展品10.3
已從陳述中排除了某些已確定的信息，因爲它既不重要，也屬於登記人視爲私人或機密的類型。已編輯的信息由[****]表示。
僱傭協議
此僱傭協議（本“協議”），自2024年10月22日起生效，由CTO REALTY GROWTH公司（馬里蘭州公司）（以下簡稱“公司 LISA M. VORAKOUN （「股東大會紀要」）高管”).
背景
該高管自2013年1月7日起受聘於公司。該高管最初擔任公司的人形機器人-電機控制器，目前擔任公司的高級副總裁兼首席會計官。公司和高管希望就高管的繼續受僱達成以下規定。
條款
| 1. | 就業狀況 |
a.總體來說高管同意按照本協議規定的條款和條件提供服務。公司支付給高管的所有報酬，以及高管從公司或其任何子公司收到的所有福利和津貼，將合併計算以確定高管是否已經獲得本協議規定的報酬和福利。
| b. | 期限。該協議自完全執行之日起生效，並將持續至行政人員根據本協議的僱傭終止（無論是由執行人員、公司還是本方書面協議終止）（僱傭期間，"「僱傭期限」是指自2024年6月13日開始，到2026年6月13日結束的期限，根據下述規定可以延長或終止。”). |
| 2. | 職責. |
| a. | 通用職責. The Executive shall continue to serve as Senior Vice President and Chief Accounting Officer of the Company and of Alpine Income Property Trust, Inc. (“阿爾卑斯,” and collectively with the Company and each of their respective subsidiaries, the “公司集團”), with duties and responsibilities that are customary for such positions as directed by the President and Chief Executive Officer of the Company and other duties and responsibilities as may be assigned to the Executive from time to time by the President and Chief Executive Officer of the Company subject to approval of the Board of Directors of the Company (the “董事會”). To the extent the Board has authorized the Compensation Committee of |
| 董事會（" ）代表全權行事，本文件中提到董事會的地方也將被視爲包括委員會。 委員會）代表全權行事，本文件中提到董事會的地方也將被視爲包括委員會。 |
b. | 全職就業。行政人員同意全心全意投入公司的成功運作，並同意忠實勤勉地履行作爲公司和阿爾派恩高級副總裁兼首席會計官的職務所需的一切職責，根據公司總裁和首席執行官不時制定的政策，盡力而爲，盡善盡美，並以令公司滿意的方式。此外，行政人員將全身心投入公司集團的業務、事務和利益，並與此相關事務。約定行政人員在公司主要工作地點將位於佛羅里達州戴通納海灘的公司辦公室。在僱傭期間，行政人員同意將其主要住所保持在離戴通納海灘佛羅里達州或冬公園佛羅里達州七十五（75）英里半徑內，只要公司在這些地點設有辦公室。 |
c. | 某些可允許的活動執行人員還可以制定和管理個人業務投資並任職於任何公民、教育或慈善機構，或任何政府實體或行業協會，只要此類活動和服務不干擾或衝突其根據本協議下的職責履行或以其他方式構成違約。 第7節。受限制的股票和受限制的股票單位。執行人員承認應受到，並遵守公司不時設立的政策、標準和規定，包括公司《業務行爲準則與道德準則》（包括關於公司機會的規定）。 |
| 3. | 薪酬和費用. |
| a. | 基本工資。執行人員將以每年27.5萬美元的年薪率支付基本工資（“基本工資按照公司時常生效的工資支付慣例和適用的工資支付法律支付。 |
| b. | 保留. |
| c. | 年度激勵補償在她的任職期間，對於每個結束的財政年度，高管將有資格參與並獲得公司修訂後的2017年執行年度現金激勵計劃（"年度獎勵計劃根據年度激勵計劃和不時有效的工資政策，按照規定的條款和條件支付。根據年度激勵計劃支付的金額通常在每年的二月公司最終審計後支付。執行官在2024年度年度激勵計劃中的個人目標機會（在年度激勵計劃中定義）將爲該執行官當時的75% |
2
| 2024年的當前基本工資，設定爲年度激勵計劃中個人目標機會的50％、100％和200％的「閾值」、「目標」和「最大」倍增器。執行年度激勵計劃所規定的所有內容。董事會將根據董事會確定的企業和個人績效目標，以及符合年度激勵計劃條款和條件的情況，確定應支付給高管的年度激勵報酬，可以用現金支付或現金與股權激勵獎勵的組合方式支付。 |
| d. | 股權獎勵在公司任職期間，高管已經根據公司的2010年股權激勵計劃（不時修訂）獲得了某些股權獎勵，這些現有股權獎勵在下文中有更詳細描述。 附表A 附表。此外，從2025財年開始，高管將有資格獲得長期股權激勵報酬，根據公司不時實施的高管薪酬方案授予。此類獎項通常將在每個財年開始時根據公司不時實施的股權激勵計劃授予，根據高管和公司之間的單獨書面協議（每份獎勵協議，包括附表列出的任何現有獎勵協議，均爲「長期股權激勵獎勵協議」）。長期股權激勵獎勵協議”). |
| e. | 費用公司將根據公司當前適用於公司高級管理人員的費用報銷政策，在僱傭期間爲執行官因履行職責而發生的合理、普通和必要的差旅或娛樂費用報銷或提供資金。費用報銷執行官清楚，此類費用不包括因執行官每日往返公司企業辦公室而發生的費用。 |
| f. | 收回條款本協議受公司或阿爾派已經制定或可能制定的任何書面追索政策的約束，前提是不違反適用法律。任何此類政策可能導致執行官根據本協議所應獲取的薪酬和支付或實現的金額，以及本協議之外應支付或有權獲得的任何其他薪酬（無論這些其他薪酬是否符合此類政策中所定義的「激勵性薪酬」），在某些特定事件或違法行爲發生時，包括但不限於由於公司或阿爾派嚴重違反財務報告監管規定或其他書面政策規定的會計重述或其他事件或違法行爲，根據任何公司或阿爾派已採用的追索政策，包括符合2010年《多德-弗蘭克華爾街改革和消費者保護法》及證券交易委員會在其下頒佈的規則的任何政策，並且公司或阿爾派認爲應適用於本協議和所有此類適用薪酬。 |
3
| 4. | Benefits. |
| a. | Employee Benefits Program. In addition to the compensation to which the Executive is entitled pursuant to the provisions of Section 3 of this Agreement, during the term of her employment, the Executive is eligible to participate in any retirement plan, insurance or other employee benefit plan that is maintained at that time by the Company for its senior executive employees, including programs of life, disability, medical, dental and vision insurance, subject to the provisions of such plans as may be in effect from time to time and applicable law. The Company reserves the right to modify, suspend or terminate any of its employee benefit plans or programs at any time in its sole discretion, subject to the terms of such employee benefit plan or program and applicable law. |
| b. | Vacation. The Executive shall be entitled to twenty (20) days per calendar year of paid vacation; provided, that (i) any unused vacation days shall be forfeited at the end of each year if not fully utilized in that year, and (ii) the Company shall not pay the Executive for any accrued but unused vacation days upon any termination of employment. |
| c. | Indemnification. The Company shall, at all times during which the Executive may be subject to liability for her acts and omissions to act occurring while serving as an officer, indemnify the Executive and hold her harmless (including advances of attorneys’ fees and expenses) to the maximum extent permitted under the Company’s certificate of incorporation, by-laws and applicable law. The Executive shall be covered as an insured under any contract of directors’ and officers’ liability insurance that insures members of the Board. This Section 4.c shall survive a termination of the Executive’s employment and any termination of this Agreement. |
| 5. | Termination. |
| a. | Termination for Cause. The Company may terminate the Executive’s employment pursuant to this Agreement at any time for Cause and the termination will become effective immediately at the time the Company provides written notice to the Executive. If the Company decides to terminate the Executive’s employment under this Agreement for Cause, the Company will have no further obligations to make any payments to the Executive under this Agreement, except that the Executive will receive any unpaid accrued Base Salary, Expense Reimbursements, and other benefits earned and accrued under this Agreement through the date of termination of employment. Upon termination for Cause, the Executive will not be entitled to receive any future annual bonus payments or any amount or any consideration or benefit payable under the Annual Incentive Plan, any equity incentive plan, or any LTIP Award Agreement (notwithstanding any provision to the contrary contained therein) other than those becoming due and payable prior to the termination date. For purposes of this Agreement, the term “Cause” will mean: |
4
| (i) | The Executive’s arrest or conviction for, plea of nolo contendere to, or admission of the commission of, any act of fraud, misappropriation, or embezzlement, or a criminal felony involving dishonesty or moral turpitude; |
| (ii) | A breach by the Executive of any material provision of this Agreement, provided that the Executive is given reasonable notice of, and a reasonable opportunity to cure within thirty (30) days of such notice (if such breach is curable), any such breach; |
| (iii) | Any act or intentional omission by the Executive involving dishonesty or moral turpitude; |
| (iv) | The Executive’s material failure to adequately perform her duties and responsibilities as such duties and responsibilities are, from time to time, in the Company’s discretion, determined and after reasonable notice of, and a reasonable opportunity to cure within thirty (30) days of such notice (if such breach is curable), any such breach; |
| (v) | Any intentional independent act by the Executive that would cause the Company significant reputational injury; or |
| (vi) | Past or future conduct of the Executive, inconsistent with the Executive’s reputation at the time this Agreement is executed, which comes to light and results in sustained, widespread public condemnation of the Executive that reasonably could be expected to cause adverse publicity or economic injury to the Company. |
| b. | Death or Disability. This Agreement and the Company’s obligations under this Agreement will terminate upon the death or total disability of the Executive. For purposes of this Section 5.b, “total disability” means that, for a period of six (6) consecutive months, the Executive is incapable of substantially fulfilling the duties set forth in this Agreement because of physical, mental or emotional incapacity as determined by an independent physician mutually acceptable to the Company and the Executive (or her legal representative). If this Agreement terminates due to the death or total disability of the Executive, the Company will pay the Executive (or her legal representative, as applicable) any unpaid accrued Base Salary, Expense Reimbursements, and other benefits earned and accrued under this Agreement through the date of termination of employment (or, if terminated as a result of a total disability, until the date upon which any disability policy maintained pursuant to Section 4 begins payment of benefits) plus any other compensation that may be earned and unpaid, including any amount earned as of the termination date under the Annual Incentive Plan or any LTIP Award Agreement. |
| c. | Voluntary Termination. The Executive may elect to terminate this Agreement by delivering written notice to the Company sixty (60) days prior to the date on which |
5
| termination is elected; provided, however, that in the event of such termination, the Company may, at its option, elect to accelerate the date of such termination to an earlier date. If the Executive voluntarily terminates her employment, the Company will have no further obligations to make payments under this Agreement, except that the Company will pay to the Executive any unpaid accrued Base Salary, Expense Reimbursements, and other benefits earned and accrued under this Agreement through the first to occur of (i) the date the Executive voluntarily elects to terminate her employment or (ii) the date the Company elects to accelerate the date of such termination (the first to occur of (i) and (ii), the “Voluntary Termination Date”). The Executive will not be entitled to receive any future annual bonus payments or any amount or any consideration or benefit under the Annual Incentive Plan, any equity incentive plan, or any LTIP Award Agreement (notwithstanding any provision to the contrary contained therein) other than those becoming due and payable prior to the Voluntary Termination Date. |
| d. | Termination Without Cause. |
| (i) | The Company may terminate the Executive’s employment pursuant to this Agreement at any time upon written notice to the Executive. |
| (ii) | If the Executive’s employment is terminated outside of the Change in Control Period (as defined below) for any reason other than by death, total disability, for Cause, or due to the Executive’s voluntary termination of employment, the Company will have no further obligation to make payments under this Agreement, except as follows: |
| (A) | accrued but unpaid Base Salary through the date of termination, which will be paid on the pay date immediately following the date of the Executive’s termination in accordance with the Company’s customary payroll procedures or earlier if required by applicable law; |
| (B) | reimbursement for unreimbursed business expenses properly incurred by the Executive prior to termination, which will be subject to and paid in accordance with the Company’s expense reimbursement policy and this Agreement; |
| (C) | such employee benefits to which the Executive may be entitled under any of the employee benefit plans or policies of the Company as of the date of the Executive’s termination; and |
| (D) | to the extent set forth in any equity incentive award. |
| e. | Compliance with Section 280G. The Executive and the Company will work together in good faith to reduce or eliminate the impact, if any, of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”). To that effect, if |
6
| there is a change in ownership or control of the Company that would cause any payment or distribution by the Company or any other person, firm, corporation, partnership, company, association, or other entity to Executive or for Executive’s benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (each a “Payment”) to be subject to the excise tax imposed by Section 4999 of the Code (such excise tax, together with any interest or penalties incurred by Executive with respect to such excise tax, the “Excise Tax”), then Executive will receive the greatest of the following, whichever gives Executive the highest net after-tax amount (after taking into account federal, state, local and social security taxes): (a) the Payments or (b) one dollar less than the amount of the Payments that would subject Executive to the Excise Tax. |
| f. | Resignation of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason, the Executive will be deemed to have resigned from all positions that the Executive holds as an officer, manager, or director of the Company or Alpine or any of their respective affiliates. |
6. | Discoveries, Inventions, Improvements and Other Intellectual Property. The Executive acknowledges that all worldwide rights to each discovery, invention or improvement which the Executive, the Company or Alpine may develop, in whole or in part, during the term of her employment with the Company, whether patented or unpatented, which relate to or pertain to the business, functions or operations of the Company, Alpine or any of their respective subsidiaries, and arise (wholly or in part) from the efforts of the Executive during the term hereof, will be the exclusive property of the Company, regardless of whether such discoveries, inventions, improvements and other intellectual property was developed or worked on while the Executive was engaged in employment or whether the Executive developed or worked on such intellectual property on the Executive’s own time. The Company will own all rights to any copy, translation, modification, adaptation or derivation thereof and any product based thereon. The Executive acknowledges that a violation of this Section 6 would lead to irreparable injury to the Company for which monetary damages could not adequately compensate and further acknowledges that in the event of such a breach, the Company shall be entitled to injunctive relief along with other such remedies the Company may have. |
| 7. | Restrictive Covenants. |
| a. | Confidential Information. In the course of Executive’s employment with the Company and the performance of Executive’s duties on behalf of the Company Group hereunder, Executive will be provided with, and will have access to, Confidential Information (as defined below). In consideration of Executive’s receipt and access to such Confidential Information, and as a condition of Executive’s employment hereunder, Executive shall comply with this Section 7.a. |
| (i) | Both during the Employment Period and thereafter, except as expressly permitted by this Agreement or by directive of the Board, Executive shall not disclose any Confidential Information to any person or entity and shall not use any Confidential Information except for the benefit of the Company |
7
| Group. Executive shall follow all Company Group policies and protocols regarding the security of all documents and other materials containing Confidential Information (regardless of the medium on which Confidential Information is stored). Except to the extent required for the performance of Executive’s duties on behalf of the Company Group, Executive shall not remove from facilities of any member of the Company Group any equipment, drawings, notes, reports, manuals, invention records, computer software, tenant information, or other data or materials that relate in any way to the Confidential Information, whether paper or electronic and whether produced by Executive or obtained by the Company Group. The covenants of this Section 7.a.i shall apply to all Confidential Information, whether now known or later to become known to Executive during the period that Executive is employed by or affiliated with the Company or any other member of the Company Group. |
| (ii) | Notwithstanding any provision of Section 7.a.i to the contrary, Executive may make the following disclosures and uses of Confidential Information: |
| (A) | disclosures to other employees of a member of the Company Group who have a need to know Confidential Information in connection with the businesses of the Company Group; |
| (B) | disclosures and uses that are approved in writing by the Board; |
| (C) | disclosures to a person or entity that has (x) been retained by a member of the Company Group to provide services to one or more members of the Company Group and (y) agreed in writing to abide by the terms of a confidentiality agreement in a form acceptable to the Company; and |
| (D) | disclosures required by applicable law. |
| (iii) | Upon the expiration of the Employment Period, the Executive shall promptly return to the Company all originals and copies of any documents, records, notebooks, files, correspondence, reports, memoranda or similar materials of or containing Confidential Information, proprietary information, or any other materials or property of any kind belonging to the Company (including keys and other tangible personal property of the Company), then in the Executive’s possession, whether prepared by the Executive or by others. The Executive agrees that, upon termination of her employment with the Company, for any reason, or on demand, the Executive will permit a representative of the Company to access all data stored on any personal computer, laptop, smartphone, tablet, telephone or other electronic device or storage media that the Executive has used in any fashion in connection with her work for the Company for the sole purpose of permanently removing, copying and/or deleting any data belonging to or related to the Company, its customers, prospective customers, business |
8
| partners, its business or which otherwise contains Confidential Information or any other information belonging to the Company. |
| (iv) | “Confidential Information” means all confidential, competitively valuable, non-public or proprietary information that is conceived, made, developed or acquired by or disclosed to Executive (whether conveyed orally or in writing), individually or in conjunction with others, during the period that Executive is employed or engaged by the Company or any other member of the Company Group (whether during business hours or otherwise and whether on the Company’s premises or otherwise) including: (i) technical information of any member of the Company Group, its affiliates, its customers or other third parties, including computer programs, software, databases, data, ideas, know-how, formulae, compositions, processes, discoveries, machines, inventions (whether patentable or not), designs, developmental or experimental work, techniques, improvements, work in process, research or test results, original works of authorship, training programs and procedures, diagrams, charts, business plans, and similar items; (ii) information relating to any member of the Company Group’s businesses, properties or services (including all such information relating to corporate opportunities, operations, future plans, methods of doing business, business plans, strategies for developing business and market share, research, financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisition prospects, the identity of tenants or acquisition targets or their requirements, the identity of key contacts within tenants’ organizations or within the organization of acquisition prospects, or marketing and merchandising techniques, prospective names and marks); (iii) other valuable, confidential information and trade secrets of any member of the Company Group, its affiliates, its tenants or other third parties; and (iv) any other information that is competitively valuable to any member of the Company Group by virtue of not being publicly known. Moreover, all documents, videotapes, written presentations, brochures, drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, e-mail, voice mail, electronic databases, maps, drawings, architectural renditions and all other writings or materials of any type including or embodying any of such information, ideas, concepts, improvements, discoveries, inventions and other similar forms of expression are and shall be the sole and exclusive property of the Company or the other applicable member of the Company Group and be subject to the same restrictions on disclosure applicable to all Confidential Information pursuant to this Agreement. For purposes of this Agreement, Confidential Information shall not include any information that (i) is or becomes generally available to the public other than as a result of a disclosure or wrongful act of Executive or any of Executive’s agents; (ii) was available to Executive on a non-confidential basis before its disclosure by a member of the Company Group; or (iii) becomes available to Executive on a non-confidential basis from a source other than a member of the Company Group; provided, however, that such source is not bound by a |
9
| confidentiality agreement with, or other obligation with respect to confidentiality to, a member of the Company Group. |
| (v) | Notwithstanding anything to the contrary herein, nothing in this Agreement or in any other agreement between Executive and the Company or any other member of the Company Group shall prohibit or restrict Executive from lawfully: (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by, any governmental authority (including the Securities and Exchange Commission and any other applicable governmental commission or regulatory agency) regarding a possible violation of any law; (ii) responding to any inquiry or legal process directed to Executive from any governmental authority; (iii) testifying, participating or otherwise assisting in any action or proceeding by any governmental authority relating to a possible violation of law; or (iv) making any other disclosures that are protected under the whistleblower provisions of any applicable law. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a suspected violation of law; (B) is made to the individual’s attorney in relation to a lawsuit for retaliation against the individual for reporting a suspected violation of law; or (C) is made in a complaint or other document filed in a lawsuit or proceeding, if such filing is made under seal. Nothing in this Agreement requires Executive to obtain prior authorization before engaging in any conduct described in this paragraph, or to notify the Company or any other member of the Company Group that Executive has engaged in any such conduct. |
| b. | Non-Competition; Non-Solicitation. |
| (i) | The Company shall provide Executive access to Confidential Information for use only during the Employment Period, and Executive acknowledges and agrees that the Company Group will be entrusting Executive, in Executive's unique and special capacity, with developing the goodwill of the Company Group, and in consideration of the Company providing Executive with access to Confidential Information and as an express incentive for the Company to enter into this Agreement and employ Executive hereunder, Executive has voluntarily agreed to the covenants set forth in this Section 7.b. Executive agrees and acknowledges that the limitations and restrictions set forth herein, including geographical and temporal restrictions on certain competitive activities, are reasonable in all respects, do not interfere with public interests, will not cause Executive undue hardship, and are material and substantial parts of this Agreement intended and necessary to prevent unfair competition and to protect the |
10
| 公司集團的機密信息、商譽和合法業務利益。 |
| (ii) | 在任職期間，執行董事應將所有業務機會（如下定義）提交給董事會提供的機會或執行董事所知曉的機會。 |
| (iii) | 在禁止期間（如下定義），執行董事不得在未經董事會事先書面批准的情況下，直接或間接地為執行董事或代表或與任何其他自然人或實體一同行事： |
| (A) | 在市場區域（如下定義）內參與或參與與公司集團的任何成員在業務的任何方面存在競爭，該禁止行為將阻止執行董事直接或間接地：（i）擁有對公司集團的任何成員在市場區域內存在競爭的業務擁有控制權、經營或擔任高管或董事，或（ii）加入、成為員工或顧問，或以其他方式與正在進行業務的人或實體有關聯，或打算與公司集團的任何成員在市場區域內進行業務的人或實體進行競爭或預期性競爭，與公司集團的任何成員在任何身分下進行直接或間接的職責或責任（有關此條款（ii））與業務相關。 |
| (B) | 佔用公司集團的任何成員位於市場區域內的業務機會； |
| (C) | 勸誘、吸引、接近、鼓勵、誘使或引誘任何公司集團成員的租戶，對於與公司集團的任何成員接觸的租戶，執行董事為這些租戶獲取機密信息或對這些租戶負有直接或間接責任，為了防止或減少與公司集團的任何成員在市場區域內的業務。 |
| (D) | 勸誘、吸引、接近、鼓勵、誘使或引誘公司集團的任何成員的員工或承包商終止與公司集團的任何成員的僱傭或承包關係，或者僱用或聘請公司集團的任何成員的員工或承包商。 |
| (iv) | 本條款中的各項 第7.b款，以及任何規定和部分，均可獨立且分開，並且任何特定規定的不可執行性 |
11
| 任何一條條款（或條款的一部分）的修改都不會影響其他任何條款（或條款的一部分）。此外，如果任何仲裁人或有權管轄的法院判定所規定的範圍、時間或地域限制是不合理的，則雙方擬於此確保此等限制得以盡可能合理地執行，並據以對本協議進行修訂。 |
| (v) | 以下術語應具有以下含義： |
| (A) | “業務“公司業務”指執行與公司及公司集團任何其他成員相同或相似的業務和業務操作，執行期間，執行董事提供服務或獲取機密資訊的公司業務和業務操作，包括投資、擁有、管理、經營、取得、開發、處置和/或租賃商業 房地產業物業和商業貸款以及其他結構性投資等業務和運作. |
| (B) | “商機“業務機會”指與業務相關的任何商業、投資或其他業務機會。 |
| (C) | “市場區域”應指(ⅰ)佛羅里達州沃路西亞縣和橙縣的地理區域；及(ⅱ)包含或距離公司獲得的公司總年化營業收入1%或更多的城市統計區域25英里。 在執行業務之公司集團成員那十二(12)個月中的任何時間；但無論如何，在任何情況下，本條款(ⅱ)提及的地理區域不包括加利福尼亞州的任何地區。 |
| (D) | “禁止期間”應指執行業務之公司集團任何成員離開公司集團之日期後繼續十二個月的期間，而執行業務之公司集團成員 |
| c. | 禁制令救濟。鑒於衡量因本 第7條。因難以衡量由於違反或威脅違反本 |
12
| 違反，但相反應除了公司和公司集團其他成員在法律和公司權益上可享的所有其他權利和補救措施外。 |
| 8. | 控制變更. |
| a. | 就本協議而言，a」控制變更」指以下任何事件：(i) 任何人士（如此術語在 1934 年證券交易所法（《證券交易所法》第 13 (d) 條中使用交易法」) 或集團（如交易法第 3 (a) (9) 及 13 (d) (3) 條所定義的），除本公司的附屬公司或本公司或附屬公司的任何僱員福利計劃（或任何相關信託）以外，成為本公司 50% 或以上的未償還投票股票的實益擁有人，並在選舉董事時通常有權投票的公司（」投票證券」); (ii) 公司股東批准並完成以下任一項目：(A) 合併、重組、合併或類似交易（上述任何一項，a」合併」) 因此合併前立即為未償還普通股及/或投票證券的實益擁有者，不預計在該合併後立即直接或間接擁有超過 50% 以上由該合併產生的投票證券的未償還股權及合併投票權，以與合併前的比例相同，或 (B) 公司清盤計劃或計劃或銷售協議或其他處置本公司全部或主要全部資產；或 (iii) 董事會組成的變化，因此在任何十二 (12) 個月期間內，截至該期間開始，成為董事會的個人（」現有董事會」) 因任何原因而停止構成董事會 50% 以上的權益；條件為, 然而，任何在該期開始後成為董事會成員的任何個人，其選舉或由本公司股東選舉或提名，在該任命或選舉日期前至少三分之三的董事的投票通過批准，將被視為該個人是現有董事會成員。 |
| b. | 本公司及行政人員同意，如行政人員在控制權變更發生之日在本公司僱用（控制日期變更」)，本公司將繼續聘用行政人員及行政人員於更改控制日期開始至終止僱用本公司，行使該權力及執行職責（包括協助行政長官在更改控制權後指定的任何過渡事宜），與行政人員在控制變更前立即行使權力和職責相對。日期。 |
| c. | 在控制日期變更後，本公司將 (i) 繼續遵守本協議的條款，包括基本薪酬及其他在 第三節、及 (ii) 繼續按照所述的僱員福利 第四節 在更改控制日期生效的水平（但可能受到可能的減少） |
13
| 必須遵守適用於監管員工福利的聯邦法律維持這樣的計劃）。 |
| d. | 如果在交接日期之後的24個月內的任何時間內（“控制轉讓期限”),(i)執行長的雇佣被公司解僱而不是由於（如前述 5.a ），或（ii）執行長基於下文的合理理由自願終止就業，則該執行長將收到 (A) 任何未支付的應計基本工資，差旅費及根據協議所得及應計的其他利益直至終止日期，（B）任何根據長期股權激勵獎勵協議有關執行長權益激勵獎勵的支付和福利，（C）根據年度獎勵計劃到期並應支付的任何金額，及（D）等於12個月執行長當時的基本工資扣除適用的稅款和扣繳的一次性現金支付分開付款，最遲於第六十（60th執行長離職後的一天。根據此支付給執行長的款項和福利 8.d.B版塊 – D 將取決於 執行長遵守所載明的契約條款 Sections 6 和 7 本協議的內容 以及執行總釋放所有要求，對於公司可接受的，且在執行人未在釋放中所設定的撤銷期間內撤銷的全部索賠。在執行人有自由處置或撤銷釋放的期間跨越執行人兩個（2）課稅年度的情況下，如果這些支付構成根據《稅收法》第409A條所規定的逆延期報酬，則無論執行人實際將已簽署的釋放提交給公司的課稅年度為何，公司將在第二個該等課稅年度開始進行支付。合理理由”指的是，在未經執行人事先書面同意的情況下，對執行人的薪酬或就業相關福利進行實質性降低，或執行人在公司的地位、工作條件或管理責任上出現實質變化。執行人的離職將不構成善意原因終止，除非（i）執行人在首次發生善意原因之日期後六十（60）天內向公司提供存在善意原因的書面通知，（ii）自執行人向公司寄出有關善意原因的書面通知後，公司在超過三十（30）天後仍未改正善意原因，以及（iii）執行人的離職生效日期在首次發生善意原因之日期後一（1）年內。 |
9. | 可指派性本協議下公司的權利及義務將對公司的繼受人和受讓人具有效力並約束力，前提是這些繼受人或受讓人需取得公司所有或實質上所有資產和業務。執行人根據本協議的權利和義務不得轉讓或讓與，執行人若企圖如此則將無效並構成本協議的實質違約。 |
14
10. | 全盤明白的確認. 執行長聲明並同意，執行長未受公司或其代理引導進入本協議的任何陳述壓力，誤導或誘使。 執行長承認並同意，執行長已完整閱讀並理解本協議。 執行長聲明她是自願進入本協議，並在有機會與她自己選擇的代表和律師諮詢後，她的同意是自由給予的。 |
11. | 可分割性本協議條款構成獨立且可分的承諾，將在離職或本協議到期後繼續存在。 本協議的任何部分，段落，詞語或其他條款如果被具有管轄權的法院裁定是不合理的或與任何適用法規或規則衝突，應被認為在可能情況下進行修改或變更，以使其不具不合理性或與之衝突或如果不可能，則應被視為從本協議中刪除。 本協議任何部分的無效將不影響其餘部分的有效性。 |
12. | 執行長的陳述執行長向公司陳述並保證： |
| a. | 執行官並未與任何之前的雇主簽訂可能對其與公司的雇用施加限制的協議； |
| b. | 執行官對公司的雇用和執行其職責不應與任何合同、協議或理解衝突，或導致違反、違約； |
| c. | 執行官對公司的雇用和執行其職責不應違反任何先前雇主或第三方的禁止招攬、不競爭或其他類似合同或協議； |
| d. | 在任職於公司或其聯屬公司的過程中，執行官絕不應違反對任何第三方所擁有的任何義務，包括涉及使用或披露任何第三方合法受保護資訊的義務。 |
13. | 通知根據本協議的規定發出的通知將通過掛號郵寄、過夜快遞或電子郵件寄至以下地址： |
如果寄給公司：
cto realty growth 公司
1140 N. Williamson Blvd., Suite 140
15
佛州代托納海灘32114
電子郵件： dsmith@ctoreit.com
如果給執行長：
[****]
任何一方均可不時將任何其他地址指定為其或她收到通知的地址。任何此類通知將被視為在實際收取或委託存入郵件後四（4）天內被送達，如果通過掛號信。
14. | 雜項費用. |
| a. | 管轄法本協議將受佛羅里達州法律管轄並加以解釋。 |
| b. | 更改和豁免任何一方對本協議任何其他方的任何條款違約的豁免，不應被視為對任何一方對任何後續違約的豁免。本協議的任何條款均不得通過非甲方簽署的書面文件終止、修改、補充、豁免或修改。 |
| c. | 律師費若要執行本協議的任何條款，獲勝方有權從對方得到合理的律師費、成本和費用的補償。 |
d. |
| (i) | 根據本條款 第14部分.d.ii 和 14.d.iii任何美國公司集團成員與執行官之間因本協議、執行官的雇用或與美國公司集團任何成員的參與而發生的任何爭議、爭端或索賠，應通過最終、保密和具約束力的仲裁在佛羅里達奧蘭治縣根據美國聯邦仲裁法進行，由單一仲裁員依據當時適用的美國仲裁協會就業仲裁規則和調解程序辦理。規則”); 提供, however 此外，仲裁員應允許進行足夠的查明以滿足任何索賠的仲裁，包括查閱文件和傳唤證人； 提供, 進一步說明 雙方將享有根據適用法律提供的所有救濟措施，並且仲裁員將對規則進行修改，以符合適用法律的要求。仲裁員的書面裁決將包括事實和法律見解，應予保密，具有最終性，對雙方具有約束力，使得法院可以對其進行裁決並強制執行。仲裁員有權授予禁制令救濟。 |
16
| 並實行具體履行，並可能根據本協議在任何仲裁或司法訴訟中向獲勝方頒發合理的律師費，或與適用法律下可用的任何法定索賠有關。其他情況下，每方都應該自行支付在任何此類仲裁中的律師費； 提供, however公司應支付任何行政費用或申請費用，包括仲裁員費用，該等費用執行高管若爭議在法院裁決下而非通過仲裁方式不會發生。所有爭議應以個人基礎進行仲裁，並本方特此放棄任何索賠以集體訴訟或集體行動或以集體基礎或代表其他聲稱處於類似情況的人或實體的代表能力，或作為這種程序的類成員參與。 雙方特此明示放棄 任何一方對於與執行本協議或與高管聘用有關的任何事項導致或涉及訴訟的任何訴訟，程序或其他訴訟均明確放棄進行由陪審團審判的任何權利。 |
| (ii) | 儘管如此 第14.d.i條，任何一方可就執行所述條款之事項，提出及獲得司法緊急或臨時禁制令。 第7條; 提供, however，任何此類爭議的其餘部分（超出緊急或臨時禁制令的申請）均應遵守本協議的仲裁程序。 第14.d條. |
| (iii) | 此節內容無 第14.d條 本協議不得禁止當事人(i)提起訴訟以強制執行任何仲裁裁決，或(ii)加入本協議當事人其中一方參與由非本協議當事人發起的訴訟。此外，本協議中的任何內容都不得 第14條要求提供相應通知。 阻止執行長向聯邦、州或其他政府機構提交控訴或申訴。 |
| (iv) | 允許根據本許可在法院提起的任何索賠 第14.d.ii條 或 14.d.iii 應提交至佛羅里達州奧蘭多橙縣的州法院或美國佛羅里達州中部地方法院。 |
| e. | 409A條款. 為了避免執行 董業章程第 409A 條所規定的徵稅，此協議下的所有款項和福利均屬於除外。 旨在豁免董業章程第 409A 條的適用性，針對該條款納稅應無效，並應依據此目的進行解釋和解釋。盡管本協議的任何其他條款，根據本協議提供的款項只能在符合董業第 409A 條或適用豁免情形的事件發生時和方式下進行支付。本協議下的任何非合格的递延薪金支付，可以將其排除於第 409A 條，無論是否因服務非自願分離而導致離職補償或作為短期递延，都應最大限度地被排除於第 409A 條。 否 |
17
| 在任何一個日歷年度內符合報銷資格的支出，或將提供的實物福利，應影響任何其他日歷年度中符合報銷資格的金額，以符合《稅務法典》第409A條的規定為限，並且任何此類報銷權或實物福利權都不得轉化或交換為其他福利。為了《稅務法典》第409A條的目的，在本協議頒發的分期付款系列中的每筆支付將視為獨立支付。根據本協議在終止職業時需要支付的任何款項只能在根據《稅務法典》第409A條的“與職務的分離”時支付。儘管如上所述，公司並不擔保根據本協議提供的支付和福利符合《稅務法典》第409A條或任何豁免條款，而且在任何情況下，公司對執行人因不符合《稅務法典》第409A條而可能產生的任何稅款、罰款、利息或其他支出的全部或部分不承擔責任。 |
(i) | 指定員工儘管本協議的任何其他條款，如果證明與執行人終止職務有關的任何支付或福利被確定為符合《稅務法典》第409A條所述的“非合格遞延補償”，並且根據《稅務法典》第409A條(a)(2)(b)(i)條的定義確定執行人被視為“特定員工”，那麼該支付或福利將在執行人終止日期後的首個支付日（即執行人的死亡日期之前的六個月週年紀念日）支付。任何在指定員工支付日期之前本應支付的款項總額將在指定員工支付日期以一次性支付給執行人，然後，其餘任何款項將根據原定時間表立即支付。特定員工支付日期。任何其他條款如有不同，將在特定員工支付日期之前支付的任何款項總計將在特定員工支付日期一次性支付給執行人，之後，其餘款項將按照原定時間表立即支付。 |
(ii) | 報銷根據第409A條的要求，根據本協議提供的每項退款或實物福利將按照以下方式提供： |
| (A) | 公司每個財政年度中可申請退款的費用金額，或提供的實物福利金額，不得影響其他財政年度可申請退款的費用金額，或待提供的實物福利金額； |
| (B) | 對於符合資格的費用退款，必須在產生該費用的財政年度之後的最後一天或之前支付給高級管理人員； |
| (C) | 根據本協議所享有的任何補償權或實物福利，將不受清算或交換以換取其他福利的限制。 |
18
| f. | 完整協議本協議經過雙方大量協商，因此代表雙方協商的共同成果，並取代所有先前的書面或口頭協議。 任何不確定性或模糊之處不應根據任何草擬方歸因於任何一方而被解釋為有利或不利於任何其他一方。此外，本協議代表雙方的整個協議，不得根據任何一方的口頭陳述或任何對方的其他書面聲明進行修改或修訂，除非執行人和公司授權代表簽署的附日期的書面修訂本協議。儘管前述，本協議補充並且是對於執行人對於機構集團任何成員所具有的任何其他保密或不揭露、財產歸還、非競爭或非招攬（無論這種義務是依據合同、法規、普通法或其他方式產生）的任何義務的補充，而這些義務將繼續有效。 |
| g. | 扣繳稅款公司有權扣繳根據任何適用法律或法規的扣繳義務，以滿足公司可能擁有的任何代付義務。 |
| h. | 對照合約本協議可分離執行，全部構成同一文件。 |
| i. | 臨時僱用. 本協議的生效條件包括但不限於公司正常的聘用程序和政策，其中包括背景和信用檢查。 |
| j. | 生存在本協議到期或其他終止後，雙方當事人之間的相應權利和義務將繼續存在，以便實現本協議當事人的意圖。 |
[簽名頁面如下]
19
IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the day and year first above written.
EXECUTIVE:
/s/ Lisa M. Vorakoun
Lisa M. Vorakoun
COMPANY:
CTO Realty Growth, Inc.,
a Maryland corporation
By:/s/ Daniel E. Smith
Daniel E. Smith
Senior Vice President,
General Counsel & Corporate Secretary
Signature Page to Employment Agreement – Lisa M. Vorakoun
SCHEDULE A
EXISTING EQUITY INCENTIVE AWARDS
| 1. | Restricted Stock Award Agreement dated February 17, 2022 (1,700 shares) (split-adjusted 5,100 shares) |
| 2. | Restricted Stock Award agreement dated July 1, 2022 (9,000 shares) |
| 3. | Restricted Stock Award Agreement dated February 17, 2023 (5,778 shares) |
| 4. | Restricted Stock Award Agreement dated February 14, 2024 (6,883 shares) |
| 5. | Performance Share Award Agreement dated February 17, 2022 (916 shares) (split-adjusted: 2,748 shares) |
| 6. | Performance Share Award Agreement dated February 17, 2023 (3,677 shares) |
| 7. | Amended and Restated Performance Share Award Agreement dated March 1, 2024 (7,481 shares) |
A-1