Document:

EX-10.9

 Exhibit 10.9 

FORM OF SERITAGE GROWTH PROPERTIES 

ANNUAL P-RSU 
 RESTRICTED
SHARE AGREEMENT 
  

					
	Name of Grantee:		  
		(the “Grantee”)
			
	Target No. of Restricted Shares:		  
		(the “Target Shares”)
			
	Issuance Date:		  
		(the “Issuance Date”)

 WHEREAS, the Grantee currently provides services to Seritage Growth Properties, a Maryland real estate
investment trust (the “Company”) and its Subsidiaries as defined in the Seritage Growth Properties 2015 Share Plan (the “Plan”); 

WHEREAS, the Company desires to (i) provide the Grantee with an incentive to remain in the employ of the Company or its Subsidiaries and
(ii) increase the Grantee’s interest in the success of the Company by granting restricted Shares (the “Restricted Shares”); 

WHEREAS, reference is made herein to the Grantee’s employment agreement with the Company dated [●] (the “Employment
Agreement”), as this issuance of Restricted Shares constitutes the “Annual P-RSU” for purposes of the Company satisfying its obligations to grant such an award pursuant to the Employment Agreement; and 

WHEREAS, the issuance of the Restricted Shares is made pursuant to the Plan; and made subject to the terms and conditions of this Seritage
Growth Properties Restricted Share Agreement (the “Agreement”). 
 NOW, THEREFORE, in consideration of the mutual promises,
covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows: 

1. Definitions; Incorporation of Plan Terms. Capitalized terms used in this Agreement without definition shall have the meanings
assigned to them in the Plan. This Agreement and the Restricted Shares shall be subject to the Plan and the terms of the Plan are incorporated into this Agreement by reference. In the event of any difference between the provisions of this Agreement
and the terms of the Plan, the terms of this Agreement will control. The Grantee hereby acknowledges receipt of a copy of the Plan. 
 2.
Grant of Restricted Shares. Subject to the provisions of this Agreement and pursuant to the provisions of the Plan, the Company hereby grants and issues to the Grantee the Restricted Shares specified above. The Grantee agrees that within
thirty days of the Issuance Date, the Grantee shall give notice to the Company as to whether the Grantee has made an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended. 

3. Vesting of Restricted Shares. 

(a) All of the Restricted Shares shall initially be unvested. All Restricted Shares shall be subject to the vesting requirements set forth on
Schedule A of this Agreement. 

  
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 (b) If the Grantee’s employment terminates due to the Grantee’s death or Disability,
or the Grantee’s employment is terminated by the Company without Cause (as defined in the Employment Agreement) or the Grantee resigns with Good Reason (as defined in the Employment Agreement), the treatment of the Grantee’s Restricted
Shares will be as provided under the terms of the Employment Agreement applicable to Annual P-RSUs thereunder. 
 (c) Upon a Change in
Control, the treatment of the Grantee’s Restricted Shares will be as provided under the terms of in the Employment Agreement applicable to Annual P-RSUs thereunder. 

4. Forfeiture. Except as otherwise set forth in this Agreement or the Employment Agreement, all unvested Restricted Shares shall be
automatically cancelled and forfeited upon any termination of the Grantee’s employment with the Company and its Subsidiaries prior to vesting. 

5. Grantee’s Rights During Restricted Period. 

(a) Except as otherwise provided in the Plan or this Agreement, during any period when the Restricted Shares are forfeitable, The Grantee may
exercise all the rights of a shareholder with respect to the Restricted Shares, including the right to vote such Restricted Shares, but subject to the following limitation on the receipt of dividends: 

 

	 	(i)	if and when any cash dividends are declared on Shares, on the date such dividend is paid, the Company will credit to a bookkeeping account (the “Account”) maintained by the Company (or a third party on
behalf of the Company) for the Grantee’s benefit an amount, which shall be equal to the amount of such dividend that would have been paid on the same number of Restricted Shares that are unvested and outstanding hereunder as of the record date
of such dividend. Such credited amount shall be subject to the vesting and forfeiture provisions applicable to the Restricted Shares to which such credited amount relates, as set forth in Section 3 above. Any credited amounts shall be only
payable in cash and shall become vested and payable at the same time as Shares are otherwise delivered upon the vesting of the Restricted Shares as set forth in this Agreement. 

 

	 	(ii)	Except as otherwise provided in the Plan or this Agreement, during any period when the Restricted Shares are forfeitable, if and when the Company declares and pays a dividend or distribution on Shares, or there occurs a
forward split of Shares, then a number of additional Restricted Shares shall be credited to the Account as of the payment date for such dividend or distribution or forward split equal to (i) the same number of Shares that would have been
delivered on the same number of Restricted Shares that are unvested and outstanding hereunder as of the record date of such event, multiplied by (ii) the number of additional Shares actually paid as a dividend or distribution or issued in such
split in respect of each outstanding Share. These additional Restricted Shares shall become vested and deliverable upon the vesting of the Restricted Shares to which such additional Restricted Shares relate as set forth in this Agreement.

 (b) No rights granted under the Plan or this Agreement and no shares issued pursuant to a Restricted Share Award Agreement
shall be transferable by the Grantee other than by will or by the laws of descent and distribution prior to the time the Grantee’s interest in such shares has become fully vested. The transferability of the shares shall also be limited by any
legend restricting transferability on any certificates representing such shares. 
 (c) No physical certificates evidencing the Restricted
Shares will be issued to the Grantee. Instead, the Restricted Shares will be evidenced by certificates held by or on behalf of the Company, in book-entry form, or otherwise, as determined by the Company. 

  
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 6. Delivery of Vested Shares. 

(a) Restricted Shares that have vested in accordance with Section 3 shall be delivered (via certificate or such other method as the
Committee determines) to the Grantee as soon as practicable after vesting occurs. 
 (b) By accepting Restricted Shares, the Grantee agrees
not to sell shares at a time when applicable laws or the Company’s rules prohibit a sale. This restriction will apply as long as the Grantee is an employee, consultant or director of the Company or a Subsidiary. 

(c) To the extent that Grantee does not vest in any Restricted Shares, all interest in such shares shall be forfeited. The Grantee has no
right or interest in Restricted Shares that are forfeited. 
 (d) The Company shall have the right to refuse to issue or transfer any
shares under this Agreement if the Company acting in its absolute discretion determines that the issuance or transfer of such shares might violate any applicable law or regulation. 

7. Taxes. 
 (a) This
Section 7(a) applies only to (a) all Grantees who are U.S. employees, and (b) to those Grantees who are employed by a Subsidiary of the Company that is obligated under applicable local law to withhold taxes with respect to the
settlement of the Restricted Shares. Such Grantee shall pay to the Company or a designated Subsidiary, promptly upon request, and in any event at the time the Grantee recognizes taxable income with respect to the Restricted Shares, an amount equal
to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the Restricted Shares. The Grantee may satisfy the foregoing requirement by making a payment to the Company in cash or by delivering already
owned unrestricted Shares or by having the Company withhold a number of Shares in which the Grantee would otherwise become vested under this Agreement, in each case, having a value equal to the minimum amount of tax required to be withheld. Such
Shares shall be valued at their Fair Market Value on the date as of which the amount of tax to be withheld is determined. 
 (b) The
Grantee acknowledges that the tax laws and regulations applicable to the Restricted Shares and the disposition of the shares following the settlement of Restricted Shares are complex and subject to change. 

8. Exchange of Restricted Shares for LTIP Units. Within thirty (30) days after the Grant Date, the Company and the Grantee may
agree to exchange the Restricted Shares for LTIP Units, which, upon any such exchange, shall be subject to the same vesting terms as set forth in this Agreement, but which shall not provide the Grantee with the rights of a Company shareholder
(including as provided under this Agreement, but which shall instead entitled the Grantee with such rights as may attach to LTIP Units pursuant to the applicable terms of the limited partnership agreement of Seritage Growth Properties, L.P. 

9. Protections Against Violations of Agreement. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance,
gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the Restricted Shares by any holder thereof in violation of the provisions of this Agreement or the Declaration of Trust or
the Bylaws of the Company, 

  
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will be valid, and the Company will not transfer any shares resulting from the settlement of Restricted Shares on its books nor will any of such shares be entitled to vote, nor will any dividends
be paid thereon, unless and until there has been full compliance with such provisions to the satisfaction of the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce
such provisions. 
 10. Survival of Terms. This Agreement shall apply to and bind the Grantee and the Company and their respective
permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors. 
 11. Notices. All notices and
other communications provided for herein shall be in writing and shall be delivered by hand or sent by certified or registered mail, return receipt requested, postage prepaid, addressed, if to the Grantee, to the Grantee’s attention at the
mailing address set forth at the foot of this Agreement (or to such other address as the Grantee shall have specified to the Company in writing) and, if to the Company, to the Company’s office at 333 Beverly Road, Hoffman Estates, IL 60179,
Attention: General Counsel (or to such other address as the Company shall have specified to the Grantee in writing). All such notices shall be conclusively deemed to be received and shall be effective, if sent by hand delivery, upon receipt, or if
sent by registered or certified mail, on the fifth day after the day on which such notice is mailed. 
 12. Waiver. The waiver by
either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.

 13. Authority of the Administrator. In accordance with the terms of the Plan, the Committee shall have full authority to interpret
and construe the terms of the Plan and this Agreement. The determination of the Committee as to any such matter of interpretation or construction shall be final, binding and conclusive. 

14. Representations. The Grantee has reviewed with her own tax advisors the applicable tax (U.S., foreign, state, and local)
consequences of the transactions contemplated by this Agreement. The Grantee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Grantee understands that he (and not the Company)
shall be responsible for any tax liability imposed upon him that may arise as a result of the transactions contemplated by this Agreement. 

15. Entire Agreement; Governing Law. This Agreement and the Plan and the other related agreements expressly referred to herein set
forth the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. This Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original, but all such counterparts shall together constitute one and the same agreement. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Maryland. 

16. Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable, or
enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and
treated as though contained in this original Agreement. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be
unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to

  
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the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provisions or provisions in
any other jurisdiction. 
 17. Amendments; Construction. The Committee may amend the terms of this Agreement prospectively or
retroactively at any time, but no such amendment shall impair the rights of the Grantee hereunder without his consent. Headings to Sections of this Agreement are intended for convenience of reference only, are not part of this Agreement and shall
have no effect on the interpretation hereof. 
 18. Acceptance. The Grantee hereby acknowledges receipt of a copy of the Plan and
this Agreement. The Grantee has read and understand the terms and provision thereof, and accepts the shares of Restricted Shares subject to all the terms and conditions of the Plan and this Agreement. The Grantee hereby agrees to accept as binding,
conclusive and final all decisions or interpretations of the Committee upon any questions arising under this Agreement. 
 19.
Miscellaneous. 
 (a) No Rights to Grants or Continued Employment. The Grantee acknowledges that the award granted under this
Agreement is not an employment right. Neither the Plan nor this Agreement, nor any action taken or omitted to be taken hereunder or thereunder, shall be deemed to create or confer on the Grantee any right to be retained as an employee of the Company
or any Subsidiary thereof, or to interfere with or to limit in any way the right of the Company or any Subsidiary thereof to terminate the employment of the Grantee at any time. 

(b) No Restriction on Right of Company to Effect Corporate Changes. Neither the Plan nor this Agreement shall affect in any way the
right or power of the Company or its Shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the
Company, or any issue of Share or of options, warrants or rights to purchase Share or of bonds, debentures, preferred, or prior preference Shares whose rights are superior to or affect the Common Share or the rights thereof or which are convertible
into or exchangeable for Common Share, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the assets or business of the Company, or any other corporate act or proceeding, whether of a similar character or
otherwise. 
 (c) Assignment. The Company shall have the right to assign any of its rights and to delegate any of its duties under
this Agreement to any of its affiliates. 
 THIS AGREEMENT SHALL BE NULL AND VOID AND UNENFORCEABLE BY THE GRANTEE UNLESS SIGNED AND
DELIVERED TO THE COMPANY NOT LATER THAN THIRTY (30) DAYS SUBSEQUENT TO THE ISSUANCE DATE. 
 BY SIGNING THIS AGREEMENT, THE GRANTEE IS
HEREBY CONSENTING TO THE PROCESSING AND TRANSFER OF THE GRANTEE’S PERSONAL DATA BY THE COMPANY TO THE EXTENT NECESSARY TO ADMINISTER AND PROCESS THE AWARDS GRANTED UNDER THIS AGREEMENT. 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Grantee has executed this
Agreement, both as of the day and year first above written. 

  
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 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the Company and the Grantee have executed this Restricted Share Agreement as
of the date first above written. 
  

					
	COMPANY
	
	SERITAGE GROWTH PROPERTIES
		
	By:		  

			
			Name:		
			
			Title:		
	
	GRANTEE
		
	By:		  

			
			Name:		
			
			Address:EX-10.10

 Exhibit 10.10 
  

			
	Seritage Growth Properties		
		
			 Benjamin Schall
 Chief Executive
Officer

		
	July 6, 2015		
		
			 Seritage Growth Properties
 3333 Beverly
Road
 Hoffinan Estates, Illinois 60179

 Brian Dickman 
 ### ## ###
######## ### 
 #### ### 
 ########### ## ##### 

Dear Brian, 
 We are pleased to extend to you our offer
to join Seritage Growth Properties (the “Company”) as Chief Financial Officer and Executive Vice President, reporting to the Chief Executive Officer. Your start date will be a date to be determined but no later than August 17,
2015. Your work location will be the Company’s headquarters located in New York, NY. This letter (the “Letter Agreement”) serves as confirmation of our offer, subject to the terms and conditions below. 

The key elements of your compensation package and the other conditions of your employment are as follows: 

 

	1.	Base Salary. Your annual base salary will be at a rate of $425,000. 

  

	2.	Sign-On Compensation. 

  

	 	a.	You will receive a one-time sign-on bonus of $250,000 (the “Sign-On Bonus”) which will be payable within thirty (30) days following your start date. 

 

	 	b.	You will also receive a one-time sign-on equity award (the “Sign-On Award” and, together with the Sign-On Bonus, the “Sign-On Compensation”) of $250,000 of common shares of beneficial
interest in the Company (the “Shares”), with 50% of such award in the form of time-vesting restricted stock units (“TV RSUs”) and 50% in the form of performance-vesting restricted stock units (“PV
RSUs”), subject to the terms and conditions established by the Compensation Committee (the “Compensation Committee”) of the Board of Trustees of the Company (the “Board”), it being understood that, in lieu
of the Shares, the Sign-On Award may be in the form of limited partnership interests in Seritage Growth Properties, L.P. (the “OP Units”). The Sign-On Award will be issued within sixty (60) days following the closing date of
the rights offering of the Company described in the Form S-11 filed with the Securities and Exchange Commission. The Sign-On Award shall vest (including with respect to applicable performance goals) pursuant
to the terms of the Company’s long-term equity incentive plan (the “Equity Plan”) and applicable award agreements as established by the Compensation Committee. 

 

	 	c.	In the event you voluntarily terminate your employment with the Company without Good Reason (as defined below) or are terminated by the Company for Cause (as defined below) within twelve (12) months immediately
following your start date, you will be required to immediately repay the Sign-On Bonus and forfeit the Sign-On Award. 

 Mr. Dickman 

July 6, 2015 
  Page
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	3.	Annual Bonus and Awards. 

  

	 	a.	As a participant in the Company’s annual incentive plan, you will be eligible to receive an annual cash bonus (the “Annual Bonus”) provided threshold performance goals are achieved. Your annual
target incentive opportunity will be 75% of your annual base salary and your annual maximum incentive opportunity will be 100% of your annual base salary, in each case, subject to performance goals, terms and conditions established by the
Compensation Committee. Your target incentive opportunity for your first year of employment will not be prorated from your start date through the last day of the Company’s fiscal year. Any Annual Bonus payable with respect to a fiscal year will
be paid during the following fiscal year at the same time as the annual incentives are paid generally to other members of the executive team, provided that you are actively employed on the payment date. Your Annual Bonus for 2015 shall be
guaranteed in an amount not less than $318,750, with no proration, and payable if you are actively employed on the payment date. 

  

	 	b.	As a participant in the Equity Plan, you will be eligible to receive an annual equity award in the form of either Shares or OP Units (the “Annual Award”) provided threshold performance goals are
achieved. Your annual target equity award will be an amount of Shares equal to 75% of your annual base salary and your annual maximum equity award will be an amount of Shares equal to 125% of your annual base salary, which will be issued 50% in the
form of TV RSUs and 50% in the form of PV RSUs, in each case, subject to performance goals, terms and conditions set forth in the Equity Plan and award agreements as established by the Compensation Committee. Any Annual Award issuable with respect
to a fiscal year will be issued during the following fiscal year at the same time as the annual awards are issued generally to other members of the executive team, provided that you are actively employed on the award issuance date. Your
Annual Award for 2015 shall be guaranteed in an amount not less than $318,750 Shares, with no proration, and issuable if you are actively employed on the award issuance date. 

 

	4.	Termination. 

  

	 	a.	 Your employment shall be at will and you may be terminated by the Company at any time with or without Cause. “Cause” shall mean
(i) a material breach by you (other than a breach resulting from your incapacity due to death or a Disability) of your duties and responsibilities which breach is demonstrably willful and deliberate on your part, is committed in bad faith or
without reasonable belief that 

 Mr. Dickman 

July 6, 2015 
  Page
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such breach is in the best interests of the Company or the Company’s affiliates and is not remedied in a reasonable period of time after receipt of written notice from the Company specifying
such breach; or (ii) the conviction of you of a felony (other than vehicular-related). “Disability” shall mean disability as defined under the Company’s long-term disability plan (regardless of whether you are a
participant under such plan) or if no such plan exists, your inability by reason of disability to perform your duties for 180 consecutive days. 

  

	 	b.	If you are terminated for Cause, you shall not be entitled to any of the benefits or amounts set forth in section 5 hereof (except with respect to section 5(c) to the extent required by law) and all Shares (and any
other equity interests) granted to you prior to the date of termination will be forfeited. 

  

	5.	Other Benefits and Compensation Matters. 

  

	 	a.	Severance. 

  

	 	i.	 In the event you are terminated by the Company without Cause or resign for Good Reason (as defined below), (A) you shall be entitled to
(1) a cash severance payment equivalent to twelve (12) months of base salary (payable in equal installments over a twelve (12) month period), (2) a prorated Annual Bonus for the year of termination (based on performance of the
Company for the full year in which the termination occurs) (but guaranteed at $318,750 if termination occurs during 2015) and (3) twelve (12) months of subsidized COBRA coverage whereby your premium costs are the active employee rate and
(B) (1) the Shares (and any other equity interests) granted to you as part of the Sign-On Award shall automatically vest and (2) a pro rata portion of your Annual Awards shall vest (based on the number of days you were employed
during the applicable vesting period); provided that in the case of the foregoing (B) (1) and (B) (2), vesting in respect of any performance-vesting Shares (and any other equity interests) shall be based on the performance of the
Company through the date of termination. The payments and awards contemplated by (A) and (B) above shall be subject to you continuing to comply with sections 6, 7 and 8 hereof at all times and you signing a release, on the thirtieth (30th) day following termination of your employment, in a form satisfactory to the Company (a “Release”). “Good Reason” shall mean, without your written consent,
(1) a reduction of ten percent (10%) or more of your annual base salary, annual cash bonus opportunity and annual equity grant opportunity from those in effect as of the date of this Letter Agreement or, if the reduction does not also
apply to other senior executives of the Company equally, then a material reduction of the foregoing; (2) your mandatory relocation to an office more than fifty (50) miles from the primary location at which you are required to perform your
duties on your start date; (3) any action or inaction that constitutes a material breach of the terms of this Letter Agreement, including failure of a successor 

 Mr. Dickman 

July 6, 2015 
  Page
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company to assume or fulfill the obligations under this Letter Agreement; (4) a material reduction in your duties or adverse change in title; or (5) the Sign-On Compensation is not
provided to you within the timeframes set forth in Section 2 hereof. In each case, you must provide the Company with written notice of the facts giving rise to a claim that “Good Reason” exists within ten (10) days of the
occurrence of such facts, and the Company shall have a right to remedy such event within sixty (60) days after receipt of such written notice. 

  

	 	ii.	In the event your employment terminates due to your death or Disability, (A) you shall be entitled to (1) a prorated Annual Bonus for the year of termination (based on performance of the Company for the full
year in which the termination occurs) (but guaranteed at $318,750 if termination occurs during 2015) and (2) solely in the case of a Disability, twelve (12) months of subsidized COBRA coverage whereby your premium costs are the active
employee rate and (B) the Shares (and any other equity interests) granted to you as part of the Sign-On Award and Annual Awards shall automatically vest; provided that vesting in respect of any performance-vesting Shares (and any other
equity interests) shall be based on the performance of the Company through the date of termination. 

  

	 	b.	Change of Control. In the event there is a “change in control” of the Company, the Shares (and any other equity interests) granted to you shall be treated as set forth in the Equity Plan and underlying
award agreements as established by the Compensation Committee. 

  

	 	c.	Vacation. You will be eligible to receive up to four (4) weeks of paid vacation per year to be taken in accordance with Company policy at that time, which shall be prorated during your first year of service
based on your start date. 

  

	 	d.	Benefits. You will be eligible to participate in all retirement, life insurance, health and welfare programs on a basis no less favorable than other senior executives of the Company, in accordance with the
applicable terms, conditions and availability of those programs. 

  

	 	e.	Housing/Relocation. The Company will provide you with corporate housing in the New York, New York metropolitan area for a period of time to be agreed upon by you and the Company. Upon your permanent relocation to
the New York, New York metropolitan area, the Company shall reimburse you for all reasonable and customary expenses of relocating your personal property and otherwise in accordance with the Company’s relocation policy. 

 

	 	f.	Section 409A. If you are a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986 (as amended) (“Section 409A”), to the extent required
by Section 409A, you will not be entitled to receive the benefits of section 5(a) hereof until the first (1st) day of the seventh
(7th) month following the date of termination of your employment. 

 Mr. Dickman 

July 6, 2015 
  Page
 5
 
  

	6.	Non-Solicitation of Employees. During your employment with the Company and for twelve (12) months following the termination of your employment with the Company, you will not, directly or indirectly, solicit
or encourage any person to leave her/his employment with the Company or hire or assist in any way with the hiring of any Company employee by any future employer or other entity. 

 

	7.	Non-Competition. During your employment with the Company and for twelve (12) months following the termination of your employment with the Company, you shall not, without the prior written consent of the
Board, directly or indirectly, enter into the employment of, render any services to, invest in, lend money to, engage, manage, operate, own or otherwise offer other assistance to, or participate in, as an officer, director, manager, employee,
principal, proprietor, representative, stockholder, member, partner, associate, consultant or otherwise, any person or entity that competes, plans to compete or is considering competing with the Company or any of its affiliates in any business of
the Company or any of its affiliates existing or proposed at the time you shall cease to perform services hereunder. 

  

	8.	Confidentiality. You will not, during the term of your employment with the Company or thereafter, and other than in the performance of your duties and obligations during your employment with the Company or as
required by law or legal process, and except as the Company may otherwise consent or direct in writing, reveal or disclose, sell, use, lecture upon or publish any confidential information of the Company. You further agree that the existence and
terms of this Letter Agreement, including any compensation paid to you, and discussions with the Company regarding this Letter Agreement, shall be considered confidential and shall not be disclosed or communicated in any manner except: (a) as
required by law or legal process; (b) to your spouse or domestic partner; (c) to your financial/legal advisors, all of whom shall agree to keep such information confidential; or (d) if such Letter Agreement is hereafter publicly filed
by the Company. 

  

	9.	Irreparable Harm. You acknowledge that irreparable harm would result from any breach by you of sections 6, 7, and/or 8 hereof, and that monetary damages alone would not provide adequate relief for any such
breach. Accordingly, if you breach or threaten to breach this Letter Agreement, the Company may seek injunctive relief in favor of the Company without the necessity of the Company posting a bond. Moreover, any award of injunctive relief shall not
preclude the Company from seeking or recovering any lawful compensatory damages which may have resulted from a breach of this Letter Agreement. 

  

	10.	Cooperation. You agree, without receiving additional compensation, to reasonably cooperate with the Company, both during and after the period of employment with the Company, with respect to matters that relate to
your period of employment, in all investigations, potential litigation or litigation in which the Company is involved or may become involved other than any such investigations, potential litigation or litigation between the Company and you. The
Company will reimburse you for reasonable travel and out-of-pocket expenses incurred in connection with any such investigations, potential litigation or litigation. 

 Mr. Dickman 

July 6, 2015 
  Page
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	11.	Future Enforcement or Remedy. Any waiver, or failure to seek enforcement or remedy for any breach or suspected breach, of any provision of this Letter Agreement by the Company or you in any instance shall not be
deemed a waiver of such provision in the future. 

  

	12.	Severability. If any provision(s) of this Letter Agreement shall be found invalid, illegal, or unenforceable, in whole or in part, then such provision(s) shall be modified or restricted so as to effectuate as
nearly as possible in a valid and enforceable way the provisions hereof, or shall be deemed excised from this Letter Agreement, as the case may require, and this Letter Agreement shall be construed and enforced to the maximum extent permitted by
law, as if such provision(s) had been originally incorporated herein as so modified or restricted or as if such provision(s) had not been originally incorporated herein, as the case may be. 

 

	13.	Governing Law. This Letter Agreement will be governed under the internal laws of the state of New York without regard to principles of conflicts of laws. You agree that the state and federal courts located in the
state of New York shall have exclusive jurisdiction in any action, lawsuit or proceeding based on or arising out of this Letter Agreement, and you hereby: (a) submit to the personal jurisdiction of such courts; (b) consent to the service
of process in connection with any action, suit, or proceeding against you; and (c) waive any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction, venue or service of process.

  

	14.	Right to Jury. You agree to waive any right to a jury trial on any claim contending that this Letter Agreement or any Release is illegal or unenforceable in whole or in part, and you agree to try any claims
brought in a court or tribunal without use of a jury or advisory jury. 

  

	15.	Entire Agreement. This Letter Agreement contains and comprises the entire understanding and agreement between you and the Company and fully supersedes any and all prior agreements or understandings between you
and the Company with respect to the subject matter contained herein, and may be amended only by a writing signed by you and a duly authorized officer of the Company. 

 

	16.	Tax Withholding. Any compensation paid or provided to you under this Letter Agreement shall be subject to any applicable federal, state or local income and employment tax withholding requirements.

  

	17.	Assignment. The Company may assign its rights under this Letter Agreement to any successor by merger, consolidation, or sale of assets. This Letter Agreement shall be binding whether it is between the Company and
you or between any such successor and you. 

 Mr. Dickman 

July 6, 2015 
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	18.	Counterparts. This Letter Agreement may be executed in one or more counterparts, which together shall constitute a valid and binding agreement. 

 

	19.	Section 409A Compliance. 

  

	 	a.	To the extent that a payment or benefit under this Letter Agreement is subject to Section 409A, it is intended that this Letter Agreement as applied to that payment or benefit comply with the requirements of
Section 409A, and the Letter Agreement shall be administered and interpreted consistent with this intent. 

  

	 	b.	With regard to any provision herein that provides for reimbursement of costs and expenses of in-kind benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not
be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind
benefits, to be provided in any other taxable year, and (iii) such payments shall be made on or before the last day of your taxable year following the taxable year in which the expense occurred. 

 

	 	c.	For purposes of Section 409A, your right to receive any installment payments pursuant to this Letter Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment
under this Letter Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified
period shall be within the sole discretion of the Company. 

  

	20.	Employee Representation. You hereby represent to the Company that the execution and delivery of this Letter Agreement by you and the Company and the performance by you of your duties hereunder shall not
constitute a breach of, or otherwise contravene, or be prevented, interfered with or hindered by, the terms of any employment agreement or other agreement or policy to which you are a party or otherwise bound, and further that you are not subject to
any limitation on your activities on behalf of the Company as a result of agreements into which you have entered except for obligations of confidentiality with former employers. To the extent this representation and warranty is not true and
accurate, it shall be treated as a Cause event and the Company may terminate you for Cause or not permit you to commence employment. 

  

	21.	Background Check. This offer, and your employment by the Company, is contingent upon completion (satisfactory to the Company) of a background reference check, employment authorization verification, and the
submission of required documents. 

 Brian, we are looking forward to you joining the Company. We are excited about the important
contributions you will make to the Company and look forward to your acceptance of our offer. If you need additional information or clarification, please call. 

 Mr. Dickman 

July 6, 2015 
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 This offer will expire if not accepted within one week from the date of this letter. To accept, sign below
and return this letter to my attention. 
  

	
	Sincerely,
	
	 /s/ Benjamin Schall

	Benjamin Schall

 Enclosures 

 Mr. Dickman 

July 6, 2015 
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 I understand and am in agreement with the above terms and conditions of my prospective employment, including
the employee representations set forth in the Letter Agreement. In addition, I consent to references and a background check. I acknowledge that this Letter Agreement embodies our entire employment agreement. My acceptance of this offer is made
voluntarily and after careful consideration. 
  

					
	 /s/ Brian Dickman
				 7/6/15

	Brian Dickman				Date

 [Letter Agreement Acceptance Signature Page]

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