Document:

Exhibit 10.14

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (this "Agreement"),
dated as of [____], is made by and between Orchids Paper Products Company, a Delaware corporation (the "Company") and
[_________] (the "Indemnitee"), an "agent" (as hereinafter defined) of the Company.

 

RECITALS

 

A.      The
Company recognizes that competent and experienced persons are reluctant to serve as directors or officers of corporations unless
they are protected by comprehensive liability insurance or indemnification, or both, due to increased exposure to litigation costs
and risks resulting from their service to such corporations, and due to the fact that the exposure frequently bears no reasonable
relationship to the compensation of such directors and officers;

 

B.      The
statutes and judicial decisions regarding the duties of directors and officers are often difficult to apply, ambiguous, or conflicting,
and therefore fail to provide such directors and officers with adequate, reliable knowledge of legal risks to which they are exposed
or information regarding the proper course of action to take;

 

C.      The
Company and the Indemnitee recognize that plaintiffs often seek damages in such large amounts and the costs of litigation may be
so enormous (whether or not the case is meritorious), that the defense and/or settlement of such litigation is often beyond the
personal resources of directors and officers;

 

D.      The
Company believes that it is unfair for its directors and officers to assume the risk of huge judgments and other expenses which
may occur in cases in which the director or officer received no personal profit and in cases where the director or officer was
not culpable;

 

E.      The
Company, after reasonable investigation, has determined that the liability insurance coverage presently available to the Company
may be inadequate to cover all possible exposure for which the Indemnitee should be protected. The Company believes that the interests
of the Company and its stockholders would best be served by a combination of such insurance and the indemnification by the Company
of the directors and officers of the Company;

 

F.      Section
145 of the General Corporation Law of Delaware ("Section 145"), under which the Company is organized, empowers the Company
to indemnify its officers, directors, employees and agents by agreement and to indemnify persons who serve, at the request of the
Company, as the directors, officers, managers, employees or agents of other corporations or enterprises, and expressly provides
that the indemnification provided by Section 145 is not exclusive;

 

G.      The
Board of Directors has determined that contractual indemnification as set forth herein is not only reasonable and prudent but necessary
to promote the best interests of the Company and its stockholders;

 

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H.      The
Company desires and has requested the Indemnitee to serve or continue to serve as a director or officer of the Company free from
undue concern for claims for damages arising out of or related to such services to the Company; and

 

I.      The
Indemnitee is willing to serve, or to continue to serve, the Company, only on the condition that he or she is furnished the indemnity
provided for herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth below, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1. Definitions.

 

(a) Agent. For purposes of this Agreement,
"agent" of the Company means any person who is or was a director, officer, manager, employee or other agent of the Company
or a subsidiary of the Company; or is or was serving at the request of the Company or a subsidiary of the Company as a director,
officer, manager, employee or agent of another foreign or domestic corporation, partnership, limited liability company, joint venture,
trust or other enterprise; or was a director, officer, manager, employee or agent of a foreign or domestic corporation which was
a predecessor corporation of the Company or a subsidiary of the Company; or was a director, officer, manager, employee or agent
of another foreign or domestic corporation, partnership, limited liability company, joint venture, trust or other enterprise at
the request of, for the convenience of, or to represent the interests of such predecessor corporation.

 

(b) Expenses. For purposes of this Agreement,
"expenses" includes all direct and indirect costs of any type or nature whatsoever (including, without limitation, reasonable
attorneys' fees and related disbursements, other out-of-pocket costs and reasonable compensation for time spent by the Indemnitee
for which he or she is not otherwise compensated by the Company or any third party, provided that the rate of compensation and
estimated time involved is approved by the Board of Directors, which approval shall not be unreasonably withheld), actually and
reasonably incurred by the Indemnitee in connection with the investigation, defense, settlement and/or appeal of a proceeding or
establishing or enforcing a right to indemnification under this Agreement, Section 145 or otherwise, excluding the amount of any
settlement, judgment, fine or penalty.

 

(c) Proceedings. For the purpose of this
Agreement, "proceeding" shall include, without limitation, the investigation, preparation, prosecution, defense, settlement,
arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative.

 

(d) Subsidiary. For purposes of this Agreement,
"subsidiary" means any foreign or domestic corporation, partnership, limited liability company, joint venture, trust
or other enterprise of which more than 50% of the outstanding voting securities (or comparable interests) are owned directly or
indirectly by the Company, by the Company and one or more other subsidiaries, or by one or more other subsidiaries.

 

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(e) Miscellaneous. For purposes of this
Agreement, "other enterprise" shall include employee benefit plans; references to "fines" shall include any
excise tax assessed with respect to any employee benefit plans; references to "serving at the request of the Company"
shall include any service as a director, officer, manager, employee or agent of the Company which imposes duties on, or involves
services by, such director, officer, manager, employee or agent with respect to an employee benefit plan, its participants, or
beneficiaries; and if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in the best interest
of the participants and beneficiaries of an employee benefit plan, the Indemnitee shall be deemed to have acted in a manner "not
opposed to the best interests of the Company" as referred to in this Agreement.

 

(f) Company. "Company" shall
include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed
in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its
directors, officers, managers, employees or agents, so that if the Indemnitee is or was a director, officer, manager, employee
or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer,
manager, employee or agent of another corporation, partnership, limited liability company, joint venture, trust or other enterprise,
the Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving
corporation as the Indemnitee would have with respect to such constituent corporation if its separate existence had continued.

 

2. Agreement to Serve. The Indemnitee
agrees to serve and/or continue to serve as an agent of the Company, at its will (or under separate agreement, if such agreement
now or hereafter exists), in the capacity Indemnitee currently serves (or in such other positions which he or she agrees to assume)
as an agent of the Company, so long as he or she is duly appointed or elected and qualified in accordance with the applicable provisions
of the Bylaws of the Company, any subsidiary of the Company, or any applicable other foreign or domestic corporation, partnership,
limited liability company, joint venture, trust or other enterprise, or until such time as he or she tenders his or her resignation
in writing, provided, however, that nothing contained in this Agreement is intended to create in Indemnitee any right to continued
employment in any capacity.

 

3. Indemnity in Third Party Proceedings.
The Company shall indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or otherwise involved
in any proceeding (other than a proceeding by or in the name of the Company to procure judgment in its favor) by reason of the
fact that the Indemnitee is or was an agent of the Company, or by reason of any act or inaction by the Indemnitee in any such capacity,
against any and all expenses and liabilities of any type whatsoever (including, but not limited to, settlements, judgments, fines
and penalties), actually and reasonably incurred by the Indemnitee in connection with such action, suit or proceeding if the Indemnitee
acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company,
and, with respect to any criminal action or proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful.
The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere
or its equivalent, shall not, of itself, create a presumption that the Indemnitee did not act in good faith and in a manner that
the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal
action or proceeding, that the Indemnitee had reasonable cause to believe that the Indemnitee’s conduct was unlawful.

 

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4. Indemnity in Derivative Action.
The Company shall indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to any proceeding by
or in the name of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was an agent of
the Company, or by reason of any action or inaction by the Indemnitee in any such capacity, against all expenses actually and reasonably
incurred by the Indemnitee in connection with the defense or settlement of such action or suit if the Indemnitee acted in good
faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and its stockholders,
except that no indemnification shall be made in respect of any claim, issue or matter as to which the Indemnitee shall have been
finally adjudicated by court order or judgment to be liable to the Company in the performance of the Indemnitee’s duty to
the Company and its stockholders unless and only to the extent that the court in which such action or proceeding is or was pending
shall determine upon application that, in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled
to indemnity for such expenses which such court shall deem proper.

 

5. Indemnification of Expenses of Successful
Party. To the extent that the Indemnitee has been successful on the merits or otherwise in defense of any proceeding referred
to in Section 3 or Section 4 or in defense of any claim, issue or matter therein, the Indemnitee shall be indemnified against all
expenses actually and reasonably incurred by the Indemnitee in connection with the investigation, defense or appeal of such proceeding.

 

6. Partial Indemnification. If the
Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expenses,
judgments, fines or penalties actually or reasonably incurred in the investigation, defense, appeal or settlement of any civil
or criminal proceeding, but is not entitled, however, to indemnification for the total amount thereof, the Company shall nevertheless
indemnify the Indemnitee for the portion of such expenses, judgments, fines or penalties to which the Indemnitee is entitled.

 

7. Advancement of Expenses. Except
as otherwise provided herein, the Company shall advance all expenses incurred by the Indemnitee in connection with the investigation,
defense, settlement and/or appeal of any proceeding referred to in Section 3 or Section 4 hereof (including amounts actually paid
in settlement of any such action, suit or proceeding). The Indemnitee hereby undertakes to repay such amounts advanced only if,
and to the extent that, it shall ultimately be determined that the Indemnitee is not entitled to be indemnified by the Company
as authorized by this Agreement or otherwise. The advances to be made hereunder shall be paid by the Company to or on behalf of
the Indemnitee promptly and in any event within thirty (30) days following delivery of a written request therefor by the Indemnitee
to the Company.

 

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8. Notice and Other Indemnification
Procedures.

 

(a) Promptly after receipt by the Indemnitee
of notice of the commencement of or the threat of commencement of any proceeding, the Indemnitee shall, if the Indemnitee believes
that indemnification with respect thereto may be sought from the Company under this Agreement, notify the Company of the commencement
or threat of commencement thereof, provided that the failure to provide such notification shall not diminish Indemnitee's indemnification
hereunder, except to the extent that the Company can demonstrate that it was actually prejudiced as a result thereof.

 

(b) Any indemnification requested by the
Indemnitee under Section 3 and/or 4 hereof shall be made no later than forty-five (45) days after receipt of the written request
of Indemnitee unless a determination is made within said forty-five (45) day period (i) by the Board of Directors of the Company
by a majority vote of a quorum thereof consisting of directors who are not parties to such proceedings, or (ii) in the event such
quorum is not obtainable, at the election of the Company, either by independent legal counsel in a written opinion or by a panel
of arbitrators, one of whom is selected by the Company, another of whom is selected by the Indemnitee and the last of whom is selected
by the first two arbitrators so selected, that the Indemnitee has or has not met the relevant standard for indemnification set
forth in Section 3 and 4 hereof.

 

(c) Notwithstanding a determination under
Section 8(b) above that the Indemnitee is not entitled to indemnification with respect to any specific proceeding, the Indemnitee
shall have the right to apply to any court of competent jurisdiction for the purpose of enforcing the Indemnitee's right to indemnification
pursuant to this Agreement. The burden of proving that the indemnification or advances are not appropriate shall be on the Company.
Neither the failure of the Company (including its Board of Directors or independent legal counsel or the panel of arbitrators)
to have made a determination prior to the commencement of such action that indemnification or advances are proper in the circumstances
because the Indemnitee has met theapplicable standard of conduct, nor an actual determination by the Company (including its Board
of Directors or independent legal counsel or the panel or arbitrators) that the Indemnitee has not met such applicable standard
of conduct, shall be a defense to the action or create any presumption that the Indemnitee has or has not met the applicable standard
of conduct.

 

(d) The Company shall indemnify the Indemnitee
against all expenses incurred in connection with any hearing or proceeding under this Section 8 so long as such claims and/or defenses
of the Indemnitee were made or asserted in good faith.

 

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9. Assumption of Defense. In the
event the Company shall be obligated to pay the expenses of any proceeding against or involving the Indemnitee, the Company, if
appropriate, shall be entitled to assume the defense of such proceeding, with counsel approved by the Indemnitee, upon the delivery
to the Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by the Indemnitee
and the retention of such counsel by the Company, the Company will not be liable to the Indemnitee under this Agreement for any
fees of counsel subsequently incurred by the Indemnitee with respect to the same proceeding, provided that: (i) the Indemnitee
shall have the right to employ his or her counsel in such proceeding at the Indemnitee's expense; and (ii) if (a) the employment
of counsel by the Indemnitee has been previously authorized by the Company, (b) the Indemnitee shall have reasonably concluded
that there may be a conflict of interest between the Company and the Indemnitee in the conduct of such defense, or (c) the Company
shall not, in fact, have employed counsel to assume the defense of such proceeding, the fees and expenses of the Indemnitee's counsel
shall be at the expense of the Company. The Company shall not, without the prior written consent of the Indemnitee, effect any
settlement of any threatened or pending action, suit or proceeding to which the Indemnitee is, or could have been, a party unless
such settlement solely involves the payment of money and includes a complete and unconditional release of the Indemnitee from all
liability on any claims that are the subject matter of such action, suit or proceeding. Neither the Company nor Indemnitee shall
unreasonably withhold its consent to any proposed settlement. The Indemnitee may withhold consent to any settlement that does not
provide a complete and unconditional release of the Indemnitee.

 

10. Insurance. The Company may,
but is not obligated to, obtain directors' and officers' liability insurance ("D&O Insurance") with respect to which
the Indemnitee is named as an insured. Notwithstanding any other provision of the Agreement, the Company shall not be obligated
to indemnify the Indemnitee for expenses, judgments, settlements, fines or penalties, which have been paid directly to or on behalf
of the Indemnitee by D&O Insurance. If the Company has D&O Insurance in effect at the time the Company receives from the
Indemnitee any notice of the commencement of a proceeding, the Company shall give notice of the commencement of such proceeding
to the insurer in accordance with the procedures set forth in the policy. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, to or on behalf of the Indemnitee, all amounts payable as a result of such proceeding in
accordance with the terms of such policy.

 

11. Exceptions. Any other provision
herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement:

 

(a) Claims Initiated by Indemnitee. To
indemnify or advance expenses to the Indemnitee with respect to proceedings or claims initiated or brought voluntarily by the Indemnitee
and not by way of defense, except with respect to proceedings brought to establish or enforce a right to indemnification under
this Agreement or any other statute or law or otherwise as required under Section 145, but such indemnification or advancement
of expenses may be provided by the Company in specific cases if the Board of Directors finds it to be appropriate; or

 

(b) Action for Indemnification. To indemnify
the Indemnitee for any expenses incurred by the Indemnitee with respect to any proceeding instituted by the Indemnitee to enforce
or interpret this Agreement if the material assertions made by the Indemnitee in such proceeding were not made in good faith or
were frivolous; or

 

(c) Unauthorized Settlements. To indemnify
the Indemnitee under this Agreement for any amounts paid in settlement of a proceeding effected without the Company's written consent,
provided such consent shall not unreasonably withheld; or

 

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(d) Non-compete and Non-disclosure. To
indemnify the Indemnitee in connection with proceedings or claims involving the enforcement of non-compete and/or non-disclosure
agreements or the non-compete and/or non-disclosure provisions of employment, consulting or similar agreements the Indemnitee may
be a party to with the Company, any subsidiary of the Company or any other applicable foreign or domestic corporation, partnership,
limited liability company, joint venture, trust or other enterprise, if any; or

 

(e) Claims under Section 16(b). To indemnify
the Indemnitee for expenses or the payment of profits arising from the purchase and sale by the Indemnitee of securities in violation
of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute; or

 

(f) Amounts Otherwise Covered. To indemnify
the Indemnitee under this Agreement for any amounts indemnified by the Company other than pursuant to this Agreement or amounts
paid to or for the benefit of Indemnitee by D&O Insurance pursuant to Section 10 hereof.

 

12. Nonexclusivity. The provisions
for indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of, but shall be in addition
to and shall not be deemed to diminish or otherwise restrict, any other rights which the Indemnitee may have under any provision
of law, the Company's Certificate of Incorporation or Bylaws, in any court in which a proceeding is brought, the vote of the Company's
stockholders or disinterested directors, other agreements or otherwise, both as to action in his or her official capacity and to
action in another capacity while occupying his or her position as an agent of the Company. To the extent applicable law or the
Company's Certificate of Incorporation or Bylaws permit greater indemnification than as provided for in this Agreement, the parties
hereto agree that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such law or provision of Certificate
of Incorporation or Bylaws, and this Agreement shall be deemed amended without any further action by the Company or Indemnitee
to grant such greater benefits.

 

13. Settlement. The Company shall
not settle any proceeding in any manner that would impose any fine or other obligation on Indemnitee without the Indemnitee's written
consent. Neither the Company nor Indemnitee will unreasonably withhold consent to any proposed settlement.

 

14. Subrogation. In the event of
payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of
the Indemnitee, who shall execute all documents required and shall do all acts that may reasonably be necessary to secure such
rights and to enable the Company to effectively bring suit to enforce such rights.

 

15. Severability. Nothing in this
Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable
law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute
a breach of this Agreement. The provisions of this Agreement shall be severable as provided in this Section 15. If this Agreement
or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless
indemnify Indemnitee to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated,
and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms.

 

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16. Modification and Waiver. No
supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.
No waiver of any of the provisions to this Agreement shall be deemed or shall constitute a waiver of any other provision hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

 

17. Continuance of Rights; Successor
and Assigns. The Indemnitee's rights hereunder shall continue after the Indemnitee has ceased acting as an agent of the Company.
The terms of this Agreement shall bind, and shall inure to the benefit of, the successor and assigns of the parties hereto.

 

18. Notice. All notices, requests,
demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand
and receipted for by the party addressee, (ii) if mailed by certified or registered mail with postage prepaid, on the third business
day after the mailing date, or (iii) if transmitted electronically by a means by which receipt thereof can be demonstrated. Addresses
for notice to either party are set out on the signature page hereof and may be subsequently modified by written notice.

 

19. Supersedes Prior Agreement.
This Agreement supersedes any prior indemnification agreement between Indemnitee and the Company or its predecessors.

 

20. Interpretation of Agreement.
It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification
to the Indemnitee to the fullest extent now or hereafter permitted by law.

 

21. Service of Process and Venue.
For purposes of any claims or proceeding to enforce this agreement, the Company consents to the jurisdiction and venue of any federal
or state court of competent jurisdiction in the state of Delaware, and waives and agrees not to raise any defense that any such
court is an inconvenient forum or any similar claim.

 

22. Governing Law. This Agreement
and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed
and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflict of law.

 

[Signature Page Follows]

 

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The parties hereto have executed this Agreement
effective as of the day and year set forth on the first page of this Agreement.

 

	 	ORCHIDS PAPER PRODUCTS COMPANY	 
	 	 	 
	 	By	 
	 	 	 
	 	 	 
	 	Name:  	 
	 	Title:    	 
	 	Address:	 
	 	 	 
	 	Indemnitee:	 
	 	 	 
	 	By	 
	 	 	 
	 	 	 
	 	Name:   	 
	 	Address:	 

 

    	 	9EX-10.23

 Exhibit 10.23 

MITCHELL R. LABAR 

EMPLOYMENT AGREEMENT 

AGREEMENT made effective as of the March 31, 2016 by and between MARCUS & MILLICHAP, INC. a Delaware corporation,
hereinafter referred to as “Company” and MITCHELL R. LABAR hereinafter referred to as “Employee.” The Employee and the Company hereinafter collectively referred to as the
“Parties.” 
 WHEREAS, the parties desire to enter into an employment agreement (the
“Agreement”) whereby the Company will employ Employee as its Chief Operating Officer; 
 NOW, THEREFORE, the
parties agree as follows: 
 1. Employment. The Company hereby employs Employee and Employee hereby accepts employment with the
Company on the terms and conditions set forth in this Agreement. 
 2. Term of Employment. This Agreement shall be in effect
from March 31, 2016. The Company and Employee hereby agree that Employee’s employment with the Company is for no specified period of time and constitutes “at will” employment. As such, either party may terminate this Agreement
and the parties’ employment relationship at any time, with or without cause, on fifteen (15) days’ written notice to the other party. Such termination shall not prejudice any remedy which either party may have against the other at
law, in equity, or under this Agreement. The term of Employee’s employment under this Agreement referred to as the “Employment Period”. 

3. Duties. Subject to the control and direction of either the Company’s Board of Directors (the
“Board”) the Executive Committee of the Board of Directors (the “Executive Committee”), and the Company’s President and Chief Executive Officer, Employee shall serve as the Chief Operating Officer
in the Company’s Calabasas Office, State of California. Employee shall serve as an officer of the Company pursuant to the powers set forth in the Company’s bylaws and policies and procedures, shall serve the Company diligently and
according to his best abilities in all respects, and generally do all things for the best interest of the Company as are usually done by persons occupying similar positions in similar businesses. Employee shall render such other unrelated services
and duties as may be assigned to him from time to time by the Board of Directors or its Executive Committee, or the President and Chief Executive Officer. 

4. Manner of Performance. During the Employment Period, Employee shall devote all of his business time to the performance of his
duties for the Company. Employee shall at all times faithfully, industriously, and to the best of his ability, experience, and talent, perform all duties that may be required of and from him, pursuant to the express and implicit terms hereof, to the
reasonable satisfaction of the Company. Such duties shall be rendered at the above-mentioned premises and at such other place or places as the Company shall in good faith require or as the interests, needs, business, and opportunities of the Company
shall require or make advisable. During the Employment Period, without the prior written approval of the Board or the Executive Committee, Employee shall not render services in any capacity to any other person or entity and shall not act as a sole
proprietor or partner of any other person or entity or own more than five percent (5%) of the stock of any other corporation. Notwithstanding the foregoing, Employee may serve on corporate, civic or charitable boards or committees, deliver
lectures, fulfill speaking engagements, teach at educational institutions, or manage personal investments without such advance written consent; provided that such activities do not individually or in the aggregate interfere with the performance of
Employee’s duties under this Agreement. Employee shall comply with the Company’s policies and rules, as they may be in effect from time to time during the Employment Period. Employee acknowledges that he has received and has read a copy of
the Company’s Employee Manual as now in effect and as revised from time to time, and agrees to abide by all terms and conditions thereof and any future modifications thereto. 

5. Compensation; Fringe Benefits; and Employee Benefits. The compensation and fringe benefits to be received by Employee in
consideration of the services to be rendered by Employee are set forth in Exhibit “A” 

 
attached hereto. The terms and provisions of Exhibit “A” are fully incorporated into this Agreement by this reference. Employee shall not be entitled to any compensation or benefits
from the Company except as set forth in this Agreement and on Exhibit “A” hereto, or in the Equity Agreements defined in Section 11 below. It is understood and acknowledged that the compensation provided to Employee hereunder is
subject to modification by the Company’s Compensation Committee upon written notice to Employee in the exercise of its reasonable discretion. During the Employment Period, Employee shall be eligible to participate in the employee benefit plans
maintained by the Company and generally available to similarly situated employees of the Company, subject in each case to the generally applicable terms and conditions of the plan in question and to the determinations of any person or committee
administering such employee benefit plan. The Company reserves the right to cancel or change the employee benefit plans and programs it offers to its employees at any time. 

6. Effect of Termination on Compensation. Employee shall be entitled to the base salary and fringe benefits earned by him prior
to the date of termination as set forth in Exhibit A and such other compensation and benefits from the Company as may be required by law. Employee shall not earn or become entitled to any incentive compensation which has not been previously awarded
by the Company before the date of termination, excluding rights contained in the Equity Agreements. 
 Employee shall be obligated to return
to the Company, within ten (10) days after the termination of his employment, advance payments, if any, of incentive compensation made to him during the annual period in which such termination occurs. Interest shall accrue on the sum of any
such advances at the rate of ten percent (10%) per annum after said ten-day period. 
 7. Business Expenses. The Company
will promptly reimburse Employee for reasonable business expenses incurred by Employee in promoting the business of the Company, including expenditures for entertainment, gifts and travel, provided that: 

(i) Each such expenditure is of a nature qualifying it as a proper deduction on the Federal and State income tax returns of the Company; and

 (ii) Employee furnishes to the Company, in accordance with the Company’s established policy, adequate records and other documentary
evidence required by Federal and State statutes and regulations issued by the appropriate taxing authorities for the substantiation of such expenditures as income tax deductions 

8. Non-Solicitation and Confidential Information. 

(i) Employee acknowledges that as Chief Operating Officer and as an officer of the Company, he serves in a position of trust to the Company
and its affiliates and that he owes a fiduciary duty of loyalty to the Company, its shareholders and its affiliates. Employee acknowledges and agrees that the Company has a legitimate interest in protecting its confidential and proprietary
information. Therefore, during the term of this Agreement, Employee shall not directly or indirectly, either as an employee, employer, consultant, agent, principal, owner, partner, stockholder, corporate officer, director, or in any other individual
or representative capacity, engage or participate in any business that is in competition in any manner whatsoever with the business of the Company or the Company’s affiliates. As a result, Employee agrees that, during the term of his employment
with the Company or with any of its affiliates and that for a three-year period thereafter, he will not solicit any employees, agents and brokers, or sales personnel or clients of the Company or its affiliates for the purpose of requesting any such
person to list property with a person or entity other than the Company or to join Employee in a business operation or venture competitive to the business of the Company or its affiliates. For the purpose of this Agreement, the affiliates of the
Company consist of all entities and corporations which are subsidiaries of the Company. This agreement does not prohibit the hiring of individuals who were not solicited by Employee or someone acting on behalf of or at the direction of Employee.
Employee agrees that these restrictions are both necessary and appropriate in time and scope. It is acknowledged that this provision operates in addition to and not in conflict with the Restrictive Covenants set out in the Equity Agreements defined
in Section 11 below. 

  
 2 

 (ii) Employee recognizes that information will be disclosed or made known to him as a consequence
of or through his employment by the Company pertaining to (1) the Company’s and its affiliates’ sales programs and services, including information relating to market research and development, training, computer programs and systems,
computerized information access, accounting, marketing and selling plans and proposals; (2) the Company’s and its affiliates’ financial affairs, their customers, their employees and independent sales personnel and the scope of their
work; (3) past, present or future research and studies concerning customers and customer development and business activities; and (4) such other matters relating to the Company and its affiliates as may be in any way helpful to their
competitors. All such information is hereafter referred to as “Confidential Information”; provided, however, that Confidential Information does not include any knowledge, procedures or techniques acquired or known by Employee in their
entirety prior to his employment by the Company by reason of his previous employment or experience. 
 (iii) Except as strictly required in
the performance of his duties to the Company, Employee will never directly or indirectly use, disseminate or disclose any Confidential Information, either during or subsequent to his employment with the Company. 

(iv) In the event of a violation or a threatened violation by Employee of any of the terms of this Section 8, Employee hereby
acknowledges and agrees that the Company, in addition to all other remedies available to it at law, in equity or under this Agreement, will have the right to affirmative or negative injunctive relief from a court of competent jurisdiction, without
the necessity of posting bond. Furthermore, the Company will have the right to (a) restrain Employee from disclosing or using, in whole or in part, any Confidential Information, and (b) restrain Employee from any continued or threatened
violation of the restrictive covenants contained in this Agreement. 
 9. Ownership of Records. All documents and other
materials relating to the Company’s or its affiliates’ accounts of customers, real estate listings, employees, sales personnel, computer programs, investments, financial statements, training programs or any other type of Confidential
Information, and all copies thereof, and all documents prepared by Employee or otherwise coming into his possession during the course of his employment with the Company, are the exclusive property of the Company. All such documents shall be
immediately returned by Employee to the Company upon termination of his employment for any reason. 
 10. Notices. Any notices
to be given hereunder by either party to the other may be effected either by personal delivery in writing or by certified mail. Mailed notices shall be addressed to the parties at the addresses appearing just under their signature on the execution
page of this Agreement, but each party may change his address by giving written notice thereof to the other party. 
 11. Entire
Agreement. This Agreement supersedes any and all other previous agreements, either oral or in writing, between the parties hereto with respect to the employment of Employee by the Company and contains all of the covenants and agreements
between the parties with respect to such employment in any manner whatsoever. This Agreement does not however modify the terms of existing agreements entered into with Employee regarding shares of stock or other equity in the Company, such as the
Sale Restriction Agreement dated as of November 4, 2013 (the “SRA”) and the Restricted Stock Purchase Agreement, Buy-Sell Agreement and SAR Conversion Agreement, all as defined in the SRA, and any Deferred Stock Unit
Award Agreement or Restricted Stock Unit Award Agreement (collectively referred to as the “Equity Agreements”). In the event of a conflict between this Agreement and any of the Equity Agreements, the terms of the Equity
Agreements shall govern. Any modification of this Agreement will be effective only it if is in writing signed by the party to be charged. 

12. Partial Invalidity. If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void, or
unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any way. 

  
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 13. Mutual Arbitration. 

(i) The Parties agree to submit to a mutual and voluntary system of binding arbitration to resolve all disputes that relate to or may arise
out of this Agreement, Employee’s employment with the Company, or any other dispute between Employee and the Company or its subsidiaries, related entities, agents, employees, executives, officers, or independent contractors. The arbitration
will be conducted in Los Angeles, California by ADR Services, Inc., or other administrator if the parties mutually agree, in accordance with its dispute resolution procedures (the “Rules”). If there is any inconsistency
between the terms hereof and the Rules, the terms and procedures set forth herein shall control except to the extent any such term or procedure is deemed unenforceable and severed from the Agreement. A copy of the Rules may be found on ADR Services
Inc.’s website at www.adrservices.org. 
 (ii) The Parties understand that any claim, dispute, and/or controversy between the
Parties (or any related parties, owners, directors, officers, managers, employees, parent companies or subsidiaries, or agents) shall be submitted to and determined exclusively by binding arbitration under the Federal Arbitration Act
(“FAA”) and in conformity with the procedures of the California Arbitration Act (Cal. Code Civ. Proc. sec 1280 et seq., including section 1283.05) and all of the FAA’s other mandatory and permissive requirements
including, but not limited to, the FAA’s requirements regarding discovery, hearings, and a written ruling. The parties expressly agree that the FAA applies to this agreement because the Company’s business, and the Parties’ conduct in
the course of business, directly relates to and substantially affects interstate commerce. 
 (iii) This agreement to arbitrate includes all
disputes, whether based on tort, contract, regulation, statute (including, but not limited to, any claims of discrimination and harassment, whether they be based on the California Fair Employment and Housing Act, Title VII of the Civil Rights Act of
1964, as amended, or any other state or federal law or regulation), equitable law, or otherwise. Employee understands that this provision, and the description of disputes herein, expressly includes any claims arising from or relating to
Employee’s employment. 
 (iv) It is the Parties’ intent that this agreement be construed to the fullest extent allowed by law,
such that the only exceptions shall be for claims arising under the National Labor Relations Act which are brought before the National Labor Relations Board, claims for medical and disability benefits under the California Workers’ Compensation
Act, Employment Development Department claims, claims under California’s Private Attorney General Act (Cal. Lab. Code § 2698, et seq.), or as otherwise required by law. Nothing herein shall prevent Employee, or other party as permitted by
law, from filing and pursuing proceedings before the California Department of Fair Employment and Housing, or the United States Equal Employment Opportunity Commission. However, if Employee, or other party as permitted by law, chooses to pursue a
claim following the exhaustion of such administrative remedies, including the issuance of a right-to-sue letter, that claim would be subject to the provisions of this Agreement. Employee would be prohibited from obtaining any monetary or
non-monetary relief from a third party’s action to the fullest extent allowed by law. 
 (v) In addition to any other requirements
imposed by law, the single neutral arbitrator selected shall be a retired California Superior or Appellate Court Judge (or otherwise qualified individual if the parties mutually agree) in accordance with ADR Services’ procedures, and shall be
subject to disqualification on the same grounds as would apply to a judge of such court. All rules of pleading, all rules of evidence, and all rights to resolution of the dispute by means of motions for summary judgment and judgment on the pleadings
shall apply and be observed. The arbitrator shall have the authority to order such discovery, by way of deposition, interrogatory, document production, or otherwise, as the arbitrator considers necessary to a full and fair exploration of the issues
in the dispute, consistent with the expedited nature of arbitration. The arbitrator shall have the immunity of a judicial officer from civil liability when acting in the capacity of an arbitrator, which immunity supplements any other existing
immunity. Likewise, all communications during or in connection with the arbitration proceedings are privileged. As reasonably required to allow full use and benefit of this agreement’s modifications to the FAA’s procedures, the arbitrator
shall extend the times set by the FAA for the giving of notices and setting of hearings. Awards shall include the arbitrator’s written reasoned opinion. 

  
 4 

 (vi) By entering into this arbitration agreement the Parties understand and agree they are
waiving their right to trial by jury of any claim against each other. Additionally, to the fullest extent permitted by law this arbitration agreement shall not be construed to allow or permit the consolidation or joinder of other claims or
controversies involving any other employee, and will not proceed as a class, collective, or representative action. The arbitrator does not have the authority to order or certify any class, representative, or collective action. The Parties understand
and agree to any right they may have otherwise had to bring or to otherwise participate in an action on a class, collective, or representative basis to the fullest extent allowed by law, excluding claims brought under California Private Attorneys
General Act (Cal. Labor Code section 2698, et seq.) (“PAGA”) or other any basis). All PAGA claims shall be brought in court only, and shall be stayed until the resolution of all arbitrible claims. 

(vii) Resolution of all disputes shall be based solely upon the law governing the claims and defenses pleaded, and the arbitrator may not
invoke any basis (including but not limited to, notions of “just cause”) other than such controlling law. 
 (viii) The Company
agrees to pay all costs unique to arbitration that Employee would not otherwise have to pay if Employee filed a claim in civil court, including the cost of the arbitrator. 

(ix) This is the entire arbitration agreement between the Parties. It supersedes any and all prior agreements regarding these issues. Any
agreement contrary to the foregoing must be agreed upon, in writing, by the affected Party and the Company. No supervisor or representative of the Company has any authority to enter into any agreement contrary to the foregoing arbitration
provisions. Oral representations made before, during, or after employment do not alter this arbitration agreement. 
  

									
	Initials:	  	  
	  		  	  
	  	
		  	Employee	  		  	Company	  	

 14. Attorneys’ Fees. In the event a lawsuit or arbitration is instituted by either party
concerning any aspect of this Agreement, the prevailing party shall be entitled to recover from the other party court costs and reasonable attorneys’ fees to the fullest extent allowed by law in addition to any other appropriate relief. 

15. Applicable Law. This Agreement shall be construed in accordance with and governed by the laws of the State of California.

 16. Clawback. Employee acknowledges and agrees that the Company will be entitled, pursuant to any policy it adopts to
comply with the clawback rules implemented by the Securities and Exchange Commission and /or our exchange listing standards, to recover from Employee, regardless of fault, that portion of performance-based compensation based on financial information
required to be reported under the securities laws that would not have been paid in the three completed fiscal years preceding the year(s) in which an accounting restatement is required to be filed to correct a material error. 

17. Miscellaneous Provisions. 

(i) Successors. This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease,
merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business
or assets that become bound by this Agreement. Additionally, this Agreement and all of Employee’s rights hereunder shall inure to the benefit of, and be enforceable by, your personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. 
 (ii) Headings. All captions and section headings used in this
Agreement are for convenient reference only and do not form a part of this Agreement. 

  
 5 

 (iii) Notice. Notices and all other communications contemplated by this Agreement
shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In Employee’s case, mailed notices shall be addressed
to Employee at the home address that Employee most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of
its Secretary. 
 (iv) Modifications and Waivers. No provision of this Agreement shall be modified, waived or discharged
unless the modification, waiver or discharge is agreed to in writing and signed by Employee and by an authorized officer of the Company (other than Employee). No waiver by either party of any breach of, or of compliance with, any condition or
provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(v) Withholding Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges
required to be withheld by law. 
 (vi) No Assignment. This Agreement and all of Employee’s rights and obligations
hereunder are personal to Employee and may not be transferred or assigned by Employee at any time. The Company may assign its rights under this Agreement to any entity that assumes the Company’s obligations hereunder in connection with any sale
or transfer of all or a substantial portion of the Company’s assets to such entity. 
 (vii) Acknowledgment. Employee
acknowledges that Employee had the opportunity to discuss this matter with and obtain advice from Employee’s private attorney, had sufficient time to, and have carefully read and fully understand all the provisions of this Agreement, and is
knowingly and voluntarily entering into this Agreement. 
 (viii) Counterparts. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. A fully executed copy of the Agreement shall have the same force and effect as the original. 

[Signature Page Follows] 

  
 6 

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

							
	EMPLOYEE	 		 	 MARCUS & MILLICHAP, INC.,

a Delaware corporation

				
	/s/ Mitchell R. LaBar	 		 	By:	 	/s/ George M. Marcus
	MITCHELL R. LABAR	 		 		 	 GEORGE M. MARCUS

Co-Chairman

  
 7 

 EXHIBIT A 
  

	1.	Base Salary: An annual base salary of Four Hundred and Fifty Thousand Dollars ($450,000.00), payable in equal semi-monthly installments, and prorated for the remainder of the 2016 fiscal year, ending
December 31, 2016. 

  

	2.	Annual Discretionary Incentive: Subject to the Employee’s continued employment through the applicable annual incentive payment date, Employee will be eligible to earn an annual discretionary incentive
for the entire fiscal year pursuant to the incentive plan for the Employee approved by the Company’s Compensation Committee for each fiscal year. 

  

	3.	Restricted Stock Awards: Upon the first day of Employee’s employment with the Company, Employee will receive a grant of Thirty Thousand (30,000) Restricted Stock Units (“RSU”)
(“RSU Grant”). These RSUs awards shall be subject to a five-year vesting schedule and to the terms and conditions of the Company’s standard RSU Agreement and Omnibus Equity Incentive Plan in effect on the date of issue, and as may be
modified from time to time in the Company’s discretion. 

  

	4.	No Severance: In the event that Employee’s employment terminates for any reason, the Company shall have no obligation to pay Employee any severance compensation, payments or benefits.

  

	5.	Additional Benefits. 

  

	 	a.	Cellular Phone Allowance: Employee shall be entitled to a monthly cellular phone allowance in the amount of One Hundred Dollars ($100.00), reimbursed through regular and timely Expense Report submittal.

  

	 	b.	Automobile Benefit: Employee shall receive all automobile-related benefits and reimbursements in accordance with the Company’s usual and customary policies associated with the title of Executive Vice
President. 

  

	 	c.	Insurance and Retirement: Employee shall be entitled to participate in insurance packages (medical, dental, and life) in accordance with the terms of Company Insurance Plan(s) available to eligible Company
employees. Additionally, Employee shall be entitled to participate in a retirement savings plan in accordance with the terms of Company 401(K) Plan(s) available to eligible Company employees. 

 

	 	d.	Vacation Policy: Employee shall be eligible to accrue paid vacation time in accordance with Company policy.

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