

(a) The Participant understands that Section 83 of the Code taxes as ordinary income the difference between the amount paid for the
Shares, if anything, and the fair market value of the Shares as of the date on which the Shares are “substantially vested,” within the meaning of Section 83. In this context, “substantially vested” means that the right of
the Company to reacquire the Shares pursuant to the Company Reacquisition Right has lapsed. The Participant understands that he or she may elect to have his or her taxable income determined at the time he or she acquires the Shares rather than when
and as the Company Reacquisition Right lapses by filing an election under Section 83(b) of the Code with the Internal Revenue Service no later than thirty (30) days after the date of acquisition of the Shares. The Participant understands
that failure to make a timely filing under Section 83(b) will result in his or her recognition of ordinary income, as the Company Reacquisition Right lapses, on the difference between the purchase price, if anything, and the fair market value
of the Shares at the time such restrictions lapse. The Participant further understands, however, that if Shares with respect to which an election under Section 83(b) has been made are forfeited to the Company pursuant to its Company

  
 5 

 
Reacquisition Right, such forfeiture will be treated as a sale on which there is realized a loss equal to the excess (if any) of the amount paid (if any) by the Participant for the forfeited
Shares over the amount realized (if any) upon their forfeiture. If the Participant has paid nothing for the forfeited Shares and has received no payment upon their forfeiture, the Participant understands that he or she will be unable to recognize
any loss on the forfeiture of the Shares even though the Participant incurred a tax liability by making an election under Section 83(b). 

(b) The Participant understands that he or she should consult with his or her tax advisor regarding the advisability of filing with the
Internal Revenue Service an election under Section 83(b) of the Code, which must be filed no later than thirty (30) days after the date of the acquisition of the Shares pursuant to this Agreement. Failure to file an election under
Section 83(b), if appropriate, may result in adverse tax consequences to the Participant. The Participant acknowledges that he or she has been advised to consult with a tax advisor regarding the tax consequences to the Participant of the
acquisition of Shares hereunder. ANY ELECTION UNDER SECTION 83(b) THE PARTICIPANT WISHES TO MAKE MUST BE FILED NO LATER THAN 30 DAYS AFTER THE DATE ON WHICH THE PARTICIPANT ACQUIRES THE SHARES. THIS TIME PERIOD CANNOT BE EXTENDED. THE
PARTICIPANT ACKNOWLEDGES THAT TIMELY FILING OF A SECTION 83(b) ELECTION IS THE PARTICIPANT’S SOLE RESPONSIBILITY, EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO FILE SUCH ELECTION ON HIS OR HER BEHALF. 

(c) The Participant will notify the Company in writing if the Participant files an election pursuant to Section 83(b) of the Code.
The Company intends, in the event it does not receive from the Participant evidence of such filing, to claim a tax deduction for any amount which would otherwise be taxable to the Participant in the absence of such an election. 

 

	 	8.	 EFFECT OF CHANGE IN
CONTROL. 

 In the event of a Change in Control, the Award shall be subject to the definitive
agreement entered into by the Company in connection with the Change in Control. Except to the extent that the Committee determines to cash out the Award in accordance with Section 13.1(b) of the Plan, the surviving, continuing, successor, or
purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiror”), may, without the consent of the Participant, assume or continue in full force and effect the Company’s
rights and obligations under the Award or substitute for the Award a substantially equivalent award for the Acquiror’s stock. For purposes of this Section, the Award shall be deemed assumed if, following the Change in Control, the Award confers
the right to receive, subject to the terms and conditions of the Plan and this Agreement, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether stock, cash, other securities or property or a
combination thereof) to which a holder of a share of Stock on the effective date of the Change in Control was entitled. Notwithstanding the foregoing, Shares acquired pursuant to the Award prior to the Change in Control and any consideration
received pursuant to the Change in Control with respect to such shares shall continue to be subject to all applicable provisions of this Agreement except as otherwise provided herein. 

  
 6 

	 	9.	 ADJUSTMENTS FOR CHANGES IN
CAPITAL STRUCTURE. 

 Subject to any
required action by the stockholders of the Company, in the event of any change in the Stock effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization,
reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination of shares,
exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than Stock (other than regular, periodic cash dividends paid
on Stock pursuant to the Company’s dividend policy) that has a material effect on the Fair Market Value of shares of Stock, appropriate and proportionate adjustments shall be made in the number and kind of shares of stock or other property
subject to the Award, in order to prevent dilution or enlargement of the Participant’s rights under the Award. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected without
receipt of consideration by the Company.” Any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Stock pursuant to the Company’s dividend policy, subject to
Section 5.3) to which Participant is entitled by reason of ownership of shares acquired pursuant to this Award will be immediately subject to the provisions of this Award on the same basis as all shares originally acquired hereunder. Any
fractional share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest whole number. Such adjustments shall be determined by the Committee, and its determination shall be final, binding and conclusive. 

 

	 	10.	 RIGHTS AS A STOCKHOLDER,
DIRECTOR, EMPLOYEE OR CONSULTANT. 

The Participant shall have no rights as a stockholder with respect to any Shares subject to the Award until the date of the issuance of the
Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date
the Shares are issued, except as provided in Section 9. Subject to the provisions of this Agreement, the Participant shall exercise all rights and privileges of a stockholder of the Company with respect to Shares deposited in the Escrow
pursuant to Section 6, including the right to vote such Shares and to receive all dividends and other distributions paid with respect to such Shares, subject to Section 5.3. If the Participant is an Employee, the Participant understands
and acknowledges that, except as otherwise provided in a separate, written employment agreement between a Participating Company and the Participant, the Participant’s employment is “at will” and is for no specified term. Nothing in
this Agreement shall confer upon the Participant any right to continue in the Service of a Participating Company or interfere in any way with any right of the Participating Company Group to terminate the Participant’s Service at any time. 

 

	 	11.	 LEGENDS. 

Participant understands that the Shares have not been registered with the Securities and Exchange Commission or the securities commission of
any state and accordingly may not be offered or sold except pursuant to an effective registration statement or in a transaction exempt from registration. The Company may at any time place legends referencing the Company Reacquisition Right and any
applicable federal, state or foreign securities law restrictions on all certificates representing the Shares. The Participant shall, at the request of the Company, promptly 

  
 7 

 
present to the Company any and all certificates representing the Shares in the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by
the Company, each certificate or book entry representing the Shares will bear a legend that includes, but shall not be limited to, the following form: 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS SET FORTH IN AN AGREEMENT BETWEEN THIS CORPORATION AND THE REGISTERED HOLDER, OR HIS PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS CORPORATION.”

  

	 	12.	 TRANSFERS IN VIOLATION OF
AGREEMENT. 

 No Shares may be sold, exchanged,
transferred, assigned, pledged, hypothecated or otherwise disposed of, including by operation of law, in any manner which violates any of the provisions of this Agreement and, except pursuant to an Ownership Change Event, until the date on which
such shares become Vested Shares, and any such attempted disposition shall be void. The Company shall not be required (a) to transfer on its books any Shares which will have been transferred in violation of any of the provisions set forth in
this Agreement or (b) to treat as owner of such Shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such Shares will have been so transferred. In order to enforce its rights under this Section, the
Company shall be authorized to give a stop transfer instruction with respect to the Shares to the Company’s transfer agent. 
  

	 	13.	 ACCREDITED INVESTOR

 The Participant represents that he or she (i) is an “accredited investor” as such term is defined under
the Securities Act. The Participant understands and has fully considered the risks of this investment and understands that (i) this investment is suitable only for an investor who is able to bear the economic consequences of losing his or her
entire investment, (ii) an investment in the Shares is a speculative investment which involves a high degree of risk of loss by the Participant of his or her entire investment, and (iii) there are substantial restrictions on the
transferability of, and there will (for the foreseeable future) be no public market for, the Shares, and accordingly, it may not be possible for an indeterminate period of time to liquidate his or her investment in the Shares (if ever). Furthermore,
the Participant represents that he or she has sufficient liquid assets so that the lack of liquidity associated with this investment will not cause any undue financial difficulties or affect the ability of the Participant to provide for his or her
current needs and possible financial contingencies. The Participant further represents that he or she is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Shares. 

  
 8 

	 	14.	 MISCELLANEOUS
PROVISIONS. 

 14.1 Termination or Amendment. The
Committee may terminate or amend the Plan or this Agreement at any time; provided, however, that no such termination or amendment may have a materially adverse effect on the Participant’s rights under this Agreement without the consent of the
Participant unless such termination or amendment is necessary to comply with applicable law or government regulation. No amendment or addition to this Agreement shall be effective unless in writing. 

14.2 Nontransferability of the Award. The right to acquire Shares pursuant to the Award shall not be subject in any manner to
anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. All rights
with respect to the Award shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s guardian or legal representative. 

14.3 Further Instruments. The parties hereto agree to execute such further instruments and to take such further action as may
reasonably be necessary to carry out the intent of this Agreement. 
 14.4 Binding Effect. This Agreement shall inure to the benefit
of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors, administrators, successors and assigns. 

14.5 Delivery of Documents and Notices. Any document relating to participation in the Plan or any notice required or permitted
hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address, if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, or with a nationally recognized
overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other party.

 (a) Description of Electronic Delivery and Signature. The Plan documents, which may include but do not necessarily
include: the Plan, the Grant Notice, this Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Participant electronically. In addition, if permitted by the
Company, the parties may deliver electronically any notices called for in connection with the Escrow and the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the
Company may designate from time to time. Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery
of the document via e-mail or such other means of electronic delivery specified by the Company. Any and all such documents and notices may be electronically signed. 

  
 9 

 (b) Consent to Electronic Delivery and Signature. The Participant
acknowledges that the Participant has read Section 14.5(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice and notices in connection with the
Escrow, as described in Section 14.5(a). The Participant agrees that any and all such documents requiring a signature may be electronically signed and that such electronic signature shall have the same effect as handwritten signature for the
purposes of validity, enforceability and admissibility. The Participant acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by
telephone or in writing. The Participant further acknowledges that the Participant will be provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the
Participant must provide the Company or any designated third party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic
delivery of documents described in Section 14.5(a) or may change the electronic mail address to which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such
revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents
described in Section 14.5(a). 
 14.6 Integrated Agreement. The Grant Notice, this Agreement and the Plan, together with the
Superseding Agreement, if any, shall constitute the entire understanding and agreement of the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersede any prior agreements,
understandings, restrictions, representations, or warranties among the Participant and the Participating Company Group with respect to such subject matter. To the extent contemplated herein or therein, the provisions of the Grant Notice, this
Agreement and the Plan shall survive any settlement of the Award and shall remain in full force and effect. 
 14.7 Applicable Law.
This Agreement shall be governed by the laws of the State of Maryland as such laws are applied to agreements between Maryland residents entered into and to be performed entirely within the State of Maryland. 

14.8 Counterparts. The Grant Notice may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. 

  
 10 

 ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED the undersigned does hereby sell, assign and transfer unto
                                         
                                         
                                         
                                         
                                         
                                 
(                    ) shares of the Capital Stock of Resource Real Estate Opportunity REIT, Inc. standing in the undersigned’s name on the
books of said corporation represented by Certificate No.                      herewith and does hereby irrevocably constitute and appoint
                                         
Attorney to transfer the said stock on the books of said corporation with full power of substitution in the premises. 
  

							
	Dated:                    	 		 		 	
				
		 		 		 	  

		 		 		 	Signature
				
		 		 		 	  

	 	 	 	 	 	 	Print Name

 Instructions: Please do not fill in any blanks other than the signature line. The purpose of this assignment is to
enable the Company to exercise its Company Reacquisition Right set forth in the Restricted Stock Agreement without requiring additional signatures on the part of the Participant. 

 SAMPLE 
  

			
	Internal Revenue Service
	                    	  	
	                    	  	
	[IRS Service Center where Form 1040 is Filed]

  

	Re:	 Section 83(b) Election 

Dear Sir or Madam: 
 The following information is submitted
pursuant to section 1.83-2 of the Treasury Regulations in connection with this election by the undersigned under section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”).

  

							
	1.	 	The name, address and taxpayer identification number of the taxpayer are:
			
		 	 Name:
                    
	  	
			
		 	 Address:
                    
	  	
			
		 	
                    
	  	
			
		 	 Social Security Number:
                    
	  	
		
	2.	 	The following is a description of each item of property with respect to which the election is made:
		
		 	
                     shares of common
stock of Resource Real Estate Opportunity REIT, Inc. (the “Shares”), acquired from Resource Real Estate Opportunity REIT, Inc. (the “Company”) pursuant to a restricted stock grant.

		
	3.	 	The property was transferred to the undersigned on:
			
		 	 Restricted stock grant date:
                    
	  	
		
		 	The taxable year for which the election is made is:
			
		 	 Calendar Year
                    
	  	
		
	4.	 	The nature of the restriction to which the property is subject:
		
		 	 The Shares are subject to automatic forfeiture to the Company upon the occurrence of certain events. This
forfeiture provision lapses with regard to a portion of the Shares based upon the continued performance of services by the taxpayer over time.

							
		
	5.	 	The following is the fair market value at the time of transfer (determined without regard to any restriction other than a restriction which by its terms will never lapse) of the property with respect to which the
election is made:
		
		 	
$                    
(                     Shares at
$                     per Share).

		
		 	 The property was transferred to the taxpayer pursuant to the grant of an award of restricted
stock.

		
	6.	 	The following is the amount paid for the property:
		
		 	 No monetary consideration was provided in exchange for the Shares.

		
	7.	 	A copy of this election has been furnished to the Company, the corporation for which the services were performed by the undersigned.

 Please acknowledge receipt of this election by date or received-stamping the enclosed copy of this letter and returning it to
the undersigned. A self-addressed stamped envelope is provided for your convenience. 
 Very truly yours, 

 

							
	  
	 		 	 Date:
	 	  

 Enclosures 
 cc: Resource Real
Estate Opportunity REIT, Inc.Exhibit 10.1

 

BLUEROCK
RESIDENTIAL GROWTH REIT, INC.

 

FOURTH AMENDED AND RESTATED 2014
EQUITY INCENTIVE PLAN 

FOR INDIVIDUALS

Effective September 8, 2020

 

Article
I

DEFINITIONS

 

		1.01.	Affiliate

 

“Affiliate”
means, with respect to any entity, any other entity, whether now or hereafter existing, which controls, is controlled by, or is
under common control with, the first entity (including, but not limited to, joint ventures, limited liability companies and partnerships).
For this purpose, the term “control” (including the correlative meanings of the terms “controlled by” and
 “under common control with”) shall mean ownership, directly or indirectly, of 50% or more of the total combined voting
power of all classes of voting securities issued by such entity, or the possession, directly or indirectly, of the power to direct
the management and policies of such entity, by contract or otherwise.

 

		1.02.	Agreement

 

“Agreement”
means a written agreement (including any amendment or supplement thereto) between the Company and a Participant specifying the
terms and conditions of a Stock Award, an award of Performance Units, an Incentive Award, an Option, SAR or Other Equity-Based
Award (including an LTIP Unit) granted to such Participant.

 

		1.03.	Board

 

“Board”
means the Board of Directors of the Company.

 

		1.04.	Cause

 

“Cause”
has the same meaning as set forth in an employment, severance, change in control or similar agreement between the Participant and
the Company or an Affiliate. If the Participant and the Company or an Affiliate are not parties to an employment, severance, change
in control or similar agreement that defines the term “Cause,” then “Cause” means the Participant’s
conviction of, or plea of guilty or nolo contendre to, a felony (excluding traffic-related felonies), or any financial crime
involving the Company (including, but not limited to, fraud, embezzlement or misappropriation of Company assets) provided that
the Board determines to terminate the Participant for Cause within sixty days after the Participant’s conviction or plea.

 

     

     

    

 

		1.05.	Change in Control

 

“Change in
Control” means and includes each of the following:

 

(a)        The
acquisition, either directly or indirectly, by any individual, entity or group (within the meaning of Sections 13(d) and 14(d)(2)
of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act), of more than 50% of either
(i) the then outstanding shares of Common Stock, taking into account as outstanding for this purpose such shares of Common Stock
issuable upon the exercise of options or warrants, the conversion of convertible shares or debt, and the exercise of any similar
right to acquire such Common Stock (the “Outstanding Company Common Stock”) or (ii) 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 the following acquisitions shall not constitute a Change in Control
(i) any acquisition by the Company or any of its subsidiaries, (ii) any acquisition by a trustee or other fiduciary holding the
Company’s securities under an employee benefit plan sponsored or maintained by the Company or any of its Affiliates, (iii)
any acquisition by an underwriter, initial purchaser or placement agent temporarily holding the Company’s securities pursuant
to an offering of such securities or (iv) any acquisition by an entity owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their ownership of the then Outstanding Company Common Stock.

 

(b)        Individuals
who constitute Incumbent Directors at the beginning of any consecutive twelve month period, together with any new Incumbent Directors
who become members of the Board during such twelve month period, cease to be a majority of the Board at the end of such twelve
month period.

 

(c)        The
consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving
the Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities
in the transaction (a “Business Combination”), in each case, unless following such Business Combination:

 

(i)        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 members of the board of directors (or the analogous governing body)
of the entity resulting from such Business Combination (the “Successor Entity”) (or, if applicable, the ultimate parent
entity that directly or indirectly has beneficial ownership of sufficient voting securities to elect a majority of the members
of the board of directors (or the analogous governing body) of the Successor Entity (the “Parent Company”));

 

(ii)       no
Person (other than any employee benefit plan sponsored or maintained by the Successor Entity or the Parent Company) beneficially
owns (within the meaning of Rule 13d-3 under the Exchange Act), 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 members of the board of directors (or the
analogous governing body) of the Parent Company (or, if there is no Parent Company, the Successor Entity); and

 

    	 	-2-	 

     

    

 

(iii)       at
least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there
is no Parent Company, the Successor Entity) following the consummation of the Business Combination were Incumbent Directors at
the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination;

 

(d)       The
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken
as a whole, to any Person that is not a subsidiary of the Company.

 

In addition, if a Change
in Control (as defined in clauses (a) through (d) above) constitutes a payment event with respect to any Option, SAR, Stock Award,
Performance Unit, Incentive Award or Other Equity-Based Award that provides for the deferral of compensation and is subject to
Section 409A of the Code, no payment will be made under that award on account of a Change in Control unless the event described
in subsection (a), (b), (c) or (d) above, as applicable, constitutes a “change in control event” as defined in Treasury
Regulation Section 1.409A-3(i)(5).

 

		1.06.	Code

 

“Code”
means the Internal Revenue Code of 1986, and any amendments thereto.

 

		1.07.	Committee

 

“Committee”
means the Compensation Committee of the Board. Unless otherwise determined by the Board, the Committee shall consist solely of
two or more non-employee members of the Board, each of whom is intended to qualify as a “non-employee director” as
defined by Rule 16b-3 of the Exchange Act or any successor rule, an “outside director” for purposes of Section 162(m)
of the Code (if awards under this Plan are subject to the deduction limitation of Section 162(m) of the Code) and an “independent
director” under the rules of any exchange or automated quotation system on which the Common Stock is listed, traded or quoted;
provided, however, that any action taken by the Committee shall be valid and effective, whether or not the members of the Committee
at the time of such action are later determined not to have satisfied the foregoing requirements or otherwise provided in any charter
of the Committee. If there is no Compensation Committee, then “Committee” means the Board; and provided further
that with respect to awards made to a member of the Board who is not an employee of the Company or an Affiliate of the Company,
 “Committee” means the Board.

 

		1.08.	Common Stock

 

“Common Stock”
means the Class A common stock of the Company.

 

		1.09.	Company

 

“Company”
means Bluerock Residential Growth REIT, Inc., a Maryland corporation.

 

    	 	-3-	 

     

    

 

		1.10.	Control Change Date

 

“Control Change
Date” means the date on which a Change in Control occurs. If a Change in Control occurs on account of a series of transactions,
the “Control Change Date” is the date of the last of such transactions on which the Change in Control occurs.

 

		1.11.	Corresponding SAR

 

“Corresponding
SAR” means an SAR that is granted in relation to a particular Option and that can be exercised only upon the surrender
to the Company, unexercised, of that portion of the Option to which the SAR relates.

 

		1.12.	Dividend Equivalent Right

 

“Dividend
Equivalent Right” means the right, subject to the terms and conditions prescribed by the Committee, of a Participant
to receive (or have credited) cash, securities or other property in amounts equivalent to the cash, securities or other property
dividends declared on shares of Common Stock with respect to specified Performance Units, an Other Equity-Based Award or Incentive
Award of units denominated in shares of Common Stock or other Company securities, as determined by the Committee, in its sole discretion.
The Committee shall provide that Dividend Equivalent Rights payable with respect to any such award that does not become nonforfeitable
solely on the basis of continued employment or service shall be accumulated and distributed only when, and to the extent that,
the underlying award is vested or earned. The Committee may provide that Dividend Equivalent Rights (if any) shall be deemed to
have been reinvested in additional shares of Common Stock or otherwise reinvested.

 

		1.13.	Effective Date

 

“Effective
Date” means May 28, 2015.

 

		1.14.	Entities Plan

 

“Entities
Plan” means the Bluerock Residential Growth REIT, Inc. Fourth Amended and Restated 2014 Equity Incentive Plan for Entities,
effective September 8, 2020, and as further amended from time to time.

 

		1.15.	Exchange Act

 

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

 

		1.16.	Fair Market Value

 

“Fair
Market Value” means, on any given date, the reported “closing” price of a share of Common Stock on the
New York Stock Exchange for such date or, if there is no closing price for a share of Common Stock on the date in question,
the closing price for a share of Common Stock on the last preceding date for which a quotation exists. If, on any given date,
the Common Stock is not listed for trading on the New York Stock Exchange, then Fair Market Value shall be the
 “closing” price of a share of Common Stock on such other exchange on which the Common Stock is listed for trading
for such date (or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a
share of Common Stock on the last preceding date for which such quotation exists) or, if the Common Stock is not listed on
any exchange, the amount determined by the Committee using any reasonable method in good faith and in accordance with the
regulations under Section 409A of the Code.

 

    	 	-4-	 

     

    

 

		1.17.	Good Reason

 

“Good Reason”
has the same meaning as set forth in an employment, severance, change in control or similar agreement between the Participant and
the Company or an Affiliate and the Participant’s resignation shall be with Good Reason only if the requirements for such
resignation set forth in the employment, severance, change in control or similar agreement are satisfied. If the Participant and
the Company or an Affiliate are not parties to an employment, severance, change in control or similar agreement that defines the
term “Good Reason,” then “Good Reason means (a) the assignment to the Participant of duties or responsibilities
that are substantially inconsistent with the Participant’s title at the Company or an Affiliate; (b) a material diminution
in the Participant’s title, authority or responsibilities (other than changes in authority or responsibility in connection
with the employment of a new executive or the promotion of another executive in either case commensurate with the growth of the
Company); (c) a material reduction in the Participant’s annual base salary or annual or long-term incentive opportunities;
or (d) a relocation (without the Participant’s written consent) of the Participant’s principal place of employment
by more than thirty-five miles. A resignation shall not be with Good Reason pursuant to the preceding sentence unless the Participant
gives the Company written notice of the grounds that the Participant contends constitute Good Reason, such notice is given within
ninety days after the event, act or omission that the Participant contends constitutes Good Reason and the Company fails to cure
such event, act or omission within thirty days after receipt of the Participant’s notice.

 

		1.18.	Incentive Award

 

“Incentive
Award” means an award awarded under Article XI which, subject to the terms and conditions prescribed by the Committee,
entitles the Participant to receive a payment from the Company or an Affiliate of the Company.

 

		1.19.	Incumbent Directors

 

“Incumbent
Directors” means individuals elected to the Board (either by a specific vote or by approval of the proxy statement of
the Company in which such person is named as a nominee for Director without objection to such nomination) and whose election or
nomination for election to the Board was approved by a vote of at least two-thirds of the directors serving on the Board at the
time of the election or nomination, as applicable, shall be an Incumbent Director. No individual designated to serve as a director
by a person who shall have entered into an agreement with the Company to effect a transaction described in Section 1.05(a) or Section
1.05(c) and no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election
contest with respect to directors shall be an Incumbent Director.

 

    	 	-5-	 

     

    

 

		1.20.	Initial Value

 

“Initial Value”
means, with respect to a Corresponding SAR, the option price per share of the related Option and, with respect to an SAR granted
independently of an Option, the price per share of Common Stock as determined by the Committee on the date of grant; provided,
however, that the price shall not be less than the Fair Market Value on the date of grant (or 110% of the Fair Market Value
on the date of grant in the case of a Corresponding SAR that relates to an incentive stock option granted to a Ten Percent Shareholder).
Except as provided in Article XII, without the approval of stockholders (a) the Initial Value of an outstanding SAR may not be
reduced (by amendment, cancellation and new grant or otherwise) and (b) no payment shall be made in cancellation of an SAR without
the approval of stockholders if, on the date of such amendment, cancellation, new grant or payment the Initial Value exceeds Fair
Market Value.

 

		1.21.	LTIP Unit

 

“LTIP Unit”
means an “LTIP Unit” as defined in the Operating Partnership’s partnership agreement. An LTIP Unit granted under
this Plan represents the right to receive the benefits, payments or other rights in respect of an LTIP Unit set forth in that partnership
agreement, subject to the terms and conditions of the applicable Agreement and that partnership agreement.

 

		1.22.	Nonemployee Director

 

“Nonemployee
Director” means a member of the Board who is not an employee of the Company, an Affiliate of the Company, or the Operating
Partnership.

 

		1.23.	Offering

 

“Offering”
means the initial public offering of Common Stock registered under the Securities Act of 1933, as amended.

 

		1.24.	OP Units

 

“OP Units”
means units of limited partnership interest of the Operating Partnership.

 

		1.25.	Operating Partnership

 

“Operating
Partnership” means Bluerock Residential Holdings, L.P., a Delaware limited partnership and the Company’s operating
partnership.

 

		1.26.	Option

 

“Option”
means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock at the price
set forth in an Agreement.

 

		1.27.	Other Equity-Based Award

 

“Other
Equity-Based Award” means any award other than an Incentive Award, an Option, SAR, a Performance Unit award or a
Stock Award which, subject to such terms and conditions as may be prescribed by the Committee, entitles a Participant to
receive shares of Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on, shares
of Common Stock (including securities convertible into Common Stock) or other equity interests, including LTIP Units.

 

    	 	-6-	 

     

    

 

		1.28.	Participant

 

“Participant”
means an employee or officer of the Company or an Affiliate of the Company, a member of the Board, or an individual who provides
services to the Company or an Affiliate of the Company (including an individual who provides services to the Company or an Affiliate
of the Company by virtue of employment with, or providing services to, the Operating Partnership or an Affiliate of the Operating
Partnership), and who satisfies the requirements of Article IV and is selected by the Committee to receive an award of Performance
Units or a Stock Award, an Incentive Award, Option, SAR, Other Equity-Based Award or a combination thereof.

 

		1.29.	Performance Award

 

“Performance
Award” means an Option, SAR, Stock Award, award of Performance Units, Incentive Award or Other Equity-Based Award (including
an LTIP Unit) that is not a Time-Based Award.

 

		1.30.	Performance Units

 

“Performance
Units” means an award, in the amount determined by the Committee, stated with reference to a specified or determinable
number of shares of Common Stock, that in accordance with the terms of an Agreement entitles the holder to receive a payment for
each specified unit equal to the value of an equal number of shares of Common Stock on the date of payment.

 

		1.31.	Plan

 

“Plan”
means this Bluerock Residential Growth REIT, Inc. Fourth Amended and Restated 2014 Equity Incentive Plan for Individuals, as set
forth herein and as further amended from time to time.

 

		1.32.	REIT

 

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

 

		1.33.	SAR

 

“SAR”
means a stock appreciation right that in accordance with the terms of an Agreement entitles the holder to receive, with respect
to each share of Common Stock encompassed by the exercise of the SAR, the excess, if any, of the Fair Market Value at the time
of exercise over the Initial Value. References to “SARs” include both Corresponding SARs and SARs granted independently
of Options, unless the context requires otherwise.

 

    	 	-7-	 

     

    

 

		1.34.	Stock Award

 

“Stock Award”
means shares of Common Stock awarded to a Participant under Article VIII.

 

		1.35.	Ten Percent Shareholder

 

“Ten Percent
Shareholder” means any individual owning more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company or of a “parent corporation” or “subsidiary corporation” (as such terms are defined
in Section 424 of the Code) of the Company. An individual shall be considered to own any voting shares owned (directly or indirectly)
by or for his or her brothers, sisters, spouse, ancestors or lineal descendants and shall be considered to own proportionately
any voting shares owned (directly or indirectly) by or for a corporation, partnership, estate or trust of which such individual
is a stockholder, partner or beneficiary.

 

		1.36.	Time-Based Award

 

“Time-Based
Award” means an Option, SAR, Stock Award, award of Performance Units, Incentive Award or Other Equity-Based Award (including
an LTIP Unit) that vests, is earned or becomes exercisable based solely on continued employment or service.

 

Article
II

PURPOSES

 

This Plan is intended
to assist the Company and its Affiliates in recruiting and retaining employees, trustees and other individuals who provide services
to the Company or an Affiliate of the Company with ability and initiative by enabling such persons to participate in the future
success of the Company and its Affiliates and to associate their interests with those of the Company and its stockholders. This
Plan is intended to permit the grant of both Options qualifying under Section 422 of the Code (“incentive stock options”)
and Options not so qualifying, and the grant of SARs, Stock Awards, Performance Units, Incentive Awards and Other Equity-Based
Awards in accordance with this Plan and any procedures that may be established by the Committee. No Option that is intended to
be an incentive stock option shall be invalid for failure to qualify as an incentive stock option.

 

    	 	-8-	 

     

    

 

Article
III

ADMINISTRATION

 

This Plan shall
be administered by the Committee. The Committee shall have authority to grant SARs, Stock Awards, Performance Units,
Incentive Awards, Options and Other Equity-Based Awards upon such terms (not inconsistent with the provisions of this Plan),
as the Committee may consider appropriate. Such terms may include conditions (in addition to those contained in this Plan),
on the exercisability of all or any part of an Option or SAR or on the transferability or forfeitability of a Stock Award, an
award of Performance Units, an Incentive Award or an Other Equity-Based Award. Notwithstanding any such conditions or any
provision of the Plan the Committee may, in its discretion, accelerate the time at which any Option or SAR may be exercised,
or the time at which a Stock Award or Other Equity-Based Award may become transferable or nonforfeitable or the time at which
an Other Equity-Based Award, an Incentive Award or an award of Performance Units may be settled in connection with an
involuntary termination of employment or service (including, but not limited to death or disability). Options, SARs, Stock
Awards, Performance Units, Incentive Awards and Other Equity-Based Awards (including LTIP Units) for up to five percent of
the aggregate number of shares of Common Stock authorized for issuance under the Plan pursuant to Section 5.02 may be granted
or awarded by the Committee without regard to the minimum vesting requirements of Sections 6.06, 7.04, 8.02, 9.02, 10.02 and
11.02. In addition, the Committee shall have complete authority to interpret all provisions of this Plan; to prescribe the
form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of this Plan
(including rules and regulations that require or allow Participants to defer the payment of benefits under this Plan); and to
make all other determinations necessary or advisable for the administration of this Plan.

 

The Committee’s
determinations under this Plan (including without limitation, determinations of the individuals to receive awards under this Plan,
the form, amount and timing of such awards, the terms and provisions of such awards and the Agreements) need not be uniform and
may be made by the Committee selectively among individuals who receive, or are eligible to receive, awards under this Plan, whether
or not such persons are similarly situated. The express grant in this Plan of any specific power to the Committee with respect
to the administration or interpretation of this Plan shall not be construed as limiting any power or authority of the Committee
with respect to the administration or interpretation of this Plan. Any decision made, or action taken, by the Committee in connection
with the administration of this Plan shall be final and conclusive. The members of the Committee shall not be liable for any act
done in good faith with respect to this Plan or any Agreement, Option, SAR, Incentive Award, Stock Award, Other Equity-Based Award
or award of Performance Units. All expenses of administering this Plan shall be borne by the Company.

 

Article
IV

ELIGIBILITY

 

Any employee of the
Company or an Affiliate of the Company (including a trade or business that becomes an Affiliate of the Company after the adoption
of this Plan) and any member of the Board is eligible to participate in this Plan. In addition, any other individual who provides
services to the Company or an Affiliate of the Company (including an individual who provides services to the Company or an Affiliate
of the Company by virtue of employment with, or providing services to, the Operating Partnership or an Affiliate of the Operating
Partnership) is eligible to participate in this Plan if the Committee, in its sole reasonable discretion, determines that the participation
of such individual is in the best interest of the Company.

 

    	 	-9-	 

     

    

 

Article
V

COMMON SHARES SUBJECT TO PLAN

 

		5.01.	Common Shares Issued

 

Upon the award of Common
Stock pursuant to a Stock Award, an Other Equity-Based Award or in settlement of an Incentive Award or an award of Performance
Units, the Company may deliver (and shall deliver if required under an Agreement) to the Participant shares of Common Stock from
its authorized but unissued Common Shares. Upon the exercise of any Option or SAR, the Company may deliver, to the Participant
(or the Participant’s broker if the Participant so directs), shares of Common Stock from its authorized but unissued Common
Shares.

 

		5.02.	Aggregate and Grant Limits

 

(a)       The
maximum aggregate number of shares of Common Stock that may be issued under this Plan (pursuant to Options, SARs, Stock Awards
or Other Equity-Based Awards and the settlement of Incentive Awards and Performance Units granted on or after the Effective Date)
together with the number of shares of Common Stock issued under the Entities Plan (pursuant to Options, SARs, Stock Awards or Other
Equity-Based Awards and the settlement of Incentive Awards and Performance Units granted under the Entities Plan on or after the
Effective Date) is equal to 6,800,000 shares. Other Equity-Based Awards that are LTIP Units shall reduce the maximum aggregate
number of Common Shares that may be issued under this Plan and the Entities Plan on a one-for-one basis, i.e., the grant of each
LTIP Unit shall be treated as an award of a share of Common Stock.

 

(b)       The
maximum number of shares of Common Stock that may be issued under this Plan and the Entities Plan in accordance with Section 5.02(a)
shall be subject to adjustment as provided in Article XII.

 

(c)       The
maximum number of shares of Common Stock that may be issued upon the exercise of Options that are incentive stock options or Corresponding
SARs that are related to incentive stock options shall be determined in accordance with Sections 5.02(a) and 5.02(b).

 

(d)       A
Nonemployee Director may not be granted Options, SARs, Stock Awards, Performance Units, Other Equity-Based Awards or Incentive
Awards in any calendar year with respect to more than 40,000 shares of Common Stock.

 

(e)       Shares
of Common Stock issued under this Plan and the Entities Plan pursuant to Options, SARs, Stock Awards or Other Equity-Based Awards
and the settlement of Incentive Awards and Performance Units granted before the Effective Date shall be issued pursuant to the
terms of the Plan and the Entities Plan as in effect before the Effective Date and shall not affect or reduce the number of shares
of Common Stock that may be issued in accordance with Section 5.02(a).

 

    	 	-10-	 

     

    

 

		5.03.	Reallocation of Shares

 

If, on or after
the Effective Date, any award or grant under this Plan or the Entities Plan (including LTIP Units and awards or grants made
before the Effective Date) expires, is forfeited or is terminated without having been exercised or is paid in cash without a
requirement for the delivery of Common Stock, then any shares of Common Stock covered by such lapsed, cancelled, expired,
unexercised or cash-settled portion of such award or grant and any forfeited, lapsed, cancelled or expired LTIP Units shall
be available for the grant of other Options, SARs, Stock Awards, Other Equity-Based Awards and settlement of Incentive Awards
and Performance Units under this Plan or the Entities Plan. Any shares of Common Stock tendered or withheld on or after the
Effective Date to satisfy the grant or exercise price or tax withholding obligation pursuant to any award under this Plan or
the Entities Plan shall not be available for future grants or awards. If shares of Common Stock are issued in settlement of
an SAR granted under this Plan or the Entities Plan, the number of shares of Common Stock available under this Plan and the
Entities Plan shall be reduced by the number of shares of Common Stock for which the SAR was exercised rather than the number
of shares of Common Stock issued in settlement of the SAR. To the extent permitted by applicable law or the rules of any
exchange on which the Common Stock is listed for trading, shares of Common Stock issued in assumption of, or in substitution
for, any outstanding awards of any entity acquired in any form of combination by the Company or any Affiliate of the Company
shall not reduce the number of shares of Common Stock available for issuance under this Plan and the Entities Plan.

 

Article
VI

OPTIONS

 

		6.01.	Award

 

In accordance with
the provisions of Articles III and IV, the Committee will designate each individual to whom an Option is to be granted and will
specify the number of shares of Common Stock covered by such awards and the terms and conditions of such awards.

 

		6.02.	Option Price

 

The price per share
of Common Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but shall not
be less than the Fair Market Value on the date the Option is granted. Notwithstanding the preceding sentence, the price per share
of Common Stock purchased on the exercise of any Option that is an incentive stock option granted to an individual who is a Ten
Percent Shareholder on the date such option is granted, shall not be less than one hundred ten percent (110%) of the Fair Market
Value on the date the Option is granted. Except as provided in Article XII, without the approval of stockholders (a) the price
per share of Common Stock of an outstanding Option may not be reduced (by amendment, cancellation and new grant or otherwise) and
(b) no payment shall be made in cancellation of an Option if on the date of such amendment, cancellation, replacement grant or
payment the Option Price exceeds Fair Market Value.

 

		6.03.	Maximum Option Period

 

The maximum period
in which an Option may be exercised shall be determined by the Committee on the date of grant except that no Option shall be exercisable
after the expiration of ten years from the date such Option was granted. In the case of an incentive stock option granted to a
Participant who is a Ten Percent Shareholder on the date of grant, such Option shall not be exercisable after the expiration of
five years from the date of grant. The terms of any Option may provide that it is exercisable for a period less than such maximum
period.

 

    	 	-11-	 

     

    

 

		6.04.	Transferability

 

An Option granted under
this Plan may be transferred only in accordance with this Section 6.04. An Option granted under this Plan may be transferred by
will or the laws of descent and distribution. To the extent permitted by the Agreement relating to an Option, an Option that is
not an incentive stock option may be transferred by a Participant during the Participant’s lifetime but only to a member
of the Participant’s immediate family (child, stepchild, grandchild, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law) or one or more trusts, partnerships or other entities
in which such persons have more than 50% of the beneficial interests. The holder of an Option transferred pursuant to this Section
6.04 shall be bound by the same terms and conditions that governed the Option during the period it was held by the Participant.
If an Option is transferred (by the Participant or the Participant’s transferee), such Option and any Corresponding SAR must
be transferred to the same person or persons or entity or entities.

 

		6.05.	Employee Status

 

Incentive stock options
may only be granted to employees of the Company or its “parent” and “subsidiaries” (as such terms are defined
in Section 424 of the Code). For purposes of determining the applicability of Section 422 of the Code (relating to incentive stock
options), or in the event that the terms of any Option provide that it may be exercised only during employment or continued service
or within a specified period of time after termination of employment or continued service, the Committee may decide to what extent
leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions
of continuous employment or service.

 

		6.06.	Exercise

 

Subject to the provisions
of this Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to time at such
times and in compliance with such requirements as the Committee shall determine; provided, however, that (subject to the
provisions of Article III) no Option may become exercisable before the first anniversary of its grant or the date of the Participant’s
death or disability or as provided in Section 15.01 or Section 15.02. In addition, incentive stock options (granted under this
Plan and all plans of the Company and its “parents” and “subsidiaries” (as such terms are defined in Section
424 of the Code)) may not be first exercisable in a calendar year for Common Shares having a Fair Market Value (determined as of
the date an Option is granted) exceeding $100,000. An Option granted under this Plan may be exercised with respect to any number
of whole shares of Common Stock less than the full number for which the Option could be exercised. A partial exercise of an Option
shall not affect the right to exercise the Option from time to time in accordance with this Plan and the applicable Agreement with
respect to the remaining shares of Common Stock subject to the Option. The exercise of an Option shall result in the termination
of any Corresponding SAR to the extent of the number of shares of Common Stock with respect to which the Option is exercised.

 

    	 	-12-	 

     

    

 

 

		6.07.	Payment

 

Subject to rules established
by the Committee and unless otherwise provided in an Agreement, payment of all or part of the Option price may be made in cash,
certified check, by tendering shares of Common Stock, by attestation of ownership of shares of Common Stock, by a broker-assisted
cashless exercise or in such other form or manner acceptable to the Committee. If shares of Common Stock are used to pay all or
part of the Option price, the sum of the cash and cash equivalent and the Fair Market Value (determined on the date of exercise)
of the Common Stock so surrendered or other consideration paid must not be less than the Option price of the shares for which the
Option is being exercised.

 

		6.08.	Stockholder Rights

 

No Participant shall
have any rights as a stockholder with respect to shares of Common Stock subject to an Option until the date of exercise of such
Option.

 

		6.09.	Disposition of Shares

 

A Participant may not
sell or dispose of more than fifty percent of the shares of Common Stock acquired pursuant to an Option before the earlier of (i)
the first anniversary of the exercise of the Option or (ii) the date the Participant is no longer employed by or providing services
to the Company, an Affiliate of the Company, or the Operating Partnership. A Participant shall notify the Company of any sale or
other disposition of shares of Common Stock acquired pursuant to an Option that was an incentive stock option if such sale or disposition
occurs (i) within two years of the grant of an Option or (ii) within one year of the issuance of the Common Stock to
the Participant. Such notice shall be in writing and directed to the Secretary of the Company.

 

Article
VII

SARS

 

		7.01.	Award

 

In accordance with
the provisions of Articles III and IV, the Committee will designate each individual to whom SARs are to be granted and will specify
the number of shares of Common Stock covered by such awards and the terms and conditions of such awards. No Participant may be
granted Corresponding SARs (under this Plan and all plans of the Company and its “parents” and “subsidiaries”
(as such terms are defined in Section 424 of the Code)) that are related to incentive stock options which are first exercisable
in any calendar year for shares of Common Stock having an aggregate Fair Market Value (determined as of the date the related Option
is granted) that exceeds $100,000.

 

		7.02.	Maximum SAR Period

 

The term of each
SAR shall be determined by the Committee on the date of grant, except that no SAR shall have a term of more than ten years
from the date of grant. In the case of a Corresponding SAR that is related to an incentive stock option granted to a
Participant who is a Ten Percent Shareholder on the date of grant, such Corresponding SAR shall not be exercisable after the
expiration of five years from the date of grant. The terms of any SAR may provide that it has a term that is less than such
maximum period.

 

    -13-

     

    

 

		7.03.	Transferability

 

An SAR granted under
this Plan may be transferred only in accordance with this Section 7.03. An SAR granted under this Plan may be transferred by will
or the laws of descent and distribution. To the extent permitted by the Agreement relating to an SAR, an SAR that is not related
to an incentive stock option may be transferred by a Participant during the Participant’s lifetime but only to a member of
the Participant’s immediate family (child, stepchild, grandchild, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law) or one or more trusts, partnerships or other entities
in which such persons have more than 50% of the beneficial interests. The holder of an SAR transferred pursuant to this Section
7.03 shall be bound by the same terms and conditions that governed the SAR during the period it was held by the Participant. If
a Corresponding SAR is transferred (by the Participant or the Participant’s transferee), such Corresponding SAR and the related
Option must be transferred to the same person or persons or entity or entities.

 

		7.04.	Exercise

 

Subject to the provisions
of this Plan and the applicable Agreement, an SAR may be exercised in whole at any time or in part from time to time at such times
and in compliance with such requirements as the Committee shall determine; provided, however, that (subject to the provisions
of Article III) no SAR may become exercisable before the first anniversary of its grant or the date of the Participant’s
death or disability or as provided in Section 15.01 or Section 15.02. In addition, a Corresponding SAR that is related to an incentive
stock option may be exercised only to the extent that the related Option is exercisable and only when the Fair Market Value exceeds
the option price of the related Option. An SAR granted under this Plan may be exercised with respect to any number of whole shares
less than the full number for which the SAR could be exercised. A partial exercise of an SAR shall not affect the right to exercise
the SAR from time to time in accordance with this Plan and the applicable Agreement with respect to the remaining shares of Common
Stock subject to the SAR. The exercise of a Corresponding SAR shall result in the termination of the related Option to the extent
of the number of shares of Common Stock with respect to which the SAR is exercised.

 

		7.05.	Employee Status

 

If the terms of any
SAR provide that it may be exercised only during employment or continued service or within a specified period of time after termination
of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service,
illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.

 

		7.06.	Settlement

 

At the
Committee’s discretion, the amount payable as a result of the exercise of an SAR may be settled in cash, shares of
Common Stock, or a combination of cash and Common Stock. No fractional share of Common Stock will be deliverable upon the
exercise of an SAR but a cash payment will be made in lieu thereof.

 

    -14-

     

    

 

		7.07.	Stockholder Rights

 

No Participant shall,
as a result of receiving an SAR, have any rights as a stockholder of the Company or any Affiliate of the Company until the date
that the SAR is exercised and then only to the extent that the SAR is settled by the issuance of Common Stock.

 

		7.08.	Disposition of Shares

 

A Participant may not
sell or dispose of more than fifty percent of the shares of Common Stock acquired pursuant to an SAR before the earlier of (i)
the first anniversary of the exercise of the SAR or (ii) the date the Participant is no longer employed by or providing services
to the Company, an Affiliate of the Company, or the Operating Partnership.

 

Article
VIII

STOCK AWARDS

 

		8.01.	Award

 

In accordance with
the provisions of Articles III and IV, the Committee will designate each individual to whom a Stock Award is to be made and will
specify the number of shares of Common Stock covered by such awards and the terms and conditions of such awards.

 

		8.02.	Vesting

 

The Committee, on the
date of the award, shall prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted
for a period of time or subject to such conditions as may be set forth in the Agreement. Subject to the provisions of Article III,
the period in which the shares of Common Stock covered by a Stock Award are forfeitable or otherwise restricted shall not end before
the first anniversary of the grant of the Stock Award, the date of the Participant’s death or disability or as provided in
Section 15.01 or Section 15.02. By way of example and not of limitation, the Committee may prescribe that a Participant’s
rights in a Stock Award shall be forfeitable or otherwise restricted subject to the attainment of objectives stated with reference
to the business of the Company or an Affiliate of the Company or a business unit’s attainment of objectives stated with respect
to performance criteria established by the Committee.

 

		8.03.	Employee Status

 

In the event that the
terms of any Stock Award provide that shares may become transferable and nonforfeitable thereunder only after completion of a specified
period of employment or continuous service, the Committee may decide in each case to what extent leaves of absence for governmental
or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment
or service.

 

    -15-

     

    

 

		8.04.	Stockholder Rights

 

Unless otherwise specified
in accordance with the applicable Agreement, while the shares of Common Stock granted pursuant to the Stock Award may be forfeited
or are nontransferable, a Participant will have all rights of a stockholder with respect to a Stock Award, including the right
to receive dividends and vote the shares of Common Stock; provided, however, that (i) dividends payable on shares of Common
Stock subject to a Stock Award that does not become nonforfeitable solely on the basis of continued employment or service shall
be accumulated and paid, without interest, when and to the extent that the underlying Stock Award becomes nonforfeitable; (ii)
a Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Common Stock granted pursuant
to a Stock Award, (iii) the Company shall retain custody of any certificates representing shares of Common Stock granted pursuant
to a Stock Award, and (iv) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock
Award. The limitations set forth in the preceding sentence shall not apply after the shares of Common Stock granted under the Stock
Award are transferable and are no longer forfeitable.

 

		8.05.	Disposition of Shares

 

A Participant may not
sell or dispose of more than fifty percent of the shares of Common Stock acquired under a Stock Award before the earlier of (i)
the first anniversary of the date that the Stock Award became nonforfeitable and (ii) the date the Participant is no longer employed
by or providing services to the Company, an Affiliate of the Company, or the Operating Partnership.

 

Article
IX

PERFORMANCE UNIT AWARDS

 

		9.01.	Award

 

In accordance with
the provisions of Articles III and IV, the Committee will designate each individual to whom an award of Performance Units is to
be made and will specify the number of shares of Common Stock covered by such awards and the terms and conditions of such awards.
The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Performance Units.

 

		9.02.	Earning the Award

 

The Committee, on the
date of the grant of an award, shall prescribe that the Performance Units will be earned, and the Participant will be entitled
to receive payment pursuant to the award of Performance Units, only upon the satisfaction of performance objectives or such other
criteria as may be prescribed by the Committee. Subject to the provisions of Article III, the period in which Performance Units
will be earned shall not end before the first anniversary of the grant of the Performance Units, the date of the Participant’s
death or disability or as provided in Section 15.01 or Section 15.02.

 

    -16-

     

    

 

		9.03.	Payment

 

In the discretion of
the Committee, the amount payable when an award of Performance Units is earned may be settled in cash, by the issuance of shares
of Common Stock, by the grant of an Other Equity-Based Award (including LTIP Units), by the delivery of other securities or property
or a combination thereof. A fractional share of Common Stock shall not be deliverable when an award of Performance Units is earned,
but a cash payment will be made in lieu thereof. The amount payable when an award of Performance Units is earned shall be paid
in a lump sum.

 

		9.04.	Stockholder Rights

 

A Participant, as a
result of receiving an award of Performance Units, shall not have any rights as a stockholder until, and then only to the extent
that, the award of Performance Units is earned and settled in shares of Common Stock. After an award of Performance Units is earned
and settled in Common Stock, a Participant will have all the rights of a stockholder of the Company.

 

		9.05.	Transferability

 

Any rights or restrictions
with respect to the ability of the holder of any Performance Unit granted under this Plan to transfer such Performance Unit shall
be set forth in the Agreement relating to such grant; provided, however, that Performance Units may be transferred by will
or the laws of descent and distribution.

 

		9.06.	Employee Status

 

In the event that the
terms of any Performance Unit award provide that no payment will be made unless the Participant completes a stated period of employment
or continued service, the Committee may decide to what extent leaves of absence for government or military service, illness, temporary
disability, or other reasons shall not be deemed interruptions of continuous employment or service.

 

		9.07.	Disposition of Shares

 

A Participant may not
sell or dispose of more than fifty percent of the shares of Common Stock issued in settlement of Performance Units before the earlier
of (i) the first anniversary of the date the shares were issued to the Participant or (ii) the date the Participant is no longer
employed by or providing services to the Company, an Affiliate of the Company, or the Operating Partnership.

 

Article
X

OTHER EQUITY–BASED AWARDS

 

		10.01.	Award

 

In accordance
with the provisions of Articles III and IV, the Committee will designate each individual to whom an Other Equity-Based Award
is to be made and will specify the number of shares of Common Stock or other equity interests (including LTIP Units) covered
by such awards and the terms and conditions of such awards; provided, however, that the grant of LTIP Units must
satisfy the requirements of the partnership agreement of the Operating Partnership as in effect on the date of grant. The
Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Other Equity-Based
Award.

 

    -17-

     

    

 

		10.02.	Terms and Conditions

 

The Committee, at the
time an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award. The terms and conditions
of an Other Equity-Based Award may prescribe that a Participant’s rights in the Other Equity-Based Award shall be forfeitable,
nontransferable or otherwise restricted for a period of time or subject to such other conditions as may be determined by the Committee,
in its discretion and set forth in the Agreement. Subject to the provisions of Article III, the period in which such award shall
be forfeitable, nontransferable or otherwise restricted shall not end before the first anniversary of the grant of the Other Equity-Based
Award, the date of the Participant’s death or disability or as provided in Section 15.01 or Section 15.02. Other Equity-Based
Awards may be granted to Participants, either alone or in addition to other awards granted under this Plan, and Other Equity-Based
Awards may be granted in the settlement of other Awards granted under this Plan.

 

		10.03.	Payment or Settlement

 

Other Equity-Based
Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, shall be payable or settled in shares of
Common Stock, cash or a combination of Common Stock and cash, as determined by the Committee in its discretion; provided, however,
that any shares of Common Stock that are issued on account of the conversion of LTIP Units into shares of Common Stock shall not
reduce the number of shares of Common Stock available for issuance under the Plan or the Entities Plan. Other Equity-Based Awards
denominated as equity interests other than shares of Common Stock may be paid or settled in shares or units of such equity interests
or cash or a combination of both as determined by the Committee in its discretion.

 

		10.04.	Employee Status

 

If the terms of any
Other Equity-Based Award provides that it may be earned or exercised only during employment or continued service or within a specified
period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence
for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous
employment or service.

 

		10.05.	Transferability

 

Any rights or restrictions
with respect to the ability of the holder of an Other Equity-Based Award (including LTIP Units) granted under this Plan to transfer
such Other Equity-Based Award (including LTIP Units) shall be set forth in the Agreement relating to such grant; provided, however,
that an Other Equity-Based Award (including LTIP Units) may be transferred by will or the laws of descent and distribution.

 

    -18-

     

    

 

		10.06.	Stockholder Rights

 

A Participant, as a
result of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to the extent
that, the Other Equity-Based Award is earned and settled in shares of Common Stock.

 

		10.07.	Disposition of Shares

 

A Participant may not
sell or dispose of more than fifty percent of the shares of Common Stock or other equity interests (including LTIP Units) covered
by an Other Equity-Based Award before the earlier of (i) the first anniversary of the date that such shares or interests become
nonforfeitable and (ii) the date the Participant is no longer employed or providing services to the Company, an Affiliate of the
Company, or the Operating Partnership.

 

Article
XI

INCENTIVE AWARDS

 

		11.01.	Award

 

In accordance with
the provisions of Articles III and IV, the Committee will designate each individual to whom an Incentive Award is to be made and
will specify the terms and conditions of such award. The Committee also will specify whether Dividend Equivalent Rights are granted
in conjunction with the Incentive Award.

 

		11.02.	Terms and Conditions

 

The Committee, at the
time an Incentive Award is made, shall specify the terms and conditions that govern the award.  Such terms and conditions
may prescribe that the Incentive Award shall be earned only to the extent that the Participant, the Company or an Affiliate of
the Company, during a performance period of at least one year, achieves objectives stated
with reference to one or more performance measures or criteria prescribed by the Committee. A goal or objective may be expressed
on an absolute basis or relative to the performance of one or more similarly situated companies or a published index. When establishing
goals and objectives, the Committee may exclude any or all special, unusual, and/or extraordinary items as determined under U.S.
generally accepted accounting principles including, without limitation, the charges or costs associated with restructurings of
the Company, discontinued operations, other unusual or non-recurring items, and the cumulative effects of accounting changes. The
Committee may also adjust the performance goals for any Incentive Award as it deems equitable in recognition of unusual or non-recurring
events affecting the Company, changes in applicable tax laws or accounting principles, or such other factors as the Committee may
determine. Such terms and conditions also may include other limitations on the payment of Incentive Awards including, by
way of example and not of limitation, requirements that the Participant complete a specified period of employment or service with
the Company or an Affiliate of the Company or that the Company, an Affiliate of the Company, or the Participant attain stated objectives
or goals (in addition to those prescribed in accordance with the preceding sentence) as a prerequisite to payment under an Incentive
Award.  

 

    -19-

     

    

 

		11.03.	Transferability

 

Any rights or restrictions
with respect to the ability of the holder of an Incentive Award granted under this Plan to transfer such Incentive Award shall
be set forth in the Agreement relating to such grant; provided, however, that an Incentive Award may be transferred by will
or the laws of descent and distribution.

 

		11.04.	Employee Status

 

If the terms of an
Incentive Award provide that a payment will be made thereunder only if the Participant completes a stated period of employment
or continued service the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary
disability or other reasons shall not be deemed interruptions of continuous employment or service.

 

		11.05.	Settlement

 

An Incentive Award
that is earned shall be settled with a single lump sum payment which may be in cash, shares of Common Stock, an Other Equity-Based
Award (including LTIP Units) or a combination thereof, as determined by the Committee.

 

		11.06.	Stockholder Rights

 

No Participant shall,
as a result of receiving an Incentive Award, have any rights as a stockholder of the Company or an Affiliate of the Company until
the date that the Incentive Award is settled and then only to the extent that the Incentive Award is settled by the issuance of
shares of Common Stock.

 

		11.07.	Disposition of Shares

 

A Participant may not
sell or dispose of more than fifty percent of the shares of Common Stock issued in settlement of an Incentive Award until the earlier
of (i) the first anniversary of the date the shares were issued to the Participant or (ii) the date the Participant is no longer
employed by or providing services to the Company, an Affiliate of the Company, or the Operating Partnership.

 

Article
XII

ADJUSTMENT UPON CHANGE IN COMMON SHARES

 

The maximum
number of shares of Common Stock as to which Options, SARs, Performance Units, Incentive Awards, Stock Awards and Other
Equity-Based Awards may be granted under this Plan and the Entities Plan, the grant limitation applicable to Nonemployee
Directors and the terms of outstanding Stock Awards, Options, SARs, Incentive Awards, Performance Units and Other
Equity-Based Awards granted under this Plan and the Entities Plan, shall be adjusted as the Board determines is equitably
required in the event that (i) the Company (a) effects one or more nonreciprocal transactions between the Company and its
shareholders such as a share dividend, extra-ordinary cash dividend, share split-up, subdivision or consolidation of Common
Stock that affects the number or kind of shares of Common Stock (or other securities of the Company) or the Fair Market Value
(or the value of other Company securities) and causes a change in the Fair Market Value of the shares of Common Stock subject
to outstanding awards or (b) engages in a transaction to which Section 424 of the Code applies or (ii) there occurs any other
event which, in the judgment of the Board necessitates such action. Any determination made under this Article XII by the
Board shall be nondiscretionary, final and conclusive.

 

    -20-

     

    

 

The issuance by the
Company of any class of Common Stock, or securities convertible into any class of Common Stock, for cash or property, or for labor
or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of Common
Stock or obligations of the Company convertible into such Common Stock or other securities, shall not affect, and no adjustment
by reason thereof shall be made with respect to, the maximum number of shares of Common Stock as to which Options, SARs, Performance
Units, Incentive Awards, Stock Awards and Other Equity-Based Awards may be granted under this Plan and the Entities Plan, the grant
limitation applicable to Nonemployee Directors or the terms of outstanding Stock Awards, Incentive Awards, Options, SARs, Performance
Units or Other Equity-Based Awards under this Plan and the Entities Plan.

 

The Committee may make
Stock Awards and may grant Options, SARs, Performance Units, Incentive Awards or Other Equity-Based Awards under this Plan and
under the Entities Plan in substitution for performance shares, phantom shares, share awards, stock options, share appreciation
rights, or similar awards held by an individual who becomes an employee of the Company or an Affiliate of the Company in connection
with a transaction described in the first paragraph of this Article XII. Notwithstanding any provision of this Plan and the
Entities Plan, the terms of such substituted Stock Awards, SARs, Other Equity-Based Awards, Options or Performance Units granted
under this Plan or the Entities Plan shall be as the Committee, in its discretion, determines is appropriate.

 

Article
XIII

COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

 

No Option or SAR shall
be exercisable, no Common Stock shall be issued, no certificates for shares of Common Stock shall be delivered, and no payment
shall be made under this Plan except in compliance with all applicable federal, state and foreign laws and regulations (including,
without limitation, withholding tax requirements), any listing agreement to which the Company is a party, and the rules of all
stock exchanges on which the Common Stock may be listed. The Company shall have the right to rely on an opinion of its counsel
as to such compliance. Any certificate issued to represent Common Stock when a Stock Award is granted, a Performance Unit, Incentive
Award or Other Equity-Based Award is settled or for which an Option or SAR is exercised may bear such legends and statements as
the Committee may deem advisable to assure compliance with federal, state and foreign laws and regulations. No Option or SAR shall
be exercisable, no Stock Award or Performance Unit shall be granted, no Common Stock shall be issued, no certificate for Common
Stock shall be delivered, and no payment shall be made under this Plan until the Company has obtained such consent or approval
as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters.

 

    -21-

     

    

 

Article
XIV

GENERAL PROVISIONS

 

		14.01.	Effect on Employment and Service

 

Neither the adoption
of this Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof), shall confer upon any
individual or entity any right to continue in the employ or service of the Company or an Affiliate of the Company or in any way
affect any right and power of the Company or an Affiliate of the Company to terminate the employment or service of any individual
or entity at any time with or without assigning a reason therefor.

 

		14.02.	Unfunded Plan

 

This Plan, insofar
as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any time
be represented by grants under this Plan. Any liability of the Company to any person with respect to any grant under this Plan
shall be based solely upon any contractual obligations that may be created pursuant to this Plan. No such obligation of the Company
shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company.

 

		14.03.	Rules of Construction

 

Headings are given
to the articles and sections of this Plan solely as a convenience to facilitate reference. The reference to any statute, regulation,
or other provision of law shall be construed to refer to any amendment to or successor of such provision of law.

 

All awards made under
this Plan are intended to comply with, or otherwise be exempt from, Section 409A of the Code (“Section 409A”), after
giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b)(12). This Plan and all Agreements shall
be administered, interpreted and construed in a manner consistent with Section 409A. Nevertheless, the tax treatment of the benefits
provided under this Plan or any Agreement is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective
directors or trustees, officers, employees or advisors (other than in his or her individual capacity as a Participant with respect
to his or her individual liability for taxes, interest, penalties or other monetary amounts) shall be held liable for any taxes,
interest, penalties or other monetary amounts owed by any Participant or any other taxpayer as a result of the Plan or any Agreement.
If any provision of this Plan or any Agreement is found not to comply with, or otherwise not be exempt from, the provisions of
Section 409A, it shall be modified and given effect, in the sole discretion of the Committee and without requiring the Participant’s
consent, in such manner as the Committee determines to be necessary or appropriate to comply with, or effectuate an exemption from,
Section 409A. Each payment under an award granted under this Plan shall be treated as a separate identified payment for purposes
of Section 409A.

 

If a payment
obligation under an award or an Agreement arises on account of the Participant’s termination of employment and such
payment obligation constitutes “deferred compensation” (as defined under Treasury Regulation section
1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b))12)), it
shall be payable only after the Participant’s “separation from service” (as defined under Treasury
Regulation section 1.409A-1(h)); provided, however, that if the Participant is a “specified employee” (as
defined under Treasury Regulation section 1.409A-1(i)) then, subject to any permissible acceleration of payment by the
Committee under Treasury Regulation Section 1.409A-3(j)(4)(ii) (domestic relations orders), Treasury Regulation Section
1.409A-3(j)(4)(iii) (conflicts of interest) or Treasury Regulation Section 1.409A-3(j)(4)(iv) (payment of employment taxes)
any such payment that is scheduled to be paid within six months after such separation from service shall accrue without
interest and shall be paid on the first day of the seventh month beginning after the date of the Participant’s
separation from service or, if earlier, within fifteen days after the appointment of the personal representative or executor
of the Participant’s estate following the Participant’s death.

 

    -22-

     

    

 

		14.04.	Withholding Taxes

 

Each Participant shall
be responsible for satisfying any income, employment and other tax withholding obligations attributable to participation in this
Plan. Unless otherwise provided by the Agreement, any such withholding tax obligations may be satisfied in cash (including from
any cash payable in settlement of an award of Performance Units, SARs or Other Equity-Based Award) or a cash equivalent acceptable
to the Committee. Except to the extent prohibited by Treasury Regulation Section 1.409A-3(j), any minimum statutory federal, state,
district, city or foreign withholding tax obligations also may be satisfied (a) by surrendering to the Company shares of Common
Stock previously acquired by the Participant; (b) by authorizing the Company to withhold or reduce the number of shares of Common
Stock otherwise issuable to the Participant upon the exercise of an Option or SAR, the settlement of a Performance Unit award,
Incentive Award or an Other Equity-Based Award (if applicable) or the grant or vesting of a Stock Award; or (c) by any other method
as may be approved by the Committee. If shares of Common Stock are used to pay all or part of such withholding tax obligation,
the Fair Market Value of the Common Stock surrendered, withheld or reduced shall be determined as of the date of surrender, withholding
or reduction and the number of shares of Common Stock which may be withheld, surrendered or reduced shall be limited to the number
of shares of Common Stock which have a Fair Market Value on the date of withholding, surrender or reduction equal to the aggregate
amount of such liabilities based on the minimum statutory withholding rates for tax purposes that are applicable to such supplemental
taxable income.

 

		14.05.	REIT Status

 

This Plan shall be
interpreted and construed in a manner consistent with the Company’s status as a REIT. No award shall be granted or awarded,
and with respect to any award granted under this Plan, such award shall not vest, be exercisable or be settled (i) to the extent
that the grant, vesting, exercise or settlement could cause the Participant or any other person to be in violation of the share
ownership limit or any other limitation on ownership or transfer prescribed by the Company’s charter, or (ii) if, in the
discretion of the Committee, the grant, vesting, exercise or settlement of the award could impair the Company’s status as
a REIT.

 

    -23-

     

    

 

		14.06.	Elections Under Section 83(b)

 

No Participant may
make an election under Section 83(b) of the Code with respect to the grant of any award, the vesting of any award, the settlement
of any award or the issuance of Common Stock under the Plan without the consent of the Company, which the Company may grant or
withhold in its sole discretion.

 

		14.07.	Return of Awards; Repayment

 

Each Option, SAR, Stock
Award, Performance Unit Award, Incentive Award and Other Equity-Based Award (including an LTIP Unit) granted under the Plan is
subject to the condition that the Company may require that such award be returned, and that any payment made with respect to such
award must be repaid, if (a) such action is required under the terms of any Company recoupment or “clawback” policy
as in effect on the date that the award was granted or (b) such award or payment made with respect to any award is, or in the future
becomes, subject to any law, rule, requirement or regulation which imposes mandatory recoupment or forfeiture, under circumstances
set forth in such law, rule, requirement or regulation; provided, however, that such clawback shall not be duplicative of
any clawback required under clause (a).

 

Article
XV

CHANGE IN CONTROL

 

		15.01.	Time-Based Awards Not Assumed

 

Each Time-Based Award
that is outstanding on a Control Change Date and that is not assumed or replaced with a substitute award in accordance with Section
15.02 shall be fully vested, earned or exercisable as of the Control Change Date.

 

The Committee, in its
discretion and without the need of a Participant’s consent, may provide that a Time-Based Award that becomes vested, earned
or exercisable under this Section 15.01 may be cancelled in exchange for a payment. The payment may be in cash, Common Stock or
other securities or consideration received by stockholders in the Change in Control Transaction. With respect to each Time-Based
Award that becomes vested, earned or exercisable under this Section 15.01, the payment shall be an amount that is substantially
equal to (i) the amount by which the price per share received by stockholders in the Change in Control for each share of Common
Stock exceeds the option price or Initial Value in the case of an Option and SAR or (ii) for each vested share of Common Stock
subject to a Stock Award, Performance Unit or Other Equity-Based Award, the price per share received by stockholders for Common
Stock and (iii) the value of the other securities or property in which the Performance Unit or Other Equity-Based Award is denominated
and vested. Notwithstanding any contrary provision of this Section 15.01, if the option price or Initial Value exceeds the price
per share of Common Stock received by stockholders in the Change in Control transaction, the Option or SAR may be cancelled without
any payment to the Participant.

 

    -24-

     

    

 

		15.02.	Performance Awards; Assumption of Time-Based Awards

 

Each Performance Award
that is outstanding on a Control Change Date must be assumed by, or a substitute award granted by, the Successor Entity (or if
applicable, the Parent Company) in the Change in Control. Such assumed or substituted award shall be of the same type of award
as the original Performance Award being assumed or replaced. The assumed or substituted award shall have a value, as of the Control
Change Date, that is substantially equal to the value of the original Performance Award (or the difference between the Fair Market
Value and the option price or Initial Value in the case of Options and SARs) as the Committee determines is equitably required.
Except as provided in the following sentence, the assumed or substituted award shall have the same vesting terms and conditions
as the original Performance Award being assumed or replaced; provided, however, that the performance objectives and measures
of the original Performance Award being assumed or replaced shall be adjusted as the Committee determines is equitably required.
Notwithstanding the preceding sentence, the assumed or substituted award shall be vested, earned or exercisable on the last day
of the Participant’s employment or service with the Company, the Successor Entity or any Affiliate of the Company or the
Successor Entity, with respect to a pro rata number of shares or other securities subject to the award based on the extent
to which the performance or other objectives are achieved as of the date of the Participant’s termination of employment or
service with the Company, the Successor Entity or any Affiliate of the Company or the Successor Entity if (i) such employment or
service ends (a) on account of an involuntary termination without Cause, (b) if the Participant is party to an employment agreement
with the Company, the Successor Entity or any Affiliate of the Company or the Successor Entity that provides for accelerated vesting
upon such a termination, by reason of a termination due to a non-renewal of the term of the employment agreement by such employer
but only if the Participant is willing and able to continue performing services on the terms and conditions that would have applied
under the employment agreement but for the non-renewal, (c) on account of the Participant’s resignation for Good Reason or
(d) on account of the Participant’s death or disability and (ii) the Participant remained in the continuous employ or service
of the Company, the Successor Entity or an Affiliate of the Company or the Successor Entity from the Control Change Date until
the date of such termination of employment or service. The pro ration shall be based on a fraction, the numerator of which is the
number of days in the applicable performance period that have elapsed as of the date of termination of employment or service and
the denominator of which is the total number of days in the applicable performance period. Any portion of a Performance Award that
does not become vested, earned or exercisable as of the date of termination of employment or service shall be forfeited as of the
date of such termination.

 

The Committee, in
its discretion and without the need of a Participant’s consent, may provide that a Time-Based Award that is outstanding
on the Control Change Date shall be assumed by, or a substitute award granted by, the Successor Entity (or, if applicable,
the Parent Company) in the Change in Control. Such assumed or substituted award shall be of the same type of award as the
original Time-Based Award being assumed or replaced. The assumed or substituted award shall have a value, as of the Control
Change Date, that is substantially equal to the value of the original Time-Based Award (or the difference between the Fair
Market Value and the option price or Initial Value in the case of Options and SARs) as the Committee determines is equitably
required. Except as provided in the following sentence, the assumed or substituted award shall have the same vesting terms
and conditions as the original Time-Based Award being assumed or replaced. Notwithstanding the preceding sentence, the
assumed or substituted award shall be fully vested, earned or exercisable on the last day of the Participant’s
employment or service with the Company, the Successor Entity or any Affiliate of the Company or the Successor Entity if (i)
such employment or service ends (a) on account of an involuntary termination without Cause, (b) following non-renewal of the
employment agreement, if any, between the Participant and the Company, the Successor Entity or any Affiliate of the Company
or the Successor Entity, (c) on account of the Participant’s resignation for Good Reason or (d) on account of the
Participant’s death or disability and (ii) the Participant remained in the continuous employ or service of the Company,
the Successor Entity or an Affiliate of the Company or the Successor Entity from the Control Change Date until the date of
such termination of employment or service.

 

    -25-

     

    

 

		15.03.	Limitation of Benefits

 

The benefits that a
Participant may be entitled to receive under this Plan and other benefits that a Participant is entitled to receive under other
plans, agreements and arrangements (which, together with the benefits provided under this Plan, are referred to as “Payments”),
may constitute Parachute Payments that are subject to Code Sections 280G and 4999. As provided in this Section 15.03, the Parachute
Payments will be reduced pursuant to this Section 15.03 if, and only to the extent that, a reduction will allow a Participant to
receive a greater Net After Tax Amount than a Participant would receive absent a reduction.

 

The Accounting Firm
will first determine the amount of any Parachute Payments that are payable to a Participant. The Accounting Firm also will determine
the Net After Tax Amount attributable to the Participant’s total Parachute Payments.

 

The Accounting Firm
will next determine the largest amount of Payments that may be made to the Participant without subjecting the Participant to tax
under Code Section 4999 (the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net After Tax Amount
attributable to the Capped Payments.

 

The Participant will
receive the total Parachute Payments or the Capped Payments, whichever provides the Participant with the higher Net After Tax Amount.
If the Participant will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount
of any benefits under this Plan or any other plan, agreement or arrangement that are not subject to Section 409A of the Code (with
the source of the reduction to be directed by the Participant) and then by reducing the amount of any benefits under this Plan
or any other plan, agreement or arrangement that are subject to Section 409A of the Code (with the source of the reduction to be
directed by the Participant) in a manner that results in the best economic benefit to the Participant (or, to the extent economically
equivalent, in a pro rata manner). The Accounting Firm will notify the Participant and the Company if it determines that the Parachute
Payments must be reduced to the Capped Payments and will send the Participant and the Company a copy of its detailed calculations
supporting that determination.

 

As a result of
the uncertainty in the application of Code Sections 280G and 4999 at the time that the Accounting Firm makes its
determinations under this Article XV, it is possible that amounts will have been paid or distributed to the Participant that
should not have been paid or distributed under this Section 15.03 (“Overpayments”), or that additional amounts
should be paid or distributed to the Participant under this Section 15.03 (“Underpayments”). If the Accounting
Firm determines, based on either the assertion of a deficiency by the Internal Revenue Service against the Company or the
Participant, which assertion the Accounting Firm believes has a high probability of success or controlling precedent or
substantial authority, that an Overpayment has been made, the Participant must repay the Overpayment to the Company, without
interest; provided, however, that no amount will be payable by the Participant to the Company unless, and then only to
the extent that, the repayment would either reduce the amount on which the Participant is subject to tax under Code Section
4999 or generate a refund of tax imposed under Code Section 4999. If the Accounting Firm determines, based upon controlling
precedent or substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the Participant and
the Company of that determination and the amount of that Underpayment will be paid, without interest, to the Participant
promptly by the Company.

 

    -26-

     

    

 

For purposes of this
Section 15.03, the term “Accounting Firm” means the independent accounting firm engaged by the Company immediately
before the Control Change Date. For purposes of this Article XV, the term “Net After Tax Amount” means the amount of
any Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections 1, 3101(b) and 4999 and any
State or local income taxes applicable to the Participant on the date of payment. The determination of the Net After Tax Amount
shall be made using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute
Payments or Capped Payments, as applicable, in effect on the date of payment. For purposes of this Section 15.03, the term “Parachute
Payment” means a payment that is described in Code Section 280G(b)(2), determined in accordance with Code Section 280G and
the regulations promulgated or proposed thereunder.

 

Notwithstanding any
other provision of this Section 15.03, this Section 15.03 shall not limit or otherwise supersede the provisions of any other agreement
or plan which provides that a Participant cannot receive Payments in excess of the Capped Payments.

 

Article
XVI

AMENDMENT

 

The Board may
amend or terminate this Plan at any time; provided, however, that no amendment may adversely impair the rights of
Participants with respect to outstanding awards. In addition, an amendment will be contingent on approval of the
Company’s stockholders if (a) such approval is required by law or the rules of any exchange on which the Common Stock
is listed, (b) if the amendment would materially increase the benefits accruing to Participants under this Plan, materially
increase the aggregate number of shares of Common Stock that may be issued under this Plan and the Entities Plan (except as
provided in Article XII) or materially modify the requirements as to eligibility for participation in this Plan or (c) other
than in connection with an involuntary termination of employment (including but not limited to death or disability), the
amendment would accelerate the time at which any Option or SAR may be exercised, the time at which a Stock Award or Other
Equity-Based Award may become transferable or nonforfeitable or the time at which an Other Equity-Based Award, an Incentive
Award or an award of Performance Units may be settled. For the avoidance of doubt, without the approval of stockholders, the
Board may not (except pursuant to Article XII) (a) reduce the option price per share of an outstanding Option or the Initial
Value of an outstanding SAR, (b) cancel an outstanding Option or outstanding SAR when the option price or Initial Value, as
applicable exceeds the Fair Market Value or (c) take any other action with respect to an outstanding Option or an outstanding
SAR that may be treated as a repricing of the award under the rules and regulations of the principal exchange on which the
Common Stock is listed for trading.

 

    -27-

     

    

 

Article
XVII

DURATION OF PLAN

 

No Stock Award, Performance
Unit Award, Incentive Award, Option, SAR or Other Equity-Based Award may be granted under this Plan after October 25, 2027. Stock
Awards, Performance Unit awards, Options, SARs and Other Equity-Based Awards granted before such date shall remain valid in accordance
with their terms.

 

Article
XVIII

EFFECTIVENESS OF PLAN

 

Options, SARs, Stock
Awards, Performance Unit Awards, Incentive Awards and Other Equity-Based Awards may be granted under this Plan, as amended and
restated herein, on and after the date that this Plan, as amended and restated herein, is approved by a majority of the votes cast
by the Company’s stockholders, voting either in person or by proxy, at a duly held stockholders’ meeting within twelve
months of its adoption by the Board.

 

    -28-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]