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Exhibit 10.11
INDEMNIFICATION AGREEMENT
THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made as of September 10, 2021.
BETWEEN:
		(1)
	ACROPOLIS INFRASTRUCTURE ACQUISITION CORP., a Delaware corporation with registered office at c/o 251 Little Falls Drive, Wilmington, Delaware 19808, New Castle County, United States (the “Company”); and

		(2)
	Ian Deason (“Indemnitee”).

Whereas:
		(A)
	Highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of such corporations;

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		(B)
	The board of directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals as directors and officers, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect such persons serving the Company and its subsidiaries from certain liabilities.  Although the furnishing of such insurance has been a customary and widespread practice among corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions.  At the same time, directors, officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation.  The amended and restated certificate of incorporation (the “Charter”) and the amended and restated bylaws (the “Bylaws”) of the Company provide for indemnification of the officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to applicable provisions of the Delaware General Corporation Law (“DGCL”).  The Charter and the Bylaws expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

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		(C)
	The uncertainties relating to such insurance and to indemnification have increased  the difficulty of attracting and retaining such persons;

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		(D)
	The Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

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		(E)
	It is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so protected against liabilities;

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		(F)
	This Agreement is a supplement to and in furtherance of the Charter and the Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

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		(G)
	Indemnitee may not be willing to serve as an officer or director or in another capacity without adequate protection, and the Company desires Indemnitee to serve in such capacity.  Indemnitee is willing to serve or continue to serve for or on behalf of the Company on the condition that Indemnitee be so indemnified.

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NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
TERMS AND CONDITIONS
1.SERVICES TO THE COMPANY.  In consideration of the Company’s covenants and obligations hereunder, Indemnitee will serve or continue to serve as an officer, director, key employee or in any other capacity of the Company, as applicable, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders Indemnitee’s resignation or until Indemnitee is removed.  The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee has ceased to serve as a director, officer, key employee or in any other capacity of the Company, in each case as provided in Section 17.  This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.
2.DEFINITIONS.  As used in this Agreement:
		2.1
	References to “agent” shall mean any person who is or was a director, officer or employee of the Company or a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint

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venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.
		2.2
	The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

		2.3
	A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

		(a)
	Acquisition of Stock by Third Party.  Other than an affiliate of Acropolis Infrastructure Acquisition Sponsor, L.P. (the “Sponsor”), any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute a Change in Control under part (c) of this definition;

		(b)
	Change in Board of Directors.  Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who were directors on the date hereof or whose election or nomination for election was previously so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least a majority of the members of the Board;

		(c)
	Corporate Transactions.  The effective date of a merger, consolidation, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination or entities, involving the Company and one or more businesses (a “Business Combination”), in each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities of the Company entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors resulting from such

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Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries (as defined below)) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors; (2) other than an affiliate of the Sponsor, no Person (excluding any corporation resulting from such Business Combination) is the Beneficial Owner, directly or indirectly, of fifteen percent (15%) or more of the combined voting power of the then outstanding securities entitled to vote generally in the election of directors of the surviving corporation except to the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination;
		(d)
	Liquidation.  The approval by the stockholders of the Company of a complete liquidation or dissolution of the Company or an agreement or series of related agreements for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current receivables or escrows due (or, if such stockholder approval is not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

		(e)
	Other Events.  There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

		2.4
	“Corporate Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving at the request of the Company.

		2.5
	“Delaware Court” shall mean the Court of Chancery of the State of Delaware.

		2.6
	“Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.

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		2.7
	“Enterprise” shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, manager, general partner, managing member, fiduciary, employee or agent.

		2.8
	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

		2.9
	“Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as defined below), including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated by the Company or any third party.  Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement.  Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments, fines or penalties against Indemnitee.

2.10References to “fines” shall include any excise tax or penalty assessed on Indemnitee with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.
2.11“Independent Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporate law and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than
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with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
2.12The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.
2.13The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened, pending or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative, or investigative or related nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director, officer or key employee of the Company, by reason of any action (or failure to act) taken by Indemnitee or of any action (or failure to act) on Indemnitee’s part while acting as a director, officer or key employee of the Company, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case, whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement but shall not include any Enforcement Proceeding pursuant to Section 14.
2.14The term “Subsidiary,” with respect to any entity, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.
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3.INDEMNITY IN THIRD-PARTY PROCEEDINGS.  To the fullest extent permitted by applicable law, subject to Section 9, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor.  Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and, subject to Section 10.3, amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee’s conduct was unlawful.  No indemnification for Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.
4.INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY.  To the fullest extent permitted by applicable law, subject to Section 9, the Company shall indemnify, hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor.  Pursuant to this Section 4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.  No indemnification, hold harmless or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.
5.INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL.  Notwithstanding any other provisions of this Agreement except for Section 27, to the extent that Indemnitee was or is a party to (or a participant in) and is successful, on the merits or otherwise, in defense of any Proceeding or in any claim, issue or matter therein, in whole or in part, the Company shall, to the fullest extent
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permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection therewith.  If Indemnitee is not wholly successful in defense of such Proceeding but is successful, on the merits or otherwise, in defense of one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such successfully resolved claim, issue or matter.  If Indemnitee is not wholly successful in defense of such Proceeding, the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter in defense of which Indemnitee was successful; provided that Indemnitee shall only be entitled to indemnification for Expenses with respect to unsuccessful claims under this Section 5 to the extent Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that such conduct was unlawful. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, or by settlement, shall be deemed to be a successful result as to such claim, issue or matter.
6.INDEMNIFICATION FOR EXPENSES OF A WITNESS.  Notwithstanding any other provision of this Agreement except for Section 27, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party or threatened to be made a party, Indemnitee shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.
7.ADDITIONAL INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS.  Notwithstanding any limitation in Sections 3, 4, or 5, except for Section 27, subject to Section 9, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, liabilities, fines, and subject to subject to Section 10.3, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No indemnity shall be available under this Section 7 on account of Indemnitee’s conduct that constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders or is an act or omission not in good faith or that involves intentional misconduct or a knowing violation of the law.
8.CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.
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8.1To the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.
8.2The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.
8.3The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.
9.EXCLUSIONS.  Notwithstanding any provision in this Agreement except for Section 27, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against Indemnitee:
9.1for which payment has actually been received by or on behalf of Indemnitee under any insurance policy, contract, agreement or other indemnity or advancement provision or otherwise, except with respect to any excess beyond the amount actually received under any insurance policy, contract, agreement, other indemnity or advancement provision or otherwise;
9.2for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or
9.3except as otherwise provided in Sections 14.5 and 14.6 hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, advance of expenses, hold harmless or exoneration payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.
The exclusions in this Section 9 shall not apply to counterclaims or affirmative defenses asserted by Indemnitee in an action brought against Indemnitee.  Indemnitee
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shall seek payments or advances from the Company only to the extent that such payments or advances are unavailable from any insurance policy of the Company covering Indemnitee.
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10.ADVANCES OF EXPENSES; DEFENSE OF CLAIM.
10.1Notwithstanding any provision of this Agreement to the contrary except for Section 27, subject to Section 9 and to the fullest extent not prohibited by applicable law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting such advances, together with a reasonably detailed written explanation of the basis therefor and an itemization of legal fees and disbursements in reasonable detail, from time to time, prior to the final disposition of any Proceeding.  Advances shall, to the fullest extent permitted by law, be unsecured and interest free.  Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other provisions of this Agreement.  Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed.  Indemnitee shall qualify for advances upon the execution and delivery of this Agreement, which shall constitute Indemnitee’s undertaking, but only to the extent such an undertaking is required by applicable law, to repay the advanced amounts to the extent that it is ultimately determined, by final judicial decision of a court or arbitration, arbitral or administrative body of competent jurisdiction from which there is no further right to appeal, that Indemnitee is not entitled to be indemnified, held harmless or exonerated by the Company under the provisions of this Agreement, the Charter, the Bylaws, applicable law or otherwise.  This Section 10.1 shall not apply to any claim made by Indemnitee for which an indemnification, advance of expenses, hold harmless or exoneration payment is excluded pursuant to Section 9.
10.2If the Company shall be obligated under Section 10.1 to pay the Expenses of any Proceeding against Indemnitee, then the Company shall be entitled to assume the defense of such Proceeding upon the delivery to Indemnitee of written notice of its election to do so. If the Company elects to assume the defense of such Proceeding, then unless the plaintiff or plaintiffs in such Proceeding include one or more Persons holding, together with his, her or its affiliates, in the aggregate, a majority of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, the Company shall assume such defense using a single law firm (in addition to local counsel) selected by the Company representing Indemnitee and other present and former directors or officers of the Company. The retention of such law firm by the Company shall be subject to prior written approval by Indemnitee, which approval shall not be unreasonably withheld, delayed or conditioned. If the Company elects to assume the defense of such Proceeding and the plaintiff or plaintiffs in such Proceeding include one or
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more Persons holding, together with his, her or its affiliates, in the aggregate, a majority of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the election of directors, then the Company shall assume such defense using a single law firm (in addition to local counsel) selected by Indemnitee and any other present or former directors or officers of the Company who are parties to such Proceeding. After (x) in the case of retention of any such law firm selected by the Company, delivery of the required notice to Indemnitee, approval of such law firm by Indemnitee and the retention of such law firm by the Company, or (y) in the case of retention of any such law firm selected by Indemnitee, the completion of such retention, the Company will not be liable to Indemnitee under this Agreement for any Expenses of any other law firm incurred by Indemnitee after the date that such first law firm is retained by the Company with respect to the same Proceeding; provided, that in the case of retention of any such law firm selected by the Company (a) Indemnitee shall have the right to retain a separate law firm in any such Proceeding at Indemnitee’s sole expense; and (b) if (i) the retention of a law firm by Indemnitee has been previously authorized by the Company in writing, (ii) Indemnitee shall have reasonably concluded that (1) there may be a conflict of interest between either (x) the Company and Indemnitee or (y) Indemnitee and another present or former director or officer of the Company also represented by such law firm in the conduct of any such defense, or (2) there may be defenses available to Indemnitee that are incompatible or inconsistent with those available to the Company or another present or former director represented by such law firm in the conduct of such defense, or (iii) the Company shall not, in fact, have retained a law firm to prosecute the defense of such Proceeding within thirty days, then the reasonable Expenses of a single law firm retained by Indemnitee shall be at the expense of the Company. Notwithstanding anything else to the contrary in this Section 10.2, the Company will not be entitled without the written consent of the Indemnitee to assume the defense of any Proceeding brought by or in the right of the Company.
10.3The Company will be entitled to participate in the Proceeding at its own expense.
10.4The Company shall have no obligation to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any claim effected without the Company’s prior written consent, provided the Company has not breached its obligations hereunder.  The Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, liability, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent.
11.PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.
11.1Indemnitee agrees to promptly notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration rights, or advancement of
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Expenses covered hereunder.  The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.
11.2Indemnitee may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement.  Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.  Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according to Section 12.1 of this Agreement.
12.PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.
12.1A determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following methods, which shall be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, or (ii) by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee.  The Company will promptly advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied.  If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.  Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.  Any costs or Expenses (including reasonable attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees to indemnify and to hold Indemnitee harmless therefrom.
12.2In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12.1 hereof, the Independent Counsel shall be selected as provided in this Section 12.2.  The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement.  If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent
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Counsel” as defined in Section 2 of this Agreement.  In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.  Absent a proper and timely objection, the person or law firm so selected shall act as Independent Counsel.  If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit.  If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 11.2 hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Delaware Court, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12.1 hereof.  Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14.1 of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).
12.3The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or such Independent Counsel’s engagement pursuant hereto.
13.PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.
13.1In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11.2 of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption.  Neither the failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification or advancement of expenses is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee has not met such applicable standard of
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conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
13.2If the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto.
13.3The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.
13.4For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors, managers, or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise, the Board, any committee of the Board or any director, trustee, general partner, manager or managing member of the Enterprise, or on information or records given or reports made to the Enterprise, the Board, any committee of the Board or any director, trustee, general partner, manager or managing member of the Enterprise, by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise, the Board, any committee of the Board or any director. Trustee, general partner, manager or managing member of the Enterprise.  The provisions of this Section 13.4 shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.
13.5The knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of
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the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
14.REMEDIES OF INDEMNITEE.
14.1In the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12.1 of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, and of reasonable documentation and information which Indemnitee may be called upon to provide pursuant to Section 12.1, (iv) payment of indemnification is not made pursuant to Sections 5, 6, 7 or the last sentence of Section 12.1 of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made within ten (10) days after receipt by the Company of a written request therefor, Indemnitee shall be entitled to an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement rights.  Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Except as set forth herein, the provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration.  The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.  Such adjudication or arbitration proceeding is referred to herein as “Enforcement Proceeding.” The award rendered by such arbitration will be final and binding upon the parties hereto, and final judgment on the arbitration award may be entered in any court of competent jurisdiction.
14.2In the event that a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is not entitled to indemnification, any Enforcement Proceeding shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.
14.3In any Enforcement Proceeding, Indemnitee shall be presumed to be entitled to be indemnified, held harmless, exonerated and to receive advances of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advances of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 12.1 of this Agreement adverse to Indemnitee for any purpose.  If Indemnitee commences an
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Enforcement Proceeding, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 10 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).
14.4If a determination shall have been made pursuant to Section 12.1 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in an Enforcement Proceeding, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.
14.5The Company shall be precluded from asserting in any Enforcement Proceeding that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
14.6The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses (assuming for purposes of this sentence that all references to a Proceeding in the definition of Expenses were references to an Enforcement Proceeding) and, if requested by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any Enforcement Proceeding brought by Indemnitee: (i) to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Charter or the Bylaws now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such Enforcement Proceeding was not brought by Indemnitee in good faith).
14.7Interest shall be paid by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, holds harmless or exonerates, or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date on which Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending with the date on which such payment is made to Indemnitee by the Company.
15.SECURITY.  Notwithstanding anything herein to the contrary except for Section 27, to the extent requested by Indemnitee and approved by the Board, the Company may, as permitted by applicable securities laws, at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable
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bank line of credit, funded trust or other collateral.  Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of Indemnitee.
16.NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION; PRIORITY OF OBLIGATIONS.
16.1The rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise.  No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter therein arising out of, or related to, any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeals, except as may otherwise be expressly set forth in such amendment, alteration or repeals and mutually agreed by Indemnitee and the Company.  To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Charter, the Bylaws, or this Agreement, then this Agreement (without any further action by the parties hereto) shall automatically be deemed to be amended to require that the Company indemnify Indemnitee to the fullest extent permitted by law.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.
16.2The DGCL, the Charter and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such capacity as a director, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement or under the DGCL, as it may then be in effect.  The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such Indemnification Arrangement.
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16.3To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent under such policy or policies.  If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies and Indemnitee shall promptly cooperate with any request by the Company or insurers in connection with such action.
16.4To the extent Indemnitee has rights to indemnification, advancement of expenses and/or insurance provided by the Sponsor or its affiliates as applicable, (i) the Company shall be the indemnitor of first resort (i.e., that its obligations to Indemnitee are primary and any obligation of the Sponsor or its affiliates, as applicable, to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) the Company shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all claims, liabilities, damages, losses, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim or alleged claim) to the extent legally permitted and as required by the terms of this Agreement, the Company’s organizational documents or other agreement, without regard to any rights Indemnitee may have against the Sponsor or its affiliates, as applicable, and (iii) the Company irrevocably waives, relinquishes and releases the Sponsor and its affiliates, as applicable, from any and all claims against them for contribution, subrogation or any other recovery of any kind in respect thereof.  No advancement or payment by the Sponsor or its affiliates, as applicable, on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing, and the Sponsor and its affiliates, as applicable, shall have a right of contribution and be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.  In the event that any of the Sponsor or any of its affiliates, as applicable, shall make any advancement or payment on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company, the Sponsor or its affiliate making such payment shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company, and Indemnitee shall execute all papers reasonably required and take all action reasonably necessary to secure such rights, including, without limitation, execution of such documents as are necessary to enable the
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Sponsor or any of its affiliates, as applicable, to bring suit to enforce such rights. The Company and Indemnitee agree that the Sponsor and its affiliates are express third party beneficiaries of the terms of this Section 16.4, entitled to enforce this Section 16.4 as though it were a party to this Agreement.
16.5Except as provided in Section 16.4, in the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee (other than against the Sponsor and its affiliates), who shall execute all papers reasonably required and take all action reasonably necessary to secure such rights, including, without limitation, execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.
16.6Except as provided in Section 16.4, the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.
16.7Except as provided in Section 16.4, the Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from such Enterprise.  Notwithstanding any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the Company.
17.DURATION OF AGREEMENT.  All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding or Enforcement Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification or advancement can be provided under this Agreement.
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18.SEVERABILITY.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
19.ENFORCEMENT AND BINDING EFFECT.
19.1The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.
19.2Without limiting any of the rights of Indemnitee under the Charter or the Bylaws as they may be amended from time to time, this Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.
19.3The indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner, manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.
19.4The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
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19.5The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled.  The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith.  The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent jurisdiction and the Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted by law.
20.MODIFICATION AND WAIVER.  No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee.  No waiver of any provision of this Agreement shall be enforceable unless in writing and signed by the party against whom it is to be enforced. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.
21.NOTICES.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so mailed:
(a)If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.
(b)If to the Company, to:
Acropolis Infrastructure Acquisition Corp.
9 West 57th Street, 43rd Floor
New York, NY 10019
Attn: James Crossen
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With a copy, which shall not constitute notice, to
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas 
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New York, New York 10019
Attn: Catherine Goodall
Fax No.: (212) 492-0919
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or to any other address as may have been furnished to Indemnitee in writing by the Company.
22.APPLICABLE LAW AND CONSENT TO JURISDICTION.  This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.  Except with respect to any arbitration commenced by Indemnitee pursuant to Section 14.1 of this Agreement, to the fullest extent permitted by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial.  To the fullest extent permitted by law, the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the manner provided by Section 21 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof.
23.IDENTICAL COUNTERPARTS.  This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.  Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.
24.MISCELLANEOUS.  Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
25.PERIOD OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.
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26.ADDITIONAL ACTS.  If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.
27.WAIVER OF CLAIMS TO TRUST ACCOUNT.  Notwithstanding anything contained herein to the contrary, Indemnitee hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason whatsoever.  Accordingly, Indemnitee acknowledges and agrees that any indemnification provided hereto will only be able to be satisfied by the Company if (i) the Company has sufficient funds outside of the Trust Account to satisfy its obligations hereunder or (ii) the Company consummates a Business Combination.
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties hereto have caused this Indemnification Agreement to be signed as of the day and year first above written.
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	Acropolis Infrastructure Acquisition Corp.

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	By:
	/s/James Crossen

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	Name: James Crossen

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	Title: Chief Financial Officer, Chief

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	Accounting Officer and Secretary

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	INDEMNITEE

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	By:
	/s/ Ian Deason

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	Name: Ian Deason

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	Title: Director

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	Address:

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	c/o Acropolis Infrastructure Acquisition Corp.
9 West 57th Street, 43rd Floor
New York, NY 10019

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[Signature Page to Indemnification Agreement]Exhibit 10.1

 

FOUR SPRINGS CAPITAL TRUST

 

2014 EQUITY INCENTIVE PLAN

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1. PURPOSE	1
	 	 
	1.1.	GENERAL	1
	 	 	 
	ARTICLE 2. DEFINITIONS	1
	 	 
	2.1.	DEFINITIONS	1
	 	 	 
	ARTICLE 3. EFFECTIVE TERM OF PLAN	5
	 	 
	3.1.	EFFECTIVE DATE	5
	3.2.	TERMINATION OF PLAN	5
	 	 	 
	ARTICLE 4. ADMINISTRATION	5
	 	 
	4.1.	COMMITTEE	5
	4.2.	ACTION AND INTERPRETATIONS BY THE COMMITTEE	6
	4.3.	AUTHORITY OF COMMITTEE	6
	4.4.	DELEGATION TO EXECUTIVE OFFICERS	7
	4.5.	AWARD AGREEMENT	7
	 	 	 
	ARTICLE 5. SHARES SUBJECT TO THE PLAN	7
	 	 
	5.1.	PLAN LIMITS	7
	5.2.	SHARES DISTRIBUTED	8
	 	 	 
	ARTICLE 6. ELIGIBILITY	8
	 	 
	6.1.	GENERAL	8
	 	 	 
	ARTICLE 7. OPTIONS	8
	 	 
	7.1.	GENERAL	8
	7.2.	INCENTIVE OPTIONS	8
	 	 	 
	ARTICLE 8. SHARE APPRECIATION RIGHTS	10
	 	 
	8.1.	GRANT OF SHARE APPRECIATION RIGHTS	10
	 	 	 
	ARTICLE 9. RESTRICTED SHARES AND RESTRICTED SHARE UNIT AWARDS	10
	 	 
	9.1.	GRANT OF RESTRICTED SHARES AND RESTRICTED SHARE UNITS	10
	9.2.	ISSUANCE AND RESTRICTIONS	10
	9.3.	FORFEITURE	10
	9.4.	DELIVERY OF RESTRICTED SHARES	11
	 	 	 
	ARTICLE 10. EQUITY OR OTHER EQUITY-BASED AWARDS	11
	 	 
	10.1.	GRANT OF EQUITY OR OTHER EQUITY-BASED AWARDS	11
	 	 	 
	ARTICLE 11. LTIP UNITS	11
	 	 
	11.1.	GRANT OF LTIP UNITS	11

 

    

     

    

 

	ARTICLE 12. PERFORMANCE AWARDS	12
	 	 
	12.1.	GRANT OF PERFORMANCE AWARDS	12
	12.2.	PERFORMANCE AWARDS UNDER SECTION 162(M) OF THE CODE	12
	 	 	 
	ARTICLE 13. PROVISIONS APPLICABLE TO AWARDS	16
	 	 
	13.1.	STAND-ALONE AND TANDEM AWARDS	16
	13.2.	TERM OF AWARD	16
	13.3.	FORM OF PAYMENT FOR AWARDS	16
	13.4.	LIMITS ON TRANSFER	16
	13.5.	BENEFICIARIES	16
	13.6.	SHARE CERTIFICATES	17
	13.7.	TERMINATION OF EMPLOYMENT	17
	13.8.	FORFEITURE EVENTS	17
	13.9.	SUBSTITUTE AWARDS	17
	13.10.	CHANGE IN CONTROL/ IPO	17
	13.11.	RIGHT OF FIRST REFUSAL/RIGHT OF REPURCHASE	17
	 	 	 
	ARTICLE 14. CHANGES IN CAPITAL STRUCTURE	17
	 	 
	14.1.	GENERAL	17
	14.2.	ACTIONS BY THE COMMITTEE	18
	 	 	 
	ARTICLE 15. AMENDMENT, MODIFICATION AND TERMINATION	19
	 	 
	15.1.	AMENDMENT, MODIFICATION AND TERMINATION	19
	15.2.	OPTIONS PREVIOUSLY GRANTED	19
	 	 	 
	ARTICLE 16. GENERAL PROVISIONS	20
	 	 
	16.1.	NO RIGHTS TO AWARDS; NON-UNIFORM DETERMINATIONS	20
	16.2.	NO SHAREHOLDER RIGHTS	20
	16.3.	WITHHOLDING	20
	16.4.	NO RIGHT TO CONTINUED SERVICE	20
	16.5.	UNFUNDED STATUS OF AWARDS	20
	16.6.	RELATIONSHIP TO OTHER BENEFITS	21
	16.7.	REIT STATUS	21
	16.8.	EXPENSES	21
	16.9.	TITLES AND HEADINGS	21
	16.10.	GENDER AND NUMBER	21
	16.11.	FRACTIONAL SHARES	21
	16.12.	GOVERNMENT AND OTHER REGULATIONS	21
	16.13.	GOVERNING LAW	22
	16.14.	ADDITIONAL PROVISIONS	22
	16.15.	ADDENDA	22
	16.16.	NO LIMITATIONS ON RIGHTS OF COMPANY	22
	16.17.	INDEMNIFICATION	22

 

    

     

    

 

FOUR SPRINGS CAPITAL TRUST

2014 EQUITY INCENTIVE PLAN

 

ARTICLE 1.

PURPOSE

 

1.1. GENERAL. The purpose of the Four Springs
Capital Trust 2014 Equity Incentive Plan (the “Plan”) is to promote the success, and enhance the value of, Four Springs
Capital Trust, a Maryland real estate investment trust (the “Company”) by linking the personal interests of employees,
officers, trustees and consultants of the Company or any Subsidiary (as defined below) to those of Company shareholders and by providing
such persons with an incentive for outstanding performance. The Plan is further intended to provide flexibility to the Company in its
ability to motivate, attract, and retain the services of employees, officers, trustees and consultants upon whose judgment, interest,
and special effort the successful conduct of the Company’s operation is largely dependent. Accordingly, the Plan permits the grant
of share options, share appreciation rights, restricted shares, restricted share units, long term incentive unit awards, performance awards,
and other awards from time to time to selected employees, officers, trustees and consultants of the Company and its Subsidiaries.

 

ARTICLE 2.

DEFINITIONS

 

2.1. DEFINITIONS. When a word or phrase
appears in this Plan or in an Award Agreement with the initial letter capitalized, and the word or phrase does not commence a sentence,
the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless otherwise defined.
The following words and phrases shall have the following meanings:

 

(a) “Affiliate”
means (i) any entity that, directly or indirectly, is controlled by or under common control with the Company and (ii) any entity
in which the Company has a significant equity interest, in either case as determined by the Committee; provided, however, that no entity
will be considered an Affiliate for purposes of an Award of Nonstatutory Options or SARs to an employee or director of, or consultant
to, the entity unless the Shares would be considered “service recipient stock” within the meaning of Section 409A of
the Code, in the context of such an Award.

 

(b) “Award” means
any Option, SARs, Restricted Share Award, Restricted Share Unit Award, Other Equity-Based Award, LTIP Units, Performance Awards or any
other right or interest relating to Shares or cash, granted to a Participant under the Plan.

 

(c) “Award
Agreement” means a written document, in such form as the Committee prescribes from time to time, setting forth the terms
and conditions of an Award. Award Agreements may be in the form of individual award agreements or certificates or a program document
describing the terms and provisions of Awards or series of Awards under the Plan as approved by the Committee.

 

    1

     

    

 

(d) “Board” means
the Board of Trustees of the Company.

 

(e) “Change in Control”
means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events:

 

(i) any sale, lease, exclusive license
or other transfer of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole by means of a single
transaction or series of related transactions, except where such sale, lease, exclusive license or other transfer is to a wholly owned
Subsidiary of the Company; or

 

(ii) a merger (including a reverse
merger) (each, a “Merger”) in which the Company is the surviving corporation where (A) the outstanding shares
of the Company outstanding immediately preceding the merger are converted by virtue of the merger into other property (whether in the
form of securities, cash or otherwise) or (B) the voting securities of the Company outstanding immediately preceding the Merger represent
less than fifty percent (50%) of the total voting power represented by the voting securities of the entity surviving such Merger (other
than, with respect to events otherwise described in this item (ii), the formation of a holding company by the Company, a merger or consolidation
with a wholly-owned subsidiary, a reincorporation of the Company in a different jurisdiction, or other transaction in which there is no
substantial change after the Merger in the shareholders of the Company or their relative share holdings, or in which the management of
the Company continues in substantially the same manner as prior to any such corporate transaction to manage the entity surviving such
transaction).

 

Notwithstanding the foregoing, a Change in Control shall not
be deemed to occur on account of (1) the sale of Shares in an IPO or any restructuring of the Company or the Board in contemplation
of an IPO, or (2) acquisition of securities of the Company by an investor, any affiliate thereof or any other person that acquires
the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing
for the Company through the issuance of equity securities.

 

(f) “Code” means
the Internal Revenue Code of 1986 and the underlying regulations, as amended from time to time.

 

(g) “Committee”
means the committee of the Board described in Article 4.

 

(h) “Company”
means the “Company” as defined in Section 1.1, or any successor corporation.

 

    2

     

    

 

(i) “Continuous Status
as a Participant” means the absence of any interruption or termination of service as an employee, officer, director or consultant
of the Company; provided, however, that for purposes of an Incentive Option, or a SAR issued in tandem with an Incentive Option, “Continuous
Status as a Participant” means the absence of any interruption or termination of service as an employee of the Company or any Subsidiary,
as applicable, pursuant to applicable tax regulations. Continuous Status as a Participant shall not be considered interrupted in the case
of any leave of absence authorized in writing by the Company prior to its commencement; provided, however, that for purposes of Incentive
Options, no such leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If
reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st day of such leave any Incentive
Option held by the Participant shall cease to be treated as an Incentive Option and shall be treated for tax purposes as a Nonstatutory
Option.

 

(j) “Corporate Transaction”
has the meaning defined in Section 14.1.

 

(k) “Disability”
or “Disabled” has the same meaning as provided in the long-term disability plan or policy maintained by the Company
or if applicable, most recently maintained, by the Company or if applicable, a Subsidiary, for the Participant, whether or not such Participant
actually receives disability benefits under such plan or policy. If no long-term disability plan or policy was ever maintained on behalf
of Participant or if the determination of Disability relates to an Incentive Option, Disability means Permanent and Total Disability as
defined in Section 22(e)(3) of the Code. Notwithstanding the foregoing, the Committee may, in its discretion, determine that
for a particular Award the term “Disability” shall have such meaning as to enable such Award to be exempt from or to comply
with Section 409A of the Code. In the event of a dispute, the determination whether a Participant is Disabled will be made by the
Committee.

 

(l) “Effective Date”
has the meaning assigned such term in Section 3.1.

 

(m) “Fair Market Value”
means (i) when the Shares are not traded on an established securities market, the fair market value of a Share as determined by the
Committee in accordance with a valuation methodology approved by the Committee and in compliance with Section 409A of the Code and
the regulations issued thereunder, and (ii) when the Shares are traded on an established securities market, the fair market value
as determined pursuant to a method selected by the Committee using actual transactions in Shares as reported in such securities market.

 

(n) “Grant Date”
of an Award means the first date on which all necessary corporate action has been taken to approve the grant of the Award as provided
in the Plan or, if later, the date specified as part of such action as the “Grant Date” for the Award. Notice of the grant
shall be provided to the grantee within a reasonable time after the Grant Date.

 

    3

     

    

 

(o) “Incentive Option”
means an Option that is intended to be an incentive stock option and meets the requirements of Section 422 of the Code or any successor
provision thereto.

 

(p) “IPO” means
the first day as of which sales of Shares are made public pursuant to the first firm commitment underwritten public offering of Shares
registered under the Securities Act.

 

(q) “LTIP Unit”
means an Award under Article 11 of an interest in the operating partnership affiliated with the Company, if any.

 

(r) “Nonstatutory Option”
means an Option that is not an Incentive Option.

 

(s) “Option”
means a right granted to a Participant under Article 7 of the Plan to purchase Shares at a specified price during specified time
periods. An Option may be either an Incentive Option or a Nonstatutory Option.

 

(t) “Other Equity-Based
Award” means a right, granted to a Participant under Article 10, that relates to or is valued by reference to Shares or
other Awards relating to Shares.

 

(u) “Parent”
means any corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting shares or
voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Option,
 “Parent” shall have the meaning set forth in Section 424(e) of the Code.

 

(v) “Participant”
means a person who, as an employee, officer, director or consultant of the Company or any Subsidiary, has been granted an Award under
the Plan; provided that in the case of the death of a Participant, the term “Participant” refers to a beneficiary designated
under the Plan or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under applicable
state law and/or court supervision.

 

(w) “Performance Awards”
means an Award granted to a Participant under Article 12 subject to the attainment of performance goals (as described in Article 12)
over a Performance Period.

 

(x) “Performance Period”
means the period of time during which the performance goals must be met in order to determine the degree of payout and/or vesting with
respect to an Award.

 

(y) “Plan” means
the Four Springs Capital Trust 2014 Equity Incentive Plan, as amended from time to time.

 

(z) “Restricted Share Award”
means Shares granted to a Participant under Article 9 that is subject to certain restrictions and to risk of forfeiture.

 

    4

     

    

 

(aa) “Restricted Share Unit
Award” means the right granted to a Participant under Article 9 to receive Shares (or the equivalent value in cash or other
property if the Committee so provides) in the future, which right is subject to certain restrictions and to risk of forfeiture.

 

(bb) “Shares” means
common shares the Company par value $0.001. If there has been an adjustment or substitution pursuant to Article 14, the term “Shares”
shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant
to Article 14.

 

(cc) “Share Appreciation Right”
or “SAR” means a right granted to a Participant under Article 8 to receive a payment equal to the difference between
the Fair Market Value of a Share as of the date of exercise of the SAR over the grant price of the SAR, all as determined pursuant to
Article 8.

 

(dd) “Subsidiary”
means any corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting stock or voting
power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Option, “Subsidiary”
shall have the meaning set forth in Section 424(f) of the Code.

 

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

 

ARTICLE 3.

EFFECTIVE TERM OF PLAN

 

3.1. EFFECTIVE DATE. The Plan shall be effective
as of the date it is approved by both the Board and the shareholders of the Company (the “Effective Date”).

 

3.2. TERMINATION OF PLAN. The Plan shall
terminate on the tenth anniversary of the Effective Date unless earlier terminated as provided herein. The termination of the Plan on
such date shall not affect the validity of any Award outstanding on the date of termination.

 

ARTICLE 4.

ADMINISTRATION

 

4.1. COMMITTEE. The Plan shall be
administered by a Committee appointed by the Board (which Committee shall consist of at least two trustees) or, at the discretion of
the Board from time to time, the Plan may be administered by the Board. After an IPO, none of the members of the Committee shall be
an officer or other salaried employee of the Company, and each of member shall (i) qualify in all respects as a
 “non-employee director” as defined in Rule 16b-3 under the Securities Exchange Act of 1934 (the “Exchange
Act”), (ii) meet such other requirements as may be established from time to time by the Securities and Exchange
Commission for plans intended to qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act,
(iii) comply with the independence requirements of the stock exchange on which the Shares are listed and (iv) qualify as
an “outside director” for purposes of Code Section 162(m). The members of the Committee shall be appointed by, and
may be changed at any time and from time to time in the discretion of, the Board. The Board may reserve to itself any or all of the
authority and responsibility of the Committee under the Plan or may act as administrator of the Plan for any and all purposes. To
the extent the Board has reserved any authority and responsibility or during any time that the Board is acting as administrator of
the Plan, it shall have all the powers of the Committee hereunder, and any reference herein to the Committee (other than in this
Section 4.1) shall include the Board. To the extent any action of the Board under the Plan conflicts with actions taken by the
Committee, the actions of the Board shall control.

 

    5

     

    

 

4.2. ACTION AND INTERPRETATIONS BY THE COMMITTEE.
For purposes of administering the Plan, the Committee may from time to time adopt rules, regulations, guidelines and procedures for carrying
out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Committee may deem
appropriate. The Committee’s interpretation of the Plan, any Awards granted under the Plan, any Award Agreements and all decisions
and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. Each member of the Committee
is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee
of the Company or any Subsidiary, the Company’s or any Subsidiary’s independent certified public accountants, Company counsel
or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

 

4.3. AUTHORITY OF COMMITTEE. Except as provided
below, the Committee has the exclusive power, authority and discretion to:

 

(a) Grant Awards;

 

(b) Designate Participants;

 

(c) Determine the type or types
of Awards to be granted to each Participant;

 

(d) Determine the number of Awards
to be granted and the number of Shares, the dollar amount or other property to which an Award will relate;

 

(e) Determine the terms and conditions
of any Award granted under the Plan, including but not limited to, the exercise price, grant price, or purchase price, any restrictions
or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and
accelerations or waivers thereof, based in each case on such considerations as the Committee in its sole discretion determines;

 

(f) Determine whether, to what extent,
and under what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Shares, other Awards,
or other property;

 

    6

     

    

 

(g) Determine whether an Award may
be canceled, forfeited, or surrendered;

 

(h) Prescribe the form of each Award
Agreement, which need not be identical for each Participant;

 

(i) Decide all other matters that
must be determined in connection with an Award;

 

(j) Establish, adopt or revise any
rules, regulations, guidelines or procedures as it may deem necessary or advisable to administer the Plan;

 

(k) Make all other decisions and
determinations that may be required under the Plan or as the Committee deems necessary or advisable to administer the Plan; and

 

(l) Amend the Plan, any outstanding
Award or any Award Agreement as provided herein.

 

4.4. DELEGATION TO EXECUTIVE OFFICERS. To
the extent permitted by applicable law, the Board may delegate to one or more executive officers of the Company the power to grant Awards
to employees or officers of the Company or any of its present or future Subsidiaries and to exercise such other powers under the Plan
as the Board may determine, provided that the Board shall fix the terms of the Awards to be granted by such executive officers (including
the exercise price of any Options to be granted, which may include a formula by which the exercise price will be determined) and the maximum
number of shares subject to Awards that the executive officers may grant; provided further, however, that no executive officer shall be
authorized to grant Awards to any “executive officer” of the Company (as defined by Rule 3b-7 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)) or to any “officer” of the Company (as defined by Rule 16a-1
under the Exchange Act).

 

4.5. AWARD AGREEMENT. Each Award shall be
evidenced by an Award Agreement. Each Award Agreement shall include such provisions, not inconsistent with the Plan, as may be specified
by the Committee.

 

ARTICLE 5.

SHARES SUBJECT TO THE PLAN

 

5.1. PLAN LIMITS. Subject to adjustment
as provided in Article 14 herein, the maximum number of Shares that may be delivered pursuant to Awards under the Plan shall be Five
Hundred Thousand (500,000) Shares, provided that

 

(a) Shares potentially deliverable
under an Award granted under the Plan that is canceled, forfeited, settled in cash, expires or is otherwise terminated without delivery
of such Shares shall not be counted as having been delivered under the Plan for purposes of determining such maximum number of Shares.

 

    7

     

    

 

(b) Shares that have been issued
in connection with an Award of Restricted Shares that is canceled or forfeited prior to vesting or settled in cash, causing the Shares
to be returned to the Company, shall not be counted as having been delivered under the Plan for purposes of determining such maximum number
of Shares.

 

Any or all of the Shares reserved for issuance
under the Plan shall be authorized for issuance pursuant to Incentive Options or other Awards.

 

5.2. SHARES DISTRIBUTED. Any Shares distributed
pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares or Shares purchased on the open
market.

 

ARTICLE 6.

ELIGIBILITY

 

6.1. GENERAL. Awards may be granted to employees,
officers, trustees and consultants of the Company, any Subsidiary or Affiliate, except that Incentive Options may be granted only to an
individual who has the status of an employee of the Company or a Subsidiary.

 

ARTICLE 7.

OPTIONS

 

7.1. GENERAL. The Committee is authorized
to grant Options to Participants on the following terms and conditions:

 

(a) EXERCISE PRICE. The exercise
price per Share under an Option shall not be less than the Fair Market Value as of the Grant Date.

 

(b) TIME AND CONDITIONS OF EXERCISE.
The Committee shall determine the time or times at which an Option may be exercised in whole or in part, subject to Section 7.1(d).
The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option
may be exercised or vested.

 

(c) PAYMENT. The Committee
shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including, without limitation,
cash, Shares, or other property (including “cashless exercise” arrangements), and the methods by which Shares shall be delivered
or deemed to be delivered to Participants.

 

(d) EXERCISE TERM. In no
event may any Option be exercisable for more than ten years from the Grant Date.

 

7.2. INCENTIVE OPTIONS. In addition to the
requirements set forth in Section 7.1, the terms of any Incentive Options granted under the Plan must comply with the following additional
rules:

 

    8

     

    

 

 

(a) TERMINATION OF OPTION.
Subject to any earlier termination provision contained in the Award Agreement, an Incentive Option shall lapse upon the earliest of the
following circumstances; provided, however, that the Committee may, prior to the lapse of the Incentive Option under the circumstances
described in subsections (3), (4) or (5) below, provide in writing that the Option will extend until a later date, but if an
Option is so extended and is exercised after the dates specified in subsections (3), (4) or (5) below, it will automatically
become a Nonstatutory Option:

 

(1) The expiration date set forth
in the Award Agreement;

 

(2) The tenth anniversary of the Grant
Date;

 

(3) Three months after termination
of the Participant’s Continuous Status as a Participant for any reason other than the Participant’s Disability or death;

 

(4) One year after termination of
the Participant’s Continuous Status as a Participant by reason of the Participant’s Disability; or

 

(5) One year after the Participant’s
death if the Participant dies (i) while employed, (ii) during the three-month period described in paragraph (3) or (iii) during
the one-year period described in paragraph (4) and before the Option otherwise lapses.

 

(b) INDIVIDUAL DOLLAR LIMITATION.
The aggregate Fair Market Value (determined as of the Grant Date) of all Shares with respect to which Incentive Options are first exercisable
by a Participant in any calendar year may not exceed $100,000.00.

 

(c) TEN PERCENT OWNERS. No
Incentive Option shall be granted to any individual who, at the Grant Date, owns Shares possessing more than ten percent of the total
combined voting power of all classes of shares of the Company or any Parent or Subsidiary unless the exercise price per share of such
Option is at least one hundred and ten percent (110%) of the Fair Market Value per Share at the Grant Date and the Option expires no later
than five (5) years after the Grant Date.

 

(d) RIGHT TO EXERCISE. During
a Participant’s lifetime, an Incentive Option may be exercised only by the Participant or, in the case of the Participant’s
Disability, by the Participant’s guardian or legal representative.

 

(e) ELIGIBLE PARTICIPANTS.
The Committee may not grant an Incentive Option to a Participant who is not at the Grant Date an employee of the Company or a Subsidiary.

 

    9

     

    

 

 

ARTICLE 8.

SHARE APPRECIATION RIGHTS

 

8.1. GRANT OF SHARE APPRECIATION RIGHTS.
The Committee is authorized to grant Share Appreciation Rights to Participants on the following terms and conditions:

 

(a) RIGHT TO PAYMENT. Upon
the exercise of a Share Appreciation Right, the Participant to whom it is granted has the right to receive, with respect to each Share
underlying such Share Appreciation Right, the excess, if any, of:

 

1. The Fair Market Value of one Share
on the date of exercise; over

 

2. The base price of the Share Appreciation
Right as determined by the Committee, which shall not be less than the Fair Market Value of one Share on the Grant Date.

 

(b) OTHER TERMS. All awards
of Share Appreciation Rights shall be evidenced by an Award Agreement. The terms, methods of exercise, methods of settlement, form of
consideration payable in settlement, and any other terms and conditions of any Share Appreciation Right shall be determined by the Committee
at the time of the grant of the Award and shall be reflected in the Award Agreement.

 

ARTICLE 9.

RESTRICTED SHARES AND RESTRICTED SHARE UNIT AWARDS

 

9.1. GRANT OF RESTRICTED SHARES AND RESTRICTED
SHARE UNITS. The Committee is authorized to make Awards of Restricted Shares or Restricted Share Units to Participants in such amounts
and subject to such terms and conditions as may be selected by the Committee. An Award of Restricted Shares or Restricted Share Units
shall be evidenced by an Award Agreement setting forth the terms, conditions, and restrictions applicable to the Award.

 

9.2. ISSUANCE AND RESTRICTIONS. Restricted
Shares or Restricted Share Units shall be subject to such restrictions on transferability and other restrictions as the Committee may
determine. These restrictions may lapse separately or in combination at such times, under such circumstances, in such installments, upon
the satisfaction of performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Except
as otherwise provided in an Award Agreement, the Participant shall have all of the rights of a shareholder with respect to the Restricted
Shares, and the Participant shall have none of the rights of a stockholder with respect to Restricted Share Units until such time as Shares
are paid in settlement of the Restricted Share Units.

 

9.3. FORFEITURE. Except as otherwise
determined by the Committee at the time of the grant of the Award or thereafter, upon termination of Continuous Status as a
Participant during the applicable restriction period or upon failure to satisfy a requirement during the applicable restriction
period, Restricted Shares or Restricted Share Units that are at that time subject to restrictions shall be forfeited; provided,
however, that the Committee may provide in any Award Agreement that restrictions or forfeiture conditions relating to Restricted
Shares or Restricted Share Units will be waived in whole or in part in the event of terminations resulting from specified causes,
and the Committee may in other cases waive in whole or in part restrictions or forfeiture conditions relating to Restricted Shares
or Restricted Share Units.

 

    10

     

    

 

9.4. DELIVERY OF RESTRICTED SHARES. Shares
of Restricted Shares shall be delivered to the Participant at the time of grant either by book-entry registration or by delivering to
the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of its employees) designated
by the Committee, a share certificate or certificates registered in the name of the Participant. If physical certificates representing
shares of Restricted Shares are registered in the name of the Participant, such certificates must bear an appropriate legend referring
to the terms, conditions, and restrictions applicable to such Restricted Shares.

 

ARTICLE 10.

EQUITY OR OTHER EQUITY-BASED AWARDS

 

10.1. GRANT OF EQUITY OR OTHER EQUITY-BASED
AWARDS. The Committee is authorized, subject to limitations under applicable law, to grant to Participants such other Awards that
are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, as deemed by the Committee to
be consistent with the purposes of the Plan, including, without limitation, Shares awarded purely as a “bonus” and not subject
to any restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares,
and Awards valued by reference to book value of Shares or the value of securities of or the performance of the Company or any Subsidiary.
The Committee shall determine the terms and conditions of such Awards.

 

ARTICLE 11.

LTIP UNITS

 

11.1. GRANT OF LTIP UNITS. LTIP Units are
intended to be profits interests in the operating partnership affiliated with the Company, if any (such operating partnership, if any,
the “Operating Partnership”), the rights and features of which, if applicable, will be set forth in the agreement of limited
partnership for the Operating Partnership (the “Operating Partnership Agreement”). Subject to the terms and provisions of
the Plan and the Operating Partnership Agreement, the Committee, at any time and from time to time, may grant LTIP Units to Participants
in such amounts and upon such terms and conditions as the Committee shall determine.

 

    11

     

    

 

ARTICLE 12.

PERFORMANCE AWARDS

 

12.1. GRANT OF PERFORMANCE AWARDS. The Committee
is authorized to grant any Award in the form of a Performance Awards to Participants in such amounts and subject to such terms and conditions
as may be selected by the Committee. An Award of Performance Awards shall be evidenced by an Award Agreement setting forth the terms,
conditions, and restrictions applicable to the Award. The Committee may use such business criteria and other measures of performance as
it may deem appropriate in establishing any performance conditions. After the end of each Performance Period, the Committee shall determine
the amount, if any, of the Performance Award for that performance period payable to each Participant. The Committee may, in its discretion,
determine that the amount payable to any Participant as a Performance Award shall be reduced from the amount of his or her potential Performance
Award, including a determination to make no final Award whatsoever, and may exercise its discretion to increase the amounts payable under
any Performance Award, except as limited under Section 12.3 (relating to Performance Awards intended to qualify as “performance-based
compensation” under Section 162(m)) of the Code.

 

12.2. PERFORMANCE AWARDS UNDER SECTION 162(M) OF
THE CODE. Section 162(m) of the Code does not apply to the Plan prior to an IPO. Following the IPO, to the extent determined
by the Company, the Plan and Awards issued thereunder, are intended to be exempt from the application of Section 162(m) of the
Code. If the Committee determines that a Performance Award should qualify as “performance-based compensation” for purposes
of Section 162(m) of the Code, the grant, exercise and/or settlement of such Performance Award shall be contingent upon achievement
of one or more preestablished performance goals and shall be subject to other terms set forth in this Section 12.2.

 

(a) PERFORMANCE GOAL GENERALLY.
The performance goal for Performance Awards intended to qualify as “performance-based compensation” for purposes of
Section 162(m) of the Code shall consist of one or more of the business criteria listed in Section 12.3, including or excluding
the adjustments described in Section 12.3, and a targeted level or levels of performance with respect to each of such criteria, as
specified by the Committee consistent with this Article 12. The Performance Award may also have threshold levels of performance (below
which no Performance Award shall be paid) and maximum levels of Performance Award, regardless of the degree to which the actual performance
exceeds the target level. The performance goal shall be objective. Any performance goal may be established for one Performance Period
or averaged over time, as the Committee may deem appropriate. Performance may, but need not be, based on a change or an increase or positive
result. The targeted level or levels of performance with respect to such business criteria may be established at such levels and in such
terms as the Committee may determine, in its discretion, including in absolute terms, as a goal relative to performance in prior periods,
or as a goal compared to the performance of one or more comparable companies or an index covering multiple companies.

 

    12

     

    

 

(b) PERFORMANCE PERIOD; TIMING
FOR ESTABLISHING PERFORMANCE GOALS. Achievement of performance goals in respect of a Performance Award intended to qualify for the
 “performance-based compensation” exception under Section 162(m) of the Code shall be measured over a performance
period specified by the Committee. A performance goal shall be established not later than the earlier of (A) 90 days after the beginning
of any performance period applicable to such Performance Award or (B) the time 25% of such performance period has elapsed. The level
of attainment of performance goals shall be substantially uncertain at the time such goals are established, as required under Treas. Reg.
s 1.162-27. In all cases, the maximum Performance Award of any Participant intended to qualify for the “performance-based compensation”
exception under Section 162(m) of the Code shall be subject to the per person limitation set forth in 12.2(c) below.

 

(c) PER PERSON AWARD LIMITS.
Subject to adjustment as provided in Article 14 herein, the aggregate number of Shares subject to Awards that are intended to qualify
as “performance-based compensation” under Section 162(m) of the Code granted during any calendar year to any one
Participant (taking into account the maximum number payable based on performance exceeding target objectives) shall not exceed One Hundred
Thousand (100,000). This per person share maximum also applies to options and SARs. The maximum amount payable as a cash Award for any
performance period to a Participant that is intended to satisfy the requirements for “performance-based compensation” under
Section 162(m) of the Code shall be Ten Million Dollars ($10,000,000) per calendar year. In the case of an award with a multi-year
performance period, the per person Award limit shall apply to each calendar year (or portion thereof) in the performance period.

 

(d) PERFORMANCE AWARD POOL.
The Committee may establish a Performance Award pool, which shall be an unfunded pool, for purposes of measuring performance in connection
with Performance Awards. The amount of such Performance Award pool shall be based upon the achievement of one or more performance goals
based on one or more of the business criteria during the performance period, as specified by the Committee.

 

(e) PERFORMANCE CRITERIA.
If the Committee determines that a Performance Award should qualify as “performance-based compensation” for purposes of Section 162(m) of
the Code, the performance criteria shall be selected from among the following:

 

(i) Sales, on a corporate, divisional
or unit basis, including (A) net sales, (B) unit sales volume, (C) aggregate product price, (D) same store sales or
(v) comparable store sales;

 

(ii) Share price, including (A) market
price per share; and (B) share price appreciation;

 

    13

     

    

 

(iii) Earnings, on a corporate, divisional
or unit basis, including (A) earnings per share, reflecting dilution of shares; (B) gross or pre-tax profits, (C) post-tax
profits, (D) operating profit; (E) earnings net of or including dividends; (F) earnings net of or including the after-tax
cost of capital, (G) earnings before (or after) interest and taxes (“EBIT”); (H) earnings per share from
continuing operations, diluted or basic; (I) earnings before (or after) interest, taxes, depreciation and amortization (“EBITDA”);
(J) pre-tax operating earnings after interest and before incentives, service fees and extraordinary or special items; (K) operating
earnings; (L) growth in earnings or growth in earnings per share; (M) total earnings; (N) funds from operations (“FFO”);
and (O) adjusted funds from operations (“AFFO”).

 

(iv) Return on equity, on a corporate,
divisional or unit basis; including (A) return on equity, (B) return on invested capital, (C) return or net return on assets;
(D) return on net assets; (E) return on equity, (F) return on gross sales; (G) return on investment; (H) return
on capital; (I) return on invested capital; (J) return on committed capital; (K) financial return ratios; (L) value
of assets; and (M) change in assets;

 

(v) Cash flow(s), on a corporate,
divisional or unit basis, including (A) operating cash flow; (B) net cash flow, (C) free cash flow, (iv) cash flow
on investment;

 

(vi) Revenue, on a corporate, divisional
or unit basis, including (A) gross or net revenue, and (B) changes in annual revenues;

 

(vii) Margins, on a corporate, divisional
or unit basis, including (A) adjusted pre-tax margin; and (B) operating margins;

 

(viii) Income, on a corporate, divisional
or unit basis, including (A) net income; and (B) consolidated net income;

 

(ix) Economic value added;

 

(x) Costs, on a corporate, divisional
or unit basis, including (A) operating or administrative expenses, (B) operating expenses as a percentage of revenue, (C) expense
or cost levels; (D) reduction of losses, loss ratios or expense ratios; (E) reduction in fixed costs; (F) expense reduction
levels; (G) operating cost management; and (H) cost of capital;

 

(xi) Financial ratings, on a corporate,
divisional or unit basis, including (A) credit rating, (B) capital expenditures, (C) debt; (D) debt reduction, (E) working
capital; (F) average invested capital; and (G) attainment of balance sheet or income statement objectives;

 

(xii) Market or category share,
on a corporate, divisional or unit basis, including (A) market share, (B) volume; (C) unit sales volume; (D) market
share or market penetration with respect to specific designated products or product groups and/or specific geographic areas;

 

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(xiii) Shareholder return, including
(A) total shareholder return, (B) stockholder return based on growth measures or the attainment of a specified share price for
a specified period of time; and (C) dividends; and

 

(xiv) Objective nonfinancial performance
criteria on a corporate, divisional or unit basis, including (A) attainment of strategic and business goals, (B) regulatory
compliance; (C) productivity and productivity improvements; (D) inventory turnover, average inventory turnover or inventory
controls; (E) net asset turnover; (F) customer satisfaction based on specified objective goals or company-sponsored customer
surveys; (G) employee satisfaction based on specified objective goals or company-sponsored employee surveys; (H) objective employee
diversity goals; (I) employee turnover; (J) specified objective environmental goals; (xi) specified objective social goals,
(K) specified objective goals in corporate ethics and integrity; (L) specified objective safety goals; (M) specified objective
business integration goals; (N) specified objective business expansion goals or goals relating to acquisitions or divestitures; (O) succession
plan development and implementation.

 

The Committee may provide in any Performance Award that any
evaluation of performance shall include or exclude any of the following items: (1) asset write-downs; (2) litigation or claim
judgments or settlements; (3) the effect of changes in tax laws, accounting principles, regulations, or other laws or regulations
affecting reported results; (4) any reorganization and restructuring programs; (5) acquisitions or divestitures; (6) unusual
nonrecurring or extraordinary items identified in the Company’s audited financial statements, including footnotes; (7) annual
incentive payments or other bonuses; or (8) capital charges.

 

(f) SETTLEMENT OF PERFORMANCE
AWARDS. Prior to settlement of a Performance Award intended to qualify as “performance-based compensation” for purposes
of Section 162(m) of the Code, the Committee shall certify the level of attainment of performance goals and the satisfaction
of other material terms of the Award upon which settlement of the Award was conditioned. The Committee may not exercise discretion to
increase the amount payable to a covered employee (as defined in Section 162(m)(3)) of the Code in respect of a Performance Award
intended to qualify as “performance-based compensation” for purposes of Section 162(m) of the Code. Any settlement
which changes the form of payment from that originally specified shall be implemented in a manner such that the Performance Award and
other related Awards intended to qualify for the “performance-based compensation” exception under Section 162(m) of
the Code do not, solely for that reason, fail to qualify as “performance-based compensation” for purposes of Section 162(m) of
the Code.

 

(g) WRITTEN
DETERMINATIONS. Determinations by the Committee as to the establishment of performance goals, the amount potentially payable in
respect of Performance Awards, the level of actual achievement of the specified performance goals, and the amount of any actual
Performance Award shall be recorded in writing in the case of Performance Awards intended to qualify as “performance-based
compensation” under Section 162(m) of the Code.

 

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ARTICLE 13.

PROVISIONS APPLICABLE TO AWARDS

 

13.1. STAND-ALONE AND TANDEM AWARDS. Awards
granted under the Plan may, in the discretion of the Committee, be granted either alone or in addition to, or in tandem with, any other
Award granted under the Plan. Subject to Section 13.2, Awards granted in addition to or in tandem with other Awards may be granted
either at the same time as or at a different time from the grant of such other Awards.

 

13.2. TERM OF AWARD. The term of each Award
shall be for the period as determined by the Committee, provided that in no event shall the term of any Option or a Share Appreciation
Right exceed a period of ten years from its Grant Date (or, if Section 7.2(c) applies, five years from its Grant Date).

 

13.3. FORM OF PAYMENT FOR AWARDS. Subject
to the terms of the Plan and any applicable law or Award Agreement, payments or transfers to be made by the Company on the grant or exercise
of an Award may be made in such form as the Committee determines at or after the Grant Date, including without limitation, cash, Shares,
other Awards, or other property, or any combination, and may be made in a single payment or transfer, in installments, in each case determined
in accordance with rules adopted by, and at the discretion of, the Committee.

 

13.4. LIMITS ON TRANSFER. No right or interest
of a Participant in any unexercised or restricted Award may be pledged, encumbered, or hypothecated to or in favor of any party other
than the Company, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company.
No unexercised or restricted Award shall be assignable or transferable by a Participant other than by will or the laws of descent and
distribution or, except in the case of an Incentive Option, pursuant to a domestic relations order that would satisfy Section 414(p)(1)(A) of
the Code if such Section applied to an Award under the Plan; provided, however, that the Committee may (but need not) permit other
transfers where the Committee concludes that such transferability (i) does not result in accelerated taxation, (ii) does not
cause any Option intended to be an Incentive Option to fail to be described in Code Section 422(b), and (iii) is otherwise appropriate
and desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws
applicable to transferable Awards.

 

13.5. BENEFICIARIES. Notwithstanding
Section 13.4, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of
the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal
guardian, legal representative, or other person claiming any rights under the Plan is subject to all terms and conditions of the
Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide, and
to any additional restrictions deemed necessary or appropriate by the Committee. If no beneficiary has been designated or survives
the Participant, payment shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation may be
changed or revoked by a Participant at any time provided the change or revocation is filed with the Committee.

 

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13.6. SHARE CERTIFICATES. All Shares issuable
under the Plan is subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with
federal or state securities laws, rules and regulations and the rules of any national securities exchange or automated quotation
system on which the Shares is listed, quoted, or traded. The Committee may place legends on any Share certificate or issue instructions
to the transfer agent to reference restrictions applicable to the Shares.

 

13.7. TERMINATION OF EMPLOYMENT. Each Participant’s
Award Agreement shall set forth the treatment of the Awards following termination of the Participant’s employment or, if the Participant
is a director or consultant, service with the Company. Such provisions shall be determined in the sole discretion of the Committee, need
not be uniform among all Awards and may reflect distinctions based on the reasons for termination or employment or service.

 

13.8. FORFEITURE EVENTS. The Committee may
specify in an Award Agreement that the Participant’s rights, payments and benefits with respect to an Award shall be subject to
reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable
vesting or performance conditions of an Award. Such events shall include, but shall not be limited to, termination of employment, violation
of Company policies, breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or other
conduct by the Participant that is detrimental to the business or reputation of the Company.

 

13.9. SUBSTITUTE AWARDS. The Committee may
grant Awards under the Plan in substitution for equity and equity-based awards held by employees of another entity who become employees
of the Company as a result of a merger or consolidation of the former employing entity with the Company or the acquisition by the Company
of property or equity of the former employing corporation. The Committee may direct that the substitute awards be granted on such terms
and conditions as the Committee considers appropriate in the circumstances.

 

13.10. CHANGE IN CONTROL/ IPO. Each Participant’s
Award Agreement shall set forth the treatment of the Awards in the event of a Change in Control or IPO. Such provisions shall be determined
in the sole discretion of the Committee and need not be uniform among all Awards.

 

13.11. RIGHT OF FIRST REFUSAL/RIGHT OF
REPURCHASE. The Committee may provide in a Participant’s Award Agreement that the grant of an Award shall be conditioned
upon the Participant’s (or any other interested person’s) execution of a shareholder agreement in such form as is
satisfactory to the Committee with respect to any Shares delivered or deliverable pursuant to such Award. Without limiting the
foregoing, the Committee may provide in a Participant’s Award Agreement that while Shares are not traded on an established
securities market that the Company may have certain repurchase rights or rights of first refusal with respect to the Shares subject
to an Award Agreement and Shares issued to the Participant pursuant to Awards under the Plan. In addition, at the discretion of the
Committee, the Company may reserve to itself and/or its assignee(s) in the Award Agreement or any other document a right of
first refusal to purchase all Shares that a Participant (or a subsequent transferee) may propose to transfer to a third party,
provided, that such right of first refusal terminates upon an IPO.

 

ARTICLE 14.

CHANGES IN CAPITAL STRUCTURE

 

14.1. GENERAL. In the event of a corporate
event or transaction involving the Company (including, without limitation, any equity dividend, equity split, extraordinary cash dividend,
recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares (each a “Corporate
Transaction”), the Committee in its sole discretion may take the actions set forth in Section 14.2. Notwithstanding the
foregoing, in the event of any equity split, reverse equity split, equity dividend, recapitalization, combination of shares, reclassification
of shares, spin-off or other similar change in capitalization or event, or any dividend or distribution to holders of Shares other than
an ordinary cash dividend, the authorization limit under Article 5 shall be adjusted proportionately, and the Committee shall make
such other adjustments to the Awards and to any provisions of the Plan as the Committee deems necessary.

 

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14.2. ACTIONS BY THE COMMITTEE. Action
by the Committee in the event of a Corporate Transaction may include: (i) adjustment of the number and kind of shares which may
be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards;
(iii) adjustment of the exercise price of outstanding Awards or the measure to be used to determine the amount of the benefit
payable on an Award; and (iv) any other adjustments that the Committee determines. In addition, upon the occurrence or in
anticipation of such an event that is a Change in Control, the Committee may, in its sole discretion, provide (i) that Awards
will be settled in cash rather than Shares, (ii) that Awards will become immediately vested and exercisable and will expire
after a designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a
transaction or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding
Awards may be settled by payment in cash or cash equivalents equal to the excess of the Fair Market Value of the underlying Shares,
if any, as of a specified date associated with the transaction, over the exercise or base price of the Award, and with the
understanding that if the exercise or base price of any Awards exceeds such Fair Market Value, then the value of such Award shall be
zero and subject to settlement and cancellation for no consideration, or (v) any combination of the foregoing. The
Committee’s determination need not be uniform and may be different for different Participants whether or not such Participants
are similarly situated. To the extent that any adjustments made pursuant to this Article 14 cause Incentive Options to cease to
qualify as Incentive Options, such Options shall be deemed to be Nonstatutory Options. Notwithstanding the foregoing, as may be
determined by the Committee, any such adjustment shall not (i) cause an Award which is exempt from Section 409A of the
Code to become subject to Section 409A of the Code or (ii) cause an Award subject to Section 409A of the Code not to
comply with the requirements of Section 409A of the Code. Notwithstanding any other provision of this Plan to the contrary,
unless expressly provided otherwise in the Award Agreement, if the right to receive or benefit from an Award under this Plan, either
alone or together with payments that a Participant has a right to receive from the Company, would constitute a “parachute
payment” (as defined in Section 280G of the Code), all such payments will be reduced to the largest amount that will
result in no portion being subject to the excise tax imposed by Section 4999 of the Code.

 

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ARTICLE 15.

AMENDMENT, MODIFICATION AND TERMINATION

 

15.1. AMENDMENT, MODIFICATION AND TERMINATION.
The Board or the Committee may, at any time and from time to time, amend, modify or terminate the Plan without shareholder approval; provided,
however, the Board or Committee may condition any other amendment or modification on the approval of shareholders of the Company for any
reason, including by reason of such approval being necessary or deemed advisable to satisfy any other tax, securities or other applicable
laws, policies or regulations.

 

15.2. OPTIONS PREVIOUSLY GRANTED. At any
time and from time to time, the Committee may amend, modify or terminate any outstanding Award without approval of the Participant; provided,
however:

 

(a) Subject to the terms of the
applicable Award Agreement, such amendment, modification or termination shall not, without the Participant’s consent, reduce or
diminish the value of such Award determined as if the Award had been exercised, vested, cashed out or otherwise settled on the date of
such amendment or termination (with the per-share value of an Option or Share Appreciation Right for this purpose being calculated as
the excess, if any, of the Fair Market Value as of the date of such amendment or termination over the exercise or base price of such Award);
and

 

(b) No termination, amendment, or
modification of the Plan shall adversely affect any Award previously granted under the Plan, without the written consent of the Participant
affected thereby. An outstanding Award shall not be deemed to be “adversely affected” by a Plan amendment if such amendment
would not reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled
on the date of such amendment (with the per-share value of an Option or Share Appreciation Right for this purpose being calculated as
the excess, if any, of the Fair Market Value as of the date of such amendment over the exercise or base price of such Award, and with
the understanding that if the exercise or base price of such Awards exceeds such Fair Market Value, then the value of such Award shall
be zero and subject to settlement and cancellation for no consideration).

 

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ARTICLE 16.

GENERAL PROVISIONS

 

16.1. NO RIGHTS TO AWARDS; NON-UNIFORM DETERMINATIONS.
No Participant shall have any claim to be granted any Award under the Plan. Neither the Company nor the Committee is obligated to treat
Participants uniformly, and determinations made under the Plan may be made by the Committee selectively among Eligible Participants who
receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated).

 

16.2. NO SHAREHOLDER RIGHTS. No Award gives
a Participant any of the rights of a shareholder of the Company unless and until Shares are in fact issued to such person in connection
with such Award.

 

16.3. WITHHOLDING. The Company shall have
the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal,
state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any exercise,
lapse of restriction or other taxable event arising as a result of the Plan. If Shares are surrendered to the Company to satisfy tax obligations
in excess of the minimum tax withholding obligation, such Shares must have been held by the Participant as fully vested shares for such
period of time, if any, as necessary to avoid the recognition of an expense under generally accepted accounting principles. The Company
shall have the authority to require a Participant to remit cash to the Company in lieu of the surrender of Shares for taxes if the surrender
of Shares for such purpose would result in the Company’s recognition of expense under generally accepted accounting principles.
With respect to withholding required upon any taxable event under the Plan, the Committee may, at the time the Award is granted or thereafter,
require or permit that any such withholding requirement be satisfied, in whole or in part, by withholding from the Award Shares having
a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required to be withheld for tax
purposes, all in accordance with such procedures as the Committee establishes.

 

16.4. NO RIGHT TO CONTINUED SERVICE. Nothing
in the Plan, any Award Agreement or any other document or statement made with respect to the Plan, shall interfere with or limit in any
way the right of the Company to terminate any Participant’s employment or status as an officer, director or consultant at any time,
nor confer upon any Participant any right to continue as an employee, officer, director or consultant of the Company, whether for the
duration of a Participant’s Award or otherwise.

 

16.5. UNFUNDED STATUS OF AWARDS. The Plan
is intended to be an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant
pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than
those of a general creditor of the Company. This Plan is intended not to be subject to the Employee Retirement Income Security Act of
1974, as amended.

 

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16.6. RELATIONSHIP TO OTHER BENEFITS. No
payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing,
group insurance, welfare or benefit plan of the Company unless provided otherwise in such other plan.

 

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

 

16.8. EXPENSES. The expenses of administering
the Plan shall be borne by the Company.

 

16.9. TITLES AND HEADINGS. The titles and
headings of the Sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather
than such titles or headings, shall control.

 

16.10. GENDER AND NUMBER. Except where otherwise
indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the
singular shall include the plural.

 

16.11. FRACTIONAL SHARES. No fractional
Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional Shares
or whether such fractional Shares shall be eliminated by rounding up or down.

 

16.12. GOVERNMENT AND OTHER REGULATIONS.

 

(a) Notwithstanding any other provision
of the Plan, no Participant who acquires Shares pursuant to the Plan may, during any period of time that such Participant is an affiliate
of the Company (within the meaning of the rules and regulations of the Securities and Exchange Commission under the 1933 Act), sell
such Shares, unless such offer and sale is made (i) pursuant to an effective registration statement under the 1933 Act, which is
current and includes the Shares to be sold, or (ii) pursuant to an appropriate exemption from the registration requirement of the
1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act.

 

(b) Notwithstanding any other
provision of the Plan, if at any time the Committee shall determine that the registration, listing or qualification of the Shares
covered by an Award upon any exchange or under any foreign, federal, state or local law or practice, or the consent or approval of
any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of such Award or
the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such Award unless and
until such registration, listing, qualification, consent or approval shall have been effected or obtained free of any condition not
acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall make such representations and
agreements and furnish such information as the Committee may request to assure compliance with the foregoing or any other applicable
legal requirements. The Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan
prior to the Committee’s determination that all related requirements have been fulfilled. The Company shall in no event be
obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law or to take any other action in
order to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement.

 

    21

     

    

 

16.13. GOVERNING LAW. To the extent not
governed by federal law, the Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the State
of Maryland.

 

16.14. ADDITIONAL PROVISIONS. Each Award
Agreement may contain such other terms and conditions as the Committee may determine; provided that such other terms and conditions are
not inconsistent with the provisions of the Plan. Notwithstanding the foregoing, any Award Agreement for a resident in any state shall
contain such other terms and conditions as are necessary to comply with the laws of such state.

 

16.15. ADDENDA. Subject to Section 16.13,
the Committee may approve such addenda to the Plan as it may consider necessary or appropriate for the purpose of granting Awards to Participants,
which Awards may contain such terms and conditions as the Committee deems necessary or appropriate to accommodate differences in local
law, tax policy or custom, which, if so required under applicable laws, may deviate from the terms and conditions set forth in this Plan.

 

16.16. NO LIMITATIONS ON RIGHTS OF COMPANY.
The grant of any Award shall not in any way affect the right or power of the Company to make adjustments, reclassification or changes
in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or
assets. The Plan shall not restrict the authority of the Company, for proper corporate purposes, to draft or assume awards, other than
under the Plan, to or with respect to any person.

 

16.17. INDEMNIFICATION. Each person who
is or shall have been a member of the Committee, or of the Board, or an officer of the Company to whom authority was delegated in accordance
with Article 4 shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that
may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding
to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan
and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him
or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the
Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on
his or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own willful misconduct or except as expressly
provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such
persons may be entitled under the Company’s charter or bylaws, as a matter of law, or otherwise, or any power that the Company
may have to indemnify them or hold them harmless.

 

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The foregoing is hereby acknowledged as being the
Four Springs Capital Trust 2014 Equity Incentive Plan adopted by the Board on March 19, 2014.

 

	 	By: 	/s/ William P. Dioguardi
	 	William P. Dioguardi, Chief Executive Officer

 

The foregoing is hereby acknowledged as being the
Four Springs Capital Trust 2014 Equity Incentive Plan adopted by the shareholders of the Company on March , 2014.

 

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