Document:

EX-10.65

 Exhibit 10.65 

Baidu Holdings Limited 

and 
 iQIYI, Inc.

 TICKET BUSINESS COOPERATION AGREEMENT 

February 12, 2018 

 This Ticket Business Cooperation Agreement (this “Agreement”) is entered into by the two parties
on February 12, 2018 (“Execution Date”): 
 (1) Baidu Holdings Limited (it and its affiliates are collectively referred to as
“Baidu”), a company established under the laws of British Virgin Islands; 
 (2) iQIYI, Inc. (it and its affiliates under its control are
collectively referred to as “IQIYI”), a company incorporated under the laws of Cayman Islands. 
 In this Agreement, Baidu and IQIYI are
collectively referred to as “both Parties”/“the two Parties”, and individually referred to as “one Party”. When “one Party” and “the other Party” are used in this
Agreement, Baidu and IQIYI are respectively the corresponding one party and the other party. 
 Whereas: 

1. Baidu Holdings Limited and iQIYI, Inc. entered into Share Purchase Agreement on February 12, 2018 (“Share Purchase Agreement”),
agreeing that iQIYI, Inc. shall, at the settlement of the Share Purchase Agreement, issue to Baidu Holdings Limited 36,860,691 common shares of iQIYI, Inc.; as a consideration, Baidu Holdings Limited shall execute this Agreement with iQIYI, Inc..

 2. By executing this Agreement, Baidu promises to provide its full support to the development of IQIYI’s ticket business and to make every
reasonable business effort to assist IQIYI to complete its existing ticket business system (including perfecting the back-office system of IQIYI’s ticket business to make it achieve equivalent capability with Baidu’s Oscar business
management system (cinema, movie, customer service, settlement, reconciliation, marketing, membership card, mall, etc.), performance ticket management system, sales management system, data BI system, etc.) (“Fundamental Cooperation
Objectives”), and provide diversion support for the development of IQYI’s ticket business. 
 In view of this, both Parties reach the
agreement as follows upon consensus: 
 Article 1 Definition 

 

	 	1.1.	Force Majeure: any event which occurs after the effective date of this Agreement, which prevents either party from performing this Agreement in whole or in part, which both Parties to this Agreement cannot
control, cannot avoid, cannot overcome, cannot overcome and cannot solve, and which cannot be predicted at the time of executing this Agreement. Such events include, but are not limited to, earthquakes, typhoons, floods, wars, disruptions to
international or domestic traffic, acts of government agencies, etc. For the avoidance of doubt, such events constitute force majeure only if they are beyond both Parties’ control, cannot be avoided, insurmountable or cannot be resolved by both
parties to this Agreement. 

  
 2 

	 	1.2.	Affiliate: for any entity, “affiliate” refers to the entity under its control, or which control it, or under the same third party control as it. “Control” means that one entity holds
shares/interests of more than 50% of the voting rights of another entity or has the right to designate more than half of the directors or members of other similar management organs of another entity, or have actual decision power or control power of
such entity’s operation by agreements or other means. For the purpose of this Agreement, Baidu’s affiliates shall not include IQIYI or any entity it controls; IQIYI’s affiliates only include the entities under IQIYI’s control.

  

	 	1.3.	Ticket Business: refers to the business of online sale of movie tickets and performance tickets, as well as the sale of ticket membership/entitlement cards, cinema goods, movie and performance derivative
products, which are directly related to aforesaid business. 

  

	 	1.4.	License Term: see Article 3.4 hereof. 

  

	 	1.5.	Business Cooperation Term: see Article 2.1 hereof. 

  

	 	1.6.	China: refers to People’s Republic of China. For the purpose of this Agreement, it shall include Taiwan, Hong Kong SAR, Macao SAR. 

 

	 	1.7.	Preparation Period: see Article 2.1 hereof. 

  

	 	1.8.	Except for those expressly set forth in this Agreement, any Party’s products mentioned in this Agreement shall be relevant products with the corresponding business operation names and relevant products the market
generally understand to be referred to by the corresponding names; Regarding relevant technology and industry terms mentioned in this Agreement shall have the meaning the internet industry, the electronic information industry and/or the
telecommunication industry understand to be referred to by such names. 

 Article 2 Cooperation Content Introduction and Non-Competition 
  

	 	2.1.	The cooperation between the two Parties hereunder mainly consists of two stages: 

  

	 	(1)	Cooperation during Preparation Period: from the effective date hereof to 3 months from the effective data (“Preparation Period”), Baidu shall assist IQIYI to perfect the business relation and
service capabilities of its ticket business in relevant aspects including technology, business and product, and shall make every reasonable effort in business to achieve Fundamental Cooperation Objectives. Specific forms of support shall be
negotiated separately by the two Parties. 

 Business maintenance requirements: as part of the cooperation during the
Preparation Period, except for those explicitly agreed otherwise upon by both Parties, Baidu shall maintain the status quo of the operation of its ticket business during the Preparation Period, including but not limited to, according to the status
quo, maintaining user experience of its ticket business, maintaining diversion to its ticket business, making every reasonable business effort to maintain good business relation with agencies and cooperative partners. 

 

	 	(2)	Subsequent Cooperation: provided that IQIYI satisfies the following conditions, Baidu shall ensure that within four (4) years after the end of the Preparation Period (“Business Cooperation
Term”), regarding the entrance of internet traffic that Baidu products (i.e. Baidu search on PCs, Baidu search on mobile phones, Baidu Nuomi and Baidu Map and other Baidu products otherwise determined by the two Parties) divert to its
ticket business, under the premise of Baidu’s control, the maintaining party of the original landing pages shall be changed to IQIYI ticket business: 1) IQIYI ticket business provides its users with good user experience, not worse than the
current service quality of Baidu’s ticket business; 2) IQIYI ticket business provides its users with good user experience, not worse than the third-party average standard of the industry; 3) the landing pages which serve as the entrance from
Baidu products (i.e. Baidu search on PCs, Baidu search on mobile phones, Baidu Nuomi and Baidu Map) to the ticket business satisfy Baidu’s common product specifications; and 4) IQIYI provides service maintenance to those to which the traffic is
transferred from Baidu products, including but not limited to the components / H5 pages. 

  
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	 	(3)	During the Business Cooperation Term, Baidu provides support to ticket business in the aspects of Baidu feed stream and Baidu Baike, including: 

 

	 	a.	IQIYI shall cause the ticket business to provide content that meets the requirements of Baidu products, such content can be accessed and distributed through Baidu feed stream interface; 

 

	 	b.	Baidu exclusively provides the ticket business with movie entrance of wise Baike movie entries, IQIYI ticket business provides Baidu Baike with movie evaluation data on real-time basis. 

 

	 	(4)	Notwithstanding the foregoing provisions, both Parties agree and acknowledge that no provision hereunder shall in any manner limit the rights that Baidu adjusts, modifies and / or updates, for reasonable business needs,
the websites, interfaces or relevant applications of any product developed and / or operated by Baidu (including but not limited to Baidu products, Baidu fee stream and Baidu Baike). 

 

	 	2.2.	Non-competition Undertaking. Baidu undertakes: from the effective date hereof to the expiration of the Preparation Period, Baidu’s ticket business shall operate to the
necessary extent to the necessary maintenance of business, but after the Preparation Period ends, Baidu shall immediately terminate all of its current ticket business; Except for the preparation period, from the effective date hereof to the end of
the Business Cooperation Term, Baidu shall not conduct its own ticket business, and shall not invest in new company which conducts ticket business or hold more than 10% equity interests in any such company (for avoidance of doubt, for the purpose of
this Article, “conducting ticket business” means that the ticket business is the main business, which account for 50% or more of the company’s total revenue), the specific list of such companies are otherwise negotiate separately by
the two Parties. 

  
 4 

 Article 3 License of Intangible Assets 

 

	 	3.1.	Baidu shall grant IQIYI the right to use the trademarks related to Baidu’s ticket business (the scope of the trademarks shall be separately negotiated by the two Parites, such trademarks are referred to as the
“Licensed Trademarks”), the relevant terms and conditions are as follows: 

  

	 	(1)	Licensed area: Mainland China (excluding Hong Kong, Taiwan and Macao, the same below); 

  

	 	(2)	Scope of License: IQIYI may only use the Licensed Trademarks in its ticket business for the purposes of this Agreement and in accordance with this Agreement; 

 

	 	(3)	Manner of License: this license is an exclusive license, that is, within the License Term (defined below), except IQIYI, Baidu shall not license any third party to use the Licensed Trademarks, but Baidu may use the
Licensed Trademarks by itself. 

  

	 	3.2.	Baidu shall grant IQIYI the right to use the domain name related to Baidu’s ticket business (the list of domain names shall be separately negotiated by the two Parites, such domain names are referred to as the
“Licensed Domain Names”), the relevant terms and conditions are as follows: 

  

	 	(1)	Scope of License: IQIYI may only use the Licensed Domain Names in its ticket business for the purposes of this Agreement and in accordance with this Agreement; 

 

	 	(2)	Manner of License: this license is an exclusive license, that is, within the License Term, except IQIYI, Baidu shall not license any third party to use the Licensed Domain Names, but Baidu may use the Licensed Domain
Names by itself. 

  

	 	3.3.	Baidu shall grant IQIYI the right to use the patents related to Baidu’s ticket business (the list of the patents shall be separately negotiated by the two Parites, such patents are referred to as the
“Licensed Patents”, together with the Licensed Trademarks and License Domain Names, are collectively referred to as “Licensed Intellectual Property”), the relevant terms and conditions are as follows:

  

	 	(1)	Licensed area: Mainland China; 

  

	 	(2)	Scope of License: IQIYI may only use the Licensed Patents in its ticket business for the purposes of this Agreement and in accordance with this Agreement; 

 

	 	(3)	Manner of License: this license is an exclusive license, that is, within the License Term (defined below), except IQIYI, Baidu shall not license any third party to use the Licensed Patents, but Baidu may use the
Licensed Patents by itself. 

  

	 	3.4.	License Term: the license term under Article 3.1 to Article 3.3 shall be twenty-four (24) months since the effective date of this Agreement (“License Term”). 

  
 5 

	 	3.5.	Within the License Term, IQIYI has the right to authorize its affiliates to use the licensed intellectual property without the need to obtain Baidu’s consent, provided that such affiliates must obey the terms and
conditions herein which apply to IQIYI when using the licensed intellectual property, and the term of sublicensing shall not be longer than the License Term. IQIYI shall be responsible for all its affiliates’ use of licensed intellectual
property rights. If such affiliates of IQIYI are no longer IQIYI’s affiliates, then the sublicensing to the former affiliates shall terminate immediately and IQIYI shall notify such former affiliates to stop the use. 

Article 4 Force Majeure 
 In the event the
performance of the obligations hereunder is delayed for Force Majeure, neither Party shall therefore be deemed to breach this Agreement, and neither Party shall be liable for the damages therefore arising, provided that such Party makes efforts to
eliminate the cause of delay, make its best endeavor in eliminating the damages (including but not limited to seeking for and using alternative tools or methods) and inform the other Party such Force Majeure and the damages so caused within fifteen
days after the Force Majeure disappears (excluding that date). During the delay of performance, the Party encountering the Force Majeure shall implement reasonable alternative(s) to substitute or use other commercially reasonable means to facilitate
the performance of its obligations hereunder, until the delay is eliminated. 
 Article 5 Confidentiality 

The two Parties acknowledge and confirm that any oral or written information communicated with each other regarding this Agreement is confidential
information. The two Parties shall keep such information confidential, and may not disclose such information to any third person without written consents of the other Party, except for (a) any information that has been known or will be known to
the public (not disclosed by the receiving party to the public without consent); (b) any information disclosed as required by applicable laws, supervisory government departments, supervisory stock exchange, and relevant stock exchange rules; or
(c) any information disclosed to either Party’s legal or financial advisor with respect to the transaction contemplated hereunder, who is required to perform similar obligation of confidentiality to those specified herein. Both Parties
further undertake to use the aforementioned confidential information provided by the other Party only with regard to relevant matters provided by this Agreement, and shall destroy or return such confidential information upon the other party’s
request after termination of this Agreement. Any breach of this Article 5 by any employee of or any intermediary engaged by either Party shall be deemed breach by such Party, and such Party shall assume the liability for breach of contract under
this Agreement. No matter whether this Agreement becomes invalid, rescinded, altered, terminated, or inoperable, this provision will survive. 

Article 6 Tax 
 Both Parties to the
Agreement shall pay taxes to the relevant tax authorities in accordance with relevant laws, regulations and national policies and shall cause their Affiliates to pay taxes to the relevant tax authorities in accordance with the provisions of this
Agreement in accordance with the relevant laws, regulations and national policies. 

  
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 Article 7 Representations and Warranties 

 

	 	7.1.	Each of the two Parties represents and warranties to the other Party as follows: it is a company duly incorporated and validly existing; its execution, delivery and performance of this Agreement requires no filing with
or notice to any government authority, and no license, permit, consent or any other approval from any government authority or other person; and it is capable to perform its obligations under this Agreement and such performance will not violate its
article of associations or any other organizational documents. 

  

	 	7.2.	If there is any conflict between this Agreement and any other legal document signed by it prior to the date hereof, it shall notify the other Party promptly in writing in good faith and the two Parties shall resolve
such conflict through negotiations. Either Party shall be held liable for any loss incurred by the other Party due to any conflict between this Agreement and any other legal document signed by it prior to the date hereof. 

 

	 	7.3.	If either Party becomes aware that its performance of its obligations under this Agreement require any permit, consent or approval from any third party during such performance, it shall make its best efforts to obtain
such permit, consent or approval; if it is impossible to obtain such permit, consent or approval within a reasonable period of time, it shall provide an alternative solution acceptable to the other Party for the applicable matter. 

Article 8 Notice and Delivery 
  

	 	8.1.	All notices and other communications required or made under this Agreement shall be delivered to the applicable following address by hand, registered mail, mail with pre-paid
postage or commercial courier services, or facsimile or electronic mail, and shall be deemed duly delivered: 

  

	 	(1)	If delivered by hand, registered mail, mail with pre-paid postage or commercial courier services, on the day when such notice is received or rejected at the applicable following
address; or 

  

	 	(2)	If delivered by facsimile or electronic mail, on the day when the transmission is successful (as confirmed by automatically generated transmission report). 

 

	 	8.2.	For purpose of notice under this Agreement, the address of each of the two Parties is as follows: 

  

			
	To Baidu:	  	
	Address:	  	***
	Attention:	  	***
	Telephone:	  	***
	E-mail:	  	***
		
	To iQIYI:	  	
	Address:	  	***
	Attention:	  	***
	Telephone:	  	***
	E-mail:	  	***

  
 7 

 Either Party may change its address of notice under this Agreement at any time with a notice to the other Party
under this Article 8.     
 Article 9 Breach Liabilities 

 

	9.1.	Each of the two Parties shall be held liable for any loss actually incurred by the other Party due to its breach of this Agreement. 

  

	9.2.	Each of the two Parties understands and agrees that its execution of this Agreement is made on behalf of itself and any of its affiliates and it is obligated to cause its affiliates to comply and perform this Agreement.

  

	9.3.	If either Party (the “Non-breaching Party”) is subject to any direct or indirect loss, claim, litigation or investigation or liability (including without
limitation any civil liability asserted by any third party or any administrative or criminal liability asserted by any competent government or judicial authority) due to breach of this Agreement or any legal requirements of the other Party (the
“Breaching Party”) after this Agreement becomes effective, the Breaching Party shall be liable for any and all of the direct or indirect loss, costs and expenses incurred by the Non-breaching
Party arising therefrom. 

 Article 10 Governing Law and Dispute Resolution 

 

	10.1.	The formation, validity, interpretation, performance, amendment of this Agreement, and resolution of any dispute arising from or in connection with this Agreement, shall be governed by the laws of New York State.

  

	10.2.	Any dispute arising from interpretation or performance of this Agreement shall be resolved by the two Parties through negotiations and, if such negotiations fail, submitted by either Party to China International
Economic and Trade Arbitration Commission for resolution in accordance with its arbitration rules then in effect. The arbitration shall be conducted in Beijing and its language shall be in Chinese. The arbitrary award shall be conclusive and binding
upon each of the two Parties. 

  

	10.3.	As long as any dispute arising from interpretation or performance of this Agreement exists or is under arbitration, each of the two Parties shall continue to perform its rights and obligations under this Agreement other
than those under dispute. 

 Article 11 Miscellaneous 

 

	11.1.	This Agreement shall be effective as of the date on which it is duly signed by the two Parties (the “Effective Date”). Termination of this Agreement shall not release any liability for breach of this
Agreement occurred prior to such termination. Articles 5, 8, 9, 10 and 11.1 of this Agreement shall survive termination of this Agreement. 

  
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	11.2.	Any amendment and supplement to this Agreement shall be made in writing. Any amendment and supplement hereto duly signed by the two Parties shall be an integral part of and have the same effect with this Agreement.

  

	11.3.	Unless with prior written consent of the other Party, neither Party may transfer any of its rights or obligations under this Agreement to any third Party; provided, however, that it may designate its appropriate
affiliate to perform any cooperation matter when it is necessary to do so. 

  

	11.4.	This Agreement, once effective, shall constitute all agreements and understanding between the two Parties regarding the subject matter of this Agreement, and supersede all prior agreements and understanding, written or
oral, between the two Parties regarding the subject matter hereof. 

  

	11.5.	If any term of this Agreement is held invalid, illegal or unenforceable, it will not affect validity, legality or enforceability of the remaining terms of this Agreement. The two Parties shall deal with such invalid,
illegal or unenforceable term in good faith to achieve its intended business purpose as much as possible. 

  

	11.6.	The Chinese version of this Agreement shall prevail. This Agreement is made in two originals with each Party holding one original. Each of the originals has the same effect. 

(No text below) 

  
 9 

 IN WITNESS WHEREOF, the two Parties have caused their respective duly authorized representative
to execute this Agreement as of the date first written above. 
  
  

			
	Baidu Holdings Limited
		
	By:	 	 /s/ Robin Yanhong Li 

	Name:	 	Robin Yanhong Li
	Title:	 	

  
 10 

 IN WITNESS WHEREOF, the two Parties have caused their respective duly authorized representative
to execute this Agreement as of the date first written above. 
  

			
	iQIYI, Inc.
	[Company seal is affixed]
		
	By:	 	 /s/ Yu Gong

	Name:	 	 Yu Gong

	Title:	 	

  
 11Exhibit

Exhibit 10.3

MTGE INVESTMENT CORP.
AMENDED AND RESTATED EQUITY INCENTIVE PLAN 
RESTRICTED STOCK UNIT AGREEMENT

This Restricted Stock Unit Agreement (this “Agreement”) is executed and delivered as of [_____] (the “Grant Date”) by and between MTGE Investment Corp., a Maryland corporation (the “Company”), and [_____], a director of the Company (the “Grantee”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the American Capital Mortgage Investment Corp. Amended and Restated Equity Incentive Plan (the “Plan”).  The Grantee and the Company hereby agree as follows:

		
	1.
	Grant. Pursuant to the Plan, the Company hereby grants to the Grantee a number of Restricted Stock Units equal to [_______] divided by the closing price of a share of Stock on the Grant Date and rounded down to the nearest whole number (the “RSUs”), representing the right to receive an equivalent number of shares of Stock, plus any dividend equivalents on the RSUs, subject to the terms and conditions of the Plan and this Agreement.

		
	2.
	Vesting. The RSUs will vest on [________] (the “Vesting Date”), subject to the Grantee’s continued service through the Vesting Date.  If the Grantee separates from service for any reason prior to the Vesting Date, his or her RSUs will be forfeited as of such separation date.

		
	3.
	Distribution.  Notwithstanding any other provision of the Plan, unless a deferral election is made pursuant to Section 4 below, the RSUs will be paid in Stock as soon as practicable (and in no event more than thirty (30) days) after the Vesting Date.   In the event of a deferral election with respect to the RSUs, the RSUs shall be paid in Stock as soon as practicable (and in no event more than thirty (30) days) after the deferred payment date elected by the Grantee.  The Grantee agrees that he or she will cooperate with the Company to facilitate payment of the RSUs, which cooperation may include being required to maintain a brokerage account with the Plan’s recordkeeper.

		
	4.
	Deferral Elections.  The Grantee may, by completing a copy of the attached Deferral Election Exhibit and returning it to the Corporate Secretary of the Company no later than [__________], irrevocably elect to defer payment of all or a portion of the RSUs to any [_____] later dates after the Vesting Date, provided that he or she may not elect to defer payment of the RSUs or portion thereof to any date after [______].  

The Grantee may also elect multiple payment dates for the RSUs, provided that he or she also specifies in the election the percentage of the RSUs that will be payable on each such date.  However, the Grantee may not elect more than [___] payment date in any particular calendar year for the RSUs or portion of the RSUs.  
For example, [_____________].  
Subject to the rules described in the preceding paragraphs, the Grantee may elect to defer all, some, or none of the RSUs, and may elect different payment dates for each.  
Notwithstanding the foregoing, if the Grantee separates from service (within the meaning of Section 409A) with the Company, or in the event of the Grantee’s death or disability or a Change of Control, any vested RSUs the Grantee has elected to defer will be paid to the Grantee (in the event of the Grantee’s death, to his or her surviving spouse or, if none, to his or her estate) as soon as practicable (and in no event more than thirty (30) days) thereafter, notwithstanding any later payment dates(s) the Grantee may have elected.  

If the Grantee fails to complete the Deferral Election Exhibit and timely return it, he or she will be deemed to have elected not to defer payment of any of the RSUs.  Under applicable tax rules, late deferral elections are not permitted.  
		
	5.
	Dividend Equivalents.  The terms of Section 6(b)(iii)(C) of the Plan shall apply to the extent dividends paid with respect to the Company’s Stock.  To the extent the Grantee makes a deferral election with respect to any portion of his Award, dividend equivalents credited on the RSUs underlying such portion shall be distributed at the same time as such underlying RSUs.  Dividend equivalents may be paid in either cash or Stock, as determined by the Company’s Board of Directors.

		
	6.
	Establishment of Trust.    The Company may establish a trust to fund the payment of the Award (the “Trust”), and the assets of such Trust shall be invested in Stock.  Notwithstanding the establishment of such trust, (a) all credits and adjustments to the account for the Grantee’s Award shall be bookkeeping entries only and shall not represent a special reserve or otherwise constitute a funding of the Company’s unsecured promise to pay any amounts hereunder, and (b) to the extent that the Grantee or any other person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of any unsecured general creditor of the Company, and such person has only the unsecured promise of the Company that such payments shall be made.  The Award evidenced by this Agreement is intended to be part of an unfunded incentive program exempt from the Employee Retirement Income Security Act of 1974, as amended, pursuant to 29 C.F.R. Section 2510.3-2(c).   

		
	7.
	No Tax Advice.  By signing this Agreement, the Grantee represents that he or she has reviewed with his or her own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement and that he or she is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  The Grantee understands and agrees that he or she (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contemplated by this Agreement.

		
	8.
	Entire Agreement; Plan Controls.  This Agreement and the Plan contain the entire understanding and agreement of the parties concerning the subject matter hereof, and supersede all earlier negotiations and understandings, written or oral, between the parties with respect thereto.  This Agreement is made under and subject to the provisions of the Plan, and all of the provisions of the Plan are hereby incorporated by reference into this Agreement.  In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall govern.  By signing this Agreement, the Grantee confirms that he or she has received a copy of the Plan and has had an opportunity to review the contents thereof.

		
	9.
	Miscellaneous.

(a)Notices.  Any notice required or permitted under this Agreement shall be deemed given when delivered personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Grantee either at his or her address herein below set forth or such other address as he or she may designate in writing to the Company, or to the Company to the attention of the Secretary, at the Company’s address or such other address as the Company may designate in writing to the Grantee.
(b)Failure to Enforce Not a Waiver.  The failure of the Company or the Grantee to enforce at any time any provision of this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.
(c)Governing Law.  This Agreement shall be governed by and construed according to the laws of the State of Delaware without giving effect to the choice of law principles thereof.
(d)Amendments.  This Agreement may be amended or modified at any time by an instrument in writing signed by the parties.

(e)Agreement Not a Contract of Employment.  Neither this Agreement nor any other action taken in connection herewith shall constitute or be evidence of any agreement or understanding, express or implied, that the Grantee is an employee of the Company or any subsidiary of the Company.
(f)Captions.  The captions and headings of the sections and subsections of this Agreement are included for convenience only and are not to be considered in construing or interpreting this Agreement.
(g)Counterparts.  This Agreement may be executed in counterparts, each of which when signed by the Company or the Grantee will be deemed an original and all of which together will be deemed the same agreement.
(h)Assignment.  The Company may assign its rights and delegate its duties under this Agreement. If any such assignment or delegation requires consent of any state securities authorities, the parties agree to cooperate in requesting such consent. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth, be binding upon the Grantee and his or her heirs, executors, administrators, successors and assigns.
(i)Severability.  This Agreement will be severable, and the invalidity or unenforceability of any term or provision hereof will not affect the validity or enforceability of this Agreement or of any other term or provision hereof.  Furthermore, in lieu of any invalid or unenforceable term or provision, the parties intend that there be added as a part of this Agreement a valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.
(j)Section 409A of the Code.  The Plan and this Agreement are intended to comply, and shall be interpreted in a manner consistent, with the requirements of Section 409A of the Code and the regulations and other regulatory guidance thereunder (including the exceptions thereto), as applicable.  In no event will the Company or any affiliate be liable for any tax, interest or penalties that may be imposed by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.  In addition, please note that the Company shall comply with six-month delay provisions of Section 409A(a)(2)(B) of the Code to the extent applicable. 

*    *    *    *    *

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized representative and the Grantee has hereunto set his or her hand as of the Grant Date.

MTGE INVESTMENT CORP.

By:____________________________________
Name: 
Title: 

GRANTEE

______________________________________
Name: 

DEFERRAL ELECTION EXHIBIT - MTGE

1.  Name:  
2.  Date of Award:  
3.  Number of RSUs:     

4.  Vesting Date:   
Deferral Election (Complete only if electing to defer payment of all or any portion of the RSUs):
The Grantee hereby irrevocably elects to defer payment of all or a portion of the RSUs to the dates specified below. The Grantee may include up to two deferral dates in two different calendar years. Such payments may not be greater than 10 years from the date of grant of the RSUs. The Grantee must also specify the percentage of the RSUs that will be payable on the vesting date and any deferral date (the amount payable on each such date will be treated as a separate payment for purposes of Section 409A of the Code).  If the Grantee elects a deferred payment date or dates for any portion of the RSUs, then the elected percentages set forth below must equal 100%.  The Grantee may not elect more than one payment date in any year.

Payment Date        Percentage 
	
		
	Vesting Date
	 

	 
	 

	 
	 

NOTE: To make a valid election, return this form to the Company not later than [____]

GRANTEE

_________________________________                    
Name:                            Date

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