Document:

Exhibit 10.1

 

THE RMR GROUP INC.

AMENDED AND RESTATED 2016 OMNIBUS EQUITY PLAN

 

Section
1. Purpose of Plan.

 

The name of this plan is The RMR Group Inc. Amended and Restated 2016
Omnibus Equity Plan. The purposes of the Plan are to provide additional incentives to selected employees, directors, independent contractors
and consultants of the Company or its Affiliates whose contributions are deemed to be important to the growth and success of the Company’s
business in order to strengthen the commitment of such individuals to the Company and its Subsidiaries, motivate such individuals to faithfully
and diligently perform their responsibilities and attract and retain competent and dedicated individuals whose efforts will result in
the long term growth and profitability of the Company. To accomplish such purposes, the Plan provides that the Company may grant Options,
Share Appreciation Rights, Restricted Shares, Restricted Stock Units, Other Share Based Awards, Cash Awards or any combination of the
foregoing. The Plan is an amendment and restatement of the predecessor The RMR Group Inc. 2016 Omnibus Equity Plan.

 

Section 2.
Definitions.

 

For purposes of the Plan, the following terms shall be defined as set
forth below:

 

(a)            “Administrator”
means the Board or, if and to the extent the Board does not administer the Plan, the Committee or a delegate appointed in accordance with
Section 3 hereof.

 

(b)            “Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, the Person specified. An entity shall be deemed an Affiliate of the Company for purposes of this definition only for such periods
as the requisite ownership or control relationship is maintained.

 

(c)            “Applicable
Laws” means the applicable requirements under U.S. federal and state corporate laws, U.S. federal and state securities laws,
federal and state tax law, including the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and
the applicable laws of any other country or jurisdiction where Awards are granted under the Plan, as are in effect from time to time (including,
in each case, regulations promulgated thereunder).

 

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

 

(e)            “Award
Agreement” means any written agreement, contract, notice or other instrument or document evidencing an Award.

 

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

 

     

     

    

 

(g)            “Cash
Award” means cash awarded under Section 10 of the Plan.

 

(h)            “Cause”
shall have the meaning assigned to such term in any individual employment or severance agreement or Award Agreement with the Participant
or, if no such agreement exists or if such agreement does not define “Cause,” the existence of Cause shall be determined by
the Administrator in its discretion.

 

(i)            “Change
in Capitalization” means any (i) merger, amalgamation, consolidation, reclassification, recapitalization, spin-off, spin-out,
repurchase or other reorganization or corporate transaction or event, (ii) special or extraordinary dividend or other extraordinary
distribution (whether in the form of cash, Common Stock or other property), stock split, reverse stock split, share subdivision or consolidation,
(iii) combination or exchange of shares or (iv) other change in corporate structure, which, in any such case, the Administrator
determines, in its sole discretion, affects the Shares such that an adjustment pursuant to Section 5 hereof is appropriate.

 

(j)            “Change
in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required to
be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule
or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement; provided, however,
that, without limitation, such a Change in Control shall be deemed to have occurred if after the Effective Date:

 

(1)            any
 “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a Founder, is or becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Company representing a majority of the combined voting power of all the Company’s then-outstanding securities entitled to vote generally
in the election of directors without the prior approval of at least two-thirds of the members of the Board in office immediately prior
to such person attaining such percentage interest;

 

(2)            there
occurs a proxy contest, or the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization
not approved by at least two-thirds of the members of the Board then in office, as a consequence of which members of the Board immediately
prior to such transaction or event constitute less than a majority of the Board thereafter; or

 

(3)            during
any period of two consecutive years, other than as a result of an event described in clause (2) above, individuals who at the beginning
of such period constituted the Board (including for this purpose any new director whose election or nomination for election by the Company’s
shareholders was approved by a vote of at least two thirds of the directors then still in office who were directors at the beginning of
such period) cease for any reason to constitute at least a majority of the Board.

 

(k)            “Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

 

     

     

    

 

(l)            “Committee”
means any committee or subcommittee the Board may appoint to administer the Plan.  The Committee may appoint a subcommittee to perform
such of its functions as the Committee shall designate, which shall constitute the Committee hereunder for purposes of performing such
functions (including to the extent it is necessary or desirable to have a committee composed entirely of individuals who meet the qualifications
of a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required
by the applicable stock exchange on which the Common Stock is traded).

 

(m)            “Common
Stock” means the Class A common stock, par value $0.001 per share, of the Company.

 

(n)            “Company”
means The RMR Group Inc., a Maryland corporation (or any successor company, except, where the context requires, as the term “Company”
is used in the definition of “Change in Control” above).

 

(o)            “Disability”
means, with respect to any Participant, that such Participant (i) as determined by the Administrator in its sole discretion, is unable
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason
of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months
under an accident and health plan covering employees of the Company or an Affiliate thereof.

 

(p)            “Effective
Date” has the meaning set forth in Section 18 hereof.

 

(q)            “Eligible
Recipient” means an employee, director, independent contractor or consultant of the Company or any Affiliate of the Company
who has been determined to be eligible to receive Awards hereunder by the Administrator;

 

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

 

(s)            “Exercise
Price” means, with respect to any Option, the per share price at which a holder of such Option may purchase Shares issuable
upon exercise of such Award and, with respect to a Share Appreciation Right, the base price per share of such Share Appreciation Right,
which, with respect to Options and Share Appreciation Rights, in any event will not be less than one hundred percent (100%) of the Fair
Market Value of a share of Common Stock on the date of grant.

 

(t)            “Fair
Market Value” of a share of Common Stock or another security as of a particular date shall mean the fair market value as determined
by the Administrator in its sole discretion; provided, however, (i) if the Common Stock or other security
is admitted to trading on a national securities exchange, the fair market value on any date shall be the closing sale price reported on
such date, or if no shares were traded on such date, on the last preceding date for which there was a sale of a share of Common Stock
on such exchange, or (ii) if the Common Stock or other security is then traded in an over-the-counter market, the fair market value
on any date shall be the average of the closing bid and asked prices for such share in such over-the-counter market for the last preceding
date on which there was a sale of such share in such market.

 

     

     

    

 

(u)            “Founder”
means Barry M. Portnoy, Adam D. Portnoy or any Person controlled by either or both of them or any member of the Immediate Family of either
or both of them or the beneficiaries of such Person's estate.

 

(v)            “Immediate
Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, 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, including adoptive relationships.

 

(w)            “ISO”
means an Option intended to be and designated as an incentive stock option within the meaning of Section 422 of the Code.

 

(x)            “Nonqualified
Stock Option” shall mean an Option that is not an ISO.

 

(y)            “Option”
means an option to purchase shares of Common Stock granted pursuant to Section 7 hereof.  The term “Option” as used
in the Plan includes the terms “Nonqualified Stock Option” and “ISO.”

 

(z)            “Other
Share Based Award” means a right or other interest granted pursuant to Section 10 hereof that may be denominated or payable
in, valued in whole or in part by reference to, or otherwise based on or related to, the Common Stock, including, but not limited to,
unrestricted Shares, restricted stock units, dividend equivalents or performance units, each of which may or may not be subject to the
attainment of performance goals determined by the Committee or a period of continued employment or other terms or conditions as permitted
under the Plan.

 

(aa)         “Participant”
means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority provided for in Section 3
below, to receive an Award, and, if applicable, upon his or her death, his or her successors, heirs, executors and administrators, as
the case may be.

 

(bb)         “Person”
shall mean an individual, a corporation, a general or limited partnership, an association, a limited liability company, a governmental
entity, a trust, a joint venture, a joint stock company or other entity or organization.

 

(cc)         “Plan”
means this Amended and Restated 2016 Omnibus Equity Plan.

 

(dd)         “Restricted
Shares” means Shares granted pursuant to Section 9 below subject to certain restrictions that lapse at the end of a specified
period (or periods) and/or upon attainment of specified performance objectives.

 

(ee)          “Restricted
Stock Unit” means the right granted pursuant to Section 9 hereof to receive a Share at the end of a specified restricted
period (or periods) of time and/or upon attainment of specified performance objectives.

 

     

     

    

 

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

 

(gg)         “Shares”
means shares of Common Stock reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a
merger, amalgamation, consolidation or other reorganization) security.

 

(hh)         “Share
Appreciation Right” means the right pursuant to an Award granted under Section 8 below to receive an amount equal to the
excess, if any, of (i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares
covered by such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.

 

(ii)            “Subsidiary”
means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise controls,
directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member
or similar interest of such other Person. An entity shall be deemed a Subsidiary of the Company for purposes of this definition only for
such periods as the requisite ownership or control relationship is maintained.

 

Section 3.
Administration.

 

(a)            The
Plan shall be administered by the Administrator.  Pursuant to the terms of the Plan, the Administrator, subject to any restrictions
on the authority delegated to it, shall have the power and authority, without limitation:

 

(1)            to
determine Eligible Recipients and select those Eligible Recipients who shall be Participants;

 

(2)            to
determine whether and to what extent Options, Share Appreciation Rights, Restricted Shares, Restricted Stock Units, Cash Awards, Other
Share Based Awards or a combination of any of the foregoing, are to be granted hereunder to Participants;

 

(3)            to
determine the number of Shares or the amount of cash to be covered by each Award granted hereunder;

 

(4)            to
determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder (including, but not limited
to, (i) the restrictions applicable to Restricted Shares or Restricted Stock Units and the conditions under which restrictions applicable
to such Restricted Shares or Restricted Stock Units shall lapse, (ii) the performance goals and periods (if any) applicable to Awards,
(iii) the Exercise Price of Awards, (iv) the vesting schedule applicable to each Award, (v) the amount of cash or other
property subject to each Award and (vi) subject to the requirements of Section 409A of the Code (to the extent applicable),
any amendments to the terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such
Awards and accelerating the vesting schedule of such Awards);

 

(5)            to
determine the Fair Market Value in accordance with the terms of the Plan;

 

     

     

    

 

(6)            to
determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of the
Participant’s employment for purposes of Awards granted under the Plan;

 

(7)            to
adopt, alter and repeal such administrative rules, regulations, guidelines and practices governing the Plan as it shall from time to time
deem advisable;

 

(8)            to
construe and interpret the terms and provisions of, and supply or correct omissions in, the Plan and any Award issued under the Plan (and
any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities
either specifically granted under the Plan or necessary and advisable in the administration of the Plan; and

 

to prescribe, amend and rescind rules and regulations
relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment
under applicable foreign laws, which rules and regulations may be set forth in an appendix or appendixes to the Plan.

 

(b)            Without
limitation of the authority of the Administrator under Section 5, Options and Share Appreciation Rights may not be re-priced or canceled
and re-granted at a lower exercise, base or purchase price without first obtaining the approval of the Company’s shareholders.

 

(c)            All
decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all Persons, including
the Company and the Participants. No member of the Board or the Committee, nor any officer or employee of the Company or any Subsidiary
thereof acting on behalf of the Board or the Committee, shall be personally liable for any action, omission, determination or interpretation
taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee
of the Company and of any Subsidiary thereof acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified
and protected by the Company in respect of any such action, omission, determination or interpretation.

 

(d)            The
Board or Committee may in its discretion, and to the extent it determines to be permissible under applicable law, regulation and the rules of
the Nasdaq Stock Market LLC (or such other applicable exchange on which the Company’s equity securities are listed), delegate some
or all of its authority, duties and responsibilities hereunder to officers or employees of the Company as the Board or Committee may determine,
under such terms and conditions as the Board or Committee may establish from time to time.

 

Section 4.
Shares Reserved for Issuance Under the Plan.

 

(a)            Subject
to Section 5 hereof, the number of shares of Common Stock that are reserved and available for issuance pursuant to Awards granted
under the Plan shall be 950,000.

 

     

     

    

 

(b)            Shares
issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired
by the Company in the open market, in private transactions or otherwise. If any Shares subject to an Award are forfeited, cancelled, exchanged
or surrendered or if an Award otherwise terminates or expires without a distribution of shares to the Participant, the Shares with respect
to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, again be available
for Awards under the Plan. Shares surrendered or withheld as payment of either the Exercise Price of an Award (including Shares otherwise
underlying an Award of a Share Appreciation Right that are retained by the Company to account for the Exercise Price of such Share Appreciation
Right) and/or withholding taxes in respect of an Award shall again be available for grant under the Plan.  In addition, (i) to
the extent an Award is denominated in shares of Common Stock, but paid or settled in cash, the number of shares of Common Stock with respect
to which such payment or settlement is made shall again be available for grants of Awards pursuant to the Plan and (ii) shares of
Common Stock underlying Awards that can only be settled in cash shall not reduce the aggregate number of shares of Common Stock available
for Awards under the Plan.

 

(c)            Subject
to adjustment as provided by Section 5, no more than 950,000 Shares shall be issued pursuant to the exercise of ISOs.

 

Section 5.
Equitable Adjustments.

 

In the event of any Change in Capitalization, an equitable
substitution or proportionate adjustment shall be made in (i) the aggregate number of shares of Common Stock reserved for
issuance under the Plan pursuant to Section 4 and the maximum number of Shares that may be subject to Awards granted to any
Participant in any calendar or fiscal year, (ii) the kind, number of securities subject to, and Exercise Price subject to
outstanding Options and Share Appreciation Rights granted under the Plan, and (iii) the kind, number and purchase price of
Shares or other securities or the amount of cash or amount or type of other property subject to outstanding Restricted Shares,
Restricted Stock Units or Other Share Based Awards granted under the Plan; provided, however, that any
fractional shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made
as may be determined by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection
with a Change in Capitalization, the Administrator may provide, in its sole discretion, but subject in all events to the
requirements of Section 409A of the Code, for the cancellation of any outstanding Award granted hereunder in exchange for
payment in cash or other property having an aggregate Fair Market Value of the Shares covered by such Award, reduced by the
aggregate Exercise Price or purchase price thereof, if any; provided, however, that if the Exercise Price or
purchase price of any outstanding Award is equal to or greater than the Fair Market Value of the shares of Common Stock, cash or
other property covered by such Award, the Administrator may cancel such Award without the payment of any consideration to the
Participant; provided that prior to any such cancellation the Participant shall be given a reasonable opportunity to exercise the
applicable Award, regardless of any otherwise applicable vesting schedule.  Further, without limiting the generality of the
foregoing, with respect to Awards subject to foreign laws, adjustments made hereunder shall be made in compliance with applicable
requirements.  Except to the extent determined by the Administrator, any adjustments to ISOs under this Section 5 shall be
made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the
Code.  The Administrator’s determinations pursuant to this Section 5 shall be final, binding and conclusive.

 

     

     

    

 

Section 6.
Eligibility.

 

The Participants under the Plan shall be selected from time to time
by the Administrator, in its sole discretion, from those individuals that qualify as Eligible Recipients.

 

Section 7.
Options.

 

(a)            General. 
With respect to each Participant who is granted an Option, the Award Agreement shall set forth such terms and conditions as the Administrator
shall determine, in its sole discretion, which shall include, among other things, the Exercise Price of the Option, the term of the Option
and provisions regarding exercisability of the Option, and whether the Option is intended to be an ISO or a Nonqualified Stock Option
(and in the event the Award Agreement has no such designation, the Option shall be a Nonqualified Stock Option).  The provisions
of each Option need not be the same with respect to each Participant.  More than one Option may be granted to the same Participant
and be outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this
Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator
shall deem desirable as set forth in the applicable Award Agreement.

 

(b)            Exercise
Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole discretion at
the time of grant, but in no event shall the exercise price of an Option be less than one hundred percent (100%) of the Fair Market Value
of a share of Common Stock on the date of grant.

 

(c)            Option
Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than ten (10) years
after the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions
in the Plan and the Award Agreement.

 

(d)            Exercisability.
Each Option shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator
in the applicable Award Agreement.  Notwithstanding the foregoing, the Administrator shall have the authority to accelerate the exercisability
of any outstanding Option at such time and under such circumstances as the Administrator, in its sole discretion, deems appropriate. 
Notwithstanding anything to the contrary contained herein, an Option may not be exercised for a fraction of a share.

 

(e)            Method
of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number
of whole Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or
its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect to any Option
or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise
procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form
of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate
exercise price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator
and permitted by Applicable Laws or (iv) any combination of the foregoing.

 

     

     

    

 

(f)            ISOs.
The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and the terms, conditions,
limitations and administrative procedures established by the Administrator from time to time in accordance with the Plan.  ISOs may
be granted only to an employee of the Company, any “parent corporation” (as such term is defined in Section 424(e) of
the Code) or a Subsidiary.

 

(1)            ISO
Grants to 10% Shareholders.  Notwithstanding anything to the contrary in the Plan, if an ISO is granted to a Participant who
owns shares representing more than ten percent (10%) of the voting power of all classes of shares of the Company, any “parent corporation”
(as such term is defined in Section 424(e) of the Code) or a Subsidiary, the term of the ISO shall not exceed five (5) years
from the time of grant of such ISO and the Exercise Price shall be at least one hundred and ten percent (110%) of the Fair Market Value
of the Shares on the date of grant.

 

(2)            $100,000
Per Year Limitation For ISOs.  To the extent the aggregate Fair Market Value (determined on the date of grant) of the Shares
for which ISOs are exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds
$100,000, such excess ISOs shall be treated as Nonqualified Stock Options.

 

(3)            Disqualifying
Dispositions.  Each Participant awarded and exercises an ISO under the Plan shall notify the Company in writing immediately after
the date he or she makes a “disqualifying disposition” of any Share acquired pursuant to the exercise of such ISO.  A
 “disqualifying disposition” is any disposition (including any sale) of such Shares before the later of (i) two years
after the date of grant of the ISO and (ii) one year after the date the Participant acquired the Shares by exercising the ISO.

 

(g)            Rights
as Shareholder. Without limitation of the rights of the Administrator under Section 5, a Participant shall have no rights to
dividends, dividend equivalents or distributions or any other rights of a shareholder with respect to the Shares subject to an Option
until the Participant has given written notice of the exercise thereof, and has paid in full for such Shares, has satisfied the requirements
of Section 14 hereof and has received such Shares.

 

(h)            Termination
of Employment or Service.  Unless otherwise provided by the Administrator in the applicable Award Agreement:

 

(1)            If
the employment or service of a Participant with the Company and all Affiliates thereof (including by reason of the Participant’s
employer ceasing to be an Affiliate of the Company) shall terminate for any reason other than Cause, Disability, or death, (A) Options
granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain exercisable until the
date that is ninety (90) days after such termination, on which date they shall expire, and (B) Options granted to such Participant,
to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such
termination.  Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its maximum term.

 

     

     

    

 

(2)            If
the employment or service of a Participant with the Company and all Affiliates thereof shall terminate on account of the Disability or
death of the Participant, (A) Options granted to such Participant, to the extent that they were exercisable at the time of such termination,
shall remain exercisable until the date that is six (6) months after such termination, on which date they shall expire and (B) Options
granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of
business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its maximum
term.

 

(3)            In
the event of the termination of a Participant’s employment or service for Cause, all outstanding Options granted to such Participant
shall expire at the commencement of business on the date of such termination.

 

(i)            Other
Change in Employment Status. An Option shall be subject to such treatment, with regard to vesting schedule, termination and other
terms and conditions, by leaves of absence, including unpaid and unprotected leaves of absence, changes from full-time to part-time employment,
partial Disability or other changes in the employment status of a Participant, as may be determined from time to time in the discretion
of the Administrator (which determination is not required to be the same for all Participants).

 

Section 8.
Share Appreciation Rights.

 

(a)            General.
Share Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with all or part of
any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after the time of
the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of
Share Appreciation Rights shall be made.  Each Participant who is granted a Share Appreciation Right shall be provided with an Award
Agreement, containing such terms and conditions as the Administrator shall determine, in its sole discretion, which Award Agreement shall
set forth, among other things, the number of Shares to be awarded, the Exercise Price per Share, and all other conditions of Share Appreciation
Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates.
The provisions of Share Appreciation Rights need not be the same with respect to each Participant. Share Appreciation Rights granted under
the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms
and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable
Award Agreement.

 

(b)            Awards;
Rights as Shareholder.  Without limitation of the rights of the Administrator under Section 5, a Participant shall have
no rights to dividends or any other rights of a shareholder with respect to the shares of Common Stock, if any, subject to a Stock Appreciation
Right until the Participant has given written notice of the exercise thereof, has satisfied the requirements of Section 14 hereof
and has received such Shares.

 

     

     

    

 

(c)            Exercisability.

 

(1)            Share
Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions
as shall be determined by the Administrator in the applicable Award Agreement.

 

(2)            Share
Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which
they relate shall be exercisable in accordance with the provisions of Section 7 hereof and this Section 8 of the Plan.

 

(d)           Payment
Upon Exercise.

 

(1)            Upon
the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal
in value to the excess of the Fair Market Value as of the date of exercise over the Exercise Price per share specified in the Free Standing
Right multiplied by the number of Shares in respect of which the Free Standing Right is being exercised.

 

(2)            A
Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and surrender,
the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to the excess of the Fair
Market Value as of the date of exercise over the Exercise Price specified in the related Option multiplied by the number of Shares in
respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall no longer be
exercisable to the extent the Related Rights have been so exercised.

 

(3)            Notwithstanding
the foregoing, the Administrator may determine to settle the exercise of a Share Appreciation Right in cash (or in any combination of
Shares and cash).

 

(e)           Termination
of Employment or Service.  Unless otherwise provided by the Administrator in the applicable Award Agreement:

 

(1)            If
the employment or service of a Participant with the Company and all Affiliates thereof (including by reason of the Participant’s
employer ceasing to be an Affiliate of the Company) shall terminate for any reason other than Cause, Disability, or death, (A) Share
Appreciation Rights granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain
exercisable until the date that is ninety (90) days after such termination, on which date they shall expire, and (B) Share Appreciation
Rights granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the
close of business on the date of such termination.  Notwithstanding the foregoing, no Share Appreciation Right shall be exercisable
after the expiration of its maximum term.

 

(2)            If
the employment or service of a Participant with the Company and all Affiliates thereof shall terminate on account of the Disability, or
death of the Participant, (A) Share Appreciation Rights granted to such Participant, to the extent that they were exercisable at
the time of such termination, shall remain exercisable until the date that is six (6) months after such termination, on which date
they shall expire and (B) Share Appreciation Rights granted to such Participant, to the extent that they were not exercisable at
the time of such termination, shall expire at the close of business on the date of such termination. Notwithstanding the foregoing, no
Share Appreciation Right shall be exercisable after the expiration of its maximum term.

 

     

     

    

 

(3)            In
the event of the termination of a Participant’s employment or service for Cause, all outstanding Share Appreciation Rights granted
to such Participant shall expire at the commencement of business on the date of such termination.

 

(f)            Term.

 

(1)            The
term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten (10) years
after the date such right is granted.

 

(2)            The
term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than ten
(10) years after the date such right is granted.

 

(g)            Other
Change in Employment Status. Share Appreciation Rights shall be subject to such treatment, with regard to vesting schedule, termination
and other terms and conditions, by leaves of absence, including unpaid and unprotected leaves of absence, changes from full-time to part-time
employment, partial Disability or other changes in the employment status of a Participant, as may be determined in the discretion of the
Administrator (which determination is not required to be the same for all Participants).

 

Section 9.
Restricted Shares and Restricted Stock Units.

 

(a)            General. 
The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Restricted Shares or Restricted
Stock Units shall be made.  Each Participant who is granted Restricted Shares or Restricted Stock Units shall enter into an Award
Agreement with the Company containing such terms and conditions as the Administrator shall determine, in its sole discretion, which Award
Agreement shall set forth, among other things, the number of Shares to be awarded; the price, if any, to be paid by the Participant for
the acquisition of Restricted Shares or Restricted Stock Units; the period of time restrictions, performance goals or other conditions
that apply to delivery or vesting of such Awards (the “Restricted Period”); and all other conditions applicable to
the Restricted Shares and Restricted Stock Units. If the restrictions, performance goals or conditions established by the Administrator
are not attained, a Participant shall forfeit his or her Restricted Shares or Restricted Stock Units, in accordance with the terms of
the grant. The provisions of the Restricted Shares or Restricted Stock Units need not be the same with respect to each Participant.

 

(b)            Awards
and Certificates.  Except as otherwise provided below in Section 9(c), (i) each Participant who is granted an Award
of Restricted Shares may, in the Company’s sole discretion, be issued a share certificate in respect of such Restricted Shares (or
such issuance may be evidenced via book entry); and (ii) any such certificate so issued shall be registered in the name of the Participant,
and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to any such Award.

 

     

     

    

 

The Company may require that the share certificates, if any, evidencing
Restricted Shares granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that,
as a condition of any Award of Restricted Shares, the Participant shall have delivered a share transfer form, endorsed in blank, relating
to the Shares covered by such Award.  Certificates for shares of unrestricted Common Stock may, in the Company’s sole discretion,
be delivered to the Participant only after the Restricted Period has expired without forfeiture in such Restricted Stock Award.

 

With respect to Restricted Stock Units to be settled in Shares, at
the expiration of the Restricted Period, share certificates in respect of the shares of Common Stock underlying such Restricted Stock
Units shall (subject to the following paragraph) be delivered to the Participant, or his legal representative, in a number equal to the
number of shares of Common Stock underlying the Restricted Stock Unit Award.

 

Notwithstanding anything in the Plan to the contrary, any Restricted
Shares or Restricted Stock Units to be settled in Shares (at the expiration of the Restricted Period, and whether before or after any
vesting conditions have been satisfied) may, in the Company’s sole discretion, be issued in uncertificated form.

 

Further, notwithstanding anything in the Plan to the contrary, with
respect to Restricted Stock Units, at the expiration of the Restricted Period, Shares (either in certificated or uncertificated form),
or cash, as applicable, shall promptly be issued to the Participant, unless otherwise deferred in accordance with procedures established
by the Company in accordance with Section 409A of the Code, and such issuance or payment shall in any event be made at such time
as is required to avoid the imposition of a tax under Section 409A of the Code.

 

(c)            Restrictions
and Conditions. The Restricted Shares or Restricted Stock Units granted pursuant to this Section 9 shall be subject to such restrictions
or conditions as determined by the Administrator at the time of grant and:

 

(1)            The
Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such restrictions
in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including,
but not limited to, the attainment of certain performance goals established by the Committee, the Participant’s termination of employment
or service with the Company or any Affiliate thereof, or the Participant’s death or Disability.

 

(2)            Except
as provided in the applicable Award Agreement, the Participant shall generally have the rights of a shareholder of the Company with respect
to Restricted Shares during the Restricted Period. Except as provided in the applicable Award Agreement (and without limiting the rights
of the Administrator under Section 5), the Participant shall generally not have the rights of a shareholder with respect to Shares
subject to Restricted Stock Units during the Restricted Period); provided, however, that, subject to Section 409A
of the Code, an amount equal to dividends declared during the Restricted Period with respect to unvested Restricted Stock Units shall,
unless otherwise set forth in an Award Agreement, be paid to the Participant at the time (and to the extent) Shares or cash (in the case
of Restricted Stock Units paid or payable in cash) in respect of the related Restricted Stock Units are payable to the Participant.

 

     

     

    

 

(3)            The
rights of Participants granted Restricted Shares or Restricted Stock Units upon termination of employment or service as a director, independent
contractor or consultant to the Company or to any Affiliate thereof terminates for any reason during the Restricted Period shall be set
forth in the Award Agreement.

 

(d)            Form of
Settlement.  The Administrator reserves the right in its sole discretion to provide (either at or after the grant thereof) that
any Restricted Stock Unit represents the right to receive the amount of cash per unit that is determined by the Administrator in connection
with the Award.

 

Section 10.
Other Share Based Awards; Cash Awards.

 

Subject to the provisions of the Plan, the Administrator shall have
sole and complete authority to determine the individuals to whom and the time or times at which such Other Share Based Awards shall be
granted.  Each Participant who is granted an Other Share Based Award shall receive an Award Agreement, containing such terms and
conditions as the Administrator shall determine, in its sole discretion, which Award Agreement shall set forth, among other things, the
number of shares of Common Stock to be granted pursuant to such Other Share Based Awards, or the manner in which such Other Share Based
Awards shall be settled (e.g., in shares of Common Stock, cash or other property), or the conditions, if any, to the vesting and/or payment
or settlement of such Other Share Based Awards (which may include, but not be limited to, achievement of performance criteria) and all
other terms and conditions of such Other Share Based Awards.  The Administrator may make Other Share Based Awards consisting of unrestricted
Shares to such individuals and in such amounts as the Administrator may determine (subject to Section 6). The Administrator may also
grant Cash Awards to Participants, upon such terms and conditions as the Administrator may determine in its discretion. No
agreement is required to be executed in respect of awards of vested shares of Common Stock.

 

Section 11.
Change in Control.

 

Unless otherwise determined by the Administrator and evidenced in an
Award Agreement (but without limitation of the rights of the Administrator hereunder), if (a) a Change in Control occurs, and (b) the
Participant’s employment or service is terminated by the Company, its successor or an Affiliate thereof without Cause on or after
the effective date of the Change in Control but prior to the second anniversary of the Change in Control, then, upon such Termination:

 

(a)            any
unvested or unexercisable portion of any Award carrying a right to exercise shall become fully vested and exercisable; and

 

(b)            the
restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan shall lapse
and such Awards shall be deemed fully vested and any performance conditions imposed with respect to such Awards shall be deemed to be
fully achieved at target performance levels.

 

     

     

    

 

If the Administrator determines in its discretion pursuant to Section 3(a)(4) hereof
to accelerate the vesting of Options and/or Share Appreciation Rights in connection with a Change in Control, the Administrator shall
also have discretion in connection with such action to provide that all Options and/or Share Appreciation Rights outstanding immediately
prior to such Change in Control shall expire on the effective date of such Change in Control.

 

Section 12.
Amendment and Termination.

 

The Board may amend, alter or terminate the Plan, but no amendment,
alteration or termination shall be made that would materially impair the rights of a Participant under any Award theretofore granted without
such Participant’s consent. Approval of the Company’s shareholders shall be required for any amendment that would require
such approval in order to satisfy the rules of the stock exchange on which the Common Stock is traded or other Applicable Law. The
Administrator may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Section 5 of
the Plan, no such amendment shall materially impair the rights of any Participant without his or her consent.

 

Section 13.
Unfunded Status of Plan.

 

The Plan is intended to constitute an “unfunded” plan for
incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing contained herein shall give
any such Participant any rights that are greater than those of a general creditor of the Company.

 

Section 14.
Withholding Taxes.

 

Each Participant shall, no later than the date as of which the value
of an Award first becomes includible in the gross income of such Participant for purposes of applicable taxes, pay to the Company, or
make arrangements satisfactory to the Administrator regarding payment of, the minimum amount of any such applicable taxes required by
law to be withheld with respect to the Award.  The obligations of the Company under the Plan shall be conditional on the making of
such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any
payment of any kind otherwise due to such Participant.  Whenever cash is to be paid pursuant to an Award, the Company shall have
the right to deduct therefrom an amount sufficient to satisfy any applicable withholding tax requirements related thereto.  Whenever
Shares or property other than cash are to be delivered pursuant to an Award, the Company shall have the right to require the Participant
to remit to the Company in cash an amount sufficient to satisfy any related taxes to be withheld and applied to the tax obligations; provided,
that, with the approval of the Administrator, a Participant may satisfy the foregoing requirement by either (i) electing to have
the Company withhold from delivery of Shares or other property, as applicable, or (ii) by delivering already owned unrestricted shares
of Common Stock.  The Company may in its discretion limit the number of Shares it will withhold or accept in satisfaction of withholding
obligations, including imposing such limitations as it determines to be necessary or desirable to avoid adverse accounting consequences. 
Such already owned and unrestricted shares of Common Stock shall be valued at their Fair Market Value on the date on which the amount
of tax to be withheld is due and any fractional share amounts resulting therefrom shall be settled in cash.  Subject to the terms
of the Award Agreement, such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an award. 
The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding
obligation with respect to any Award.

 

     

     

    

 

Section 15.
Transfer of Awards.

 

Until such time as the Awards are fully vested and/or exercisable in
accordance with the Plan or an Award Agreement, no purported sale, assignment, mortgage, hypothecation, transfer, charge, pledge, encumbrance,
gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any Award or any
agreement or commitment to do any of the foregoing (each, a “Transfer”) by any holder thereof in violation of the provisions
of the Plan or an Award Agreement will be valid, except with the prior written consent of the Administrator, which consent may be granted
or withheld in the sole discretion of the Administrator. Any purported Transfer of an Award or any economic benefit or interest therein
in violation of the Plan or an Award Agreement shall be null and void ab initio and shall not create any obligation or
liability of the Company, and any Person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation
of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of such Shares or other property underlying such
Award. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately preceding sentence, an Option
or a Share Appreciation Right may be exercised, during the lifetime of the Participant, only by the Participant or, during any period
during which the Participant is under a legal Disability, by the Participant’s guardian or legal representative.

 

Section 16.
Continued Employment.

 

Neither the adoption of the Plan nor the grant of an Award shall confer
upon any Eligible Recipient or Participant any right to continued employment or service with the Company or any Affiliate thereof, as
the case may be, nor shall it interfere in any way with the right of the Company or any Affiliate thereof to terminate the employment
or service of any individual at any time.

 

Section 17.
Forfeiture Events; Compensation Recovery Policy.

 

(a)            Notwithstanding
any provision of the Plan to the contrary, if the Administrator determines, after full consideration of the facts, that:

 

(1)            A
Participant has been engaged in fraud, embezzlement or theft in the course of his or her employment by or involvement with the Company
or a Subsidiary, has made unauthorized disclosure of trade secrets or other proprietary information of the Company or a Subsidiary or
of a third party who has entrusted such information to the Company or a Subsidiary, or has been convicted of a felony, or crime involving
moral turpitude or any other crime which reflects negatively upon the Company;

 

(2)            A
Participant has violated the terms of any employment, noncompetition, non-solicitation, confidentiality, nondisclosure or other similar
agreement with the Company to which he or she is a party; or

 

     

     

    

 

(3)            the
employment or involvement with the Company or a Subsidiary of the Participant was terminated for Cause; then the Participant’s right
to exercise an exercisable Award shall terminate as of the date of such act (in the case of (1) or (2)) or such termination (in the
case of (3)), the Participant shall forfeit all unexercised Awards and all unvested Awards and the Company shall have the right to repurchase
all or any part of the Shares acquired by the Participant with respect to any Award, at a price equal to the lower of (a) the amount
paid to the Company upon exercise or acquisition (or to cause such shares to be forfeited without consideration if no amount was paid),
or (b) the Fair Market Value of such shares at the time of repurchase. If the holder of an Award whose behavior the Company asserts
falls within the provisions of the clauses above has exercised or attempts to exercise an Award prior to consideration of the application
of this Section 17 or prior to a decision of the Administrator, the Company shall not be required to recognize such exercise until
the Administrator has made its decision and, in the event any exercise shall have taken place, it shall be of no force and effect (and
shall be void ab initio) if the Administrator makes a determination that the Participant had engaged in the proscribed conduct;
provided, however, that if the Administrator finds in favor of the Participant then the Participant will be deemed to have exercised the
Award retroactively as of the date he or she originally gave notice of his or her attempt to exercise or actual exercise, as the case
may be. The decision of the Administrator as to the cause of a Participant’s discharge and the damage done to the Company shall
be final, binding and conclusive. No decision of the Administrator, however, shall affect in any manner the finality of the discharge
of such Participant from employment by or service to the Company. For purposes of this Section 17, references to the Company shall
include any Subsidiary.

 

(b)            All
Awards issued under this Plan shall be subject to the Company’s compensation recovery policy as it may be adopted and as amended
from time to time and each Participant who receives an Award hereunder shall be deemed to have consented to the applicability of such
recoupment policy to such Award.

 

Section 18.
Effective Date.

 

The 2016 Omnibus Equity Plan's original effective date was March 9,
2016, and the Amended and Restated 2016 Omnibus Equity Plan shall be effective as of the close of business on March 10, 2022, subject
to approval by the Company's shareholders (the "Effective Date").

 

Section 19.
Electronic Signature.

 

Participant’s electronic signature of an Award Agreement shall
have the same validity and effect as a signature affixed by hand.

 

Section 20.
Term of Plan.

 

No Award shall be granted pursuant to the Plan on or after March 10,
2032, but Awards theretofore granted may extend beyond that date in accordance with their terms.

 

     

     

    

 

Section 21.
Securities Matters and Regulations.

 

(a)            Notwithstanding
anything herein to the contrary, the obligation of the Company to sell or deliver Shares with respect to any Award granted under the Plan
shall be subject to all Applicable Laws, rules and regulations, including all applicable federal and state securities laws, and the
obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator. The Administrator
may require, as a condition of the issuance and delivery of certificates evidencing shares of Common Stock pursuant to the terms hereof,
that the recipient of such shares make such agreements and representations, and that such certificates bear such legends, as the Administrator,
in its sole discretion, deems necessary or advisable.

 

(b)            Each
Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification
of Shares is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory
body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Shares, no such Award
shall be granted or payment made or Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval
has been effected or obtained free of any conditions not acceptable to the Administrator.

 

(c)            In
the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then current registration statement under the
Securities Act and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required
by the Securities Act or regulations thereunder, and the Administrator may require a Participant receiving Common Stock pursuant to the
Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company in writing that the Common Stock acquired
by such Participant is acquired for investment only and not with a view to distribution.

 

Section 22.
Section 409A of the Code.

 

The Plan as well as payments and benefits under the Plan are intended
to be exempt from, or to the extent subject thereto, to comply with Section 409A of the Code, and, accordingly, to the maximum extent
permitted, the Plan shall be administered and interpreted in accordance therewith. Notwithstanding anything contained herein to the contrary,
to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, a Participant
shall not be considered to have terminated employment or service with the Company for purposes of the Plan and no payment shall be due
to the Participant under the Plan or any Award until the Participant would be considered to have incurred a “separation from service”
from the Company and its Affiliates within the meaning of Section 409A of the Code. Any payments described in the Plan that are due
within the “short term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation
unless Applicable Law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent that any Awards (or any
other amounts payable under any plan, program or arrangement of the Company or any of its Affiliates) are payable upon a separation from
service and payment at such time would result in the imposition of any individual tax and penalty interest charges imposed under Section 409A
of the Code, the settlement and payment of such awards (or other amounts) shall instead be made on the first business day after the date
that is six (6) months following such separation from service (or death, if earlier). Each amount to be paid or benefit to be provided
under this Plan shall be construed as a separate identified payment for purposes of Section 409A of the Code.  The Company makes
no representation that any or all of the payments or benefits described in this Plan will be exempt from or comply with Section 409A
of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. The Participant shall
be solely responsible for the payment of any taxes and penalties incurred under Section 409A.

 

     

     

    

 

Section 23.
Notification of Election Under Section 83(b) of the Code.

 

If any Participant shall, in connection with the acquisition of shares
of Common Stock under the Plan, make the election permitted under Section 83(b) of the Code, such Participant shall provide
the Company with documentation of such election within ten (10) days after filing notice of the election with the Internal Revenue
Service.

 

Section 24.
No Fractional Shares.

 

No fractional shares of Common Stock shall be issued or delivered pursuant
to the Plan. The Administrator shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional
shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

Section 25.
Beneficiary.

 

A Participant may file with the Administrator a written designation
of a beneficiary on such form as may be prescribed by the Administrator and may, from time to time, amend or revoke such designation.
If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed
to be the Participant’s beneficiary.

 

Section 26.
Paperless Administration.

 

In the event that the Company establishes, for itself or using the
services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet
website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Participant may be permitted
through the use of such an automated system.

 

Section 27.
Severability.

 

If any provision of the Plan is held to be invalid or unenforceable,
the other provisions of the Plan shall not be affected but shall be applied as if the invalid or unenforceable provision had not been
included in the Plan.

 

Section 28.
Governing Law.

 

The Plan shall be governed by, and construed in accordance with, the
laws of the State of Maryland, without giving effect to principles of conflicts of law of such state.Exhibit 10.2

 

THE RMR GROUP INC.

 

Summary of Director Compensation

 

The following is a summary of the currently effective compensation
of the Directors of The RMR Group Inc. (the “Company”) for services as Directors, which is subject to modification at any
time by the Board of Directors (the “Board”) or the Compensation Committee of the Board, as applicable:

 

		•	Each Independent Director receives an annual fee of $85,000 for services as a Director. The annual fee for any new Independent Director
is prorated for the initial year. The Lead Independent Director receives an additional fee of $17,500.

 

		•	Each Independent Director who serves as a committee chair of the Board's Audit Committee, Compensation Committee or Nominating and
Governance Committee receives an additional annual fee of $20,000, $15,000 and $15,000, respectively. The committee chair fee for any
new Independent Director is prorated for the initial year.

 

		•	Each Director receives a grant of 3,000 of the Company’s shares of Class A common stock on the date of the first Board
meeting following each annual meeting of shareholders (or, for Directors who are first elected or appointed at other times, on the day
of the first Board meeting attended).

 

		•	All Directors are generally reimbursed for travel expenses incurred in connection with their duties as Directors and for out of pocket
costs incurred in connection with their attending certain continuing education programs.

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