Document:

Exhibit 10.48

 

IPSIDY
INC.

 

RESTRICTED
STOCK AGREEMENT

 

This
Restricted Stock Agreement (the “Agreement”) is made and entered into as of September 29, 2017 (the
“Effective Date”) by and between Ipsidy Inc., a Delaware corporation (the “Company”),
and the purchaser named below (the “Purchaser”).

 

	Name
    of Purchaser	 	Total
    Number of Shares	 	 	Purchase
    Price Per Share	 	 	Total
    Purchase Price	 
	Stuart
    Stoller	 	 	5,000,000	 	 	$	0.0001	 	 	$	500.00	 

 

1.             PURCHASE OF SHARES.

 

1.1       Purchase of Shares.
On the Effective Date and subject to the terms and conditions of this Agreement, Purchaser hereby purchases from the Company,
and the Company hereby sells to Purchaser, the Total Number of Shares set forth above (the “Shares”)
of the Company’s Common Stock, $0.0001 par value per share, at the Purchase Price Per Share as set forth above (the “Purchase
Price Per Share”) for a Total Purchase Price as set forth above (the “Purchase Price”).
As used in this Agreement, the term “Shares” includes the Shares purchased under this Agreement and
all securities received (a) in replacement of the Shares, (b) as a result of stock dividends or stock splits with respect to the
Shares, and (c) in replacement of the Shares in a merger, recapitalization, reorganization or similar corporate transaction.

 

1.2       Payment.
Company hereby agrees to make payment of the Purchase Price on behalf of Purchaser by way of bonus payment, receipt of which
is acknowledged by the Company.

 

2.             COMPANY’S
REPURCHASE OPTION FOR UNVESTED SHARES. The Company, or its assignee, shall have the option to repurchase all or a portion
of the Purchaser’s Unvested Shares (as defined below) on the terms and conditions set forth in this Section (the “Repurchase
Option”) in the event of Purchaser’s termination for any reason whatsoever except in the event of Termination
Upon Change of Control (as defined in the Executive Retention Agreement entered into between Company and Purchaser on the date
hereof (“Retention Agreement”).

 

2.1       Termination
and Termination Date. In case of any dispute as to whether Purchaser is terminated, the Board of Directors of the Company
or any Compensation Committee of the Board if such then exists (the “Board”) shall have discretion to
determine whether Purchaser has been terminated and the effective date of such termination (the “Termination Date”).

 

2.2       Vested
and Unvested Shares. Shares that are vested pursuant to the schedule set forth in this Section 2.2 are “Vested
Shares.” Shares that are not vested pursuant to such schedule are “Unvested Shares.”

 

2.2.1
       Vesting of Shares. On the Effective Date all of the Shares will be Unvested
Shares (the “Unvested Shares”). If Purchaser has continuously provided services to the Company (which
shall include for this purpose any subsidiary or parent of the Company), whether as an employee, director, officer or consultant
at all times from the Effective Date to the date upon which any of the applicable “Performance Goals” set forth in
the schedule below (the “Performance Based Vesting Schedule”) are achieved (such date the “Performance
Date”), the “Number of Unvested Shares Becoming Vested Shares” on such Performance Date shall become
Vested Shares upon written certification by the Board that the corresponding “Performance Goal” as set forth in the
Performance Based Vesting Schedule have been satisfied; provided that such Performance Date occurs on or prior to the last
day of the applicable “Performance Period” specified in the Performance Based Vesting Schedule. The Board shall make
all such determinations with respect to the achievement and timing of the Performance Goal within the applicable Performance Period.
Notwithstanding the foregoing, any Unvested Shares that do not become Vested Shares within the applicable Performance Period shall
be forfeited and may be repurchased pursuant to Section 2.3 hereof.

 

    	-1- 

     

    

 

Performance
Based Vesting Schedule

 

A.       Performance
Goal

 

(1)
the occurrence of a Change of Control, (as defined below); OR

 

(2)
the filing of Company’s Annual Report on Form 10K in any year, which Report shows that the Company has achieved Adjusted
EBITDA for the year, as reported therein, which is not less $10,000,000; OR

 

(3)
the Company’s shares becoming listed on a national securities exchange AND (x) if the Board determines that additional equity
funding is required, the Company’s closing (whether at the time of listing or subsequent thereto) of a public offering of
its equity, raising not less than $10,000,000 in gross proceeds in the aggregate, AND (y) the Company achieving a valuation of
not less than $125,000,000 which shall be satisfied either by the closing of the aforementioned public offering with an offering
price which equates to a valuation of the Company, which is not less than $125,000,000; or the Company’s shares achieving
a closing price on such exchange on 10 trading days out of a period of 30 days, which when multiplied by the number of issued
and outstanding shares of Common Stock which are so listed at such time equate to a market capitalization of the Company of not
less than $125,000,000; OR

 

(4)
the filing of an Annual Report on Form 10K, or a Quarterly Report on Form 10Q, showing that the Company has generated total revenue
of not less than $20,000,000 during the 12 month period ending with the period to which the relevant report relates. If such conditions
are fulfilled, or waived by the Board, the above bonus shall be payable with the next payroll following the occurrence of the
relevant event, subject to all applicable deductions required by law.

 

“Change
of Control” shall mean (1) the Company is party to a merger or consolidation, or series of related transactions, which results
in the voting securities of the Company outstanding immediately prior thereto failing to continue to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity), directly or indirectly, at least fifty (50%)
percent of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately
after such merger or consolidation; OR (2) the sale or disposition of all or substantially all of the Company’s assets,
or consummation of any transaction, or series of related transactions, having similar effect (other than to a subsidiary of the
Company)

 

B.            Expiration
Date of Performance Period: The Termination Date

C.
           Number of Unvested Shares Becoming Vested Shares: 5,000,000

 

If
the number of outstanding common shares is changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision,
combination, reclassification or similar change in the capital structure of the Company, without consideration, then the number
of Shares subject to this Agreement, the number of Shares, and all other performance criteria set forth in this Section 2.2.1
will be equitably and proportionately adjusted, subject to any required action by the Board or the stockholders of the Company
and compliance with applicable securities laws; provided that fractions of a Share will not be issued but will either be replaced
by a cash payment equal to the Fair Market Value (as defined below) of such fraction of a Share or will be rounded up to the nearest
whole Share, as determined by the Board.

 

    	-2- 

     

    

 

2.3
Exercise of Repurchase Option. At any time within ninety (90) days after the Purchaser’s Termination Date or
the Expiration Date of the Performance Period, the Company, or its assignee, shall repurchase any or all the Purchaser’s
Unvested Shares by giving Purchaser written notice of exercise of the Repurchase Option, specifying the number of Unvested Shares
to be repurchased. Such Unvested Shares shall be repurchased at the price of $1 in the aggregate (the “Repurchase
Price”).

 

2.4
Right of Termination Unaffected. Nothing in this Agreement shall be construed to limit or otherwise affect in any manner
whatsoever the right or power of the Company (or any Parent or Subsidiary of the Company) to terminate Purchaser’s employment
or other relationship with Company (or the Parent or Subsidiary of the Company) at any time, for any reason or no reason, with
or without cause.

 

3.            REPRESENTATIONS
AND WARRANTIES OF PURCHASER. Purchaser represents and warrants to the Company as follows.

 

3.2       Access
to Information. Purchaser has had access to all information regarding the Company and its present and prospective business,
assets, liabilities and financial condition that Purchaser reasonably considers important in making the decision to purchase the
Shares, and Purchaser has had ample opportunity to ask questions of the Company’s representatives concerning such matters
and this investment.

 

3.3       Understanding
of Risks. Purchaser is fully aware of: (a) the highly speculative nature of the investment in the Shares; (b) the financial
hazards involved; (c) the lack of liquidity of the Shares and the restrictions on transferability of the Shares (e.g.,
that Purchaser may not be able to sell or dispose of the Shares or use them as collateral for loans); (d) the qualifications and
backgrounds of the management of the Company; and (e) the tax consequences of investment in the Shares.

 

3.4       Purchase
for Own Account for Investment. Purchaser is purchasing the Shares for Purchaser’s own account for investment purposes
only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities
Act. Purchaser has no present intention of selling or otherwise disposing of all or any portion of the Shares and no one other
than Purchaser has any beneficial ownership of any of the Shares.

 

3.5       No
General Solicitation. At no time was Purchaser presented with or solicited by any publicly issued or circulated newspaper,
mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of
the Shares.

 

3.6       SEC
Rule 144. Purchaser has been advised that SEC Rule 144 promulgated under the Securities Act, which permits certain limited
sales of unregistered securities, may be available with respect to the Shares and, in any event, requires that the Shares be held
for a minimum of six (6) months, and in certain cases one (1) year, after they have been purchased and paid for (within
the meaning of Rule 144). Purchaser understands that Rule 144 may indefinitely restrict transfer of the Shares so long as Purchaser
remains an “affiliate” of the Company or if “current public information” about the Company (as defined
in Rule 144) is not publicly available.

 

4.             ADDITIONAL
RESTRICTIONS UPON SHARE OWNERSHIP OR TRANSFER.

 

4.1       Rights
as a Stockholder. Subject to the terms and conditions of this Agreement, Purchaser will have all of the rights of a stockholder
of the Company with respect to the Shares from and after the date that Shares are issued to Purchaser until such time as Purchaser
disposes of the Shares or the Company and/or its assignee(s) exercise(s) the Repurchase Option except the right to receive cash
distributions or dividends, which to the extent the same are declared shall be held in escrow by the Company and shall only be
paid if and to the extent that the Shares become Vested Shares. Upon exercise of the Repurchase Option, Purchaser will have no
further rights as a holder of the Shares so purchased upon such exercise, other than the right to receive payment for the Shares
so purchased in accordance with the provisions of this Agreement.

 

    	-3- 

     

    

 

4.2       Legends.
Unless and until the Shares become Vested Shares and are registered under the Securities Act, all certificates representing the
Shares and any certificates subsequently issued in substitution therefor and any certificate for any securities issued pursuant
to any stock split, share reclassification, stock dividend or other similar capital event shall bear legends in substantially
the following form:

 

THESE
SECURITIES ARE SUBJECT TO A RESTRICTED STOCK AGREEMENT BETWEEN THE STOCKHOLDER AND THE COMPANY WHICH CONTAINS RESTRICTIONS ON
TRANSFER AND HAVE NOT BEEN REGISTERED OR OTHERWISE QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE 'SECURITIES ACT') OR UNDER
THE APPLICABLE OR SECURITIES LAWS OF ANY STATE. NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED
OR OTHERWISE DISPOSED OF WITHOUT THE CONSENT OF THE COMPANY AND IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR ANY
APPLICABLE SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS THEREFROM.

 

and/or
such other legend or legends as the Company and its counsel deem necessary or appropriate. Appropriate stop transfer instructions
with respect to the Shares have been or may be placed with the Company's transfer agent.

 

4.3       Encumbrances
on Shares. Purchaser may not grant a lien or security interest in, or pledge, hypothecate or encumber, any Unvested Shares.

 

4.4       Restrictions
on Transfers. Unvested Shares may not be sold or otherwise transferred by Purchaser without the Company’s prior
written consent. Notwithstanding the foregoing, Purchaser shall be able to transfer the Shares, whether or not Vested Shares,
for bona fide estate planning purposes to a person or to an entity that constitutes an Authorized Transferee. Subject to Company’s
insider trading and other related policies, Purchaser hereby agrees that Purchaser shall make no disposition of the Shares (other
than as permitted by this Agreement) unless and until:

 

(a)       Purchaser
shall have notified the Company of the proposed disposition and provided a written summary of the terms and conditions of the
proposed disposition;

 

(b)       Purchaser
shall have complied with all requirements of this Agreement applicable to the disposition of the Shares, including the Repurchase
Option; and

 

(c)       Purchaser
shall have provided the Company with written assurances, in form and substance satisfactory to counsel for the Company, that (i)
the proposed disposition does not require registration of the Shares under the Securities Act or under any state securities laws,
and (ii) all appropriate actions necessary for compliance with the registration and qualification requirements of the Securities
Act and any state securities laws, or of any exemption from registration or qualification, available thereunder (including Rule
144) have been taken.

 

Each
person (other than the Company) to whom the Shares are transferred by means of one of the permitted transfers specified in this
Agreement must, as a condition precedent to the validity of such transfer, acknowledge in writing to the Company that such person
is bound by the provisions of this Agreement and that the transferred Shares are subject to the Repurchase Option granted hereunder,
to the same extent such Shares would be so subject if retained by the Purchaser or otherwise determined by the Board.

 

    	-4- 

     

    

 

4.5       Stop-transfer
Orders. Purchaser understands and agrees that to ensure compliance with the restrictions imposed by this Agreement, the
Company may issue appropriate “stop-transfer” instructions to its transfer agent. The Company will not be required
(a) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of
this Agreement or (b) to treat as owner of such Shares, or to accord the right to vote or pay dividends to any purchaser or other
transferee to whom such Shares have been so transferred.

 

5.            TAX WITHOLDING
AND TAX CONSEQUENCES. The Company may withhold federal, state, local and foreign taxes as required and permitted by applicable
law and is authorized to withhold from Shares otherwise deliverable to Purchaser upon vesting that number of Shares having a Fair
Market Value determined as of the date of withholding equal to the minimum amount required to be withheld. PURCHASER UNDERSTANDS
THAT PURCHASER MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF PURCHASER’S PURCHASE OR DISPOSITION OF THE SHARES. PURCHASER
REPRESENTS (a) THAT PURCHASER HAS CONSULTED WITH ANY TAX ADVISER THAT PURCHASER DEEMS ADVISABLE IN CONNECTION WITH THE PURCHASE
OR DISPOSITION OF THE SHARES AND (b) THAT PURCHASER IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE.

 

5.1       Section
83(b) Election. Purchaser hereby acknowledges that Purchaser has been informed that, with respect to Unvested Shares,
unless an election is filed by Purchaser with the Internal Revenue Service (and, if necessary, the proper state taxing authorities)
within 30 days after the purchase of the Shares electing, pursuant to Section 83(b) of the Internal Revenue Code (and similar
state tax provisions, if applicable), to be taxed currently on any difference between the Purchase Price of the Unvested Shares
and their Fair Market Value on the date of purchase, there will be a recognition of taxable income to Purchaser, measured by the
excess, if any, of the Fair Market Value of the Unvested Shares, at the time they cease to be Unvested Shares, over the Purchase
Price for such Shares. Purchaser represents that Purchaser has consulted any tax advisers Purchaser deems advisable in connection
with Purchaser’s purchase of the Shares and the filing of the election under Section 83(b) and similar tax provisions. A
form of Election under Section 83(b) is attached hereto as Exhibit A for reference. BY PROVIDING THE FORM OF ELECTION,
THE COMPANY DOES NOT THEREBY UNDERTAKE TO FILE THE ELECTION FOR PURCHASER, WHICH OBLIGATION TO FILE SHALL REMAIN SOLELY WITH PURCHASER.

 

5.2       “Fair
Market Value”. For the purposes of this Agreement Fair Market Value shall mean the average closing price of the
Company’s Common Stock on the principal trading market for the Common Stock during the thirty (30) trading days immediately
preceding the date upon which the Fair Market Value is to be determined.

 

6.            GENERAL
PROVISIONS.

 

6.1       Successors
and Assigns. The Company may assign any of its rights under this Agreement, including its rights to purchase Shares under
the Repurchase Option. Neither Purchaser, nor any of Purchaser’s successors and assigns, may assign, whether voluntarily
or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent of the Company.
This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions
on transfer herein set forth, this Agreement will be binding upon Purchaser and Purchaser’s heirs, executors, administrators,
legal representatives, successors and assigns.

 

    	-5- 

     

    

 

6.2       Notices.
Any and all notices required or permitted to be given to a party pursuant to the provisions of this Agreement will be in writing
and will be effective and deemed to provide such party sufficient notice under this Agreement on the earliest of the following:
(a) at the time of personal delivery, if delivery is in person; (b) one (1) business day after deposit with an express overnight
courier for United States deliveries, or two (2) business days after such deposit for deliveries outside of the United States,
with proof of delivery from the courier requested; or (c) three (3) business days after deposit in the United States mail by certified
mail (return receipt requested) for United States deliveries. All notices for delivery outside the United States will be sent
by express courier. All notices not delivered personally will be sent with postage and/or other charges prepaid and properly addressed
to the party to be notified at the address set forth below the signature lines of this Agreement, or at such other address as
such other party may designate by one of the indicated means of notice herein to the other parties hereto. Notices to the Company
will be marked “Attention: Secretary.”

 

6.3       Further
Assurances. The parties agree to execute such further documents and instruments and to take such further actions as may
be reasonably necessary to carry out the purposes and intent of this Agreement.

 

6.4       Entire
Agreement. This Agreement, together with all Exhibits hereto, constitute the entire agreement and understanding of the
parties with respect to the subject matter of this Agreement, and supersede all prior understandings and agreements, between the
parties hereto with respect to the specific subject matter hereof.

 

6.5       Severability.
If any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal
or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties
hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder
of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable)
never been contained in this Agreement. Notwithstanding the forgoing, if the value of this Agreement based upon the substantial
benefit of the bargain for any party is materially impaired, which determination as made by the presiding court or arbitrator
of competent jurisdiction shall be binding, then both parties agree to substitute such provision(s) through good faith negotiations.

 

6.6       Execution.
This Agreement may be entered into in two or more counterparts, each of which shall be deemed an original and all of which
shall constitute one and the same agreement. This Agreement may be executed and delivered by facsimile and, upon such delivery,
the facsimile signature will be deemed to have the same effect as if the original signature had been delivered to the other party.

 

IN
WITNESS WHEREOF, the parties have executed this Restricted Stock Agreement, as of the date first set forth above.

 

	IPSIDY INC.

	 	PURCHASER
	 	 	 	 	 
	By: /s/	PHILIP
    BECK	 	/s/	STUART
    STOLLER
	 	 	 	(Signature)
	PHILIP
    BECK, CEO	 	STUART STOLLER
	(Please print name and title)	 	(Please print name)
	Address:	 	Address:
	780 Long Beach Boulevard	 	28 Elderberry Lane East
	Long Beach, New York 11561	 	Valley Stream, NY 11581

 

    	-6- 

     

    

 

EXHIBIT
A

 

ELECTION
UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE

 

The
undersigned Taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include the
excess, if any, of the fair market value of the property described below at the time of transfer over the amount paid for such
property, as compensation for services in the calculation of regular gross income.

 

	1.	TAXPAYER’S NAME:	 
	 	TAXPAYER’S ADDRESS:	 
	 	 	 
	 	SOCIAL SECURITY NUMBER:	 

 

		2.	The
                                         property with respect to which the election is made is described as follows: _______
                                         shares of Common Stock of Ipsidy Inc.., a Delaware corporation (the “Company”)
                                         which were transferred pursuant to an Incentive Restricted Stock Agreement entered into
                                         by Taxpayer and the Company, which is Taxpayer’s employer or the corporation for
                                         whom the Taxpayer performs services.

 

		3.	The
                                         date on which the shares were transferred pursuant to the purchase of the shares was
                                         ____________________, 2017 and this election is made for calendar year 2017.

 

		4.	The
                                         shares received are subject to the following restrictions: The Company may repurchase
                                         all or a portion of the shares for an aggregate purchase price of $1 under certain conditions
                                         at the time of Taxpayer’s termination of employment or services, or Taxpayer’s
                                         failure to satisfy certain specified performance conditions.

 

		5.	The
                                         fair market value of the shares (without regard to restrictions other than restrictions
                                         which by their terms will never lapse) was $________ per share X _________ shares = $______
                                         at the time of purchase.

 

		6.	The
                                         amount paid for such shares by Taxpayer was $________ per share x _______ shares = $_______.

 

		7.	The
                                         Taxpayer has submitted a copy of this statement to the Company.

 

		8.	The
                                         amount to include in gross income is $______________. [The result of the amount reported
                                         in Item 5 minus the amount reported in Item 6.]

 

THIS
ELECTION MUST BE FILED WITH THE INTERNAL REVENUE SERVICE (“IRS”), AT THE OFFICE WHERE THE TAXPAYER FILES ANNUAL
INCOME TAX RETURNS, WITHIN 30 DAYS AFTER THE DATE OF TRANSFER OF THE SHARES, AND MUST ALSO BE FILED WITH THE TAXPAYER’S
INCOME TAX RETURNS FOR THE CALENDAR YEAR. THE ELECTION CANNOT BE REVOKED WITHOUT THE CONSENT OF THE IRS.

	Dated:	 	 	 
	 	 	Taxpayer’s Signature

 

    -7-Exhibit

Exhibit 10.2

AMENDED AND RESTATED

EMPLOYEE AND DIRECTOR 
 
INCENTIVE RESTRICTED SHARE PLAN 
 
OF 
 
AMERICAN REALTY CAPITAL NEW YORK CITY REIT, INC.
SECTION 1.PURPOSES OF THE PLAN AND DEFINITIONS
1.1    Purposes.  The purposes of the Employee and Director Incentive Restricted Share Plan (this “Plan”) of American Realty Capital New York City REIT, Inc. (the “Company”) are to:
(1)    provide incentives to selected Persons chosen to receive share-based awards because of their ability to improve operations and increase profits of the Company;
(2)    encourage the Advisor and other selected Persons to accept positions with or continue to provide services to the Company, the Advisor and Affiliates of the Company, as applicable; and
(3)    increase the interest of Directors in the Company’s welfare through their participation in the growth in value of the Company’s Shares.
To accomplish these purposes, this Plan provides a means whereby the Advisor and Affiliates of the Company, employees and officers of the Company, the Advisor and Affiliates of the Company, Directors, and other enumerated Persons may receive Awards.
1.2    Definitions.  For purposes of this Plan, the following terms have the following meanings:
“Advisor” means the Person or Persons, if any, appointed, employed or contracted with by the Company to be responsible for directing or performing the day-to-day business affairs of the Company, including any Person to whom the Advisor subcontracts substantially all such functions.  The initial Advisor is New York City Advisors, LLC.
“Advisory Agreement” shall mean that agreement dated November 15, 2015, by and among, the Company, the Advisor and New York City Operating Partnership, L.P., as may be amended from time to time.
“Affiliate” means any Person (other than an Advisor), whose employees, directors or officers are eligible to receive Awards under this Plan.  The determination of whether a Person is an Affiliate shall be made by the Board acting in its sole and absolute discretion.

1

Exhibit 10.2

“Applicable Laws” means the requirements relating to the administration of Awards under state corporation laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Shares are listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under this Plan.
“Articles of Incorporation” means the articles of incorporation of the Company, as the same may be amended from time to time.
“Award” means any award of Restricted Shares under this Plan.
“Award Agreement” means, with respect to each Award, the written agreement executed by the Company and the Participant or other written document approved by the Board setting forth the terms and conditions of the Award.
“Board” means the Board of Directors of the Company.
“Code” means the Internal Revenue Code of 1986, as amended from time to time.
“Committee” means the Board or a duly appointed committee of the Board to which the Board has delegated its powers and functions hereunder.
“Company” means American Realty Capital New York City REIT, Inc.
“Director” means a person elected or appointed and serving as a member of the Board in accordance with the Articles of Incorporation and the Maryland General Corporation Law.
“Director Shares” has the meaning set forth in Section 6.
“Effective Date” has the meaning set forth in Section 15.
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.
“Fair Market Value” means with respect to Shares:
(i)    If the Shares are listed on any established stock exchange or a national market system, their Fair Market Value shall be the closing sales price for the Shares, or the mean between the high bid and low asked prices if no sales were reported, as quoted on such system or exchange (or, if the Shares are listed on more than one exchange, then on the largest such exchange) for the date the value is to be determined (or if there are no sales or bids for such date, then for the last preceding business day on which there were sales or bids), as reported in The Wall Street Journal.
(ii)    If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, or if there is no secondary trading market for the Shares, their Fair Market Value shall be the Company’s estimated net asset value per 

2

Exhibit 10.2

Share, calculated pursuant to the valuation guidelines adopted by the Board and published by the Company. 
“Grant Date” has the meaning set forth in Section 5.1(c).
“Non-Employee Director” means a person who is a Director of the Company, but who is not also an employee or officer of the Company or the Advisor.
“Participant” means an eligible person who is granted an Award.
“Person” means an individual, a corporation, partnership, trust, association, or any other entity.
“Plan” means this Employee and Director Incentive Restricted Share Plan.
“Restricted Shares” means an Award granted under Section 5.2.
“Retainer” has the meaning set forth in Section 6.3.
“Rule 16b-3” means Rule 16b-3 adopted under Section 16(b) or any successor rule, as it may be amended from time to time, and references to paragraphs or clauses of Rule 16b-3 refer to the corresponding paragraphs or clauses of Rule 16b-3 as it exists at the Effective Date or the comparable paragraph or clause of Rule 16b-3 or successor rule, as that paragraph or clause may thereafter be amended.
“Section 16(b)” means Section 16(b) of the Exchange Act.
“Section 409A of the Code” means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable Treasury regulation or other official guidance promulgated thereunder.
“Securities Act” means the Securities Act of 1933, as amended from time to time.
“Shares” means shares of common stock of the Company, $0.01 par value per share.
“Termination” means that a Participant has ceased, for any reason and with or without cause, to be an employee or Director of, or a consultant to, the Company, the Advisor or any Affiliate of the Company.  However, the term “Termination” shall not include a transfer of a Participant from the Company to the Advisor or any Affiliate of the Company or the Advisor or vice versa, or from any such Affiliate to another, or a leave of absence duly authorized by the Company unless the Board has provided otherwise.
SECTION 2.    ELIGIBLE PERSONS
Every Person who, at or as of the Grant Date, is:

3

Exhibit 10.2

(a)    a full-time employee of the Advisor, the Company or any Affiliate of the Company;
(b)    an officer of the Company, the Advisor or any Affiliate of the Company;
(c)    a Director of the Company;
(d)    a director of the Advisor or any Affiliate of the Company; or
(e)    a Person that the Board designates as eligible for an Award because such Person:
(i)    performs bona fide consulting or advisory services for the Company, the Advisor or any Affiliate of the Company pursuant to a written agreement (other than services in connection with the offer or sale of securities in a capital-raising transaction), and
(ii)    has a direct and significant effect on the financial development of the Company or any Affiliate of the Company, shall be eligible to receive Awards hereunder.
Non-Employee Directors are only eligible to receive Awards under Section 6.
SECTION 3.    SHARES SUBJECT TO THIS PLAN
The total number of Shares that may be issued pursuant to Awards shall not exceed 5.0% of the Company’s outstanding Shares on a fully diluted basis at any time and in any event will not exceed 1,500,000 Shares.  The number of Shares reserved for issuance under this Plan is subject to adjustment in accordance with the provisions for adjustment in Section 5.1.  If any Shares awarded under this Plan are forfeited for any reason, the number of forfeited Shares shall again be available for purposes of granting Awards under this Plan.
SECTION 4.    ADMINISTRATION
4.1    Administration.  This Plan shall be administered by the Committee.
4.2    Committee’s Powers.  Subject to the express provisions of this Plan, the Committee shall have the authority, in its sole discretion:
(a)    to adopt, amend and rescind administrative and interpretive rules and regulations relating to this Plan;
(b)    to determine the eligible Persons to whom, and the time or times at which, Awards shall be granted;
(c)    to determine the number of Shares that shall be the subject of each Award;

4

Exhibit 10.2

(d)    to determine the terms and provisions of each Award (which need not be identical) and any amendments thereto, including provisions defining or otherwise relating to:
(i)    the extent to which the transferability of Shares issued or transferred pursuant to any Award is restricted;
(ii)    the effect of Termination on an Award;
(iii)    the effect of approved leaves of absence; and
(iv)    to construe the respective Award Agreements and this Plan.
(e)    to make determinations of the Fair Market Value of Shares;
(f)    to waive any provision, condition or limitation set forth in an Award Agreement;
(g)    to delegate its duties under this Plan to such agents as it may appoint from time to time; and
(h)    to make all other determinations, perform all other acts and exercise all other powers and authority necessary or advisable for administering this Plan, including the delegation of those ministerial acts and responsibilities as the Committee deems appropriate.
The Committee may correct any defect, supply any omission or reconcile any inconsistency in this Plan, in any Award or in any Award Agreement in the manner and to the extent it deems necessary or desirable to implement this Plan, and the Committee shall be the sole and final judge of that necessity or desirability.  The determinations of the Committee on the matters referred to in this Section 4.2 shall be final and conclusive.  
4.3    Term of Plan.  No Awards shall be granted under this Plan after 10 years from the Effective Date of this Plan.
SECTION 5.    CERTAIN TERMS AND CONDITIONS OF AWARDS
5.1    All Awards.  All Awards shall be subject to the following terms and conditions:
(a)    Changes in Capital Structure.  If the number of outstanding Shares is increased by means of a share dividend payable in Shares, a share split or other subdivision or by a reclassification of Shares, then, from and after the record date for such dividend, subdivision or reclassification, the number and class of Shares subject to this Plan shall be increased or adjusted, as applicable, in proportion to such increase in outstanding Shares.  If the number of outstanding Shares is decreased by means of a reverse share split or other combination or by a reclassification of Shares, then, from and after the record date for such combination or reclassification, the number and class of Shares subject to this Plan shall be decreased or adjusted, as applicable, in proportion to such decrease in outstanding Shares.

5

Exhibit 10.2

(b)    Certain Corporate Transactions.  In the event of any change in the capital structure or business of the Company by reason of any recapitalization, reorganization, merger, consolidation, split-up, subdivision, combination, exchange of Shares or any similar change affecting the Company’s capital structure or business, then the aggregate number and kind of Shares which thereafter may be issued under this Plan shall be appropriately adjusted consistent with such change in such manner as the Committee may deem equitable to prevent substantial dilution or enlargement of the rights granted to, or available for, Participants under this Plan, and any such adjustment determined by the Committee in good faith shall be binding and conclusive on the Company and all Participants and employees and their respective heirs, executors, administrators, successors and assigns.
(c)    Grant Date.  Each Award Agreement shall specify the date as of which it shall be effective (the “Grant Date”).
(d)    Vesting.  Each Award shall vest, and any restrictions thereunder shall lapse, as the case may be, at such times and in such amounts as may be specified by the Committee in the applicable Award Agreement.
(e)    Nonassignability of Rights.  Awards shall not be transferable other than with the consent of the Committee or by will or the laws of descent and distribution.
(f)    Termination from the Company, the Advisor or any Affiliate of the Company or Termination of the Advisory Agreement.  The Committee shall establish, in respect of each Award when granted, the effect of a Termination or termination of the Advisory Agreement on the rights and benefits thereunder and in so doing may, but need not, make distinctions based upon the cause of termination (such as retirement, death, disability or other factors) or which party effected the termination (the employer, the employee or the Advisor).
(g)    Minimum Purchase Price.  Notwithstanding any provision of this Plan to the contrary, if authorized but previously unissued Shares are issued under this Plan, such Shares shall not be issued for a consideration which is less than as permitted under Applicable Laws.
(h)    Other Provisions.  Each Award Agreement may contain such other terms, provisions and conditions not inconsistent with this Plan, as may be determined by the Committee.
5.2    Restricted Shares.  Restricted Shares shall be subject to the following terms and conditions:
(a)    Grant.  The Committee may grant one or more Awards of Restricted Shares to any Participant.  Each Award of Restricted Shares shall specify the number of Shares to be issued to the Participant, the date of issuance and the restrictions imposed on the Shares including the conditions of release or lapse of such restrictions.  Upon the issuance of Restricted Shares, the Participant may be required to furnish such additional documentation or other assurances as the Committee may require to enforce restrictions applicable thereto.

6

Exhibit 10.2

(b)    Restrictions.  Except as specifically provided elsewhere in this Plan or the Award Agreement regarding Restricted Shares, Restricted Shares may not be sold, assigned, transferred, pledged or otherwise disposed of or encumbered, either voluntarily or involuntarily, until the restrictions have lapsed and the rights to the Shares have vested. The Committee may in its sole discretion provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions, in whole or in part, based on service, performance or such other factors or criteria as the Committee may determine.
(c)    Dividends.  Unless otherwise determined by the Committee, cash dividends with respect to Restricted Shares shall be paid to the recipient of the Award of Restricted Shares on the normal dividend payment dates, and dividends payable in Shares shall be paid in the form of Restricted Shares having the same terms as the Restricted Shares upon which such dividend is paid.  Each Award Agreement for Awards of Restricted Shares shall specify whether and, if so, the extent to which the Participant shall be obligated to return to the Company any cash dividends paid with respect to any Restricted Shares which are subsequently forfeited.
(d)    Forfeiture of Restricted Shares.  Except to the extent otherwise provided in the applicable Award Agreement, when a Participant’s Termination occurs, the Participant shall automatically forfeit all Restricted Shares still subject to restriction.
SECTION 6.    DIRECTOR SHARES
6.1    Automatic Grant.  Without further action of the Board or the Committee, Non-Employee Directors shall receive an Award of a number of Restricted Shares equal to the quotient of (A) 30,000 divided by (B) the Fair Market Value of a Share as of the Grant Date of such Award, and such Award shall be made on each of (i) the date of such Non-Employee Director’s initial election to the Board and (ii) the date of each annual stockholders’ meeting of the Company thereafter and, in each case, notwithstanding Section 5.1(c), each such date will be the Grant Date of such Award.
6.2    Vesting.  Notwithstanding the provisions of Section 5.1(d), awards of Restricted Shares made to Non-Employee Directors under Section 6.1 shall vest over a five-year period following the Grant Date, such that the Restricted Shares awarded to a Non-Employee Director under Section 6.1 shall become vested in increments of 20% per annum on each of the first five anniversaries of the Grant Date, provided, in each case, that except as otherwise provided in the applicable Award Agreement, the Non-Employee Director Participant has not incurred a termination of his or her position as a director prior to the vesting date.
6.3    Election.  The Company shall pay to each individual who is a Non-Employee Director an annual fee in the amount set from time to time by the Board (the “Retainer”).  Each Non-Employee Director shall be entitled to receive his or her Retainer exclusively in cash, exclusively in unrestricted Shares (“Director Shares”) or any portion in cash and Director Shares.  Each Non-Employee Director shall be given the opportunity, during the month in which the Non-Employee Director first becomes a Non-Employee Director, and during each December thereafter, to elect among these choices for the balance of the calendar year (in the case of the 

7

Exhibit 10.2

election made during the month the Non-Employee Director first becomes a Non-Employee Director) and for the ensuing calendar year (in the case of a subsequent election made during any December).  If the Non-Employee Director chooses to receive at least some of his or her Retainer in Director Shares, the election shall also indicate the percentage of the Retainer to be paid in Director Shares.  If a Non‐Employee Director makes no election during his or her first opportunity to make an election, the Non-Employee Director shall be assumed to have elected to receive his or her entire Retainer in cash.
6.4    Issuance.  The Company shall make the first issuance of Director Shares to electing Directors on the first business day following the last day of the full calendar quarter following such election.  Subsequent issuances of Director Shares shall be made on the first business day of each subsequent calendar quarter and shall be made to all persons who are Non-Employee Directors on that day except any Non-Employee Director whose Retainer is to be paid entirely in cash.  The number of Shares issuable to those Non‐Employee Directors on the relevant date indicated above shall equal:
(% x R/4)/P, where:
% = the percentage of the Non-Employee Director’s Retainer that the Non-Employee Director elected or is deemed to have elected to receive in the form of Director Shares, expressed as a decimal;
R = the Non-Employee Director’s Retainer for the year during which the issuance occurs; and
P = the Fair Market Value.
Director Shares shall not include any fractional Shares.  Fractions shall be rounded to the nearest whole Share (with one-half being rounded upward).
SECTION 7.    SECURITIES LAWS
Nothing in this Plan or in any Award or Award Agreement shall require the Company to issue any Shares with respect to any Award if, in the opinion of counsel for the Company, that issuance could constitute a violation of any Applicable Laws.  As a condition to the grant of any Award, the Company may require the Participant (or, in the event of the Participant’s death, the Participant’s legal representatives, heirs, legatees or distributees) to provide written representations concerning the Participant’s (or such other person’s) intentions with regard to the retention or disposition of the Shares covered by the Award and written covenants as to the manner of disposal of such Shares as may be necessary or useful to ensure that the grant or disposition thereof will not violate the Securities Act, any other law or any rule of any applicable securities exchange or securities association then in effect.  The Company shall not be required to register any Shares under the Securities Act or register or qualify any Shares under any state or other securities laws.
SECTION 8.    EMPLOYMENT OR OTHER RELATIONSHIP

8

Exhibit 10.2

Nothing in this Plan or any Award shall in any way interfere with or limit the right of the Company, the Advisor or any Affiliate of the Company to terminate any Participant’s employment or status as a consultant, advisor or Director at any time, nor confer upon any Participant any right to continue in the employ of, or as a Director, consultant or advisor of, the Company, the Advisor or any Affiliate of the Company.  Nothing in this Plan shall interfere with the Company’s ability to terminate the Advisory Agreement in accordance with its terms.
SECTION 9.    AMENDMENT, SUSPENSION AND TERMINATION OF THIS PLAN
The Board may at any time amend, suspend or discontinue this Plan, provided that such amendment, suspension or discontinuance meets the requirements of Applicable Laws, including without limitation, any applicable requirements for stockholder approval.  Notwithstanding the above, an amendment, suspension or discontinuation shall not be made if it would impair the rights of any Participant under any Award previously granted, without the Participant’s consent, except to conform this Plan and Awards granted to the requirements of Applicable Laws.  Notwithstanding any provision of the Plan to the contrary, if the Board determines that any Award may be subject to Section 409A of the Code, the Board may adopt such amendment to the Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions that the Board determines are necessary or appropriate, without the consent of the Participant, to (a) exempt the Award from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code.
SECTION 10.    LIABILITY AND INDEMNIFICATION OF THE BOARD
No person constituting, or member of the group constituting, the Board shall be liable for any act or omission on such person’s part, including but not limited to the exercise of any power or discretion given to such member under this Plan, except for those acts or omissions resulting from such member’s gross negligence or willful misconduct.  The Company shall indemnify each present and future person constituting, or member of the group constituting, the Board against, and each person or member of the group constituting the Board shall be entitled without further act on his or her part to indemnity from the Company for, all expenses (including the amount of judgments and the amount of approved settlements made with a view to the curtailment of costs of litigation) reasonably incurred by such person in connection with or arising out of any action, suit or proceeding to the fullest extent permitted by law and by the Articles of Incorporation and Bylaws of the Company.
SECTION 11.    SEVERABILITY
If any provision of this Plan is held to be illegal or invalid for any reason, that illegality or invalidity shall not affect the remaining portions of this Plan, but such provision shall be fully severable and this Plan shall be construed and enforced as if the illegal or invalid provision had never been included in this Plan.  Such an illegal or invalid provision shall be replaced by a revised provision that most nearly comports to the substance of the illegal or invalid provision.  If any of the terms or provisions of this Plan or any Award Agreement conflict with the 

9

Exhibit 10.2

requirements of Applicable Laws, those conflicting terms or provisions shall be deemed inoperative to the extent they conflict with Applicable Law.
SECTION 12.    SECTION 409A OF THE CODE
Awards granted under the Plan are intended to be exempt from Section 409A of the Code.  To the extent that the Plan is not exempt from the requirements of Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.  Notwithstanding the foregoing, in no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on a Participant by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code.
SECTION 13.    WITHHOLDING
The Company shall have the right to deduct from any payment to be made to a Participant, or to otherwise require, prior to the issuance or delivery of any Shares or the payment of any cash hereunder, payment by the Participant of, any federal, state or local taxes required by law to be withheld.  Upon the vesting of Restricted Shares, or upon making an election under Section 83(b) of the Code, a Participant shall pay all required withholding to the Company.  The Board may permit any such statutory withholding obligation with regard to any Participant to be satisfied by reducing the number of Shares otherwise deliverable or by delivering Shares already owned.
SECTION 14.    GOVERNING LAW
This Plan shall be governed and construed in accordance with the laws of the State of Maryland (regardless of the law that might otherwise govern under applicable principles of conflict of laws).
SECTION 15.    EFFECTIVE DATE AND PROCEDURAL HISTORY
This Plan was originally approved by the Company’s Board on April 21, 2014 (the “Effective Date”).  It was approved in that form by the holders of the Company’s voting Shares on April 21, 2014.  The Plan was subsequently amended as of August 8, 2017 and amended and restated as of November 8, 2017 upon approval by the Company’s Board.
    

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}]]