Document:

EX-10.13

  

 
 Aimco JO Intermediate Holdings, LLC

 $534,127,075 
 
5.2% Secured Mezzanine Notes due January 31, 2024 
  

 
 Mezzanine
Note Agreement 
  
  

Dated as of             , 2020 

 
  

 

 Table of Contents 

 

							
	 	  	Page	 
	 Section 1.
	 	Authorization of Notes	  	 	1	 
			
	 Section 2.
	 	Transfer and Issuance of Notes	  	 	1	 
			
	 Section 3.
	 	Closing	  	 	1	 
			
	 Section 4.
	 	Deliverables at Closing	  	 	1	 
	 Section 4.1.
	 	 Delivery of Transferred Interests
	  	 	1	 
	 Section 4.2.
	 	 Pledge Agreement and Collateral
	  	 	2	 
	 Section 4.3.
	 	 James Oxford Operating Agreement
	  	 	2	 
			
	 Section 5.
	 	Representations and Warranties of the Company	  	 	2	 
	 Section 5.1.
	 	 Organization; Power and Authority
	  	 	2	 
	 Section 5.2.
	 	 Authorization, Etc.
	  	 	2	 
	 Section 5.3.
	 	 Organization and Ownership of Shares of Certain Subsidiaries
	  	 	2	 
	 Section 5.4.
	 	 REIT Representations
	  	 	3	 
	 Section 5.5.
	 	 Title to Property
	  	 	3	 
	 Section 5.6.
	 	 Existing Indebtedness; Restrictions on Indebtedness and Liens.
	  	 	3	 
			
	 Section 6.
	 	Notices From the Company	  	 	3	 
			
	 Section 7.
	 	Payment and Prepayment of the Notes	  	 	4	 
	 Section 7.1.
	 	 Maturity; Payment of Interest
	  	 	4	 
	 Section 7.2.
	 	 Mandatory Prepayments
	  	 	4	 
	 Section 7.3
	 	 Other Prepayments
	  	 	4	 
	 Section 7.4
	 	 Allocation of Partial Prepayments
	  	 	4	 
	 Section 7.5
	 	 Maturity; Surrender, Interest on Prepayments, Etc
	  	 	5	 
	 Section 7.6.
	 	 Payments Due on Non-Business Days
	  	 	5	 
	 Section 7.7.
	 	 Late Charges
	  	 	5	 
	 Section 7.8
	 	 Make-Whole Amount
	  	 	5	 
			
	 Section 8.
	 	Affirmative Covenants	  	 	5	 
	 Section 8.1.
	 	 Existence, Etc.
	  	 	6	 
	 Section 8.2.
	 	 REIT Covenants
	  	 	6	 
	 Section 8.3.
	 	 Maintenance of Properties
	  	 	6	 
	 Section 8.4.
	 	 Maintenance of Insurance
	  	 	6	 
	 Section 8.5.
	 	 Compliance with Laws
	  	 	6	 
	 Section 8.6.
	 	 Compliance with Mortgage Loan Documents
	  	 	6	 
			
	 Section 9.
	 	Negative Covenants	  	 	7	 
	 Section 9.1.
	 	 Merger, Consolidation, Etc.
	  	 	7	 
	 Section 9.2.
	 	 Liens
	  	 	7	 
	 Section 9.3.
	 	 Indebtedness
	  	 	8	 
	 Section 9.4.
	 	 Dispositions
	  	 	8	 
	 Section 9.5.
	 	 Sale and Leaseback Transactions
	  	 	9	 
	 Section 9.6.
	 	 Change in Nature of Business
	  	 	9	 

  
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	 Section 10.
	 	Events of Default	  	 	9	 
			
	 Section 11.
	 	Remedies on Default, Etc.	  	 	10	 
	 Section 11.1.
	 	 Acceleration
	  	 	10	 
	 Section 11.2.
	 	 Other Remedies
	  	 	11	 
	 Section 11.3.
	 	 Rescission
	  	 	11	 
	 Section 11.4.
	 	 No Waivers or Election of Remedies, Expenses, Etc.
	  	 	11	 
			
	 Section 12.
	 	 Collateral Matters
	  	 	11	 
	 Section 12.1.
	 	 Collateral
	  	 	11	 
	 Section 12.2.
	 	 Collateral Agent
	  	 	11	 
			
	 Section 13.
	 	Registration; Exchange; Substitution of Notes	  	 	12	 
	 Section 13.1.
	 	 Registration of Notes
	  	 	12	 
	 Section 13.2.
	 	 Transfer and Exchange of Notes
	  	 	13	 
	 Section 13.3.
	 	 Replacement of Notes
	  	 	13	 
			
	 Section 14.
	 	Payments on Notes	  	 	13	 
	 Section 14.1.
	 	 Place of Payment
	  	 	13	 
	 Section 14.2.
	 	 Payment by Wire Transfer
	  	 	14	 
	 Section 14.3.
	 	 Withholding
	  	 	14	 
			
	 Section 15.
	 	 Survival of Representations and Warranties; Entire Agreement
	  	 	14	 
			
	 Section 16.
	 	Amendment and Waiver	  	 	15	 
	 Section 16.1.
	 	 Requirements
	  	 	15	 
	 Section 16.2.
	 	 Binding Effect, Etc.
	  	 	15	 
	 Section 16.3.
	 	 Notes Held by Company, Etc.
	  	 	15	 
			
	 Section 17.
	 	Notices	  	 	15	 
			
	 Section 18.
	 	 Miscellaneous
	  	 	16	 
	 Section 18.1.
	 	 Successors and Assigns
	  	 	16	 
	 Section 18.2.
	 	 Accounting Terms
	  	 	16	 
	 Section 18.3.
	 	 Severability
	  	 	16	 
	 Section 18.4.
	 	 Construction, Etc.
	  	 	16	 
	 Section 18.5.
	 	 Counterparts
	  	 	17	 
	 Section 18.6.
	 	 Governing Law
	  	 	17	 
	 Section 18.7.
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	17	 

  
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	 Schedules
	  				  	
			
	 Schedule A
	  	 	—	 	  	 Defined Terms

			
	 Schedule 1
	  	 	—	 	  	 Form of 5.2% Secured Mezzanine Note due January 31, 2024

			
	 Schedule 2
	  	 	—	 	  	 Equity Interests Exchanged for Notes

			
	 Schedule 5.3
	  	 	—	 	  	 James Oxford Subsidiaries

			
	 Schedule 5.6
	  	 	—	 	  	 Existing Indebtedness

			
	 Purchaser Schedule
	  	 	—	 	  	 Information Relating to Purchasers

  
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 AIMCO JO INTERMEDIATE HOLDINGS, LLC 

4582 South Ulster Street, Suite 1400 

Denver, Colorado 80237 

5.2% Secured Mezzanine Notes due January 31, 2024 

As of             , 2020 

To Each of the Purchasers Listed in 
 the
Purchaser Schedule Hereto: 
 Ladies and Gentlemen: 

Aimco JO Intermediate Holdings, LLC, a Delaware limited liability company (the “Company”), agrees with each of the Purchasers
as follows: 
 Section 1.    Authorization of Notes. The Company has authorized
the issue of $534,127,075 aggregate principal amount of its 5.2% Secured Mezzanine Notes due January 31, 2024 (the “Notes”) in exchange for the Equity Interests in James Oxford described on Schedule 2. The Notes shall be
substantially in the form set out in Schedule 1. Certain capitalized and other terms used in this Agreement are defined in Schedule A and, for purposes of this Agreement, the rules of construction set forth in Section 18.4 shall
govern. 
 Section 2.    Transfer and Issuance of Notes. Subject to the terms
and conditions of this Agreement, the Company will issue to each Purchaser, in exchange for the Equity Interests transferred from each Purchaser to the Company as listed on Schedule 2 (such Equity Interests, the “Transferred
Interests”), at the Closing provided for in Section 3, Notes in the principal amount specified opposite such Purchaser’s name in the Purchaser Schedule. The Purchasers’ obligations hereunder are several and not joint
obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder. 

Section 3.    Closing. The issuance of the Notes to be issued to each Purchaser
shall occur at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, 155 N. Wacker Dr., Chicago, Illinois 60606, at 9:00 a.m., Chicago time, at a closing (the “Closing”) on
            , 2020. At the Closing, the Company will deliver to each Purchaser the Notes to be issued to such Purchaser in the form of a single Note dated the date of the Closing and
registered in such Purchaser’s name, against delivery by such Purchaser to the Company of the Transferred Interests owned by such Purchaser. In addition, at the Closing, the Company shall be admitted as a partner in James Oxford. 

Section 4.    Deliverables at Closing. At the Closing the following shall occur:

 Section 4.1.    Delivery of Transferred Interests. Each Purchaser shall transfer to the Company ownership
in the Transferred Interests, and the Company shall be admitted to James Oxford as a partner. 

 Section 4.2.    Pledge Agreement and Collateral. The Company
shall deliver to the Collateral Agent, for the benefit of each Purchaser, an executed counterpart of the Pledge Agreement and certificates representing the Transferred Interests, if any such certificates exist. 

Section 4.3.    James Oxford Operating Agreement. The Company shall deliver to such Purchaser executed
counterparts of the limited partnership agreement of James Oxford, which shall permit the Collateral Agent or a purchaser at a foreclosure sale to, pursuant to the remedies available to each such Person under the Pledge Agreement, be admitted to
James Oxford as a partner during an Event of Default hereunder. 

Section 5.    Representations and Warranties of the Company. The Company
represents and warrants to each Purchaser that: 
 Section 5.1.    Organization; Power and Authority. The
Company is a limited liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign limited liability company and is in good standing in each
jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. The Company has the limited liability company power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this
Agreement and the other Note Documentation and to perform the provisions hereof and thereof. 

Section 5.2.    Authorization, Etc. This Agreement, the Pledge Agreement and the Notes have been duly
authorized by all necessary limited liability company action on the part of the Company, and this Agreement, the Pledge Agreement and the Notes constitute legal, valid and binding obligations of the Company enforceable against the Company in
accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
(ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 5.3.    Organization and Ownership of Shares of Certain Subsidiaries. 

(a)    As of the Closing and after giving effect to the transfer of the Transferred Interests by the Purchasers, the
Company will own all of the outstanding Equity Interests in James Oxford, except for the Minority Common Interests. As of the Closing and after giving effect to the transactions contemplated hereby, AIMCO/Bethesda is the owner of the Minority Common
Interests. As of the Closing, James Oxford directly or indirectly owns all of the outstanding Equity Interests in each James Oxford Subsidiary listed on Schedule 5.3. All of the outstanding Equity Interests of James Oxford owned by the Company have
been validly issued, are fully paid and non-assessable and are owned by the Company free and clear of any Lien that is prohibited by this Agreement. 

(b)    All of the outstanding Equity Interests of each James Oxford Subsidiary have been validly issued, are fully paid
and non-assessable and are owned directly or indirectly by James Oxford free and clear of any Lien that is prohibited by this Agreement. 

(c)    James Oxford, each James Oxford Entity and each James Oxford Subsidiary is a corporation, limited partnership,
limited liability company or other legal entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation, limited partnership, limited
liability company or other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is required by 

  
 2 

 
law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. James Oxford, each James Oxford Entity and each James Oxford Subsidiary has the corporate, limited partnership, limited liability company or other power and authority to own or hold under lease the properties it purports to own or hold under
lease and to transact the business it transacts and proposes to transact. 
 Section 5.4.    REIT
Representations. As of the date of this agreement and at all times thereafter while any portion of any Note remains outstanding, James Oxford will hold real property (within the meaning of Treasury Regulation section 1.856-3(d)). 
 Section 5.5.    Title to Property. The Company has good
title to, and is the record and beneficial owner of, the Collateral free and clear of all Liens other than Liens expressly permitted hereunder. James Oxford has good title to, and is the record and beneficial owner of, directly or indirectly, all
Equity Interests in each James Oxford Subsidiary. Each James Oxford Subsidiary has good and marketable title to the Specified Property listed opposite its name on Schedule 5.3, in each case free and clear of Liens prohibited by this Agreement,
except for those defects in title that, individually or in the aggregate, would not have a Material Adverse Effect. 

Section 5.6.    Existing Indebtedness; Restrictions on Indebtedness and Liens. 

(a)    Schedule 5.6 sets forth a complete and correct list of all outstanding Indebtedness for borrowed money of the
Company, James Oxford, each James Oxford Entity and each James Oxford Subsidiary as of the Closing. Neither the Company, James Oxford nor any James Oxford Entity or any James Oxford Subsidiary is in default and no waiver of default is currently in
effect, in the payment of any principal or interest on any such Indebtedness and no event or condition exists with respect to any such Indebtedness that would permit (or that with notice or the lapse of time, or both, would permit) one or more
Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b)    Neither the Company, James Oxford nor any James Oxford Entity or James Oxford Subsidiary is a party to, or
otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary, any agreement relating thereto or any other agreement (including its
charter or any other organizational document) which would prohibit the incurrence of Indebtedness hereunder or the granting of Liens on the Collateral. 

Section 6.    Notices From the Company. The Company shall deliver to each holder
of a Note promptly, and in any event within 15 Business Days (or 10 Business Days in the case of (x) a merger or consolidation of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary or (y) a Change of Control)
after a Responsible Officer becoming aware of the existence of any (i) Default or Event of Default, (ii) default or event of default under any document evidencing Indebtedness for borrowed money secured by a mortgage, deed of trust,
assignment of rents or other security interest on any Specified Property or of the Equity Interests in any Person that owns, directly or indirectly, any Specified Property, (iii) Disposition of any Specified Property, (iv) Casualty or
Condemnation Event with respect to any Specified Property, (v) merger or consolidation of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary or (vi) Change of Control, written notice specifying the nature and
period of existence thereof and what action the Company is taking or proposes to take with respect thereto. 

  
 3 

 Section 7.    Payment and Prepayment of
the Notes. 
 Section 7.1.    Maturity; Payment of Interest. 

(a)    The entire unpaid principal balance of each Note shall be due and payable on the Maturity Date. 

(b)    The Company shall pay interest (computed on the basis of a 360-day year of
twelve 30-day months) on (i) the unpaid balance of each Note at the rate of 5.2% per annum from the date hereof, payable quarterly, on the first day of January, April, July and October in each year,
commencing on April 1, 2021, and on the Maturity Date, until the principal of each Note shall have been paid in full, and (ii) to the extent permitted by law, any overdue payment of interest, at the Default Rate pursuant to
Section 7.1(c) below. 
 (c)     (1) If any amount due in respect of the Notes (other than amounts due on the
Maturity Date) remains past due for thirty (30) days or more, interest on such unpaid amount(s) shall accrue from the date payment was due at the Default Rate and shall be payable upon demand by any Purchaser and (2) if any amount due in
respect of the Notes is not paid in full on the Maturity Date, then interest shall accrue at the Default Rate on all such unpaid amounts from the Maturity Date until fully paid and shall be payable upon demand by the Purchasers. 

Section 7.2.    Mandatory Prepayments. Promptly, and in any event within 15 Business Days, following a Disposition
by (including, without limitation, a Casualty or Condemnation Event) or merger, consolidation or similar event or transaction of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary, the Company shall prepay or cause to
be prepaid the Notes in an amount equal to the Net Cash Proceeds of such Disposition or merger, consolidation or similar event or transaction, which prepayment shall be accompanied by the Make-Whole Amount determined for the prepayment date with
respect to such amount; provided that no such prepayment shall be required if the Remaining Collateral Value Test is satisfied and the Company elects to reinvest such Net Cash Proceeds in accordance with the Reinvestment Conditions; provided
further, if the Company elects to pursue such reinvestment option and such reinvestment does not occur within 180 days of the receipt of such Net Cash Proceeds, the Company shall prepay or cause to be prepaid the Notes on such 180th day. 

Section 7.3.     Other Prepayments. Except as provided in Section 7.2 or Section 11.1, the Notes shall
not be prepaid in whole or in part prior to the Maturity Date and the Purchasers shall have no obligation to accept any such attempted prepayment prior to the Maturity Date. The Company expressly acknowledges and agrees that (a) the prohibition on
prepayments is reasonable and is the product of an arm’s length transaction between sophisticated business people, (b) it shall be estopped hereafter from claiming differently than as agreed to in this paragraph, (c) its agreement to a
prohibition on prepayments as herein described is a material inducement to the Purchasers’ decision to enter into this Agreement and (d) upon a prepayment of the Notes in violation of this Section 7.3, the Purchasers would suffer substantial
harm, and any prepayment received and accepted in violation of this Section 7.3 shall be accompanied by the Make-Whole Amount. This Section 7.3 shall not prejudice the rights of the Purchasers to accelerate the Notes pursuant to Section 11 hereof.

 Section 7.4.    Allocation of Partial Prepayments. In the case of each partial prepayment of the Notes
pursuant to Section 7.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore
called for prepayment. 

  
 4 

 Section 7.5.    Maturity; Surrender, Interest on Prepayments,
Etc. Each prepayment of Notes made pursuant to Section 7.2 shall be accompanied by all accrued and unpaid interest in the amount so prepaid and the applicable Make-Whole Amount. Any Note paid or prepaid in full shall be surrendered to the
Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 

Section 7.6.    Payments Due on Non-Business Days. Anything in
the Note Documentation to the contrary notwithstanding, (x) except as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next succeeding Business Day without
including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due on the Maturity Date of such
Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day. 

Section 7.7.    Late Charges. If any scheduled interest payment is not received by the holder of any
Note within 10 Business Days after the applicable payment date, inclusive of the date on which such amount is due, the Company shall pay to the applicable holder, immediately without demand by such holder, the Late Charge. 

Section 7.8.    Make-Whole Amount. 

The term “Make-Whole Amount” means, with respect to any Note, an amount equal to the Remaining Scheduled Payments with respect to
the Called Principal of such Note. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings: 

“Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 7.2 or has
become or is declared to be immediately due and payable pursuant to Section 11.1, as the context requires. 
 “Remaining Scheduled
Payments” means, with respect to the Called Principal of any Note, all payments of interest on such Called Principal that would be due after the Settlement Date and on or prior to the Maturity Date if no payment of such Called Principal were
made prior to its scheduled due date; provided that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the
amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 7.2 or Section 11.1. 

“Settlement Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid
pursuant to Section 7.2 or has become or is declared to be immediately due and payable pursuant to Section 11.1, as the context requires. 

The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free
from repayment by the Company (except as herein specifically provided for) and that the obligation to pay the Make-Whole Amount set forth herein is intended to provide compensation for the deprivation of such right under such circumstances. The
right to receive the Make-Whole Amount upon any prepayment or acceleration is a material inducement to the Purchasers’ decision to enter into this Agreement. 

  
 5 

 Section 8.    Affirmative
Covenants. The Company covenants that so long as any of the Notes are outstanding: 

Section 8.1.    Existence, Etc. Subject to Section 9.1, the Company will at all times preserve and
keep its limited liability company existence in full force and effect. Subject to Section 9.1, the Company will at all times cause to be preserved and kept in full force and effect the limited partnership, limited liability company or corporate
existence of James Oxford, each James Oxford Entity and each James Oxford Subsidiary and all rights and franchises of the Company, James Oxford, the James Oxford Entities and the James Oxford Subsidiaries unless, in the case of each James Oxford
Entity and each James Oxford Subsidiary, the termination of or failure to preserve and keep in full force and effect such existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect. 

Section 8.2.    REIT Covenants. 

(a)    At all times necessary after the Closing while any portion of any Note remains outstanding, James Oxford will hold
real property (within the meaning of Treasury Regulation section 1.856-3(d)). 

(b)    Except for such regulatory notices, consents, or approvals as may be required under applicable law, James Oxford
has taken all steps necessary such that, upon default and foreclosure of the Note, the registered holders will replace the Company as a partner in James Oxford, and AIMCO/Bethesda has agreed that, in such circumstances, it will not unreasonably
oppose the admission of the registered holders as partners therein. 
 Section 8.3.    Maintenance of
Properties. The Company will, and shall cause James Oxford, each of the James Oxford Entities and each of the James Oxford Subsidiaries to, (a) maintain, preserve and protect all of its properties and equipment necessary in the operation of
its business, ordinary wear and tear, force majeure, casualty events and transactions not prohibited by this Agreement excepted, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; (b) make all
necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation and
maintenance of its facilities, taken as a whole. 
 Section 8.4.    Maintenance of Insurance. Except where
the failure to do so would not reasonably be expected to have a Material Adverse Effect, the Company will maintain or cause to be maintained, such insurance coverage with respect to liabilities, losses or damage in respect of the assets, properties
and business of the Company, James Oxford, the James Oxford Entities and the James Oxford Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses (as
determined in good faith by the Company), in each case in such amounts, with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons. 

Section 8.5.    Compliance with Laws. The Company, James Oxford, each James Oxford Entity and each James
Oxford Subsidiary will comply, and shall cause their respective Subsidiaries to comply, with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority, except to the extent the failure of the Company, James
Oxford, such James Oxford Entity, such James Oxford Subsidiary or such other Subsidiary to comply could not reasonably be expected to have a Material Adverse Effect. 

  
 6 

 Section 8.6.    Compliance with Mortgage Loan Documents.
Except where the failure to do so could not reasonably be expected to have a Material Adverse Effect, the Company will, and shall cause James Oxford, each of the James Oxford Entities and each of the James Oxford Subsidiaries to, comply with the
provisions of any document evidencing Indebtedness for borrowed money secured by a mortgage, deed of trust, assignment of rents or other security interest on any Specified Property or of the Equity Interests in any Person that owns, directly or
indirectly, any Specified Property or any mezzanine Indebtedness incurred by the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary. 

Section 9.    Negative Covenants. The Company covenants that so long as any of the
Notes are outstanding: 
 Section 9.1.    Merger, Consolidation, Etc. The Company will not and will
not permit James Oxford, any James Oxford Entity or any James Oxford Subsidiary to consolidate with or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions
to any Person, consummate a Division as the Dividing Person, or liquidate or dissolve, unless: 
 (i)    the Company,
James Oxford, such James Oxford Entity or such James Oxford Subsidiary receives consideration (A) at least equal to the fair market value (such fair market value to be determined (i) on the date of contractually agreeing to such merger,
consolidation or other transaction and (ii) in good faith by the Company), of the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary, as applicable, which such fair market value shall be a positive number, and
(B) that is 100% in the form of cash; provided that for purposes of determining “cash” consideration, any assumption of Indebtedness or other liabilities by buyer shall be deemed cash consideration, so long as seller is
released from such Indebtedness or other liabilities, and (ii) the Company prepays or causes to be prepaid the Notes to the extent required by Section 7.2. 

No such Disposition of assets or property shall have the effect of releasing the Company or any successor corporation, limited partnership,
limited liability company or other entity that shall theretofore have become such in the manner prescribed in this Section 9.1, from its liability under the Note Documentation. 

Section 9.2.    Liens. (a) The Company will not directly or indirectly create, incur, assume or permit to
exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any of the Collateral, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive
income or profits, except: 
 (i)    Liens arising under the Note Documentation; or 

(ii)    Liens for taxes not yet due or which are being contested in good faith and by appropriate
proceedings in the circumstances, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP. 

  
 7 

 (b)    The Company will not permit James Oxford, any James Oxford Entity
or any James Oxford Subsidiary to, directly or indirectly, create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any of its property or assets, whether now owned or held or
hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits, except: 

(i)    Liens existing on the date hereof that secure Indebtedness listed on Schedule 5.6 hereto and any
renewals or extensions thereof; provided that the property covered thereby is not increased and any renewal or extension of the obligations secured or benefitted thereby is permitted pursuant to Section 9.3; 

(ii)    Liens for taxes not yet due or which are being contested in good faith and by appropriate
proceedings in the circumstances, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

(iii)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or
other like Liens arising in the ordinary course of business which are not overdue for a period of more than 60 days or which are being contested in good faith and by appropriate proceedings in the circumstances, if adequate reserves with respect
thereto are maintained on the books of the applicable Person to the extent required in accordance with GAAP; 

(iv)    easements,
rights-of-way, restrictions and other similar encumbrances affecting real property and other minor defects or irregularities in title and other similar encumbrances
including the reservations, limitations, provisos and conditions, which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property of James Oxford, any James Oxford Entity or any
James Oxford Subsidiary, as applicable, or materially interfere with the ordinary conduct of the business of the applicable Person; 

(v)    statutory rights of set-off arising in the ordinary course
of business; 
 (vi)    with respect to any real property, immaterial title defects or irregularities
that do not, individually or in the aggregate, materially impair the use of such real property; 

(vii)    Liens on any cash earnest money deposits or other escrow arrangements made in connection with any
letter of intent or purchase agreement; and 
 (viii)    Liens arising under the Note Documentation. 

Section 9.3.    Indebtedness. (a) The Company will not directly or indirectly create, incur, assume,
guarantee, or otherwise become directly or indirectly liable with respect to any Priority Debt other than Indebtedness hereunder. 

(b)    The Company will not permit James Oxford, any James Oxford Entity or any James Oxford Subsidiary to, directly or
indirectly, create, incur, assume, guarantee, or otherwise become directly or indirectly liable with respect to any Indebtedness, except: 

(i)    Indebtedness outstanding on the date hereof that is listed on Schedule 5.6 hereto and any
refinancings, refundings, renewals or extensions thereof; provided the amount of 

  
 8 

 
such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and
expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder; and 

(ii)    other Indebtedness not permitted in clause (b)(i) above in an aggregate principal amount not to
exceed $5,000,000. 
 Section 9.4.    Dispositions. The Company will not and will not permit James Oxford,
any James Oxford Entity or any James Oxford Subsidiary to make any Disposition (other than the incurrence of any Lien not prohibited under Section 9.2), unless: 

(a)    with respect to any Casualty or Condemnation Event, the Company prepays or causes to be prepaid the Notes to the
extent required by Section 7.2; or 
 (b)    with respect to any other Disposition, (i) the Company, James Oxford, such
James Oxford Entity or such James Oxford Subsidiary receives consideration (A) at least equal to the fair market value (such fair market value to be determined (x) on the date of contractually agreeing to such Disposition and (y) in
good faith by the Company), of the property subject to such Disposition and (B) that is 100% in the form of cash; provided that for purposes of determining “cash” consideration, any assumption of Indebtedness or other
liabilities by buyer shall be deemed cash consideration, so long as seller is released from such Indebtedness or other liabilities, and (ii) the Company prepays or causes to be prepaid the Notes to the extent required by Section 7.2; or 

(c)     in the case of a Disposition of a Specified Property or a Disposition of all or any portion of the Equity
Interests of the owner of such Specified Property, (i) contemporaneously with such Disposition, real property with, or Equity Interests of an owner of real property with, similar cash flows and comparable fair market value to the Specified
Property Disposed of or owned by such Person whose Equity Interests are Disposed of is exchanged or otherwise substituted for such Specified Property or such owner of Specified Property and (ii) each Purchaser provides prior written consent to
such Disposition, which consent is not to be unreasonably withheld. 
 Upon the occurrence of any Disposition contemplated by Section 9.4(c), any real
property exchanged or substituted for a Specified Property shall become a “Specified Property” for all purposes under this Agreement and the other Note Documentation and such original Specified Property shall cease to be a “Specified
Property” under this Agreement and the other Note Documentation. 
 Section 9.5.    Sale and Leaseback
Transactions. The Company will not and will not permit James Oxford, any James Oxford Entity or any James Oxford Subsidiary to enter into any 

  
 9 

 
arrangement, directly or indirectly, whereby it shall sell or transfer any property (real or personal) used or useful in its business, whether now owned or hereinafter acquired, and thereafter
rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred (each such transaction, a “Sale/Leaseback Transaction”), unless (a) such
Disposition is permitted under Section 9.2, (b) the Company complies with Section 7.2, and (c) such lease is not required to be capitalized in accordance with GAAP and is not otherwise Indebtedness. 

Section 9.6.    Change in Nature of Business. The Company will not and will not permit James Oxford, any James
Oxford Entity or any James Oxford Subsidiary to engage in any material line of business substantially different from those lines of business currently conducted by the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary
on the date hereof or any business substantially related or incidental or ancillary thereto. 

Section 10.    Events of Default. An “Event of Default” shall
exist if any of the following conditions or events shall occur and be continuing: 
 (a)    the Company defaults in the
payment of any principal, Late Charge or Make-Whole Amount on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 

(b)    the Company defaults in the payment of any interest on any Note for more than 30 Business Days after the same
becomes due and payable; or 
 (c)    the Company defaults in the performance of or compliance with any term
contained herein (other than those referred to in Sections 10(a) or (b)) and such default is not remedied within 60 days after the Company receiving written notice of such default from any holder of a Note (any such written notice to be
identified as a “notice of default” and to refer specifically to this Section 10(c)); or 
 (d)    the
Company (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or
arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its
creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be
liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or 
 (e)    a court or other
Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company, James Oxford or any Material Subsidiary, as applicable, a custodian, receiver, trustee or other officer with similar powers with respect to
it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or
insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company, James Oxford or such Material Subsidiary, as applicable, or any such petition shall be filed against
the Company, James Oxford or such Material Subsidiary, as applicable, and such petition shall not be dismissed within 60 days; or 

(f)    one or more final judgments or orders for the payment of money aggregating in excess of $50,000,000, including any
such final order enforcing a binding arbitration decision, are rendered against James Oxford, any James Oxford Entity and/or any James Oxford Subsidiary and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed
pending appeal, or are not discharged within 60 days after the expiration of such stay. 

  
 10 

 Section 11.    Remedies on Default, Etc. 

Section 11.1.    Acceleration. (a) If an Event of Default with respect to the Company described in
Section 10(d) or (e) (other than an Event of Default described in clause (i) of Section 10(d) or described in clause (vi) of Section 10(d) by virtue of the fact that such clause encompasses clause (i) of
Section 10(d)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 

(b)    If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their
option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 

(c)    If any Event of Default described in Section 10(a) or (b) has occurred and is continuing, any holder or
holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 

(d)    Upon any Notes becoming due and payable under this Section 11.1, whether automatically or by declaration, such
Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount determined in respect of such
principal amount, shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a
Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are
prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. The right to receive the Make-Whole Amount upon any prepayment or acceleration is a
material inducement to the Purchasers’ decision to enter into this Agreement. 
 Section 11.2.    Other
Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 11.1, the holder of any Note at the time
outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction
against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise; provided that only the Collateral Agent shall be entitled to exercise remedies with respect to
the Collateral pursuant to the Pledge Agreement. 
 Section 11.3.    Rescission. At any time after any Notes
have been declared due and payable pursuant to Section 11.1(b) or (c), the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all due or overdue
interest on the Notes, all principal of and Make-Whole Amount on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount and (to the extent
permitted by applicable law) any Late Charge or overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration,
(c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 16, and
(d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 11.3 will extend to or affect any subsequent Event of Default or Default or impair
any right consequent thereon. 
 Section 11.4.    No Waivers or Election of Remedies, Expenses, Etc.
No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right,

  
 11 

 
power or remedy conferred by this Agreement or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available
at law, in equity, by statute or otherwise. The Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this
Section 11, including reasonable attorneys’ fees, expenses and disbursements. 

Section 12.    Collateral Matters. 

Section 12.1.    Collateral. At the time of the Closing, the Company shall grant to the Collateral Agent
for the benefit of the Purchasers a first lien, priority security interest in the Equity Interests it owns or at any time hereafter acquires in James Oxford and all proceeds thereof by executing and delivering the Pledge Agreement. 

Section 12.2.    Collateral Agent. 

(a)    Each Purchaser hereby appoints AIR OP to act on behalf of the Purchasers as collateral agent (in such capacity,
together with its successors and assigns, the “Collateral Agent”) under the Pledge Agreement and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Agreement and
the Pledge Agreement, and AIR OP agrees to act as such. In taking any action pursuant to the provisions of the Pledge Agreement, and in exercising any rights or remedies set forth therein, the Collateral Agent shall act at the direction of the
Required Holders, and any such actions taken at the direction of the Required Holders shall be binding upon all Purchasers. Notwithstanding any provision to the contrary contained elsewhere in this Agreement and the Pledge Agreement, the duties of
the Collateral Agent shall be ministerial and administrative in nature, and the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the Pledge Agreement, nor shall the Collateral Agent have
or be deemed to have any trust or fiduciary relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement and the Pledge Agreement or otherwise exist
against the Collateral Agent. 
 (b)    Subject to the provisions of the Pledge Agreement, each Purchaser agrees that
the Collateral Agent shall execute and deliver the Pledge Agreement and all agreements, powers of attorney, documents and instruments incidental thereto, and act in accordance with its terms. 

(c)    The Collateral Agent shall have no obligation whatsoever to the Purchasers to assure that the Collateral exists or
is owned by the Company or is cared for, protected, or insured or has been encumbered, or that the Collateral Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to
any particular priority, or to determine whether all of the Company’s property constituting Collateral has been properly and completely listed or delivered, as the case may be, or the genuineness, validity, marketability or sufficiency thereof
or title thereto, or to exercise at all or in any particular manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers granted or available to the Collateral Agent pursuant to
this Agreement or the Pledge Agreement, it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, the Collateral Agent shall have no other duty or liability whatsoever to the Purchasers as to
any of the foregoing. 
 (d)    The Collateral Agent may resign at any time by notice to each Purchaser and the Company,
such resignation to be effective upon the acceptance by each Purchaser of a successor agent to its appointment as Collateral Agent. If no successor collateral agent is appointed prior to the intended effective date of the resignation of the
Collateral Agent (as stated in the notice of resignation), the Collateral Agent may appoint, after consulting with each Purchaser, subject to the consent of the 

  
 12 

 
Company (which shall not be unreasonably withheld and which shall not be required during a continuing Event of Default), a successor collateral agent. Upon the acceptance of its appointment as
successor collateral agent hereunder, such successor collateral agent shall succeed to all the rights, powers and duties of the retiring Collateral Agent, and the term “Collateral Agent” shall mean such successor collateral agent, and the
retiring Collateral Agent’s appointment, powers and duties as the Collateral Agent shall be terminated. Promptly following the acceptance of the appointment of any successor Collateral Agent, the Company shall cause assignments of filings
existing on the date of such assignment related to the Collateral to be filed or recorded sufficient to reflect the successor Collateral Agent, as secured party of record in accordance with applicable law related to each portion of the Collateral.
After the retiring Collateral Agent’s resignation hereunder, the provisions of this Section 12.2 shall continue to inure to its benefit and the retiring Collateral Agent shall not by reason of such resignation be deemed to be released from
liability as to any actions taken or omitted to be taken by it while it was the Collateral Agent under this Agreement. 

Section 13.    Registration; Exchange; Substitution of Notes. 

Section 13.1.    Registration of Notes. The Company will maintain, in electronic format or otherwise, at its
principal place of business, a register of the names and addresses of the holder(s) of this Note and the principal amount (and stated interest) owing to each holder (the “Register”), and will update the Register to
reflect any permitted assignments or transfers subsequent to the date hereof. The Company will make payments of principal and interest as specified hereunder to the holder(s) named as such in the Register. The holder(s) shall notify the Company in
writing prior to any assignment, transfer or other disposition of this Note (or any portion hereof) or such holder(s)’ rights or interests hereunder, with such written notice to be delivered to the Company not later than one Business Day prior
to any such assignment, transfer or disposition and which notice shall specify the principal amount hereunder that is the subject of such assignment, transfer or disposition. Any assignment, transfer or other disposition of this Note (or any portion
thereof) shall be effective only upon appropriate entries with respect thereto being made in the Register, which shall be made promptly upon receipt of such written notice. Notwithstanding anything to the contrary herein, the entries in the Register
shall be conclusive, absent manifest error; the Company and each holder shall treat the person whose name is recorded in the Register as the owner of its portion of the Note for all purposes of this Note, notwithstanding notice to the contrary; and
the registered owner of this Note (or any portion hereof) as indicated on the Register shall be the party with the exclusive right to receive payment of any principal amount and accrued and unpaid interest thereon under this Note. The Register shall
be available for inspection by any holder, at any reasonable time and from time to time upon reasonable prior notice. This provision is intended to constitute a “book entry system” within the meaning of Treasury Regulations Section 5f.103-1(c)(1)(ii) and shall be interpreted consistently with such intent. 

Section 13.2.    Transfer and Exchange of Notes. Upon surrender of any Note to the Company at the address and
to the attention of the designated officer (all as specified in Section 17(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly
executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within 10
Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the
unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule 1. Each such new Note shall be dated and bear interest from the date to
which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge
imposed in respect of any such transfer of Notes. 

  
 13 

 Section 13.3.    Replacement of Notes. Upon receipt by the
Company at the address and to the attention of the designated officer (all as specified in Section 17(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note, and 

(a)    in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it, or 

(b)    in the case of mutilation, upon surrender and cancellation thereof, within 10 Business Days thereafter, the Company
at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen,
destroyed or mutilated Note if no interest shall have been paid thereon. 

Section 14.    Payments on Notes. 

Section 14.1.    Place of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount and
interest becoming due and payable on the Notes shall be made in Denver, Colorado at the principal office of the Company in such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes
so long as such place of payment shall be either the principal office of the Company in the United States or the principal office of a bank or trust company in the United States. 

Section 14.2.    Payment by Wire Transfer. So long as any Purchaser shall be the holder of any Note, and
notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount interest and all other amounts becoming due hereunder by the method and
at the address specified for such purpose below such Purchaser’s name in the Purchaser Schedule, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such
purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such
Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1.
Prior to any sale or other Disposition of any Note held by a Purchaser, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such
Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. 

Section 14.3.    Withholding . 

(a)    To the extent required by law, each party hereto hereby authorizes each other party (each, a “Withholding
Party”) to deduct or withhold any foreign, federal, state or local tax from any amount transferred under this Agreement. Each Withholding Party shall timely pay the full amount deducted or withheld to the relevant governmental authority in
accordance with the applicable law. Amounts so deducted or withheld, if any, shall be treated as paid to the applicable party in respect of which such amounts were deducted or withheld. 

(b)    By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly
complete and deliver to the Company, or to such other Person as may be 

  
 14 

 
reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United States Person, such holder’s United States tax identification number or other
Forms reasonably requested by the Company necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) in the case of
any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply
with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this
Section 14.3 shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such
information it receives as confidential. 
 Section 15.    Survival of Representations
and Warranties; Entire Agreement. All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or
interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. This Agreement, the Notes and
the Pledge Agreement embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 

Section 16.    Amendment and Waiver. 

Section 16.1.    Requirements. This Agreement, the Notes and the Pledge Agreement may be amended, and
the observance of any term hereof or of the Notes or the Pledge Agreement may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that: 

(a)    no amendment or waiver of any of Sections 1, 2, 3, 4, or 5 hereof, or any defined term (as it is used therein),
will be effective as to any Purchaser unless consented to by such Purchaser in writing; and 
 (b)    no amendment or
waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding, (i) subject to Section 11 relating to acceleration or rescission, change the amount or time of any payment or prepayment of
principal of, or reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount on the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which
are required to consent to any amendment or waiver, or (iii) amend any of Section 7 and Sections 10(a), 10(b), 11 or 16. 

Section 16.2.    Binding Effect, Etc. Any amendment or waiver consented to as provided in this
Section 16 or the Pledge Agreement applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or
waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and any
holder of a Note and no delay in exercising any rights hereunder or under any Note or the Pledge Agreement shall operate as a waiver of any rights of any holder of such Note. 

  
 15 

 Section 16.3.    Notes Held by Company, Etc.
Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, the
Pledge Agreement or the Notes, or have directed the taking of any action provided herein or in the Pledge Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then
outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding. 

Section 17.    Notices. All notices and communications provided for hereunder
shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with
return receipt requested (postage prepaid), or (c) by an internationally recognized overnight delivery service (charges prepaid). Any such notice must be sent: 

(i)    if to any Purchaser, to such Purchaser at the address specified for such communications in the
Purchaser Schedule, or at such other address as such Purchaser shall have specified to the Company in writing, 

(ii)    if to any other holder of any Note, to such holder at such address as such other holder shall have
specified to the Company in writing, or 
 (iii)    if to the Company, to the Company at its address set
forth at the beginning hereof to the attention of General Counsel of Apartment Investment and Management Company, or at such other address as the Company shall have specified to the holder of each Note in writing. 

Notices under this Section 17 will be deemed given only when actually received. 

Section 18.    Miscellaneous. 

Section 18.1.    Successors and Assigns. All covenants and other agreements contained in this Agreement
by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and registered assigns (including any subsequent holder of a Note) whether so expressed or not, except that, (i) subject to
Section 9.1, the Company may not assign or otherwise transfer any of its rights or Obligations hereunder or under the Notes without the prior written consent of each holder, which written consent is not to be unreasonably withheld, and
(ii) each holder may not assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of the Company, which consent is not to be unreasonably withheld; provided that
notwithstanding the foregoing, each holder may assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of the Company during an Event of Default. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

Section 18.2.    Accounting Terms. All accounting terms used herein which are not expressly defined in
this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, all computations made pursuant to this Agreement shall be made in accordance with GAAP. 

Section 18.3.    Severability. Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to
the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 16 

 Section 18.4.    Construction, Etc. Each covenant
contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to
excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly
by such Person. Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any of the Note Documentation or any other agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes of the Notes, shall also include any such
notes issued in substitution therefor pursuant to Section 13, (b) subject to Section 18.1, any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and
Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or
supplemented from time to time. 
 Section 18.5.    Counterparts. This Agreement may be executed in
any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the
parties hereto. 
 Section 18.6.    Governing Law. This Agreement shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that
would permit the application of the laws of a jurisdiction other than such State. 

Section 18.7.    Jurisdiction and Process; Waiver of Jury Trial. (a) The Company irrevocably
submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to
this Agreement or the Notes. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such
court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum. 
 (b)    The Company agrees, to the fullest extent permitted by applicable law, that a final
judgment in any suit, action or proceeding of the nature referred to in Section 18.7(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the
United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

  
 17 

 (c)    The Company consents to process being served by or on behalf of
any holder of Notes in any suit, action or proceeding of the nature referred to in Section 18.7(a) by mailing a copy thereof by registered, certified priority or express mail (or any substantially similar form of mail), postage prepaid, return
receipt or delivery confirmation requested, to it at its address specified in Section 17 or at such other address of which such holder shall then have been notified pursuant to said Section. The Company agrees that such service upon receipt
(i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and
personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(d)    Nothing in this Section 18.7 shall affect the right of any holder of a Note to serve process in any manner
permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in
any other jurisdiction. 
 (e)    The parties hereto hereby waive trial by jury in any action brought on or with respect
to this Agreement, the Notes or any other document executed in connection herewith or therewith. 

  
 18 

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. 
  

			
	Very truly yours,
	
	Aimco JO Intermediate Holdings, LLC, a Delaware limited liability company, as the Company
		
	By:	 	  

		 	Title

  
 [Signature Page
to Mezzanine Note Agreement] 

			
	This Agreement is hereby accepted and agreed to as of the date hereof.
	
	AIMCO Properties, L.P., a Delaware limited partnership, as a Purchaser
	
	 By: AIMCO-GP, Inc., a Delaware corporation,

its general partner

		
	By:	 	  

		 	Title
	
	AIMCO/Bethesda Holdings, Inc., a Delaware corporation, as a Purchaser
		
	By:	 	  

		 	Title
	
	AIMCO Properties, L.P., a Delaware limited partnership, as the Collateral Agent
	
	 By: AIMCO-GP, Inc., a Delaware corporation,

its general partner

		
	By:	 	  

		 	Title

  
 [Signature Page
to Mezzanine Note Agreement] 

 Schedule A 

Defined Terms 
 As used
herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly
through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person; provided that neither AIMCO/Bethesda nor AIR OP shall be considered Affiliates of the Company, James Oxford, any James
Oxford Entity or any James Oxford Subsidiary for the purposes of the Note Documentation. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 

“Agreement” means this Mezzanine Note Agreement, including all Schedules attached to this Agreement. 

“AIMCO/Bethesda” means AIMCO/Bethesda Holdings, Inc., a Delaware corporation, as such entity may be renamed from time
to time. 
 “AIR OP” means AIMCO Properties, L.P., a Delaware limited partnership, as such entity may be renamed from time
to time. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York
City, Baltimore or Denver are required or authorized to be closed. 
 “Capital Lease” means, at any time, a lease with
respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 

“Cash Collateral Account” means a “deposit account” as defined in the Uniform Commercial Code as in effect in the
State of New York, at a bank reasonably acceptable to the Collateral Agent in the name of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary for the benefit of the Purchasers that is subject to a Cash Collateral
Account Control Agreement. 
 “Cash Collateral Account Control Agreement” means a deposit account control agreement in a
form reasonably satisfactory to the Collateral Agent, executed by the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary, as applicable, the Collateral Agent and the relevant depositary institution. 

“Casualty or Condemnation Event” means the receipt by the Company, James Oxford, any James Oxford Entity or any James
Oxford Subsidiary of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking, expropriation or similar event with respect to any of their respective property. 

“Change of Control” means the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Equity Interests in the Company pursuant to which Aimco OP L.P., a Delaware limited partnership, ceases to
directly or indirectly own through one or more wholly-owned subsidiaries all of the Equity Interests of the Company (other than the Company Initial Preferred Interests). 

“Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

 “Collateral” has the meaning set forth in the Pledge Agreement. 

“Collateral Agent” is defined in Section 12.2(a). 

  
 Schedule A 

 “Company” is defined in the first paragraph of this Agreement. 

“Company Initial Preferred Interests” means the up to 125 Series A preferred units of the Company issued in connection with
the Restructuring (as defined in the Separation Agreement). 
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling” shall
have meanings correlative to the foregoing.  
 “Debtor Relief Laws” means the Bankruptcy Code of the United States,
or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions
from time to time in effect and affecting the rights of creditors generally. 
 “Default” means an event or condition the
occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default. 

“Default Rate” means that rate of interest per annum that is 2% above the rate of interest stated in clause (a) of the
first paragraph of the Notes. 
 “Disposition” or “Dispose” means (i) the sale, transfer, license,
lease or other disposition (including any sale and leaseback transaction) of any property by any Person, directly or indirectly, and whether voluntary or involuntary, including any sale, assignment, transfer or other disposal, with or without
recourse, of any notes or accounts receivable or any rights and claims associated therewith, (ii) a Casualty or Condemnation Event with respect to any property or asset, and (iii) the issuance or sale of Equity Interests, in the case of
each of clauses (i), (ii) and (iii), whether in a single transaction or series of related transactions. 
 “Dividing
Person” has the meaning assigned to it in the definition of “Division”. 
 “Division” means the division
of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing
Person and pursuant to which the Dividing Person may or may not survive. 
 “Equity Interests” means shares of capital
stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other similar rights entitling the holder thereof to
purchase or acquire any of the foregoing. 
 “Event of Default” is defined in Section 10. 

“FATCA” means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or
relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to
section 1471(b)(1) of the Code. 

  
 A-2 

 “GAAP” means generally accepted accounting principles as in effect from
time to time in the United States of America. 
 “Governmental Authority” means 

 

	 	(a)	 the government of 

  

	 	(i)	 the United States of America or any state or other political subdivision thereof, or 

 

	 	(ii)	 any other jurisdiction in which the Company, James Oxford, any James Oxford Entity or any James Oxford
Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary, or 

 

	 	(b)	 any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or
pertaining to, any such government. 

 “Guaranty” means, with respect to any Person, any obligation
(except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner,
whether directly or indirectly, including obligations incurred through an agreement, contingent or otherwise, by such Person: 
  

	 	(a)	 to purchase such indebtedness or obligation or any property constituting security therefor;

  

	 	(b)	 to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or
(ii) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation;

  

	 	(c)	 to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of
such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or 

  

	 	(d)	 otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof.

 In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or
other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. 

“holder” means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the
Company pursuant to Section 13.1. 
 “Indebtedness” with respect to any Person means, at any time, without
duplication, 
  

	 	(a)	 its liabilities for borrowed money; 

 

	 	(b)	 its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable
arising in the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); 

  
 A-3 

	 	(c)	 (i) all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases and
(ii) all liabilities which would appear on its balance sheet in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were accounted for as Capital Leases; 

 

	 	(d)	 all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person
(whether or not it has assumed or otherwise become liable for such liabilities); 

  

	 	(e)	 all its liabilities in respect of letters of credit or instruments serving a similar function issued or
accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money); 

  

	 	(f)	 the aggregate Swap Termination Value of all Swap Contracts of such Person; and 

 

	 	(g)	 any Guaranty of such Person with respect to liabilities of a type described in any of clauses (a) through
(f) hereof. 

 Indebtedness of any Person shall include all obligations of such Person of the character described in
clauses (a) through (g) to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP. 

“James Oxford” means James-Oxford Limited Partnership, a Maryland limited partnership. 

“James Oxford Entity” means any wholly-owned subsidiary through which James Oxford indirectly owns any James Oxford
Subsidiary. 
 “James Oxford Subsidiary” means, as of the Closing, each entity listed on Schedule 5.3; provided that
any entity exchanged or substituted for a James Oxford Subsidiary pursuant to the terms of this Agreement and the other Note Documentation shall be considered “James Oxford Subsidiary” for all purposes hereunder and thereunder. 

“Late Charge” means an amount equal to the delinquent amount then due under the Agreement multiplied by 5%. 

“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any
interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of such Person (including in
the case of any Equity Interest, the granting of any option or agreement to sell) or any agreement to enter into any of the foregoing. 

“Make-Whole Amount” is defined in Section 7.8. 

“Material Adverse Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition,
assets or properties of the Company, James Oxford, the James Oxford Entities or the James Oxford Subsidiaries taken as a whole, (b) the ability of the Company to perform its Obligations under this Agreement, the Notes and the Pledge Agreement,
or (c) the validity or enforceability of this Agreement, the Notes or the Pledge Agreement. 

  
 A-4 

 “Material Subsidiary” means, at any date of determination,
any Subsidiary of the Company that (i) as of the most recently ended fiscal quarter of the Company, has total assets with a value in excess of 10% of the consolidated total assets of the Company and its Subsidiaries for such date or
(ii) during the most recently completed four fiscal quarters of the Company, has gross revenues exceeding 10% of the consolidated gross revenues of the Company and its Subsidiaries, in each case determined in accordance with GAAP. 

“Maturity Date” is defined as January 31, 2024. 

“Minority Common Interests” means the common interests in James Oxford that continue to be owned by AIMCO/Bethesda
immediately after Closing. 
 “Net Cash Proceeds” means (1) the aggregate cash or cash equivalents proceeds received
by or on behalf of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in respect of any Disposition or consideration received in connection with a merger or consolidation, net of (A) direct costs incurred in
connection therewith (including, without limitation, reasonable and customary selling expenses, legal, accounting and investment banking fees and sales commissions), (B) taxes paid or payable as a result thereof, (C) amounts required to be
applied to the repayment of principal, premium (if any) and interest on Indebtedness secured by the assets subject to such Disposition as a result of such Disposition and (D) amounts provided in good faith as a reserve against (x) any
liabilities under any indemnification obligations or purchase price adjustment associated with such Disposition or merger or consolidation or (y) any other liabilities retained by the Company, James Oxford, the applicable James Oxford Entity or
the applicable James Oxford Subsidiary associated with the properties sold (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds) and (2) the
aggregate cash or cash equivalents proceeds received by the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in respect of the incurrence of Indebtedness or the issuance or contribution of Equity Interests, net of all
taxes paid or payable as a result thereof, together with any fees, commissions, costs and other customary expenses incurred in connection therewith; it being understood that “Net Cash Proceeds” shall include, without limitation, any cash
or cash equivalents received upon the sale or other Disposition of any non-cash consideration received by the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in any Disposition,
merger or consolidation, issuance or contribution of Equity Interests or incurrence of Indebtedness. 
 “Net Insurance/Condemnation
Proceeds” means the aggregate cash or cash equivalents proceeds received by or on behalf of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in respect of any Casualty or Condemnation Event, net of
(1) direct costs incurred by the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary in connection with the adjustment, settlement or collection of any claims of the Company, James Oxford, such James Oxford Entity or
such James Oxford Subsidiary in respect thereof (including, without limitation, reasonable and customary selling expenses, legal, accounting and investment banking fees and sales commissions), (2) taxes paid or payable as a result thereof,
(3) amounts required to be applied to the repayment of principal, premium (if any) and interest on Indebtedness secured by the assets subject to such Casualty or Condemnation Event as a result of such Casualty or Condemnation Event, (4) in
the case of a taking, the reasonable out-of-pocket costs of putting any affected property in a safe and secure position, and (5) amounts provided in good faith as a
reserve against (x) any liabilities under any indemnification obligations or purchase price adjustment associated with such Casualty or Condemnation Event or (y) any other liabilities retained by the Company, James Oxford, the applicable
James Oxford Entity or the applicable James Oxford Subsidiary associated with the properties sold (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net
Insurance/Condemnation Proceeds). 

  
 A-5 

 “Note Documentation” means, collectively, this Agreement, the Notes, the
Pledge Agreement and each other amendment, agreement or instrument delivered by the Company in accordance with such documentation. 

“Notes” is defined in Section 1. 

“Obligations” means all advances to, and debts, liabilities and obligations of, the Company arising under the Note
Documentation, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the
Company or any of its Affiliates of any proceeding under any Debtor Relief Law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, business entity or Governmental Authority. 
 “Pledge Agreement” means that certain Pledge Agreement, to be
dated the date hereof, by the Company in favor of the Collateral Agent for the benefit of the Purchasers. 
 “Priority
Debt” means Indebtedness of the Company secured by a Lien on the Collateral. 
 “property” or
“properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 

“Purchaser” or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to
the Company and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however, that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner of
such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer. 

“Purchaser Schedule” means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and including their
notice and payment information. 
 “Register” is defined in Section 13.1. 

“Reinvestment Conditions” means, with respect to the reinvestment of Net Cash Proceeds or Net Insurance/Condemnation Proceeds
stemming from a Disposition, Casualty or Condemnation Event or merger, consolidation or similar event or transaction, that (i) no Default or Event of Default has occurred and is continuing, (ii) such reinvestment consists of the acquisition, lease,
construction or improvement of real property (within the meaning of Treasury Regulation section 1.856-3(d)) useful in the business of the Company or its Subsidiaries that the Company believes will enhance the value of or create value in the Company,
James Oxford or their respective Subsidiaries (as reasonably determined by the Company in good faith) and (iii) such reinvestment occurs within 180 days of receipt of such Net Cash Proceeds or Net Insurance/Condemnation Proceeds. 

“Remaining Collateral Value Test” means, with respect to a Disposition, Casualty or Condemnation Event or merger,
consolidation or similar event or transaction, that the aggregate fair market value of all real property (within the meaning of Treasury Regulation section 1.856-3(d)) owned by James Oxford and its Subsidiaries after giving effect to such
Disposition, Casualty or Condemnation Event or merger, consolidation or similar event or transaction exceeds (after subtracting senior secured Indebtedness) the then-outstanding principal amount of the Notes. 

“Required Holders” means at any time on or after the Closing, the holders of at least 50 in principal amount of the Notes at
the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 
 “Responsible Officer”
means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement. 

“Sale/Leaseback Transaction” is defined in Section 9.6. 

“SEC” means the Securities and Exchange Commission of the United States of America. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in
effect. 

  
 A-6 

 “Senior Financial Officer” means the chief financial officer, principal
accounting officer, treasurer or comptroller of the Company. 
 “Separation Agreement” means that certain Separation and
Distribution Agreement, dated as of            , 2020, by and among Apartment Investment and Management Company, a Maryland corporation, Aimco OP L.P., a Delaware limited partnership,
Apartment Income REIT Corp., a Maryland corporation, and AIR OP. 
 “Specified Property” means, as of the Closing,
each property listed in the column titled “Address of Specified Property Owned by such James Oxford Subsidiary” on Schedule 5.3; provided that any property exchanged or substituted for a Specified Property pursuant to the terms of
this Agreement and the other Note Documentation shall be considered “Specified Property” for all purposes hereunder and thereunder. 

“Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such
first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar functions)
of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries
(unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). 

“Swap Contract” means (a) any and all interest rate swap transactions, basis swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward foreign exchange transactions,
cap transactions, floor transactions, currency options, spot contracts or any other similar transactions or any of the foregoing (including any options to enter into any of the foregoing), and (b) any and all transactions of any kind, and the
related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. or any International Foreign Exchange Master Agreement. 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amounts(s) determined as the mark-to-market values(s) for such Swap Contracts, as determined based
upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts. 

“Synthetic Lease” means, at any time, any lease (including leases that may be terminated by the lessee at any time) of any
property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax purposes, other than any such lease under which
such Person is the lessor. 
 “Transferred Interests” is defined in Section 2. 

“United States Person” has the meaning set forth in Section 7701(a)(30) of the Code. 

“Withholding Party” is defined in Section 14.3(a). 

  
 A-7 

 Schedule 1 

Form of Note 
 NO
TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS NOTE OR ANY INTEREST OR PARTICIPATION THEREIN MAY BE MADE EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (B) PURSUANT TO
AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS AND, IN THE CASE OF THIS CLAUSE (B), PROVIDED THAT, IF THE COMPANY REQUESTS, THE COMPANY RECEIVES AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT. 
 Aimco JO Intermediate Holdings, LLC 

5.2% Secured Mezzanine Note Due January 31, 2024 
  

			
	No.         	  	        
	 $        
	  	PPN            

 For value received, the undersigned, Aimco JO Intermediate Holdings, LLC (herein called the
“Company”), a limited liability company organized and existing under the laws of the State of Delaware, hereby promises to pay to
                    (the “Purchaser”), or registered assigns, the principal sum of
                     U.S. dollars on January 31, 2024 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) on the unpaid balance hereof at the rate of 5.2% per annum from the date hereof, payable quarterly, on the first day of January, April,
July and October in each year, commencing on April 1, 2021, and on the Maturity Date, until the principal hereof shall have been paid in full. In addition, the Company agrees to pay a Make-Whole Amount, Late Charges and interest at the Default
Rate, as provided in the Note Agreement referenced below. 
 Payments of principal of, interest on and any Make-Whole Amount with respect to
this Note are to be made in lawful money of the United States of America at the Denver, Colorado office of the Company or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note
Agreement referred to below. 
 This Note is one of a series of Secured Mezzanine Notes (herein called the “Notes”) issued
pursuant to the Mezzanine Note Agreement, dated as of                     , 2020 (as from time to time amended, the “Note
Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms
in the Note Agreement. 
 This Note is a registered Note and, as provided in the Note Agreement, upon surrender of this Note for
registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company will not be affected by any notice to the contrary. 

 The Company will make required payments of principal on the dates and in the amounts
specified in the Note Agreement. This Note is subject to mandatory prepayment at the times and on the terms specified in the Note Agreement. This Note may not be prepaid at the option of the Company at any time prior to the Maturity Date. The
Company’s agreement to a prohibition on optional prepayments is a material inducement to the Purchaser’s decision to enter into the Note Agreement. The Company’s Obligations under this Note and the Note Agreement are secured pursuant
to the Pledge Agreement. 
 If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become
due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Agreement. 

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than
such State. 
  

			
	Aimco JO Intermediate Holdings, LLC
		
	By:	 	
                    

		 	TitleDocument

Exhibit 10.1

THE J. M. SMUCKER COMPANY

2020 EQUITY AND INCENTIVE COMPENSATION PLAN

1.Purpose.  The purpose of The J. M. Smucker Company 2020 Equity and Incentive Compensation Plan is to attract and retain Directors, consultants, officers and other employees of The J. M. Smucker Company, an Ohio corporation, and its Subsidiaries and to provide to such persons incentives and rewards for performance.
2.Definitions.  As used in this Plan,
(a)“Appreciation Right” means a right granted pursuant to Section 5 or Section 9 of this Plan, and will include both Free-Standing Appreciation Rights and Tandem Appreciation Rights.
(b)“Base Price” means the price to be used as the basis for determining the Spread upon the exercise of a Free-Standing Appreciation Right or a Tandem Appreciation Right.
(c)“Board” means the Board of Directors of the Company and, to the extent of any delegation by the Board to a committee (or subcommittee thereof) pursuant to Section 11 of this Plan, such committee (or subcommittee).
(d)“Cash Incentive Award” means a cash award granted pursuant to Section 8 of this Plan.
(e)“Change in Control” has the meaning set forth in Section 13 of this Plan.
(f)“Code” means the Internal Revenue Code of 1986, as amended from time to time.
(g)“Common Shares” means the shares of common stock, without par value, of the Company or any security into which such common shares may be changed by reason of any transaction or event of the type referred to in Section 12 of this Plan.
(h)“Company” means The J. M. Smucker Company, an Ohio corporation, and its successors.
(i)“Date of Grant” means the date specified by the Board on which a grant of Option Rights, Appreciation Rights, Performance Shares, Performance Units, Cash Incentive Awards or other awards contemplated by Section 10 of this Plan, or a grant or sale of Restricted Stock, Restricted Stock Units, or other awards contemplated by Section 10 of this Plan will become effective (which date will not be earlier than the date on which the Board takes action with respect thereto).
 

(j)“Detrimental Activity” means:
(i)Engaging in any activity, as an employee, principal, agent, or consultant for another entity that competes with the Company in any actual, researched, or prospective product, service, system, or business activity for which the Participant has had any direct responsibility during the last two years of his or her employment with the Company or a Subsidiary, in any territory in which the Company or a Subsidiary manufactures, sells, markets, services, or installs such product, service, or system, or engages in such business activity.
(ii)Soliciting any employee of the Company or a Subsidiary to terminate his or her employment with the Company or a Subsidiary.
(iii)The disclosure to anyone outside the Company or a Subsidiary, or the use in other than the Company’s or a Subsidiary’s business, without prior written authorization from the Company, of any confidential, proprietary or trade secret information or material relating to the business of the Company or its Subsidiaries, acquired by the Participant during his or her employment with the Company or its Subsidiaries or while acting as a consultant for the Company or its Subsidiaries thereafter.
(iv)The failure or refusal to disclose promptly and to assign to the Company upon request all right, title and interest in any invention or idea, patentable or not, made or conceived by the Participant during employment by the Company or any Subsidiary, relating in any manner to the actual or anticipated business, research or development work of the Company or any Subsidiary or the failure or refusal to do anything reasonably necessary to enable the Company or any Subsidiary to secure a patent where appropriate in the United States and in other countries.
(v)Activity that results in Termination for Cause.  For the purposes of this Section, “Termination for Cause” will mean a termination:
(1)due to the Participant’s willful and continuous gross neglect of his or her duties for which he or she is employed; or
(2)due to an act of dishonesty on the part of the Participant constituting a felony resulting or intended to result, directly or indirectly, in his or her gain for personal enrichment at the expense of the Company or a Subsidiary.
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(vi)Any other conduct or act determined to be injurious, detrimental or prejudicial to any significant interest of the Company or any Subsidiary unless the Participant acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company.
(k)“Director” means a member of the Board.
(l)“Effective Date” means November 7, 2020 provided that this Plan is approved by the shareholders of the Company prior to or on such date.
(m)“Evidence of Award” means an agreement, certificate, resolution or other type or form of writing or other evidence approved by the Board that sets forth the terms and conditions of the awards granted under the Plan.  An Evidence of Award may be in an electronic medium, may be limited to notation on the books and records of the Company and, with the approval of the Board, need not be signed by a representative of the Company or a Participant.
(n)“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time.
(o)“Existing Plan” means The J. M. Smucker Company 2010 Equity and Incentive Compensation Plan.
(p)“Free-Standing Appreciation Right” means an Appreciation Right granted pursuant to Section 5 or Section 9 of this Plan that is not granted in tandem with an Option Right.
(q)“Incentive Stock Options” means Option Rights that are intended to qualify as “incentive stock options” under Section 422 of the Code or any successor provision.
(r)“Management Objectives” means the measurable performance objective or objectives established pursuant to this Plan for Participants who have received grants of Performance Shares or Performance Units or, when so determined by the Board, Cash Incentive Awards, Option Rights, Appreciation Rights, Restricted Stock, Restricted Stock Units, dividend credits and other awards pursuant to this Plan.  Management Objectives may be described in terms of Company-wide objectives or objectives that are related to the performance of the individual Participant or of the Subsidiary, division, department, region or function within the Company or Subsidiary in which the Participant is employed.  The Management Objectives may be made relative to the performance of other companies or subsidiaries, divisions, departments, regions or functions within such other companies, and may be made relative to an index or one or more of the performance criteria themselves.  
If the Board determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which it conducts its business, or other events or circumstances render the Management Objectives unsuitable, the Board may in 
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its discretion modify such Management Objectives or the related minimum acceptable level of achievement, in whole or in part, as the Board deems appropriate and equitable.  
(s)“Market Value per Share” means, as of any particular date, the closing price of the Common Shares as reported on the New York Stock Exchange Composite Tape or, if not listed on such exchange, on any other national securities exchange on which the Common Shares are listed, or if there are no sales on such day, on the next preceding trading day during which a sale occurred.  If there is no regular trading market for such Common Shares, the Market Value per Share will be determined by the Board.
(t)“Non-Employee Director” means a person who is a “Non-Employee Director” of the Company within the meaning of Rule 16b-3 of the Securities and Exchange Commission promulgated under the Exchange Act.
(u)“Optionee” means the optionee named in an Evidence of Award evidencing an outstanding Option Right.
(v)“Option Price” means the purchase price payable on exercise of an Option Right.
(w)“Option Right” means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 or Section 9 of this Plan.
(x)“Participant” means a person who is selected by the Board to receive benefits under this Plan and who is at the time a consultant, an officer, or other employee of the Company or any one or more of its Subsidiaries, or who has agreed to commence serving in any of such capacities within 90 days of the Date of Grant, and will also include each Non-Employee Director who receives an award under this Plan.  The term “Participant” will also include any person who provides services to the Company or a Subsidiary that are equivalent to those typically provided by an employee.
(y)“Performance Period” means, in respect of a Performance Share or Performance Unit, a period of time established pursuant to Section 8 of this Plan within which the Management Objectives relating to such Performance Share or Performance Unit are to be achieved.
(z)“Performance Share” means a bookkeeping entry that records the equivalent of one Common Share awarded pursuant to Section 8 of this Plan.
(aa)“Performance Unit” means a bookkeeping entry awarded pursuant to Section 8 of this Plan that records a unit equivalent to $1.00 or such other value as is determined by the Board.
(ab)“Plan” means The J. M. Smucker Company 2020 Equity and Incentive Compensation Plan, as may be amended from time to time.
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(ac)“Restricted Stock” means Common Shares granted or sold pursuant to Section 6 or Section 9 of this Plan as to which neither the substantial risk of forfeiture nor the prohibition on transfers has expired.
(ad)“Restriction Period” means the period of time during which Restricted Stock Units are subject to restrictions, as provided in Section 7 or Section 9 of this Plan.
(ae)“Restricted Stock Unit” means an award made pursuant to Section 7 or Section 9 of this Plan of the right to receive Common Shares or cash at the end of a specified period. An award of Restricted Stock Units may be described as an award of “Deferred Stock Units”.
(af)“Spread” means the excess of the Market Value per Share on the date when an Appreciation Right is exercised over the Option Price or Base Price provided for in the related Option Right or Free-Standing Appreciation Right, respectively.
(ag)“Subsidiary” means a corporation, company or other entity (i) at least 50 percent of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint venture or unincorporated association), but at least 50 percent of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly, by the Company except that for purposes of determining whether any person may be a Participant for purposes of any grant of Incentive Stock Options, “Subsidiary” means any corporation in which at the time the Company owns or controls, directly or indirectly, at least 50 percent of the total combined voting power represented by all classes of stock issued by such corporation.
(ah)“Tandem Appreciation Right” means an Appreciation Right granted pursuant to Section 5 or Section 9 of this Plan that is granted in tandem with an Option Right.
3.Shares Available Under the Plan.
(a)Maximum Shares Available Under Plan.
(i)Subject to adjustment as provided in Section 12 of this Plan, the number of Common Shares that may be issued or transferred (A) upon the exercise of Option Rights or Appreciation Rights, (B) in payment of Restricted Stock and released from substantial risks of forfeiture thereof, (C) in payment of Restricted Stock Units, (D) in payment of Performance Shares or Performance Units that have been earned, (E) as awards to Non-Employee Directors, (F) as awards contemplated by Section 10 of this Plan, or (G) in payment of dividend equivalents paid with respect to awards made under the Plan will not exceed the number of Common Shares available for awards under the Existing Plan on the Effective Date, which amount is 4,262,244 Common Shares.  Such shares may be shares 
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of original issuance or treasury shares or a combination of the foregoing.
(ii)Common Shares covered by an award granted under the Plan will not be counted as used unless and until they are actually issued and delivered to a Participant and, therefore, the total number of shares available under the Plan as of a given date will not be reduced by any shares relating to prior awards that have expired or have been forfeited or cancelled.  Upon payment in cash of the benefit provided by any award granted under the Plan, any Common Shares that were covered by that award will again be available for issue or transfer hereunder.  Notwithstanding anything to the contrary contained herein: (A) if Common Shares are tendered or otherwise used in payment of the Option Price of an Option Right the total number of shares covered by the Option Right being exercised will reduce the aggregate plan limit described above and will not again be available for award under the Plan; (B) Common Shares withheld by the Company to satisfy the tax withholding obligation will count against the plan limit described above and will not again be available for award under the Plan; and (C) the number of Common Shares covered by an Appreciation Right, to the extent that it is exercised and settled in Common Shares, and whether or not shares are actually issued to the Participant upon exercise of the right, will be considered issued or transferred pursuant to the Plan, will count against the plan limit described above, and will not again be available for award under the Plan.  In the event that the Company repurchases shares with Option Right proceeds, those shares will not be added to the aggregate plan limit described above.  If, under this Plan, a Participant has elected to give up the right to receive compensation in exchange for Common Shares based on fair market value, such Common Shares will not count against the aggregate plan limit described above.
(b)Life of Plan Limits.  Notwithstanding anything in this Section 3, or elsewhere in this Plan, to the contrary and subject to adjustment as provided in Section 12 of this Plan:
(i)The aggregate number of Common Shares actually issued or transferred by the Company upon the exercise of Incentive Stock Options will not exceed 4,262,244 Common Shares.
(ii)Awards will not be granted under Section 10 of the Plan to the extent they would involve the issuance of more than 213,112 shares in the aggregate.
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(c)Individual Participant Limits.  Notwithstanding anything in this Section 3, or elsewhere in this Plan to the contrary, and subject to adjustment as provided in Section 12 of this Plan:
(i)No Participant will be granted Option Rights or Appreciation Rights, in the aggregate, for more than 1,000,000 Common Shares in respect of any fiscal year.
(ii)No Participant will be granted awards of Restricted Stock, Restricted Stock Units, Performance Shares or other awards under Section 10 of this Plan, in the aggregate, for more than 400,000 Common Shares in respect of any fiscal year.
(iii)Notwithstanding any other provision of this Plan to the contrary, in no event will any Participant in respect of any fiscal year receive an award of Performance Units having an aggregate maximum value as of their respective Dates of Grant in excess of $12,000,000.
(iv)In no event will any Participant in respect of any fiscal year receive an award that is a Cash Incentive Award having an aggregate maximum value in excess of $12,000,000.
(v)Notwithstanding any other provision of this Plan to the contrary, or any other plan or program of the Company or its Subsidiaries, the maximum amount of compensation that may be paid to any Non-Employee Director in respect of any fiscal year (including awards under the Plan, determined based on the fair market value of such award as of the grant date, as well as any retainer fees) will not exceed $750,000 (the “Non-Employee Director Compensation Limit”), provided that any amounts voluntarily deferred by a Non-Employee Director in a fiscal year under a deferred compensation plan of the Company will be deemed payable for purposes of the Non-Employee Director Compensation Limit in the year that such amounts are earned and not in the year that such amounts are subsequently paid to the Non-Employee Director.
4.Option Rights.  The Board may, from time to time and upon such terms and conditions as it may determine, authorize the granting to Participants of options to purchase Common Shares.  Each such grant may utilize any or all of the authorizations contained in the following provisions:
(a)Each grant will specify the number of Common Shares to which it pertains subject to the limitations set forth in Section 3 of this Plan.
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(b)Each grant will specify an Option Price per share, which may not be less than the Market Value per Share on the Date of Grant.
(c)Each grant will specify whether the Option Price will be payable (i) in cash or by check acceptable to the Company or by wire transfer of immediately available funds, (ii) by the actual or constructive transfer to the Company of Common Shares owned by the Optionee for at least six months (or other consideration authorized pursuant to Section 4(d) of this Plan) having a value at the time of exercise equal to the total Option Price, (iii) by a combination of such methods of payment, or (iv) by such other methods as may be approved by the Board.
(d)To the extent permitted by law, any grant may provide for deferred payment of the Option Price from the proceeds of sale through a bank or broker on a date satisfactory to the Company of some or all of the shares to which such exercise relates.
(e)Successive grants may be made to the same Participant whether or not any Option Rights previously granted to such Participant remain unexercised.
(f)Each grant will specify the period or periods of continuous service by the Optionee with the Company or any Subsidiary that is necessary before the Option Rights or installments thereof will become exercisable.  A grant of Option Rights may provide for the earlier exercise of such Option Rights in the event of the retirement, the attainment of reasonable age and service requirements approved by the Board, death or disability of a Participant or a Change in Control.
(g)Any grant of Option Rights may specify Management Objectives that must be achieved as a condition to the exercise of such rights.
(h)Option Rights granted under this Plan may be (i) options, including, without limitation, Incentive Stock Options, that are intended to qualify under particular provisions of the Code, (ii) options that are not intended so to qualify, or (iii) combinations of the foregoing.  Incentive Stock Options may only be granted to Participants who meet the definition of “employees” under Section 3401(c) of the Code.
(i)The exercise of an Option Right will result in the cancellation on a share- for-share basis of any Tandem Appreciation Right authorized under Section 5 of this Plan.
(j)No Option Right will be exercisable more than 10 years from the Date of Grant.
(k)Each grant of Option Rights will be evidenced by an Evidence of Award.  Each Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Board may approve.

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5.Appreciation Rights.
(a)The Board may, from time to time and upon such terms and conditions as it may determine, authorize the granting (i) to any Optionee, of Tandem Appreciation Rights in respect of Option Rights granted hereunder, and (ii) to any Participant, of Free-Standing Appreciation Rights.  A Tandem Appreciation Right will be a right of the Optionee, exercisable by surrender of the related Option Right, to receive from the Company an amount determined by the Board, which will be expressed as a percentage of the Spread (not exceeding 100 percent) at the time of exercise.  Tandem Appreciation Rights may be granted at any time prior to the exercise or termination of the related Option Rights; provided, however, that a Tandem Appreciation Right awarded in relation to an Incentive Stock Option must be granted concurrently with such Incentive Stock Option.  A Free-Standing Appreciation Right will be a right of the Participant to receive from the Company an amount determined by the Board, which will be expressed as a percentage of the Spread (not exceeding 100 percent) at the time of exercise.
(b)Each grant of Appreciation Rights may utilize any or all of the authorizations contained in the following provisions:
(i)Each grant will specify that the amount payable on exercise of an Appreciation Right will be paid by the Company in cash, Common Shares or in any combination thereof.
(ii)Any grant may specify that the amount payable on exercise of an Appreciation Right may not exceed a maximum specified by the Board at the Date of Grant.
(iii)Any grant may specify waiting periods before exercise and permissible exercise dates or periods.
(iv)Any grant may specify that such Appreciation Right may be exercised only in the event of, or earlier in the event of, the retirement, the attainment of reasonable age and service requirements approved by the Board, death or disability of a Participant or a Change in Control.
(v)Any grant of Appreciation Rights may specify Management Objectives that must be achieved as a condition of the exercise of such Appreciation Rights.
(vi)Each grant of Appreciation Rights will be evidenced by an Evidence of Award, which Evidence of Award will describe such Appreciation Rights, identify the related Option Rights (if applicable), and contain such other terms and provisions, consistent with this Plan, as the Board may approve.
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(c)Any grant of Tandem Appreciation Rights will provide that such Tandem Appreciation Rights may be exercised only at a time when the related Option Right is also exercisable and at a time when the Spread is positive, and by surrender of the related Option Right for cancellation.  Successive grants of Tandem Appreciation Rights may be made to the same Participant regardless of whether any Tandem Appreciation Rights previously granted to the Participant remain unexercised.
(d)Regarding Free-Standing Appreciation Rights only:
(i)Each grant will specify in respect of each Free-Standing Appreciation Right a Base Price, which may not be less than the Market Value per Share on the Date of Grant;
(ii)Successive grants may be made to the same Participant regardless of whether any Free-Standing Appreciation Rights previously granted to the Participant remain unexercised; and
(iii)No Free-Standing Appreciation Right granted under this Plan may be exercised more than 10 years from the Date of Grant.
6.Restricted Stock.  The Board may, from time to time and upon such terms and conditions as it may determine, also authorize the grant or sale of Restricted Stock to Participants.  Each such grant or sale may utilize any or all of the authorizations contained in the following provisions:
(a)Each such grant or sale will constitute an immediate transfer of the ownership of Common Shares to the Participant in consideration of the performance of services, entitling such Participant to voting, dividend and other ownership rights, but subject to the substantial risk of forfeiture and restrictions on transfer hereinafter referred to.
(b)Each such grant or sale may be made without additional consideration or in consideration of a payment by such Participant that is less than the Market Value per Share at the Date of Grant.
(c)Each such grant or sale will provide that the Restricted Stock covered by such grant or sale that vests upon the passage of time will be subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the Code for a period to be determined by the Board at the Date of Grant or upon achievement of Management Objectives referred to in subparagraph (e) below.  
(d)Each such grant or sale will provide that during or after the period for which such substantial risk of forfeiture is to continue, the transferability of the Restricted Stock will be prohibited or restricted in the manner and to the extent prescribed by the Board at the Date of Grant (which restrictions may include, without limitation, rights of repurchase or first refusal in the Company or provisions subjecting the Restricted Stock to a continuing substantial risk of forfeiture in the hands of any transferee).
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(e)Any grant of Restricted Stock may specify Management Objectives that, if achieved, will result in termination or early termination of the restrictions applicable to such Restricted Stock; provided, however, that restrictions relating to Restricted Stock that vests upon the achievement of Management Objectives may not terminate sooner than one year from the Date of Grant.  Each grant may specify in respect of such Management Objectives a minimum acceptable level of achievement and may set forth a formula for determining the number of shares of Restricted Stock on which restrictions will terminate if performance is at or above the minimum or threshold level or levels, or is at or above the target level or levels, but falls short of maximum achievement of the specified Management Objectives.
(f)Notwithstanding anything to the contrary contained in this Plan, any grant or sale of Restricted Stock may provide for the earlier termination of restrictions on such Restricted Stock in the event of the retirement, the attainment of reasonable age and service requirements approved by the Board, death or disability of a Participant or a Change in Control.
(g)Any such grant or sale of Restricted Stock may require that any or all dividends or other distributions paid thereon during the period of such restrictions be automatically deferred and reinvested in additional shares of Restricted Stock, which may be subject to the same restrictions as the underlying award; provided, however, that dividends or other distributions on Restricted Stock with restrictions that lapse as a result of the achievement of Management Objectives will be deferred until and paid contingent upon the achievement of the applicable Management Objectives.
(h)Each grant or sale of Restricted Stock will be evidenced by an Evidence of Award and will contain such terms and provisions, consistent with this Plan, as the Board may approve.  Unless otherwise directed by the Board, (i) all certificates representing shares of Restricted Stock will be held in custody by the Company until all restrictions thereon will have lapsed, together with a stock power or powers executed by the Participant in whose name such certificates are registered, endorsed in blank and covering such shares or (ii) all shares of Restricted Stock will be held at the Company’s transfer agent in book entry form with appropriate restrictions relating to the transfer of such shares of Restricted Stock.
7.Restricted Stock Units.  The Board may, from time to time and upon such terms and conditions as it may determine, also authorize the granting or sale of Restricted Stock Units (which may also be referred to as Deferred Stock Units) to Participants.  Each such grant or sale may utilize any or all of the authorizations contained in the following provisions:
(a)Each such grant or sale will constitute the agreement by the Company to deliver Common Shares or cash to the Participant in the future in consideration of the performance of services, but subject to the fulfillment of such conditions (which may include the achievement of Management Objectives) during the Restriction Period as the Board may specify.  If a grant of Restricted Stock Units specifies that the Restriction Period will terminate only upon the achievement of Management Objectives, then such Restriction Period may not terminate sooner than one year from the Date of Grant.  Each grant may specify in respect of such Management Objectives a minimum acceptable level of achievement and may set forth a formula for determining the number of Restricted Stock Units on which restrictions will terminate if 
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performance is at or above the minimum or threshold level or levels, or is at or above the target level or levels, but falls short of maximum achievement of the specified Management Objectives.  
(b)Each such grant or sale may be made without additional consideration or in consideration of a payment by such Participant that is less than the Market Value per Share at the Date of Grant.
(c)Notwithstanding anything to the contrary contained in this Plan, any grant or sale of Restricted Stock Units may provide for the earlier lapse or other modification of the Restriction Period in the event of the retirement, the attainment of reasonable age and service requirements approved by the Board, death or disability of a Participant or a Change in Control.
(d)During the Restriction Period, the Participant will have no right to transfer any rights under his or her award and will have no rights of ownership in the Common Shares deliverable upon payment of the Restricted Stock Units and will have no right to vote them, but the Board may, at the Date of Grant, authorize the payment of dividend equivalents on such Restricted Stock Units on either a current or deferred or contingent basis, either in cash or in additional Common Shares; provided, however, that dividends or other distributions on Common Shares underlying Restricted Stock Units with restrictions that lapse as a result of the achievement of Management Objectives will be deferred until and paid contingent upon the achievement of the applicable Management Objectives.
(e)Each grant or sale will specify the time and manner of payment of the Restricted Stock Units that have been earned.  Each grant or sale will specify that the amount payable with respect thereto will be paid by the Company in Common Shares or cash.
(f)Each grant or sale of Restricted Stock Units will be evidenced by an Evidence of Award and will contain such terms and provisions, consistent with this Plan, as the Board may approve.
8.Cash Incentive Awards, Performance Shares and Performance Units.  The Board may, from time to time and upon such terms and conditions as it may determine, also authorize the granting of Cash Incentive Awards, Performance Shares and Performance Units.  Each such grant may utilize any or all of the authorizations contained in the following provisions:
(a)Each grant will specify the number of Performance Shares or Performance Units, or amount payable with respect to Cash Incentive Awards, to which it pertains, which number or amount may be subject to adjustment to reflect changes in compensation or other factors.
(b)The Performance Period with respect to each Cash Incentive Award, Performance Share or Performance Unit will be such period of time (not less than one year) as will be determined by the Board at the time of grant, which may be subject to earlier lapse or other modification in the event of the retirement, death or disability of a Participant or a Change in Control.
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(c)Any grant of Cash Incentive Awards, Performance Shares or Performance Units may specify Management Objectives which, if achieved, will result in payment or early payment of the award, and each grant may specify in respect of such specified Management Objectives a minimum acceptable level or levels of achievement and will set forth a formula for determining the number of Performance Shares or Performance Units, or amount payable with respect to Cash Incentive Awards, that will be earned if performance is at or above the minimum or threshold level or levels, or is at or above the target level or levels, but falls short of maximum achievement of the specified Management Objectives.
(d)Each grant will specify the time and manner of payment of Cash Incentive Awards, Performance Shares or Performance Units that have been earned.  Any grant may specify that the amount payable with respect thereto may be paid by the Company in cash, in Common Shares, in Restricted Stock or Restricted Stock Units or in any combination thereof.
(e)Any grant of Cash Incentive Awards, Performance Shares or Performance Units may specify that the amount payable or the number of Common Shares, shares of Restricted Stock or Restricted Stock Units with respect thereto may not exceed a maximum specified by the Board at the Date of Grant.
(f)The Board may, at the Date of Grant of Performance Shares, provide for the payment of dividend equivalents to the holder thereof either in cash or in additional Common Shares, subject in all cases to deferral and payment on a contingent basis based on the Participant’s earning of the Performance Shares with respect to which such dividend equivalents are paid.
(g)Each grant of Cash Incentive Awards, Performance Shares or Performance Units will be evidenced by an Evidence of Award and will contain such other terms and provisions, consistent with this Plan, as the Board may approve.
9.Awards to Non-Employee Directors.  Subject to the limit set forth in Section 3(b)(ii) of this Plan, the Board may, from time to time and upon such terms and conditions as it may determine, authorize the granting to Non-Employee Directors of Option Rights, Appreciation Rights or other awards contemplated by Section 10 of this Plan and may also authorize the grant or sale of Common Shares, Restricted Stock or Restricted Stock Units (which may also be referred to as Deferred Stock Units) to Non-Employee Directors.  Each grant of an award to a Non-Employee Director will be upon such terms and conditions as approved by the Board and will be evidenced by an Evidence of Award in such form as will be approved by the Board.  Each grant will specify in the case of an Option Right an Option Price per share, and in the case of a Free-Standing Appreciation Right, a Base Price per share, which will not be less than the Market Value per Share on the Date of Grant.  Each Option Right and Free-Standing Appreciation Right granted under the Plan to a Non-Employee Director will expire not more than 10 years from the Date of Grant and will be subject to earlier termination as hereinafter provided.  Non-Employee Directors, pursuant to this Section 9, may be awarded, or may be permitted to elect to receive, pursuant to procedures established by the Board, all or any portion of their annual retainer, meeting fees or other fees in Common Shares, Restricted Stock, Restricted Stock Units or other awards under the Plan in lieu of cash.
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10.Other Awards.
(a)(a) Subject to limitations under applicable law and to the limit set forth in Section 3(b)(ii) of this Plan, the Board may grant to any Participant such other awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Common Shares or factors that may influence the value of such shares, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Common Shares, purchase rights for Common Shares, awards with value and payment contingent upon performance of the Company or specified Subsidiaries, affiliates or other business units thereof or any other factors designated by the Board, and awards valued by reference to the book value of Common Shares or the value of securities of, or the performance of specified Subsidiaries or affiliates or other business units of the Company.  The Board will determine the terms and conditions of such awards.  Common Shares delivered pursuant to an award in the nature of a purchase right granted under this Section 10 will be purchased for such consideration, paid for at such time, by such methods, and in such forms, including, without limitation, Common Shares, other awards, notes or other property, as the Board determines.
(b)The Board may grant Common Shares as a bonus, or may grant other awards in lieu of obligations of the Company or a Subsidiary to pay cash or deliver other property under this Plan or under other plans or compensatory arrangements, subject to such terms as will be determined by the Board.
(c)Share-based awards pursuant to this Section 10 are not required to be subject to any minimum vesting period.
11.Administration of the Plan.
(a)This Plan will be administered by the Board, which may from time to time delegate all or any part of its authority under this Plan to the Executive Compensation Committee of the Board or any other committee of the Board (or a subcommittee thereof), as constituted from time to time.  To the extent of any such delegation, references in this Plan to the Board will be deemed to be references to such committee or subcommittee.
(b)The interpretation and construction by the Board of any provision of this Plan or of any agreement, notification or document evidencing the grant of Option Rights, Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units or other awards pursuant to Section 10 of this Plan and any determination by the Board pursuant to any provision of this Plan or of any such agreement, notification or document will be final and conclusive.
(c)The Board or, to the extent of any delegation as provided in Section 11(a), the committee, may delegate to one or more of its members or to one or more executive officers of the Company, or to one or more agents or advisors, such administrative duties or powers as it may deem advisable, and the Board, the committee, or any person to whom duties or powers have been delegated as aforesaid, may employ one or more persons to render advice with respect to any responsibility the Board, the committee or such person may have under the Plan.  The 
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Board or the committee may, by resolution, authorize one or more executive officers of the Company to do one or both of the following on the same basis as the Board or the committee: (i) designate employees to be recipients of awards under this Plan; (ii) determine the size of any such awards; provided, however, that (A) the Board or the Committee will not delegate such responsibilities to any such executive officer for awards granted to an employee who is an executive officer, Director, or more than 10% beneficial owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, as determined by the Board in accordance with Section 16 of the Exchange Act; (B) the resolution providing for such authorization sets forth the total number of Common Shares such executive officer(s) may grant; and (C) the executive officer(s) will report periodically to the Board or the committee, as the case may be, regarding the nature and scope of the awards granted pursuant to the authority delegated.
12.Adjustments.  The Board will make or provide for such adjustments in the numbers of Common Shares covered by outstanding Option Rights, Appreciation Rights, Restricted Stock Units, Performance Shares and Performance Units granted hereunder and, if applicable, in the number of Common Shares covered by other awards granted pursuant to Section 10 hereof, in the Option Price and Base Price provided in outstanding Option Rights and Appreciation Rights, and in the kind of shares covered thereby, as the Board, in its sole discretion, may determine is equitably required to prevent dilution or enlargement of the rights of Participants or Optionees that otherwise would result from (a) any stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, (b) any merger, consolidation, spin-off, split- off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of rights or warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing.  Moreover, in the event of any such transaction or event or in the event of a Change in Control, the Board, in its discretion, may provide in substitution for any or all outstanding awards under this Plan such alternative consideration (including cash), if any, as it, in good faith, may determine to be equitable in the circumstances and may require in connection therewith the surrender of all awards so replaced in a manner that complies with Section 409A of the Code.  In addition, for each Option Right or Appreciation Right with an Option Price or Base Price greater than the consideration offered in connection with any such transaction or event or Change in Control, the Board may in its sole discretion elect to cancel such Option Right or Appreciation Right without any payment to the person holding such Option Right or Appreciation Right.  The Board will also make or provide for such adjustments in the numbers of shares specified in Section 3 of this Plan as the Board in its sole discretion, exercised in good faith, may determine is appropriate to reflect any transaction or event described in this Section 12; provided, however, that any such adjustment to the number specified in Section 3(b)(i) will be made only if and to the extent that such adjustment would not cause any option intended to qualify as an Incentive Stock Option to fail to so qualify.
13.Change in Control.  For purposes of this Plan, except as may be otherwise prescribed by the Board in an Evidence of Award made under this Plan, a “Change in Control” will be deemed to have occurred upon the occurrence of any of the following events:
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(a)The consummation of a merger, consolidation, combination (as defined in Section 1701.01(Q), Ohio Revised Code), or majority share acquisition (as defined in Section 1701.01(R), Ohio Revised Code) involving the Company and as a result of which the securities of the Company entitled to vote generally in the election of Directors that are outstanding immediately prior to the transaction do not continue to represent, directly or indirectly (either by remaining outstanding or by being converted into securities of the surviving entity or any parent thereof entitled to vote in the election of directors of such entity), one-third or more of the voting power of the surviving entity or any parent thereof;
(b)The consummation of the sale of all or substantially all of the assets of the Company;
(c)The consummation of a dissolution of the Company pursuant to a resolution adopted by the shareholders;
(d)If during any period of two consecutive years, individuals who at the beginning of such period constitute the Directors of the Company cease for any reason to constitute a majority thereof; provided, however, that any individual who becomes a Director during such period whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least two-thirds of the Directors then still in office who were Directors of the Company at the beginning of such period (either by specific vote or by approval of the proxy statement of the Company in which such individual is named as a nominee for Director, without objection to such nomination) will be considered as though such individual were a Director of the Company at the beginning of such period, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents by or on behalf of any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) other than the Board; or
(e)The acquisition by any person (including a group within the meaning of Sections 13(d)(3) or 14(d)(2) of the Exchange Act other than the Company (or any of its Subsidiaries) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of the Company’s then outstanding securities, unless such acquisition is approved by the vote of at least two-thirds of the Directors of the Company then in office.
14.Detrimental Activity.  Any Evidence of Award may provide that if a Participant, either during employment by the Company or a Subsidiary or within a specified period after termination of such employment, will engage in any Detrimental Activity, and the Board will so find, forthwith upon notice of such finding, the Participant will:
(a)Forfeit any award granted under this Plan then held by the Participant;
(b)Return to the Company, in exchange for payment by the Company of any amount actually paid therefor by the Participant, all Common Shares that the Participant has not 
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disposed of that were offered pursuant to this Plan within a specified period prior to the date of the commencement of such Detrimental Activity, and
(c)With respect to any Common Shares so acquired that the Participant has disposed of, pay to the Company in cash the difference between:
(i)Any amount actually paid therefor by the Participant pursuant to this Plan, and
(ii)The Market Value per Share of the Common Shares on the date of such disposition.
(d)To the extent that such amounts are not paid to the Company, the Company may set off the amounts so payable to it against any amounts that may be owing from time to time by the Company or a Subsidiary to the Participant, whether as wages, deferred compensation or vacation pay or in the form of any other benefit or for any other reason.
In addition, notwithstanding anything in the Plan to the contrary, any Evidence of Award may provide for the cancellation or forfeiture of an award or the forfeiture and repayment to the Company of any gain related to an award, or other provisions intended to have a similar effect, upon such terms and conditions as may be determined by the Board from time to time.  Further, if a Participant is a “Covered Employee” within the meaning of the Company’s Clawback of Incentive Compensation Policy (the “Policy”), he or she acknowledges and accepts the terms and conditions of the Policy as in effect on the Date of Grant.
15.Non U.S. Participants.  In order to facilitate the making of any grant or combination of grants under this Plan, the Board may provide for such special terms for awards to Participants who are foreign nationals or who are employed by the Company or any Subsidiary outside of the United States of America or who provide services to the Company under an agreement with a foreign nation or agency, as the Board may consider necessary or appropriate to accommodate differences in local law, tax policy or custom.  Moreover, the Board may approve such supplements to or amendments, restatements or alternative versions of this Plan (including, without limitation, sub-plans) as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of this Plan as in effect for any other purpose, and the Secretary or other appropriate officer of the Company may certify any such document as having been approved and adopted in the same manner as this Plan.  No such special terms, supplements, amendments or restatements, however, will include any provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan could have been amended to eliminate such inconsistency without further approval by the shareholders of the Company.
16.Transferability.
(a)Except as otherwise determined by the Board, no Option Right, Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Share, Performance Unit, Cash Incentive Award, award contemplated by Section 9 or 10 of this Plan or dividend 
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equivalents paid with respect to awards made under the Plan will be transferable by the Participant except by will or the laws of descent and distribution, and in no event will any such award granted under the Plan be transferred for value.  Except as otherwise determined by the Board, Option Rights and Appreciation Rights will be exercisable during the Participant’s lifetime only by him or her or, in the event of the Participant’s legal incapacity to do so, by his or her guardian or legal representative acting on behalf of the Participant in a fiduciary capacity under state law or court supervision.
(b)The Board may specify at the Date of Grant that part or all of the Common Shares that are (i) to be issued or transferred by the Company upon the exercise of Option Rights or Appreciation Rights, upon the termination of the Restriction Period applicable to Restricted Stock Units or upon payment under any grant of Performance Shares or Performance Units or (ii) no longer subject to the substantial risk of forfeiture and restrictions on transfer referred to in Section 6 of this Plan, will be subject to further restrictions on transfer.
17.Withholding Taxes.  To the extent that the Company is required to withhold federal, state, local, or foreign taxes in connection with any payment made or benefit realized by a Participant or other person under this Plan, and the amounts available to the Company for such withholding are insufficient, it will be a condition to the receipt of such payment or the realization of such benefit that the Participant or such other person make arrangements satisfactory to the Company for payment of the balance of such taxes required to be withheld, which arrangements (in the discretion of the Board) may include relinquishment of a portion of such benefit. If a Participant’s benefit is to be received in the form of Common Shares, and such Participant fails to make arrangements for the payment of tax, the Company will withhold such Common Shares having a value equal to the amount required to be withheld. Notwithstanding the foregoing, when a Participant is required to pay the Company an amount required to be withheld under applicable income and employment tax laws, the Participant may elect to satisfy the obligation, in whole or in part, by electing to have withheld, from the shares required to be delivered to the Participant, Common Shares having a value equal to the amount required to be withheld (except in the case of Restricted Stock where an election under Section 83(b) of the Code has been made), or by delivering to the Company other Common Shares held by such Participant. The shares used for tax withholding will be valued at an amount equal to the Market Value per Share of such Common Shares on the date the benefit is to be included in Participant’s income. In no event will the number of Common Shares to be withheld and delivered pursuant to this Section to satisfy applicable withholding taxes in connection with the benefit exceed such number of Common Shares which have an aggregate Market Value per Share which exceeds the maximum statutory individual tax rate in the jurisdiction(s) applicable to the Participant. Participants will also make such arrangements as the Company may require for the payment of any withholding tax obligation that may arise in connection with the disposition of Common Shares acquired upon the exercise of Option Rights.
18.Compliance with Section 409A of the Code.
(a)To the extent applicable, it is intended that this Plan and any grants made hereunder comply with the provisions of Section 409A of the Code, so that the income inclusion 
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provisions of Section 409A(a)(1) of the Code do not apply to the Participants.  This Plan and any grants made hereunder will be administered in a manner consistent with this intent.  Any reference in this Plan to Section 409A of the Code will also include any regulations or any other formal guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.
(b)Neither a Participant nor any of a Participant’s creditors or beneficiaries will have the right to subject any deferred compensation (within the meaning of Section 409A of the Code) payable under this Plan and grants hereunder to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment.  Except as permitted under Section 409A of the Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to a Participant or for a Participant’s benefit under this Plan and grants hereunder may not be reduced by, or offset against, any amount owing by a Participant to the Company or any of its Subsidiaries.
(c)If, at the time of a Participant’s separation from service (within the meaning of Section 409A of the Code), (i) the Participant will be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology selected by the Company from time to time) and (ii) the Company makes a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under Section 409A of the Code, then the Company will not pay such amount on the otherwise scheduled payment date but will instead pay it, without interest, on the tenth business day of the seventh month after such separation from service.
(d)Notwithstanding any provision of this Plan and grants hereunder to the contrary, in light of the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to this Plan and grants hereunder as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code.  In any case, a Participant will be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or for a Participant’s account in connection with this Plan and grants hereunder (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates will have any obligation to indemnify or otherwise hold a Participant harmless from any or all of such taxes or penalties.
19.Amendments.
(a)The Board may at any time and from time to time amend this Plan in whole or in part; provided, however, that if an amendment to this Plan (i) would materially increase the benefits accruing to participants under this Plan, (ii) would materially increase the number of Common Shares which may be issued under this Plan, (iii) would materially modify the requirements for participation in this Plan, (iv) would increase the Non-Employee Director Compensation Limit or (v) must otherwise be approved by the shareholders of the Company in order to comply with applicable law or the rules of the New York Stock Exchange or, if the 
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Common Shares are not traded on the New York Stock Exchange, the principal national securities exchange upon which the Common Shares are traded or quoted, then, such amendment will be subject to shareholder approval and will not be effective unless and until such approval has been obtained.
(b)Except in connection with a corporate transaction or event described in Section 12 of this Plan, the terms of outstanding awards may not be amended to reduce the Option Price of outstanding Option Rights or the Base Price of outstanding Appreciation Rights, or cancel outstanding Option Rights or Appreciation Rights in exchange for cash, other awards or Option Rights or Appreciation Rights with an Option Price or Base Price, as applicable, that is less than the Option Price of the original Option Rights or Base Price of the original Appreciation Rights, as applicable, without shareholder approval.  This Section 19(b) is intended to prohibit the repricing of “underwater” Option Rights and Appreciation Rights and will not be construed to prohibit the adjustments provided for in Section 12 of this Plan.
(c)If permitted by Section 409A of the Code, but subject to the paragraph that follows, in the case of involuntary termination of employment or termination of employment by reason of death, disability, retirement, closing of business or operation units, or elimination of job position, or in the case of unforeseeable emergency or other special circumstances (including reaching reasonable age and service requirements approved by the Board from time to time), of or relating to a Participant who holds an Option Right or Appreciation Right not immediately exercisable in full, or any shares of Restricted Stock as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has not lapsed, or any Restricted Stock Units as to which the Restriction Period has not been completed, or any Cash Incentive Awards, Performance Shares or Performance Units which have not been fully earned, or any other awards made pursuant to Section 10 subject to any vesting schedule or transfer restriction, or who holds Common Shares subject to any transfer restriction imposed pursuant to Section 16(b) of this Plan, the Board may, in its sole discretion, accelerate the time at which such Option Right, Appreciation Right or other award may be exercised or the time at which such substantial risk of forfeiture or prohibition or restriction on transfer will lapse or the time when such Restriction Period will end or the time at which such Cash Incentive Awards, Performance Shares or Performance Units will be deemed to have been fully earned or the time when such transfer restriction will terminate or may waive any other limitation or requirement under any such award.
Subject to Section 19(b) hereof, the Board may amend the terms of any award theretofore granted under this Plan prospectively or retroactively.  Subject to Section 12 above, no such amendment will impair the rights of any Participant without his or her consent.  The Board may, in its discretion, terminate this Plan at any time.  Termination of this Plan will not affect the rights of Participants or their successors under any awards outstanding hereunder and not exercised in full on the date of termination.
20.Governing Law.  This Plan and all grants and awards and actions taken hereunder will be governed by and construed in accordance with the internal substantive laws of the State of Ohio.
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21.Effective Date/Termination.  This Plan will be effective as of the Effective Date.  No grants will be made on or after November 7, 2020 (provided that this Plan is approved by the shareholders of the Company prior to or on such date) under the Existing Plan, except that outstanding awards granted under the Existing Plan will continue unaffected following such date.  No grant will be made under this Plan more than 10 years after November 7, 2020, but all grants made on or prior to such date will continue in effect thereafter subject to the terms thereof and of this Plan.
22.Miscellaneous Provisions.
(a)The Company will not be required to issue any fractional Common Shares pursuant to this Plan.  The Board may provide for the elimination of fractions or for the settlement of fractions in cash.
(b)This Plan will not confer upon any Participant any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate such Participant’s employment or other service at any time.
(c)To the extent that any provision of this Plan would prevent any Option Right that was intended to qualify as an Incentive Stock Option from qualifying as such, that provision will be null and void with respect to such Option Right.  Such provision, however, will remain in effect for other Option Rights and there will be no further effect on any provision of this Plan.
(d)No award under this Plan may be exercised by the holder thereof if such exercise, and the receipt of stock thereunder, would be, in the opinion of counsel selected by the Board, contrary to law or the regulations of any duly constituted authority having jurisdiction over this Plan.
(e)Absence on leave approved by a duly constituted officer of the Company or any of its Subsidiaries will not be considered interruption or termination of service of any employee for any purposes of this Plan or awards granted hereunder, except that no awards may be granted to an employee while he or she is absent on leave.
(f)No Participant will have any rights as a stockholder with respect to any shares subject to awards granted to him or her under this Plan prior to the date as of which he or she is actually recorded as the holder of such shares upon the stock records of the Company.
(g)The Board may condition the grant of any award or combination of awards authorized under this Plan on the surrender or deferral by the Participant of his or her right to receive a cash bonus or other compensation otherwise payable by the Company or a Subsidiary to the Participant.
(h)Except with respect to Option Rights and Appreciation Rights, the Board may permit Participants to elect to defer the issuance of Common Shares under the Plan pursuant 
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to such rules, procedures or programs as it may establish for purposes of this Plan and which are intended to comply with the requirements of Section 409A of the Code.  The Board also may provide that deferred issuances and settlements include the payment or crediting of dividend equivalents or interest on the deferral amounts.
(i)If any provision of this Plan is or becomes invalid, illegal or unenforceable in any jurisdiction, or would disqualify this Plan or any award under any law deemed applicable by the Board, such provision will be construed or deemed amended or limited in scope to conform to applicable laws or, in the discretion of the Board, it will be stricken and the remainder of this Plan will remain in full force and effect.

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