Document:

Exhibit 10.1

CONSULTING AGREEMENT BETWEEN

TRUSTCO BANK CORP NY AND ROBERT T. CUSHING

 

THIS CONSULTING AGREEMENT (“Agreement”) is entered into as of the Effective Date by and between TrustCo Bank Corp NY, a New York corporation (“TrustCo”), and Robert T. Cushing (“Cushing”). In consideration of the mutual covenants herein contained, the parties agree as follows:

 

1.         Term and Duties.

 

(a)       The initial term (the “Term”) of this Agreement will commence on December  22, 2017 (the “Effective Date”) and end on December 31, 2022; thereafter, the Term of this Agreement will automatically renew for successive one-year terms unless one party provides written notice to the other party at least 30 days prior to the end of the then-existing term that he or it does not wish to renew the term of this Agreement. Notwithstanding the foregoing, this Agreement may be terminated earlier pursuant to Section 5 of this Agreement,

 

(b)       During the Term, Cushing shall serve, on an as-requested basis, as a consultant to TrustCo and to each of its direct or indirect subsidiaries (collectively, “Affiliates”), rendering to TrustCo and such Affiliates advisory services for purposes of promoting ongoing compliance efforts, providing strategic advice on TrustCo’s business, and assisting TrustCo and the Affiliates with such other similar matters as TrustCo’s executive officers and board of directors may request. The services rendered shall be advisory only, and Cushing’s services as a consultant shall be rendered at such times and places as may be mutually convenient to TrustCo and the Affiliates and Cushing. Cushing acknowledges that he will be an independent contractor only and shall not for any purpose hereunder be considered to be an employee of TrustCo or any Affiliate. The parties reasonably anticipate that Cushing’s level of service for TrustCo and the Affiliates during the term of this Agreement will be less than sixteen hours per the standard two-week pay period of TrustCo and its Affiliates, which is less than 20% of the average level of service provided by Cushing to TrustCo and the Affiliates as Executive Vice President and Chief Operating Officer during the last 36 months of his employment by TrustCo and the Affiliates.

 

2.         Compensation. In full compensation for the services to be rendered by Cushing hereunder during the Term and for the noncompetition agreement set forth in Section 3 herein, TrustCo (a) will pay Cushing a fee in the amount of $400 per hour for each hour of services rendered by Cushing pursuant to this Agreement, which shall not exceed sixteen hours per the standard two-week pay period of TrustCo and its Affiliates and (b) will provide to Cushing in-kind benefits consisting of office facilities, a personal secretary, use of a vehicle, club memberships, and financial planning services (to include tax advisory, financial planning, and estate planning), each as provided by TrustCo to Cushing during the last 36 months of his employment by TrustCo and the Affiliates. On or before the 15th day of each month during the term of this Agreement, Cushing shall provide a statement to TrustCo describing in reasonable detail the time worked and services rendered pursuant to this Agreement during the prior month and, upon receipt of such statement, TrustCo shall pay, within 30 days of its receipt of such statement, the amount set forth on such statement. There is no minimum amount of time or services that TrustCo must request under this Agreement. It shall be the sole obligation of Cushing to monitor the number of hours of service rendered and to ensure that the service rendered hereunder is in conformance with the limitations thereon provided for herein.  In no event, however, shall TrustCo be obligated to pay Cushing for more than the anticipated maximum number of hours set forth in paragraph (1) (b) above.  TrustCo will provide Cushing with a Form 1099 for compensation related to the services provided by him under this Agreement, and Cushing will be solely responsible for all income, business, or other taxes imposed on him and payable as a result of such compensation. To the extent that any right to reimbursement of expenses or payment of any in-kind benefit under this Agreement constitutes nonqualified deferred compensation (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended), (i) any such expense reimbursement shall be made by TrustCo no later than the last day of the taxable year following the taxable year in which such expense was incurred by Cushing, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect.

 

3.         Noncompetition. Cushing acknowledges that he has provided special, unique and extraordinary services to TrustCo and the Affiliates during his employment with TrustCo and its Affiliates. Cushing agrees that he will not, before the later of (i) the date of termination of this Agreement or (ii) December 31, 2020 (the end of the three-year period commencing on the first day of the Term)(the “Noncompetition Period”), directly or indirectly, without the written consent of TrustCo:

 

(a)       Own, have any interest in or act as an officer, director, partner, principal, employee, agent, representative, consultant to, or independent contractor of a Competitor if Cushing in any such capacity performs services in an aspect of Competitor’ business that is competitive with TrustCo or an Affiliate; provided, however, Cushing may invest in up to 5% of the stock of any publicly traded company that is a Competitor without violating this covenant;

 

(b)       Divert or attempt to divert to a Competitor any client, customer, or account of TrustCo or an Affiliate (which such client, customer, or account is a client, customer or account during the Noncompetition Period); or

 

(c)       Hire, or solicit to hire, for or on behalf of a Competitor, any employee of TrustCo or an Affiliate (who is an employee of TrustCo or an Affiliate as of the time of such hire or solicitation to hire) or any former employee of TrustCo or an Affiliate (who was employed by TrustCo or an Affiliate within the 12-month period immediately preceding the date of such hire or solicitation to hire).

 

For purposes of this Section 3, capitalized terms are defined as follows:

 

Competitor. “Competitor” shall mean any person, firm, corporation, partnership, limited liability company, or any other entity doing business in the Geographic Market which, during the Noncompetition Period, is engaged in competition in a substantial manner with TrustCo or an Affiliate.

 

Geographic Market. “Geographic Market shall mean the area within a radius of 25 miles of the location of the headquarters or any branch office of TrustCo or an Affiliate located in New York or Florida.

 

4.         Scope of Noncompetition Provisions. If it shall be finally determined by any court of competent jurisdiction that any limitation contained in Section 3 is too extensive to be legally enforceable and must be reduced, then the parties hereby agree that such reduced limitation shall be deemed to be the maximum scope or duration that shall be legally enforceable, and Cushing hereby consents to the enforcement of such reduced limitation.

 

5.         Termination of Contract. TrustCo may terminate this Agreement upon 30 days’ prior written notice to Cushing, and Cushing may terminate this Agreement upon 30 days’ prior written notice to TrustCo. Upon the effective date of such termination, the parties’ obligations under this Agreement shall cease, except that (a) TrustCo will remain obligated to pay any undisputed amounts owed for services rendered under this Agreement by Cushing prior to termination and (b) the provisions of Section 3 will remain in effect until the end of the Noncompetition Period if, as provided in Section 3, the Noncompetition Period will extend beyond the effective date of the termination of this Agreement.

 

6.         Confidentiality of OCC Information.  Trustco Bank’s primary regulator is the Office of the Comptroller of the Currency (“OCC”).  Some information provided to Trustco Bank by the OCC is confidential and protected by law.  Given that Trustco Bank may disclose OCC-related information to Cushing in the course of the provision and receipt of services pursuant to this Agreement, (a) Cushing represents that he is aware of, and agrees to abide by, the prohibition on the dissemination of non-public OCC information contained in paragraph (b)(1) of 12 CFR 4.37; and (b) agrees not to use such non-public OCC information for any purpose other than as provided under this Agreement.

 

7.         Confidentiality of Business Information.

 

(a)       "Confidential Business Information" means any information disclosed to Cushing by TrustCo or Affiliates, either directly or indirectly in writing, whether prior to the Effective Date or after that date during the Term, orally or by inspection of tangible objects, including, without limitation, software, concepts, know-how, designs, specifications, charts, drawings, financial information, strategic and business plans, products, services, customer information, pricing, and any other proprietary or confidential information. Confidential Information shall not, however, include any information which Cushing can establish: (i) was or has become generally known or available or a part of the public domain without direct or indirect fault, action, or omission of the Cushing; (ii) was known by Cushing prior to the time of disclosure, according to Cushing’s prior written documentation; (iii) was received by Cushing from a source other than TrustCo or Affiliates, rightfully having possession of and the right to disclose such information; or (iv) was independently developed by Cushing, where such independent development has been documented by Cushing.

 

(b)       Cushing agrees not to use any Confidential Business Information for any purpose except the provision of services hereunder. Cushing agrees not to disclose any Confidential Business Information to any third parties.

 

8.         Confidentiality of Customer Information.  In accordance with the Gramm-Leach-Blilely Act and its implementing regulations, Cushing shall take appropriate steps to (a) ensure the security and confidentiality of customer information of TrustCo and Affiliates, (b) protect against any anticipated threats or hazards to the security or integrity of such information, (c) protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to the customers of TrustCo and Affiliates and (d) ensure proper disposal of such information in accordance with the instructions of TrustCo and Affiliates.  Any breach in the security and confidentiality of information, including a potential breach resulting from an unauthorized intrusion, must be fully disclosed to TrustCo in writing within 48 hours of the discovery of such an incident.

 

9.         Mutual Indemnification.  Each party shall indemnify and hold harmless the other for and against all claims of any nature, including without limitation claims related to breach of confidentiality and the alleged infringement of the intellectual property rights of any third party, together with associated defense costs and attorneys’ fees, arising out of or in connection with the indemnifying party’s performance hereunder.

 

10.       Insurance.  TrustCo shall, during the term hereof, maintain at its expense, insurance of the types and in the amounts currently held by TrustCo to cover its management operations, including without limitation, public company management liability insurance, commercial general liability insurance, workers’ compensation insurance to the extent required by law, and such other insurance as may be reasonabley prudent or appropriate to insure it and Cushing against potential liabilities arising in connection with the performance of its and Cushing’s obligations hereunder.

 

11.       Subcontracting and Assignment.  This Agreement may not be subcontracted to, transferred, or assigned by either party hereto to any third party without the written consent of the other party hereto, which consent may be withheld in the party’s sole discretion.

 

12.       Entire Agreement; Amendment; Governing Law. This Agreement constitutes the entire Agreement between TrustCo and Cushing and all prior understandings and agreements between them, if any, concerning the same subject matter are merged herein and thus extinguished. This Agreement may not be modified except by a writing signed by both parties. This Agreement is made under, and shall be construed in accordance with the laws of the State of New York.

 

13.       Separability. If any provision hereof is declared void and unenforceable by any court of competent jurisdiction, the remaining provisions hereof shall remain in full force and effect.

 

14.       Binding Effect. This Agreement shall be binding on the parties hereto and their respective successors, heirs and assigns upon full execution by all parties.

IN WITNESS WHEREOF, TrustCo and Cushing have executed this Agreement as of the date first above written.

 

	 	
TRUSTCO BANK CORP NY

	 
	 	 	 	 
	 	
By:

	
/s/ Robert M. Leonard

	 
	 	
Name:

	 	
Robert M. Leonard

	 
	 	
Title:

	 	
Executive Vice President

	 
	 	 	 	 	 
	 	
/s/ Robert T. Cushing

	 
	 	
Robert T. CushingExhibit 4.1

INLAND REAL ESTATE INCOME TRUST, INC.

AMENDED AND RESTATED SHARE REPURCHASE
PROGRAM

The Board of Directors
(the “Board”) of Inland Real Estate Income Trust, Inc., a Maryland corporation (the “Company”),
has adopted this Amended and Restated Share Repurchase Program (this “Repurchase Program”) to permit and authorize
the Company to repurchase shares of its common stock, par value $0.001 per share (the “Shares”), subject to
the terms, conditions and limitations set forth herein. The terms on which the Company may repurchase Shares may differ between
repurchases upon the death or “Qualifying Disability” (as hereinafter defined) of a beneficial owner of Shares (“Exceptional
Repurchases”) and all other repurchases (“Ordinary Repurchases”).

The effective date of this Repurchase
Program is January 1, 2018.

		1.	Repurchase Price.

		(a)	In the case of Ordinary Repurchases, the Company is authorized to
repurchase Shares from its stockholders at the following prices per Share:

		(i)	if the Shares have been beneficially owned by the requesting stockholder
continuously for at least one (1) year, but less than two (2) years, the repurchase price per Share shall be equal to 92.5% of
the Share Price (as defined below);

		(ii)	if the Shares have been beneficially owned by the requesting stockholder
continuously for at least two (2) years, but less than three (3) years, the repurchase price per Share shall be equal to 95.0%
of the Share Price;

		(iii)	if the Shares have been beneficially owned by the requesting stockholder
continuously for at least three (3) years, but less than four (4) years, the repurchase price per Share shall be equal to 97.5%
of the Share Price; or

		(iv)	if the Shares have been beneficially owned by the requesting stockholder
continuously for at least four (4) years, the repurchase price per Share shall be equal to 100.0% of the Share Price.

		(b)	In the case of Exceptional Repurchases, the Company is authorized
to repurchase Shares from Requesting Parties (as hereinafter defined) at a repurchase price per Share equal to 100.0% of the Share
Price.

		(c)	As used herein “Share Price” shall have the following
meaning:

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		(i)	prior to the date that the Company first discloses an estimated value
per Share that is not based solely on the offering price of the Shares in the Company’s initial “best efforts”
offering (the “Valuation Date”), the Share Price shall be equal to the offering price of the Shares in the Company’s
initial “best efforts” offering (the “Offering Price”); provided, however, that if the Company has
sold properties or other assets and has made one or more special distributions to stockholders, designated as such by the Board,
of all or a portion of the net proceeds from the sales, the Share Price prior to the Valuation Date shall be equal to the Offering
Price less the amount of net sale proceeds per Share that constitute a return of capital distributed to stockholders as a result
of the sales; provided, further, that in the event that the requesting stockholder purchased his, her or its Shares from the Company
at a price that was less than the Offering Price, including at a discounted price through the DRP, as defined below (the “Reduced
Shares”), the Share Price applicable to the Reduced Shares prior to the Valuation Date shall be equal to the per Share
price paid by that stockholder for the Reduced Shares requested to be repurchased, further reduced, if applicable, as set forth
in the preceding proviso; and

		(ii)	after the Valuation Date, the Share Price shall be equal to the lesser
of: (A) the Share Price determined in paragraph (c)(i) above; or (B) the most recently disclosed estimated value per Share, as
determined by the Board, the Company’s business manager or another firm that the Company has chosen for that purpose.

		2.	Terms for Ordinary Repurchases.

		(a)	General. The Company may repurchase Shares, including fractional
Shares, as Ordinary Repurchases only if the stockholder requesting repurchase: (i) has beneficially owned the Shares continuously
for at least one (1) year (the “Holding Period”); and (ii) acquired his or her Shares directly from the Company
or received the Shares through a non-cash transaction.  A stockholder may elect to participate in the Repurchase Program with
respect to all or a designated portion of that stockholder’s Shares.  In the event that a stockholder is requesting
the repurchase of all of his, her or its Shares, the Company may waive the Holding Period for Shares purchased under the Company’s
Distribution Reinvestment Plan, as may be amended from time to time (the “DRP”).

		(b)	Funding.  In the case of Ordinary Repurchases, the Company
is authorized, for the purpose of repurchasing Shares under this Repurchase Program in a particular calendar quarter, to use solely
the proceeds related to the DRP during that particular quarter (the “Ordinary Funds”).  Notwithstanding
anything to the contrary herein, if, during any calendar quarter, the aggregate amount of Ordinary Funds exceeds the aggregate
amount needed to repurchase all Shares for which Ordinary Repurchase Requests have been received by the Company, the Company may,
but shall not be obligated to, carry over the excess amount of Ordinary Funds to a subsequent calendar quarter(s) for use in addition
to the amount of Ordinary Funds otherwise available for Ordinary Repurchases during that subsequent calendar quarter(s).

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		(c)	Repurchase Limitations.  Notwithstanding anything to
the contrary herein, and excluding any Shares repurchased as Exceptional Repurchases, the Company may not at any time repurchase
a number of Shares that exceeds five percent (5.0%) of the number of Shares outstanding on December 31 of the previous calendar
year (the “5% Limit”).  Further, in any given calendar quarter, funds used for the purpose of Ordinary
Repurchases may not exceed the Ordinary Funds, including any excess amount carried over pursuant to Section 2(b) above (the
“Funding Limit” and, together with the 5% Limit, the “Repurchase Limitations”).

		(d)	Pro Rata Repurchase.  The Company cannot guarantee that
it will be able to repurchase all Shares for which Ordinary Repurchase requests are received.  In any calendar quarter, if
the Company determines not to repurchase all Shares presented for repurchase during that quarter, including as a result of the
Company having satisfied the Repurchase Limitations, the Company shall, to the extent it decides to make Ordinary Repurchases,
repurchase Shares on a pro rata basis up to, but not in excess of, the Repurchase Limitations.  Any stockholder whose Ordinary
Repurchase request has been partially accepted by the Company in a particular calendar quarter shall have the remainder of his,
her or its request included with all new Ordinary Repurchase requests received by the Company in the immediately following calendar
quarter.  In the event a stockholder wishes to withdraw his, her or its repurchase request in the following calendar quarter,
he, she or it may provide the Company with a written request of withdrawal pursuant to Section 4(d).

		3.	Terms for Exceptional Repurchases.

		(a)	Exceptional Repurchase Upon Death. The Company may repurchase
Shares, including fractional Shares, as Exceptional Repurchases upon the death of a beneficial owner of Shares (an “Owner”),
provided that the Owner: (i) was a natural person, including Shares held by the Owner through a trust, or an IRA or other retirement
or profit-sharing plan; and (ii) acquired his or her Shares directly from the Company or received the Shares through a non-cash
transaction.  The Company must receive a written request for an Exceptional Repurchase upon death pursuant to Section 4(a)
from: (A) the estate of the Owner; (B) the recipient of the Shares through bequest or inheritance, even where the recipient subsequently
registered the Shares in his or her own name; or (C) in the case of the death of an Owner who purchased Shares and held those Shares
through a trust, the beneficiary of the trust, even where the beneficiary subsequently registered the Shares in his or her own
name, or, with respect to a revocable grantor trust, the trustee of that trust.  The Company must, however, receive the written
request within one year after the death of the Owner.  Any request not received within the one-year period will not be eligible
to be treated as an Exceptional Repurchase, but instead will be treated as an Ordinary Repurchase.  If persons are joint registered
holders of Shares, the request to repurchase the Shares may be made if either of the registered holders dies.  If the Owner
was not a natural person, such as a partnership, corporation or other similar entity, the right to an Exceptional Repurchase upon
death does not apply.

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		(b)	Exceptional Repurchase Upon Qualifying Disability.  The
Company may repurchase Shares, including fractional Shares, as Exceptional Repurchases upon the Qualifying Disability of a stockholder,
provided that the stockholder: (i) is a natural person, including Shares held by the stockholder through a trust, or an IRA or
other retirement or profit-sharing plan; and (ii) acquired his or her Shares directly from the Company or received the Shares through
a non-cash transaction.  The Company must receive a written request for an Exceptional Repurchase upon Qualifying Disability
within one year after the determination of disability.  Any request not received within the one-year period will not be eligible
to be treated as an Exceptional Repurchase, but instead will be treated as an Ordinary Repurchase.  If persons are joint registered
holders of Shares, the request to repurchase the Shares may be made if either of the registered holders has a Qualifying Disability. 
If the stockholder is not a natural person, such as a partnership, corporation or other similar entity, the right to an Exceptional
Repurchase upon Qualifying Disability does not apply.

		(c)	Definitions.

		(i)	As used herein, “Qualifying Disability” shall
have the following meaning: the receipt by the stockholder of disability benefits from an Applicable Governmental Agency following
a determination of the stockholder’s disability, arising after the date that the stockholder acquired the Shares to be repurchased,
made by the Applicable Governmental Agency.  Any determination of disability made by, or any receipt of disability benefits
from, a governmental agency other than an Applicable Governmental Agency shall not constitute a Qualifying Disability.

		(ii)	As used herein, “Applicable Governmental Agency”
shall have the following meaning:

		(A)	in the case of a stockholder who paid Social Security taxes and,
therefore, could be eligible to receive Social Security disability benefits, the Social Security Administration or the agency charged
with responsibility for administering Social Security disability benefits at that time if other than the Social Security Administration;

		(B)	in the case of a stockholder who did not pay Social Security taxes
and, therefore, could not be eligible to receive Social Security disability benefits, but who could be eligible to receive disability
benefits under the Civil Service Retirement System (the “CSRS”), the U.S. Office of Personnel Management or
the agency charged with responsibility for administering CSRS benefits at that time if other than the U.S. Office of Personnel
Management; or

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		(C)	in the case of a stockholder who did not pay Social Security taxes
and, therefore, could not be eligible to receive Social Security benefits but suffered a disability that resulted in the stockholder’s
discharge from military service under conditions that were other than dishonorable and, therefore, could be eligible to receive
military disability benefits, the Department of Veterans Affairs or the agency charged with the responsibility for administering
military benefits at that time if other than the Department of Veterans Affairs.

		(d)	Funding.  In the case of Exceptional Repurchases, the
Company is authorized, for the purpose of repurchasing Shares under this Repurchase Program, to use any funds that the Board in
its sole discretion may designate for this purpose.

		(e)	No Repurchase Limitations.  The 5% Limit will not apply
to Exceptional Repurchases.

		4.	General Terms of Repurchase.

		(a)	Repurchase Requests.  A stockholder, or, in the case
of an Exceptional Repurchase upon the death of an Owner, any person described in Sections 3(a)(A), (B) or (C)
(each, a “Requesting Party”), may request that the Company repurchase Shares by submitting a repurchase request,
in the form provided by the Company, to the Company’s transfer agent, DST Systems, Inc., or any successor entity (“DST”),
at the address provided on the form.

The repurchase request must state
the name of the person or entity who beneficially owns, or owned, the Shares and the number of Shares requested to be repurchased. 
In the case of a request for an Exceptional Repurchase upon the death of an Owner, the Requesting Party also must include, with
the repurchase request, evidence of the death of the Owner (which includes the date of death). In the case of a request for an
Exceptional Repurchase upon a Qualifying Disability, the Requesting Party must also include, with the repurchase request: (i) the
stockholder’s initial application for disability benefits; and (ii) a Social Security Administration Notice of Award, a U.S.
Office of Personnel Management determination of disability under CSRS, a Department of Veterans Affairs record of disability-related
discharge or such other documentation issued by an Applicable Governmental Agency that would demonstrate an award of the disability
benefit.

To be effective in a particular
calendar quarter, DST must receive a repurchase request at least five (5) business days prior to the end of the applicable calendar
quarter.

		(b)	No Encumbrances.  All Shares requested to be repurchased
under this Repurchase Program must (i) be, or in the case of an Exceptional Repurchase upon the death of an Owner, have been, beneficially
owned by the stockholder(s) of record making the presentment, or the party presenting the Shares must be authorized to do so by
the owner(s) of record of the Shares, and (ii) fully transferable and not be subject to any liens or other encumbrances. 
In certain cases, the Company may ask the Requesting Party to provide evidence satisfactory to the Company, in its sole discretion,
that the Shares requested for repurchase are free from liens and other encumbrances.  If the Company determines that a lien
or other encumbrance exists against the Shares, the Company shall have no obligation to repurchase, and shall not repurchase, any
of the Shares subject to the lien or other encumbrance.

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		(c)	Time of Repurchase.  The Company shall make repurchases
of Shares under this Repurchase Program as soon as reasonably practicable following the end of each calendar quarter or any other
business day that may be established by the Board (the “Repurchase Date”).  As soon as reasonably practicable
following the Repurchase Date, the Company shall send to the applicable Requesting Party all cash proceeds resulting from the repurchase
of the stockholder’s Shares.

		(d)	Withdrawal of Repurchase Request.  In the event a Requesting
Party wishes to withdraw his, her or its repurchase request to have Shares repurchased under this Repurchase Program, he, she or
it shall provide the Company with a written request of withdrawal.  The Company will not repurchase Shares so long as the
Company receives the written request of withdrawal at least five (5) business days prior to the end of the applicable calendar
quarter.

		(e)	Ineffective Withdrawal.  In the event the Company receives
a written notice of withdrawal, as described in Section 4(d), from a Requesting Party less than five (5) business days prior
to the end of the applicable calendar quarter, the notice of withdrawal shall not be effective with respect to the Shares repurchased,
but shall be effective with respect to any of the Shares not repurchased.  The Company shall provide the Requesting Party
with prompt written notice of the ineffectiveness or partial ineffectiveness of the written notice of withdrawal.

		5.	Treatment of Repurchased Shares.  All Shares repurchased
by the Company pursuant to this Repurchase Program shall be cancelled and shall have the status of authorized but unissued shares.

		6.	Termination of Repurchase Program.  This Repurchase Program
shall be suspended or terminated, as the case may be, and the Company shall not accept Shares for repurchase upon the occurrence
of any of the following:

		(a)	This Repurchase Program shall immediately terminate, without further
action by the Board or any notice to the Company’s stockholders, in the event the Shares are approved for listing on any
national securities exchange.

		(b)	This Repurchase Program may be suspended (in whole or in part) or
terminated at any time by the Board, in its sole discretion.

		7.	Amendment; Rejection of Requests.  Notwithstanding anything
to the contrary herein, this Repurchase Program may be amended, in whole or in part, by the Board, in its sole discretion, at any
time or from time to time.  Further, the Board reserves the right in its sole discretion at any time and from time to time
to reject any requests for repurchases.

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		8.	Miscellaneous.

		(a)	Notice.  In the event of any amendment, suspension or
termination of this Repurchase Program pursuant to Section 6(b) or Section 7 hereof, as the case may be, the Company
shall provide written notice to its stockholders at least thirty (30) days prior to the effective date of the amendment, suspension
or termination.  In addition, the Company shall disclose the amendment, suspension or termination in a report filed by the
Company with the Securities and Exchange Commission on either Form 8-K, Form 10-Q or Form 10-K, or any successor forms, as appropriate.

		(b)	Liability.  Subject to the limitations contained in the
Company’s articles of incorporation, as amended, neither the Company nor DST shall have any liability to any stockholder
for the value of the Shares presented for repurchase, the repurchase price of the Shares or for any damages resulting from the
presentation of Shares for repurchase or the repurchase of Shares under this Repurchase Program or from the Company’s determination
not to repurchase Shares under the Repurchase Program, except as a result of the Company’s or DST’s negligence, misconduct
or violation of applicable law; provided, however, that nothing contained herein shall constitute a waiver or limitation of any
rights or claims that a stockholder may have under federal or state securities laws.

		(c)	Taxes.  Stockholders shall have sole responsibility and
liability for the payment of all taxes, assessments and other applicable obligations resulting from the repurchase of Shares pursuant
to this Repurchase Program and neither the Company nor DST shall have any such responsibility or liability.

		(d)	Administration and Costs.  DST shall perform all recordkeeping
and other administrative functions involved in operating and maintaining the Repurchase Program.  The Company shall bear all
costs involved in organizing, administering and maintaining the Repurchase Program.  No fees will be paid to the Company’s
sponsor, its business manager, its directors or any of their affiliates in connection with the repurchase of Shares by the Company
pursuant to this Repurchase Program.

 

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