Document:

RYAM EX 10.3 Q1 2015

EXHIBIT 10.3

RAYONIER ADVANCED MATERIALS INC.
EXECUTIVE SEVERANCE PAY PLAN

Modified Effective January 1, 2016

	
			
	 
	 
	 

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EXHIBIT 10.3

RAYONIER ADVANCED MATERIALS INC.

EXECUTIVE SEVERANCE PAY PLAN
AMENDED AND RESTATED AS OF JANUARY 1, 2016

1.Purpose
The Compensation and Management Development Committee of the Board of Directors of Rayonier Advanced Materials Inc. recognizes that, as with many publicly held corporations, there exists the possibility of a Change in Control of the Company.  This possibility and the uncertainty it creates may result in the loss or distraction of senior executives of the Company, to the detriment of the Company and its shareholders.
Accordingly, the Committee has determined that appropriate steps should be taken to assure the Company of the continued employment, attention and dedication to duty of its senior executives-including maintaining professionalism, indifference and objectivity in negotiating with a potential acquirer and to seek to ensure the availability of their continued service, notwithstanding the possibility, threat, or occurrence of a Change in Control.
Therefore, in order to fulfill the above purposes, this Amended and Restated Executive Severance Pay Plan is adopted effective as of January 1, 2016 for any Change in Control occurring pursuant to a definitive agreement that is executed and delivered on or after January 1, 2016; provided, however, that for any Change in Control occurring pursuant to a definitive agreement that is executed and delivered prior to January 1, 2016, the terms of this Plan as were in effect on the date of execution and delivery of such definitive agreement shall in all events control.
The definitions of capitalized terms are located in Section 8.
2.    Covered Employees
Covered employees under this Plan are those full-time, regular executive salaried employees of the Company, who are identified and designated as Tier I or Tier II on Appendix A attached hereto (each an “Executive”), as such Appendix A may be amended by the Committee from time to time prior to a Change in Control.
An Executive shall cease to be a participant in this Plan only as a result of termination or amendment of this Plan complying with Section 13, or when he or she ceases to be a full time employee of the Company, unless, at the time he or she ceases to be an employee, such Executive is entitled to payment of Separation Benefits as provided in this Plan or there has been an event or occurrence that constitutes Good Reason after a Change in Control that would enable Executive to terminate his or her employment and receive Separation Benefits.  An Executive entitled to payment of Separation Benefits under the Plan shall remain a participant in the Plan until the full amount of the Separation Benefits has been paid to Executive. 

	
			
	 
	 
	 

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EXHIBIT 10.3

3.    Upon a Qualifying Termination
		
	A.
	Qualifying Termination.  If, within two years following a Change in Control, (a) an Executive terminates his or her full time employment for Good Reason, or (b) the Company terminates an Executive’s full time employment, the Executive shall be provided Scheduled Severance Pay and Additional Severance (collectively, “Separation Benefits”) in accordance with the terms of this Plan, except that Separation Benefits shall not be payable where Executive:

		
	•
	is terminated for Cause;

		
	•
	voluntarily resigns (including normal retirement), other than for Good Reason;

		
	•
	voluntarily fails to return from an approved leave of absence (including a medical leave of absence); or

		
	•
	terminates employment as a result of Executive’s death or Disability.

Any non-excepted termination is a “Qualifying Termination.”
		
	B.
	Definitions Related to Qualifying Termination.  For purposes of this Section 3, the following terms have the indicated definitions:

“Cause” shall mean with respect to any Executive: (i) the willful and continued failure of Executive for a period of ninety (90) days to perform substantially Executive’s duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to Executive by the Board of Directors of the Company that specifically identifies the manner in which the Board believes that Executive has not substantially performed Executive’s duties, or (ii) the engaging by Executive in illegal conduct or gross misconduct that is demonstrably injurious to the Company.  For purposes of this definition, no act or failure to act on the part of Executive shall be considered “willful” unless it is done, or omitted to be done, by Executive without reasonable belief that Executive’s action or omission was in the best interests of the Company.  Any act or failure to act based upon authority given pursuant to a resolution duly adopted by the Board of Directors or upon the instructions of the Chief Executive Officer or a senior officer of the Company or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and, in the best interests of the Company.  An Executive shall be deemed to have engaged in illegal conduct and shall be subject to termination for Cause if Executive has been indicted or charged by any prosecuting agency with the commission of a felony.  
“Disability” shall mean an illness or injury that has prevented Executive from performing his or her duties (as they existed immediately prior to the illness or injury) on a full-time basis for 180 consecutive business days.
“Good Reason” shall mean, with respect to any Executive: (i) the assignment to Executive of any duties inconsistent in any respect with Executive’s position (including status, offices, 

	
			
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EXHIBIT 10.3

titles and reporting requirements), authority, duties or responsibilities immediately before the Change in Control, or any other action by the Company that results in a significant diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by Executive; (ii) any material reduction in Executive’s Base Pay, opportunity to earn annual bonuses or other compensation or employee benefits, other than as a result of an isolated and inadvertent action not taken in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by Executive; (iii) the Company’s requiring Executive to relocate his or her principal place of business to a place which is more than thirty-five (35) miles from his or her previous principal place of business; or (iv) any purported termination of this Plan otherwise than as expressly permitted by this Plan.  Notwithstanding the foregoing, no termination shall be deemed to be for Good Reason unless (1) Executive gives written notice to the Company of the event or condition claimed to constitute Good Reason within ninety (90) days of the first occurrence of such event or condition, (2) the Company fails to cure such event or condition within thirty (30) days of such notice, and (3) Executive gives a notice of termination specifying  a date of termination not later than one hundred and twenty (120) days after delivery by Executive of the written notice to the Company of the event or condition claimed to constitute Good Reason; provided further that, no basis for a termination for “Good Reason” shall apply if it would cause any portion of the resulting amounts payable hereunder to cease to be eligible for the short-term deferral exception to the application of Code Section 409A Rules.
4.    Plan Benefits
For purposes of this Plan, “Plan Benefits” consist of (i) Scheduled Severance Pay calculated as provided in Section 4A, (ii) Additional Severance calculated as provided in Section 4B and Section 4C, and (iii) the Equity Benefits as provided in Section 4D.  The Company shall pay the Scheduled Severance Pay and Additional Severance to Executive in a lump sum not later than ten (10) days after the Effective Date of the Executive’s Qualifying Termination; provided that, no portion of the Scheduled Severance Pay or Additional Severance that is payable on account of an Executive’s Separation from Service shall be paid earlier than the end of the Separation Delay Period if the payment is on account of such Separation from Service and at that date the Executive is a Specified Employee; provided that, such delay in payment shall not apply to any portion of the Scheduled Severance Pay or Additional Severance that is excepted from such delay under the Code Section 409A Rules as a Short-Term Deferral or Separation Pay.  The Company shall pay the Equity Benefits as provided in Section 4D upon the Executive’s Qualifying Termination; provided that, no portion of the Equity Benefits that is payable as a result of the Executive’s Separation from Service shall be paid prior to the end of the Separation Delay Period if on the date of such Separation from Service the Executive was a Specified Employee; and provided further that, such delay in payment shall not apply to any such amounts that are excepted from such delay under the Code Section 409A Rules as Short-Term Deferrals or Separation Pay.
		
	A.
	An Executive’s “Scheduled Severance Pay” is the product of the Executive’s Base Pay times the Executive’s Applicable Tier Multiplier.

	
			
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EXHIBIT 10.3

		
	B.
	An Executive’s “Additional Severance” is the sum of the Executive’s Benefits Continuation Amount, calculated as provided in Section 4C below, and the Executive’s Bonus Severance, calculated as provided in this Section 4B.

		
	(i)
	An Executive’s “Bonus Severance” is the product of the Executive’s Applicable Bonus times the Executive’s Applicable Tier Multiplier, together with an additional amount equal to the Executive’s Current Pro-rata Bonus.

		
	(1)
	An Executive’s “Applicable Bonus” is the greatest of (A) the highest bonus amount actually paid to the Executive under the Rayonier Advanced Materials annual incentive bonus plan (the “Bonus Plan”) in the three year period comprised of the year of the Qualifying Termination and the two immediately preceding calendar years, (B) the Executive’s Target Bonus Award under the Bonus Plan for the year in which the Change in Control takes place or (C) the Executive’s Target Bonus Award under the Bonus Plan in the year of Qualifying Termination.  The Executive’s Applicable Bonus shall be determined without regard to any election the Executive may have made to defer receipt of all or any portion thereof as if there had been no deferral election in effect.

		
	(2)
	An Executive’s “Current Pro-rata Bonus” is equal to the product of the Executive’s Applicable Bonus times a fraction the numerator of which is the number of months or portion thereof lapsed in the then current year prior to the Qualifying Termination and the denominator of which is twelve.

		
	C.
	Benefits Continuation Amounts.  The Executive’s Benefits Continuation Amount is the sum of the Executive’s Retirement Savings Adjustment and Other Benefits Adjustment.  The Executive’s Retirement Savings Adjustment shall be in addition to amounts to which Executive is entitled under the Retirement Plan for Salaried Employees of Rayonier Advanced Materials Inc., the Retirement Plan for Salaried Employees of ITT Corporation, the Rayonier Advanced Materials Investment and Savings Plan for Salaried Employees and the Supplemental Plans (collectively, the “Retirement Plans”), in effect on the Effective Date of the Qualifying Termination.  (Capitalized terms in this Section 4C that are not otherwise defined here or elsewhere in this Plan shall have the meaning ascribed to them in the applicable Retirement Plans.) 

		
	(i)
	An Executive’s “Retirement Savings Adjustment” is an amount equal to the excess of (X) over (Y), where (X) is the “Equivalent Actuarial Value” of the benefit to which Executive would have been entitled under the terms of the Retirement Plans, without regard to “vesting” thereunder, had Executive accumulated an additional 3 years of eligibility service as a fully vested participant in the Retirement Plans and an additional 3 years of benefit service in all the Retirement Plans other than the Retirement Plan for Salaried Employees of ITT Corporation and the ITT Supplemental Plans and as if Executive were 3 years older, solely for purposes of benefit eligibility and determining the amount of reduction in benefit on account of payment commencing prior to the Executive’s normal retirement date, and by 

	
			
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EXHIBIT 10.3

defining Executive’s “Final Average Compensation” as equal to the greater of Executive’s Base Pay on the Effective Date of Executive’s Qualifying Termination or Executive’s Final Average Compensation as determined under the terms of the Retirement Plan for Salaried Employees of Rayonier Advanced Materials Inc., and (Y) is the Equivalent Actuarial Value of the amounts otherwise actually payable to Executive under the Retirement Plans.  The Equivalent Actuarial Value shall be determined using the same assumptions utilized under the Rayonier Advanced Materials Inc. Excess Benefit Plan upon the date of payment of the Benefits Continuation Amount and based on Executive’s age on such date.
Notwithstanding the foregoing, for purposes of calculating the Retirement Savings Adjustment, Executive shall not be required to contribute to the Rayonier Advanced Materials Investment and Savings Plan for Salaried Employees (the “Savings Plan”) or the Rayonier Advanced Materials Inc. Excess Savings and Deferred Compensation Plan (the “Excess Plan”) as a condition to receiving the Retirement Savings Adjustment nor shall the Company be required to include in the Retirement Savings Adjustment amounts attributable to contributions Executive would have made under the Savings Plan or the Excess Plan had Executive continued to participate in those plans.  The Company shall only be obligated to include in the Retirement Savings Adjustment the Company contributions that would have been made under the Savings Plan and the Excess Plan had Executive continued to participate in those plans at the level of compensation and rate of contribution in effect as of the pay date immediately preceding the Effective Date of the Qualifying Termination, without allocating any deemed earnings to said Company contributions.
		
	(ii)
	Other Benefits Adjustment.  The “Other Benefits Adjustment” is an amount equal to the sum of the Medical Benefits Payment, the Executive Tax Services Payment and the Outplacement Services, determined as provided in subsections (1) - (3) below.

		
	(1)
	An Executive’s “Medical Benefits Payment” is the product of the employer contribution component of the health and welfare plans maintained for the Executive as of the Change in Control under the applicable employee welfare benefit plan (within the meaning of Section 3(1) of ERISA) maintained by the Company for the benefit of the Company’s employees at such date, times the Executive’s Applicable Tier Multiplier, discounted for present value applying a 4% discount rate.

		
	(2)
	An Executive’s “Executive Tax Services Payment” means $10,000 in the case of a Tier II Executive and, in the case of a Tier I Executive, the amount that otherwise would be payable for one year under the Company’s Senior Executive Tax Plan (or any successor thereto), as applicable to the Executive immediately prior to the Change in Control, together with an amount equal to any Senior Executive Tax Plan benefits accrued but unpaid as of the Effective Date of the Qualifying Termination.

	
			
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EXHIBIT 10.3

		
	(3)
	“Outplacement Services” means the cost of outplacement services, the scope and provider of which shall be selected by Executive in his or her sole discretion, for a period not to extend beyond twelve (12) months after the Effective Date of Executive’s Qualifying Termination, in an amount not to exceed $30,000 in the aggregate.

		
	D.
	Equity Benefits.  Company shall provide to Executive the following additional benefits upon a Qualifying Termination of the Executive, to the extent not actually provided under an Applicable Incentive Stock Plan of the Company (collectively, the “Equity Benefits”).  Terms used in this Section 4D not otherwise defined in this Plan shall have the meaning assigned in the Applicable Incentive Stock Plan.

		
	(i)
	Options.  The Company shall cause all of the options to purchase the Common Shares of the Company (“Stock Options”) granted to Executive prior to the Qualifying Termination by the Company to become immediately exercisable in full in accordance with the terms of the Applicable Incentive Stock Plan pursuant to which they were issued (provided that no Stock Option shall be exercisable after the termination date of such Stock Option).

		
	(ii)
	Restricted Stock.  The Company shall (a) cause Executive to immediately vest in all outstanding shares of Restricted Stock that were the subject of an Award under the Applicable Incentive Stock Plan, which Restricted Stock is held by or for the benefit of the Executive immediately prior to the Qualifying Termination without any remaining restrictions other than those imposed by applicable securities laws, and (b) issue stock certificates in respect thereof to Executive without a restrictive legend. 

		
	(iii)
	Restricted Stock Units.  The Company shall cause all unvested Restricted Stock Units granted to Executive prior to the Qualifying Termination by the Company to become immediately vested and to be settled in accordance with the terms of the Applicable Incentive Stock Plan.

		
	(iv)
	Performance Share Awards.  In the event of a Qualifying Termination, Awards of “Performance Shares” under all “Performance Share Award Programs” shall be settled as follows:  (a) with respect to any Award for which the applicable Performance Period is more than 50% completed, the Performance Period shall be deemed to end as of the date of the Qualifying Termination and the Executive shall receive the greater of (1) the result obtained by applying the share price at the closing of the transaction causing the Change in Control for purposes of measuring Company performance with that of the comparison group at that time under the applicable program, and (2) the Award at 100% of target performance under the applicable program; and (b) with respect to any Award as to which the applicable Performance Period is not more than 50% completed, the Executive shall receive the Award at 100% of target performance under the applicable program.

	
			
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EXHIBIT 10.3

		
	(v)
	Coordination with Incentive Stock Plans.  Any amounts paid or payable hereunder shall be an offset against amounts otherwise due from the Company under the Applicable Incentive Stock Plan in respect of the same Award covered herein.

		
	(vi)
	Coordination with Section 409A.  If at any time the payment of an Equity Benefit would be deemed to be payable to an Executive as a result of the Executive’s Separation from Service, payment of such Equity Benefit shall not be made earlier than the end of the Separation Delay Period where on the date of the Separation from Service the Executive was a Specified Employee; provided that, such delay in payment shall not apply to any portion of the Equity Benefit that is excepted from such delay under the Code Section 409A Rules as a Short-Term Deferral, Separation Pay or otherwise.  It is the intention that all payments under this Plan be excluded from penalties under the Code Section 409A Rules.

5.    Dispute Resolution
		
	A.
	In the event any dispute arises between Executive and the Company as to the validity, enforceability and/or interpretation of any right or benefit afforded by this Plan, at Executive’s option such dispute shall be resolved by binding arbitration proceedings in accordance with the rules of the American Arbitration Association.  The arbitrators shall presume that the rights and/or benefits afforded by this Plan which are in dispute are valid and enforceable and that Executive is entitled to such rights and/or benefits.  The Company shall be precluded from asserting that such rights and/or benefits are not valid, binding and enforceable and shall stipulate before such arbitrators that the Company is bound by all the provisions of this Plan.  The burden of overcoming by clear and convincing evidence the presumption that Executive is entitled to such rights and/or benefits shall be on the Company.  The results of any arbitration shall be conclusive on both parties and shall not be subject to judicial interference or review on any ground whatsoever, including without limitation any claim that the Company was wrongfully induced to enter into this agreement to arbitrate such a dispute. 

The Company shall pay the cost of any arbitration proceedings under this Plan.  Executive shall be entitled (within two (2) business days of requesting such advance) to an advance of the actual legal fees and expenses incurred by such Executive in connection with such proceedings and Executive shall be obligated to reimburse the Company for such fees and expenses in connection with such arbitration proceedings only if it is finally and specifically determined by the arbitrators that Executive’s position in initiating the arbitration was frivolous and completely without merit.
		
	B.
	In the event Executive is required to defend in any legal action or other proceeding the validity or enforceability of any right or benefit afforded by this Plan, the Company will pay any and all actual legal fees and expenses incurred by such Executive regardless of the outcome of such action and, if requested by Executive, shall (within two business days of such request) advance such expenses to Executive.  The Company shall be precluded from asserting in any judicial or other proceeding commenced with respect to any right or benefit afforded by this Plan that such rights and benefits are not valid, binding and enforceable 

	
			
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EXHIBIT 10.3

and shall stipulate in any such proceeding that the Company is bound by all the provisions of this Plan.
		
	C.
	Amounts payable by the Company under this Section 5 shall in the first instance be paid by the trustee under the trust established by that certain Trust Agreement, known as the “Legal Resources Trust”, to the extent such amounts were previously transferred by the Company to the trustee of the Legal Resources Trust.

6.    Covenants of Executive
		
	A.
	As a condition to the receipt of a designated portion of  the Plan Benefits otherwise payable hereunder in cash (such portion, the “Covenant Amount”) and in consideration thereof, Executive shall be deemed to have made and be bound by the “Change in Control Covenants” (defined below), which at the request of the Company shall be acknowledged by Executive in a simple declarative statement “I hereby confirm that I am bound by the Change in Control Covenants” attested to in writing by the Executive.  The Covenant Amount shall be equal to so much of the identified amount payable in cash as the Company shall designate in a written notice to Executive given within thirty (30) days of the Qualifying Termination; provided that, the Covenant Amount shall not exceed an amount equal to the Base Pay of Executive immediately before the Qualifying Termination multiplied by the Executive’s Applicable Tier Multiplier and determined by the Company in good faith to be reasonable compensation for the Change in Control Covenants.  For the sake of clarity, the Covenant Amount shall not be an additional payment beyond the Plan Benefits provided for under this Plan; rather, a portion of the Plan Benefits that the Executive is otherwise entitled to receive hereunder shall be allocated as the Covenant Amount; and provided further that, an Executive who receives any Plan Benefit under this Plan shall make, and will be bound by, the Change in Control Covenants.  

		
	B.
	The Executive’s “Change in Control Covenants” are the Non-compete Covenants and the Confidentiality Covenants as set forth in this Section 6B.

		
	(vii)
	Non-compete Covenants.  For a period  equal to one year following a Qualifying Termination (the “Covenant Period”), Executive covenants that Executive shall not, without the prior authorization of the Company (which shall not be unreasonably withheld):

		
	(1)
	accept or maintain employment with, or act as a principal of, or advisor or consultant to, or otherwise act as an agent of, any person, firm, corporation or other entity that competes directly with Company immediately before the Qualifying Termination; or

		
	(2)
	solicit any client having a relationship with the Company to terminate or reduce in a way materially adverse to the Company any relationship such client has with the Company; or

	
			
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EXHIBIT 10.3

		
	(3)
	solicit for employment any individual that was employed by the Company within sixty (60) days preceding the Qualifying Termination and who was employed by the Company during the Covenant Period and within sixty (60) days prior to such solicitation; or

		
	(4)
	except as permitted or compelled by law, orally or in writing, disparage, demean or deprecate the Company or any products of the Company.

		
	(viii)
	Confidentiality Covenants.  While employed by the Company following the Change in Control, and for a period of two (2) years following a Qualifying Termination (the “Confidential Information Period”), Executive covenants that Executive shall not disclose or make available to any person or entity any “Confidential Information” (as defined below) and shall not use or cause to be used any Confidential Information for any purpose other than fulfilling Executive’s employment obligations to the Company, without the express prior written authorization of the Company.  For this purpose, “Confidential Information” means all information about the Company relating to any of its products or services or any phase of operations, including, without limitation, business plans and strategies, trade secrets, know-how, contracts, financial statements, pricing strategies, costs, customers and potential customers, vendors and potential vendors, marketing and distribution information, business results, software, hardware, databases, processes, procedures, technologies, designs, concepts, ideas, and methods not generally known through legitimate means to any of its competitors with which Executive became acquainted during the term of employment by the Company. 

Confidential Information also includes confidential information of third parties made available to the Company on a confidential basis, but does not include information which is generally known to the public without breach by Executive, (b) was given to Executive by a third party without any obligation of confidentiality, or (c) was obtained or independently developed by Executive prior to or following employment by the Company without the use of information that is otherwise Confidential Information.
		
	(ix)
	Certain Public Company Employment.  Executive will not be considered to have violated the covenant in Section 6B(i)(1) above by employment with a public company that competes with the Company as long as no competing division of the public company reports to Employee.

		
	C.
	Remedies Limited to Equitable Relief.  By accepting payment of the Covenant Amount, Executive shall be deemed (a) to have acknowledged that in the event Executive breaches any of the Change in Control Covenants, the damages to the Company would be irreparable and that the Company shall have the right to seek injunctive and/or other equitable relief in any court of competent jurisdiction to enforce the Change in Control Covenants and (b) to have consented to the issuance of a temporary restraining order to maintain the status quo pending the outcome of any proceeding.  The foregoing shall be the exclusive remedy of the Company for a breach of the Change in Control Covenants and under no circumstances 

	
			
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EXHIBIT 10.3

shall the Company be entitled to seek return of all or any portion of the Covenant Amount or of any other amount payable hereunder, nor shall the Company be awarded or accept monetary damages for any such breach.
7.    Section 280G Cutback
		
	A.
	Notwithstanding any provision of this Plan to the contrary, in the event that the payments and other benefits payable under this Plan or otherwise payable to the Executive under any other plan, program, arrangement, or agreement maintained by the Company or one of its affiliates (i) would constitute an “excess parachute payment” (as defined under Code Section 280G ) and (ii) would be subject to the excise tax imposed by Section 4999 of the Code, then such payments and other benefits shall be payable either (x) in full or (y) in a reduced amount that would result in no portion of such payments and other benefits being subject to the excise tax imposed under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state, and local income taxes and the excise tax imposed by Section 4999 of the Code, results in the receipt by such Executive on an after-tax basis, of the greatest amount of severance benefits under this Plan or otherwise, notwithstanding that all or some portion of such severance benefits may be taxable under Section 4999 of the Code.

		
	B.
	The determination of whether it is necessary to decrease a payment or benefit to be paid under this Plan must be made in good faith by a  nationally recognized certified public accounting firm (the “Accounting Firm”) selected by the Company. This determination will be conclusive and binding upon the Executive and the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity, or group effecting the Change in Control, the Company shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder).  The Company shall bear all fees of the Accounting Firm. If a reduction is necessary, the Executive will have the right to designate the particular payment or benefit to be reduced or eliminated so that no portion of the payment or benefit to be paid to the Executive will be an excess parachute payment subject to the deduction limits under Section 280G of the Code and the excise tax under Section 4999. However, no payment of “deferred compensation” (as defined under Treasury Regulation Section 1.409-1(b)(1) after giving effect to the exemptions in Treasury Regulation Sections 1.409-1(b)(3) through (b)(12)) may be reduced to the extent that a reduction can be made to any payment or benefit that is not “deferred compensation.”

8.    Definitions
The following terms used in this Plan have the indicated meaning:
“Accounting Firm” has the meaning set forth in Section 7.
“Additional Severance” with respect to an Executive means the sum of Executive’s Benefits Continuation Amount and Executive’s Bonus Severance as set forth in Section 4B.

	
			
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EXHIBIT 10.3

“Applicable Bonus” has the definition set forth in Section 4B(i)(1).
“Applicable Incentive Stock Plan” means the Rayonier Advanced Materials Incentive Stock and Management Bonus Plan, as amended, as the context dictates, as in effect immediately prior to a Change in Control.
“Applicable Tier Multiplier” means three (3) for Tier I Executives and two (2) for Tier II Executives.
“Award” has the meaning set forth in the Applicable Incentive Stock Plan, as the context requires.
“Base Pay” means the annual base salary rate payable to Executive at the Effective Date of the Qualifying Termination, including compensation converted to other benefits under a flexible pay arrangement maintained by the Company or deferred pursuant to a written plan or agreement with the Company, provided that, such annual base salary rate shall in no event be less than the highest annual base salary rate paid to Executive at any time during the twenty-four (24) month period immediately preceding the Change in Control.
“Benefits Continuation Amount” with respect to an Executive means the amount calculated as provided in Section 4C and payable upon a Qualifying Termination.
“Bonus Plan” has the definition set forth in Section 4B(i)(1).
“Bonus Severance” with respect to an Executive means the sum of the amount calculated under Section 4B(i)(1) and the Current Pro-rata Bonus calculated under Section 4B(i)(2), and payable upon a Qualifying Termination.
“Businesses” has the definition set forth in Section 6B(i)(1).
“Cause” has the definition provided in Section 3B.
“Change in Control” has the definition set forth in the Retirement Plan for Salaried Employees of Rayonier Advanced Materials Inc., and as the same may be hereafter amended from time to time prior to the occurrence of a Change in Control. 
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and “Code Section 409A Rules” shall mean Section 409A of the Code and the final regulations and other IRS guidance promulgated thereunder, as in effect from time to time.
“Committee” means the Compensation and Management Development Committee of the Board of Directors of the Company.
“Company” means Rayonier Advanced Materials Inc. and any successor to, or assignee of, the business or assets thereof that becomes bound by this Plan as provided in Section 10.
“Confidentiality Covenants” with respect to an Executive are the covenants set forth in Section 6B (ii) and for which purpose “Confidential Information” has the definition set forth in Section 6 B(ii).

	
			
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EXHIBIT 10.3

“Covenant Amount” with respect to an Executive is the cash portion of Plan Benefits designated as provided in Section 6A.
“Covenant Period” is the period determined under Section 6B(i) during which an Executive is bound by the Non-compete Covenants.
“Current Pro-rata Bonus” has the definition set forth in Section 4B(i)(2).
“Disability” has the definition provided in Section 3B.
“Effective Date of the Qualifying Termination” is the date the Company selects as the Executive’s last day of active full-time employment.
“Equity Benefits” means the Plan Benefits payable upon a Qualifying Termination as provided in Section 4D.
“Equivalent Actuarial Value” has the definition applicable under the Retirement Plans.
“Executive Tax Services Payment” means the amount calculated in accordance with Section 4C(ii)(2). 
“Excess Plan” has the definition provided in Section 4C(i).
“Executive” means a person identified on Appendix A, as amended from time to time by the Committee prior to a Change in Control.
“Final Average Compensation” has the meaning applicable under the Retirement Plans.
“Good Reason” has the definition provided in Section 3B. “Legal Resources Trust” has the definition provided in Section 5C.
“Medical Benefits Payment” means the amount calculated in accordance with Section 4C(ii)(1). 
“Non-compete Covenants” with respect to an Executive are the covenants set forth in Section 6(B)(i). 
“Other Benefits Adjustment” has the definition in Section 4C(ii).
“Outplacement Services” has the definition set forth in Section 4C(ii)(3).
“Performance Shares” and “Performance Share Award Programs” mean the right to receive contingent performance shares or performance shares (or other Awards) to be made at the end of a performance period under programs adopted by the Committee under Section 6 of the Applicable Incentive Stock Plan under which such program was authorized, upon attainment of the comparative performance measures provided for in such program.
“Plan Benefits” has the definition provided in Section 4.

	
			
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EXHIBIT 10.3

“Plan Change” has the definition set forth in Section 13.
“Plan” means this Executive Severance Pay Plan effective as provided in Section 17.
“Qualifying Termination” has the definition provided in Section 3A.
“Retirement Plans” has the definition provided in Section 4C.
“Retirement Savings Adjustment” with respect to an Executive means the amount calculated in accordance with Section 4C(i), for which purpose “normal retirement date” means the first of the month that coincides with or follows Executive’s 65th birthday.
“Savings Plan” has the definition set forth in Section 4C(i).
“Scheduled Severance Pay” with respect to an Executive means the amount calculated as provided in Section 4A and payable upon a Qualifying Termination.
“Separation Benefits” as provided in Section 3A means with respect to an Executive means the sum of the Executive’s Scheduled Severance Pay and Additional Severance payable in respect of a Qualifying Termination.
“Separation Delay Period” shall mean the six month period following the date of an Executive’s Separation from Service (or such other applicable period as may be provided for by Section 409A(a)(2)(B)(i) of the Code as in effect at the time), or earlier upon the death of the Executive, such that any payment delayed during the Separation Delay Period is to be paid on the first business day of the seventh month following the Separation from Service or, if earlier, such Executive’s death.
“Separation from Service” and “Separation Pay” and “Short-Term Deferral” and “Specified Employee” shall have the respective meanings assigned such terms under the Code Section 409A Rules. 
“Severance Trust” has the definition provided in Section 11.
“Supplemental Plans” means any excess benefit plan, within the meaning of Section 3(36) of the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder (“ERISA”), or any supplemental executive retirement plan or other employee pension benefit plan, within the meaning of Section 3(2) of ERISA, not intended to be qualified under Section 401 (a) of the Code, maintained by the Company or by ITT Corporation, subject to the terms and conditions of such plans, in which the Executive is entitled to benefits by virtue of his employment with the Company or prior employment by ITT Corporation.
“Target Bonus Award” means the standard bonus target percentages of base salaries, as defined under the Bonus Plan for the respective executive salary grades as determined pursuant to Company base salary compensation schedules in effect for eligible executives at a 100 percent performance factor as of December 31 of the year in which the Change in Control takes place.

	
			
	90965725.4
	14
	 

.

EXHIBIT 10.3

“Tier I” or “Tier II” means the designation assigned to an Executive on Appendix A as adopted and in effect immediately prior to a Change in Control.
9.    Release
No Separation Benefits will be provided under this Plan unless Executive executes and delivers to the Company a mutual release, satisfactory to the Company, in which Executive discharges and releases the Company and the Company’s directors, officers, employees, and employee benefit plans from all claims (other than for benefits, to which Executive is entitled under this Plan or any Company employee benefit plan) arising out of Executive’s employment or termination of employment and the Company discharges and releases Executive from any and all claims arising out of Executive’s employment or termination of employment with the Company.
10.    Successor to Company
This Plan shall bind any successor of the Company, its assets, or its businesses (whether direct or indirect, by purchase, merger, consolidation, or otherwise), in the same manner and to the same extent that the Company would be obligated under this Plan if no succession had taken place.
In the case of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by this Plan, the Company shall require such successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan, in the  same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
11.    Administration of Plan/Coordination with Severance Trust
The Company is the Named Fiduciary for the Plan under ERISA.  The Committee is the Plan Administrator, which shall have the exclusive right to interpret this Plan, adopt any rules and regulations for carrying out this Plan as may be appropriate and, except as otherwise provided in this Plan, decide any and all matters arising under this Plan.  All interpretations and decisions by the Committee shall be final, conclusive and binding on all parties affected thereby.
Amounts payable by the Company under this Plan (except under Section 5) may be made by direction of the Company to the trustee under the trust established by that certain Trust Agreement for the Rayonier Advanced Materials Inc. Supplemental Senior Executive Pay Plan (the “Severance Trust”), to the extent such amounts were previously transferred by the Company to the trustee of the Severance Trust, but shall be deemed to have been paid only upon receipt by the Executive.
12.    Claims Procedure
If an employee or former employee makes a written request alleging a right to receive benefits under this Plan or alleging a right to receive an adjustment in benefits being paid under the Plan, the Company shall treat it as a claim for benefit.  All claims for benefit under the Plan shall be sent to the Company’s Senior Vice President, Human Resources, or such other officer as may be designated by the Committee, and must be received within thirty (30) days after termination of 

	
			
	90965725.4
	15
	 

.

EXHIBIT 10.3

employment.  If the Company determines that any individual who has claimed a right to receive benefits, or different benefits, under the Plan is not entitled to receive all or any part of the benefits claimed, it will inform the claimant in writing of its determination and the reasons therefor in terms calculated to be understood by the claimant.  The notice will be sent within ninety (90) days of the claim unless the Company determines additional time, not exceeding ninety (90) days, is needed.  The notice shall make specific reference to the pertinent Plan provisions on which the denial is based, and describe any additional material or information as necessary.  Such notice shall, in addition, inform the claimant what procedure the claimant should follow to take advantage of the review procedures set forth below in the event the claimant desires to contest the denial of the claim.  The claimant may within ninety (90) days thereafter submit in writing to the Company a notice that the claimant contests the denial of his or her claim by the Company and desires a further review.  The Company shall within sixty (60) days thereafter review the claim and authorize the claimant to appear personally and review pertinent documents and submit issues and comments relating to the claim to the persons responsible for making the determination on behalf of the Company.  The Company will render its final decision with specific reasons therefor in writing and will transmit it to the claimant within sixty (60) days of the written request for review, unless the Company determines additional time, not exceeding sixty (60) days, is needed, and so notifies the employee.  If the Company fails to respond to a claim filed in accordance with the foregoing within sixty (60) days or any such extended period, the Company shall be deemed to have denied the claim.  If the appeal is denied, the Committee’s written notification to the claimant shall set forth: (1) the specific reason for the adverse determination; (2) specific reference to pertinent provisions on which the Committee based its adverse determination; (3) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies, of, all documents, records and other information relevant to the claimant’s claim for benefits; and (4) a statement that the claimant has a right to bring a civil action under Section 502(a) of ERISA.
13.    Termination or Amendment
The Committee or the Company’s Board of Directors may amend or terminate this Plan (a “Plan Change”) at any time, except that no such Plan Change may reduce or adversely affect Separation Benefits for any Executive who has a Qualifying Termination within two years of the effective date of such Plan Change provided that Executive was a Covered Employee under this Plan on the date of the Plan Change; provided that (a) a change in Appendix A prior to a Change in Control shall not be deemed to be a Plan Change and (b) an Executive by accepting any benefit under this Plan that was introduced prior to a Change in Control and not available prior to the Plan Change, shall be deemed to have waived the two-year limitation.  Notwithstanding the foregoing, for two years after the occurrence of a Change in Control event, this Plan may not be terminated or amended until after all Executives who become entitled to any payments hereunder shall have received such payments in full.  Any extension, amendment, or termination of this Plan in accordance with the foregoing shall be made in accordance with the Company’s charter and bylaws and applicable law, and shall be evidenced by a written instrument signed by a duly authorized officer of the Company, certifying that such action has been taken.
14.    Plan Supersedes Prior Plans

	
			
	90965725.4
	16
	 

.

EXHIBIT 10.3

This Plan supersedes and replaces all prior severance policies, plans, or practices maintained by the Company with respect to all Covered Employees other than individualized written agreements executed by the Company and Executive.
15.    Unfunded Plan Status
This Plan is intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, within the meaning of Section 401 of ERISA.  All payments pursuant to the Plan shall be made from the general funds of the Company and no special or separate fund shall be established or other segregation of assets made to assure payment.  No Executive or other person shall have under any circumstances any interest in any particular property or assets of the Company as a result of participating in the Plan.  Notwithstanding the foregoing, the Company may but shall not be obligated to create one or more grantor trusts, such as the Legal Resources Trust and the Severance Trust, the assets of which are subject to the claims of the Company’s creditors, to assist it in accumulating funds to pay its obligations under the Plan. 
16.    Miscellaneous
Except as provided in this Plan, Executive shall not be entitled to any notice of termination or pay in lieu thereof.
In cases where Severance Pay is provided under this Plan, pay in lieu of any unused current year vacation entitlement will be paid to Executive in a lump sum.
This Plan is not a contract of employment, does not guarantee any Executive employment for any specified period and does not limit the right of the Company to terminate the employment of any Executive at any time.
The section headings contained in this Plan are included solely for convenience of reference and shall not in any way affect the meaning of any provision of this Plan.
If, for any reason, any one or more of the provisions or part of a provision contained in this Plan shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Plan not held so invalid, illegal or unenforceable, and each other provision or part of a provision shall to the full extent consistent with law remain in full force and effect.
17.    Adoption Date and Amendment
This Plan was first adopted effective June 28, 2014.  On March 20, 2015, changes to the Plan were approved by the Committee and adopted effective as of January 1, 2016 for any Change in Control occurring pursuant to a definitive agreement that is executed and delivered on or after January 1, 2016; provided, however, that for any Change in Control occurring pursuant to a definitive agreement that is executed and delivered prior to January 1, 2016, the terms of this Plan as were in effect on the date of execution and delivery of such definitive agreement shall in all events control.

	
			
	90965725.4
	17
	 

.EX-10.5

 Exhibit 10.5 

INTERNATIONAL MARKET CENTERS, INC. 

LTIP UNIT AWARD AGREEMENT 

This LTIP Unit Award Agreement (“Agreement”) made as of the date set forth below among International Market Centers, Inc., a
Maryland corporation (the “Company”), its subsidiary, IMC OP, LP, a Delaware limited partnership and the entity through which the Company conducts substantially all of its operations (the “Partnership”), and the
person identified below as the grantee (the “Grantee”). 
 Recitals 

A. The Grantee is an employee of the Company or one of its affiliates and provides services to the Partnership. 

B. The Committee approved this award (this “Award”) pursuant to the International Market Centers, Inc. 2015 Omnibus Incentive
Plan (the “Plan”) and the Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of [●], 2015, as amended and restated from time to time (the “Partnership
Agreement”), to provide officers of the Company or its affiliates, including the Grantee, in connection with their employment, with the incentive compensation described in this Agreement, and thereby provide additional incentive for them to
promote the progress and success of the business of the Company and its affiliates, including the Partnership. 
 NOW, THEREFORE, the
Company, the Partnership and the Grantee agree as follows: 
 1. Administration. This Award shall be administered by the Committee
which has the powers and authority as set forth in the Plan. Should there be any conflict between the terms of this Agreement, on the one hand, and the Plan and the Partnership Agreement, on the other hand, the terms of this Agreement shall prevail.

 2. Definitions. Capitalized terms used herein without definitions shall have the meanings given to those terms in the Plan. In
addition, as used herein: 
 “Award Date” means the date that the Award LTIP Units were granted as set forth on Schedule A.

 “Charitable Organization” means a charitable organization as described by Section 501(c)(3) of the Code. 

“Common Units” means the Common Units as provided in the Partnership Agreement. 

“Effective Date” means the close of business on [●]. 

“Employment Agreement” means, as of a particular date, any employment or similar service agreement then in effect between the
Grantee, on the one hand, and the Company or one of its Subsidiaries, on the other hand, as amended or supplemented through such date. 

“Expiration Date” means [●]. 

“Fair Market Value” with respect to each LTIP Unit shall be the fair value of each such LTIP Unit determined in good faith by
the Company in a manner consistent with the principles set forth in the definition of “Value” in the Partnership Agreement. 

 “Hurdle Price” means [●]. 

“Hurdle Return Value” means an amount (which shall not be less than zero) per LTIP Unit equal to (A) the Hurdle Price,
less (B) the total per-unit distributions with respect to the LTIP Unit declared between the [Effective Date] and such date of determination. 

“Investor” means, collectively, (i) any Affiliates of Bain Capital Partners, LLC that now or hereafter beneficially own,
directly or indirectly, any shares of Common Stock, (ii) Affiliates of Oaktree Capital Management, L.P. that now or hereafter beneficially own, directly or indirectly, any shares of Common Stock, and (iii) International Market Centers, LP,
a Delaware limited partnership. 
 “LTIP Units” means the LTIP Units issued pursuant to this Agreement, the Plan and the
Partnership Agreement. 
 “Performance Goal” means [●] as set forth on Exhibit A hereto. 

“Person” means an individual, corporation, partnership, limited liability company, joint venture, association, trust,
unincorporated organization, other entity or “group” (as defined in the Exchange Act). 
 “Plan” has the meaning
set forth in the Recitals. 
 “Public Offering” means a public offering and sale of Common Stock of the Company for cash
pursuant to an effective registration statement under the Securities Act. 
 “Rule 144” means Rule 144 under the Securities
Act (or any successor Rule). 
 “Unit Return Value” means, with respect to an LTIP Unit as of a particular date of
determination, the Fair Market Value as of such date of determination. 
 “Valuation Date” means (i) [●] that occurs
during the period commencing on the Effective Date and ending on the Expiration Date; (ii) in the event of a Change in Control, the date of the closing of the Change in Control, and (iii) the Expiration Date. 

3. Award. The Company and the Partnership hereby grant to the Grantee an Other Stock-Based Award (as defined in the Plan), effective as
of the Award Date, in the form of the number of LTIP Units set forth on Schedule A which are subject to forfeiture provided in Section 4 and Section 5 and having the rights, voting powers, restrictions, limitations as
to distributions, qualifications and terms and conditions of conversion into Common Units and the redemption of such Common Units into Common Stock as set forth herein and in the Partnership Agreement. It is a condition to the effectiveness of this
Award that the Grantee execute and deliver within ten (10) business days from the Award Date a fully executed copy of this Agreement and such other documents that the Company and/or the Partnership reasonably request in order to comply with all
applicable legal requirements, including, without limitation, federal and state securities laws. Upon the close of business on the Award Date, pursuant to this Agreement the Grantee shall receive the number of LTIP Units specified above, subject to
the restrictions and conditions set forth herein, in the Plan and in the Partnership Agreement. For purposes of the Partnership Agreement, the LTIP Units shall initially be “Unvested LTIP Units”, and shall become “Vested
LTIP Units” only to the extent the vesting terms provided herein become satisfied. 
 4. Vesting. The LTIP Units shall be
subject to vesting in accordance with the provisions of this Section 4. The LTIP Units shall be subject to both time and performance vesting conditions and for purposes of this Agreement shall only be deemed “Vested LTIP Units”
when they have satisfied both the time-based criteria and the performance-based criteria requirements in accordance with the terms hereof. LTIP Units shall vest only so long as the Grantee continues to provide service to or remains employed, as
applicable, by the Company or one of its Subsidiaries. 

  
 2 

 (a) Time-Based Vesting Criteria. The LTIP Units shall have an opportunity
to vest as follows, subject to the Grantee not incurring a Termination prior each such date (the “Time Vesting Date”), except as specifically provided in Section 5: 

 

					
	 Time Vesting Date
	  	Cumulative
Percentage of LTIP
Units that have Time
Vested	 
		
	 [Award Date]
	  	 	[●]	  
		
	 [Vesting Commencement Date]
	  	 	[●]	  
		
	 [1st Anniversary of Vesting Commencement Date]
	  	 	[●]	  
		
	 [●]
	  	 	[●]	  

 (b) Performance-Based Vesting Criteria. As soon as practicable following each Valuation
Date, but effective as of the applicable Valuation Date, the Committee will determine the extent to which the Performance Goal has been achieved, as provided in Exhibit A, and shall notify the Grantee of the number of LTIP Units that have
satisfied the performance vesting conditions, and have become Vested LTIP Units as of such Valuation Date. 
 (c) Except as
otherwise provided in Section 5, upon the Grantee’s Termination for any reason, all LTIP Units that have not become Vested LTIP Units prior to such time shall, without payment of any consideration to the Grantee, automatically and
without notice be forfeited and be and become null and void as of such Termination, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such
LTIP Units. The Grantee shall take all necessary steps to give effect to the preceding sentence. 
 (d) Any LTIP Units that
have not become Vested LTIP Units on or prior to the Expiration Date shall, without payment of any consideration to the Grantee, automatically and without notice be forfeited and be and become null and void as of the Expiration Date, and neither the
Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such LTIP Units. Any Vested LTIP Units that have not been converted into Common Units in accordance with
the terms of the Partnership Agreement on or prior to the Expiration Date shall, without payment of any consideration to the Grantee, automatically and without notice be forfeited and be and become null and void as of the Expiration Date, and
neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such LTIP Units. The Grantee shall take all necessary steps to give effect to the preceding
sentences. 
 5. Termination of Grantee’s Employment. 

(a) Termination due to Death or Disability. In the event of the Grantee’s Termination by reason of death or
Disability, the Vested LTIP Units shall remain outstanding until the earlier of (i) one (1) year from the date of such Termination, and (ii) the Expiration Date; provided, however, that in the case of a Termination due
to Disability, if the Grantee dies within such one (1) year period, any Vested LTIP Units held by the Grantee shall thereafter remain outstanding for a period of one (1) year from the date of death, but in no event beyond the Expiration
Date. 

  
 3 

 (b) Involuntary Termination Without Cause. In the event of the
Grantee’s involuntary Termination by the Company without Cause, the Vested LTIP Units shall remain outstanding until the earlier of (i) ninety (90) days from the date of such Termination, and (ii) the Expiration Date. 

(c) Voluntary Resignation. In the event of the Grantee’s voluntary Termination (other than a voluntary Termination
described in Section 5(d) hereof), the Vested LTIP Units shall remain outstanding until the earlier of (i) thirty (30) days from the date of such Termination, and (ii) the Expiration Date. 

(d) Termination for Cause. In the event of the Grantee’s Termination for Cause or in the event of the
Grantee’s voluntary Termination (as provided in Section 5(c) hereof) after an event that would be grounds for a Termination for Cause, all of the Grantee’s LTIP Units (whether or not vested) and any Common Units or shares of
Common Stock issued in respect of LTIP Units shall, without payment of any consideration by the Partnership, automatically and without notice terminate, be forfeited and be and become null and void, and neither the Grantee nor any of his or her
successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such LTIP Units, Common Units or Common Stock, unless provided otherwise herein. The Grantee shall take all necessary steps to give
effect to the preceding sentence. 
 (e) Treatment of Unvested LTIP Units. In the event the Grantee’s employment
or service with the Company or any of its Subsidiaries terminates at any time prior to the final scheduled Valuation Date, all of the Grantee’s Unvested LTIP Units that have not become Vested LTIP Units as of such Termination date shall,
without payment of any consideration by the Partnership, automatically and without notice terminate, be forfeited and be and become null and void, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives
will thereafter have any further rights or interests in such LTIP Units, unless provided otherwise herein. The Grantee shall take all necessary steps to give effect to the preceding sentence. 

(f) Specified Employee. Notwithstanding the foregoing, in the event any payment to be made hereunder after giving effect
to this Section 5 is determined to constitute “nonqualified deferred compensation” subject to Section 409A of the Code, then, to the extent the Grantee is a “specified employee” under Section 409A of the
Code subject to the six-month delay thereunder, any such payments to be made during the six-month period commencing on the Grantee’s “separation from service” (as defined in Section 409A of the Code) shall be delayed until the
expiration of such six-month period. 
 (g) For the avoidance of doubt, to the extent that Vested LTIP Units are converted
into Common Units or Common Stock in accordance with the terms of the Partnership Agreement, then the early expiration provisions of Sections 5(a) through 5(c) shall cease to apply. 

6. Transfer Restrictions. Notwithstanding anything set forth in the Partnership Agreement to the contrary, the Grantee shall be
permitted to Transfer LTIP Units, or Common Units or shares of Common Stock issued in respect of LTIP Units, but only to the extent permitted under this Section 6. 

  
 4 

 (a) Permitted Transferees. The transferee of a Transfer made in accordance
with this Section 6(a) is a “Permitted Transferee”. 
 (i) Affiliates. The Grantee may
Transfer any or all of the LTIP Units, Common Units or shares of Common Stock issued hereunder to an Affiliate of the Grantee or to a Charitable Organization. 

(ii) Estate Planning. The Grantee may Transfer any or all of the LTIP Units, Common Units or shares of Common Stock
issued hereunder (A) by gift to, or for the benefit of, any Family Member of the Grantee, (B) to a trust for the benefit of the Grantee and/or any Family Member of the Grantee, or (C) to any other trust in respect of which the Grantee
serves as trustee; provided, however, that the trust instrument governing such trust shall provide that the Grantee, as trustee, shall retain sole and exclusive control over the voting and disposition of such LTIP Units, Common Units
or shares of Common Stock until the termination of this Agreement. 
 (iii) Upon Death. Upon the death of the Grantee,
the LTIP Units, Common Units or shares of Common Stock issued hereunder may be distributed by the will or other instrument taking effect at death of the Grantee or by applicable laws of descent and distribution to the Grantee’s estate,
executors, administrators and personal representatives, and then to the Grantee’s heirs, legatees or distributees, whether or not such recipients are Family Members of the Grantee or a Charitable Organization. 

(iv) Investors and the Company. The Grantee may Transfer any or all of the LTIP Units, Common Units or shares of Common
Stock issued hereunder with the Board’s approval, to the Company or any subsidiary of the Company (including, for the avoidance of doubt, the Partnership). 

(b) Transferred Units Remain Subject to Terms; Unwind. 

(i) Notwithstanding anything herein to the contrary, in the event any LTIP Units, Common Units or shares of Common Stock are
transferred pursuant to the preceding Section 6(a), such Permitted Transferee will succeed to all rights, obligations and limitations (including vesting conditions and forfeiture provisions) attributable to the Grantee as a holder of
LTIP Units, Common Units or shares of Common Stock, as applicable, both hereunder, under the Partnership Agreement and otherwise. In furtherance of the foregoing, the Company and the Partnership (as applicable) may require such Permitted Transferee
to execute such documentation as is reasonably required by the Company and the Partnership to effect the intent of the foregoing and the Permitted Transferee shall have no rights with respect to this Agreement (and the Award evidenced hereby and the
LTIP Units, Common Units or Common Stock subject to such Transfer) unless he or she shall have executed any such documentation. 

(ii) If, while a Permitted Transferee holds any LTIP Units or Common Units or shares of Common Stock issued in respect of such
LTIP Units (or other equity interests issued in respect thereof), such Permitted Transferee ceases to qualify as a Permitted Transferee in relation to the Grantee from whom or which such Permitted Transferee or any previous Permitted Transferee of
such Grantee received such LTIP Units, Common Units or shares of Common Stock (or other equity interests issued in respect thereof) (an 

  
 5 

 
“Unwinding Event”), then (i) the Grantee and the applicable Permitted Transferee shall promptly notify the Company or the Partnership (as applicable) of such Unwinding Event
and (ii) immediately following such Unwinding Event, without limiting any other rights or remedies, such Grantee and such Permitted Transferee shall take all actions necessary to effect a Transfer of such LTIP Units, Common Units or Common
Stock (or other equity interests issued in respect thereof) back to such Grantee, or to another Person that qualifies as a Permitted Transferee of Grantee. 

(c) Transfers to the Public. The Grantee may Transfer any shares of Common Stock issued pursuant to the Partnership
Agreement (directly or indirectly following conversion of the LTIP Units into Common Units) in respect of the LTIP Units issued hereunder in a Public Offering or pursuant to Rule 144, if such transfer would not result in the Relative Ownership
Percentage of the shares of Common Stock issued pursuant to the Partnership Agreement (directly or indirectly following conversion of the LTIP Units into Common Units) in respect of the LTIP Units issued hereunder and owned by the Grantee
immediately following the effective time of such Transfer (the “Determination Time”) being less than the Relative Ownership Percentage of the shares of Common Stock owned by the Investors immediately following the Determination
Time. For purposes of this Section 6, “Relative Ownership Percentage” means: 
 (i) with respect
to shares of Common Stock owned by the Grantee, a fraction (expressed as a percentage), (A) the numerator of which is the sum of (x) the number of shares of Common Stock issued pursuant to the Partnership Agreement (directly or indirectly
following conversion of the LTIP Units into Common Units) in respect of the LTIP Units issued hereunder and owned by the Grantee immediately following the Determination Time, and (y) the number of shares of Common Stock that may be issued by
the Company upon redemption of the Common Units issuable upon conversion of any LTIP Units held by the Grantee immediately following the Determination Time as provided hereunder and under the Partnership Agreement, and (B) the denominator of
which is the sum of (x) the aggregate number of shares of Common Stock purchased by or issued to the Grantee, in each case, directly or indirectly in respect of the LTIP Units issued hereunder at any time prior to the Determination Time, and
(y) the aggregate number of shares of Common Stock that may be issued by the Company upon redemption of the Common Units issuable upon conversion of any LTIP Units awarded to the Grantee at any time prior to the Determination Time (and not
previously converted and redeemed into Common Stock) as provided hereunder and under the Partnership Agreement measured immediately following the Determination Time, and 

(ii) with respect to shares of Common Stock owned by the Investors, a fraction (expressed as a percentage), (A) the
numerator of which is the aggregate number of shares of Common Stock owned by the Investors immediately following the Determination Time and (B) the denominator of which is the aggregate number (without double counting) of shares of Common
Stock purchased by or issued to the Investors at any time prior to the Determination Time. 
 Any Grantee Transferring shares
of Common Stock pursuant to this Section 6(c) shall notify the Company following the consummation of such Transfer of the number of shares of Common Stock Transferred. The Grantee shall be entitled to obtain prior to a Transfer pursuant
to this Section 6(c), and rely upon, a statement from the Company, of the number of shares of Common Stock that the Grantee may Transfer pursuant to this Section 6(c). 

  
 6 

 (d) Impermissible Transfer. Any attempted Transfer of shares of Common
Stock (or LTIP Units or Common Units, as the case may be) not permitted under the terms of this Section 6 shall be null and void, and the Company shall not in any way give effect to any such impermissible Transfer. 

(e) Period. The foregoing provisions of this Section 6 shall expire upon the earlier of (x) the fifth
anniversary of the Initial Public Offering and (y) the date on which the Relative Ownership Percentage of the Investors is less than 20%. For purposes of this Section 6, “Initial Public Offering” means the
Company’s initial Public Offering registered on Form S-11. 
 7. Change in Control. 

(a) Awards not Assumed. In the event that a Change in Control occurs prior to the Expiration Date and the LTIP Units are
not continued, assumed, or have new rights substituted therefor as set forth in Section 12.1(a) of the Plan, the time-based vesting criteria with respect to the LTIP Units shall become fully satisfied as of the date of the consummation of the
Change in Control and the performance-based vesting criteria, to the extent not satisfied as of the Change in Control shall expire unsatisfied, such that any outstanding Unvested LTIP Units that do not become Vested LTIP Units in connection with the
Change in Control shall be forfeited as of the date of the Change in Control without payment of any consideration to the Grantee and become null and void, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal
representatives will thereafter have any further rights or interests in such Unvested LTIP Units. The Grantee shall take all necessary steps to give effect to the preceding sentence. 

(b) Awards Assumed. In the event that a Change in Control occurs prior to the Expiration Date and the LTIP Units are
continued, assumed, or have new rights substituted therefore as set forth in Section 12.1(a) of the Plan, (i) the performance-based vesting criteria, to the extent not satisfied as of the Change in Control shall expire unsatisfied, such
that any outstanding Unvested LTIP Units that would otherwise vest based upon the satisfaction of the performance-based criteria shall be forfeited as of the date of the Change in Control without payment of any consideration to the Grantee and
become null and void, and neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in such Unvested LTIP Units and (ii) the time-based vesting
criteria shall continue to apply. The Grantee shall take all necessary steps to give effect to the preceding sentence. In the event of the Grantee’s Termination without Cause [or with Good Reason] within twelve (12) months following a
Change in Control, to the extent the LTIP Units are continued, assumed, or have new rights substituted therefor as set forth in Section 12.1(a) of the Plan in connection with such Change in Control, the Unvested LTIP Units that remain
outstanding following the Change in Control shall become fully vested as of the date of such Termination. 
 8. Payments by Award
Recipients. The Grantee shall have no rights with respect to this Agreement (and the Award evidenced hereby) unless he or she shall have accepted this Agreement prior to the close of business on the date described in Section 3 by
signing and delivering to the Partnership a copy of this Agreement and (c) unless the Grantee is already a Limited Partner (as defined in the Partnership Agreement), signing, as a Limited Partner, and delivering to the Partnership a counterpart
signature page to the Partnership Agreement (attached as Exhibit B) and signing such other documents as may be reasonably necessary to effect the grant of the LTIP Units as determined by the Committee. 

  
 7 

 9. Distributions. The holders of Vested LTIP Units shall be entitled to receive the
distributions to the extent provided for in the Partnership Agreement. The holders of Unvested LTIP Units shall be entitled to receive the distributions to the extent provided for in the Partnership Agreement; provided that any such distributions
will be subject to the same vesting requirements as the underlying LTIP Units and shall be paid at the time the LTIP Units become Vested LTIP Units pursuant to Section 4 hereof. For the avoidance of doubt, any such distributions shall
first be applied to reduce the Hurdle Price until the Hurdle Return Value is zero and shall not again count as a distribution for purposes of this Section 9. In the event that a cash distribution is made at a time when an Unvested LTIP
Unit has a Hurdle Price of $0, such distribution shall be accumulated and deemed reinvested in additional shares of Common Units based upon the Fair market Value of the Common Units at the time of the distribution and shall be paid in shares of
Common Units at the time the LTIP Units become Vested LTIP Units pursuant to Section 4 hereof. 
 10. Adjustments to LTIP
Units to Reflect Hurdle Return Value. 
 (a) Notwithstanding anything to the contrary herein, each LTIP Unit shall have a
proportionate right to convert into Common Units under Article XVI of the Partnership Agreement based on (i) the number of Common Units that such LTIP Unit would be entitled to under Article XVI of the Partnership Agreement in the absence of
this Section 10(a), multiplied by (ii) a fraction (the “Hurdle Fraction”) equal to (A) the excess (which shall not be less than zero) of (1) the Unit Return Value of such LTIP Unit over (2) the Hurdle
Return Value, divided by (B) the Unit Return Value of such LTIP Unit. For example, if the Unit Return Value of an LTIP Unit is $20, and the Hurdle Return Value is $10, then the Hurdle Fraction shall be 50%, and such LTIP Unit shall be entitled
to convert into only 50% of the number of Common Units that such LTIP Unit would be entitled to convert into under Article XVI of the Partnership Agreement in the absence of this Section 10(a). 

(b) Upon any distribution described in Section 16.4.B of the Partnership Agreement, each LTIP Unit shall be entitled to
receive (i) the amount of distributions that such LTIP Unit would be entitled to receive under Section 16.4.B of the Partnership Agreement in the absence of this Section 10(b), multiplied by (ii) the Hurdle Fraction at
such time determined under Section 10(a). 
 11. Miscellaneous. 

(a) Amendments. This Agreement may be amended or modified only with the consent of the Company and the Partnership
acting through the Committee; provided that any such amendment or modification which materially adversely affects the rights of the Grantee hereunder must be consented to by the Grantee to be effective as against him or her. Notwithstanding the
foregoing, this Agreement may be amended in writing signed only by the Company and the Partnership to correct any errors or ambiguities in this Agreement and, without limiting application of the foregoing, to make such other changes that do not,
when taken as a whole, materially adversely affect the Grantee’s rights hereunder. Subject to Section 11(i) hereof (and the subject matter thereof), this grant shall in no way affect the Grantee’s participation or benefits
under any other plan or benefit program maintained or provided by the Company or the Partnership or any of their subsidiaries or affiliates. 

(b) Incorporation of Plan; Committee Determinations. The provisions of the Plan are hereby incorporated by reference as
if set forth herein. The Committee will make the 

  
 8 

 
determinations and certifications required by this Award as promptly as reasonably practicable following the occurrence of the event or events necessitating such determinations or certifications.
In the event of a Change in Control, the Committee will make such determinations within a period of time that enables the Company to make any payments due hereunder not later than the date of consummation of the Change in Control. 

(c) Status of LTIP Units; Plan Matters. This Award constitutes an incentive compensation award under the Plan. The LTIP
Units are equity interests in the Partnership. The number of shares of Common Stock reserved for issuance under the Plan underlying outstanding LTIP Units will be determined by the Committee in light of all applicable circumstances, including
calculations made or to be made under Section 3, vesting, capital account allocations and/or balances under the Partnership Agreement, and the exchange ratio in effect between Common Units and shares of Common Stock. The Company will
have the right, at its option, as set forth in the Partnership Agreement, to issue shares of Common Stock in exchange for Common Units in accordance with the Partnership Agreement, subject to certain limitations set forth in the Partnership
Agreement, and such shares of Common Stock, if issued, will be issued under the Plan. The Grantee acknowledges that the Grantee will have no right to approve or disapprove such determination by the Company. 

(d) Legend. The records of the Partnership evidencing the LTIP Units shall bear an appropriate legend, as determined by
the Partnership in its sole discretion, to the effect that such LTIP Units are subject to restrictions as set forth herein and in the Partnership Agreement. 

(e) Compliance With Law. The Partnership and the Grantee will make reasonable efforts to comply with all applicable
securities laws. In addition, notwithstanding any provision of this Agreement to the contrary, no LTIP Units will become Vested LTIP Units at a time that such vesting would result in a violation of any such law. 

(f) Grantee Representations; Registration. 

(i) The Grantee hereby represents and warrants that (A) he or she understands that he or she is responsible for consulting
his or her own tax advisor with respect to the application of the U.S. federal income tax laws, and the tax laws of any state, local or other taxing jurisdiction to which the Grantee is or by reason of this Award may become subject, to his or her
particular situation; (B) the Grantee has not received or relied upon business or tax advice from the Company, the Partnership or any of their respective employees, agents, consultants or advisors, in their capacity as such; (C) the
Grantee provides services to the Partnership on a regular basis and in such capacity has access to such information, and has such experience of and involvement in the business and operations of the Partnership, as the Grantee believes to be
necessary and appropriate to make an informed decision to accept this Award; (D) LTIP Units are subject to substantial risks; (E) the Grantee has been furnished with, and has reviewed and understands, information relating to this Award;
(F) the Grantee has been afforded the opportunity to obtain such additional information as he or she deemed necessary before accepting this Award; and (G) the Grantee has had an opportunity to ask questions of representatives of the
Partnership and the Company, or persons acting on their behalf, concerning this Award. 
 (ii) The Grantee hereby
acknowledges that: (A) there is no public market for LTIP Units and neither the Partnership nor the Company has any obligation or intention to 

  
 9 

 
create such a market; (B) sales of the LTIP Units are subject to restrictions under the Securities Act and applicable state securities laws; (C) because of the restrictions on transfer
or assignment of LTIP Units set forth in the Partnership Agreement, the Grantee may have to bear the economic risk of his or her ownership of the LTIP Units covered by this Award for an indefinite period of time; (D) shares of Common Stock
issued under the Plan in exchange for Common Units, if any, will be covered by a Registration Statement on Form S-8 (or a successor form under applicable rules and regulations of the Securities and Exchange Commission) under the Securities Act, to
the extent that the Grantee is eligible to receive such shares under the Plan at the time of such issuance and such Registration Statement is then effective under the Securities Act; and (E) resales of shares of Common Stock issued under the
Plan in exchange for LTIP Units, if any, shall only be made in compliance with all applicable restrictions (including in certain cases “blackout periods” forbidding sales of Company securities) set forth in the then applicable Company
employee manual or insider trading policy and in compliance with the registration requirements of the Securities Act or pursuant to an applicable exemption therefrom. 

(g) Section 83(b) Election. The Grantee hereby agrees to make an election to include the Award LTIP Units in gross
income in the year in which the Award LTIP Units are issued pursuant to Section 83(b) of the Code substantially in the form attached as Exhibit C and to supply the necessary information in accordance with the regulations promulgated
thereunder. The Grantee agrees to file such election (or to permit the Partnership to file such election on the Grantee’s behalf) within thirty (30) days after the Award Date with the IRS Service Center where the Grantee files his or her
personal income tax returns, to provide a copy of such election to the Partnership and the Company, and to file a copy of such election with the Grantee’s U.S. federal income tax return for the taxable year in which the Award LTIP Units are
issued to the Grantee. So long as the Grantee holds any Award LTIP Units, the Grantee shall disclose to the Partnership in writing such information as may be reasonably requested with respect to ownership of LTIP Units as the Partnership may deem
reasonably necessary to ascertain and to establish compliance with provisions of the Code applicable to the Partnership or to comply with requirements of any other appropriate taxing authority. 

(h) Tax Consequences. The Grantee acknowledges that (i) neither the Company nor the Partnership has made any
representations or given any advice with respect to the tax consequences of acquiring, holding, selling or converting LTIP Units or making any tax election (including the election pursuant to Section 83(b) of the Code) with respect to the LTIP
Units and (ii) the Grantee is relying upon the advice of his or her own tax advisor in determining such tax consequences. 

(i) Cancellation of B-1 Units. The Grantee hereby acknowledges and agrees that any and all currently outstanding Class B-1 Units granted to the grantee pursuant to the International Market Centers, LP Incentive Units Award Agreement, dated as of [●], have been cancelled pursuant to that certain Incentive Unit
Cancellation Agreement, dated [as of the date hereof], by and between the Grantee and International Market Centers, LP (the “Cancellation Agreement”). As a condition to the issuance of the LTIP Units hereunder, the Grantee agrees
not to challenge the validity of the Cancellation Agreement or the cancellation of the aforementioned Class B-1 Units and further agrees that in the event of a breach of this sentence by the Grantee, all LTIP Units issued hereunder (and any Common
Units or shares of Common Stock issued directly or indirectly in respect thereof) shall, without further action of the parties, immediately be deemed null and void without consideration paid therefor. 

  
 10 

 (j) Severability. If, for any reason, any provision of this Agreement is
held invalid, such invalidity shall not affect any other provision of this Agreement not so held invalid, and each such other provision shall to the full extent consistent with law continue in full force and effect. 

(k) Governing Law. This Agreement is made under, and will be construed in accordance with, the laws of the State of
Delaware, without giving effect to the principles of conflict of laws of such state. 
 (l) No Obligation to Continue
Position as an Employee, Consultant or Advisor. Neither the Company nor any affiliate is obligated by or as a result of this Agreement to continue to have the Grantee as an employee, consultant or advisor and this Agreement shall not interfere
in any way with the right of the Company or any affiliate to terminate the Grantee’s employment at any time. 
 (m)
Notices. Any notice to be given to the Company shall be addressed to the Secretary of the Company at [●], and any notice to be given to the Grantee shall be addressed to the Grantee at the Grantee’s address as
it appears on the employment records of the Company, or at such other address as the Company or the Grantee may hereafter designate in writing to the other. 

(n) Withholding and Taxes. No later than the date as of which an amount first becomes includible in the gross income of
the Grantee for income tax purposes or subject to the Federal Insurance Contributions Act withholding with respect to this Award, the Grantee will pay to the Company or, if appropriate, any of its affiliates, or make arrangements satisfactory to the
Committee regarding the payment of any United States federal, state or local or foreign taxes of any kind required by law to be withheld with respect to such amount; provided, however, that if any LTIP Units or Common Units are withheld (or
returned), the number of LTIP Units or Common Units so withheld (or returned) shall be limited to the number which have a fair market value on the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory
withholding rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. The obligations of the Company under this Agreement will be conditional on such payment or
arrangements, and the Company and its affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Grantee. 

(o) Headings. The headings of paragraphs of this Agreement are included solely for convenience of reference and shall
not control the meaning or interpretation of any of the provisions of this Agreement. 
 (p) Counterparts. This
Agreement may be executed in multiple counterparts with the same effect as if each of the signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. 

(q) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and any
successors to the Company and the Partnership, on the one hand, and any successors to the Grantee, on the other hand, by will or the laws of descent and distribution, but this Agreement shall not otherwise be assignable or otherwise subject to
hypothecation by the Grantee. 

  
 11 

 (r) Delay in Effectiveness of Exchange. The Grantee acknowledges that any
exchange of Common Units for Common Stock or cash, as selected by the General Partner, may not become effective until six (6) months from the date the Vested LTIP Units that were converted into Common Units became fully vested or, if longer,
the second anniversary of the Award Date. 
 [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

  
 12 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the day of
[●], 2015. 
  

			
	INTERNATIONAL MARKET CENTERS, INC., a Maryland corporation
		
	By:		  

		
	Name:		  

		
	Title:		  

	
	 IMC OP, LP,
 a Delaware limited
partnership

		
	By:		[●], its general partner
		
	Name:		  

		
	Title:		  

	
	GRANTEE
	
	  

	Name:		

 EXHIBIT A 

PAYOUT MATRIX 
 The
Committee will determine the number of LTIP Units that have satisfied the Performance Goal as of each applicable Valuation Date by determining the extent to which the Performance Goal has been achieved as set forth in the following payout matrix.

  

					
	 Performance Goal
	  	Cumulative Percentage of
Time-Vested LTIP Units that
have Performance
Vested	 
	 [●]
	  	 	[●]	% 
	 [●]
	  	 	[●]	% 
	 [●]
	  	 	[●]	% 

  
 14 

 EXHIBIT B 

FORM OF LIMITED PARTNER SIGNATURE PAGE 

The Grantee, desiring to become one of the within named Limited Partners of IMC OP, LP, hereby accepts all of the terms and conditions of and
becomes a party to, the Amended and Restated Agreement of Limited Partnership, dated as of [●], 2015, of IMC OP, LP as amended and restated from time to time (the “Partnership Agreement”). The Grantee
agrees that this signature page may be attached to any counterpart of the Partnership Agreement. 
  

			
	Signature Line for Limited Partner:
	
	  

		
	Name:		
			  

		
	Date:		
			  

	
	Address of Limited Partner:
		
			  

		
			  

  
 15 

 EXHIBIT C 

ELECTION TO INCLUDE IN GROSS INCOME IN YEAR OF TRANSFER OF 

PROPERTY PURSUANT TO SECTION 83(b) OF THE INTERNAL REVENUE CODE 

The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described
below and supplies the following information in accordance with the regulations promulgated thereunder: 
  

	1.	The name, address and taxpayer identification number of the undersigned are: 

 Name: (the
“Taxpayer”) 
 Address: 

Social Security No./Taxpayer Identification No.: 
  

	2.	Description of property with respect to which the election is being made: LTIP Units (“LTIP Units”) in IMC OP, LP (the “Partnership”) 

 

	3.	The date on which the LTIP Units were issued is [●], 2015. The taxable year to which this election relates is calendar year 2015. 

 

	4.	Nature of restrictions to which the LTIP Units are subject: 

  

	 	(a)	With limited exceptions, until the LTIP Units vest, the Taxpayer may not transfer in any manner any portion of the LTIP Units without the consent of the Partnership. 

 

	 	(b)	The Taxpayer’s LTIP Units are subject to forfeiture until they vest in accordance with the provisions in the applicable Award Agreement for the LTIP Units. 

 

	5.	The fair market value at time of issue (determined without regard to any restrictions other than restrictions which by their terms will never lapse) of the LTIP Units with respect to which this election is being made
was $0 per LTIP Unit. 

  

	6.	The amount paid by the Taxpayer for the LTIP Units was $0 per LTIP Unit. 

  

	7.	A copy of this statement has been furnished to the Partnership. 

  

					
	Dated:				Name:
			
	  
				  

  
 16 

 SCHEDULE A TO LTIP UNIT AWARD AGREEMENT 

Award Date: [●], 2015 
 Vesting
Commencement Date: 
 Name of Grantee:
                                         
                                         
                           

Number of Award LTIP Units:
                                         
                                         
               

  
 17

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