展品10.3
已从陈述中排除了某些已确定的信息，因为它既不重要，也属于登记人视为私人或机密的类型。已编辑的信息由[****]表示。
雇佣协议
此雇佣协议（本“协议”），自2024年10月22日起生效，由CTO REALTY GROWTH公司（马里兰州公司）（以下简称“公司 LISA M. VORAKOUN （“股东大会纪要”）高管”).
背景
该高管自2013年1月7日起受聘于公司。该高管最初担任公司的人形机器人-电机控制器，目前担任公司的高级副总裁兼首席会计官。公司和高管希望就高管的继续受雇达成以下规定。
条款
| 1. | 就业状况 |
a.总体来说高管同意按照本协议规定的条款和条件提供服务。公司支付给高管的所有报酬，以及高管从公司或其任何子公司收到的所有福利和津贴，将合并计算以确定高管是否已经获得本协议规定的报酬和福利。
| b. | 期限。该协议自完全执行之日起生效，并将持续至行政人员根据本协议的雇佣终止（无论是由执行人员、公司还是本方书面协议终止）（雇佣期间，"“雇佣期限”是指自2024年6月13日开始，到2026年6月13日结束的期限，根据下述规定可以延长或终止。”). |
| 2. | 职责. |
| a. | 通用职责. The Executive shall continue to serve as Senior Vice President and Chief Accounting Officer of the Company and of Alpine Income Property Trust, Inc. (“阿尔卑斯,” and collectively with the Company and each of their respective subsidiaries, the “公司集团”), 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 “董事会”). To the extent the Board has authorized the Compensation Committee of |
| 董事会（" ）代表全权行事，本文件中提到董事会的地方也将被视为包括委员会。 委员会）代表全权行事，本文件中提到董事会的地方也将被视为包括委员会。 |
b. | 全职就业。行政人员同意全心全意投入公司的成功运作，并同意忠实勤勉地履行作为公司和阿尔派恩高级副总裁兼首席会计官的职务所需的一切职责，根据公司总裁和首席执行官不时制定的政策，尽力而为，尽善尽美，并以令公司满意的方式。此外，行政人员将全身心投入公司集团的业务、事务和利益，并与此相关事务。约定行政人员在公司主要工作地点将位于佛罗里达州戴通纳海滩的公司办公室。在雇佣期间，行政人员同意将其主要住所保持在离戴通纳海滩佛罗里达州或冬公园佛罗里达州七十五（75）英里半径内，只要公司在这些地点设有办公室。 |
c. | 某些可允许的活动执行人员还可以制定和管理个人业务投资并任职于任何公民、教育或慈善机构，或任何政府实体或行业协会，只要此类活动和服务不干扰或冲突其根据本协议下的职责履行或以其他方式构成违约。 第7节。受限制的股票和受限制的股票单位。执行人员承认应受到，并遵守公司不时设立的政策、标准和规定，包括公司《业务行为准则与道德准则》（包括关于公司机会的规定）。 |
| 3. | 薪酬和费用. |
| a. | 基本工资。执行人员将以每年27.5万美元的年薪率支付基本工资（“基本工资按照公司时常生效的工资支付惯例和适用的工资支付法律支付。 |
| b. | 保留. |
| c. | 年度激励补偿在她的任职期间，对于每个结束的财政年度，高管将有资格参与并获得公司修订后的2017年执行年度现金激励计划（"年度奖励计划根据年度激励计划和不时有效的工资政策，按照规定的条款和条件支付。根据年度激励计划支付的金额通常在每年的二月公司最终审计后支付。执行官在2024年度年度激励计划中的个人目标机会（在年度激励计划中定义）将为该执行官当时的75% |
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| 2024年的当前基本工资，设定为年度激励计划中个人目标机会的50％、100％和200％的“阈值”、“目标”和“最大”倍增器。执行年度激励计划所规定的所有内容。董事会将根据董事会确定的企业和个人绩效目标，以及符合年度激励计划条款和条件的情况，确定应支付给高管的年度激励报酬，可以用现金支付或现金与股权激励奖励的组合方式支付。 |
| d. | 股权奖励在公司任职期间，高管已经根据公司的2010年股权激励计划（不时修订）获得了某些股权奖励，这些现有股权奖励在下文中有更详细描述。 附表A 附表。此外，从2025财年开始，高管将有资格获得长期股权激励报酬，根据公司不时实施的高管薪酬方案授予。此类奖项通常将在每个财年开始时根据公司不时实施的股权激励计划授予，根据高管和公司之间的单独书面协议（每份奖励协议，包括附表列出的任何现有奖励协议，均为“长期股权激励奖励协议”）。长期股权激励奖励协议”). |
| e. | 费用公司将根据公司当前适用于公司高级管理人员的费用报销政策，在雇佣期间为执行官因履行职责而发生的合理、普通和必要的差旅或娱乐费用报销或提供资金。费用报销执行官清楚，此类费用不包括因执行官每日往返公司企业办公室而发生的费用。 |
| f. | 收回条款本协议受公司或阿尔派已经制定或可能制定的任何书面追索政策的约束，前提是不违反适用法律。任何此类政策可能导致执行官根据本协议所应获取的薪酬和支付或实现的金额，以及本协议之外应支付或有权获得的任何其他薪酬（无论这些其他薪酬是否符合此类政策中所定义的“激励性薪酬”），在某些特定事件或违法行为发生时，包括但不限于由于公司或阿尔派严重违反财务报告监管规定或其他书面政策规定的会计重述或其他事件或违法行为，根据任何公司或阿尔派已采用的追索政策，包括符合2010年《多德-弗兰克华尔街改革和消费者保护法》及证券交易委员会在其下颁布的规则的任何政策，并且公司或阿尔派认为应适用于本协议和所有此类适用薪酬。 |
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| 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: |
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| (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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 公司集团的机密信息、商誉和合法业务利益。 |
| (ii) | 在任职期间，执行董事应将所有业务机会（如下定义）提交给董事会提供的机会或执行董事所知晓的机会。 |
| (iii) | 在禁止期间（如下定义），执行董事不得在未经董事会事先书面批准的情况下，直接或间接地为执行董事或代表或与任何其他自然人或实体一同行事： |
| (A) | 在市场区域（如下定义）内参与或参与与公司集团的任何成员在业务的任何方面存在竞争，该禁止行为将阻止执行董事直接或间接地：（i）拥有对公司集团的任何成员在市场区域内存在竞争的业务拥有控制权、经营或担任高管或董事，或（ii）加入、成为员工或顾问，或以其他方式与正在进行业务的人或实体有关联，或打算与公司集团的任何成员在市场区域内进行业务的人或实体进行竞争或预期性竞争，与公司集团的任何成员在任何身分下进行直接或间接的职责或责任（有关此条款（ii））与业务相关。 |
| (B) | 占用公司集团的任何成员位于市场区域内的业务机会； |
| (C) | 劝诱、吸引、接近、鼓励、诱使或引诱任何公司集团成员的租户，对于与公司集团的任何成员接触的租户，执行董事为这些租户获取机密信息或对这些租户负有直接或间接责任，为了防止或减少与公司集团的任何成员在市场区域内的业务。 |
| (D) | 劝诱、吸引、接近、鼓励、诱使或引诱公司集团的任何成员的员工或承包商终止与公司集团的任何成员的雇佣或承包关系，或者雇用或聘请公司集团的任何成员的员工或承包商。 |
| (iv) | 本条款中的各项 第7.b款，以及任何规定和部分，均可独立且分开，并且任何特定规定的不可执行性 |
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| 任何一条条款（或条款的一部分）的修改都不会影响其他任何条款（或条款的一部分）。此外，如果任何仲裁人或有权管辖的法院判定所规定的范围、时间或地域限制是不合理的，则双方拟于此确保此等限制得以尽可能合理地执行，并据以对本协议进行修订。 |
| (v) | 以下术语应具有以下含义： |
| (A) | “业务“公司业务”指执行与公司及公司集团任何其他成员相同或相似的业务和业务操作，执行期间，执行董事提供服务或获取机密资讯的公司业务和业务操作，包括投资、拥有、管理、经营、取得、开发、处置和/或租赁商业 房地产业物业和商业贷款以及其他结构性投资等业务和运作. |
| (B) | “商机“业务机会”指与业务相关的任何商业、投资或其他业务机会。 |
| (C) | “市场区域”应指(ⅰ)佛罗里达州沃路西亚县和橙县的地理区域；及(ⅱ)包含或距离公司获得的公司总年化营业收入1%或更多的城市统计区域25英里。 在执行业务之公司集团成员那十二(12)个月中的任何时间；但无论如何，在任何情况下，本条款(ⅱ)提及的地理区域不包括加利福尼亚州的任何地区。 |
| (D) | “禁止期间”应指执行业务之公司集团任何成员离开公司集团之日期后继续十二个月的期间，而执行业务之公司集团成员 |
| c. | 禁制令救济。鉴于衡量因本 第7条。因难以衡量由于违反或威胁违反本 |
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| 违反，但相反应除了公司和公司集团其他成员在法律和公司权益上可享的所有其他权利和补救措施外。 |
| 8. | 控制变更. |
| a. | 就本协议而言，a」控制变更」指以下任何事件：(i) 任何人士（如此术语在 1934 年证券交易所法（《证券交易所法》第 13 (d) 条中使用交易法」) 或集团（如交易法第 3 (a) (9) 及 13 (d) (3) 条所定义的），除本公司的附属公司或本公司或附属公司的任何雇员福利计划（或任何相关信托）以外，成为本公司 50% 或以上的未偿还投票股票的实益拥有人，并在选举董事时通常有权投票的公司（」投票证券」); (ii) 公司股东批准并完成以下任一项目：(A) 合并、重组、合并或类似交易（上述任何一项，a」合并」) 因此合并前立即为未偿还普通股及/或投票证券的实益拥有者，不预计在该合并后立即直接或间接拥有超过 50% 以上由该合并产生的投票证券的未偿还股权及合并投票权，以与合并前的比例相同，或 (B) 公司清盘计划或计划或销售协议或其他处置本公司全部或主要全部资产；或 (iii) 董事会组成的变化，因此在任何十二 (12) 个月期间内，截至该期间开始，成为董事会的个人（」现有董事会」) 因任何原因而停止构成董事会 50% 以上的权益；条件为, 然而，任何在该期开始后成为董事会成员的任何个人，其选举或由本公司股东选举或提名，在该任命或选举日期前至少三分之三的董事的投票通过批准，将被视为该个人是现有董事会成员。 |
| b. | 本公司及行政人员同意，如行政人员在控制权变更发生之日在本公司雇用（控制日期变更」)，本公司将继续聘用行政人员及行政人员于更改控制日期开始至终止雇用本公司，行使该权力及执行职责（包括协助行政长官在更改控制权后指定的任何过渡事宜），与行政人员在控制变更前立即行使权力和职责相对。日期。 |
| c. | 在控制日期变更后，本公司将 (i) 继续遵守本协议的条款，包括基本薪酬及其他在 第三节、及 (ii) 继续按照所述的雇员福利 第四节 在更改控制日期生效的水平（但可能受到可能的减少） |
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| 必须遵守适用于监管员工福利的联邦法律维持这样的计划）。 |
| d. | 如果在交接日期之后的24个月内的任何时间内（“控制转让期限”),(i)执行长的雇佣被公司解雇而不是由于（如前述 5.a ），或（ii）执行长基于下文的合理理由自愿终止就业，则该执行长将收到 (A) 任何未支付的应计基本工资，差旅费及根据协议所得及应计的其他利益直至终止日期，（B）任何根据长期股权激励奖励协议有关执行长权益激励奖励的支付和福利，（C）根据年度奖励计划到期并应支付的任何金额，及（D）等于12个月执行长当时的基本工资扣除适用的税款和扣缴的一次性现金支付分开付款，最迟于第六十（60th执行长离职后的一天。根据此支付给执行长的款项和福利 8.d.B版块 – D 将取决于 执行长遵守所载明的契约条款 Sections 6 和 7 本协议的内容 以及执行总释放所有要求，对于公司可接受的，且在执行人未在释放中所设定的撤销期间内撤销的全部索赔。在执行人有自由处置或撤销释放的期间跨越执行人两个（2）课税年度的情况下，如果这些支付构成根据《税收法》第409A条所规定的逆延期报酬，则无论执行人实际将已签署的释放提交给公司的课税年度为何，公司将在第二个该等课税年度开始进行支付。合理理由”指的是，在未经执行人事先书面同意的情况下，对执行人的薪酬或就业相关福利进行实质性降低，或执行人在公司的地位、工作条件或管理责任上出现实质变化。执行人的离职将不构成善意原因终止，除非（i）执行人在首次发生善意原因之日期后六十（60）天内向公司提供存在善意原因的书面通知，（ii）自执行人向公司寄出有关善意原因的书面通知后，公司在超过三十（30）天后仍未改正善意原因，以及（iii）执行人的离职生效日期在首次发生善意原因之日期后一（1）年内。 |
9. | 可指派性本协议下公司的权利及义务将对公司的继受人和受让人具有效力并约束力，前提是这些继受人或受让人需取得公司所有或实质上所有资产和业务。执行人根据本协议的权利和义务不得转让或让与，执行人若企图如此则将无效并构成本协议的实质违约。 |
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10. | 全盘明白的确认. 执行长声明并同意，执行长未受公司或其代理引导进入本协议的任何陈述压力，误导或诱使。 执行长承认并同意，执行长已完整阅读并理解本协议。 执行长声明她是自愿进入本协议，并在有机会与她自己选择的代表和律师咨询后，她的同意是自由给予的。 |
11. | 可分割性本协议条款构成独立且可分的承诺，将在离职或本协议到期后继续存在。 本协议的任何部分，段落，词语或其他条款如果被具有管辖权的法院裁定是不合理的或与任何适用法规或规则冲突，应被认为在可能情况下进行修改或变更，以使其不具不合理性或与之冲突或如果不可能，则应被视为从本协议中删除。 本协议任何部分的无效将不影响其余部分的有效性。 |
12. | 执行长的陈述执行长向公司陈述并保证： |
| a. | 执行官并未与任何之前的雇主签订可能对其与公司的雇用施加限制的协议； |
| b. | 执行官对公司的雇用和执行其职责不应与任何合同、协议或理解冲突，或导致违反、违约； |
| c. | 执行官对公司的雇用和执行其职责不应违反任何先前雇主或第三方的禁止招揽、不竞争或其他类似合同或协议； |
| d. | 在任职于公司或其联属公司的过程中，执行官绝不应违反对任何第三方所拥有的任何义务，包括涉及使用或披露任何第三方合法受保护资讯的义务。 |
13. | 通知根据本协议的规定发出的通知将通过挂号邮寄、过夜快递或电子邮件寄至以下地址： |
如果寄给公司：
cto realty growth 公司
1140 N. Williamson Blvd., Suite 140
15
佛州代托纳海滩32114
电子邮件： dsmith@ctoreit.com
如果给执行长：
[****]
任何一方均可不时将任何其他地址指定为其或她收到通知的地址。任何此类通知将被视为在实际收取或委托存入邮件后四（4）天内被送达，如果通过挂号信。
14. | 杂项费用. |
| a. | 管辖法本协议将受佛罗里达州法律管辖并加以解释。 |
| b. | 更改和豁免任何一方对本协议任何其他方的任何条款违约的豁免，不应被视为对任何一方对任何后续违约的豁免。本协议的任何条款均不得通过非甲方签署的书面文件终止、修改、补充、豁免或修改。 |
| c. | 律师费若要执行本协议的任何条款，获胜方有权从对方得到合理的律师费、成本和费用的补偿。 |
d. |
| (i) | 根据本条款 第14部分.d.ii 和 14.d.iii任何美国公司集团成员与执行官之间因本协议、执行官的雇用或与美国公司集团任何成员的参与而发生的任何争议、争端或索赔，应通过最终、保密和具约束力的仲裁在佛罗里达奥兰治县根据美国联邦仲裁法进行，由单一仲裁员依据当时适用的美国仲裁协会就业仲裁规则和调解程序办理。规则”); 提供, however 此外，仲裁员应允许进行足够的查明以满足任何索赔的仲裁，包括查阅文件和传唤证人； 提供, 进一步说明 双方将享有根据适用法律提供的所有救济措施，并且仲裁员将对规则进行修改，以符合适用法律的要求。仲裁员的书面裁决将包括事实和法律见解，应予保密，具有最终性，对双方具有约束力，使得法院可以对其进行裁决并强制执行。仲裁员有权授予禁制令救济。 |
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| 并实行具体履行，并可能根据本协议在任何仲裁或司法诉讼中向获胜方颁发合理的律师费，或与适用法律下可用的任何法定索赔有关。其他情况下，每方都应该自行支付在任何此类仲裁中的律师费； 提供, however公司应支付任何行政费用或申请费用，包括仲裁员费用，该等费用执行高管若争议在法院裁决下而非通过仲裁方式不会发生。所有争议应以个人基础进行仲裁，并本方特此放弃任何索赔以集体诉讼或集体行动或以集体基础或代表其他声称处于类似情况的人或实体的代表能力，或作为这种程序的类成员参与。 双方特此明示放弃 任何一方对于与执行本协议或与高管聘用有关的任何事项导致或涉及诉讼的任何诉讼，程序或其他诉讼均明确放弃进行由陪审团审判的任何权利。 |
| (ii) | 尽管如此 第14.d.i条，任何一方可就执行所述条款之事项，提出及获得司法紧急或临时禁制令。 第7条; 提供, however，任何此类争议的其余部分（超出紧急或临时禁制令的申请）均应遵守本协议的仲裁程序。 第14.d条. |
| (iii) | 此节内容无 第14.d条 本协议不得禁止当事人(i)提起诉讼以强制执行任何仲裁裁决，或(ii)加入本协议当事人其中一方参与由非本协议当事人发起的诉讼。此外，本协议中的任何内容都不得 第14条要求提供相应通知。 阻止执行长向联邦、州或其他政府机构提交控诉或申诉。 |
| (iv) | 允许根据本许可在法院提起的任何索赔 第14.d.ii条 或 14.d.iii 应提交至佛罗里达州奥兰多橙县的州法院或美国佛罗里达州中部地方法院。 |
| e. | 409A条款. 为了避免执行 董业章程第 409A 条所规定的征税，此协议下的所有款项和福利均属于除外。 旨在豁免董业章程第 409A 条的适用性，针对该条款纳税应无效，并应依据此目的进行解释和解释。尽管本协议的任何其他条款，根据本协议提供的款项只能在符合董业第 409A 条或适用豁免情形的事件发生时和方式下进行支付。本协议下的任何非合格的递延薪金支付，可以将其排除于第 409A 条，无论是否因服务非自愿分离而导致离职补偿或作为短期递延，都应最大限度地被排除于第 409A 条。 否 |
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| 在任何一个日历年度内符合报销资格的支出，或将提供的实物福利，应影响任何其他日历年度中符合报销资格的金额，以符合《税务法典》第409A条的规定为限，并且任何此类报销权或实物福利权都不得转化或交换为其他福利。为了《税务法典》第409A条的目的，在本协议颁发的分期付款系列中的每笔支付将视为独立支付。根据本协议在终止职业时需要支付的任何款项只能在根据《税务法典》第409A条的“与职务的分离”时支付。尽管如上所述，公司并不担保根据本协议提供的支付和福利符合《税务法典》第409A条或任何豁免条款，而且在任何情况下，公司对执行人因不符合《税务法典》第409A条而可能产生的任何税款、罚款、利息或其他支出的全部或部分不承担责任。 |
(i) | 指定员工尽管本协议的任何其他条款，如果证明与执行人终止职务有关的任何支付或福利被确定为符合《税务法典》第409A条所述的“非合格递延补偿”，并且根据《税务法典》第409A条(a)(2)(b)(i)条的定义确定执行人被视为“特定员工”，那么该支付或福利将在执行人终止日期后的首个支付日（即执行人的死亡日期之前的六个月周年纪念日）支付。任何在指定员工支付日期之前本应支付的款项总额将在指定员工支付日期以一次性支付给执行人，然后，其余任何款项将根据原定时间表立即支付。特定员工支付日期。任何其他条款如有不同，将在特定员工支付日期之前支付的任何款项总计将在特定员工支付日期一次性支付给执行人，之后，其余款项将按照原定时间表立即支付。 |
(ii) | 报销根据第409A条的要求，根据本协议提供的每项退款或实物福利将按照以下方式提供： |
| (A) | 公司每个财政年度中可申请退款的费用金额，或提供的实物福利金额，不得影响其他财政年度可申请退款的费用金额，或待提供的实物福利金额； |
| (B) | 对于符合资格的费用退款，必须在产生该费用的财政年度之后的最后一天或之前支付给高级管理人员； |
| (C) | 根据本协议所享有的任何补偿权或实物福利，将不受清算或交换以换取其他福利的限制。 |
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| f. | 完整协议本协议经过双方大量协商，因此代表双方协商的共同成果，并取代所有先前的书面或口头协议。 任何不确定性或模糊之处不应根据任何草拟方归因于任何一方而被解释为有利或不利于任何其他一方。此外，本协议代表双方的整个协议，不得根据任何一方的口头陈述或任何对方的其他书面声明进行修改或修订，除非执行人和公司授权代表签署的附日期的书面修订本协议。尽管前述，本协议补充并且是对于执行人对于机构集团任何成员所具有的任何其他保密或不揭露、财产归还、非竞争或非招揽（无论这种义务是依据合同、法规、普通法或其他方式产生）的任何义务的补充，而这些义务将继续有效。 |
| g. | 扣缴税款公司有权扣缴根据任何适用法律或法规的扣缴义务，以满足公司可能拥有的任何代付义务。 |
| h. | 对照合约本协议可分离执行，全部构成同一文件。 |
| i. | 临时雇用. 本协议的生效条件包括但不限于公司正常的聘用程序和政策，其中包括背景和信用检查。 |
| j. | 生存在本协议到期或其他终止后，双方当事人之间的相应权利和义务将继续存在，以便实现本协议当事人的意图。 |
[签名页面如下]
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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