Document:

Exhibit101MoogInc-SERPTrust-2015Restatement

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MOOG INC. SUPPLEMENTAL RETIREMENT PLAN TRUST 
(As amended and restated effective January 1, 2015)
THIS TRUST AGREEMENT was originally made and entered into as of March 16, 1992 by and between Moog Inc., a corporation organized under the laws of the State of New York (the “Company”) and John B. Drenning, an individual with an office at the address on file with the Company (the “Trustee”).  The Trust Agreement was amended and restated on December 1, 1999 and on June 14, 2009, and is hereby further amended and restated as of January 1, 2015.
WITNESSETH THAT:
(1)The Company has established the Moog Inc. Supplemental Retirement Plan (the “Plan”) to provide supplemental retirement income and benefits for certain employees of the Company;
(2)    The amount and timing of benefit payments (the “Supplemental Benefits”) to which Plan participants and, if applicable, their surviving spouses (the “Trust Beneficiaries”) are or may become entitled under the Plan, shall be set forth in a schedule (the “Payment Schedule”), as amended from time to time by the Company;
(3)    In the event of a Change of Control (as defined in Section 11.5), the Trust Beneficiaries shall be limited to those individuals who are Trust Beneficiaries at the time of the Change of Control;
(4)    The Company has established a trust fund to aid it in accumulating the amounts necessary to satisfy its contractual liability to pay Supplemental Benefits under the terms of the Plan;
(5)    The Company is obliged to pay all Supplemental Benefits from its general assets and the establishment of this trust shall not reduce or otherwise affect the Company’s continuing liability to pay Supplemental Benefits from such assets, except that the Company’s liability shall be offset by actual benefit payments made from this trust;
(6)    The trust established by this Trust Agreement is intended to be a “grantor trust” with the result that the corpus and income of the trust be treated as assets and income of the Company pursuant to Sections 671 through 679 of the Internal Revenue Code of 1986, as amended (the “Code”); and
(7)    The Company intends that the Trust Fund (as hereinafter defined) shall at all times be subject to the claims of its senior creditors and general unsecured creditors as herein provided and that the Plan not be deemed funded within the meaning of the Employee Retirement Income Security Act of 1974, as amended, solely by virtue of the existence of this Trust;
NOW THEREFORE, in consideration of the mutual covenants herein contained, the Company and the Trustee declare and agree as follows:
SECTION 1.    Establishment and Title of the Trust
1.1    The Company hereby establishes with the Trustee a trust to be known as the Moog Inc. Supplemental Retirement Plan Trust (the “Trust”) consisting of such sums of money and other property acceptable to the Trustee as from time to time shall be paid or delivered to the Trustee.  All such money and other property, all investments and reinvestments made therewith or proceeds thereof and all earnings and profits thereon, that are not paid to the Company as provided under the terms of this Trust Agreement, less all payments and charges as authorized herein, are hereinafter referred to as the “Trust Fund.”  The Trust Fund shall be held by the Trustee IN TRUST and shall be dealt with in accordance with the provisions of this Trust Agreement.  The Trust Fund shall be held for the exclusive purpose of reimbursing the Company for payments it makes pursuant to the Plan to Trust Beneficiaries or providing direct payments to Trust Beneficiaries in accordance with the provisions of this Trust Agreement and defraying reasonable expenses of administration in accordance with the provisions of this Trust Agreement until all such payments required by this Trust Agreement have been made; provided, however, that the Trust Fund shall at all times be subject to the claims of the senior creditors and general unsecured creditors of the Company as set forth in Section 8 of this Trust Agreement.  If any shares of Company stock will be used to reimburse the Company under this Section 1.1, the shares will first be transferred to the Moog Inc. Stock Employee Compensation Trust (the “SECT”), if then in existence, in exchange for cash, and the reimbursement to the Company will be made in cash.  If the SECT is not then existing, any Class B shares of the Company stock will be converted to Class A shares, and the Class A shares will then be sold by the Trustee to a person other than the Company, with the net proceeds being used to reimburse the Company.
SECTION 2.    Acceptance by the Trustee
2.1    The Trustee accepts the Trust established under this Trust Agreement on the terms and subject to the provisions set forth herein, and he agrees to discharge and perform fully and faithfully all of the duties and obligations imposed upon him under this Trust Agreement.
SECTION 3.    Limitation on Use of Funds
3.1    Unless the Trust is terminated in accordance with the provisions of Sections 6.5, 13.1, 13.2 or 13.3, no part of the corpus of the Trust Fund shall be recoverable by the Company or used for any purpose other than for the exclusive purpose of providing payments to the Company to reimburse it for providing payments to Trust Beneficiaries in accordance with the provisions of Section 6.2 or directly to Trust Beneficiaries in accordance with the provisions of Section 6.3 and defraying reasonable expenses of administration in accordance with the provisions of this Trust Agreement until all such payments required by this Trust Agreement have been made; provided, however, that (i) nothing in this Section 3.1 shall be deemed to limit or otherwise prevent the payment from the Trust Fund of expenses and other charges as provided in Sections 9.1 and 9.2 and (ii) the Trust Fund shall at all times be subject to the claims of the senior creditors and general unsecured creditors of the Company as set forth in Section 8 of this Trust Agreement.
3.2    Without limiting the foregoing, except for corporate bonds and other corporate debt instruments issued by the Company, no part of the corpus of the Trust Fund may be loaned to the Company.
SECTION 4.    Duties and Powers of the Trustee With Respect to Investments
4.1    The Trustee shall invest and reinvest the principal and income of the Trust Fund and keep the Trust Fund invested, without distinction between principal and income, in such debt or equity securities (including stock, rights to acquire stock, or other securities or obligations of the Company) as are permitted in accordance with the Investment Guidelines which are, or when adopted shall be, attached hereto as Exhibit A, as amended from time to time by the Company.  The Trustee may rely on the Investment Guidelines provided to him until he receives written notice to the contrary from the Company.  Except as otherwise provided by applicable law, the Trustee shall have no liability or responsibility for the Investment Guidelines or the appropriateness thereof.  If at any time no Investment Guidelines have been provided to the Trustee, or if the Investment Guidelines provided to the Trustee are revoked and new Investment Guidelines are not substituted therefor, the Trustee shall invest the Trust Fund in such one or more instruments consisting of U.S. Treasury Bills, Notes or Bonds, U.S. Government Agency issues, notes and other fixed income securities issued by State and local governments, time deposits, certificates of deposit, commercial paper, bankers' acceptances, repurchase agreements and pooled short-term investment funds, as the Trustee in his sole discretion shall determine; provided, however, that the investment of Company assets in such investments is not prohibited by the terms of any credit agreement to which the Company is a party.
4.2    All rights associated with assets of the Trust shall be exercised by the Trustee or the person designated by the Trustee, and shall in no event be exercisable by or rest with the Trust Beneficiaries.
4.3    The Company shall have the right at any time, and from time to time in its sole discretion, to substitute assets of equal fair market value for any asset held by the Trust.  This right is exercisable by the Company in a nonfiduciary capacity without the approval or consent of any person in a fiduciary capacity.  If the Company wishes to substitute other assets for shares of Company common stock held by the Trust, the shares will be transferred to the SECT, if then in existence, in exchange for cash or other assets of equal fair market value.  
4.4    Unless directed otherwise by the Company, all net income of the Trust Fund shall be added to, and used for the same purposes as, the corpus of the Trust Fund.
SECTION 5.    Additional Powers and Duties of the Trustee
5.1    The Trustee shall have the powers conferred by Section 11-1.1 of the New York Estates, Powers and Trusts Law, as amended from time to time, and by other provisions of law, in addition to any powers and authority granted by this Trust Agreement, with respect to property constituting a part of the Trust Fund.
5.2    From time to time and subject to the restrictions on amendments in Section 14.1(iii), the Company may substitute a new Payment Schedule by delivering the same to the Trustee.  Upon receipt of such new Payment Schedule, the previous Payment Schedule shall be deemed revoked.

SECTION 6.    Payments by the Trustee
6.1    The establishment of the Trust and the payment or delivery to the Trustee of money or other property acceptable to the Trustee shall not vest in any Trust Beneficiary any right, title or interest in and to any assets of the Trust.
6.2    The Trustee shall pay to the Company upon the written request of the Company the amount of Supplemental Benefits paid by the Company to Trust Beneficiaries.
6.3    To the extent that the Company has not made a payment of Supplemental Benefits in accordance with the Payment Schedule to Trust Beneficiaries, such Beneficiaries may provide written notice to the Trustee and to the Company.  The Trustee shall thereupon make direct payments of Supplemental Benefits to the Trust Beneficiaries from the assets of the Trust, if and to the extent such assets are available for distribution, in accordance with the Payment Schedule.  In the event that the Company notifies the Trustee in writing that any Trust Beneficiary is not entitled to receive a direct payment because the Company is making payments of Supplemental Benefits to the Trust Beneficiary, the Trustee shall suspend all payments to such Trust Beneficiary until he receives written notification from the Company or an order from a court of competent jurisdiction to make direct payments to such Trust Beneficiary.  The Trustee shall not make a payment to a Trust Beneficiary to the extent that the amount of the payment required by such Payment Schedule exceeds the amount then held in the Trust.  In the event that a Trust Beneficiary is deceased and the Payment Schedule provides for a payment to be made to such Trust Beneficiary on or after such Trust Beneficiary’s death, such payment shall be made to the legal representative of such Trust Beneficiary’s estate.
6.4    If the Trust assets are not sufficient to make one or more payments of Supplemental Benefits to a Trust Beneficiary (or his or her estate) in accordance with the Payment Schedule, the Company shall make the balance of such payment when it falls due.
6.5    Subject to Section 17.2 and except as provided in Section 8 regarding payments to Trust Beneficiaries if the Company is insolvent, but notwithstanding any other provision of this Trust Agreement to the contrary, if at any time (i) the Trust is finally determined by the Internal Revenue Service (the “IRS”) not to be a “grantor trust,” with the result that the income of the Trust Fund is not treated as income of the Company pursuant to Sections 671 through 679 of the Code, (ii) a Federal tax is finally determined by the IRS to be payable by the Trust Beneficiaries with respect to the entire value of their interest under the Trust Fund prior to the final distribution of the Trust assets to the Trust Beneficiaries, or (iii) the Trustee receives an opinion of counsel satisfactory to it to the effect that it is likely that the IRS will determine that a tax will be payable by Trust Beneficiaries as described in (ii) and it is likely that such determination will be upheld, then the Trust shall immediately terminate and the assets shall be liquidated and paid in a lump cash sum as soon as practicable by the Trustee to the Company.  If the IRS determination referred to in (ii) or the opinion referred to in (iii) applies to less than the entire value of the Trust Fund for all Trust Beneficiaries, then, subject to Section 17.2, that part of the assets to which such determination or opinion relates shall be liquidated and paid in a lump cash sum as soon as practicable by the Trustee to the Company and the Trust shall continue in effect.
6.6    The Company shall remain primarily liable to pay Supplemental Benefits under the Plan.  However, the Company’s liability under the Plan shall be reduced or offset to the extent Supplemental Benefit payments are made from the Trust Fund.
6.7    The Trustee shall deduct from each payment to a Trust Beneficiary under this Trust Agreement any Federal, state or local withholding or other taxes or charges which the Trustee may be required to deduct under applicable law; provided, however, that the Trustee shall be fully protected in relying upon information provided by the Company as to state or local tax withholding requirements.
SECTION 7.    Funding of the Trust
7.1    The Company has from time to time made contributions to the Trust Fund.
7.2    The Company, at its discretion, may from time to time make additional contributions to the Trust Fund.
7.3    Within 60 days following a Change of Control, the Company shall contribute to the Trust Fund a lump sum cash payment in an amount equal to the greater of (a) the amount that when added to the Trust Fund would cause the Trust Fund to have sufficient assets to provide the benefits described in Article III of the Plan (determined as of the date of the Change of Control (as defined in Section 11.5) and assuming that the Company terminated the Plan on such date), or (b) the amount that when added to the Trust Fund would cause the Trust Fund to have sufficient assets to provide the benefits described in Article VIII of the Plan (determined as of the date of the Change of Control).  Thereafter, the Company shall make annual lump sum cash contributions within 60 days following the end of the calendar year in an amount equal to the greater of “(a)” or “(b)” above determined by substituting the last day of that calendar year for the date of the Change of Control.  The amount to be contributed to the Trust Fund by the Company following any Change of Control, shall be determined by the actuary for the Plan (“Actuary”).  Subject to Section 11.6, the Actuary shall be designated by the Company. 
7.4    The Company shall make additional contributions to the Trust Fund as and when required by the Trustee to fund the payment of the expenses of the Trust, including the expenses for compensation of the Trustee for his services and other expenses described in Section 9.
7.5    The Company may at any time or from time to time make additional contributions to the Trust Fund to augment the principal to be held, administered and disposed of by the Trustee as provided by this Trust Agreement.
SECTION 8.     Trustee Responsibility Regarding Payments to Trust Beneficiaries If Company is Insolvent
8.1    The Board of Directors and the chief executive officer of the Company shall have the duty to inform the Trustee in writing if the Company becomes Insolvent, as hereinafter defined.  If the Trustee receives any written certification signed under penalties of perjury by any person other than the Board of Directors or the chief executive officer of the Company that the Company has become Insolvent, the Company shall be deemed to be Insolvent for purposes of this Section 8.  When the Trustee has been so informed by the Board of Directors or the chief executive officer of the Company, or has received such certification from another person, the Trustee shall immediately discontinue payments of Supplemental Benefits and shall hold the assets of the Trust for the benefit of the Company’s senior creditors and general unsecured creditors.
8.2    The Company shall be considered “Insolvent” for purposes of this Trust Agreement (a) in the event the Company is unable to pay its debts as they become due; (b) in the event of a general assignment for the benefit of the Company’s creditors; or (c) in the event the Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code.
8.3    Unless the Trustee has actual knowledge of the Company’s Insolvency, or has received a written certification signed under penalties of perjury by any person other than the Board of Directors or the chief executive officer of the Company that the Company has become Insolvent, the Trustee shall have no duty to inquire whether the Company is Insolvent.  The Trustee may in all events rely on such evidence concerning the Company’s solvency as may be furnished to the Trustee and that provides the Trustee with a reasonable basis for making a determination concerning the Company’s solvency.
8.4    Nothing in this Trust Agreement shall in any way enlarge or diminish the rights of the Trust Beneficiaries in the event the Company is Insolvent to pursue their rights as general unsecured creditors of the Company with respect to their Supplemental Benefits or otherwise.
8.5    Whenever the Trustee has actual knowledge or has determined that the Company is Insolvent, the Trustee shall deliver any undistributed principal and income in the Trust Fund to satisfy claims of the Company’s senior creditors and general unsecured creditors as directed by a court of competent jurisdiction.
8.6    If the Trustee discontinues payments as a result of the Insolvency of the Company, such payments shall be resumed only after the Trustee has determined that the Company is not Insolvent (or is no longer Insolvent, assuming the Company had been deemed to be Insolvent) or upon order of a court of competent jurisdiction.  Upon such resumption, the first payment of each Trust Beneficiary following such discontinuance shall include the aggregate amount of all payments which would have been made to such Trust Beneficiary in accordance with the Payment Schedule during the period of such discontinuance, less the aggregate amount of payments of Supplemental Benefits made to such Trust Beneficiary by the Company during any such period of discontinuance.
SECTION 9.    Taxes, Expenses and Compensation 
9.1    The Company shall from time to time pay taxes of any and all kinds whatsoever which at any time are lawfully levied or assessed upon or become payable in respect of the Trust Fund, the income or any property forming a part thereof, or any security transaction pertaining thereto.  To the extent that any taxes levied or assessed upon the Trust Fund are not paid by the Company, the Trustee shall pay such taxes out of the Trust Fund.  The Trustee shall if requested by the Company, or may, in his discretion, contest the imposition of taxes in any manner deemed appropriate by the Company or its counsel, but at Company expense, and only if he has received an indemnity bond or other security satisfactory to him to pay any such expenses. Notwithstanding the foregoing, the Trustee shall not be obligated to contest the imposition of tax unless he receives an opinion of counsel, or of a certified public accounting firm of national reputation, satisfactory to him to the effect that there is a reasonable basis in law and fact for such contest.  In the alternative, the Company may itself contest the validity of any such taxes.
9.2    The Company shall pay the Trustee such compensation for his services as may be agreed upon in writing from time to time by the Company and the Trustee.  The Company shall also pay the reasonable expenses incurred by the Trustee in the performance of his duties under this Trust Agreement, including but not limited to brokerage commissions and fees of counsel engaged by the Trustee pursuant to Section 9.1.  Such compensation and expenses shall be charged against and paid from the Trust Fund to the extent the Company does not pay such compensation.
SECTION 10.    Administration and Records 
10.1    The Trustee shall keep or cause to be kept accurate and detailed accounts of any investments, receipts, disbursements, and other transactions hereunder, and all such accounts, books and records shall be open to inspections and audit at all reasonable times by any person designated by the Company.  All such accounts, books and records shall be preserved (in original form, or on microfilm, magnetic tape or any other similar process) for such period as the Trustee may determine, but the Trustee may only destroy such accounts, books and records after first notifying the Company in writing of his intention to do so and transferring to the Company any of such accounts, books and records requested.
10.2    Within 90 days after the close of each calendar year, and within 90 days after the removal or resignation of the Trustee or the termination of the Trust, the Trustee shall file with the Company a written account setting forth all investments, receipts, disbursements and other transactions affected by it during the preceding calendar year, or during the period from the close of the preceding calendar year to the date of such removal, resignation or termination, including a description of all investments and securities purchased and sold with the cost or net proceeds of such purchases or sales and showing all cash, securities and other property held at the end of such calendar year or other period. Upon the expiration of 90 days from the date of filing such annual or other account, the Trustee shall to the maximum extent permitted by applicable law be forever released and discharged from all liability and accountability with respect to the propriety of his acts and transactions shown in such account except with respect to any such acts or transactions as to which the Company shall within such 90 day period file with the Trustee written objections.
10.3    The Trustee shall from time to time permit an independent public accountant selected by the Company (except one to whom the Trustee has reasonable objection) to have access during ordinary business hours to such records as may be necessary to audit the Trustee’s accounts.
10.4    As of the last day of each calendar year, the fair market value of the assets held in the Trust Fund shall be determined.  Within 90 days after the close of each calendar year, the Trustee shall file with the Company the written report of the determination of such fair market value of the assets held in the Trust Fund.
10.5    Nothing contained in this Trust Agreement shall be construed as depriving the Trustee or the Company of the right to have a judicial settlement of the Trustee’s accounts, and upon any proceeding for a judicial settlement of the Trustee’s accounts or for instructions the only necessary parties thereto in addition to the Trustee shall be the Company and the Trust Beneficiaries.
10.6    In the event of the removal or resignation of the Trustee, upon the payment of any unpaid fees and expenses and after adequate provision has been made for liabilities of the Trust, the Trustee shall deliver to the successor trustee all records which shall be required by the successor trustee to enable it to carry out the provisions of this Trust Agreement.
10.7    In addition to any tax returns required of the Trustee by law, the Trustee shall prepare and file such tax reports and other returns as the Company and the Trustee may from time to time agree.
SECTION 11.    Removal or Resignation of the Trustee or the Actuary and Designation of Successor Trustee or Successor Actuary
11.1    Subject to Section 11.4, at any time the Company may remove the Trustee with or without cause, upon at least 60 days’ notice in writing to the Trustee 
11.2    Trustee may resign at any time upon at least 60 days’ notice in writing to the Company.
11.3    In the event of such removal or resignation, the Trustee shall duly file with the Company a written account as provided in Section 10.2 for the period since the last previous annual accounting, listing the investments of the Trust and any uninvested cash balance thereof, and setting forth all receipts, disbursements, distributions and other transactions respecting the Trust not included in any previous account, and if written objections to such account are not filed as provided in Section 10.2, the Trustee shall to the maximum extent permitted by applicable law be forever released and discharged from all liability and accountability with respect to the propriety of its acts and transactions shown in such account.  Any removal of or resignation by the Trustee will not be effective until the written acceptance of the appointment by the successor trustee has been received.
11.4    Within 60 days after any such notice of removal or resignation of the Trustee, the Company shall designate a successor trustee qualified to act hereunder; provided, however, that if the Trustee resigns or is removed following a Change of Control, the Company must obtain the prior written consent of at least 75 percent of the Trust Beneficiaries to its designation of a successor trustee.  In the event that the Company fails to designate a successor trustee or to obtain prior written consent of at least 75 percent of the Trust Beneficiaries (if the Trustee was removed or resigned following a Change of Control), within 60 days after the Trustee’s resignation or removal, the Trustee shall select a successor trustee who, during such period as it shall act as such, shall have the powers and duties herein conferred upon the Trustee, and the word “Trustee” wherever used herein, except where the context otherwise requires, shall be deemed to include any successor trustee.  Upon designation of a successor trustee and delivery to the resigned or removed Trustee of written acceptance by the successor trustee of such designation, such resigned or removed Trustee shall promptly assign, transfer, deliver and pay over to such successor trustee, in conformity with the requirements of applicable law, the funds and properties in its control or possession then constituting the Trust Fund.  In the event the Company selects a successor trustee which meets the criteria set forth in this Section 11.4, it shall not be liable for its selection.
11.5    For purposes of this Trust Agreement, the term “Change of Control” shall mean the acquisition, over a period of not more than 24 months, by any one person (other than the Company and any benefit plan of the Company), or more than one person acting as a group, of common stock of the Company (consisting of both the Class A and Class B $1.00 par value shares of the capital stock of the Company as well as all other securities of the Company with voting rights or convertible into securities with voting rights) possessing 25% or more of the total combined voting power of all Class A and Class B Shares of common stock.  An acquisition shall be deemed to occur if shares of common stock are either acquired or made the subject of options, warrants, or similar rights granting a third party the opportunity to acquire ownership or voting control of such common stock.
11.6    The Company may remove the Actuary and designate a successor Actuary  with or without cause at any time; provided, however, that if the Actuary is removed or resigns following a Change of Control, the Company must obtain the prior written consent of at least 75 percent of the Trust Beneficiaries to its designation of a successor Actuary.  If the Company fails to designate a successor Actuary or to obtain the prior written consent of at least 75 percent of the Trust Beneficiaries (if the Actuary is removed or resigns following a Change of Control), within 60 days after the Actuary’s resignation or removal, the Trustee shall select a successor Actuary pursuant to this Section 11.6.
SECTION 12.    Enforcement of Trust Agreement and Legal Proceedings
12.1    The Company shall have the right to enforce any provision of this Trust Agreement, and any Trust Beneficiary shall have the right as a beneficiary of the Trust, to enforce any provision of this Trust Agreement that affects the right, title and interest of such Trust Beneficiary in the Trust.  In any action or proceedings affecting the Trust, the only necessary parties shall be the Company, the Trustee and the Trust Beneficiaries and, except as otherwise required by applicable law, no other person shall be entitled to any notice or service of process.  Any judgment entered in such an action or proceeding shall to the maximum extent permitted by applicable law be binding and conclusive on all persons having or claiming to have any interest in the Trust.
12.2    In the event that any dispute or difference arising under or in connection with this Trust Agreement results in arbitration or litigation, Company shall reimburse the Trust Beneficiary for all reasonable Attorney’s Fees and expenses if the Trust Beneficiary prevails in such proceeding.
SECTION 13.    Termination and Suspension 
13.1    Except as provided in Section 13.2 or 13.3, the Trust shall terminate when all payments which have or may become payable pursuant to the terms of the Trust have been made or the Trust Fund has been exhausted, and, subject to Section 17.2, all remaining assets shall then be paid by Trustee to the Company.
13.2    Until March 17, 1994, the Company reserves the right to terminate this Trust by giving the Trustee written notice of termination.  Upon such termination, all remaining assets should be paid by the Trustee to the Company.
13.3    After March 17, 1994, this Trust shall terminate if the Company and a majority of the Trust Beneficiaries give the Trustee written notice of termination.  Upon such termination, all remaining assets shall then be paid by the Trustee to the Company.
SECTION 14.    Amendments
14.1    The Company may from time to time amend or modify, in whole or in part, any or all of the provisions of this Trust Agreement with the written consent of the Trustee, but without the consent of any Trust Beneficiary; provided, that (i) Sections 1.1, 3.1, 12, 13 and 14 may not be amended; (ii) no such amendment shall be permitted if, in the opinion of counsel to the Company, such amendment would cause the Trust to cease to constitute a grantor trust as described in Section 6.5; (iii) no amendment may be made to the Payment Schedule if it would reduce or adversely affect the amount, or time for payment, of the Supplemental Benefits of any Trust Beneficiary without the consent of such Trust Beneficiary, unless it is due to an arithmetic or computational mistake of fact, as determined by the Company in its sole discretion and certified to the Trustee, based on the provisions of the Plan; and (iv) no amendment may be made to this Trust Agreement following a Change of Control without the written consent of at least 75 percent of the Trust Beneficiaries.
14.2    The Company and the Trustee shall execute such supplements to or amendments of, this Trust Agreement as shall be necessary to give effect to any such amendment or modification.
SECTION 15.     Nonalienation
15.1    Except insofar as applicable law may otherwise require and subject to Sections 1.1, 3.1 and 8, (i) no amount payable to or in respect of any Trust Beneficiary at any time under the Trust shall be subject in any manner to alienation by anticipation, sale, transfer, assignment, bankruptcy, pledge, attachment, charge or encumbrance of any kind, and any attempt to so alienate, sell, transfer, assign, pledge, attach, charge, or otherwise encumber any such amount, whether presently or thereafter payable, shall be void; and (ii) the Trust Fund shall in no manner be liable for or subject to the debts or liabilities of any Trust Beneficiary.
SECTION 16.    Communications
16.1    Communications to the Company shall be addressed to Moog Inc., 400 Jamison Road, East Aurora, New York 14052, Attention: President; provided, however, that upon the Company’s written request, such communications shall be sent to such other address as the Company may specify.
16.2    Communications to the Trustee shall be addressed to John B. Drenning, Hodgson Russ LLP, The Guaranty Building, 140 Pearl Street, Buffalo, New York 14202-4040; provided, however, that upon the Trustee’s written request, such communications shall be sent to such other address as the Trustee may specify.
16.3    No communication shall be binding on the Trustee until it is received by the Trustee and no communication shall be binding on the Company until it is received by the Company.
16.4    Any action of the Company pursuant to this Trust Agreement, including all orders, requests, directions, instructions, approvals and objections of the Company to the Trustee, shall be in writing, signed on behalf of the Company by any duly authorized officer of the Company.  Any action by a Trust Beneficiary shall be in writing.  The Trustee may rely on, and will be fully protected with respect to any such action taken or omitted in reliance on any information, order, request, direction, instruction, approval, objection, or list delivered to the Trustee by the Company or, to the extent applicable under this Trust Agreement, by a Trust Beneficiary.
SECTION 17.    Miscellaneous Provisions 
17.1    This Trust Agreement shall be binding upon and inure to the benefit of the Company and the Trustee and their respective successors and assigns.
17.2    Notwithstanding any other provision of this Trust Agreement, on the termination of the Trust for any reason or on a full or partial liquidation of the Trust assets under Section 6.5, any shares of Company stock held by the Trust will be distributed to the SECT, if it is then existing.  If not then existing, any Class B shares of the Company stock shall first be converted to Class A shares and the Class A shares shall then be sold by the Trustee to a person other than the Company and the net proceeds paid to the Company.
17.3    The Trustee assumes no obligation or responsibility with respect to any action required by this Trust Agreement on the part of the Company.
17.3(a)  The Company shall pay and shall protect, indemnify and save harmless the Trustee and his employees and agents from and against any and all losses, liabilities (including liabilities for penalties), actions, suits, judgments, demands, damages, reasonable costs and reasonable expenses (including, without limitation, attorney’s fees and expenses) of any nature arising from or relating to any action or failure to act by the Trustee, his employees and agents or the transactions contemplated by this Trust Agreement, including, but not limited to, any claim made by a Trust Beneficiary with respect to payments made or to be made by the Trustee, any claim made by the Company or its successor, whether pursuant to a sale of assets, merger, consolidation, liquidation or otherwise, that this Trust Agreement is invalid or ultra vires, except to the extent that any such loss, liability, action, suit, judgment, demand, damage, cost or expense is the result of the negligence or willful misconduct of the Trustee, his employees or agents.
17.3(b)  The Trustee will be under no duties whatsoever, except such duties as are specifically set forth as such in this Trust Agreement, and no implied covenant or obligation will be read into this Trust Agreement against the Trustee.  The Trustee will not be compelled to take any action toward the execution or enforcement of the Trust or to prosecute or defend any suit in respect thereof, unless indemnified to his satisfaction against loss, reasonable cost, liability and reasonable expense; and the Trustee will be under no liability or obligation to anyone with respect to any failure on the part of the Company or the Committee to perform any of their respective obligations.
17.1    Titles to the Sections of this Trust Agreement are included for convenience only and shall not control the meaning or interpretation of any provision of this Trust Agreement.
17.2    This Trust Agreement and the Trust established hereunder shall be governed by and construed, enforced, and administered in accordance with the laws of the State of New York and the Trustee shall be liable to account only in the courts of the State of New York.
17.3    This Trust Agreement may be executed in any number of counterparts, each of which shall be deemed to be the original although the others are not produced.
IN WITNESS WHEREOF, this amended and restated Trust Agreement has been duly executed by the parties hereto as of the day and year first above written.
	
				
	WITNESS:
	 
	MOOG INC.

	 
	 
	 

	S/ Christopher A. Head
	 
	By:
	S/ Donald R. Fishback

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	WITNESS:
	 
	 
	 

	 
	 
	 
	 

	S/ Pamela Buehler
	 
	 
	S/ John B. Drenning

	 
	 
	 
	John B. Drenning, as Trustee

EXHIBIT A 
Investment Guidelines
The Trust Fund may be invested in one or more of the following investments:
•    Moog Inc. Class A Shares
•    Moog Inc. Class B Shares
•    U.S. Treasury Bills, Notes or Bonds
•    U.S. Government Agency issues
•    Time Deposits
•    Certificates of Deposit
•    Investment Grade Commercial Paper
•    Bankers’ Acceptances
•    Repurchase Agreements
•    Bank Money Market Funds
•    Bank Deposits
		
	•
	Corporate Bonds and other Corporate debt instruments, including those issued by the Company

031407.00003 Business 13435438v6Exhibit 10.1

 

AGREEMENT

 

This AGREEMENT, dated
as of May 3, 2015 (this “Agreement”), is by and among CAMPUS CREST COMMUNITIES, INC., a Maryland corporation
(the “Company”), and CLINTON RELATIONAL OPPORTUNITY MASTER FUND, L.P. ("Clinton"), on behalf
of itself and the entities and natural persons listed on Schedule A hereto (collectively, the “Clinton Group”)
(each of the Company and the Clinton Group, a “Party” to this Agreement and, collectively, the “Parties”).

 

WHEREAS, the Clinton
Group Economically Owns (as defined below) shares of common stock of the Company (the “Common Stock”) totaling,
in the aggregate, 1,026,582 shares, or approximately 1.6% of the issued and outstanding Common Stock; and

 

WHEREAS, the Company
and the Clinton Group have agreed that it is in their mutual interest to enter into this Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

ARTICLE
I

REPRESENTATIONS

 

SECTION 1.1 Representations
and Warranties of the Clinton Group. Clinton, represents and warrants that (a) this Agreement and the performance by each member
of the Clinton Group of its obligations hereunder (i) has been duly authorized, executed and delivered by Clinton, and is a valid
and binding obligation of Clinton, enforceable against Clinton and the applicable members of the Clinton Group in accordance with
its terms, (ii) does not require approval by any owners or holders of any equity interest in any member of the Clinton Group (except
as has already been obtained) and (iii) does not and will not violate any law, any order of any court or other agency of government,
the charter or other organizational documents of any member of the Clinton Group, as amended, or any provision of any agreement
or other instrument to which any member of the Clinton Group or any of its properties or assets is bound, or conflict with, result
in a breach of or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument,
or result in the creation or imposition of, or give rise to, any lien, charge, restriction, claim, encumbrance or adverse penalty
of any nature whatsoever pursuant to any such agreement or instrument, except for such conflicts, defaults, breaches, liens, charges,
restrictions, claims, encumbrances, adverse penalties or violations which would not, individually or in the aggregate, reasonably
be expected to have a material adverse effect on the ability of Clinton or any applicable member of the Clinton Group to perform
its obligations hereunder, and (b) as of the date of this Agreement, the Clinton Group Economically Owns in the aggregate the number
of shares of Common Stock as is accurately and completely set forth (including, without limitation, as to the form of ownership)
on Schedule A hereto and no member of the Clinton Group or any of its Affiliates Economically Owns any other securities
of the Company.

 

SECTION 1.2 Representations
and Warranties of the Company. The Company represents and warrants that this Agreement and the performance by the Company of
its obligations hereunder (i) has been duly authorized, executed and delivered by the Company, and is a valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms, (ii) does not require the approval of the shareholders
of the Company and (iii) does not and will not violate any law, any order of any court or other agency of government, the charter
or other organizational documents of the Company, as amended, or any provision of any agreement or other instrument to which the
Company or any of its properties or assets is bound, or conflict with, result in a breach of or constitute (with due notice or
lapse of time or both) a default under any such agreement or other instrument, or result in the creation or imposition of, or give
rise to, any lien, charge, restriction, claim, encumbrance or adverse penalty of any nature whatsoever pursuant to any such agreement
or instrument, except for such conflicts, defaults, breaches, liens, charges, restrictions, claims, encumbrances, adverse penalties
or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the
ability of the Company to perform its obligations hereunder.

 

    	 

    	 

    

 

ARTICLE
II

COVENANTS

 

SECTION 2.1 Directors.

 

(a)Within three
(3) business days following the date of this Agreement, the Board of Directors of the Company (the “Board”)
shall in compliance with applicable law and the Company's governing documents (i) increase the size of the Board from six (6)
to eight (8) directors, (ii) appoint each of Raymond C. Mikulich and Randall Brown (together with any replacements therefor, the
“Director Designees”) as a director of the Company, and (iii) appoint Curtis B. McWilliams as a director of
the Company. At the Company’s 2015 annual shareholders’ meeting (the “2015 Annual Meeting”), which
the Company covenants and agrees to hold, unless otherwise agreed to by Clinton, no later than July 31, 2015, the Board will nominate
the Director Designees and Mr. McWilliams for election to the Board, will recommend in the Company’s definitive proxy statement
in connection with the 2015 Annual Meeting that the Company’s shareholders vote to elect the Director Designees and Mr.
McWilliams at the 2015 Annual Meeting and will solicit the vote of the Company's shareholders for the Director Designees and Mr.
McWilliams in the same manner as the other nominees of the Company standing for election as directors.
If during the Standstill Period Mr. McWilliams is unwilling or unable for any reason to serve as a director, the Clinton Group
and the Board shall mutually agree on a replacement director who qualifies as an “independent
director” for purposes of Section 303A of the Listed Company Manual of the New York Stock Exchange and the Board
shall appoint such director as promptly as practicable. If during the Standstill Period either of the Director Designees is unwilling
or unable for any reason to serve as a director, the Clinton Group shall have the right to submit the name of a replacement person
(the “Replacement”) who qualifies as an “independent director”
for purposes of Section 303A of the Listed Company Manual of the New York Stock Exchange, has relevant financial and business
experience to serve on the Board, and is otherwise reasonably acceptable to the Nominating
Committee of the Board. If the proposed Replacement is not accepted by the Nominating Committee, the Clinton Group shall
have the right to submit another proposed Replacement for consideration by the Nominating Committee. The Clinton Group
shall have the right to continue submitting the name of a proposed Replacement for consideration by the Nominating Committee until
the Nominating Committee approves that such Replacement may serve as a nominee for election as director or serve as a director
for the remainder of the term of such Director Designee, whereupon the Board shall appoint such director as promptly as practicable.
All references in this Agreement to one or more Director Designees shall include any Replacement of any such Director Designees.

 

    	 

    	 

    

 

(b)The Company
agrees that through the conclusion of the 2016 annual shareholders’ meeting (the “2016 Annual Meeting”),
if any Director Designee voluntarily resigns as a director of the Company, refuses to serve or is unable to serve as a director
of the Company for any reason including without limitation due to death or incapacity or due to any removal for cause, then the
Clinton Group shall have the right to submit the name of a Replacement who qualifies as an “independent director” for
purposes of Section 303A of the Listed Company Manual of the New York Stock Exchange, has relevant financial and business experience
to serve on the Board, and is otherwise reasonably acceptable to the Nominating Committee of the Board. If the proposed Replacement
is not accepted by the Nominating Committee, the Clinton Group shall have the right to submit another proposed Replacement for
consideration by the Nominating Committee. The Clinton Group shall have the right to continue submitting the name of a proposed
Replacement for consideration by the Nominating Committee until the Nominating Committee approves that such Replacement may serve
as a nominee for election as director or serve as a director for the remainder of the term of such Director Designee, whereupon
the Board shall appoint such director as promptly as practicable. For the avoidance of doubt, any replacement Director Designee
shall be subject to the Board’s good faith customary due diligence process, including review of a Directors’ and Officers’
questionnaire, background check and interviews.

 

(c)The Board and
the Company shall have no obligation to nominate any Director Designee for election at the 2016 Annual Meeting. No later than 10
business days prior to the first day of the advance notice period for shareholders to nominate directors for election at the 2016
Annual Meeting, the Company shall notify the Clinton Group if it determines to not nominate any of the Director Designees for election
at the 2016 Annual Meeting.

 

(d)For the avoidance
of doubt, the Clinton Group does not have any obligation to support the nomination of, or to vote for, any Director Designee (or
vote for or against any other matter) at the 2016 Annual Meeting.

 

(e)The Parties
acknowledge that the Company has separately agreed to nominate Jack McWhirter for election to the Board at the 2015 Annual Meeting.

 

(f)During the Standstill
Period, other than in connection with a good faith, arm's length acquisition or strategic transaction approved by the Transaction
Committee with an unaffiliated person in which the Company receives material cash infusion, the Company shall not increase the
size of the Board in excess of nine (9) members, and shall not decrease the size of the Board if such decrease would require the
resignation of one or more of the Director Designees or Mr. McWilliams, without the prior written consent of Clinton.

 

SECTION 2.2 Committees.

 

(a)Within three
(3) business days following the date of this Agreement, the Board shall reconstitute its existing Transaction Committee with responsibility
for evaluating financial and strategic alternatives and making recommendations to the full Board with respect to such financial
and strategic alternatives (the “Transaction Committee”). The Charter of the Transaction Committee shall
be as set forth in Exhibit A hereto, which Charter shall not be amended prior to the end of the Standstill Period without
the prior written consent of Clinton. The Transaction Committee shall be comprised of Mr. Mikulich, Mr. McWilliams and Mr. Rick
Kahlbaugh, and Mr. Mikulich shall be offered membership on the Transaction Committee (to the extent it is constituted) at all times
that he is serving on the Board. During the Standstill Period, the Company shall not increase the size of the Transaction Committee
in excess of three (3) members, and shall not decrease the size of the Transaction Committee if such decrease would require the
resignation of Mr. Mikulich, without the prior written consent of Clinton. In the event of the replacement of Mr. Mikulich on the
Board during the Standstill Period, Randall Brown or the replacement designee of Clinton as set forth in Section 2.1(b) shall be
promptly appointed to the committee seat vacated by Mr. Mikulich and shall have all of the rights set forth herein for Mr. Mikulich. The
Director Designees will receive the same compensation and equity awards as the other members of the Board and other members of
committees of the Board and shall have the option to receive elect to receive Transaction Committee compensation solely in the
form of equity awards.

 

    	 

    	 

    

 

(b)Within three
(3) business days following the date of this Agreement, the Board shall offer membership to each of the Director Designees to no
less than two (2) Committees of the Board (in the case of Mr. Mikulich, including the Transaction Committee). In the event of the
replacement of any Director Designee on the Board, the replacement designee of Clinton as set forth in Section 2.1(b) shall be
promptly offered membership to the committee seat vacated by such Director Designee. During the Standstill Period, each of
the Director Designees and their replacements shall be offered membership to serve on no less than two (2) Committees of the Board
(in the case of Mr. Mikulich, including the Transaction Committee).

 

SECTION 2.3 Participation
by Campus Evolutions in Strategic Review Process. As promptly as practicable following the date of this Agreement, and in any
event within five (5) business days, the Company shall invite Campus Evolution Villages, LLC (“CEV”) to participate
in the Company’s ongoing strategic review process, including, without limitation, by meeting with the Transaction Committee,
conditioned upon CEV’s execution and delivery of a confidentiality agreement on substantially the same terms as the form
of confidentiality agreement executed by other interested participants in the strategic review process.

 

SECTION 2.4 Voting Provisions.
During the Standstill Period, and other than at the Company’s 2015 Annual Meeting, each member of the Clinton Group shall
cause, and shall cause its respective Affiliates to cause, all shares of Common Stock or any rights, warrants, options or other
securities convertible into or exchangeable for shares of Common Stock or any other securities of the Company (such rights, warrants,
options or other securities, the “Other Securities”) for which they have the right to vote to be present for
quorum purposes and to be voted at any meeting of shareholders or at any adjournments or postponements thereof, and to consent
in connection with any action by consent in lieu of a meeting, (i) in favor of each director nominated and recommended by the Board
for election at any such meeting, (ii) against any shareholder nominations for director which are not approved and recommended
by the Board for election at any such meeting and against any proposals or resolutions to remove any member of the Board and (iii)
in accordance with the recommendation by the Board in accordance with the terms of this Agreement on all other proposals of the
Board set forth in the Company’s proxy statement (except that the Clinton Group and its Affiliates shall not be required
to vote its shares of Common Stock or Other Securities in accordance with the recommendations of the Board in connection with (A)
any extraordinary corporate transaction involving the Company or any of its Affiliates, including, a change of control transaction,
merger, reorganization, recapitalization, extraordinary dividend, liquidation or sale or transfer of all or substantially all the
Company’s assets or any other transaction the result of which is that the holders of the Common Stock of the Company immediately
prior to the consummation of such transaction would cease to own at least a majority of the issued and outstanding shares of common
stock of the resulting company (or, if such resulting company is a subsidiary, then the ultimate parent company), (B) approval
of a shareholder rights plan, (C) amendments to the Company’s articles of incorporation or bylaws that diminish shareholder
rights relative to the rights shareholders have with respect to the Company as of the date hereof, (D) new or amended equity incentive
compensation plans submitted for shareholder approval, (E) any other matter that restricts rights of shareholders or (F) any issuance
of securities of the Company (each an "Extraordinary Transaction")). Each member of the Clinton Group shall also
cause, and shall cause its respective Affiliates to cause, all shares of Common Stock or Other Securities for which they have the
right to vote to be present for quorum purposes and to be voted at the Company’s 2015 Annual Meeting or at any adjournments
or postponements thereof, in accordance with the recommendation by the Board with respect to the election of Mr. McWhirter, Mr.
McWilliams, the Director Designees and each of the Board’s nominees that is currently an incumbent director for election
to the Board, and ratification of the Company’s independent registered public accounting firm. Not later than one (1) business
day prior to such meeting of shareholders, each member of the Clinton Group shall vote in accordance with this Section 2.4 and
shall not revoke or change any such vote in accordance with the terms of this Agreement unless such revocation or change is recommended
by the Board.

 

    	 

    	 

    

 

SECTION 2.5Actions
by the Clinton Group. Clinton, on behalf of itself and each member of the Clinton Group, agrees that, during the Standstill
Period, and subject to any rights granted to Clinton or members of the Clinton Group in this Agreement, it shall not, and shall
cause its Affiliates not to, unless specifically requested or authorized in writing by a resolution of the Board, directly or indirectly

 

(a)form, join,
or in any other way participate in, a “partnership, limited partnership, syndicate or other group” within the meaning
of Section 13(d)(3) of the Exchange Act with respect to the Common Stock or Other Securities or otherwise act in concert with
any person in respect of such securities, or deposit any shares of Common Stock or Other Securities in a voting trust or similar
arrangement, or subject any shares of Common Stock or Other Securities to any voting agreement or pooling arrangement, or grant
any proxy, designation or consent with respect to any shares of Common Stock or Other Securities (other than to a designated representative
of the Company pursuant to a proxy or consent solicitation on behalf of the Board), other than solely
with one or more Affiliates or Associates (other than portfolio or operating companies) of the Clinton Group (it
being understood that the holding by persons or entities of shares of Common Stock or Other Securities in accounts or through
funds not managed or controlled by the Clinton Group or any Affiliate or Associate of
the Clinton Group shall not give rise to a violation of this Section 2.5(a) solely by virtue of the fact that such persons or
entities, in addition to holding such securities in such manner, are investors in funds and accounts managed by the Clinton Group
or any of its Affiliates or Associates and, in their capacity as such, are or
may be deemed to be members of a “group” with the Clinton Group within the meaning of Section 13(d)(3) of the Exchange
Act with respect to the Common Stock or Other Securities; provided there does not exist as between such persons or entities, on
the one hand, and any member of the Clinton Group or any of its Affiliates or Associates,
on the other hand, any agreement, arrangement or understanding with respect to any action that would otherwise be prohibited by
this Section 2.5);

 

    	 

    	 

    

 

(b)solicit
proxies, designations or written consents of shareholders, or conduct any binding or nonbinding referendum with respect to Common
Stock or Other Securities, or make or in any way participate in any “solicitation” of any “proxy” within
the meaning of Rule 14a-1 promulgated by the SEC under the Exchange Act (but without regard to the exclusion set forth in Rule
14a-1(l)(2)(iv) from the definition of “solicitation”) to vote any shares of Common Stock or Other Securities
with respect to any matter, or become a “participant” in any contested solicitation for the election of directors
with respect to the Company (as such terms are defined or used in the Exchange Act and the Rules promulgated thereunder), other
than solicitations or acting as a “participant” in support of the recommendations of the Board;

 

(c)(i) seek to
call, request the call of, or call a special meeting of the shareholders of the Company, or make or seek to make a shareholder
proposal (whether pursuant to Rule 14a-8 under the Exchange Act or otherwise) at any meeting of the shareholders of the Company
or in connection with any action by consent in lieu of a meeting, (ii) make a request for a list of the Company’s shareholders,
(iii) seek election to the Board or seek to place a representative on the Board (other than as expressly set forth in Section 2.1),
(iv) seek the removal of any director from the Board, (v) publicly make any recommendation with respect to the voting of any Common
Stock or Other Securities of the Company, (vi) make any recommendation to any other shareholder of the Company to vote contrary
to the recommendation of the Board on any matter presented to the Company’s shareholders for their vote, (vii) publicly seek
any change in the composition of the Board, including any plans or proposals to change the number or term of directors or to fill
any vacancies on the Board or (viii) otherwise acting alone or in concert with others, seek to control the governance or policies
of the Company;

 

(d)propose, seek
to propose, offer or participate (other than to the extent and on the same basis as shareholders of the Company may participate)
in (i) any effort to acquire the Company or any of its subsidiaries or any material assets or operations of the Company or any
of its subsidiaries, (ii) any effort to engage in a transaction or enter into any agreement that would result in Economic Ownership
by any person or entity (whether or not a member of the Clinton Group) or group (as defined in Section 13(d)(3) of the Exchange
Act) of more than 10% of the outstanding shares of Common Stock at any time or outstanding voting power of the Company at any time,
(iii) any tender offer, exchange offer, merger, acquisition, share exchange or other business combination or “change in control”
(as such term is used in Item 6 of Schedule 14A) transaction involving the Company or any of its subsidiaries, (iv) any recapitalization,
restructuring, liquidation, disposition, dissolution or other extraordinary transaction involving the Company, any of its subsidiaries
or any material portion of their businesses or (v) arrange, or in any way participate in, any financing for the purchase by any
person of shares of Common Stock or any Other Securities, assets or businesses of the Company or any of its Affiliates;

 

    	 

    	 

    

 

(e)publicly disclose,
or cause or facilitate the public disclosure (including without limitation the filing of any document or report with the SEC or
any other governmental agency or any disclosure to any journalist, member of the media or securities analyst) of, any intent, purpose,
plan or proposal to obtain any waiver, consent under, or amendment of, any of the provisions of Section 2.4 or Section 2.5, or
otherwise bring any action or otherwise act to contest the validity or enforceability of any provision of this Agreement;

 

(f)make or issue
or cause to be made or issued any public disclosure, announcement or statement (including without limitation the filing of any
document or report with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or securities
analyst) (i) in support of any solicitation described in paragraph (b) above (other than solicitations on behalf of the Board),
(ii) in support of any matter described in paragraph (c) above, (iii) concerning any potential matter described in paragraph (d)
above; or

 

(g)enter into any
discussions, negotiations, agreements or understandings with any person or entity with respect to the foregoing, or advise, assist,
encourage, support or seek to persuade others to take any action with respect to any of the foregoing, or act in concert with others
or as part of a group (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any of the foregoing.

 

Notwithstanding the
foregoing, nothing in this Agreement shall prohibit or restrict any member of the Clinton Group or any Director Designee, as applicable,
from: (A) exercising his or her rights and fiduciary duties as a director of the Company, (B) except as provided otherwise in this
Section 2.5, voting all of his, her or its voting securities of the Company in his, her or its discretion, (C) communicating privately
with the Board or any of the Company’s officers regarding any matter so long as such communications are not intended to,
and would not reasonably be expected to, require any public disclosure of such communications, (D) subject to Section 2.6(c), making
any public statement or announcement with respect to an Extraordinary Transaction (other than clause (D) of the definition thereof)
proposed by the Company that requires a vote of the shareholders and that is publicly announced by the Company after the date of
this Agreement, (E) taking any action necessary to comply with any law, rule or regulation or any action required by any governmental
or regulatory authority or stock exchange that has, or may have, jurisdiction over Clinton, any Director Designee or any of their
respective Affiliates or (F) making a bid or proposal to the Company in response to the Company's requests for such bids or proposals.

 

SECTION 2.6Additional
Representations and Agreements by the Parties.

 

(a)On or before
9:00 a.m., New York City time, on the first Business Day after this Agreement has been executed, the Company and Clinton shall
issue a joint press release, in the form attached hereto as Exhibit B (the “Press Release”) and the Company
shall file a Current Report on Form 8-K with the SEC disclosing and attaching as exhibits this Agreement and the Press Release.  
Except as required by law or the rules of any stock exchange, none of the parties hereto will make any public statements or issue
any press release (including in any filings with the SEC or any other regulatory or governmental agency, including any stock exchange)
concerning or relating to this Agreement other than the statements in the Press Release and the Form 8-K without (i) in the case
of the Company, the prior written approval of Clinton, not to be unreasonably withheld, and (ii) in the case of Clinton, the prior
written approval of the Company, not to be unreasonably withheld.

 

    	 

    	 

    

 

(b)The Company
acknowledges that, as of the date of this Agreement, each
of the Director Designees and Mr. McWilliams qualifies as an “independent director” for purposes of Section 303A of
the Listed Company Manual of the New York Stock Exchange:

 

(c)During
the Standstill Period, no member of the Clinton Group shall, and each member of the Clinton Group shall cause its respective Affiliates
not to, make, or cause to be made, (i) any comments, statements or announcements by press release
or similar public statement to the press, securities analysts or media, or in any SEC filing, that is disparaging, calls into
disrepute, defames, slanders or which can reasonably be construed to be defamatory or slanderous to, the Company, the Company's
partners, officers, directors or employees or the Company’s businesses, operations, strategic plans or strategic direction
or (ii) any comments or statements, whether publicly or privately, to any third party concerning the Board or the management of
the Company, with the intent or purpose of defaming or disparaging the Board or the management of the Company. During the Standstill
Period, neither the Company nor any of its officers or directors, shall make, or cause to be made, (i) by press release or similar
public statement, including to the press, securities analysts or media or in an SEC filing, any statement or announcement that
is disparaging, calls into disrepute, defames, slanders or which can reasonably be construed to be defamatory or slanderous to,
any member of the Clinton Group or their officers, directors or employees or (ii) any comments or statements, whether publicly
or privately, to any third party concerning any member of the Clinton Group or their officers, directors or employees with the
intent or purpose of defaming or disparaging any member of the Clinton Group or their officers, directors or employees. The foregoing
shall not apply to compelled testimony, either by legal process, subpoena or otherwise, or if the comments or statements of the
type covered by this Section 2.6(c) are required to be made by law or regulation.

 

(d)Upon the execution
of this Agreement by the Parties, the Clinton Group shall be deemed to have terminated the pending proxy contest with respect to
the election of directors at the 2015 Annual Meeting and shall take no further action in that regard.

 

ARTICLE
III

OTHER PROVISIONS

 

SECTION 3.1Specific
Performance; Other Remedies.

 

(a)Each Party hereby
acknowledges and agrees, on behalf of itself and its Affiliates, that irreparable harm would occur in the event any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed
that the Parties will be entitled to specific relief hereunder, including, without limitation, an injunction or injunctions to
prevent and enjoin breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof in
any state or federal court in the State of Maryland or, if such courts do not accept jurisdiction then any state or federal court
in the State of New York, in addition to any other remedy to which they may be entitled at law or in equity. Any requirements for
the securing or posting of any bond with such remedy are hereby waived.

 

    	 

    	 

    

 

(b)Each Party agrees,
on behalf of itself and its Affiliates, that any actions, suits or proceedings arising out of or relating to this Agreement or
the transactions contemplated hereby will be brought in any state or federal court in the State of Maryland, or, if such courts
do not accept jurisdiction then any state or federal court in the State of New York (and the Parties agree not to commence any
action, suit or proceeding relating thereto except in such courts), and further agrees that service of any process, summons, notice
or document by U.S. registered mail to the respective addresses set forth in Section 3.4 will be effective service of process for
any such action, suit or proceeding brought against any Party in any such court. Each Party, on behalf of itself and its Affiliates,
irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this
Agreement or the transactions contemplated hereby, in the State of Maryland, or, if such court does not accept jurisdiction then
any state or federal court in the State of New York, and hereby further irrevocably and unconditionally waives and agrees not to
plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an improper
or inconvenient forum.

 

(c)Each Party agrees,
on behalf of itself and its Affiliates, that any controversy which may arise under this Agreement is likely to involve difficult
and complicated issues, and therefore such Party hereby irrevocably and unconditionally waives any right such Party may have to
a trial by jury in respect of any litigation directly or indirectly arising out of or relating to this Agreement or any confidentiality
agreement entered into in connection with the matters contemplated herein, or the breach, termination or validity of this Agreement
or any such confidentiality agreement or the matters contemplated herein. Each Party hereby certifies and acknowledges that (i)
no representative, agent or attorney of any other Party has represented expressly or otherwise that such other Party would not,
in the event of litigation, seek to enforce the foregoing waiver, (ii) such Party understands and has considered the implications
of this waiver, and (iii) such Party makes this waiver voluntarily.

 

SECTION 3.2Entire
Agreement. This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof and may
be amended only by an agreement in writing executed by the Parties. No rights under this Agreement shall be deemed waived absent
a written waiver by the Party granting the waiver.

 

SECTION 3.3Definitions.
For purposes of this Agreement:

 

(a) The terms
“Affiliate” and "Associate" have the meaning set forth in Rule 12b-2 promulgated by the SEC
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”); provided, that the term “Affiliate”
shall not include any portfolio or operating company of any member of the Clinton Group for
which all of the following conditions are satisfied: (i) whose equity securities are registered under the Exchange Act
(or are publicly traded in a foreign jurisdiction), (ii) as to which the Clinton Group and its Affiliates own less than a majority
of the total voting power of all outstanding voting securities and do not have representatives or designees who occupy
a majority of the seats on the board of directors or other similar governing body of such portfolio or operating company and do
not otherwise control (as the term “control” is defined in Rule 12b-2 promulgated by the SEC under the Exchange Act)
such portfolio or operating company, and (iii) to which no non-public information about the Company has been made available by
any Director Designee or any member of the Clinton Group or any of their Affiliates. For purposes of this Agreement, the members
of the Clinton Group, on the one hand, and the Company, on the other, shall not be deemed to be Affiliates of each other.

 

    	 

    	 

    

 

(b)The terms “Beneficial
Owner,” “Beneficially Own” and “Beneficial Ownership” shall have the same meanings
as set forth in Rule 13d-3 (“Rule 13d-3”) promulgated by the SEC under the Exchange Act. The terms “Economic
Owner,” “Economically Own” and “Economic Ownership” shall have the same meanings
as “Beneficial Owner,” “Beneficially Own” and “Beneficial Ownership” except that a person will
also be deemed to “Economically Own,” to be the “Economic Owner” and to have “Economic Ownership”
of (i) all shares of Common Stock which such person has the right to acquire pursuant to the exercise of any rights in connection
with any securities or any agreement, regardless of when such rights may be exercised and whether they are conditional, and (ii)
all shares of Common Stock in which such person has any economic interest, including, without limitation, pursuant to a cash settled
call option or other derivative security, contract or instrument in any way related to the price of shares of Common Stock.

 

(c)The “Standstill
Period” means the period from the date of this Agreement through the earliest of (i) the date that the Company shall
notify the Clinton Group that the Company has determined to not nominate any of the Director Designees for election at the 2016
Annual Meeting (which notice, if given, shall comply with Section 2.1(c) and be given at least ten (10) business days prior to
the deadline for the submission of stockholder nominations of directors in respect of the 2016 Annual Meeting set forth in the
Bylaws of the Company, as amended); (ii) the date that is twenty-five (25) days prior to the deadline for the submission of stockholder
nominations of directors in respect of the 2016 annual meeting of stockholders of the Company set forth in the Bylaws of the Company,
as amended; and (iii) the date that is seven (7) days after the date, if any, that Clinton (on behalf of the Clinton Group) provides
written notice in good faith to the Company that the Company has materially breached any of its commitments or obligations under
this Agreement (specifying the relevant acts), except that if such material breach can be cured, the Company shall have seven (7)
days after the date of such written notice within which to cure its material breach and this clause (iii) shall not apply in the
event of such cure.

 

SECTION 3.4Notices.
All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in
regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) given by facsimile, when such facsimile
is transmitted to the facsimile number set forth below and the appropriate confirmation is received or (b) if given by any other
means, when actually received during normal business hours at the address specified in this subsection:

 

    	 

    	 

    

 

if to the Company:

 

Campus Crest Communities, Inc.

2100 Rexford Rd, Suite 40.

Charlotte, North Carolina 28211

Facsimile:[ ]

Attention: CEO

 

with a copy to:

 

Kilpatrick Townsend & Stockton, LLP

1100 Peachtree Street, NE, Suite 2800.

Atlanta, Georgia 30309-4530

Facsimile: (404) 541-3121

Attention: W. Benjamin Barkley, Esq.

 

if to the Clinton Group:

 

Clinton Group, Inc.

601 Lexington Ave., 51st Floor

New York, New York 10022

Facsimile: (208) 728-8007

Attention: Joseph A. De Perio

 

with a copy to:

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Facsimile:(212) 593-5955

Attention: Marc Weingarten, Esq. and Eleazer Klein, Esq.

 

SECTION 3.5Governing
Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement, the relationship of the
Parties, and/or the interpretation and enforcement of the rights and duties of the Parties shall be governed by and construed and
enforced in accordance with the laws of the State of Maryland, without regard to any conflict of law provisions thereof.

 

SECTION 3.6Further
Assurances. Each Party agrees to take or cause to be taken such further actions, and to execute, deliver and file or cause
to be executed, delivered and filed such further documents and instruments, and to obtain such consents, as may be reasonably required
or requested by the other Parties in order to effectuate fully the purposes, terms and conditions of this Agreement.

 

SECTION 3.7Third-Party
Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the Parties and their respective successors
and permitted assigns, and nothing in this Agreement is intended to confer on any person other than the Parties or their respective
successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. The rights and obligations
under this Agreement may not be transferred without the consent of the other Parties and any transfer in violation of this sentence
shall be null and void.

 

    	 

    	 

    

 

SECTION 3.8Fees
and Expenses. Concurrently with the execution of this Agreement, the Board shall authorize the reimbursement to the Clinton
Group of up to $150,000.00 of the documented out-of-pocket third party expenses incurred by the Clinton Group in connection with
this Agreement and related matters, and such reimbursement shall be paid to the Clinton Group within ten business days of the date
such expenses are submitted. Except as set forth in the preceding sentence, each Party shall bear all fees and expenses incurred
by such Party in connection with this Agreement and the circumstances giving rise hereto, and no Party shall seek or be entitled
to reimbursement of any such fees and expenses from the other Party.

 

SECTION 3.9Counterparts;
Miscellaneous. This Agreement may be executed and delivered (including by facsimile transmission or .pdf) in one or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The headings
used herein are for convenience only and the Parties agree that such headings are not to be construed to be part of this Agreement
or to be used in determining the meaning or interpretation of this Agreement. Unless the context otherwise requires, whenever used
in this Agreement the singular shall include the plural, the plural shall include the singular, and the masculine gender shall
include the neuter or feminine gender and vice versa. Except as otherwise expressly provided herein, no failure on the part of
any Party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in law or in equity,
shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude
any other or further exercise thereof or the exercise of any other right, power or remedy. If any provision of this Agreement or
the application thereof becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, then
the remainder of this Agreement will continue in full force and effect so long as the remaining provisions do not fundamentally
alter the relations among the Parties.

 

SECTION 3.10 Interpretation.
Each of the Parties acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded
the execution of this Agreement, and that it has executed the same with the advice of such counsel. Each Party and its counsel
cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and any and
all drafts relating thereto exchanged among the Parties shall be deemed the work product of all of the Parties and may not be construed
against any Party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require
interpretation of any ambiguities in this Agreement against any Party that drafted or prepared it is of no application and is hereby
expressly waived by each of the Parties.

 

[Remainder of Page Intentionally Left
Blank]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, each
of the Parties has executed this Agreement, or caused the same to be executed by its duly authorized representative as of the date
first above written.

 

	 	
        COMPANY:

         

        CAMPUS CREST COMMUNITIES, INC.

         

         

        By:  /s/ David Coles                                     

        Name: David Coles

        Title: Interim Chief Executive Officer
	 
	 	 	
         

         

	 	 	
         

        THE CLINTON GROUP:

         

        CLINTON RELATIONAL OPPORTUNITY MASTER FUND

         

         

        By:  /s/ Joseph A. de Perio

        Name: Joseph A. de Perio

        Title: Senior Portfolio Manager

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 

    	 

    	 

    

 

SCHEDULE A

 

As of May 1, 2015,
the Clinton Group Economically Owns, in the aggregate, 1,026,582 shares of Common Stock, comprised of 951,582 shares and 75,000
long call options, representing Beneficial Ownership (based upon the 64,659,415 shares of Common Stock outstanding as of March
26, 2015, as reported in the Issuer's Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities
and Exchange Commission on April 1, 2015) of 1.6% of the Common Stock, as follows: (a) 404,420 shares of Common Stock, comprised
of 366,920 shares and 37,500 long call options, are beneficially owned by Clinton Relational Opportunity Master Fund, L.P. (“CREL”)
(which includes the 375 shares of Common Stock held in record name); (b) 404,420 shares of Common Stock, comprised of 366,920 shares
and 37,500 long call options, may be deemed to be beneficially owned by Clinton Relational Opportunity, LLC (“CRO”)
by virtue of an investment management agreement with CREL; (c) 411,350 shares of Common Stock, comprised of 373,850 shares and
37,500 long call options, are held in a mutual fund portfolio with whom Clinton Group, Inc. ("CGI") has a sub-advisory
agreement (“CASF”); (d) 180,812 shares of Common Stock are held by a mutual fund portfolio with whom CGI has
a sub-advisory agreement (“WKCAX”); (e) 30,000 shares of Common Stock are held by GEH Capital, Inc. ("GEHC");
(f) 996,582 shares of Common Stock may be deemed to be beneficially owned by CGI, by virtue of (i) an investment management agreement
with CREL and (ii) its relationship as sub-advisor to each of CASF and WKCAX and (g) 1,026,582 shares of Common Stock may be deemed
to be beneficially owned by Mr. Hall by virtue of his direct and indirect control of CREL and CGI and indirect ownership of GEHC

 

CLINTON GROUP MEMBERS

 

Clinton Group, Inc.

Clinton Relational Opportunity, LLC

Clinton Relational Opportunity Master Fund,
L.P.

GEH Capital, Inc.

George E. Hall

 

    	 

    	 

    

 

EXHIBIT A 

 

TRANSACTION COMMITTEE CHARTER

 

    	 

    	 

    

 

CAMPUS CREST COMMUNITIES, INC. 

 

Transactions Committee Charter 

 

The Board of Directors
(the “Board”) of Campus Crest Communities, Inc. (the “Company”) has adopted this charter
for its Transactions Committee (the “Committee”).

 

I. PURPOSE AND SCOPE 

 

The primary function
of the Committee is to exercise the responsibilities and duties set forth below, including, but not limited to, assisting the Board
in carrying out its oversight responsibilities relating to potential financing opportunities, mergers, acquisitions, divestitures
and other strategic transactions outside the ordinary course of the Company’s business (“Strategic Transactions”).
In that regard, the Committee shall (a) study, review, monitor and evaluate potential Strategic Transactions for the Company; (b)
study, review, monitor and evaluate potential opportunities to discharge, amend, repay or refinance existing indebtedness of the
Company and/or its subsidiaries; (c) seek fairness of process with respect to proposed Strategic Transactions; (d) engage in a
determination of whether the terms of any proposed Strategic Transaction are fair and reasonable and in the best interest of the
Company’s shareholders; and (e) make recommendations to the Board with respect thereto.

 

II. COMPOSITION 

 

The Committee shall
be comprised of no less than three members of the Board as appointed by the Board. A majority of the members of the Committee must
be affirmatively determined by the Board to meet the independence standards promulgated by the New York Stock Exchange and/or any
other exchange upon which securities of the Company are traded. Each member of the Committee shall also be free from any relationship
that, in the opinion of the Board, would interfere with the exercise of his or her independent judgment as a member of the Committee.

 

The Board shall appoint
the members of the Committee annually. Committee members shall serve at the pleasure of the Board and for such term or terms as
the Board may determine. Committee members may be added, removed or replaced by the Board in its complete discretion.

 

The Chairman of the
Committee shall be designated by the Board. The Chairman shall be responsible for presiding over Committee meetings, preparing
Committee agendas and determining the informational needs of the Committee. The Committee may form and delegate any of its responsibilities,
as permitted by applicable laws and regulations, to a subcommittee composed of one or more members of the Committee.

 

The Committee
shall meet as frequently as the discharge of its responsibilities shall require, as determined by the Committee or its
Chairman, and may take action by unanimous written consent. The Committee may request any other director, officer or employee
of the Company or its subsidiaries or any of the Company’s or its subsidiaries’ outside advisors to attend any
meeting of the Committee or to meet independently with any of the foregoing.

 

    	 

    	 

    

 

A quorum of the Committee
shall consist of a majority of its members. All actions of the Committee must be approved by a majority vote of the members present,
unless there are only two members present, in which case such actions require a unanimous vote.

 

The Committee shall
report regularly to the Board, including at regular meetings of the Board, on the Committee’s findings and recommendations
and any other matters the Committee deems appropriate, and shall maintain minutes of Committee meetings and activities. The Committee’s
report to the Board may take the form of an oral report by the Chairman or by any other member of the Committee designated by the
Committee to make this report.

 

III. RESPONSIBILITIES AND DUTIES 

 

To fulfill its responsibilities
and duties, the Committee shall:

 

		•	Review, and provide guidance to management and the
Board with respect to, the Company’s strategies for Strategic Transactions.

 

		•	Assist management and the Board with the identification
of Strategic Transaction opportunities.

 

		•	Assist management and the Board with review of proposals
made by management forStrategic Transactions.

 

		•	Consider and make recommendations to the Board as
to proposed Strategic Transactions.

 

		•	Provide periodic reports to the Board of any Strategic
Transactions being considered by management.

 

		•	Exercise such additional powers and duties as may
be reasonable, necessary or desirable, in the Committee’s discretion, to fulfill its duties under this charter.

 

		•	Perform any other activities or responsibilities as
may be delegated to the Committee, from time to time, by the Board.

 

		•	Annually evaluate its own performance and report the
results of such evaluation tothe Board.

 

 

IV. INVESTIGATIONS, STUDIES AND OUTSIDE
ADVISORS 

 

The Transactions Committee
may conduct or authorize investigations into or studies of matters within the Transactions Committee’s scope of responsibilities
with full access to all books, records, facilities and personnel of the Company. With the approval of the Board, the

 

    	 

    	 

    

 

Transactions Committee may retain outside
legal counsel (who may but need not be the regular corporate counsel to the Company), accountants, investment bankers, search firms
or other advisors of its choice to assist it in connection with its functions, as it deems necessary or appropriate.

 

V. LIMITATION OF COMMITTEE’S ROLE

 

Nothing contained
in this Charter is intended to expand applicable standards of liability under statutory or regulatory requirements for the directors
of the Company or the members of the Committee. This Charter is intended as a component of the flexible governance framework within
which the Board, assisted by its committees, directs the affairs of the Company. While it should be interpreted in the context
of all applicable laws, regulations and listing requirements, as well as in the context of the Company’s Articles of Incorporation
and Bylaws, it is not intended to establish by its own force any legally binding obligations, although it is intended to provide
legal authorization to the Committee as set forth herein. The purposes and responsibilities outlined in this Charter are meant
to serve as guidelines rather than as inflexible rules and the Committee is permitted to adopt, by majority vote approved by the
Board, such additional procedures and standards as it deems necessary from time to time to fulfil its responsibilities.

 

    	 

    	 

    

 

EXHIBIT B

 

PRESS RELEASE

 

    	 

    	 

    

 

FOR IMMEDIATE RELEASE 

 

Campus Crest Communities Announces Settlement
Agreement with Clinton Group 

 

Appoints New Members of Transaction Committee
to Oversee Ongoing Strategic Review 

 

Finalizes Retention of Alvarez &
Marsal’s David Coles and John Makuch 

 

CHARLOTTE, N.C., May 4, 2015, --Campus Crest Communities, Inc.
(NYSE: CCG) (the “Company” or “Campus Crest”), an owner and manager of high-quality student housing properties,
today announced that it has entered into an agreement with the Clinton Group, Inc. and its affiliated funds (“Clinton”)
in connection with the Company’s 2015 Annual Meeting of Shareholders. Under the terms of the agreement, Campus Crest has
appointed Raymond C. Mikulich and Randall H. Brown, previously nominated by Clinton, to the Company’s Board of Directors
and has also appointed Curtis B. McWilliams to the Board. With the appointment of Messrs. McWilliams, Mikulich and Brown, the Campus
Crest Board of Directors will expand to 8 directors, all of whom are independent.

 

Richard Kahlbaugh, Non-Executive Chairman of the
Campus Crest Board of Directors, stated, “Curtis, Raymond, and Randall are accomplished real estate industry veterans who
bring extensive financial, executive and investment experience as well as fresh perspectives to our Board of Directors. Campus
Crest has an outstanding portfolio of premier assets and we look forward to further advancing our ongoing strategic review process
and delivering enhanced value for all Campus Crest shareholders.”

 

Additionally, as part of the settlement agreement
with Clinton, the Board announced that it has changed the composition of the existing three person Transaction Committee which
has been overseeing the ongoing strategic alternatives process. The Transaction Committee will be comprised of Curtis McWilliams,
Raymond Mikulich and Richard Kahlbaugh and will be chaired by Mr. McWilliams. Further, as part of the agreement, Campus Evolution
Villages, LLC has been invited to sign a non-disclosure agreement and participate in the Board’s strategic alternatives process.
By so doing, the Campus Crest Board will evaluate Campus Evolution’s proposed ideas for value creation against all other
strategic opportunities it considers throughout its alternatives process.

 

Under the oversight of the Transaction Committee,
Campus Crest will continue its comprehensive and thorough analysis to explore a broad range of strategic, operational and financial
alternatives to further enhance shareholder value. While there can be no assurance that the exploration process will result in
a transaction, and the Company has not set a definitive timetable for completion of the process, the Company expects to provide
an update on its first quarter 2015 conference call, which it expects to hold on May 29, 2015.

 

Joseph A. De Perio, Senior Portfolio Manager at Clinton Group
stated, “We are pleased that our dialogue with Campus Crest has resulted in this agreement. The addition of three independent
directors to the Board will help bring additional perspectives as the Company continues its thorough analysis to explore a broad
range of strategic, operational and financial alternatives under the oversight of the Transaction Committee. I am confident that
the Committee, in consultation with the Company’s financial and legal advisors, will come to a solution that benefits all
Campus Crest stakeholders.”

 

Andrew Stark, CEO of Campus Evolution Villages, stated
“Campus Evolution Villages believes the governance enhancement is a positive step for the Company and all stockholders. We
look forward to participating in the strategic alternatives process moving forward.”

 

The Company also announced that the Board has finalized
the retention of Alvarez & Marsal North America, LLC (“Alvarez & Marsal”) to support its ongoing efforts to
improve financial and operational controls and efficiency, support the strategic alternatives process and deliver enhanced shareholder
value. As part of Alvarez & Marsal's mandate, the Board has appointed David Coles as interim Chief Executive Officer and John
Makuch as interim Chief Financial Officer.

 

David Coles, Interim Chief Executive Officer, said,
“I am pleased that the Board has reached this agreement with Clinton, which allows the Board and management team to focus
on running the business and improving financial and operational performance for the benefit of all of the Company’s stakeholders.

We look forward to working together with the Company’s
new directors to successfully execute on Campus Crest’s strategic repositioning and ongoing strategic review process.”

 

    	 

    	 

    

 

About Curtis B. McWilliams 

Curtis McWilliams is a real estate industry veteran with over
25 years of experience in finance and real estate. Mr. McWilliams currently serves as a member of the Ashford Hospitality Prime,
Inc, Board of Directors and retired from his position as President and Chief Executive Officer of CNL Real Estate Advisors, Inc.
in 2010 after serving in such role since 2007. CNL Real Estate Advisors, Inc. provides advisory services relating to commercial
real estate acquisitions and asset management and structures strategic relationships with U.S. and international real estate owners
and operators for investments in commercial properties across a wide variety of sectors. From 1997 to 2007, Mr. McWilliams also
served as the President and Chief Executive Officer, as well as serving as a director from 2005 to 2007, of Trustreet Properties,
Inc., which under his leadership became the then-largest publicly-traded restaurant real estate investment trust ("REIT")
with over $3.0 billion in assets. Mr. McWilliams has approximately 13 years of experience with REITs and, during his career at
CNL Real Estate Advisors, Inc., helped launch and then served as the President of two REIT joint ventures between CNL and Macquarie
Capital and the external advisor for both such REITs. Mr. McWilliams previously served on the board of directors and as the audit
committee chairman of CNL Bank, a state bank in the State of Florida, from 1999 to 2004. Mr. McWilliams also has approximately
13 years of investment banking experience at Merrill Lynch & Co., where he started as an associate and later served for several
years as a Managing Director. Mr. McWilliams has a Master's in Business with a Concentration in Finance from the University of
Chicago Graduate School of Business and a Bachelor of Science in Engineering in Chemical Engineering from Princeton University.

 

About Raymond C. Mikulich 

Raymond Mikulich is a veteran real estate finance and investment
professional who has successfully navigated five real estate cycles in his 40 year career. He currently serves as the Chairman
of Altus Group Limited, a real estate software, services and data company listed on the Toronto stock exchange. He is also Managing
Partner and Chief Investment Officer of Ridgeline Capital Group and the Chief Executive Officer of HomeLPC, LLC, a real estate
investment companies based in New York, NY. He served as the head of Apollo Global Real Estate North America from September 2010
until December 2011 and was co-head and functioned as chief executive officer of Lehman Brothers Real Estate Private Equity from
1999 through March 2007 and Head of Lehman Brothers’ Real Estate Investment Banking prior to that. Mr. Mikulich was a managing
director of Lehman Brothers and a member of the firm's private equity investment and operating committees. Prior to joining Lehman
Brothers in 1982, Mr. Mikulich was with LaSalle National Bank, Chicago, and its parent, ABN/AMRO, for seven years, where he was
involved in property acquisitions and joint ventures on behalf of European pension funds, real estate and REIT restructurings and
lending. He has served as a Trustee of the Urban Land Institute, on the Board of The Real Estate Roundtable, as a member of the
Advisory Board of the National Association of Real Estate Investment Trusts (NAREIT) as well as numerous other industry organizations
and the Real Estate Advisory Boards at Harvard, Columbia and the University of Wisconsin.

 

About Randall H. Brown 

Randall H. Brown is an accomplished REIT industry
veteran with 20 years experience working in real estate management. Mr. Brown was a co-founding officer of Education Realty Trust
(NYSE: EDR), a $2 billion real estate investment trust specializing in the development, ownership, and management of collegiate
apartments across the United States. He served as Executive VP, Chief Financial Officer and treasurer from January 2005 to June
2014 and was responsible for the financial management of the company, capital markets and investor relations, as well as providing
executive management of the IT, Tax, and HR functions. Prior to Education Realty Trust, he served as Chief Financial Officer of
Allen & O’Hara and prior to that he was director of corporate finance at Promus Hotels, Inc.

 

About Campus Crest Communities, Inc. 

Campus Crest Communities, Inc. is a leading owner and manager
of high-quality student housing properties located close to college campuses in targeted markets. It has ownership interests in
84 student housing properties with over 46,000 beds across North America. Additional information can be found on the Company's
website at http://www.campuscrest.com.

 

Additional Information and Where to Find It 

The Company, its directors and certain executive officers
are participants in the solicitation of proxies from shareholders in connection with the Company's 2015 Annual Meeting of Shareholders
(the "Annual Meeting"). The Company plans to file a proxy statement (the "2015 Proxy Statement") with the Securities
and Exchange Commission (the "SEC") in connection with the solicitation of proxies for the Annual Meeting. Information
regarding the names of the Company's directors and executive officers and their respective interests in the Company by security
holdings or otherwise is set forth in the Company's proxy statement for its 2014 annual meeting of shareholders, filed with the
SEC on March 12, 2014. Additional information can be found in the Company's Annual Report on Form 10-K for the year ended December
31, 2014, filed with the SEC on March 31, 2015. To the extent holdings of the Company's securities have changed since the amounts
printed in the proxy statement for the 2014 annual meeting of shareholders, such changes have been reflected on Initial Statements
of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents are available
free of charge at the SEC's website at www.sec.gov. Additional information regarding such participants, including their direct
or indirect interests, by security holdings or otherwise, will be included in the 2015 Proxy Statement and other relevant documents
to be filed with the SEC in connection with the Annual Meeting.

 

    	 

    	 

    

 

Promptly after filing its definitive 2015 Proxy Statement with
the SEC, the Company will mail the definitive 2015 Proxy Statement and a white proxy card to each shareholder entitled to vote
at the Annual Meeting. SHAREHOLDERS ARE URGED TO READ THE 2015 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)
AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. Shareholders may obtain, free of charge, copies of the definitive 2015 Proxy Statement and any other documents filed
by the Company with the SEC in connection with the Annual Meeting at the SEC's website (http://www.sec.gov), at the Investors section
of the Company's website (http://www.campuscrest.com) or by writing to Investor Relations, Campus Crest Communities, Inc., 2100
Rexford Road, Suite 414, Charlotte, NC 28211.

 

Forward-Looking Statements 

This press release, together with other statements and information
publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking
statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation
Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements
relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends," "plans,"
"anticipates," "believes," "estimates," "predicts" or "potential" or the negative
of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do
not relate solely to historical matters. You should not rely on forward-looking statements since they involve known and unknown
risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control that may cause actual results
to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company's
good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, except as otherwise
required by federal securities laws, the Company disclaims any obligation to publicly update or revise any forward-looking statement
to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes. For
a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking
statements, see the risk factors discussed in the Company's most recent Annual Report on Form 10-K, as updated in the Company's
Quarterly Reports on Form 10-Q.

 

Contact: 

Investor Relations

(704) 496-2571 Investor.Relations@CampusCrest.com

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