Document:

EX-4.8

 Exhibit 4.8 

INDUCEMENT LONG-TERM INCENTIVE PLAN PERFORMANCE STOCK UNIT GRANT NOTICE AND AGREEMENT 

To: Kristin Oliver (referred to herein as “Grantee” or “you”) 

WHEREAS, Hanesbrands Inc. (the “Company”) desires to employ the Grantee as its Chief Human Resources Officer; 

WHEREAS, to induce the Grantee to join the Company in such capacity, the Board has determined that it is in the best interests of the Company
to grant the Grantee an inducement performance stock unit (“PSU”) award on the terms and conditions set forth herein; 
 WHEREAS,
in an offer letter dated August 15, 2020 (the “Offer Letter”), the Company offered the Grantee an inducement award under the Company’s Long-Term Incentive Program with an equivalent value of $750,000 on the date of the grant pro-rated from the Grantee’s date of hire with 50% to be delivered as time-based awards and 50% to be delivered as performance-based awards to join the Company as its Chief Human Resources Officer; and 

WHEREAS, the Grantee finds such terms and conditions to be acceptable. 

NOW, THEREFORE, in consideration of the promises and of the services performed and to be performed by the Grantee, the Company is pleased to
confirm that you have been granted PSUs, effective September 8, 2020 (the “Grant Date”), subject to the terms and conditions set forth herein. Except as specifically provided to the contrary under this Inducement Long-Term Incentive
Plan Performance Stock Unit Grant Notice and Agreement (this “Agreement”), this Award shall be construed and administered in accordance with the Hanesbrands Inc. 2020 Omnibus Incentive Plan (the “Plan”), the terms of which are
hereby incorporated by reference. The Award subject to this Agreement shall not be charged against the Plan’s share reserve and is being granted outside of the Plan as an inducement award under pertinent New York Stock Exchange regulations.

 1. Acceptance of Terms and Conditions. To be eligible to receive this Award, you must acknowledge and accept this Award within 75
days after the Grant Date in accordance with procedures established by the Company. By accepting this Agreement, you agree to be bound by the terms and conditions herein, the Plan and any and all conditions established by the Company in connection
with Awards issued under the Plan, and you further acknowledge and agree that this Award does not confer any legal or equitable right (other than those rights constituting the Award itself) against the Company or any Subsidiary directly or
indirectly, or give rise to any cause of action at law or in equity against the Company or any Subsidiary. If you do not accept this Award in accordance with the procedures outlined in this Paragraph and within the
75-day period described above, the Award will be cancelled and forfeited. By accepting this Agreement, you also acknowledge that you are fluent in the English language and have reviewed and understand the
terms and conditions of this Agreement and the Plan. 
 2. Grant of PSU Award. Subject to the restrictions, limitations, terms and
conditions specified in the Plan and this Agreement, the Company has granted you as of the Grant Date 8,054 PSUs (which are considered Performance Shares under the Plan). The actual number of shares of Stock you will receive after vesting of
the PSUs will range from 0% to 200% of the number of PSUs awarded and will be calculated as outlined below in Paragraph 3. Except as provided below in Paragraphs 6, 7 and 8, these PSUs will remain restricted until the third anniversary of the Grant
Date (the “Vesting Date”). Prior to the delivery of the PSUs, the PSUs are not transferable by the Grantee by means of sale, assignment, exchange, pledge, or otherwise. 

  
 2020 Inducement Long-Term Incentive Plan
PSU Grant Agreement – U.S. (Updated August 2020) 

 3. Calculation of Award Earned. As soon as practicable after
January 2, 2021, your number of shares of Stock that you will receive upon vesting of the PSUs will be determined by the Committee using the chart below based on the Company’s EPS XA Growth (%), Cash Flow
from Operations ($MM), and Net Sales Growth (%) for its fiscal year ending January 2, 2021, as weighted below: 
  

																	
	 Metric
	  	Weighting	 	 	Threshold	 	  	Target	 	  	Maximum	 
	 EPS XA Growth (%)
	  	 	40	% 	 	 	13	 	  	 	16	 	  	 	19	 
	 Cash Flow from Operations ($MM)
	  	 	40	% 	 	 	600	 	  	 	750	 	  	 	900	 
	 Net Sales Growth (%)
	  	 	20	% 	 	 	2	 	  	 	3	 	  	 	4	 

  

	*	 For any metric, the payout for achievement below the Threshold level with respect to such metric is 0%,
at the Threshold level is 25%, at the Target level is 100%, and at the Maximum level is 200%. 

	*	 Straight-line interpolation is used for calculating results between the achievement levels.

 For purposes of this Agreement: 
  

	 	•	 	 EPS XA Growth will be determined by considering any increase in the Company’s earnings per share on
an excluding actions basis for the fiscal year ending January 2, 2021 as compared to earnings per share on an excluding actions basis for the fiscal year ended December 28, 2019.

  

	 	•	 	 Cash Flow from Operations ($MM) will be determined by considering net cash from operating
activities for the fiscal year ending January 2, 2021. 

  

	 	•	 	 Net Sales Growth (%) will be determined by considering any increase in the Company’s sales for the fiscal
year ending January 2, 2021 as compared to sales for the fiscal year ended December 28, 2019. 

  

	 	•	 	 The Committee, in its discretion, may specify whether metrics include or exclude (or will be adjusted to include
or exclude) extraordinary items, the impact of charges for restructurings or productivity initiatives, non-operating items, discontinued operations and other unusual and
non-recurring items, the effects of currency fluctuations, the effects of financing activities (by way of example, without limitation, the effect on earnings per share of issuing convertible debt securities),
the effects of acquisitions and acquisition expenses, the effects of divestiture and divestiture expenses, and the effects of tax or accounting changes, each determined in accordance with generally accepted accounting principles.

 4. Dividend Equivalents. Subject to the restrictions, limitations and conditions described in the Plan, dividend
equivalents will accrue with respect to the PSUs granted hereunder at the same time and in the same amount as cash dividends are paid to owners of Hanesbrands Inc. common stock. Interest will be credited on accrued dividend equivalents. Dividend
equivalent balances will vest on the same Vesting Date as the associated PSUs and will be distributed in cash within 30 days thereafter except as provided herein. 

5. Distribution of the PSUs. Except as otherwise provided in Paragraph 6, 7 or 8, upon the Vesting Date specified in Paragraph 2,
shares of Stock equal to the vested PSUs will be distributed to you. However, no stock certificates will be issued with respect to any shares of Stock. Stock ownership shall be kept electronically in your name, or in your name and in
the name of another person of legal age as joint tenants with right of survivorship, as applicable. You are personally responsible for the payment of all taxes related to distribution. To the extent that the Company is required to withhold federal,
state, local or 

  

			
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foreign taxes or other amounts in connection with the payment of Stock or any other payment to you or on your behalf or any other payment or vesting event under this Agreement, and the amounts
available to the Company for such withholding are insufficient, it shall be a condition to the obligation of the Company to make any such delivery or payment that you make arrangements satisfactory to the Company for payment of the balance of such
taxes or other amounts required to be withheld. Unless otherwise determined by the Committee, such withholding requirement shall be satisfied by retention by the Company of a portion of the Stock to be delivered to you. The Stock so retained shall
be credited against such withholding requirement at the fair market value of such Stock on the date the applicable benefit is to be included in your income. Except in the event your PSUs become vested under Paragraph 7, you may elect to have the
Company withhold an additional amount up to the maximum statutory amount in accordance with Company procedures. In no event will the fair market value of the Stock to be withheld and/or delivered pursuant to this Paragraph 5 to satisfy applicable
withholding taxes exceed the maximum amount of taxes required to be withheld. 
 Pursuant to the Company’s General Policy on Insider Trading, you agree
not to engage in “short sales” or “sales against the box” or trade in puts, calls or other options on the Company’s securities. 

6. Death or Totally Disabled. In the event that you die or become totally disabled while employed by the Company or any of its
Subsidiaries (collectively, the “HBI Companies”), including during the period that you remain employed after giving notice of your intended retirement pursuant to Paragraph 7(b) below, all outstanding PSUs and associated dividend
equivalents will vest as of the date of death or the date you are determined to be totally disabled; if you die or become totally disabled prior to January 2, 2021, the number of shares of Stock you will receive will be the
number of PSUs granted to you on the Grant Date, and if you die or become totally disabled after that date, the number of shares of Stock will be determined pursuant to Paragraph 3 above. Your shares of Stock equal to the vested PSUs and cash in an
amount equal to any associated dividend equivalents will be distributed to you or your estate, as applicable, not later than 21⁄2 months following the end of the
calendar year in which you die or become totally disabled. For purposes of this Paragraph 6, you shall be deemed to be totally disabled if, due to a physical or mental disability, you are unable to continue in any occupation with the HBI Companies
for a continuous period of at least 12 months. 
 7. Retirement. 

a. If you comply with the requirements to retire from the HBI Companies as defined in this Paragraph, then the restrictions on
outstanding PSUs requiring you to continue your employment until a Vesting Date shall immediately lapse and shares of Stock equal to such outstanding PSUs and cash in an amount equal to any associated dividend equivalents will be paid, as provided
in Paragraph 7(c) below, to you or on your behalf not later than 21⁄2 months following the end of the calendar year in which you terminate employment on account of
retirement. 
 b. For purposes of this Agreement, you shall only be considered to have retired if you voluntarily cease
active employment with the HBI Companies after each of the following conditions have been met: (i) you both attain at least age 50 and complete at least 10 years of service with the HBI Companies since your most recent date of hire, and
thereafter provide at least six months’ written notice of your intended retirement, (ii) the Committee accepts in writing your intended retirement, subject to successfully fulfilling transition duties and responsibilities and remaining
employed until a retirement date set by the Committee, it being understood that these duties and responsibilities are in addition to your regular duties and responsibilities, and may require continued employment beyond the end of the six month
notice period, (iii) the Committee determines that you have successfully fulfilled your transition duties and responsibilities, and (iv) you enter into a written agreement with the Company (in a form acceptable to the Company) in which you
agree to release any claims against the HBI Companies within twenty-one days after 

  

			
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employment termination (or such longer period of time as required under applicable law to have a binding release of one or more claims) and comply with the cooperation, non-compete, non-solicitation, confidentiality and non-disparagement provisions therein (collectively, the “Restricted
Covenants”). The Committee shall, in its sole discretion, (i) decide whether or not to accept your intended retirement, (ii) set forth in writing the terms of your transition duties and responsibilities and your retirement date and
(iii) determine whether or not you have successfully met your transition duties and responsibilities not later than 60 days after your employment termination. Your unvested PSUs shall be forfeited upon a voluntary termination of employment if
you do not fulfill any of the requirements set forth in this Paragraph 7(b). Actions taken by the Committee in this Paragraph 7(b) shall be final and binding. 

c. For purposes of this Paragraph 7, you will be considered to have been paid the amounts described in Paragraph 7(a) above if
shares and, as applicable, cash are delivered to you or on your behalf in a manner that constitutes a taxable payment for purposes of Section 409A of the Code, as reasonably determined by the HBI Companies, subject to recovery by the HBI
Companies due to a breach of any of the Restrictive Covenants or Paragraph 18 prior to the third anniversary of the Grant Date. Permitted methods of payment include issuing shares to an account in your name subject to transfer restrictions and
clawback provisions permitting the Company to recover these shares directly from such account without your consent in the event of any such breach. You agree to take any actions reasonably requested by the Company to effectuate the transfer
restrictions and clawback provisions set forth in this Agreement, including authorizing Fidelity to take actions reasonable and necessary to enforce such provisions. The Company shall determine the manner in which shares shall be paid to a retiree
in its sole discretion consistent with the requirements of this Paragraph 7(c). Regardless of the selected method of payment, you shall be required to file a Section 83(b) election with applicable taxing authorities within thirty days of the
issuance of the shares under this Paragraph 7(c) and provide a copy to the Company. Failure to timely file a Section 83(b) election shall result in you forfeiting any rights under this Award and a return of any issued shares to the Company.

 d. For purposes of this Paragraph 7, (i) references to the Committee shall mean, in the case of grantees other than
executive officers, the Company’s head of human resources or such other individual as designated for this purpose by the Chief Executive Officer, and (ii) continuous service with an entity acquired by the Company will be counted if you
were employed by the acquired entity immediately prior to the acquisition date and remained employed by the HBI Companies continuously thereafter. 

8. Other Terminations of Employment and Change in Control. 

a. Involuntary Termination With Severance. If your employment is involuntarily terminated by the HBI Companies (other
than in connection with a Change in Control) within 90 days before the Vesting Date and you are eligible to receive severance benefits under any written severance plan of the Company (a “Severance Event Termination”), then vesting
continues for 90 days after the date of termination, and shares of Stock equal to the PSUs that become vested under this Paragraph 8(a) and cash in an amount equal to any associated dividend equivalents will be delivered to you not later than 21⁄2 months following the end of the calendar year in which your employment is involuntarily terminated. If your employment is involuntarily terminated by the HBI
Companies (other than in connection with a Change in Control as defined in the Plan) more than 90 days before the Vesting Date, the PSUs granted under this Award are forfeited on the date of termination. 

b. Involuntary Termination Without Severance. If your employment is involuntarily terminated by the HBI Companies
at any time before the Vesting Date and you are 

  

			
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not eligible to receive severance benefits under any written severance plan of the Company (i.e., your employment is terminated for “cause”), the PSUs granted under this Award
are forfeited on the date of termination. 
 c. Voluntary Termination. If you voluntarily terminate your employment
with the HBI Companies before the Vesting Date, other than as described in Paragraph 7 above, all unvested PSUs are forfeited on the date of termination. 

d. Change in Control. In the event a Change in Control occurs, then the following provisions will apply: 

 

	 	(i)	 To the extent no provision is made in connection with the Change in Control for an Award that satisfies the
requirements of Paragraph 8(d)(ii) below (a “Replacement Award”) in assumption of or substitution for this Award, if this Award is outstanding immediately prior to the Change in Control (an “Existing Award”), then, on the date of
the Change in Control all restrictions on outstanding PSUs shall lapse, and (A) shares of Stock equal to the number of vested PSUs and (B) cash in an amount equal to any associated dividend equivalents, shall be delivered to you.

  

	 	(ii)	 An Award meets the conditions of this Paragraph 8(d)(ii) (and hence qualifies as a “Replacement
Award” for an Existing Award) if (A) it is a PSU, (B) it has a value at least equal to the value of the Existing Award, (C) it relates to publicly traded equity securities of the Company or its successor in the Change in Control
or its “parent corporation” (as defined in Code Section 424(e)) or “subsidiary corporation” (as defined in Code Section 424(f)) following the Change in Control, (D) the Grantee holding the Existing Award is subject
to U.S. federal income tax under the Code, the tax consequences to such Grantee under the Code of the Replacement Award are not less favorable to such Grantee than the tax consequences of the Existing Award, and (E) the Replacement Award’s
other terms and conditions are not less favorable to such Grantee than the terms and conditions of the Existing Award (including the provisions that would apply in the event of a subsequent Change in Control and provisions with respect to dividend
equivalents). Without limiting the generality of the foregoing, the Replacement Award may take the form of an assumption of the Existing Award if the requirements of the preceding sentence are satisfied. The determination of whether the conditions
of this Paragraph 8(d)(ii) are satisfied will be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion. 

  

	 	(iii)	 If the Grantee terminates his or her employment for Good Reason (as defined below) or the Grantee is
involuntarily terminated for reasons other than for Cause (as defined below), in each case during the period of two years after the Change in Control, all restrictions on outstanding PSUs shall lapse, and (A) shares of Stock equal to the number
of vested PSUs and (B) cash in an amount equal to any associated dividend equivalents, shall be delivered to you within 60 days following such termination. 

For purposes of this Paragraph 8(d), 

“Cause” means the Grantee: 

  

			
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	 	•	 	 has been convicted of (or pled guilty or no contest to) a felony or any crime involving fraud, embezzlement,
theft, misrepresentation or financial impropriety; 

  

	 	•	 	 has willfully engaged in misconduct resulting in material harm to the Company; 

 

	 	•	 	 has willfully failed to perform duties after written notice; or 

 

	 	•	 	 is in willful and material violation of Company policies resulting in harm to the Company. 

“Good Reason” means any of the following actions by the Grantee’s employer without the Grantee’s written consent: 

 

	 	•	 	 The assignment to the Grantee of any duties materially inconsistent with his or her position (including status,
offices, titles and reporting relationships), authority, duties or responsibilities, or any other action by such employer which results in a diminution in such title, position, authority, duties or responsibilities thereof given to the Grantee;

  

	 	•	 	 Any material breach by such employer of a material provision of any agreement between such employer and Grantee;
for example, without limitation, a reduction in Grantee’s base salary or target bonus opportunity or failure to provide incentive opportunities to the Grantee shall be deemed to be such a material breach; 

 

	 	•	 	 The relocation of the Grantee’s principal place of employment to a location more than 50 miles from the
Grantee’s principal place of employment immediately prior to the Change in Control or the Company requiring the Grantee to be based anywhere other than such principal place of employment (or permitted relocation thereof), except for required
travel on the Company’s business to an extent substantially consistent with the Grantee’s business travel obligations immediately prior to the Change in Control; or 

 

	 	•	 	 The Company terminates or materially amends, or materially restricts the Grantee’s participation in, any
equity, bonus or equity-based compensation plans or qualified or supplemental retirement plans so that, when considered in the aggregate with any substitute plan or plans, the plans in which the Grantee is participating materially fail to provide
him or her with a level of benefits provided in the aggregate by such plans prior to such termination or amendment. 

 9.
Forfeiture/Right of Offset. Notwithstanding anything contained in this Agreement to the contrary, if you engage in any activity inimical, contrary or harmful to the interests of the Company or any Subsidiary, including but not limited to:
(a) without the prior written consent of the Company, counseling or becoming employed by, or otherwise engaging or participating in, or performing consulting services for, any Competing Business (regardless of whether you receive any
compensation of any kind), where “Competing Business” means any business that competes with any business that the HBI Companies conducted as of the date your employment terminates with the HBI Companies, (b) violating the
Company’s Global Code of Conduct, employment policies, or any employment agreement (c) without the prior written consent of the Company, inducing or attempting to induce any employee of the HBI Companies to leave the employ of the HBI
Companies, interfering with the relationship between the HBI Companies and any employee or prospective employee thereof, or hiring or causing the hiring of any person who is an employee of the HBI Companies, (d) without the prior written
consent of the Company, calling on, soliciting or servicing any customer of the HBI Companies in order to induce or attempt to induce such person or entity to cease or reduce doing business with the HBI Companies or interfering with the relationship
between the HBI Companies and any such customer, (e) failing to cooperate with the HBI Companies, as described in Paragraph 18 below, (f) disclosing or misusing any confidential information regarding the HBI Companies,
(g) participating in any activity not approved by the Board which could reasonably be foreseen as contributing to or resulting in a Change in Control, or (h) disparaging or criticizing, orally or in writing, the business, products,
policies, decisions, directors, officers or employees of the HBI Companies or any of its subsidiaries or affiliates to any person (all such activities described in (a)-(h) above collectively referred to as “wrongful conduct”), then
(i) PSUs, to the extent they remain subject to restriction, shall terminate automatically, (ii) you shall return to the Company all shares of Stock that you have not disposed of that 

  

			
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were delivered pursuant to this Agreement within a period of one year prior to the date of the commencement of such wrongful conduct, reduced by a number of shares equal to the quotient of
(A) any taxes paid in countries other than the United States with respect to the vesting or delivery of the PSUs covering such shares that are not otherwise eligible for refund from the taxing authority divided by (B) the fair market value
of a share of Common Stock on the date of the return of such shares, and (iii) with respect to any shares of Stock that you have disposed of that were delivered pursuant to this Agreement within a period of one year prior to the date of the
commencement of such wrongful conduct, you shall pay to the Company in cash any financial gain you received with respect to such shares. For purposes of this Paragraph 9 and Paragraph 20 below, financial gain shall equal the fair market value of a
share of Stock on the PSU delivery date, multiplied by the number of shares of Stock delivered with respect to the PSUs on that date, reduced by any taxes paid in countries other than the United States with respect to such vesting and which taxes
are not otherwise eligible for refund from the taxing authorities. 
 The Grantee acknowledges and agrees that this Agreement and the Award described herein
(and any settlement thereof) are also subject to the terms and conditions of Company’s clawback policy as may be in effect from time to time specifically to implement Section 10D of the Exchange Act and any applicable rules or regulations
promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Stock may be traded) (the “Compensation Recovery Policy”), and that relevant sections of this Agreement shall be deemed
superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date thereof. 
 By accepting this
Agreement, you consent to and authorize the Company to deduct any amounts you owe to the Company under this Paragraph from any amounts payable by the Company to you for any reason. This right of set-off is in
addition to any other remedies the Company may have against you for your breach of this Agreement. In addition, by accepting this Agreement, you consent to and authorize the Company to deduct any amounts you owe to the Company for any reason from
any amounts payable by the Company to you under this Agreement. 
 Notwithstanding anything in this Agreement to the contrary, you shall not be restricted
from: (i) disclosing information that is required to be disclosed by law, court order or other valid and appropriate legal process; provided, however, that in the event such disclosure is required by law, you shall provide the Company with
prompt notice of such requirement so that the Company may seek an appropriate protective order prior to any such required disclosure by you; or (ii) reporting possible violations of the laws of your country or of United States federal, state,
or local law or regulation to any governmental agency or commission (each a “Government Agency”), filing a charge or complaint with the Equal Employment Opportunity Commission or any other Government Agency, participating in any
investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, or making other disclosures that are protected under the whistleblower provisions of the laws of your country or of
United States federal, state, or local law or regulation. In the event of (ii), you shall not need the prior authorization of the Company to make any such reports or disclosures, you shall not be required to notify the Company that you have made
such reports or disclosures, and you acknowledge that you have waived your right to receive any monetary payment from the Company in connection with any such reports or disclosures or any ensuing charge or investigation. 

You are hereby notified that under the Defend Trade Secrets Act: (i) no individual will be held criminally or civilly liable under federal or state trade
secret law for disclosure of a trade secret (as defined in the Economic Espionage Act) that is: (A) made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and made solely for the
purpose of reporting or investigating a suspected violation of law or (B) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and (ii) an individual
who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files
any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order. 

  

			
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 10. Adjustments. This Award is subject to adjustment pursuant to
Section 16 of the Plan. 
 11. Rights as a Stockholder. Except as provided in Paragraph 4 above (regarding dividend
equivalents), the Grantee shall have no rights as a stockholder of the Company in respect of the PSUs, including the right to vote until and unless the PSUs have vested and ownership of Stock issuable upon vesting of the PSUs has been transferred to
you. 
 12. Public Offer Waiver. By voluntarily accepting this Award, you acknowledge and understand that your rights under the Plan
are offered to you strictly as an employee of the HBI Companies and that this Award of PSUs is not an offer of securities made to the general public. 

13. Conformity with the Plan and Share Retention Requirements. This Award shall be construed and administered in accordance with the
Plan, the terms of which are hereby incorporated by reference, including but not limited to the provisions with respect to the powers of the Committee to interpret this Award and adjust its terms. Except as specifically provided to the contrary
under this Agreement, capitalized terms not otherwise defined herein shall have the meanings set forth for such terms in the Plan. By your acceptance of this Agreement, you agree to be bound by all of the terms of this Agreement, the provisions of
the Plan incorporated herein and the share ownership and retention guidelines of the Company’s Key Executive Stock Ownership Program. 

14. Interpretations. Any dispute, disagreement or question which arises under, or as a result of, or in any way relates to the
interpretation, construction or application of the terms of this Agreement or the Plan will be determined and resolved by the Committee or its authorized delegate. Such determination or resolution by the Committee or its authorized delegate will be
final, binding and conclusive for all purposes. 
 15. No Rights to Continued Employment. By voluntarily acknowledging and accepting
this Award, you acknowledge and understand that this Award shall not form part of any contract of employment between you and any of the HBI Companies. Nothing in the Agreement or the Plan confers on any Grantee any right to continue in the employ of
the HBI Companies or in any way affects the HBI Companies’ right to terminate the Grantee’s employment without prior notice at any time or for any reason. You further acknowledge that this Award is for future services to the HBI Companies
and is not under any circumstances to be considered compensation for past services. 
 16. Consent to Transfer Personal Data. By
accepting this Award, you voluntarily acknowledge and consent to the collection, use, processing and transfer of personal data as described in this Paragraph and in accordance with the Company’s privacy policies. You are not obliged to consent
to such collection, use, processing and transfer of personal data. However, failure to provide the consent may affect your ability to participate in the Plan. The Company holds certain personal information about you, that may include your name, home
address and telephone number, fax number, email address, family size, marital status, sex, beneficiary information, emergency contacts, passport / visa information, age, language skills, driver’s license information, date of birth, birth
certificate, social security number or other employee identification number, nationality, C.V. (or resume), wage history, employment references, job title, employment or severance contract, current wage and benefit information, personal bank account
number, tax related information, plan or benefit enrollment forms and elections, option or benefit statements, any shares of Stock or directorships in the Company, details of all options or any other entitlements to shares of Stock awarded,
canceled, purchased, vested, unvested or outstanding in the Grantee’s favor, for the purpose of managing and administering the Plan (“Data”). The Company and/or its Subsidiaries will transfer Data amongst themselves as necessary for
the purpose of implementation, administration and management of your participation in the Plan, and the Company may further transfer Data to any third 

  

			
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parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located throughout the world, including the United States. You authorize
them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required
for the administration of the Plan and/or the subsequent holding of shares of Stock on your behalf to a broker or other third party with whom you may elect to deposit any shares of Stock acquired pursuant to the Plan. You may, at any time, review
Data, require any necessary amendments to it or withdraw the consents herein in writing by contacting the Company; however, withdrawing your consent may affect your ability to participate in the Plan. 

17. Miscellaneous. 

a. Modification. This Award is documented by the records of the Committee or its delegate which shall be the final
determinant of the number of PSUs granted and the conditions of this Agreement. The Committee may amend or modify this Award in any manner to the extent that the Committee would have had the authority under the Plan initially to grant such Award,
provided that no such amendment or modification shall materially and adversely impair your rights under this Agreement without your consent, unless the Committee reasonably determines that such amendment or modification is necessary to comply with
Section 10D of the Exchange Act. Except as in accordance with the two immediately preceding sentences and Paragraph 21, this Agreement may be amended, modified or supplemented only by agreement of both parties as evidenced in writing or in
electronic form as agreed to by the parties. 
 b. Governing Law. All matters regarding or affecting the relationship
of the Company and its stockholders shall be governed by the General Corporation Law of the State of Maryland. All other matters arising under this Agreement including matters of validity, construction and interpretation, shall be governed by the
internal laws of the State of North Carolina, without regard to any state’s conflict of law principles. You and the Company agree that all claims in respect of any action or proceeding arising out of or relating to this Agreement shall be heard
or determined in any state or federal court sitting in North Carolina, and you agree to submit to the jurisdiction of such courts, to bring all such actions or proceedings in such courts and to waive any defense of inconvenient forum to such actions
or proceedings. A final judgment in any action or proceeding so brought shall be conclusive and may be enforced in any manner provided by law. 

c. Successors and Assigns. Except as otherwise provided herein, this Agreement will bind and inure to the benefit of the
respective successors and permitted assigns of the parties hereto whether so expressed or not. 
 d. Severability.
Whenever feasible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such
provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 

e. Impact Upon Termination of Employment. By voluntarily acknowledging and accepting this Award, you agree that no
benefits accruing under the Plan will be reflected in any severance or indemnity payments that the Company may make or be required to make to you in the future, regardless of the jurisdiction in which you may be located. 

18. Cooperation. Subject to the additional duties set forth in Paragraph 7(a) in the event of retirement, you agree that in all
events following your termination of employment you will cooperate in the 

  

			
	2020 Inducement Long-Term Incentive Plan PSU Grant Agreement – U.S. (Updated August 2020)	  	Page 9 of 11

 
effort to effect an orderly, smooth, and efficient transition of your duties and responsibilities to such individual(s) as the HBI Companies may direct. You shall also cooperate with reasonable
requests made by or on behalf of the HBI Companies for information with respect to the operations, practices, and policies of the HBI Companies or your former job responsibilities, including in connection with matters arising out of your service to
the HBI Companies without limitation and any litigation matters; provided, that following termination of your employment, the HBI Companies will make reasonable efforts to minimize disruption of your other activities and will reimburse you for
reasonable expenses incurred in connection with your cooperation. The requirements of this Paragraph 18 shall continue until the third anniversary of the Grant Date. 

19. Non-Disparagement. 

a. You agree that you shall not, unless compelled by a court or governmental agency, make, or cause to be made, any statement
or communication regarding the Company, its Subsidiaries or affiliates to any third parties that disparages the reputation or business of the Company or any of its Subsidiaries or affiliates; provided, however, that such restriction shall not apply
to statements or communications made in good faith in the fulfillment of your duties with the Company. 
 b. The Company
shall reasonably direct the officers and directors of the Company not to make or issue, or procure any person, firm, or entity to make or issue, any statement in any form, including written, oral and electronic communications of any kind, which
conveys negative or adverse information about you. This paragraph does not apply to truthful testimony or disclosure compelled or required by applicable law or legal process. 

c. Nothing in this section is intended to or shall prohibit any person or entity (including, without limitation, you) from:
(i) providing truthful testimony compelled by applicable law or legal process; or (ii) cooperating fully and truthfully with any government authority conducting an investigation into any potential violation of any law or regulation. 

20. Confidentiality. You agree that you will not disclose the existence or terms of this Agreement to any other employees of the
Company or third parties with the exception of your accountants, attorneys, financial advisors, spouse, or domestic partner, and shall ensure that none of them discloses such existence or terms to any other person, except as required by applicable
law. If the existence or terms of this Agreement are disclosed by you other than as provided above, then at the discretion of the Company (i) PSUs, to the extent they remain subject to restriction, shall terminate automatically, (ii) you
shall return to the Company all shares of Stock that you have not disposed of that were delivered pursuant to this Agreement within a period of one year prior to the date of such disclosure, reduced by a number of shares equal to the quotient of
(A) any taxes paid in countries other than the United States with respect to the vesting or delivery of the PSUs covering such shares that are not otherwise eligible for refund from the taxing authority divided by (B) the fair market value
of a share of Common Stock on the date of the return of such shares, and (iii) with respect to any shares of Stock that you have disposed of that were delivered pursuant to this Agreement within a period of one year prior to the date of such
disclosure, you shall pay to the Company in cash any financial gain you received with respect to such shares. 
 21.
Amendment. By accepting this Award, you agree that the granting of the Award is at the discretion of the Committee and that acceptance of this Award is no guarantee that future Awards will be granted under the Plan. Notwithstanding anything
in this Agreement or the Plan to the contrary, this Award may be amended by the Company without the consent of the Grantee, including but not limited to modifications to any of the rights granted to the Grantee under this Agreement, at such time and
in such manner as the Company may consider necessary or desirable to reflect changes in law. The Grantee understands that the Company may amend, resubmit, alter, change, suspend, cancel, or discontinue the Plan at any time without limitation. 

  

			
	2020 Inducement Long-Term Incentive Plan PSU Grant Agreement – U.S. (Updated August 2020)	  	Page 10 of 11

 22. Plan Documents. A copy of the Plan can be requested from the Compensation
Committee, c/o Corporate Secretary, Hanesbrands Inc., 1000 E. Hanes Mill Road, Winston-Salem, NC 27105. 
 23. Electronic Delivery.
By accepting this Award, you consent to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, grant or award notifications and agreements, account statements, and any
other forms or communications related to this Award or the Plan) via Company e-mail or any other electronic system established and maintained by the Company or a third party designated by the Company. 

24. Section 409A. Any payments under this Award are intended to comply with the short-term deferral rule set forth
in Treasury Regulation §1.409A-(b)(4), and this Award shall be interpreted to effect such intent. Consistent with this intention, each amount payable under this Agreement shall be considered a separate payment for purposes of Section 409A
of the Code, and shall paid in all events notwithstanding any other provision of this Agreement to the contrary not later than the fifteenth (15th) day of the third month following your first taxable year in which the payment is no longer subject to
a substantial risk of forfeiture, as determined by the Committee consistent with Section 409A of the Code and any Treasury Regulations and other guidance issued thereunder. By signing this Agreement, you understand and agree that you are solely
responsible for the payment of any taxes that may be imposed on amounts payable under this Award. 
 25. Offer Letter. This Award is
in full satisfaction of the Company’s obligations with respect to the inducement award of PSUs set forth in the Offer Letter. If any provisions with respect to the inducement award of PSUs set forth in the Offer Letter conflict with the
provisions set forth in this Inducement Performance Stock Unit Grant Notice and Agreement, the provisions set forth herein shall override such conflicting provisions set forth in the Offer Letter. 

 

			
	Grant Acceptance:	 	 /s/ Kristin Oliver

		 	Grantee
		
		 	 September 8, 2020

		 	Date

  

			
	2020 Inducement Long-Term Incentive Plan PSU Grant Agreement – U.S. (Updated August 2020)	  	Page 11 of 11Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is entered into by and between Gadsden Properties, Inc., a Nevada corporation
(the “Company”) and Douglas Funke (the “Executive”) on September 1, 2020 (the “Effective Date”), to
become effective immediately.

 

WHEREAS, the Company intends to employ the Executive as Chief
Executive Officer, effective immediately; and Employee is willing to undertake such employment in accordance with the terms of
this Agreement; and

 

WHEREAS,
Employer is engaged in the business of acquisition, development, disposition, and property management of commercial real estate
for the benefit of its investors;

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter set forth, the Company and the
Executive hereby agree as follows:

 

1. Employment.

 

(a) Term. 
The term of this Agreement shall begin on the Effective Date and shall continue for a period of One (1) Year (the “Scheduled
Term”), unless sooner terminated by either party as hereinafter provided.    The period commencing on the Effective
Date and ending on the date on which the term of the Executive’s employment under the Agreement terminates is referred to herein
as the “Employment Term.” 

 

(b)
Renewal. This Agreement shall automatically renew for two (2) successive one-year periods (each a “Renewal Term”),
under and subject to the terms herein, unless either party gives two months written notice prior to the expiration of the Initial
Term or any Renewal Term (“Notice of Non-Renewal”). In the event of such non-renewal, or in the event that the parties
fail to reach a mutual written agreement to amend or change the terms of this Agreement on or prior to the end of the Scheduled
Term, the Executive’s employment with the Company shall terminate upon expiration of the Scheduled Term (“Non-Renewal”),
and such Non-Renewal shall be treated as a termination of the Executive’s employment by the Company without Cause under Section
7(a). Employer, in its sole discretion, shall have the option but not the obligation of relieving Employee of actually performing
any services following the giving of a Notice of Non-Renewal. Employee shall nonetheless be paid for the remainder of the notice
period provided he does not violate any provision of this Agreement while receiving such compensation. 

 

(c) Duties.

 

(1) The
Executive shall serve as the Chief Executive Officer of the Company with duties, responsibilities and authority commensurate therewith
and shall report to the Board of Directors of the Company (the "Board").  The Executive shall perform all duties
and accept all responsibilities incident to such position as may be reasonably assigned to him by the Board, consistent with his
position as the Chief Executive Officer.  In addition, during the Term, without compensation other than that herein provided,
the Executive shall also serve and continue to serve, if and when elected and re-elected, as a member of the Board.

 

(2) The
Executive represents to the Company that he is not subject to or a party to any employment agreement, non-competition covenant,
understanding or restriction which would be breached by or prohibit the Executive from executing this Agreement and performing
fully his duties and responsibilities hereunder.

 

(d) Best
Efforts.  During the Employment Term, the Executive shall devote his best efforts and time and attention to promote the
business and affairs of the Company and its affiliated entities, and shall be engaged in other business activities only to the
extent that such activities do not materially interfere or conflict with his obligations to the Company hereunder.  In no
event shall the Executive’s other business activities violate his obligations under Section 13 below.  The Company recognizes
and accepts that Executive currently serves as an executive in one or more of the companies listed on Schedule A, and specifically
agrees that Executive may continue that service and agrees that such service does not constitute a violation of the provisions
of this Agreement. The provisions of this Agreement also shall not be construed as preventing the Executive from (1) serving on
civic, educational, philanthropic or charitable boards or committees, or, with the prior written consent of the Board, in its sole
discretion, on other corporate boards, and (2) managing personal investments, so long as such activities are permitted under the
Company’s Code of Conduct and employment policies.  The Executive acknowledges and agrees that Schedule A represents
a complete list of all corporate boards and corporate executive positions in which the Executive serves as of the Effective Date. 
Notwithstanding any provision of this Section 1 of the Agreement to the contrary, in no event shall the Executive invest in any
business competitive with the Company or that would otherwise violate the provisions of Section 13 below.

 

    	

     

    

 

2. Base
Salary and Bonus.

 

(a) During
the Employment Term, for all of the services rendered by the Executive hereunder, the Company shall pay the Executive a base salary
(“Base Salary”), at the annual rate of Two Hundred Fifty Thousand Dollars and Zero Cents ($250,000.00) payable in semi-monthly
installments at such times as the Company customarily pays its other employees.  The Executive’s Base Salary shall be reviewed
periodically by the Board (or a committee of the Board) pursuant to the Board’s normal performance review policies for senior level
executives.

 

(b) For
the Employment Term and any renewal thereof, the Executive shall be eligible to receive an annual bonus for any such fiscal year
in an amount to be determined each year of the Agreement.  The Executive may be eligible to earn additional annual bonus amounts
for any fiscal year to the extent determined by the Board, in its sole discretion, which additional annual bonus amounts (if any)
may be based on the attainment of certain individual and corporate performance goals and targets, as determined and set by the
Board, in its sole discretion.  Promptly after the Board’s receipt of the financial information on which any such performance
goals are based after the end of the fiscal year, the Board shall review actual performance against the applicable performance
goals and targets and shall notify the Executive of the amount of his annual bonus, if any.  The Executive’s annual bonus
shall be paid to him not later than March 15 of the year following the end of the fiscal year to which it relates, under the same
conditions as other executives of the Company.  Notwithstanding anything herein to the contrary:

  

(i)  To
the extent mutually agreed by (and subject to the approval of) the Board and Executive, all or any portion of Executive’s Cash
Bonus may be paid in the form of shares of common stock of the Company under any shareholder-approved equity compensation plan
then in force at the Company, with the number of shares equal to (x) the portion of such Cash Bonus that is not paid in cash divided
by (y) the closing price per share of common stock on the principal national securities exchange in the United States on which
such shares are then traded on the fourth trading day the following the release of the Company’s quarterly financial reports for
the applicable quarter, as reported in The Wall Street Journal or such other source as the Compensation Committee of the Board
of Directors deems reliable; provided, however, that, (1) if the shares are regularly quoted by a recognized securities dealer
but are not traded on a national securities exchange in the United States, then the foregoing clause (y) shall instead be the mean
between the high bid and low asked prices for the shares on the fourth trading day the following the release of the Company’s quarterly
financial reports for the applicable quarter, as reported in The Wall Street Journal or such other source as the Compensation Committee
of the Board of Directors deems reliable; and (2) if the shares are neither traded on a national securities exchange in the United
States nor quoted by a recognized securities dealer, then the foregoing clause (y) shall instead be the value of a share as determined
by the Compensation Committee of the Board of Directors based upon the reasonable application of a reasonable valuation method
as outlined under Code Section 409A.

 

3. Equity
Incentive Programs.  The Executive shall be eligible to participate in the Company’s annual and long-term equity incentive
plans and programs in accordance with the terms of such plans and programs as in effect for other similarly situated employees
of the Company generally, at levels determined by the Board (or a committee of the Board) in its sole discretion, commensurate
with the Executive’s position.

 

4. Retirement
and Welfare Benefits.  The Executive shall be eligible to continue to participate in the Company's health, life insurance,
long and short-term disability, dental, retirement, savings and medical programs, if any, pursuant to their respective terms and
conditions.  In addition, the Executive shall be eligible to participate in any long-term equity incentive programs established
by the Company for its senior level executives generally, at levels determined by the Board in its sole discretion, commensurate
with the Executive's position as Chief Executive Officer.  Nothing in this Agreement shall preclude the Company or any affiliate
of the Company from terminating or amending any employee benefit plan or program from time to time after the Effective Date. 

    	2

     

    

 

5. Vacation. 
The Executive shall be entitled to vacation, holiday and sick leave at levels commensurate with those provided to other senior
executive officers of the Company, in accordance with the Company’s vacation, holiday and other pay for time not worked policies.

 

6. Expenses;
Car Allowance.  The Company shall reimburse the Executive for all necessary and reasonable travel and other business expenses
incurred by the Executive in the performance of his duties hereunder in accordance with the Company’s policies in effect from
time to time with respect to business expenses, subject to such reasonable accounting procedures as the Company may adopt
generally from time to time for executives. 

 

7. Termination
Without Cause;  Resignation for Good Reason.  If the Executive’s employment is terminated by the Company without
Cause (as defined in Section 11) or if the Executive resigns for Good Reason (as defined in Section 11), the provisions of this
Section 7 shall apply.

 

(a) The
Company may terminate the Executive’s employment with the Company at any time without Cause upon not less than 30 days’ prior written
notice to the Executive; provided that, in the event that such notice is given, the Executive shall be under no obligation to render
any additional services to the Company and shall be allowed to seek other employment.  In addition, the Executive may initiate
a termination of employment by resigning under this Section 7 for Good Reason.  The Executive shall give the Company not less
than 30 days’ prior written notice of such resignation.  On the date of termination or resignation, as applicable, specified
in such notice, the Executive agrees to resign all positions, including as an officer and, if applicable, as a director or member
of the Board, related to the Company and its parents, subsidiaries and affiliates.

 

(b) Unless
the Executive complies with the provisions of Section 7(c) below, upon termination or resignation under Section 7(a) above, the
Executive shall be entitled to receive only the amount due to the Executive under the Company’s then current severance pay plan
or arrangement for employees, if any, but only to the extent not conditioned on the execution of a release by the Executive. 
No other payments or benefits shall be due under this Agreement to the Executive, but the Executive shall be entitled to receive
any amounts earned, accrued and owing but not yet paid under Section 2 above and any benefits accrued and due under any applicable
benefit plans and programs of the Company, in each case, subject to and in accordance with the terms thereof.

 

(c) Notwithstanding
the provisions of Section 7(b), upon termination or resignation, as applicable, under Section 7(a) above (including a termination
due to Non-Renewal), if, within sixty (60) days following the termination of the Executive’s employment, the Executive timely executes
and delivers to the Company (without revocation) a fully effective written release of any and all claims against the Company and
all related parties with respect to all matters arising out of the Executive’s employment by the Company, or the termination thereof
(other than claims for any entitlements under the terms of this Agreement), in substantially the form set forth in Exhibit
A hereto (the “Release”), the Executive shall be entitled to receive, in lieu of the payment described in Section
7(b) and any other payments due under any severance plan or program for employees or executives, the following payments and benefits:

 

(1) From
the date of termination through the balance of the Scheduled Term (if any) (the “Severance Period”), the Executive shall
continue to receive (i) his Base Salary (at the rate in effect immediately before the Executive’s termination or resignation, as
applicable) in installments in accordance with the Company’s normal payroll practices, plus (ii) any applicable bonus for each
fiscal year during the Severance Period (but prorated for any partial fiscal year during the Severance Period), payable at the
same time other employees of the Company are paid pursuant to the terms of the Company’s annual bonus plan, but not later than
March 15 of the year following the end of the fiscal year to which the bonus relates.

 

    	3

     

    

 

(2) To
the extent the Executive timely elects to receive continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”), the Company shall pay or reimburse the Executive, on a monthly basis, an amount equal
to the full monthly premium for such coverage, from the date of termination until the date eighteen (18) months following the date
of termination.  The COBRA health care continuation coverage period under Section 4980B of the Internal Revenue Code of 1986,
as amended (the “Code”) shall run concurrently with the foregoing period.

 

(3) Beginning
on the 60th day following the effective date of the Executive’s termination or resignation, and on the first payroll
date of each month thereafter during the remainder of the Scheduled Term (if any), a monthly payment equal to the premium cost
for the long and short-term disability coverage that was in effect for the Executive under plans of the Company immediately before
his termination or resignation.  To the extent requested by the Executive within 30 days following the date of termination,
the Company shall take all action necessary, if any, to facilitate the Executive’s exercise of all conversion and/or portability
privileges, if any, under such long and short-term disability coverage.

 

(4) Beginning
on the 60th day following the effective date of the Executive’s termination or resignation, and on the first payroll
date of each month thereafter during the remainder of the Scheduled Term (if any), a monthly payment equal to the full cost of
any Company life insurance coverages in effect for the Executive immediately before his termination or resignation to maintain
life insurance coverage.  To the extent requested by the Executive within 30 days following the date of termination, the Company
shall take all action necessary, if any, to facilitate the Executive’s exercise of all conversion privileges, if any, under such
life insurance program or policy.

 

(5) Notwithstanding
any provision to the contrary in any applicable plan, program or agreement, all outstanding equity awards held by the Executive
as of the date of his termination or resignation, as applicable, shall become fully vested and exercisable as of such date. 
In addition, any outstanding stock options held by the Executive, including any stock options that previously became exercisable
and have not expired or been exercised, shall remain exercisable, notwithstanding any provision to the contrary in any other agreement
governing such options, for the shorter of (i) the 60-month period following the date of the Executive’s termination or resignation,
as applicable, and (ii) the then remaining term of such stock option.

 

(6) Any
other amounts earned, accrued and owing but not yet paid under Section 2 above and any benefits accrued and due under any applicable
benefit plans and programs of the Company, payable in accordance with the terms and conditions thereof and any unpaid Deferred
Bonuses payable pursuant to and in accordance with Section 2(b)(ii).

 

(7) An
annual bonus for the fiscal year of termination or resignation, based on actual performance through the full fiscal year but pro-rated
based on the number of days the Executive was employed during such fiscal year of termination, payable at the same time other employees
of the Company are paid pursuant to the terms of the Company’s annual bonus plan, but not later than March 15 of the year following
the end of the fiscal year to which the bonus relates (the “Pro Rata Bonus”).

 

(d) To
the extent that the payment of any amount or provision of any benefit under Section 7 is conditioned upon the Release and is otherwise
scheduled to occur prior to the sixtieth (60th) day following the date of Executive’s termination of employment hereunder, but
for the condition on executing the Release as set forth herein, shall not be made until the first regularly scheduled payroll date
following such sixtieth (60th) day, after which any remaining payments shall thereafter be provided to Executive according to the
applicable schedule set forth herein.

 

8. Termination
for Cause; Resignation without Good Reason.  The Company may terminate the Executive immediately for Cause.  In addition,
the Executive may voluntarily terminate his employment for any reason upon 30 days’ prior written notice.  In either such
event, after the effective date of such termination no payments shall be due under this Agreement, except that the Executive shall
be entitled to any amounts earned, accrued and owing but not yet paid under Section 2 above and any benefits accrued and due under
any applicable benefit plans and programs of the Company, payable in accordance with the terms and conditions thereof.

 

    	4

     

    

 

9. Disability. 
If the Executive incurs a Disability (as defined below), the Company may terminate the Executive’s employment on account of Disability
subject to the requirements of applicable law.  If the Company terminates the Executive’s employment on account of his Disability,
the Executive shall be entitled to receive any amounts earned, accrued and owing but not yet paid under Section 2 above and any
benefits accrued and due under any applicable benefit plans and programs of the Company, payable in accordance with the terms and
conditions thereof.  In addition, if the Company terminates the Executive’s employment on account of his Disability, the Executive
shall be entitled to receive the Pro Rata Bonus.  For purposes of this Agreement, the term “Disability” shall have
the same meaning as under the Company’s long-term disability plan.

 

10. Death. 
If the Executive dies while employed by the Company, the Executive’s employment shall terminate on the date of death and the Company
shall pay to the Executive’s executor, legal representative, administrator or designated beneficiary, as applicable, any amounts
earned, accrued and owing but not yet paid under Section 2 above and any benefits accrued and due under any applicable benefit
plans and programs of the Company, payable in accordance with the terms and conditions thereof.  In addition, if the Executive
dies while employed by the Company, the Executive shall be entitled to receive the Pro Rata Bonus.  Otherwise, the Company
shall have no further liability or obligation under this Agreement to the Executive’s executors, legal representatives, administrators,
heirs or assigns or any other person claiming under or through the Executive.

 

11. Definitions.

 

(a) Cause. 
For purposes of this Agreement, “Cause” shall mean any of the following grounds for termination of the Executive’s employment:

 

(1) The
Executive’s breach of any of the restrictive covenants set forth in Section 13.

 

(2) The
Executive’s willful violation of any law, rule, or regulation (other than minor traffic violations) related to Employee’s
duties or conviction of a felony or of a crime involving moral turpitude.

 

(3) The
Executive’s material violation of any written Company policy or the material terms of this Agreement.

 

(4) The
Executive’s failure to follow a lawful direction of the Board.

 

(5) Substance
abuse by the Executive, but only if the Executive fails to seek appropriate counseling or fails to complete a prescribed counseling
program. .

 

(6)
Disloyalty or dishonesty towards Employer;

 

(7)
Gross or intentional neglect in performance of duties.

 

(8)
Incompetence or willful misconduct in performance of duties.

 

(9)
Discrimination or harassment of other employees.

 

(10)
Any other act or omission which harms or may reasonably be expected to harm the reputation and/or business interests of Employer.

 

    	5

     

    

 

With respect to
Items (3) and (4), a termination for Cause shall only be effective if the violation or failure is not cured by the Executive within
the 20-day period following written notice from the Board of the specific grounds that could result in a termination for “Cause;”
provided that the Executive shall only have an opportunity to cure a failure to the extent the failure is curable, as determined
by the Board in its sole discretion.

 

(b) Change
of Control.  As used herein, a “Change of Control” shall be deemed to have occurred if:

 

(1) Any
“person,” as such term is used in sections 13(d) and 14(d) of Securities Exchange Act of 1934, as amended (the “Exchange
Act”) (other than a person who is a stockholder of the Company on the effective date of the Plan) becomes a “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
more than 50% of the voting power of the then outstanding securities of the Company; provided that a Change of Control shall not
be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation and in which the
stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares
entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled
in the election of directors; or

 

(2) The
consummation of (i) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately
prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling
such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the
election of directors, (ii) a sale or other disposition of all or substantially all of the assets of the Company, or (iii) a liquidation
or dissolution of the Company.

 

(c) Good
Reason.  The occurrence of one or more of the following actions; provided, however, that the Executive shall give the
Company not less than 30 days’ prior written notice of such resignation setting forth in reasonable specificity the event that
constitutes Good Reason, which written notice, to be effective, must be provided to the Company within thirty (30) days following
initial notification of its occurrence or proposed occurrence, and during such thirty (30) day notice period, the Company shall
have a cure right (if curable), and if not cured within such period and which action is not then rescinded within 30 days after
delivery of such notice, the Executive’s termination will be effective upon the expiration of such cure period:

 

(1) A
change of the principal office or work place assigned to the Executive to a location more than 35 miles distant from its location
immediately prior to such change.

 

(2) A
material reduction by the Company of the Executive’s title, duties, responsibilities, authority, status, reporting relationship
or the Executive’s position.

 

(3) A
material reduction of the Executive’s base salary or bonus opportunity, unless pursuant to a reduction in such items applicable
proportionally to all senior management and board members.

 

(4) Any
breach of this Agreement by the Company, including, without limitation, a material failure to pay Executive’s Base Salary or annual
bonus in accordance with the terms and conditions of Sections 2(a) and (b) of this Agreement.

 

(5) Any
reason or no reason following a Change of Control, provided that the Executive’s notice of resignation under this subsection 11(c)(5)
is provided to the surviving entity following the Change of Control, within the 30-day period following the closing of such Change
of Control.

 

    	6

     

    

 

12. Section
409A.  It is intended that this Agreement will comply with, or be exempt from, Section 409A of the Code and any regulations
and guidelines promulgated thereunder, to the extent the Agreement is subject thereto, and the Agreement shall be interpreted on
a basis consistent with such intent.  Notwithstanding any provision in this Agreement to the contrary:

 

(a) the
payment (or commencement of a series of payments) hereunder of any nonqualified deferred compensation (within the meaning of Section
409A of the Code) upon a termination of employment shall be delayed until such time as the Executive has also undergone a “separation
from service” as defined in Treas. Reg. 1.409A-1(h), at which time such nonqualified deferred compensation (calculated as
of the date of Executive’s termination of employment hereunder) shall be paid (or commence to be paid) to the Executive on the
schedule set forth in this Agreement as if the Executive had undergone such termination of employment (under the same circumstances)
on the date of his ultimate “separation from service.”

 

(b) if
the Executive is a “specified employee” of the Company under Section 409A of the Code at the time of his separation from
service and if payment of any amount under this Agreement is required to be delayed for a period of six months after separation
from service to meet the requirements of Section 409A(a)(2)(B)(i) of the Code, payment of such amount shall be delayed as required
by Section 409A, and the accumulated postponed amount shall be paid in a lump sum payment within 10 days after the end of the six-month
period.  If the Executive dies during the postponement period prior to the payment of postponed amount, the amounts withheld
on account of section 409A shall be paid to the personal representative of the Executive’s estate within 60 days after the date
of the Executive’s death.  The determination of whether Executive is a specified employee, including the number and identity
of persons considered key employees and the identification date, shall be made by the Board in accordance with the provisions of
Sections 416(i) and 409A of the Code and the regulations issued thereunder.

 

(c) For
purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a
right to a series of separate payments, and each payment made under the Agreement shall be treated as a separate payment for purposes
of 409A of the Code.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days
(e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment
within the specified period shall be within the sole discretion of the Company.  In no event may the Executive, directly or
indirectly, designate the calendar year of payment.

 

(d) All
reimbursements and in kind benefits, if any, provided under this Agreement shall be made or provided in accordance with the requirements
of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during
the Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible
for reimbursement, or in kind benefits provided, during a fiscal year may not affect the expenses eligible for reimbursement, or
in kind benefits to be provided, in any other fiscal year; provided, that the foregoing clause shall not
be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such
expenses are subject to a limit related to the period the arrangement is in effect, (iii) the reimbursement of an eligible expense
will be made on or before the last day of the fiscal year following the year in which the expense is incurred, and (iv) the right
to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit.  Any tax gross-up payment
provided for under this Agreement shall in no event be paid to the Executive later than December 31 of the calendar year following
the calendar year in which such taxes are remitted by the Executive.

 

13. Property
Rights and Obligations of the Executive.

 

(a) Trade
Secrets.  For purposes of this Agreement, “trade secrets” shall include without limitation any and all financial,
cost and pricing information and any and all information contained in any drawings, designs, plans, proposals, customer lists,
records of any kind, data, formulas, specifications, concepts or ideas, where such information is reasonably related to the business
of the Company, has been divulged to or learned by the Executive during the term of his employment by the Company, and has not
previously been publicly released by duly authorized representatives of the Company or otherwise lawfully entered the public domain.

 

    	7

     

    

 

(b) Preservation
of Trade Secrets.  The Executive will preserve as confidential all trade secrets pertaining to the Company’s business
that have been obtained or learned by him by reason of his employment.  The Executive will not, without the prior written
consent of the Company, either use for his own benefit or purposes or disclose or permit disclosure to any third parties, either
during the term of his employment hereunder or thereafter (except as required in fulfilling the duties of his employment), any
trade secret connected with the business of the Company.

 

(c) Trade
Secrets of Others.  The Executive agrees that he will not disclose to the Company or induce the Company to use any trade
secrets belonging to any third party.

 

(d) Property
of Employer.  The Executive agrees that all documents, reports, files, analyses, drawings, designs, tools, equipment,
plans (including, without limitation, marketing and sales plans), proposals, customer lists, computer software or hardware, and
similar materials that are made by him or come into his possession by reason of and during the term of his employment with the
Company are the property of the Company and shall not be used by him in any way adverse to the Company’s interests.  The Executive
will not allow any such documents or things, or any copies, reproductions or summaries thereof to be delivered to or used by any
third party without the specific consent of the Company.  The Executive agrees to deliver to the Board or its designee, upon
demand, and in any event upon the termination of the Executive’s employment, all of such documents and things which are in the
Executive’s possession or under his control.

 

(e) Non-Competition
and Non-Solicitation by the Executive.

 

(1) General. 
The Executive agrees during the Term, for the remainder of the Scheduled Term following termination of the Executive’s employment
and for the one (1) year period thereafter or, in the event of a termination for Cause or a resignation by the Executive pursuant
to Section 8, for the two (2) year period following such termination (as the case may be, the “Restricted Period”), not
to recruit, engage in passive efforts, solicit or induce any person or entity who, during such one year period, or within one year
prior to the termination of the Executive’s employment with the Company, was an employee, agent or representative of the Company
or any of its affiliates (the “Company Group”) to leave or cease his employment or other relationship with the Company
Group for any reason whatsoever or hire or engage the services of such person for the Executive in any business substantially similar
to or competitive with that in which the Company Group was engaged during the Executive’s employment.

 

(2) Non-Solicitation
of Company Investors. 

 

(i) The
Executive acknowledges that in the course of his employment, he has learned and will continue to learn about the Company Group’s
businesses, services, programs and plans and the manner in which they are developed, marketed and sold.  The Executive knows
and acknowledges that the Company Group has invested considerable time and money in developing its programs, agreements, offices,
properties, and plans and that they are unique and original.  The Executive further acknowledges that the Company Group must
keep secret all pertinent information divulged to the Executive about the Company Group’s business concepts, ideas, programs, and
plans, so as not to aid the Company Group’s competitors.  Accordingly, the Company Group is entitled to the following protection,
which the Executive agrees is reasonable:

 

(A) The
Executive agrees that during the Term and thereafter during the Restricted Period, he will not, on his own behalf or on behalf
of any person, firm, partnership, association, corporation, or other business organization, entity or enterprise, knowingly solicit,
call upon, or initiate communication or contact with any person or entity or any representative of any person or entity, with whom
the Executive had contact during his employment, with a view to the involvement in, or the provision of information regarding the
involvement in, any business, plan, investment, acquisition, or other venture actively under development or under consideration
or contemplated by the Company Group during the period of two years immediately preceding the date of the Executive’s termination. 

 

    	8

     

    

 

(B) The Executive
further agrees that during the Term and thereafter during the Restricted Period, he will not, on his own behalf or on behalf of
any person, firm, partnership, association, corporation, or other business organization, entity or enterprise, knowingly solicit,
call upon, or initiate communication or contact with:

 

(i) Any person
or entity who or which was an investor in the Company Group at any time within the twelve-month period prior to the Executive’s
last day of employment, from whom or which the Executive solicited or accepted investments on behalf of the Company Group or to
whom the Executive provided services during his employment with the Company; or

 

(ii) Any person
or entity who or which was an investor in the Company Group at any time within the twelve-month period prior to the Executive’s
last day of employment about whom or which the Executive acquired proprietary and/or confidential information while employed by
the Company; or

 

(iii) Any person
or entity from whom or which the Executive had solicited investments during the six-month period preceding the last day of the
Executive’s employment, even though such solicitation had not yet been successful.

 

(3) Non-Competition. 

 

(i) The
Executive acknowledges that he will be a “high impact” person in the Company Group’s business who is in possession of
selective and specialized skills, learning abilities, investor and business contacts and information as a result of his relationship
with the Company Group and prior experience, and that he will acquire proprietary and confidential information about Employer’s
business, including, but not limited to the activities of the business, its investors, and other information, some of which may
be of independent economic value, and which is not available to the public, and is protected by specific efforts of the Company.
Such proprietary and confidential information may be regarded by the Company as trade secrets. The Executive further acknowledges
that he will be responsible for contacting and developing relationships with the Company’s investors and others critical
to its business. The Executive, therefore, agrees that during the Term and thereafter during the Restricted Period, not to, either
directly, whether as an employee, board member, sole proprietor, partner stockholder, joint venture, representative, contractor,
or the like, in the same or similar capacity in which he worked for the Company or its affiliates, compete with the Company in
any field in which the Company has entered into, enters into during the Executive’s employment with the Company or is considering
entering into at the time of the Executive’s termination of employment, provided the Executive has actual knowledge of such field. 
The territory in which this non-competition covenant shall apply will be limited to the area commensurate with the territory in
which the Executive marketed, sold or provided products or services for the Company Group during the two years preceding termination
of employment.

 

(ii) If
any provision of this Section relating to the time period or scope of the restrictive covenants shall be declared by a court of
competent jurisdiction to exceed the maximum time period or scope, as applicable, that such court deems reasonable and enforceable,
said time period or scope shall be deemed to be, and thereafter shall become, the maximum time period or greatest scope that such
court deems reasonable and enforceable and this Agreement shall automatically be considered to have been amended and revised to
reflect such determination.

 

(iii) The Company and Executive have examined this Section regarding the Covenant Not to Compete
and agree that the restraint imposed upon Executive is reasonable in light of the legitimate interests of the Company and it is
not unduly harsh upon the Executive’s ability to earn a livelihood.

 

(4) Survival
Provisions.  Unless otherwise agreed to in writing between the parties hereto, the provisions of this Section 13 shall
survive the termination of this Agreement.  The covenants in this Section 13 shall be construed as separate covenants and
to the extent any covenant shall be judicially unenforceable, it shall not affect the enforcement of any other covenant.

 

    	9

     

    

 

14. Legal
and Equitable Remedies.  Because the Executive’s services are personal and unique and the Executive has had and will continue
to have access to and has become and will continue to become acquainted with the proprietary information of the Company, and because
any breach by the Executive of any of the restrictive covenants contained in Section 13 would result in irreparable injury and
damage for which money damages would not provide an adequate remedy, the Company shall have the right to enforce Section 13 and
any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any
other rights and remedies that the Company may have for a breach, or threatened breach, of the restrictive covenants set forth
in Section 13.  The Executive agrees that in any action in which the Company seeks injunction, specific performance or other
equitable relief, the Executive will not assert or contend that any of the provisions of Section 13 are unreasonable or otherwise
unenforceable.  The Executive irrevocably and unconditionally (a) agrees that any legal proceeding arising out of this
paragraph may be brought in the United States District Court for New jersey, or if such court does not have jurisdiction or will
not accept jurisdiction, in any court of general jurisdiction in Jersey City, New Jersey, (b) consents to the non-exclusive jurisdiction
of such court in any such proceeding, and (c) waives any objection to the laying of venue of any such proceeding in any such court. 
The Executive also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers.

 

15. Arbitration;
Expenses.  In the event of any dispute under the provisions of this Agreement, other than a dispute in which the primary
relief sought is an equitable remedy such as an injunction, the parties shall be required to have the dispute, controversy or claim
settled by arbitration in New Jersey in accordance with the Employment Arbitration Rules and Mediation Procedures then in effect
of the American Arbitration Association, before an arbitrator agreed to by both parties.  If the parties cannot agree upon
the choice of arbitrator, the Company and the Executive will each choose an arbitrator.  The two arbitrators will then select
a third arbitrator who will serve as the actual arbitrator for the dispute, controversy or claim.  Any award entered by the
arbitrators shall be final, binding and nonappealable and judgment may be entered thereon by either party in accordance with applicable
law in any court of competent jurisdiction.  This arbitration provision shall be specifically enforceable.  The arbitrators
shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other
than a benefit specifically provided under or by virtue of the Agreement.  Each party shall be responsible for its own expenses
relating to the conduct of the arbitration (including reasonable attorneys’ fees and expenses) and shall share the fees of the
American Arbitration Association.

 

16. Indemnification
and Liability Insurance.  The Company will indemnify and hold harmless, to the fullest extent permitted by applicable
law and the Company’s bylaws, the Executive if the Executive is made or is threatened to be made a party or is otherwise involved
in any action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that the Executive
is a director or officer of the Company, against all liability or loss suffered (including attorneys’ fees) reasonably incurred
by the Executive. The Company shall cover the Executive under directors’ and officers’ liability insurance both during and, while
potential liability exists, after the term of this Agreement on terms no less favorable and to the same extent as the Company covers
its active officers and directors.

 

17. Code
Section 280G/4999. Notwithstanding anything in this Agreement to the contrary, if any of the payment or payments or other benefit
to the Executive (prior to any reduction below) provided for in this Agreement, together with any other payment or payments or
other benefit which the Executive has the right to receive from the Company or any corporation which is a member of an “affiliated
group” as defined in Section 1504(a) of the Code, without regard to Section 1504(b) of the Code, of which the Company is a
member (the “Payments”) would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code),
and if the Safe Harbor Amount (defined below) is greater than the Taxed Amount (defined below), then the total amount of such Payments
shall be reduced to the Safe Harbor Amount. The “Safe Harbor Amount” is the largest portion of the Payments that would
result in no portion of the Payments being subject to the excise tax set forth at Section 4999 of the Code (“Excise Tax”).
The “Taxed Amount” is the total amount of the Payments (prior to any reduction, above) notwithstanding that all or some
portion of the Payments may be subject to the Excise Tax. Solely for the purpose of comparing which of the Safe Harbor Amount and
the Taxed Amount is greater, the determination of each such amount, shall be made on an after-tax basis, taking into account all
applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all of which shall be computed at the highest
applicable marginal rate). If a reduction of the Payments to the Safe Harbor Amount is necessary, then the reduction shall occur
in the following order unless the Executive elects in writing a different order (provided, however, that such election shall be
subject to approval of the Company if made on or after the date on which the event that triggers the Payments occurs): (i) reduction
of cash payments; then (ii) cancellation of accelerated vesting of stock or stock option awards; and then (iii) reduction of the
Executive’s benefits. In the event that acceleration of vesting of stock or stock option award compensation is to be reduced, such
acceleration of vesting shall be cancelled in the reverse order of the date of grant of the Executive’s stock awards.

 

    	10

     

    

 

18. Survival. 
The respective rights and obligations of the parties hereunder shall survive the termination of this Agreement to the extent necessary
to the intended preservation of such rights and obligations.

 

19. Mitigation
or Set Off.  In no event shall the Executive be obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be
reduced, regardless of whether the Executive obtains other employment.  The Company’s obligation to make the payments provided
for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including,
without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive
or others.

 

20. Notices. 
All notices and other communications required or permitted under this Agreement or necessary or convenient in connection herewith
shall be in writing and shall be deemed to have been given when hand delivered or mailed by registered or certified mail, as follows
(provided that notice of change of address shall be deemed given only when received):

 

	 	
        If to the Company, to:

         

        Gadsden Properties, Inc.

        15150 North Hayden Road

        Suite 235

        Scottsdale, AZ 85260
	
        PhotoMedex, Inc.

        100 Lakeside Dr Suite 100

        Horsham, Pennsylvania 19044

        Fax:  (215) 619-3209

	 	 	 
	 	With a copy to:	
        Proskauer Rose LLP

        11 Times Square

        New York, NY 10036

        Attention: Paul I. Rachlin, Esq.

        Fax: (212) 969-2900

 

	 	
        If to Executive:
	At the address shown on the records of the Company
	 	 	 
	 	Douglas Funke

<address redacted>

	 
	 	 	 
	 	
        With a copy to:
	Pavia & Harcourt LLP

 

22. Withholding. 
All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold from any
payments under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to any law or
governmental rule or regulation.  The Executive shall bear all expense of, and be solely responsible for, all federal, state
and local taxes due with respect to any payment received under this Agreement.

 

    	11

     

    

 

23. Remedies
Cumulative; No Waiver.  No remedy conferred upon a party by this Agreement is intended to be exclusive of any other remedy,
and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement or now
or hereafter existing at law or in equity.  No delay or omission by a party in exercising any right, remedy or power under
this Agreement or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may
be exercised by such party from time to time and as often as may be deemed expedient or necessary by such party in its sole discretion.

 

24. Assignment. 
All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective
heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and
responsibilities of the Executive under this Agreement are of a personal nature and shall not be assignable or delegable in whole
or in part by the Executive.  The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation,
reorganization or otherwise) to all or substantially all of the business or assets of the Company, within 15 days of such succession,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required
to perform if no such succession had taken place and the Executive acknowledges that in such event the obligations of the Executive
hereunder, including but not limited to those under Section 13, will continue to apply in favor of the successor.

 

25. Entire
Agreement.  This Agreement sets forth the entire agreement of the parties hereto and supersedes any and all prior agreements
and understandings concerning the Executive’s employment by the Company, including, without limitation, the Prior Agreement. 
This Agreement may be changed only by a written document signed by the Executive and the Company.

 

26. Severability. 
If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this
Agreement which can be given effect without the invalid or unenforceable provision or application and shall not invalidate or render
unenforceable such provision or application in any other jurisdiction.  If any provision is held void, invalid or unenforceable
with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances.

 

27. Choice
of Law and Forum.  Except as expressly provided otherwise in this Agreement, this Agreement shall be governed by and construed
in accordance with the laws of the State of New Jersey, and both parties consent to the jurisdiction of the courts of the State
of New Jersey with respect thereto.

 

28. Counterparts. 
This Agreement may be executed in any number of counterparts (including facsimile counterparts), each of which shall be an original,
but all of which together shall constitute one instrument.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	12

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on and effective as of the date first written above.

 

	GADSDEN PROPERTIES, INC.	 
	 	 	 
	By: 	/s/ James Walesa	 
	 	James Walesa on behalf of
    the Board	 
	 	 	 
	EXECUTIVE	 
	 	 	 
	By:	/s/
    Douglas Funke	 
	 	Douglas Funke	 

 

    	13

     

    

 

SCHEDULE A

 

CORPORATE BOARDS

 

Executive is a
member of the corporate boards or an officer of the following companies as of the Effective Date:

 

Berkley Street
Income Fund

Fremont Hills
Development Corporation

Gadsden Growth
Properties, Inc.

 

 

14

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