Document:

EX-10.2

 Exhibit 10.2 

LIBOR TRANSITION AMENDMENT 

THIS LIBOR TRANSITION AMENDMENT (this “Agreement”), dated as of January 21, 2022 (the
“Amendment Effective Date”), is entered into among INVESCO REIT OPERATING PARTNERSHIP LP, a Delaware limited partnership (“Borrower”), INVESCO REAL ESTATE INCOME TRUST INC., a Maryland
corporation (“Parent”), and the Subsidiary Guarantors party hereto, as guarantors (“Guarantors” and together with Borrower and Parent, the “Loan Parties”), BANK OF AMERICA,
N.A., as Administrative Agent (“Administrative Agent”), L/C Issuer and a Lender. 
 RECITALS 

WHEREAS, the Loan Parties, Administrative Agent and certain Lenders have entered into that certain Revolving Credit Agreement dated as
of January 22, 2021, as amended by that certain Waiver and First Amendment to Revolving Credit Agreement dated as of March 25, 2021 (as the same may be further amended, modified, supplemented, or restated from time to time, the
“Credit Agreement”); 
 WHEREAS, certain loans and/or other extensions of credit (the
“Loans”) under the Credit Agreement incur or are permitted to incur interest, fees, commissions or other amounts based on the London Interbank Offered Rate as administered by the ICE Benchmark Administration
(“LIBOR”) in accordance with the terms of the Credit Agreement; and 
 WHEREAS, applicable parties under the
Credit Agreement have determined in accordance with the Credit Agreement that LIBOR should be replaced with a successor rate in accordance with the Credit Agreement and, in connection therewith, Administrative Agent has determined that certain
conforming changes are necessary or advisable. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.    Defined Terms. Capitalized terms used herein but not otherwise defined herein (including on any Exhibit attached hereto) shall
have the meanings provided to such terms in the Credit Agreement, as amended by this Agreement. 
 2.    Agreement.
Notwithstanding any provision of the Credit Agreement or any other Loan Document to the contrary, the parties hereto hereby agree that the terms set forth on Exhibit A shall apply to all Loans. For the avoidance of doubt, to the extent
provisions in the Credit Agreement apply to the Loans and such provisions are not specifically addressed by Exhibit A, the provisions in the Credit Agreement shall continue to apply to the Loans. 

3.    Conflict with Loan Documents. In the event of any conflict between the terms of this Agreement and the terms of the Credit
Agreement or the other Loan Documents, the terms hereof shall control. 
 4.    Conditions Precedent. This Agreement shall become
effective upon receipt by Administrative Agent of counterparts of this Agreement, properly executed by the Loan Parties and Administrative Agent. 

5.    Payment of Expenses. Borrower agrees to reimburse Administrative Agent for all reasonable fees, charges and disbursements of
Administrative Agent in connection with the preparation, execution and delivery of this Agreement, including all reasonable fees, charges and disbursements of counsel to Administrative Agent (paid directly to such counsel if requested by
Administrative Agent). 

 6.    Miscellaneous. 

(a)    The Loan Documents, and the obligations of the Loan Parties under the Loan Documents, are hereby ratified and
confirmed and shall remain in full force and effect according to their terms. This Agreement is a Loan Document. 

(b)    Each Loan Party (i) acknowledges and consents to all of the terms and conditions of this Agreement,
(ii) affirms all of its obligations under the Loan Documents, (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to reduce or discharge its obligations under the Loan Documents,
(iv) agrees that the Security Documents continue to be in full force and effect and are not impaired or adversely affected in any manner whatsoever, (v) confirms its grant of security interests pursuant to the Security Documents to which
it is a party as Collateral for the Obligations, and (vi) acknowledges that all Liens granted (or purported to be granted) pursuant to the Security Documents remain and continue in full force and effect in respect of, and to secure, the Obligations.
Each Loan Party (other than Borrower) hereby reaffirms its obligations under the Credit Facility Guaranty and agrees that its obligation to guarantee the Obligations is in full force and effect as of the date hereof. 

(c) Each Loan Party represents and warrants that: 

(i)    The execution, delivery and performance by such Person of this Agreement is within such
Person’s organizational powers and has been duly authorized by all necessary organizational, partnership, member or other action, as applicable, as may be necessary or required. 

(ii)    This Agreement has been duly executed and delivered by such Person, and constitutes a valid and
binding obligation of such Person, enforceable against it in accordance with the terms hereof, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’
rights generally and by general principles of equity. 
 (iii)    The execution and delivery by such
Person of this Agreement and performance by such Person of this Agreement have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene the terms of its certificate or articles of
incorporation or organization or other applicable constitutive documents, (ii) conflict with or result in any breach or contravention of, or the creation of any lien under, or require any payment to be made under (x) any contractual
obligation to which such Person is a party or affecting such Person or the properties of such Person or any subsidiary thereof or (y) any order, injunction, writ or decree of any governmental authority or any arbitral award to which such Person
or any subsidiary thereof or its property is subject or (c) violate any law. 
 (iv)    Before and
after giving effect to this Agreement, (A) all representations and warranties of such Person set forth in the Loan Documents are true and correct in all material respects (and in all respects if any such representation or warranty is already
qualified by materiality (after giving effect to such materiality qualification)) on and as of the Amendment Effective Date (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were
true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality (after giving effect to such materiality qualification)) as of such earlier date), and (B) no Event of
Default exists. 
 (d)    This Agreement may be in the form of an electronic record (in “.pdf” form or
otherwise) and may be executed using electronic signatures, which shall be considered as originals and shall have the same legal effect, validity and enforceability as a paper record. This Agreement may be executed in as many

  
 2 

 
counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts shall be one and the same Agreement. For the avoidance of doubt, the
authorization under this paragraph may include, without limitation, use or acceptance by Administrative Agent of a manually signed Agreement which has been converted into electronic form (such as scanned into “.pdf” format), or an
electronically signed Agreement converted into another format, for transmission, delivery and/or retention. 
 (e)    Any
provision of this Agreement held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or
enforceability of the remaining provisions hereof and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

(f)    The terms of the Credit Agreement with respect to governing law, submission to jurisdiction, waiver of venue and
waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 

[Remainder of Page Intentionally Left Blank; 

Signature Page(s) Follow(s).] 

  
 3 

 Each of the parties hereto has caused a counterpart of this Agreement to be duly executed
and delivered as of the date first above written. 
  

					
	LOAN PARTIES:
	
	BORROWER:
	
	INVESCO REIT OPERATING PARTNERSHIP LP, a Delaware limited partnership
		
	By:	 	Invesco Real Estate Income Trust Inc., a Maryland corporation, its general partner
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President - Transaction Services

  
 Signature Page to 

LIBOR Transition Amendment 

 
					
	PARENT GUARANTOR:
	
	INVESCO REAL ESTATE INCOME TRUST INC., a Maryland corporation
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President - Transaction Services

  
 Signature Page to 

LIBOR Transition Amendment 

 
					
	SUBSIDIARY GUARANTORS:
	
	5201 INDUSTRY OWNER, LP, a Delaware limited partnership
		
	By:	 	5201 Industry Owner GP, LLC, a Delaware
		 	limited liability company, its general partner
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President and Secretary
	
	13034 EXCELSIOR OWNER, LP, a Delaware limited partnership
		
	By:	 	13034 Excelsior Owner GP, LLC, a Delaware
		 	limited liability company, its general partner
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President and Secretary
	
	9805 WILLOWS OFFICE, LLC, a Delaware limited liability company
		
	By:	 	Invesco REIT Operating Partnership LP, a Delaware limited partnership, its sole member
		
	By:	 	Invesco Real Estate Income Trust Inc., a Maryland corporation, its general partner
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President - Transaction Services

  
 Signature Page to 

LIBOR Transition Amendment 

 
					
	CORTONA RESIDENCES, LLC, a Delaware limited liability company
		
	By:	 	Invesco REIT Operating Partnership LP, a Delaware limited partnership, its sole member
		
	By:	 	Invesco Real Estate Income Trust Inc., a Maryland corporation, its general partner
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President - Transaction Services
	
	SALEM NORTH SELF STORAGE OWNER, LLC
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President and Secretary
	
	SALEM SOUTH SELF STORAGE OWNER, LLC
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President and Secretary
	
	SALEM WEST SELF STORAGE OWNER, LLC
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President and Secretary

  
 Signature Page to 

LIBOR Transition Amendment 

 
					
	SOUTH LOOP STORAGE OWNER, LP
		
	By:	 	South Loop Storage Owner GP, LLC, its general partner
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President and Secretary
	
	SOUTH LOOP STORAGE OWNER GP, LLC
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President and Secretary
	
	MIDWEST INDUSTRIAL INVESTORS, LLC
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President and Secretary
	
	MIDWEST INDUSTRIAL MEMBER, LLC
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President and Secretary
	
	MIDWEST INDUSTRIAL MANAGER, LLC
		
	By:	 	 /s/ Jason W. Geer

		 	Name:	 	Jason W. Geer
		 	Title:	 	Vice President and Secretary

  
 Signature Page to 

LIBOR Transition Amendment 

 
			
	ADMINISTRATIVE AGENT:
	
	BANK OF AMERICA, N.A., as Administrative Agent, L/C Issuer and a Lender
		
	By:	 	 /s/ Matthew R. Lohr

		 	Matthew R. Lohr, Vice President

  
 Signature Page to 

LIBOR Transition Amendment 

 EXHIBIT A 

 

	1.	 Defined Terms. The following terms shall have the meanings set forth below: 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds
Rate plus one half of one percent (0.5%) per annum, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” (c) Term SOFR with an Interest Period of
one month plus one percent (1.00%) per annum, and (d) one percent (1.00%) per annum. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired
return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect
at the opening of business on the day specified in the public announcement of such change. 
 “Business Day” means
any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where Administrative Agent’s Office is located. 

“CME” means CME Group Benchmark Administration Limited. 

“Conforming Changes” with respect to the use, administration of or any conventions associated with SOFR or any proposed
Successor Rate, Daily Simple SOFR or Term SOFR, as applicable, any conforming changes to the definitions of “Base Rate”, “Daily Simple SOFR”, “SOFR”, “Term SOFR”, “Interest
Period”, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of “Business Day”,
“U.S. Government Securities Business Day”, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of Administrative Agent, to reflect
the adoption and implementation of such applicable rate(s) and to permit the administration thereof by Administrative Agent in a manner substantially consistent with market practice (or, if Administrative Agent determines that adoption of any
portion of such market practice is not administratively feasible or that no market practice for the administration of such rate exists, in such other manner of administration as Administrative Agent determines is reasonably necessary in connection
with the administration of this Agreement and any other Loan Document). 
 “Daily Simple SOFR” means, with respect to
any applicable determination date, the SOFR published on the fifth (5th) U.S. Government Securities Business Day preceding such date of determination by the SOFR Administrator on the Federal Reserve Bank of New York’s website (or any successor
source); provided, however that if such determination date is not a U.S. Government Securities Business Day, then SOFR means such rate that applied on the first (1st) U.S. Government Securities Business Day immediately prior thereto; plus
the SOFR Adjustment. Notwithstanding anything to the contrary contained herein, to the extent that, at any time, Daily Simple SOFR shall be less than the Floor, Daily Simple SOFR shall be deemed to be the Floor for purposes of the Credit
Agreement. 
 “Daily Simple SOFR Loans” means Loans bearing interest based on Daily Simple SOFR. 

“Floor” means zero percent. 

“Interest Payment Date” means: (a) as to any Term Rate Loan, the last day of each Interest Period applicable to
such Loan and the Maturity Date; provided, however, that if any Interest Period for a Term Rate Loan exceeds three (3) months, each of the respective dates that fall every three (3) months after the beginning of such Interest
Period will also be an Interest Payment Date; and (b) as to any Daily Simple 

  
 Exhibit A - Page 1

 
SOFR Loan, the first (1st) day of the month for interest accrued through the last Business Day of the prior calendar month (or, if such day is not a Business Day, the next preceding Business
Day), and the Maturity Date. 
 “Interest Period” means as to each Term Rate Loan, the period commencing on the date
such Term Rate Loan is disbursed or converted to or continued as a Term Rate Loan and ending on the date one, three or six months thereafter (in each case subject to availability), or any other period (not exceeding six months) agreed by the Lenders
in relation to the relevant Loan, as selected by Borrower in its Loan Notice; provided that: 

(a)    any Interest Period that would otherwise end on a day that is not a Business Day will be extended to
the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period will end on the next preceding Business Day; 

(b)    any Interest Period that begins on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the calendar month at the end of such Interest Period) will end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c)    no Interest Period may extend beyond the Stated Maturity Date. 

“Relevant Rate” means (a) the applicable SOFR Rate or (b) the applicable Successor Rate. 

“Scheduled Unavailability Date” is defined in Section 3.03(b)(ii). 

“SOFR” means the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a
successor administrator). 
 “SOFR Adjustment” with respect to (a) Daily Simple SOFR means 0.10% (10 basis
points); (b)    Term SOFR means 0.10% (10 basis points) for an Interest Period of one-month’s duration, 0.15% (15 basis points;) for an Interest Period of three-month’s duration,
and 0.25% (25 basis points) for an Interest Period of six-months’ duration. 
 “SOFR
Administrator” means the Federal Reserve Bank of New York, as the administrator of SOFR, or any successor administrator of SOFR designated by the Federal Reserve Bank of New York or other Person acting as the SOFR Administrator at such
time. 
 “SOFR Rate” means Daily Simple SOFR or Term SOFR, as applicable. 

“Successor Rate” is defined in Section 3.03(b). 

“Term Rate Loan” means a Loan advanced bearing interest based on Term SOFR. 

“Term SOFR” means: 

(a)    for any Interest Period with respect to a Term Rate Loan, the rate per annum equal to the Term SOFR
Screen Rate two (2) U.S. Government Securities Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided that if the rate is not published prior to 11:00 a.m. Eastern Time on
such determination date then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto, in each case, plus the SOFR Adjustment for such Interest Period; and 

  
 Exhibit A - Page 2

 (b)    for any interest calculation with respect to a
Base Rate Loan on any date, the rate per annum equal to the Term SOFR Screen Rate with a term of one (1) month commencing that day; 

provided that if the Term SOFR determined in accordance with either of the foregoing clauses (a) or
(b) of this definition would otherwise be less than the Floor, Term SOFR shall be deemed to be the Floor for purposes of the Credit Agreement. 

“Term SOFR Replacement Date” has the meaning specified in Section 3.03. 

“Term SOFR Screen Rate” means the forward-looking SOFR term rate administered by CME (or any successor administrator
satisfactory to Administrative Agent) and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by Administrative Agent from time to time). 

“Type” means, with respect to a Loan, its character as a Term Rate Loan or a Daily Simple SOFR Loan, with reference to
the Relevant Rate. 
 “U.S. Government Securities Business Day” means any Business Day, except any Business Day on
which any of the Securities Industry and Financial Markets Association, the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because such day is a legal holiday under the federal laws of the United States or
the laws of the State of New York, as applicable. 
  

	2.	 Agreements. From and after the Amendment Effective Date, the parties hereto agree as follows:

 (a)    Loans. Any request for a new Loan, or to continue an existing Loan, shall be deemed to
be a request for a new Loan bearing interest at the SOFR Rate requested by Borrower; provided, that, in any case, to the extent any Eurodollar Rate Loan is outstanding on the Amendment Effective Date, such Loan shall continue to bear interest
at the Eurodollar Rate as defined in the Credit Agreement prior to the effectiveness of this Agreement until the end of the current Interest Period applicable to such Loan. Following the end of any current Interest Period applicable to any
Eurodollar Rate Loan that is outstanding on the Amendment Effective Date, the definition of “LIBOR Screen Rate” shall be deleted from the Credit Agreement. 

(b)    References to Eurodollar Rate, Eurodollar Rate Loans, Daily Floating LIBOR Rate and Daily Floating LIBOR Rate
Loans in the Credit Agreement and Loan Documents. References to the Eurodollar Rate, Eurodollar Rate Loans, Daily Floating LIBOR Rate and Daily Floating LIBOR Rate Loans in provisions of the Credit Agreement and the other Loan Documents that are
not specifically addressed herein shall be deemed to be references to the Relevant Rate, as applicable given the context of the reference. 

(c)    Interest Rates. Administrative Agent does not warrant, nor accept responsibility, nor shall Administrative
Agent have any liability with respect to the administration, submission or any other matter related to the Relevant Rates (including, for the avoidance of doubt, the definition of such rate, the selection of such rate and any related spread or other
adjustment) that is an alternative or replacement for or successor to any such rate or the effect of any of the foregoing, or of any Conforming Changes. Administrative Agent and its Affiliates or other related entities may engage in transactions or
other activities that affect any reference rate referred to herein, or any alternative, successor or replacement rate (including, without 

  
 Exhibit A - Page 3

 
limitation, any Successor Rate) (or any component of any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to Borrower. Administrative Agent
may select information sources or services in its reasonable discretion to ascertain any reference rate referred to herein or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of any
of the foregoing), in each case pursuant to the terms of the Loan Documents, and shall have no liability to Borrower, any Lender, the L/C Issuer or any other person or entity for damages of any kind, including direct or indirect, special, punitive,
incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or other action or omission related to or affecting the selection, determination, or calculation
of any rate (or component thereof) provided by any such information source or service; provided that the foregoing limitation on liability shall not apply to the extent of Administrative Agent’s gross negligence or willful misconduct as
determined by a court of competent jurisdiction by a final and nonappealable judgment. 
 (d)    Conforming
Changes. With respect to SOFR, Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein, in the Credit Agreement or in any other Loan Document, any amendments
implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement, the Credit Agreement or any other Loan Document; provided that with respect to any such amendment effected,
Administrative Agent shall post each such amendment implementing such Conforming Changes to Borrower and the Lenders reasonably promptly after such amendment becomes effective. 

(e)    Loan Notice. For purposes of any Borrowing, Borrower shall use the Loan Notice attached hereto as
Exhibit B. 
 (f)    Interest Periods. Any reference made to Interest Periods of other than
one, three or six months in the Credit Agreement shall be revised to refer to Interest Periods of one, three or six months, as applicable. 

(g)    Interest. 

(i)    Subject to the provisions of the Credit Agreement with respect to interest at the Default Rate:
(A) each Term Rate Loan will bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Relevant Rate for such Interest Period plus the Applicable Rate; and (B) each
Daily Simple SOFR Loan will bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Relevant Rate plus the Applicable Rate. For the avoidance of doubt, the
Applicable Rate for each Loan other than Base Rate Loans will be the rate indicated in the definition of “Applicable Rate” for “Eurodollar Rate Loans” and “Daily Floating LIBOR Rate Loans”. 

(ii)    Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable
thereto and at such other times as may be specified the Credit Agreement. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any
Debtor Relief Law. 
 (g)    Computations. All computations of interest for Base Rate Loans (including Base Rate
Loans determined by reference to Term SOFR) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest with respect to the SOFR Rate shall be made on the basis of
a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest
shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the

  
 Exhibit A - Page 4

 
same day on which it is made shall, subject to subject to the provisions in the Credit Agreement addressing payments generally, bear interest for one day. Each determination by Administrative
Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(h)    Borrowings, Conversions and Continuations of Loans. Section 2.02(a) of the Credit
Agreement is hereby replaced in its entirety by the following: 
 2.02    Borrowings, Conversions and
Continuations of Loans. 
 (a)    Request for Borrowing. Each Loan Credit Extension will be
made upon Borrower’s irrevocable notice to Administrative Agent, which may be given by (x)    telephone or (y) a Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to
Administrative Agent of a Loan Notice (and each Loan Notice submitted by a Qualified Borrower must be countersigned by a Responsible Officer of Borrowers), together with a Borrowing Base Certificate. Each such Loan Notice must be received by
Administrative Agent not later than 11:00 a.m. at least: 
 (i)    three (3) Business Days prior to
the requested date of any Borrowing of, conversion to or continuation of Term Rate Loans, or of any conversion of Term Rate Loans to Daily Simple SOFR Loans; and 

(ii)    one Business Day prior to the requested date of any Borrowing of Daily Simple SOFR Loans. 

Each Loan Notice must specify: (A) whether Borrower is requesting a Borrowing, a conversion of Loans from one Type of Loan
to the other, or a continuation of Term Rate Loans; (B)    the requested date of such Borrowing (which must be a Business Day); (C) the Type of Loans to be borrowed or to which existing Loans are to be converted; (D) if
applicable, the duration of the Interest Period with respect thereto; and (E) to which account the proceeds of such Borrowing should be directed. If Borrower fails to specify a Type of Loan in a Loan Notice or if Borrower fails to give a timely
notice requesting a conversion or continuation, then the applicable Loans will be made as, or converted to, Daily Simple SOFR Loans; provided, however, that in the case of a failure to timely request a continuation of Term Rate Loans, such
Loans shall be continued as a Term Rate Loans with an Interest Period of one month (unless a Default or an Event of Default has occurred and is continuing, in which case such Loans shall automatically be converted to Daily Simple SOFR Loans). Any
such automatic continuation of Term Loans or conversion to Daily Simple SOFR Loans, as applicable, will be effective as of the last day of the Interest Period then in effect with respect to the applicable Term Rate Loans. If Borrower requests a
Borrowing of Term Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 

Without limitation of any other conditions herein, a Borrowing or continuation of or conversion to Term Rate Loans shall not be
permitted if: 
 (i)    A Default or Event of Default has occurred and is continuing and has not been
waived by Required Lenders or all Lenders, as applicable; or 
 (ii)    The requested Borrowing or
continuation of or conversion to Term Rate Loans would cause more than ten (10) Interest Periods to be in effect at any one time for Term Rate Loans, after giving effect to all Term Rate Loans, all conversions of Loans from one Type to another,
and all continuations of Loans as the same Type; or 

  
 Exhibit A - Page 5

 (iii)    The requested interest period does not conform
to the definition of Interest Period herein; or 
 (iv)    Any of the circumstances referred to in
Section 3.03 shall apply with respect to the requested Borrowing or continuation of or conversion to Term Rate Loans. 

(i)    Inability to Determine Rate; Successor Rates. Section 3.03 of the Credit Agreement
is hereby replaced in its entirety by the following: 
 3.03    Inability to Determine Rates. 

(a)    If in connection with any request for a Term Rate Loan or Daily Simple SOFR Loan, or a conversion of
Daily Simple SOFR Loans to Term Rate Loans or a continuation of any of such advances, as applicable, (a) Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) no Successor Rate has been
determined in accordance with Section 3.03(b), and the circumstances under Section 3.03(b)(i) or the Scheduled Unavailability Date has occurred, or (ii) adequate and reasonable means do not
otherwise exist for determining Term SOFR for any requested Interest Period with respect to a proposed Term Rate Loan or in connection with an existing or proposed Base Rate Loan, or (iii) adequate and reasonable means do not otherwise exist
for determining Daily Simple SOFR in connection with an existing or proposed Daily Simple SOFR Loan, or (b) Administrative Agent or Required Lenders determine that for any reason that Term SOFR for any requested Interest Period or Daily Simple
SOFR with respect to a proposed advance does not adequately and fairly reflect the cost to such Lenders of funding such advance, Administrative Agent will promptly so notify Borrower and each Lender. Thereafter, (x) the obligation of Lenders to
make or maintain Term Rate Loans, Daily Simple SOFR Loans, or to convert Daily Simple SOFR Loans to Term Rate Loans, shall be suspended (to the extent of the affected Term Rate Loans, Daily Simple SOFR Loans, or Interest Periods), and (y) in
the event of a determination described in the preceding sentence with respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR component in determining the Base Rate shall be suspended, in each case until Administrative
Agent (or, in the case of a determination by Required Lenders described in Section 3.03(b), until Administrative Agent upon instruction of Required Lenders) revokes such notice. Upon receipt of such notice,
(1) Borrower may revoke any pending request for a borrowing of, or conversion to, or continuation of Term Rate Loans or Daily Simple SOFR Loans (to the extent of the affected Term Rate Loans, Daily Simple SOFR Loans, or Interest Periods) or,
failing that, will be deemed to have converted such request into a request for a borrowing of Base Rate Loans in the amount specified therein, (2) any outstanding Term Rate Loans shall be deemed to have been converted to Base Rate Loans
immediately at the end of their respective applicable Interest Period, and (3) any outstanding Daily Simple SOFR Loans shall immediately be deemed to have been converted to Base Rate Loans. 

(b)    Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if
Administrative Agent determines (which determination shall be conclusive absent manifest error), or Borrower or Required Lenders notify Administrative Agent (with, in the case of Required Lenders, a copy to Borrower) that Borrower or Required
Lenders (as applicable) have determined, that 
 (i)    If adequate and reasonable means do not exist
for ascertaining one (1) month, three (3) month, and six (6) month interest periods of Term SOFR, including because the Term SOFR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be
temporary; or 

  
 Exhibit A - Page 6

 (ii)    CME or any successor administrator of the Term
SOFR Screen Rate or a Governmental Authority having jurisdiction over Administrative Agent or such administrator with respect to its publication of Term SOFR, in each case acting in such capacity, has made a public statement identifying a specific
date after which one (1) month, three (3) month, and six (6) month interest periods of Term SOFR or the Term SOFR Screen Rate shall or will no longer be made available, or permitted to be used for determining the interest rate of
Dollar denominated syndicated loans, or shall or will otherwise cease, provided that, at the time of such statement, there is no successor administrator that is satisfactory to Administrative Agent, that will continue to provide such interest
periods of Term SOFR after such specific date (the latest date on which one (1) month, three (3) month, and six (6) month interest periods of Term SOFR or the Term SOFR Screen Rate are no longer available permanently or indefinitely,
the “Scheduled Unavailability Date”); 
 then, on a date and time determined by Administrative Agent (any such date,
the “Term SOFR Replacement Date”), which date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and, solely with respect to clause
(b) above, no later than the Scheduled Unavailability Date, Term SOFR will be replaced hereunder and under any Loan Document with Daily Simple SOFR for any payment period for interest calculated that can be determined by
Administrative Agent, in each case, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document (the “Successor Rate”). 

If the Successor Rate is Daily Simple SOFR, all interest payments will be payable on a monthly basis. 

Notwithstanding anything to the contrary herein, (i) if Administrative Agent determines that Daily Simple SOFR is not available on or
prior to the Term SOFR Replacement Date, or (ii) if the events or circumstances of the type described in clauses (a) or (b) above have occurred with respect to Daily Simple SOFR or the Successor
Rate then in effect, then in each case, Administrative Agent and Borrower may amend this Agreement solely for the purpose of replacing Term SOFR, Daily Simple SOFR, and/or any then current Successor Rate in accordance with this Section at the end of
any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable, with an alternative benchmark rate giving due consideration to any evolving or then existing convention for similar Dollar denominated
credit facilities syndicated and agented in the United States for such alternative benchmark. and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention
for similar Dollar denominated credit facilities syndicated and agented in the United States for such benchmark, which adjustment or method for calculating such adjustment shall be published on an information service as selected by Administrative
Agent from time to time in its reasonable discretion and may be periodically updated. For the avoidance of doubt, any such proposed rate and adjustments, shall constitute a “Successor Rate”. Any such amendment shall become effective at
5:00 p.m. on the fifth (5th) Business Day after Administrative Agent shall have posted such proposed amendment to all Lenders and Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to Administrative Agent
written notice that such Required Lenders object to such amendment. 

  
 Exhibit A - Page 7

 Administrative Agent will promptly (in one or more notices) notify Borrower and each Lender
of the implementation of any Successor Rate. 
 Any Successor Rate shall be applied in a manner consistent with market practice; provided
that to the extent such market practice is not administratively feasible for Administrative Agent, such Successor Rate shall be applied in a manner as otherwise reasonably determined by Administrative Agent. 

Notwithstanding anything else herein, if at any time any Successor Rate as so determined would otherwise be less than the Floor, the Successor
Rate will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 
 In connection with the implementation
of a Successor Rate, Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will
become effective without any further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected, Administrative Agent shall post each such amendment implementing such Conforming Changes
to Borrower and the Lenders reasonably promptly after such amendment becomes effective. 

  
 Exhibit A - Page 8

 EXHIBIT B 

[FORM OF] LOAN NOTICE 

Date:                    ,
20     
 To: Bank of America, N.A., as Administrative Agent 

Ladies and Gentlemen: 
 Reference is made to
that certain Revolving Credit Agreement, dated as of January 22, 2021 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein
being used herein as therein defined), among INVESCO REIT OPERATING PARTNERSHIP LP, a Delaware limited partnership (“Borrower”), Invesco Real Estate Income Trust Inc., a Maryland corporation, the Subsidiary Guarantors
from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent and L/C Issuer. 
 Complete
the following: 
  

	1.	 Borrower hereby requests (check one box only): 

 

	 	☐	 A Borrowing 

  

	 	☐	 A conversion of Loans from one Type to the other 

 

	 	☐	 A continuation of Term SOFR Loans 

 

	 	(a)	 On
                     (a Business Day). 

  

	 	(b)	 In the amount of
$                    . 

  

	 	(c)	 Comprised of [Base Rate Loans] [Daily Simple SOFR Rate Loans] [Term Rate Loans]. 

 

	 	(d)	 For Term Rate Loans: with an Interest Period of [one (1)] [three (3)] [six (6)] months. 

 

	2.	 In connection with the [Borrowing] [continuation] [conversion] requested herein, Borrower hereby represents,
warrants, and certifies to Administrative Agent for the benefit of Lenders that: 

  

	 	(a)	 The Borrowing, if any, requested herein complies with the provisos to the first sentence of
Section 2.01(b) of the Credit Agreement, and the accuracy of the statements contained in Sections 7.02(a) and 7.02(b) of the Credit Agreement with respect to such Borrowing; 

 

	 	(b)	 Following the requested [Borrowing] [continuation] [conversion], the Total Outstandings will be
$                     plus accrued, unpaid interest; and 

 

	 	(c)	 After giving effect to such [Borrowing] [continuation] [conversion], the Total Outstandings on and as of such
date will not exceed the Maximum Availability on and as of such date. 

  

	3.	 Following are Borrower’s instructions for distribution of loan proceeds (appropriate wire instructions,
etc.): 

  
 Exhibit B - Page 1 

 [Remainder of Page Intentionally Left Blank; 

Signature Page(s) Follow(s).] 
  

  
 Exhibit B - Page 2 

 This Loan Notice is executed
on                    , 20    . Borrower hereby certifies each and every matter contained herein to be true and correct. 

 

			
	BORROWER:
	
	INVESCO REIT OPERATING PARTNERSHIP LP
		
	By:	 	Invesco Real Estate Income Trust Inc., its general partner
		
	By:	 	  

		 	Name:
		 	Title:

  
 Signature Page to 

Loan NoticeEXHIBIT 10.1

      

     

      

    Appendix A

    Amended and Restated 2016 Stock Incentive Plan

    
      
        

    

    

    

    FIRST NORTHERN COMMUNITY BANCORP

    AMENDED AND RESTATED 2016 STOCK INCENTIVE PLAN

    (As amended as of May 18, 2021)

    

    

    SECTION 1. ESTABLISHMENT AND PURPOSE.

    

    

    The Plan was adopted by the Board of Directors on March 19, 2015, and shall be effective on March 16, 2016 or such earlier date when the
      Board of Directors has terminated the First Northern Community Bancorp 2006 Stock Incentive Plan, subject to the approval of the Company’s shareholders (the “Effective Date”). Effective as of May 18, 2021, the Plan was amended and restated to
      increase the Share Limit under the Plan from six hundred twenty two thousand seven hundred sixty eight (622,768) Shares to one million three hundred ten thousand nine hundred forty-nine (1,310,949) Shares.

    

    

    The purpose of the Plan is to promote the long-term success of the Company and the creation of stockholder value by (a) encouraging
      Employees, Outside Directors and Consultants to focus on critical long-range objectives, (b) encouraging the attraction and retention of Employees, Outside Directors and Consultants with exceptional qualifications and (c) linking Employees, Outside
      Directors and Consultants directly to stockholder interests through increased stock ownership. The Plan seeks to achieve this purpose by providing for Awards in the form of restricted shares, stock units, options (which may constitute incentive stock
      options or nonstatutory stock options) or stock appreciation rights.

    

    

    SECTION 2. DEFINITIONS.

    

    

    
      	
              (a)

            	
              “Affiliate” shall
                mean any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not less than 50% of such entity.

            

    

    

    

    
      	
              (b)

            	
              “Award” shall mean
                any award of an Option, a SAR, a Restricted Share, a Stock Unit or a Performance Based Award under the Plan.

            

    

    

    

    
      	
              (c)

            	
              “Award Agreement” shall
                mean the agreement between the Company and the recipient of an Award which contains the terms, conditions and restrictions pertaining to such Award.

            

    

    

    

    
      	
              (d)

            	
              “Board of Directors” or
                  “Board” shall mean the Board of Directors of the Company, as constituted from time to time.

            

    

    

    

    
      	
              (e)

            	
              “Change in Control” shall
                mean the occurrence of any of the following events:

            

    

    

    

    
      	
              (i)

            	
              The consummation or merger or consolidation of the Company or a Subsidiary of the Company with or into another entity or any other corporate
                reorganization, if either:

            

    

    

    

    
      	
              (A)

            	
              The Company is not the continuing or surviving entity; or

            

    

    

    

    
      	
              (B)

            	
              More than 50% of the combined voting power of the outstanding securities of each of (1) the Company (or its successor) and (B)
                any direct or indirect parent corporation of the Company (or its successor) immediately after such merger, consolidation or other reorganization is owned by persons who were not stockholders or the Company immediately prior to such merger,
                consolidation or other reorganization; or

            

    

    

    

    
      	
              (ii)

            	
              A change in the composition of the Board of Directors occurs, as a result of which fewer than one-half of the incumbent directors are directors
                who either:

            

    

    

    

    
      	
              (A)

            	
              Had been directors of the Company 24 months prior to such change (the “original directors”); or

            

    

    

    

    
      	
              (B)

            	
              Were elected, or nominated for election, to the Board of Directors with the affirmative votes of at least a majority of the
                aggregate of the original directors who were still in office at the time of the election or nomination and the directors whose election or nomination was previously so approved (the “continuing directors”); provided, however, that for this purpose, the “original directors” and “continuing directors” shall not include any individual whose initial assumption of office
                occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or contests, by or on behalf of a person other than the Board; or

            

    

    

    

    

    

    
      
        

    

    

    

    
      	
              (iii)

            	
              Any “person” (as defined below) who by the acquisition or aggregation of securities, is or becomes the “beneficial owner” (as
                defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities ordinarily (and apart from rights
                accruing under special circumstances) having the right to vote at elections of directors (the “Base Capital Stock”); except that any change in the relative beneficial ownership of the Company’s securities by any person resulting solely from
                a reduction in the aggregate number of outstanding shares of Base Capital Stock, and any decrease thereafter in such person’s ownership of securities, shall be disregarded until such person increases in any manner, directly or indirectly,
                such person’s beneficial ownership of any securities of the Company; or

            

    

    

    

    
      	
              (iv)

            	
              The sale, transfer or other disposition of all or substantially all of the Company’s assets.

            

    

    

    

    For purposes of subsection (e)(iii) above, the term “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the
      Exchange Act but shall exclude (1) a trustee or other fiduciary holding securities under an employee benefit plan maintained by the Company or Parent or Subsidiary and (2) a corporation owned directly or indirectly by the stockholders of the Company
      in substantially the same proportions as their ownership of the Stock.

    

    

    Any other provision of this Section 2(e) notwithstanding, a transaction shall not constitute a Change in Control if its sole purpose is
      to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction, and a Change in Control
      shall not be deemed to occur if the Company files a registration statement with the United States Securities and Exchange Commission for an offering of securities or debt of the Company to the public.

    

    

    
      	
              (f)

            	
              “Code” shall mean the Internal Revenue
                Code of 1986, as amended.

            

    

    

    

    
      	
              (g)

            	
              “Committee” shall
                mean the Compensation Committee as designated by the Board of Directors, which is authorized to administer the Plan, as described in Section 3 hereof.

            

    

    

    

    
      	
              (h)

            	
              “Company” shall mean
                First Northern Community Bancorp, a California corporation.

            

    

    

    

    
      	
              (i)

            	
              “Consultant” shall mean a consultant or
                advisor who provides bona fide services to the Company, a Parent, a Subsidiary or an Affiliate as an independent contractor (not including service as a member of the Board of Directors) or a member of the board of directors of a Parent or a
                Subsidiary, in each case who is not an Employee.

            

    

    

    

    
      	
              (j)

            	
              “Employee” shall mean any individual who
                is a common-law employee of the Company, a Parent, a Subsidiary or an Affiliate.

            

    

    

    

    
      	
              (k)

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

            

    

    

    

    
      	
              (l)

            	
              “Exercise Price” shall mean, in the case
                of an Option, the amount for which one Share may be purchased upon exercise of such Option, as specified in the applicable Stock Option Agreement. “Exercise Price,” in the case of a SAR, shall mean an amount, as specified in the applicable
                SAR Agreement, which is subtracted from the Fair Market Value of one Share in determining the amount payable upon exercise of such SAR.

            

    

    

    

    
      	
              (m)

            	
              “Fair Market Value” with
                respect to a Share, shall mean the market price of one Share, determined by the Committee as follows:

            

    

    

    

    
      
        

    

    

    

    
      	
              (i)

            	
              If the Stock was traded over-the-counter on the date in question, then the Fair Market Value shall be equal to the last transaction price quoted
                for such date by the OTC Bulletin Board or, if not so quoted, shall be equal to the mean between the last reported representative bid and asked prices quoted for such date by the principal automated inter-dealer quotation system on which
                the Stock is quoted or, if the Stock is not quoted on any such system, by the OTC Link Quote System;

            

    

    

    

    
      	
              (ii)

            	
              If the Stock was traded on any established stock exchange (such as the New York Stock Exchange or The NASDAQ Stock Market) or national market
                system on the date in question, then the Fair Market Value shall be equal to the closing price reported for such date by the applicable exchange or system; and

            

    

    

    

    
      	
              (iii)

            	
              If none of the foregoing provisions is applicable, then the Fair Market Value shall be determined by the Committee in good
                faith on such basis as it deems appropriate.

            

    

    

    

    In all cases, the determination of Fair Market Value by the Committee shall be conclusive and binding on all persons.

    

    

    
      	
              (n)

            	
              “ISO” shall mean an
                employee incentive stock option described in Section 422 of the Code.

            

    

    

    

    
      	
              (o)

            	
              “Nonstatutory Option” or
                  “NSO” shall mean an employee stock option that is not an ISO.

            

    

    

    

    
      	
              (p)

            	
              “Option” shall mean
                an ISO or Nonstatutory Option granted under the Plan and entitling the holder to purchase Shares.

            

    

    

    

    
      	
              (q)

            	
              “Outside Director” shall
                mean a member of the Board of Directors who is not a common-law employee of, or paid consultant to, the Company, a Parent or a Subsidiary.

            

    

    

    

    
      	
              (r)

            	
              “Parent” shall mean any corporation
                (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of
                the other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall be a Parent commencing as of such date.

            

    

    

    

    
      	
              (s)

            	
              “Participant” shall mean a person who holds an Award.

            

    

    

    

    
      	
              (t)

            	
              “Performance Based Award” shall mean any
                Award granted to a Participant that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code.

            

    

    

    

    
      	
              (u)

            	
              “Plan” shall mean
                this 2016 Stock Incentive Plan of First Northern Community Bancorp, as amended from time to time.

            

    

    

    

    
      	
              (v)

            	
              “Purchase Price” shall
                mean the consideration for which one Share may be acquired under the Plan (other than upon exercise of an Option or SAR), as specified by the Committee.

            

    

    

    

    
      	
              (w)

            	
              “Restricted Share” shall
                mean a Share awarded under the Plan.

            

    

    

    

    
      	
              (x)

            	
              “SAR” shall mean a
                stock appreciation right granted under the Plan.

            

    

    

    

    

    

    
      	
              (y)

            	
              “Service” shall mean
                service as an Employee, Consultant or Outside Director, subject to such further limitations as may be set forth in the Plan or the applicable Award Agreement. Service does not terminate when an Employee goes on a bona fide leave of absence
                that was approved by the Company in writing, if the terms of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. However, for purposes of determining when an Option is
                entitled to ISO status, an Employee’s employment will be treated as terminating three months after such Employee went on leave, unless such Employee’s right to return to active work is guaranteed by law or by a contract. Service terminates
                in any event when the approved leave ends, unless such Employee immediately returns to active work. The Company determines which leaves of absence count toward Service, and when Service terminates for all purposes under the Plan.

            

    

    

    

    
      
        

    

    

    

    
      	
              (z)

            	
              “Share” shall mean
                one share of Stock, as adjusted in accordance with Section 11 (if applicable).

            

    

    

    

    
      	
              (aa)

            	
              “Stock” shall mean
                the Common Stock of the Company.

            

    

    

    

    
      	
              (bb)

            	
              “Stock Unit” shall
                mean a bookkeeping entry representing the Company’s obligation to deliver one Share (or distribute cash) on a future date in accordance with the provisions of a Stock Unit Agreement.

            

    

    

    

    
      	
              (cc)

            	
              “Subsidiary” shall
                mean any corporation, if the Company and/or one or more other Subsidiaries own not less than 50% of the total combined voting power of all classes of outstanding stock of such corporation. A corporation that attains the status of a
                Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

            

    

    

    

    SECTION 3. ADMINISTRATION.

    

    

    
      	
              (a)

            	
              Committee Composition

            

    

    

    

    The Plan shall be administered by the Committee. The Committee shall consist of two or more directors of the Company. In addition, to
      the extent required by the Board, the composition of the Committee shall satisfy (i) such requirements as the Securities and Exchange Commission may establish for administrators acting under plans intended to qualify for exemption under Rule 16b-3
      (or its successor) under the Exchange Act; (ii) such requirements as the Internal Revenue Service may establish for outside directors acting under plans intended to qualify for exemption under Section 162(m)(4)(C) of the Code; and (iii) if the Stock
      is traded on an established stock exchange (such as the New York Stock Exchange or The NASDAQ Market), such other requirements as the applicable exchange may impose on compensation committees.

    

    

    
      	
              (b)

            	
              Committee for Non-Officer Grants

            

    

    

    

    The Board may also appoint one or more separate committees of the Board, each composed of one or more directors of the Company who
      need not satisfy the requirements of Section 3(a), who may administer the Plan with respect to Employees who are not considered officers or directors of the Company under Section 16 of the Exchange Act, may grant Awards under the Plan to such
      Employees and may determine all terms of such Awards. Within the limitations of the preceding sentence, any reference in the Plan to the Committee shall include such committee or committees appointed pursuant to the preceding sentence. To the extent
      permitted by applicable laws, the Board of Directors may also authorize one or more officers of the Company to designate Employees, other than officers under Section 16 of the Exchange Act, to receive Awards and/or to determine the number of such
      Awards to be received by such persons; provided, however, that the Board of Directors shall specify the total number of Awards that such officers may so grant.

    

    

    
      	
              (c)

            	
              Committee Procedures

            

    

    

    

    The Board of Directors shall designate one of the members of the Committee as chairman. The Committee may hold meetings at such times
      and places as it shall determine. The acts of a majority of the Committee members present at meetings at which a quorum exists, or acts reduced to or approved in writing (including via email) by all Committee members, shall be valid acts of the
      Committee.

    

    

    
      	
              (d)

            	
              Committee Responsibilities

            

    

    

    

    Subject to the provisions of the Plan, the Committee shall have full authority and discretion to take the following actions:

    

    

    
      	
              (i)

            	
              To interpret the Plan and to apply its provisions;

            

    

    

    

    
      	
              (ii)

            	
              To adopt, amend or rescind rules, procedures and forms relating to the Plan;

            

    

    

    

    
      
        

    

    

    

    
      	
              (iii)

            	
              To adopt, amend or terminate sub-plans established for the purpose of satisfying applicable foreign laws including qualifying
                for preferred tax treatment under applicable foreign tax laws;

            

    

    

    

    
      	
              (iv)

            	
              To authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;

            

    

    

    

    
      	
              (v)

            	
              To determine when Awards are to be granted under the Plan;

            

    

    

    

    
      	
              (vi)

            	
              To select the Participants to whom Awards are to be granted;

            

    

    

    

    
      	
              (vii)

            	
              To determine the type of Award and number of Shares or amount of cash to be made subject to each Award;

            

    

    

    

    
      	
              (viii)

            	
              To prescribe the terms and conditions of each Award, including (without limitation) the Exercise Price and Purchase Price, and
                the vesting or duration of the Award, to determine whether an Option is to be classified as an ISO or as a Nonstatutory Option, and to specify the provisions of the agreement relating to such Award;

            

    

    

    

    
      	
              (ix)

            	
              To amend any outstanding Award Agreement, subject to the requirements of Section 3(e), any applicable legal restrictions and
                the consent of the Participant if the Participant’s rights or obligations would be materially impaired;

            

    

    

    

    
      	
              (x)

            	
              To prescribe the consideration for the grant of each Award or other right under the Plan and to determine the sufficiency of such consideration;

            

    

    

    

    
      	
              (xi)

            	
              To determine the disposition of each Award or other right under the Plan in the event of a Participant’s divorce or
                dissolution of marriage;

            

    

    

    

    
      	
              (xii)

            	
              To determine whether Awards under the Plan will be granted in replacement of other grants under an incentive or other
                compensation plan of an acquired business;

            

    

    

    

    
      	
              (xiii)

            	
              To correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award Agreement;

            

    

    

    

    
      	
              (xiv)

            	
              To establish or verify the extent of satisfaction of any performance goals or other conditions applicable to the grant,
                issuance, exercisability, vesting and/or ability to retain any Award; and

            

    

    

    

    
      	
              (xv)

            	
              To take any other actions deemed necessary or advisable for the administration of the Plan.

            

    

    

    

    Subject to the requirements of applicable law, the Committee may designate persons other than members of the Committee to carry out
      its responsibilities and may prescribe such conditions and limitations as it may deem appropriate, except that the Committee may not delegate its authority with regard to the selection for participation of or the granting of Awards under the Plan to
      persons subject to Section 16 of the Exchange Act. All decisions, interpretations and other actions of the Committee shall be final and binding on all Participants, and all persons deriving their rights from a Participant. No member of the Committee
      shall be liable for any action that he has taken or has failed to take in good faith with respect to the Plan or any Award under the Plan.

    

    

    
      	
              (e)

            	
              Cancellation and Re-Grant of Stock Awards

            

    

    

    

    Notwithstanding any contrary provision of the Plan, neither the Board nor any Committee, nor their designees, shall have the authority
      to: (i) amend the terms of outstanding Options or SARs to reduce the Exercise Price thereof, or (ii) cancel outstanding Options or SARs with an Exercise Price above the current Fair Market Value per Share in exchange for another Option, SAR or other
      Award, unless the stockholders of the Company have previously approved such an action or such action relates to an adjustment pursuant to Section 11.

    

    

    
      
        

    

    

    

    SECTION 4. ELIGIBILITY.

    

    

    
      	
              (a)

            	
              General Rule

            

    

    

    

    Only Employees, Consultants and Outside Directors shall be eligible for the grant of Awards. Only common-law employees of the Company,
      a Parent or a Subsidiary shall be eligible for the grant of ISOs.

    

    

    
      	
              (b)

            	
              Ten-Percent Stockholders

            

    

    

    

    An Employee who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company, a Parent or
      Subsidiary shall not be eligible for the grant of an ISO unless such grant satisfies the requirements of Section 422(c)(5) of the Code.

    

    

    
      	
              (c)

            	
              Attribution Rules

            

    

    

    

    For purposes of Section 4(b) above, in determining stock ownership, an Employee shall be deemed to own the stock owned, directly or
      indirectly, by or for such Employee’s brothers, sisters, spouse, ancestors and lineal descendants. Stock owned, directly or indirectly, by or for a corporation, partnership, estate or trust shall be deemed to be owned proportionately by or for its
      stockholders, partners or beneficiaries.

    

    

    
      	
              (d)

            	
              Outstanding Stock

            

    

    

    

    For purposes of Section 4(b) above, “outstanding stock” shall include all stock actually issued and outstanding immediately after the
      grant. “Outstanding stock” shall not include shares authorized for issuance under outstanding options held by the Employee or by any other person.

    

    

    SECTION 5. STOCK SUBJECT TO PLAN.

    

    

    
      	
              (a)

            	
              Basic Limitation

            

    

    

    

    Shares offered under the Plan shall be authorized but unissued Shares or treasury Shares. Subject to Section 5(e) below, the aggregate
      number of Shares authorized for issuance as Awards under the Plan shall not exceed the number of Shares subject to outstanding awards granted under the Company’s 2006 Stock Incentive Plan (the “Predecessor Plan”), as of the Effective Date, to the
      extent those awards expire, terminate or are cancelled for any reason without the issuance or delivery of such Shares, any Shares subject to vesting restrictions under the Predecessor Plan on the Effective Date that are subsequently forfeited, and
      any reserved Shares not issued or subject to outstanding awards under the Predecessor Plan on the Effective Date; provided, however, that such sum shall not exceed one million three hundred ten thousand nine hundred forty-nine (1,310,949) Shares (the
      “Share Limit”). The number of Shares that may be delivered in the aggregate pursuant to the exercise of ISOs under the Plan shall not exceed the Share Limit plus, to the extent allowable under Section 422 of the Code and the Treasury Regulations
      promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Section 5(e). The limitations of this Section 5(a) shall be subject to adjustment pursuant to Section 11. The number of Shares that are subject to Awards
      outstanding at any time under the Plan shall not exceed the number of Shares which then remain available for issuance under the Plan. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy
      the requirements of the Plan.

    

    

    
      
        

    

    

    

    
      	
              (b)

            	
              Director Grants

            

    

    

    

    With respect to Awards granted to Outside Directors, the aggregate number of Shares which may be issued upon exercise or settlement of
      such Awards under the Plan shall be one-hundred thousand (100,000) Shares. Any Awards granted to Outside Directors under the Plan may or may not be subject to vesting. Vesting shall occur, if at all, in full or in installments, upon satisfaction of
      conditions specified in the applicable Award Agreement; provided, however, that all Shares subject to such an Award shall become fully vested in the event that a Change in Control takes place with respect to the Company.

    

    

    
      	
              (c)

            	
              Award Limitation

            

    

    

    

    Subject to the provisions of Section 11, no Participant may receive Options, SARs, Restricted Shares or Stock Units under the Plan in
      any calendar year that relate to more than fifty thousand (50,000) Shares; provided however, that no outside director may receive Options, SARs, Restricted Shares or Stock Units under the Plan in any calendar year that relate to more than three
      thousand (3,000) Shares.

    

    

    
      	
              (d)

            	
              Section 162(m) Award Limitation

            

    

    

    

    Notwithstanding any contrary provisions of the Plan, and subject to the provisions of Section 11, with respect to any Option, SAR or
      other Performance Based Award intended to qualify as “performance-based compensation” under Section 162(m) of the Code, no Participant eligible for an Award may receive Options, SARs or other Performance Based Awards under the Plan in any calendar
      year that relate to an aggregate of more than fifty thousand (50,000) Shares.  To the extent required by Section 162(m) of the Code or the regulations thereunder, in applying the foregoing limitation with respect to a Participant, if any Option or
      SAR is canceled, the canceled Option or SAR shall continue to count against the maximum number of Shares with respect to which Options and SARs may be granted to the Participant.  For this purpose, the repricing of an Option or SAR shall be treated
      as the cancellation of the existing Option or SAR and the grant of a new Option or SAR.

    

    

    
      	
              (e)

            	
              Additional Shares

            

    

    

    

    If Restricted Shares or Shares issued upon the exercise of Options are forfeited, then such Shares shall again become available for
      Awards under the Plan. If Stock Units, Options or SARs are forfeited or terminate for any other reason before being exercised or settled, or an Award is settled in cash without the delivery of Shares to the holder, then any Shares subject to the
      Award shall again become available for Awards under the Plan. Shares surrendered or withheld in payment of the Exercise Price or Purchase Price of Shares or withheld to satisfy any tax withholding obligation shall not again become available for
      Awards under, the Plan. Further, Shares to which an SAR pertains, to the extent that it is exercised and settled in Shares, shall be considered issued or transferred pursuant to the Plan and shall not again become available for Awards under the Plan,
      whether or not Shares are actually issued to the Participant upon exercise of the SAR.

    

    

    SECTION 6. RESTRICTED SHARES.

    

    

    
      	
              (a)

            	
              Restricted Share Award Agreement

            

    

    

    

    Each grant of Restricted Shares under the Plan shall be evidenced by a Restricted Share Award Agreement between the Participant and
      the Company. Such Restricted Shares shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Restricted Share Award Agreements entered into under
      the Plan need not be identical.

    

    

    
      	
              (b)

            	
              Payment for Awards

            

    

    

    

    Restricted Shares may be sold or awarded under the Plan for such consideration as the Committee may determine, including (without
      limitation) cash, cash equivalents, past services and future services.

    

    

    
      	
              (c)

            	
              Vesting

            

    

    

    

    Each Award of Restricted Shares may or may not be subject to vesting. Vesting shall occur, in full or in installments, upon
      satisfaction of the conditions specified in the Restricted Share Award Agreement. A Restricted Share Award Agreement may provide for accelerated vesting in the event of the Participant’s death, disability or retirement. The Committee may determine,
      at the time of granting Restricted Shares of thereafter, that all or part of such Restricted Shares shall become vested in the event that a Change in Control occurs with respect to the Company.

    

    

    
      	
              (d)

            	
              Voting and Dividend Rights

            

    

    

    

    The holders of Restricted Shares awarded under the Plan shall have the same voting, dividend and other rights as the Company’s other
      stockholders. A Restricted Share Award Agreement, however, may require that the holders of Restricted Shares invest any cash dividends received in additional Restricted Shares. Such additional Restricted Shares shall be subject to the same conditions
      and restrictions as the Award with respect to which the dividends were paid.

    
      
        

    

    

    

    
      	
              (e)

            	
              Restrictions on Transfer of Shares

            

    

    

    

    Restricted Shares shall be subject to such rights of repurchase, rights of first refusal or other restrictions as the Committee may
      determine. Such restrictions shall be set forth in the applicable Restricted Share Award Agreement and shall apply in addition to any general restrictions that may apply to all holders of Shares.

    

    

    SECTION 7. TERMS AND CONDITIONS OF OPTIONS.

    

    

    
      	
              (a)

            	
              Stock Option Award Agreement

            

    

    

    

    Each grant of an Option under the Plan shall be evidenced by a Stock Option Award Agreement between the Participant and the Company.
      Such Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Committee deems appropriate for inclusion in a Stock Option
      Award Agreement. The Stock Option Award Agreement shall specify whether the Option is an ISO or an NSO. The provisions of the various Stock Option Award Agreements entered into under the Plan need not be identical. Options may be granted in
      consideration of a reduction in the Participant’s other compensation.

    

    

    
      	
              (b)

            	
              Number of Shares

            

    

    

    

    Each Stock Option Award Agreement shall specify the number of Shares that are subject to the Option and shall provide for the
      adjustment of such number in accordance with Section 11.

    

    

    
      	
              (c)

            	
              Exercise Price

            

    

    

    

    Each Stock Option Award Agreement shall specify the Exercise Price. The Exercise Price of an ISO shall not be less than 100% of the
      Fair Market Value of a Share on the date of grant, except as otherwise provided in Section 4(b), and the Exercise Price of an NSO shall not be less than 100% of the Fair Market Value of a Share on the date of grant. Notwithstanding the foregoing,
      Options may be granted with an Exercise Price of less than 100% of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code. Subject to the foregoing in
      this Section 7(c), the Exercise Price under any Option shall be determined by the Committee at its sole discretion. The Exercise Price shall be payable in one of the forms described in Section 8.

    

    

    
      	
              (d)

            	
              Withholding Taxes

            

    

    

    

    As a condition to the exercise of an Option, the Participant shall make such arrangements as the Committee may require for the
      satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such exercise. The Participant shall also make such arrangements as the Committee may require for the satisfaction of any federal,
      state, local or foreign withholding tax obligations that may arise in connection with the disposition of Shares acquired by exercising an Option.

    

    

    
      	
              (e)

            	
              Exercisability and Term

            

    

    

    

    Each Stock Option Award Agreement shall specify the date when all or any installment of the Option is to become exercisable. The Stock
      Option Award Agreement shall also specify the term of the Option; provided that the term of an ISO shall in no event exceed 10 years from the date of grant (five years for ISOs granted to Employees described in Section 4(b)). A Stock Option Award
      Agreement may provide for accelerated exercisability in the event of the Participant’s death, disability or retirement and may provide for expiration prior to the end of its term in the event of the termination of the Participant’s Service. Options
      may be awarded in combination with SARs, and such an Award may provide that the Options will not be exercisable unless the related SARs are forfeited. Subject to the foregoing in this Section 7(e), the Committee at its sole discretion shall determine
      when all or any installment of an Option is to become exercisable and when an Option is to expire.

    

    

    
      
        

    

    

    

    
      	
              (f)

            	
              Exercise of Options

            

    

    

    

    Each Stock Option Award Agreement shall set forth the extent to which the Participant shall have the right to exercise the Option
      following termination of the Participant’s Service with the Company and its Subsidiaries, and the right to exercise the Option of any executors or administrators of the Participant’s estate or any person who has acquired such Option(s) directly from
      the Participant by bequest or inheritance. Such provisions shall be determined in the sole discretion of the Committee, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for
      termination of Service.

    

    

    
      	
              (g)

            	
              Effect of Change in Control

            

    

    

    

    The Committee may determine, at the time of granting an Option or thereafter, that such Options shall become exercisable as to all or
      part of the Shares subject to such Option in the event that a Change in Control occurs with respect to the Company.

    

    

    
      	
              (h)

            	
              No Rights as a Stockholder

            

    

    

    

    A Participant shall have no rights as a stockholder with respect to any Shares covered by his Option until the date of the issuance of
      a stock certificate for such Shares. No adjustments shall be made, except as provided in Section 11.

    

    

    
      	
              (i)

            	
              Modification, Extension and Renewal of Options

            

    

    

    

    Subject to the requirements of Section 3(e), and within the limitations of the Plan, the Committee may modify, extend or renew
      outstanding options or may accept the cancellation of outstanding options (to the extent not previously exercised), whether or not granted hereunder, in return for the grant of new Options for the same or a different number of Shares and at the same
      or a different Exercise Price, or in return for the grant of a different Award for the same or a different number of Shares. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Participant, materially impair
      his or her rights or obligations under such Option.

    

    

    
      	
              (j)

            	
              Restrictions on Transfer of Shares

            

    

    

    

    Any Shares issued upon exercise of an Option shall be subject to such special forfeiture conditions, rights of repurchase, rights of
      first refusal and other transfer restrictions as the Committee may determine. Such restrictions shall be set forth in the applicable Stock Option Award Agreement and shall apply in addition to any general restrictions that may apply to all holders of
      Shares.

    

    

    
      	
              (k)

            	
              Buyout Provisions

            

    

    

    

    Subject to the requirements of Section 3(e), the Committee may at any time (a) offer to buy out for a payment in cash or cash
      equivalents an Option previously granted or (b) authorize a Participant to elect to cash out an Option previously granted, in either case at such time and based upon such terms and conditions as the Committee shall establish.

    

    

    SECTION 8. PAYMENT FOR SHARES.

    

    

    
      	
              (a)

            	
              General Rule

            

    

    

    

    The entire Exercise Price or Purchase Price of Shares issued under the Plan shall be payable in lawful money of the United States of
      America at the time when such Shares are purchased, except as provided in Section 8(b) through Section 8(g) below.

    

    

    
      
        

    

    

    

    
      	
              (b)

            	
              Surrender of Stock

            

    

    

    

    To the extent that a Stock Option Award Agreement so provides, payment may be made all or in part by surrendering, or attesting to the
      ownership of, Shares which have already been owned by the Participant or his representative. Such Shares shall be valued at their Fair Market Value on the date when the new Shares are purchased under the Plan. The Participant shall not surrender, or
      attest to the ownership of, Shares in payment of the Exercise Price if such action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to the Option for financial reporting purposes.

    

    

    
      	
              (c)

            	
              Services Rendered

            

    

    

    

    At the discretion of the Committee, Shares may be awarded under the Plan in consideration of services rendered to the Company or a
      Subsidiary. If Shares are awarded without the payment of a Purchase Price in cash, the Committee shall make a determination (at the time of the Award) of the value of the services rendered by the Participant and the sufficiency of the consideration
      to meet the requirements of Section 6(b).

    

    

    
      	
              (d)

            	
              Cashless Exercise

            

    

    

    

    To the extent that a Stock Option Award Agreement so provides, payment may be made all or in part by delivery (on a form prescribed by
      the Committee) of an irrevocable direction to a securities broker to sell Shares and to deliver all or part of the sale proceeds to the Company in payment of the aggregate Exercise Price.

    

    

    
      	
              (e)

            	
              Net Exercise

            

    

    

    

    To the extent that a Stock Option Award Agreement so provides, by a “net exercise” arrangement pursuant to which the number of Shares
      issuable upon exercise of the Option shall be reduced by the largest whole number of Shares having an aggregate Fair Market Value that does not exceed the aggregate exercise price (plus tax withholdings, if applicable), and any remaining balance of
      the aggregate exercise price (and/or applicable tax withholdings) not satisfied by such reduction in the number of whole Shares to be issued shall be paid by the Participant in cash or other form of payment permitted under the Stock Option Agreement.

    

    

    
      	
              (f)

            	
              Other Forms of Payment

            

    

    

    

    To the extent that a Stock Option Award Agreement or Restricted Share Award Agreement so provides, payment may be made in any other
      form that is consistent with applicable laws, regulations and rules.

    

    

    
      	
              (g)

            	
              Limitations under Applicable Law

            

    

    

    

    Notwithstanding anything herein or in a Stock Option Award Agreement or Restricted Share Award Agreement to the contrary, payment may
      not be made in any form that is unlawful, as determined by the Committee in its sole discretion.

    

    

    SECTION 9. STOCK APPRECIATION RIGHTS.

    

    

    
      	
              (a)

            	
              SAR Award Agreement

            

    

    

    

    Each grant of a SAR under the Plan shall be evidenced by a SAR Award Agreement between the Participant and the Company. Such SAR shall
      be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various SAR Award Agreements entered into under the Plan need not be identical. SARs may be granted in
      consideration of a reduction in the Participant’s other compensation.

    

    

    
      	
              (b)

            	
              Number of Shares

            

    

    

    

    Each SAR Award Agreement shall specify the number of Shares to which the SAR pertains and shall provide for the adjustment of such
      number in accordance with Section 11.

    

    

    
      
        

    

    

    

    
      	
              (c)

            	
              Exercise Price

            

    

    

    

    Each SAR Award Agreement shall specify the Exercise Price. The Exercise Price of a SAR shall not be less than 100% of the Fair Market
      Value of a Share on the date of grant. Notwithstanding the foregoing, SARS may be granted with an Exercise price of less than 100% of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner
      consistent with, Section 424(a) of the Code. Subject to the foregoing in this Section 9(c), the Exercise Price under any SAR shall be determined by the Committee in its sole discretion.

    

    

    
      	
              (d)

            	
              Exercisability and Term

            

    

    

    

    Each SAR Award Agreement shall specify the date when all or any installment of the SAR is to vest and become exercisable. Whether
      vesting is based solely on the Participant’s continuous Service or achievement of performance criteria, an SAR shall not become fully exercisable before the 12-month anniversary of the date of grant. The SAR Award Agreement shall also specify the
      term of the SAR. A SAR Award Agreement may provide for accelerated exercisability in the event of the Participant’s death, disability or retirement and may provide for expiration prior to the end of its term in the event of the termination of the
      Participant’s service. SARs may be awarded in combination with Options, and such an Award may provide that the SARs will not be exercisable unless the related Options are forfeited. A SAR may be included in an ISO only at the time of grant but may be
      included in an NSO at the time of grant or thereafter. A SAR granted under the Plan may provide that it will be exercisable only in the event of a Change in Control.

    

    

    
      	
              (e)

            	
              Effect of Change in Control

            

    

    

    

    The Committee may determine, at the time of granting a SAR or thereafter, that such SAR shall become fully exercisable as to all
      Common Shares subject to such SAR in the event that a Change in Control occurs with respect to the Company.

    

    

    
      	
              (f)

            	
              Exercise of SARs

            

    

    

    

    Upon exercise of a SAR, the Participant (or any person having the right to exercise the SAR after his or her death) shall receive from
      the Company (a) Shares, (b) cash or (c) a combination of Shares and cash, as the Committee shall determine. The amount of cash and/or the Fair Market Value of Shares received upon exercise of SARs shall, in the aggregate, be equal to the amount by
      which the Fair Market Value (on the date of surrender) of the Shares subject to the SARs exceeds the Exercise Price.

    

    

    
      	
              (g)

            	
              Modification or Assumption of SARs

            

    

    

    

    Subject to the requirements of Section 3(e), and within the limitations of the Plan, the Committee may modify, extend or assume
      outstanding SARs or may accept the cancellation of outstanding SARs (whether granted by the Company or by another issuer) in return for the grant of new SARs for the same or a different number of shares and at the same or a different exercise price,
      or in return for the grant of a different Award for the same or a different number of Shares. The foregoing notwithstanding, no modification of a SAR shall, without the consent of the holder, materially impair his or her rights or obligations under
      such SAR.

    

    

    
      	
              (h)

            	
              Buyout Provisions

            

    

    

    

    Subject to the requirements of Section 3(e), the Committee may at any time (a) offer to buy out for a payment in cash or cash
      equivalents a SAR previously granted, or (b) authorize a Participant to elect to cash out a SAR previously granted, in either case at such time and based upon such terms and conditions as the Committee shall establish.

    

    

    SECTION 10. STOCK UNITS.

    

    

    
      	
              (a)

            	
              Stock Unit Award Agreement

            

    

    

    

    Each grant of Stock Units under the Plan shall be evidenced by a Stock Unit Award Agreement between the Participant and the Company.
      Such Stock Units shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions of the various Stock Unit Award Agreements entered into under the Plan need not be
      identical. Stock Units may be granted in consideration of a reduction in the Participant’s other compensation.

    

    

    
      
        

    

    

    

    
      	
              (b)

            	
              Payment for Awards

            

    

    

    

    To the extent that an Award is granted in the form of Stock Units, no cash consideration shall be required of the Award recipients.

    

    

    
      	
              (c)

            	
              Vesting Conditions

            

    

    

    

    Each Award of Stock Units may or may not be subject to vesting. Vesting shall occur, in full or in installments, upon satisfaction of
      the conditions specified in the Stock Unit Award Agreement. A Stock Unit Award Agreement may provide for accelerated vesting in the event of the Participant’s death, disability or retirement. The Committee may determine, at the time of granting Stock
      Units or thereafter, that all or part of such Stock Units shall become vested in the event that a Change in Control occurs with respect to the Company.

    

    

    
      	
              (d)

            	
              Voting and Dividend Rights

            

    

    

    

    The holders of Stock Units shall have no voting rights. Prior to settlement or forfeiture, any Stock Unit awarded under the Plan may,
      at the Committee’s discretion, carry with it a right to dividend equivalents. Such right entitles the holder to be credited with an amount equal to all cash dividends paid on one Share while the Stock Unit is outstanding. Dividend equivalents may be
      converted into additional Stock Units. Settlement of dividend equivalents may be made in the form of cash, in the form of Shares, or in a combination of both. Prior to distribution, any dividend equivalents which are not paid shall be subject to the
      same conditions and restrictions (including without limitation, any forfeiture conditions) as the Stock Units to which they attach.

    

    

    
      	
              (e)

            	
              Form and Time of Settlement of Stock Units

            

    

    

    

    Settlement of vested Stock Units may be made in the form of (a) cash, (b) Shares or (c) any combination of both, as determined by the
      Committee. The actual number of Stock Units eligible for settlement may be larger or smaller than the number included in the original Award, based on predetermined performance factors. Methods of converting Stock Units into cash may include (without
      limitation) a method based on the average Fair Market Value of Shares over a series of trading days. A Stock Unit Award Agreement may provide that vested Stock Units may be settled in a lump sum or in installments. A Stock Unit Award Agreement may
      provide that the distribution may occur or commence when all vesting conditions applicable to the Stock Units have been satisfied or have lapsed, or it may be deferred to any later date, subject to compliance with Section 409A of the Code. The amount
      of a deferred distribution may be increased by an interest factor or by dividend equivalents. Until an Award of Stock Units is settled, the number of such Stock Units shall be subject to adjustment pursuant to Section 11.

    

    

    
      	
              (f)

            	
              Death of Participant

            

    

    

    

    Any Stock Unit Award that becomes payable after the Participant’s death shall be distributed to the Participant’s beneficiary or
      beneficiaries. Each recipient of a Stock Unit Award under the Plan shall designate one or more beneficiaries for this purpose by filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with
      the Company at any time before the Participant’s death. If no beneficiary was designated or if no designated beneficiary survives the Participant, then any Stock Units Award that becomes payable after the Participant’s death shall be distributed to
      the Participant’s estate.

    

    

    
      	
              (g)

            	
              Creditors’ Rights

            

    

    

    

    A holder of Stock Units shall have no rights other than those of a general creditor of the Company. Stock Units represent an unfunded
      and unsecured obligation of the Company, subject to the terms and conditions of the applicable Stock Unit Agreement.

    

    

    
      
        

    

    

    

    SECTION 11. ADJUSTMENT OF SHARES.

    

    

    
      	
              (a)

            	
              Adjustments

            

    

    

    

    In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable in Shares, a declaration of a dividend
      payable in a form other than Shares in an amount that has a material effect on the price of Shares, a combination or consolidation of the outstanding Stock (by reclassification or otherwise) into a lesser number of Shares, a recapitalization, a
      spin-off or a similar occurrence, the Committee shall make such adjustments as it, in its sole discretion, deems appropriate, in one or more of:

    

    

    (i) The number of Shares
      available for future Awards under Section 5;

    

    

    (ii) The limitations set
      forth in Sections 5(a), 5(b), 5(c), 5(d) and Section 18;

    

    

    
      	
              (iii)

            	
              The number of Shares covered by each outstanding Award; or

            

    

    

    

    
      	
              (iv)

            	
              The Exercise Price under each outstanding Award.

            

    

    

    

    
      	
              (b)

            	
              Dissolution or Liquidation

            

    

    

    

    To the extent not previously exercised or settled, Options, SARs and Stock Units shall terminate immediately prior to the dissolution
      or liquidation of the Company.

    

    

    
      	
              (c)

            	
              Reorganizations

            

    

    

    

    In the event that the Company is a party to a merger or other reorganization, outstanding Awards shall be subject to the agreement of
      merger or reorganization. Subject to compliance with Section 409A of the Code, such agreement shall provide for:

    

    

    	

          	(i)	
            The continuation of the outstanding Awards by the Company, if the Company is a surviving corporation;

          

    

    

    	

          	(ii)	
            The assumption of the outstanding Awards by the surviving corporation or its parent or subsidiary;

          

    

    

    	

          	(iii)	
            The substitution by the surviving corporation or its parent or subsidiary of its own awards for the outstanding Awards;

          

    

    

    	

          	(iv)	
            Immediate vesting, exercisability and settlement of outstanding Awards followed by the cancellation of such Awards upon or immediately prior to the effectiveness of
              such transaction; or

          

    

    

    
      	
              (v)

            	
              Settlement of the intrinsic value of the outstanding Awards (whether or not then vested or exercisable) in cash or cash
                equivalents or equity (including cash or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such Awards or the underlying Shares) followed by the cancellation of such Awards (and, for the
                avoidance of doubt, if as of the date of the occurrence of the transaction the Committee determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such
                Award may be terminated by the Company without payment); in each case without the Participant’s consent. Any acceleration of payment of an amount that is subject to section 409A of the Code will be delayed, if necessary, until the earliest
                time that such payment would be permissible under Section 409A without triggering any additional taxes applicable under Section 409A.

            

    

    

    

    The Company will have no obligation to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly.

    

    

    
      
        

    

    

    

    
      	
              (d)

            	
              Reservation of Rights

            

    

    

    

    Except as provided in this Section 11, a Participant shall have no rights by reason of any subdivision or consolidation of shares of
      stock of any class, the payment of any dividend or any other increase or decrease in the number of shares of stock of any class. Any issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class,
      shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an Award. The grant of an Award pursuant to the Plan shall not affect in any way the right or power of the Company
      to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets.

    

    

    SECTION 12. DEFERRAL OF AWARDS.

    

    

    
      	
              (a)

            	
              Committee Powers

            

    

    

    

    Subject to compliance with Section 409A of the Code, the Committee (in its sole discretion) may permit or require a Participant to:

    

    

    
      	
              (i)

            	
              Have cash that otherwise would be paid to such Participant as a result of the exercise of a SAR or the settlement of Stock Units credited to a
                deferred compensation account established for such Participant by the Committee as an entry on the Company’s books;

            

    

    

    

    (ii) Have Shares that otherwise
      would be delivered to such Participant as a result of the exercise of an Option or SAR converted into an equal number of Stock Units; or

    

    

    (iii) Have Shares that
      otherwise would be delivered to such Participant as a result of the exercise of an Option or SAR or the settlement of Stock Units converted into amounts credited to a deferred compensation account established for such Participant by the Committee as
      an entry on the Company’s books. Such amounts shall be determined by reference to the Fair Market Value of such Shares as of the date when they otherwise would have been delivered to such Participant.

    

    

    
      	
              (b)

            	
              General Rules

            

    

    

    

    A deferred compensation account established under this Section 12 may be credited with interest or other forms of investment return,
      as determined by the Committee. A Participant for whom such an account is established shall have no rights other than those of a general creditor of the Company. Such an account shall represent an unfunded and unsecured obligation of the Company and
      shall be subject to the terms and conditions of the applicable agreement between such Participant and the Company. If the deferral or conversion of Awards is permitted or required, the Committee (in its sole discretion) may establish rules,
      procedures and forms pertaining to such Awards, including (without limitation) the settlement of deferred compensation accounts established under this Section 12.

    

    

    SECTION 13. AWARDS UNDER OTHER PLANS.

    

    

    The Company may grant awards under other plans or programs. Such awards may be settled in the form of Shares issued under this Plan.
      Such Shares shall be treated for all purposes under the Plan like Shares issued in settlement of Stock Units and shall, when issued, reduce the number of Shares available under Section 5.

    

    

    SECTION 14. PAYMENT OF DIRECTOR’S FEES IN SECURITIES.

    

    

    
      	
              (a)

            	
              Effective Date

            

    

    

    

    No provision of this Section 14 shall be effective unless and until the Board has determined to implement such provision.

    

    

    
      
        

    

    

    

    
      	
              (b)

            	
              Elections to Receive NSOs, SARs, Restricted Shares or Stock Units

            

    

    

    

    An Outside Director may elect to receive his or her annual retainer payments and/or meeting fees from the Company in the form of cash,
      NSOs, SARs, Restricted Shares or Stock Units, or a combination thereof, as determined by the Board. Alternatively, the Board may mandate payment in any of such alternative forms. Such NSOs, SARs, Restricted Shares and Stock Units shall be issued
      under the Plan. An election under this Section 14 shall be filed with the Company on the prescribed form.

    

    

    
      	
              (c)

            	
              Number and Terms of NSOs, SARs, Restricted Shares or Stock Units

            

    

    

    

    The number of NSOs, SARs, Restricted Shares or Stock Units to be granted to Outside Directors in lieu of annual retainers and meeting
      fees that would otherwise be paid in cash shall be calculated in a manner determined by the Board. The terms of such NSOs, SARs, Restricted Shares or Stock Units shall also be determined by the Board.

    

    

    SECTION 15. LEGAL AND REGULATORY REQUIREMENTS.

    

    

    Shares shall not be issued under the Plan unless the issuance and delivery of such Shares complies with (or is exempt from) all
      applicable requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations and the regulations of any stock exchange on which the
      Company’s securities may then be listed, and the Company has obtained the approval or favorable ruling from any governmental agency which the Company determines is necessary or advisable. The Company shall not be liable to a Participant or other
      persons as to: (a) the non-issuance or sale of Shares as to which the Company has not obtained from any regulatory body having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares
      under the Plan; and (b) any tax consequences expected, but not realized, by any Participant or other person due to the receipt, exercise or settlement of any Award granted under the Plan.

    

    

    SECTION 16. TAXES.

    

    

    
      	
              (a)

            	
              Withholding Taxes

            

    

    

    

    To the extent required by applicable federal, state, local or foreign law, a Participant or his or her successor shall make
      arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that arise in connection with the Plan. The Company shall not be required to issue any Shares or make any cash payment under the Plan until such
      obligations are satisfied.

    

    

    
      	
              (b)

            	
              Share Withholding

            

    

    

    

    The Committee may permit a Participant to satisfy all or part of his or her withholding or income tax obligations by having the
      Company withhold all or a portion of any Shares that otherwise would be issued to him or her or by surrendering all or a portion of any Shares that he or she previously acquired. Such Shares shall be valued at their Fair Market Value on the date when
      taxes otherwise would be withheld in cash. In no event may a Participant have Shares withheld that would otherwise be issued to him or her in excess of the number necessary to satisfy the minimum legally required tax withholding.

    

    

    
      	
              (c)

            	
              Section 409A

            

    

    

    

    Each Award that provides for “nonqualified deferred compensation” within the meaning of Section 409A of the Code shall be subject to
      such additional rules and requirements as specified by the Committee from time to time in order to comply with Section 409A. If any amount under such an Award is payable upon a “separation from service” (within the meaning of Section 409A) to a
      Participant who is then considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the Participant’s separation from service, or
      (ii) the Participant’s death, but only to the extent such delay is necessary to prevent such payment from being subject to interest, penalties and/or additional tax imposed pursuant to Section 409A. In addition, the settlement of any such Award may
      not be accelerated except to the extent permitted by Section 409A.

    

    

    
      
        

    

    SECTION 17. TRANSFERABILITY.

    

    

    Unless the agreement evidencing an Award (or an amendment thereto authorized by the Committee) expressly provides otherwise, no Award
      granted under this Plan, nor any interest in such Award, may be sold, assigned, conveyed, gifted, pledged, hypothecated or otherwise transferred in any manner (prior to the vesting and lapse of any and all restrictions applicable to Shares issued
      under such Award), other than by will or the laws of descent and distribution; provided, however, that an ISO may be transferred or assigned only to the extent consistent with Section 422 of the Code. Any purported assignment, transfer or encumbrance
      in violation of this Section 17(a) shall be void and unenforceable against the Company.

    

    

    SECTION 18. PERFORMANCE BASED AWARDS

    

    

    The number of Shares or the amount of cash or other benefits granted, issued, retainable and/or vested under an Award may be made
      subject to the attainment of performance goals. The Committee may utilize any performance criteria selected by it in its sole discretion to establish performance goals; provided, however, that in the case of any Performance Based Award, the following
      conditions shall apply:

    

    

    
      	
              (i)

            	
              The amount potentially available under a Performance Based Award shall be subject to the attainment of pre-established,
                objective performance goals relating to a specified period of service based on one or more of the following performance criteria: (a) cash flow, (b) earnings per share, (c) earnings before interest, taxes and amortization, (d) return on
                equity, (e) total stockholder return, (f) share price performance, (g) return on capital, (h) return on assets or net assets, (i) revenue, (j) income or net income, (k) operating income or net operating income, (l) operating profit or net
                operating profit, (m) operating margin or profit margin, (n) return on operating revenue, (o) return on invested capital, (p) market segment shares, (q) costs, (r) expenses, (s) regulatory body approval, or (t) implementation or completion
                of critical projects or contracts (“Qualifying Performance Criteria”), any of which may be measured either individually, alternatively or in any combination, applied to either the Company as a whole or to a business unit or Subsidiary,
                either individually, alternatively or in any combination, and measured either annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated
                comparison group or index, in each case as specified by the Committee in the Award;

            

    

    

    

    
      	
              (ii)

            	
              Unless specified otherwise by the Committee at the time the performance goals are established or otherwise within the time
                prescribed by Section 162(m) of the Code, the Committee shall appropriately adjust the method of evaluating performance under a Qualifying Performance Criteria for a performance period as follows: (i) to exclude asset write-downs, (ii) to
                exclude litigation or claim judgments or settlements, (iii) to exclude the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results, (iv) to exclude accruals for reorganization and
                restructuring programs, (v) to exclude any extraordinary nonrecurring items as determined under generally accepted accounting principles and/or described in managements’ discussion and analysis of financial condition and results of
                operations appearing in the Company’s annual report to stockholders for the applicable year, (vi) to exclude the dilutive effects of acquisitions or joint ventures, (vii) to assume that any business divested by the Company achieved
                performance objectives at targeted levels during the balance of a performance period following such divestiture, (viii) to exclude the effect of any change in the outstanding shares of common stock of the Company by reason of any stock
                dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common stockholders other than regular cash
                dividends, (ix) to exclude the effects of stock-based compensation and the award of bonuses under the Company’s bonus plans; and (x) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to be
                expensed under generally accepted accounting principles, in each case in compliance with Section 162(m);

            

    

    

    

    
      	
              (iii)

            	
              The Committee shall establish the applicable performance goals in writing and an objective method for determining the Award
                earned by a Participant if the goals are attained, while the outcome is substantially uncertain and not later than the 90th day of the performance period (but in no event after 25% of the period of service with respect to which the
                performance goals relate has elapsed), and shall determine and certify in writing, for each Participant, the extent to which the performance goals have been met prior to payment or vesting of the Award;

            

    

    

    

    

    

    
      
        

    

    

    

    
      	
              (iv)

            	
              The Committee may not in any event increase the amount of compensation payable under the Plan upon the attainment of the
                pre-established performance goals to a Participant who is a “covered employee” within the meaning of Section 162(m) of the Code; and

            

    

    

    

    
      	
              (v)

            	
              The maximum aggregate number of Shares that may be subject to Performance Based Awards granted to a Participant in any
                calendar year is fifty thousand (50,000) (subject to adjustment under Sections 5(d) and 11), and the maximum aggregate amount of cash that may be payable to a Participant under Performance Based Awards in any calendar year is $100,000.

            

    

    

    

    SECTION 19. NO EMPLOYMENT RIGHTS.

    

    

    No provision of the Plan, nor any Award granted under the Plan, shall be construed to give any person any right to become, to be treated
      as, or to remain an Employee or Consultant. The Company and its Subsidiaries reserve the right to terminate any person’s Service at any time and for any reason, with or without notice.

    

    

    SECTION 20. DURATION AND AMENDMENTS.

    

    

    
      	
              (a)

            	
              Term of the Plan

            

    

    

    

    The Plan, as set forth herein, shall terminate automatically on March 15, 2026 and may be terminated on any earlier date pursuant to
      Subsection (b) below.

    

    

    
      	
              (b)

            	
              Right to Amend or Terminate the Plan

            

    

    

    

    The Board of Directors may amend or terminate the Plan at any time and from time to time. Rights and obligations under any Award
      granted before amendment of the Plan shall not be materially impaired by such amendment, except with consent of the Participant. An amendment of the Plan shall be subject to the approval of the Company’s stockholders only to the extent required by
      applicable laws, regulations or rules.

    

    

    
      	
              (c)

            	
              Effect of Termination

            

    

    

    

    No Awards shall be granted under the Plan after the termination thereof. The termination of the Plan shall not affect Awards
      previously granted under the Plan.

    

    

    
      
        

    

    

    

    SECTION 21. EXECUTION.

    

    

    To record the adoption of the Plan by the Board of Directors, the Company has caused its authorized officer to execute the same.

    

    

    

    

    	
            First Northern Community Bancorp

             

          
	 
	
            By

          	
            

             

          
	 
	
            Name

          	
            Louise A. Walker

          
	 
	
            Title

          	
            President and Chief Executive Officer

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