Document:

Exhibit 10.10

 

CONTRIBUTION
AGREEMENT

 

THIS CONTRIBUTION AGREEMENT
(this “Agreement”) is made as of July 22, 2015 by and among RB Commercial Mortgage LLC, a Delaware limited liability
company (the “Contributor”), New York Mortgage Trust, Inc., a Maryland corporation and the sole member of the
Contributor, (“NYMT”), RiverBanc Multifamily LP, a Delaware limited partnership (the “Operating Partnership”)
and RiverBanc Multifamily Investors, Inc., a Maryland corporation (“RBMI”).

 

RECITALS

 

WHEREAS, Contributor
is or will be at the applicable Closing (as defined herein) (i) the record and beneficial owner of 100% of the limited liability
company interests (the “Riverchase Contributed Interest”) in RMI-Riverchase Landing LLC (the “Riverchase
Contributed Entity”), which is or will be at the applicable Closing, the record and beneficial owner of preferred equity
interests in the amount described on Exhibit A hereto in the entity described in Exhibit A hereto,
which is the direct or indirect owner of the multifamily apartment property referred to as “Riverchase Landing”,
and (ii) the record and beneficial owner of 100% of the limited liability company interests (together with the Riverchase Contributed
Interest, the “Contributed Interests” and each a “Contributed Interest”) RMI Fountains at
Andover LLC, (together with the Riverchase Contributed Entity, the “Contributed Entities” and each a “Contributed
Entity”) which is the lender of record of a mezzanine loan to the borrower described on Exhibit A hereto
(together with the assets owned by the Riverchase Contributed Entity, the “Contributed Assets”). Contributor
desires to contribute any and all interests that it now or hereafter owns in the Contributed Assets to RBMI, and RBMI desires to
acquire the Contributed Assets from Contributor, on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE,
for and in consideration of the foregoing, and the representations, warranties and other terms contained in this Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending
to be legally bound hereby, agree as follows:

 

ARTICLE
I

THE CONTRIBUTION

 

1.1             
Contribution of Contributed Interests. The Contributor irrevocably agrees to contribute, transfer and assign at the
applicable Closing any and all interests that it now or hereafter owns in the Contributed Interests being contributed at such Closing,
together with any other interests Contributor may have in any of the Contributed Entities or Contributed Assets being acquired
by the RBMI as described in the Registration Statement on Form S-11 for the IPO to be filed on or about July 22, 2015 (the “Registration
Statement”), to RBMI, and RBMI agrees to accept transfer of the Contributed Interests and any such other interests pursuant
to the terms and subject to the conditions set forth in this Agreement. Except as set forth on Schedule 2.2(d), the Contributed
Interests shall be transferred to RBMI free and clear of all liens, encumbrances, security interests, pledges, voting agreements,
prior assignments or conveyances, conditions, restrictions, claims, and any other matters affecting title thereto.

 

    	 

    	 

    

 

1.2             
Consideration. The total consideration (the “Consideration”) for which Contributor agrees to contribute,
transfer and assign the Contributed Interests to RBMI, and for which RBMI agrees to pay, issue or deliver to Contributor, subject
to the terms of this Agreement, at the applicable Closing shall be cash in the amounts described on Exhibit A hereto under
the heading “Consideration.” The Consideration payable to Contributor may be reduced by the amount RBMI reasonably
determines must be withheld for tax purposes.

 

1.3             
No Further Interest. Contributor acknowledges and agrees that effective upon the applicable Closing, and without
any further action by Contributor, the Contributed Interests being contributed at such Closing shall be transferred, assigned and
conveyed to RBMI, or a subsidiary thereof, and Contributor shall no longer be an equity holder of the applicable Contributed Entities,
shall no longer be entitled to receive any distributions from any of the applicable Contributed Entities, and shall have no further
right, title or interest in the applicable Contributed Assets or the applicable Contributed Entities.

 

1.4             
Definitions. As used in this Agreement, the following terms have the following meanings:

 

“IPO”
means the underwritten initial public offering of common stock of RBMI.

 

ARTICLE
II

REPRESENTATIONS AND Warranties

 

2.1             
Representations by RBMI. RBMI hereby represents and warrants to Contributor that the following statements are true,
correct, and complete as of the date of this Agreement and will be true, correct and complete as of each Closing Date (as defined
herein):

 

(a)               
Organization and Power. RBMI is a corporation duly organized, validly existing, and in good standing under the laws
of the State of Maryland, and has full right, power, and corporate authority to enter into this Agreement and to assume and perform
all of its obligations under this Agreement. The execution and delivery of this Agreement and the performance by RBMI of its obligations
hereunder have been duly authorized by all requisite corporate action of RBMI and require no further action or approval of RBMI’s
stockholders or of any other individuals or entities in order to constitute this Agreement as a binding and enforceable obligation
of RBMI.

 

(b)              
RMBI is organized in conformity with the requirements for qualification as a real estate investment trust (a “REIT”)
under the Code; RMBI will elect to be taxed as REIT for its short taxable year ending December 31, 2015, and the contemplated method
of operation of RMBI will enable RMBI to meet the requirements for qualification and taxation as a REIT under the Code for its
short taxable year ending December 31, 2015, and subsequent taxable years; and RMBI intends to continue to qualify as a REIT; RMBI
has not taken any action that would reasonably be expected to cause RMBI to fail to qualify as a REIT under the Code at any time.

 

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2.2             
Representations by Contributor. The Contributor hereby represents and warrants to RBMI and the Operating Partnership
that the following statements are true, correct, and complete as of the date of this Agreement and will be true, correct, and complete
as of each Closing Date:

 

(a)               
Organization and Power; Due Authorization. Contributor is duly incorporated, formed or organized, validly existing,
and in good standing under the laws of its state of incorporation, formation or organization. Contributor has full right, power,
and authority to enter into this Agreement and to assume and perform all of its obligations under this Agreement; and the execution
and delivery of this Agreement and the performance by Contributor of its obligations hereunder have been duly authorized by all
requisite action of Contributor and require no further action or approval of Contributor’s members, partners, stockholders,
managers, board of directors, trustees or of any other individuals or entities, as applicable, in order to constitute this Agreement
as a binding and enforceable obligation of Contributor. This Agreement and each agreement, document and instrument executed and
delivered by or on behalf of Contributor pursuant to this Agreement constitutes, or when executed and delivered will constitute,
the legal, valid and binding obligation of Contributor, each enforceable against Contributor in accordance with its terms, except
as such enforceability may be limited by bankruptcy or the application of equitable principles.

 

(b)              
Noncontravention. Neither the entry into nor the performance of, or compliance with, this Agreement by Contributor
has resulted, or will result, in any violation of, or default under, or result in the acceleration of, any obligation under any
charter, bylaws, limited liability company agreement, partnership agreement, declaration of trust, mortgage indenture, lien agreement,
note, contract, agreement, permit, judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable to Contributor
or to any Contributed Interests or the Contributed Entity.

 

(c)               
Litigation. There is no action, suit, or proceeding, pending or known to be threatened, against or affecting Contributor
in any court or before any arbitrator or before any federal, state, municipal, or other governmental department, commission, board,
bureau, agency or instrumentality that (1) in any manner raises any question affecting the validity or enforceability of this Agreement,
(2) could materially and adversely affect the business, financial position, or results of operations of Contributor or any Contributed
Entity, (3) could adversely affect the ability of Contributor to perform its obligations hereunder, or under any document to be
delivered pursuant hereto, (4) could create a lien on the Contributed Interests, any part thereof, or any interest therein, or
(5) could adversely affect the Contributed Interests, any part thereof, or any interest therein.

 

(d)              
Good Title. Contributor has entered into an operating agreement to acquire the ownership interest in the Contributed
Entities as set forth on Exhibit A. As of the applicable Closing, Contributor will be the sole record and beneficial owner
of the Contributed Interests being contributed at such Closing and will have full power and authority to convey such Contributed
Interests pursuant to the terms of this Agreement. As of the applicable Closing, Contributor will have good and marketable title
to the Contributed Interests being contributed at such Closing. As of the applicable Closing the Contributed Interests being contributed
at such Closing will be free and clear of all liens, encumbrances, security interests, pledges, voting agreements, prior assignments
or conveyances, conditions, restrictions, claims or any other matters affecting title thereto and at such Closing will be contributed
to RBMI free and clear of all liens, encumbrances, security interests, pledges, voting agreements, prior assignments or conveyances,
conditions, restrictions, claims or other matters affecting title thereto. No other person or entity has an option to purchase
or a right of first refusal to purchase the Contributed Entities nor are there any agreements or understandings with respect to
the voting, ownership or disposition of the Contributed Entities that could adversely affect Contributor’s ability to perform
its obligations hereunder or RBMI’s rights to the Contributed Entities following the applicable Closing.

 

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(e)               
Contributed Interests. Except as described on Schedule 2.2(e) hereof, there are no rights to purchase, subscriptions,
warrants, options, conversion rights or preemptive rights relating to the Contributed Interests or any equity interest in any Contributed
Entity that will be in effect as of the applicable Closing.

 

(f)               
No Consents. Each consent, approval, authorization, order, license, certificate, permit, registration, designation,
or filing by or with any governmental agency or body necessary for the execution, delivery and performance of this Agreement or
the transactions contemplated hereby by Contributor has been obtained or will be obtained on or before the applicable Closing Date.
Each consent or approval required under any Governing Agreement, contract or agreement of any Contributed Entity, or among the
partners, members or stockholders of any Contributed Entity to which Contributor is a party, relating to indebtedness or otherwise,
necessary for the execution, delivery and performance of this Agreement and the contribution, acquisition and transfer of the Contributed
Interests has been obtained or will be obtained on or before the applicable Closing Date.

 

(g)              
Actions Prior to Closing. From the date hereof until the applicable Closing Date, Contributor shall not take any
action or fail to take any action the result of which would (1) have a material adverse effect on the Contributed Interests
or RBMI’s ownership thereof, or any material adverse effect on the assets, business, condition (financial or otherwise),
results or operation of any Contributed Entity after the applicable Closing Date or (2) cause any of the representations and warranties
contained in this Section 2.2 to be untrue as of the applicable Closing Date.

 

(h)              
Governing Documents. Contributor has performed all of its obligations under the limited liability company agreement,
as such may have been amended from time to time, as applicable, of each Contributed Entity in which it owns an interest, (each
a “Governing Agreement” and collectively, the “Governing Agreements”). Contributor has performed,
or will cause the applicable Contributed Entity to perform, all of its obligations as the lender under each of the mezzanine promissory
notes, loan agreements, and other agreements evidencing the mezzanine loans, which comprise a portion of the Contributed Assets.

 

(i)                
Bankruptcy with respect to Contributor. No Act of Bankruptcy has occurred with respect to Contributor. As used herein,
“Act of Bankruptcy” means if Contributor or any equity holder, partner, manager or director thereof shall (A) apply
for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or
of all or a substantial part of its property, (B) admit in writing its inability to pay its debts as they become due, (C) make
a general assignment for the benefit of its creditors, (D) file a voluntary petition or commence a voluntary case or proceeding
under the Federal Bankruptcy Code (as now or hereafter in effect), (E) be adjudicated bankrupt or insolvent, (F) file
a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, receivership, dissolution,
winding-up or composition or adjustment of debts, (G) fail to controvert in a timely and appropriate manner, or acquiesce
in writing to, any petition filed against it in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or
hereafter in effect), or (H) take any entity action for the purpose of effecting any of the foregoing.

 

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(j)                
Brokerage Commission. Contributor has not engaged the services of any agent, broker, finder or any other person or
entity for any brokerage or finder’s fee, commission or other amount with respect to the transactions described herein.

 

(k)              
Mezzanine Loans. To the knowledge of the Contributor, no borrower is currently in default of any representation,
warranty or covenant contained in and no event of default has occurred under any promissory note, loan agreement or other agreements
relating to the mezzanine loan, which comprises a portion of the Contributed Assets.

 

ARTICLE
III

INDEMNIFICATION

 

3.1             
Survival of Representations and Warranties; Remedy for Breach.

 

(a)               
Subject to Section 3.5 hereof, all representations and warranties contained in this Agreement or in any Schedule, Exhibit,
certificate or affidavit delivered pursuant to this Agreement shall survive the Closings.

 

(b)              
Subject to Section 3.4 hereof, following the first Closing, Contributor and NYMT (each a “Contributing Indemnitor”
and collectively, the “Contributing Indemnitors”) shall be jointly and severally liable under this Agreement
for monetary damages (or otherwise) for breach of any of the Contributor’s representations, warranties, covenants and obligations
contained in this Agreement or in any Schedule, Exhibit, certificate or affidavit delivered by the Contributor pursuant thereto.

 

3.2             
General Indemnification.

 

(a)               
From and after the first Closing Date, the Contributing Indemnitors shall indemnify, hold harmless and defend the Operating
Partnership and RMBI, and their respective officers, directors, employees, stockholders, partners, agents and affiliates (each
of which is an “Indemnified Party”), from and against any and all claims, losses, damages, liabilities and expenses,
including, without limitation, interest, penalties, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation,
judicial or administrative proceedings or appeals therefrom and costs of attachment or similar bonds (collectively, “Losses”)
asserted against, imposed upon or incurred by the Indemnified Party, to the extent resulting from any breach of a representation,
warranty or covenant of the Contributing Indemnitors contained in this Agreement, or in any Schedule, Exhibit, certificate or affidavit
delivered by the Contributing Indemnitors pursuant thereto. In each case, the Contributing Indemnitors shall only bear the fees,
costs or expenses in connection with the employment of one counsel (regardless of the number of Indemnified Parties).

 

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(b)              
The Contributing Indemnitors shall also indemnify and hold harmless the Indemnified Parties from and against any and all
Losses asserted against, imposed upon or incurred by the Indemnified Parties to the extent resulting from an unrelated third-party
claim relating to the Contributed Assets arising from matters that occurred prior to the applicable Closing.

 

(c)               
With respect to any claim of an Indemnified Party pursuant to this Section 3.2, to the extent available, RMBI agrees
to use diligent good faith efforts to pursue and collect any and all available proceeds and benefits of any right to defense under
any insurance policy that covers the matter which is the subject of the indemnification prior to seeking indemnification from the
Contributing Indemnitors until all proceeds and benefits, if any, to which RMBI or the Indemnified Party is entitled pursuant to
such insurance policy have been exhausted; provided, however, that RMBI may make a claim under this Section 3.2
even if an insurance coverage dispute is pending, in which case, if the Indemnified Party later receives insurance proceeds with
respect to any Losses paid by the Contributing Indemnitors for the benefit of any Indemnified Party, then the Indemnified Party
shall reimburse the Contributing Indemnitors in an amount equivalent to such proceeds in excess of any deductible amount pursuant
to Section 3.2(a) hereof up to the amount actually paid (or deemed paid) by the Contributing Indemnitors to the Indemnified
Party in connection with such indemnification (it being understood that all costs and expenses incurred by the Contributing Indemnitors
with respect to insurance coverage disputes shall constitute Losses paid by the Contributing Indemnitors for purposes of Section 3.2(a)
hereof).

 

3.3             
Notice and Defense of Claims. As soon as reasonably practicable after receipt by the Indemnified Party of notice
of any liability or claim incurred by or asserted against the Indemnified Party that is subject to indemnification under this Article III,
the Indemnified Party shall give notice thereof to the Contributing Indemnitors, including liabilities or claims to be applied
against the indemnification deductible established pursuant to Section 3.4 hereof; provided that failure to give notice to
the Contributing Indemnitors will not relieve the Contributing Indemnitors from any liability that it may have to any Indemnified
Party, unless, and only to the extent that, such failure (a) shall have caused prejudice to the defense of such claim or (b) shall
have materially increased the costs or potential liability of the Indemnitors by reason of the inability or failure of the Indemnitors
(due to such lack of prompt notice) to be involved in any investigations or negotiations regarding any such claim. Such notice
shall describe in reasonable detail the facts known to such Indemnified Party giving rise to such claim, and the amount or good
faith estimate of the amount of Losses arising therefrom. Unless prohibited by law, such Indemnified Party shall deliver to the
Indemnitors, promptly after such Indemnified Party’s receipt thereof, copies of all notices and documents received by such
Indemnified Party relating to such claim. The Indemnified Party shall permit the Contributing Indemnitors, at the Contributing
Indemnitors’ option and expense, to assume the defense of any such claim by counsel selected by the Contributing Indemnitors
and reasonably satisfactory to the Indemnified Party, and to settle or otherwise dispose of the same; provided, however, that the
Indemnified Party may at all times participate in such defense at its sole expense; and provided further, however, that the Contributing
Indemnitors shall not, in defense of any such claim, except with the prior written consent of the Indemnified Party in its sole
and absolute discretion, consent to the entry of any judgment or enter into any settlement that does not include as an unconditional
term thereof the giving by the claimant or plaintiff in question to all Indemnified Parties a full and complete release of all
liabilities in respect of such claims, or that does not result only in the payment of money damages which are paid (or deemed paid)
in full by the Contributing Indemnitors. If the Contributing Indemnitors shall not have undertaken such defense within 20 days
after such notice, or within such shorter time as may be reasonable under the circumstances to the extent required by applicable
law, then the Indemnified Party shall have the right to undertake the defense, compromise or settlement of such liability or claim
on behalf of and for the account of the Contributing Indemnitors and at the Contributing Indemnitors’ sole cost and expense
(subject to the limitations in Section 3.4 hereof).

 

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3.4             
Limitations on Indemnification Under Section 3.2(a) and Section 3.2(b).

 

(a)               
The Contributing Indemnitors shall not be liable under Section 3.2(a) and Section 3.2(b), as applicable, hereof unless
and until the total amount recoverable by the Indemnified Parties under Section 3.2(a) and Section 3.2(b), as applicable,
exceeds one percent (1.0%) of the value of the aggregate Consideration and then only to the extent of such excess.

 

(b)              
Notwithstanding anything contained herein to the contrary, before taking recourse against any assets of the Contributing
Indemnitors and subject to the limitations set forth in the following sentence, the Indemnified Parties shall look, first to available
insurance proceeds (including without limitation any title insurance proceeds, if applicable) pursuant to Section 3.2(c) above,
and then to indemnification under this Article III.

 

(c)               
Notwithstanding anything to the contrary in this Agreement, except in the case of fraud, the Contributing Indemnitors shall
in no event be liable under Sections 3.2(a) or 3.2(b) in an amount in excess of ten percent (10.0%) of the value of the aggregate
Consideration received by the Contributing Indemnitor pursuant to Section 1.2 hereof.

 

(d)              
Notwithstanding anything to the contrary in this Agreement, except in the case of fraud or in the event of Losses relating
to a third-party claim, the Contributing Indemnitors shall not be liable to the Indemnified Parties for any indirect, special damages,
loss of profits, taxes relating to tax years beginning on or after the applicable Closing, loss of value or other similar speculative
damages asserted or claimed by the Indemnified Parties.

 

3.5             
Limitation Period.

 

(a)               
Any claim for indemnification under Section 3.2 hereof must be asserted in writing by the Indemnified Party, stating
the nature of the Losses and the basis for indemnification therefor on or prior to the first (1st) anniversary of the
applicable Closing.

 

(b)              
If asserted in writing on or prior to the date specified in Section 3.5(a) hereof for the applicable claim, any claims
for indemnification pursuant to Section 3.2 hereof shall survive until resolved by mutual agreement between the Contributing
Indemnitors and the Indemnified Party or by arbitration or court proceeding.

 

3.6             
Delivery of Indemnity Amounts. Indemnity payments may be made by the Contributing Indemnitors in the form of cash.

 

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ARTICLE
IV

COVENANTS

 

4.1             
Covenants of the Contributor.

 

(a)               
Satisfaction of Conditions. Contributor hereby covenants that Contributor shall: (A) use commercially reasonable
efforts and diligence in order to satisfy all of the conditions to Closing set forth herein, and (B) cooperate and assist in RBMI’s
efforts to satisfy all of the conditions to Closing set forth herein, and agrees that RBMI shall not have any obligation to consummate
the Closing hereunder unless and until such conditions have been satisfied or waived by RBMI in writing.

 

(b)              
Consent to Transfers. Contributor hereby consents to the transfer of, and waives any rights of first refusal, right
of first offer, buy-sell agreements, put, option or similar parallel or dissenter rights or similar rights afforded to Contributor
under the Governing Agreements or otherwise with respect to any Contributed Asset or any other company or property being contributed
or transferred to RBMI pursuant to a separate contribution or other agreement or as otherwise described in the Registration Statement.

 

(c)               
No Disposition or Encumbrance of Contributed Interests. From the date hereof through the applicable Closing, except
as specifically contemplated by this Agreement, Contributor shall not, without the prior written consent of RBMI: (i) sell, transfer
(or agree to sell or transfer) or otherwise dispose of, or cause the sale, transfer or disposition of (or agree to do any of the
foregoing) all or any portion of its interest in the Contributed Interests or Contributed Assets; or (ii) mortgage, assign, pledge
or otherwise encumber in any manner the Contributed Assets.

 

(d)              
Ordinary Course of Business. From the date hereof through the applicable Closing, and except as specifically contemplated
by this Agreement, Contributor shall, to the extent within its control, cause each Contributed Entity and any subsidiary thereof
to conduct its business in the ordinary course of business consistent with past practice, and shall, to the extent within its control,
not permit any Contributed Entity or subsidiary thereof without the prior written consent of RBMI, to: (i) enter into any
material transaction not in the ordinary course of business; (ii) mortgage, pledge or encumber any assets of the Contributed Entity
or subsidiary thereof; (iii) cause or take any action that would render any of the representations or warranties set forth herein
untrue; (iv) file an entity classification election pursuant to Treasury Regulations Section 301.7701-3(c) on Internal
Revenue Service Form 8832 (Entity Classification Election) to treat the Contributed Entity as an association taxable as a corporation
for federal income tax purposes; (v) make or change any other tax elections; (vi) settle or compromise any claim, notice, audit
report or assessment in respect of taxes; (vii) change any annual tax accounting period; (viii) adopt or change any method of tax
accounting; (ix) file any amended return, report or form (including an election, declaration, amendment, schedule, information
return or attachment thereto) required to be filed with a governmental authority with respect to taxes (each, a “Tax Return”);
(x) enter into any tax allocation agreement, tax sharing agreement, tax indemnity agreement or closing agreement relating to any
tax; (xi) surrender of any right to claim a tax refund; (xii) consent to any extension or waiver of the statute of limitations
period applicable to any tax claim or assessment; or (xiii) make any distribution to its partners or members, except for cash distributions
in the ordinary course of business consistent with past practices or as permitted by this Agreement.

 

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4.2             
Covenants of RMBI

 

(a)               
If NYMT owns, directly or indirectly (as determined for purposes of section 856(c)(4)(B)(iii) of the Code), more than 10%
of the voting power in, or more than 10% of the securities issued by, RMBI as of January 1st of any calendar year, RMBI will, if
requested by NYMT, make a “protective” taxable REIT subsidiary election on IRS Form 8875 with NYMT with an effective
date that is prior to March 31st of the applicable calendar year.

 

(b)              
RMBI shall, at the times provided in the next sentence, provide to NYMT, by e-mail of a PDF with a hard copy to follow,
an opinion of tax counsel to RMBI (“Tax Counsel”) stating that RMBI has been organized and has operated in conformity
with the requirements for qualification and taxation as a REIT under the Code for each of its taxable years, and RMBI’s current
organization and proposed method of operation will enable it to continue to meet the requirements for qualification and taxation
as a REIT under the Code for its current and subsequent taxable years (the “Tax Opinion”). RMBI shall provide
a Tax Opinion within 20 days of the end of each calendar quarter and at such other times as reasonably requested by NYMT, including,
without limitation, in connection with the issuance by NYMT of securities or the filing by NYMT of a registration statement with
the Securities and Exchange Commission. RMBI’s obligation to provide a Tax Opinion will cease commencing as of January 30th
of the calendar year following the year in which NYMT ceases to own, directly or indirectly (as determined for purposes of section
856(c)(4)(B)(iii) of the Code), more than 10% of the voting power in, or more than 10% of the securities issued by, RMBI. Counsel
to NYMT, NYMT’s affiliates, and NYMT’s transferees and their affiliates shall be entitled to rely upon any Tax Opinion
solely for the purposes of issuing opinions with respect to the qualification of NYMT, NYMT’s affiliates, or NYMT’s
transferees and their affiliates qualification as a REIT and Tax Counsel shall give written consent allowing such counsel to reference
Tax Counsel’s opinion when referring to NYMT, NYMT’s affiliates or any of their transferee’s counsel’s
opinion in securities filings of such REIT.

 

(c)               
RMBI will not knowingly revoke or otherwise terminate its election to be taxed as a REIT for any taxable year in which NYMT
owns, directly or indirectly (as determined for purposes of section 856(c)(4)(B)(iii) of the Code), more than 10% of the voting
power in, or more than 10% of the securities issued by, RMBI as of the end of any calendar quarter.

 

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4.3             
Tax Covenants.

 

(a)               
Contributor, NYMT, RBMI and the Operating Partnership shall provide each other with such cooperation and information relating
to any of the Contributed Interests, the Contributed Entities or their subsidiaries as the parties reasonably may request in (i)
filing any Tax Return, amended Tax Return or claim for tax refund, (ii) determining any liability for taxes or a right to a tax
refund, (iii) conducting or defending any proceeding in respect of taxes, or (iv) performing tax diligence, including with respect
to the impact of this transaction on each of RBMI’s and NYMT’s ability to qualify and maintain its qualification as
a REIT. Such reasonable cooperation shall include making employees available on a mutually convenient basis to provide additional
information and explanation of any material provided hereunder. RBMI shall promptly notify Contributor upon receipt by RBMI or
any of its affiliates of notice of (i) any pending or threatened tax audits or assessments with respect to the income, property
or operations of any of the Contributed Entities or their subsidiaries and (ii) any pending or threatened federal, state, local
or foreign tax audits or assessments of RBMI or any of its affiliates, in each case, which may affect the liabilities for taxes
of Contributor with respect to any tax period ending before or as a result of the applicable Closing. Contributor shall promptly
notify RBMI in writing upon receipt by Contributor or any of its affiliates of notice of any pending or threatened federal, state,
local or foreign tax audits or assessments relating to the income, properties or operations of any of the Contributed Entities
or their subsidiaries. Each of RBMI, the Operating Partnership and Contributor may participate at its own expense in the prosecution
of any claim or audit with respect to taxes attributable to any taxable period ending on or before the applicable Closing Date;
provided, that Contributor shall have the right to control the conduct of any such audit or proceeding or portion thereof for which
Contributor has acknowledged liability for the payment of any additional tax liability, and the Operating Partnership shall have
the right to control any other audits and proceedings. Notwithstanding the foregoing, neither the Operating Partnership nor Contributor
may settle or otherwise resolve any such claim, suit or proceeding which could have an adverse tax effect on the other party or
its affiliates without the consent of the other party, such consent not to be unreasonably withheld. Contributor, the Operating
Partnership and RBMI shall retain all Tax Returns, schedules and work papers within their custody, if any, with respect to the
Contributed Entities or their subsidiaries, and all material records and other documents relating thereto, until the expiration
of the statute of limitations (and, to the extent notified by any party, any extensions thereof) of the taxable years to which
such Tax Returns and other documents relate and until the final determination of any tax in respect of such years.

 

(b)              
To the extent Tax Returns for the Contributed Entities or their subsidiaries are due after the applicable Closing Date and
relate to a period ending on or prior to the applicable Closing Date, neither RBMI nor the Operating Partnership will consent to
such Tax Returns (including, for the avoidance of doubt, any amended Tax Returns) being prepared in a manner that is inconsistent
with past practice, except as otherwise required by applicable law.

 

4.4             
Relationship to Contributed Entities. Contributor and RBMI acknowledge and agree that, from and after the applicable
Closing, Contributor shall no longer be a member, partner, stockholder or equity owner, or, if applicable, managing member or general
partner, of any Contributed Entity and shall have no rights or benefits under any Governing Agreement.

 

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ARTICLE
V

CONDITIONS PRECEDENT TO THE CLOSING

 

5.1             
Conditions to RBMI’s Obligation. In addition to any other conditions set forth in this Agreement, RBMI’s
obligation to consummate a Closing is subject to the timely satisfaction of each and every one of the conditions and requirements
set forth in this Section 5.1, all of which shall be conditions precedent to RBMI’s obligations under this Agreement.

 

(a)               
Closing. Contributor shall have acquired an ownership interest in a Contributed Entity that owns the Contributed
Asset described on Exhibit A.

 

(b)              
IPO. The IPO, in such form and substance as RBMI, in its sole and absolute discretion, shall have determined to be
acceptable, shall have been completed (or be completed simultaneously with the Closing).

 

(c)               
Representations and Warranties. The representations and warranties made by Contributor pursuant to this Agreement
shall be true and correct as of the Closing as though such representations and warranties were made at the Closing and, if requested
by RBMI, Contributor shall have delivered a certificate to RBMI to such effect in regard to Contributor’s representations
and warranties set forth in this Agreement.

 

(d)              
Performance. Contributor shall have performed and complied with all agreements and covenants that it is required
to perform or comply with pursuant to this Agreement prior to the Closing, including having delivered each of the items set forth
in Section 6.2 hereof.

 

(e)               
Legal Proceedings. No order, statute, rule, regulation, executive order, injunction, stay, decree, or restraining
order shall have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that
restrains, prohibits or otherwise invalidates the consummation of the transactions contemplated by this Agreement, and no litigation
or governmental proceeding seeking such an order shall be pending or threatened.

 

(f)               
Consents and Approvals. All necessary approvals and consents of governmental and private parties, including, without
limitation, all ground lessors, tenants, other parties to service contracts, lenders and ratings agencies, partners, members or
stockholders of any Contributed Entity or their subsidiaries, to effect the transactions contemplated by this Agreement, shall
have been obtained.

 

(g)              
No Material Adverse Change. There shall have not occurred between the date hereof and the applicable Closing Date
any material adverse change with respect to any of the Contributed Interests or any material adverse change in any of the assets,
business, condition (financial or otherwise), results of operation or prospects of any Contributed Entity.

 

    	11

    	 

    

 

5.2             
Conditions to Contributor’s Obligation. In addition to any other conditions set forth in this Agreement, Contributor’s
obligation to consummate a Closing is subject to the timely satisfaction of each and every one of the conditions and requirements
set forth in this Section 5.2, all of which shall be conditions precedent to Contributor’s obligations under this Agreement.

 

(a)               
Closing. Contributor shall have acquired an ownership interest in a Contributed Entity that owns the Contributed
Asset described on Exhibit A.

 

(b)              
Representations and Warranties. The representations and warranties made by RBMI pursuant to this Agreement shall
be true and correct as of the Closing as though such representations and warranties were made at the Closing.

 

(c)               
Performance. RBMI shall have performed and complied in all material respects with all agreements and covenants that
it is required to perform or comply with pursuant to this Agreement prior to the Closing.

 

(d)              
Legal Proceedings. No order, statute, rule, regulation, executive order, injunction, stay, decree, or restraining
order shall have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that
prohibits the consummation of the transactions contemplated by this Agreement, and no litigation or governmental proceeding seeking
such an order shall be pending or threatened.

 

ARTICLE
VI

CLOSING AND CLOSING DOCUMENTS

 

6.1             
Closing. The consummation of the transactions contemplated pursuant to this Agreement shall occur at one or more
closings (each a “Closing” and collectively, the “Closings”) held at the offices of Hunton &
Williams LLP in Atlanta, Georgia, or such other place as RBMI may designate, promptly following satisfaction of the conditions
to Closing set forth herein (the “Closing Date”), or as otherwise set by agreement of the parties; provided,
however, termination shall not relieve any party from a breach occurring prior to that date.

 

6.2             
Contributor’s Deliveries. At each Closing, Contributor shall deliver the following to RBMI in addition to all
other items required to be delivered to RBMI by Contributor:

 

(a)               
Assignment of Contributed Interests being Assigned at such Closing. Contributor shall have executed and delivered
an Assignment, in substantially the form of Exhibit B attached hereto with respect to the Contributed Interests being
assigned as such Closing.

 

(b)              
FIRPTA Certificate. An affidavit from Contributor certifying pursuant to Section 1445 of the Internal Revenue Code
that Contributor is not a foreign corporation, foreign partnership, foreign trust, foreign estate or foreign person (as those terms
are defined in the Code and the Treasury Regulations promulgated thereunder).

 

(c)               
Taxable REIT Subsidiary. A signed “protective” taxable REIT subsidiary election on IRS Form 8875.

 

(d)              
Other Documents. Any other document or instrument reasonably requested by RBMI or required hereby.

 

    	12

    	 

    

 

6.3             
Default Remedies. If Contributor defaults in performing any of Contributor’s obligations under this Agreement,
RBMI shall have all rights and remedies available to it at law or in equity resulting from Contributor’s default, including
without limitation, the right to seek specific performance of this Agreement and Contributor’s obligation to convey the Contributed
Interests to RBMI hereunder. The parties acknowledge and agree that the failure of a condition precedent to occur, notwithstanding
the good faith and commercially reasonable efforts of the applicable party, shall not be a default hereunder.

 

ARTICLE
VII

MISCELLANEOUS

 

7.1             
Notices. Any notice provided for by this Agreement and any other notice, demand, or communication required hereunder
shall be in writing and either delivered in person (including by confirmed facsimile transmission) or sent by hand delivered against
receipt or sent by recognized overnight delivery service or by certified or registered mail, postage prepaid, with return receipt
requested. All notices shall be addressed as follows:

 

RBMI or the Operating Partnership:

 

c/o RiverBanc Multifamily Investors, Inc.

227 West Trade Street

Suite 900

Charlotte, North Carolina 28202

Attention: Chief Executive Officer

Email: kdonlon@riverbanc.com

 

with a copy to (which shall not constitute
notice):

 

Hunton & Williams LLP

Bank of America Plaza, Suite 4100

600 Peachtree Street, N.E.

Atlanta, GA 30308

Attention: Christopher C. Green, Esq.

Email: cgreen@hunton.com

 

Contributor:

 

c/o RB Commercial Mortgage LLC

275 Madison Avenue, Suite 3200

New York, NY 10016

Attention: Chief Executive Officer

Email: smumma@nymtrust.com

 

NYMT:

 

c/o New York Mortgage Trust, Inc.

275 Madison Avenue, Suite 3200

New York, NY 10016

Attention: Chief Executive Officer

Email: smumma@nymtrust.com

 

    	13

    	 

    

 

Any address or name specified above may
be changed by a notice given by the addressee to the other party. Any notice, demand or other communication shall be deemed given
and effective as of the date of delivery in person or set forth on the return receipt. The inability to deliver because of changed
address of which no notice was given, or rejection or other refusal to accept any notice, demand or other communication, shall
be deemed to be receipt of the notice, demand or other communication as of the date of such attempt to deliver or rejection or
refusal to accept.

 

7.2             
Entire Agreement; Third-Party Beneficiaries. This Agreement, including, without limitation, the exhibits hereto and
thereto, constitute the entire agreement and supersede each prior agreement and understanding, whether written or oral, among the
parties regarding the subject matter of this Agreement. This Agreement is not intended to confer any rights or remedies on any
Person other than the parties hereto.

 

7.3             
Amendment. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties
hereto.

 

7.4             
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York.

 

7.5             
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each
counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all of the parties hereto.
Each party may rely upon the facsimile or electronic pdf email signature of any other party as if such signature were an original
signature.

 

7.6             
Headings. Headings of the Articles and Sections of this Agreement are for the convenience of the parties only, and
shall be given no substantive or interpretive effect whatsoever.

 

7.7             
Incorporation. All Exhibits attached hereto and referred to herein are hereby incorporated herein and made a part
hereof for all purposes as if fully set forth herein.

 

7.8             
Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall,
as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable
the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions
of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision
shall be interpreted to be only so broad as is enforceable.

 

7.9             
Waiver of Conditions. The conditions to each party’s obligations hereunder are for the sole benefit of such
party and may be waived by such party in whole or in part to the extent permitted by applicable law.

 

    	14

    	 

    

 

7.10         
Dispute Resolution. The parties intend that this Section 7.10 will be valid, binding, enforceable, exclusive and
irrevocable and that it shall survive any termination of this Agreement.

 

(a)               
Upon any dispute, controversy or claim arising out of or relating to this Agreement or the enforcement, breach, termination
or validity thereof (“Dispute”), the party raising the Dispute will give written notice to the other parties
to the Dispute describing the nature of the Dispute following which the parties to such Dispute shall attempt for a period of ten
(10) Business Days from receipt by the parties of notice of such Dispute to resolve such Dispute by negotiation between representatives
of the parties hereto who have authority to settle such Dispute. All such negotiations shall be confidential and any statements
or offers made therein shall be treated as compromise and settlement negotiations for purposes of any applicable rules of evidence
and shall not be admissible as evidence in any subsequent proceeding for any purpose. The statute of limitations applicable to
the commencement of a lawsuit shall apply to the commencement of an arbitration hereunder, except that no defense based on the
running of the statute of limitations will be available based upon the passage of time during any such negotiation. Regardless
of the foregoing, a party shall have the right to seek immediate injunctive relief pursuant to clause (c) below without regard
to any such ten (10) Business Day negotiation period.

 

(b)              
Any Dispute (including the determination of the scope or applicability of this Agreement to arbitrate) that is not resolved
pursuant to clause (a) above shall be submitted to final and binding arbitration in New York, New York before one neutral and impartial
arbitrator, in accordance with the laws of the State of New York for agreements made in and to be performed in New York. The arbitration
shall be administered by JAMS, Inc. (“JAMS”) pursuant to its Comprehensive Arbitration Rules and Procedures,
as in effect on the date hereof. The parties hereto shall appoint one arbitrator within fifteen (15) days of a demand for arbitration.
If an arbitrator is not appointed within such 15-day period, the arbitrator shall be appointed by JAMS in accordance with its Comprehensive
Arbitration Rules and Procedures, as in effect on the date hereof. The arbitrator shall designate the place and time of the hearing.
The hearing shall be scheduled to begin as soon as practicable and no later than sixty (60) days after the appointment of the arbitrator
(unless such period is extended by the arbitrator for good cause shown) and shall be conducted as expeditiously as possible. The
award, which shall set forth the arbitrator’s findings of fact and conclusions of law, shall be filed with JAMS and mailed
to the parties no later than thirty (30) days after the close of the arbitration hearing. The arbitration award shall be final
and binding on the parties and not subject to collateral attack. Judgment upon the arbitration award may be entered in any federal
or state court having jurisdiction thereof.

 

(c)               
Notwithstanding the parties’ agreement to submit all Disputes to final and binding arbitration before JAMS, the parties
shall have the right to seek and obtain temporary or preliminary injunctive relief in any court having jurisdiction thereof. Such
courts shall have authority to, among other things, grant temporary or provisional injunctive relief in order to protect any party’s
rights under this Agreement. Without prejudice to such provisional remedies as may be available under the jurisdiction of a court,
the arbitral tribunal shall have full authority to grant provisional remedies and to direct the parties to request that any court
modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any party to
respect the arbitral tribunal’s orders to that effect.

 

    	15

    	 

    

 

(d)              
The prevailing party shall be entitled to recover its costs and reasonable attorneys’ fees, and the non-prevailing
party shall pay all expenses and fees of JAMS, all costs of the stenographic record, all expenses of witnesses or proofs that may
have been produced at the direction of the arbitrator, and the fees, costs and expenses of the arbitrator. The arbitrator shall
allocate such costs and designate the prevailing party or parties for these purposes.

 

[Signature Page Follows.]

 

    	16

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been entered into effective as of the date first written above.

 

CONTRIBUTOR:

 

RB Commercial Mortgage LLC

 

By: /s/ Steven R. Mumma                                        

Name: Steven R. Mumma

Title: Chief Executive Officer

 

NYMT:

 

New York Mortgage Trust, Inc.

 

By: /s/ Steven R. Mumma                                        

Name: Steven R. Mumma

Title: Chief Executive Officer

 

RBMI:

 

RiverBanc Multifamily Investors, Inc.

 

By:  /s/ Kevin M. Donlon                                        

Name: Kevin M. Donlon

Title: Chief Executive Officer

 

OPERATING PARTNERSHIP:

 

RiverBanc Multifamily LP, a Delaware limited partnership

 

	 	By:	RiverBanc Multifamily Investors, Inc. its
general partner

 

By: /s/ Kevin M. Donlon                                        

Name: Kevin M. Donlon

Title: Chief Executive Officer

 

    	 

    	 

    

 

Schedule 2.2(e)

 

Not applicable.

 

    	 

    	 

    

 

EXHIBIT A

 

	
        Property
	
        Contributed

Entity
	
        Contributed

Interest
	
        Contributed Asset
	Redemption Amount or Principal Balance of Contributed Asset	
        Consideration(1)

	Riverchase Landing	RMI-Riverchase Landing LLC	100% of Limited Liability company interest in Contributed Entity	100% of the Contributed Entity’s Preferred Equity Interest in 200 RHC Hoover, LLC	$8,500,000	$8,500,000
	Fountains at Andover	RMI-Fountains at

Andover LLC	100% of Limited Liability company interest in Contributed Entity	Mezzanine Loan Agreement between Fountains-Brookfield Mezzanine, L.L.C., Fountains-WP Mezzanine, L.L.C. and the Contributed Entity, dated July 7, 2015	$3,500,000	$3,500,000

 

 

 

		(1)	Amounts in this column assume an IPO closing date of August 4, 2015 and that the acquisition of the Contributed Assets are
completed on or following the assumed IPO closing date. Amounts in this column will be adjusted to reflect the accrued preferred
returns or interest on the Contributed Assets earned by the Contributor (pursuant to the operating agreement for 200 RHC Hoover,
LLC or the mezzanine loan agreement listed above) as of the actual Closing if the acquisition of the Contributed Assets by the
Contributor is completed prior to the actual Closing.

 

    	 

    	 

    

 

Exhibit B

 

Assignment

 

The undersigned, for
good and valuable consideration paid to the Assignor by RiverBanc Multifamily Investors, Inc., a Maryland corporation (“Assignee”),
pursuant to the Contribution Agreement dated as of ___________, 2015, by and between Assignor and Assignee (the “Agreement”)
and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, does hereby sell, assign,
transfer, convey and deliver to the Assignee, its successors and assigns, good and indefeasible right, title and interest to the
Contributed Interests described on Schedule A hereto, including, without limitation, all right, title and interest,
if any, of the undersigned in and to the assets of each such Contributed Entity and the right to receive distributions of money,
profits and other assets from each such partnership, presently existing or hereafter at any time arising or accruing, free and
clear of all liens, encumbrances, security interests, pledges, voting agreements, prior assignments or conveyances, conditions,
restrictions, claims, and any other matters affecting title thereto.

 

The undersigned, for
itself, its successors and assigns, hereby covenants and agrees that, at any time and from time to time after the date hereof,
upon the written request of Assignee, the undersigned will, without further consideration, do, execute, acknowledge, and deliver
or cause to be done, executed, acknowledged and delivered, each of and all of such further acts, deeds, assignments, transfers,
conveyances and assurances as may reasonably be required by Assignee in order to assign, transfer, set over, convey, assure and
confirm unto and vest in Assignee, its successors and assigns, title to the interests described in Schedule A hereto

 

Capitalized terms used
but not defined herein shall have the respective meanings ascribed to them in the Agreement.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Assignment to be signed by a duly authorized officer this __ day of ____________, 2015.

 

_____________, a

___________ _______________

 

By:                                                                           

Name:

Title:Exhibit 10.11

 

STOCKholder
Agreement

 

This Stockholders Agreement
(as the same may be amended, modified or supplemented from time to time, this “Agreement”) dated as of [],
2015, by and between RiverBanc Multifamily Investors, Inc., a Maryland corporation (the “Company”), and New
York Mortgage Trust, Inc., a Maryland corporation (“NYMT”).

 

RECITALS

 

WHEREAS, the Company
has entered into an Underwriting Agreement to sell shares of the Common Stock to the underwriters named therein in connection with
the Company’s initial public offering (the “IPO”);

 

WHEREAS, prior to or
concurrently with the closing of the IPO, NYMT will contribute certain investments owned directly or indirectly by NYMT to the
Company in exchange for shares of Common Stock;

 

WHEREAS, the Company
and NYMT each desire to enter into this Agreement to establish certain director nomination rights with respect to the Common Stock
to be held by NYMT following the closing of the IPO.

 

NOW, THEREFORE, in consideration
of the premises and of the covenants and obligations hereinafter set forth, the parties hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1.         
Certain Defined Terms.  As used herein, the following terms shall have the following meanings:

 

“Additional
Director Seat” has the meaning set forth in Section 2.1.

 

“Affiliate”
means, with respect to any Person, (i) each other Person that, directly or indirectly, owns or Controls, whether beneficially or
as a trustee, guardian or other fiduciary, fifty percent (50%) or more of the stock or ownership interest of such Person and (ii)
each other Person that Controls, is Controlled by or is under common Control with such Person, and the term “Affiliated”
shall have a correlative meaning.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Beneficial
Ownership” of any securities means ownership of Capital Stock by a Person, whether the interest in the shares of Capital
Stock is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through
the application of Section 544 of the Code, as modified by Section 856(h)(1)(B) and Section 856(h)(3)(A) of the Code. The terms
“Beneficial Owner,” “Beneficially Owns” and “Beneficially Owned” shall have the correlative
meanings.

 

    	 

    	 

    

 

“Board”
means the board of directors of the Company.

 

“Business Day”
means any day other than a Saturday, a Sunday or other day on which national banking associations in the State of New York are
authorized by law to be closed.

 

“Capital Stock”
means all classes or series of stock of the Company, including, without limitation, Common Stock and preferred stock.

 

“Code”
means the Internal Revenue Code of 1986, as amended, or any successor statute.

 

“Common Stock”
means the shares of common stock, $0.01 par value per share, of the Company and any securities issued in respect thereof, or in
substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization,
merger, consolidation, exchange or other similar reorganization.

 

“Common Units”
has the meaning set forth in the Partnership Agreement.

 

“Company”
has the meaning set forth in the preamble.

 

“Control”
(including the terms “Controlled by” and “under common Control with”) means the possession, directly or
indirectly, of the power to direct or cause the direction of such Person’s management or policies, whether through ownership
of voting securities, by contract or otherwise.

 

“Director”
means any member of the Board.

 

“Independent
Director” means a Director who would be considered to be an “independent director” of the Company within
the meaning of such term under the applicable rules of the stock exchange on which the Company lists or intends to list its shares.

 

“LTIP Unit”
has the meaning set forth in the Partnership Agreement.

 

“NYMT Designee”
shall mean: (i) initially, the following individual who is a Director upon the completion of the IPO: Steven R. Mumma, and (ii)
thereafter, at any time, each individual designated by NYMT pursuant to this Agreement for nomination or appointment to the Board
at or after the then most recent annual meeting of the stockholders of the Company (or special meeting in lieu of an annual meeting
at which Directors are to be elected) who is either serving as a Director or whose nomination or appointment to the Board is pending.

 

“Partnership
Agreement” means the First Amended and Restated Agreement of Limited Partnership of RB Multifamily LP, as the same may
be amended and restated from time to time in the future.

 

“Person”
means any individual, corporation, limited liability company, partnership, firm, joint venture, association, joint-stock company,
trust, unincorporated organization, governmental body or other entity.

 

“Shares”
means shares of Common Stock.

  

    	2

    	 

    

 

Section 1.2.         
Construction. Unless the context requires otherwise, the gender of all words used in this Agreement includes the
masculine, feminine and neuter forms and the singular form of words shall include the plural and vice versa. All references to
Articles and Sections refer to articles and sections of this Agreement, and all references to Schedules and Exhibits are to Schedules
and Exhibits attached hereto, each of which is made a part hereof for all purposes. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”
(except to the extent the context otherwise provides). This Agreement shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting or causing any instrument to be drafted.

 

ARTICLE II 

 

Section 2.1.         
Increase Size of Board. The Company hereby agrees to increase the size of the Board from five to six Directors on
the thirteen-month anniversary of this Agreement (or the first Business Day following such anniversary if such anniversary falls
on a date other than a Business Day) by appointing an additional Independent Director (the “Additional Director Seat”),
unless NYMT expressly agrees in writing to waive the obligation of the Company set forth in this Section 2.1.

 

ARTICLE III

DIRECTOR NOMINATION RIGHTS

 

Section 3.1.         
Director Nomination Rights.

 

(a)               
Except as provided in this Section 3.1(a) or as otherwise provided in this Agreement, NYMT shall have the right,
but not the obligation, to designate a certain number of individuals for nomination to the Board at each annual meeting of the
stockholders of the Company (or special meeting in lieu of an annual meeting at which all Directors are to be elected). Notwithstanding
anything to the contrary in this Agreement and without any further action by the Company, NYMT shall have the following rights:

 

(i)                
so long as NYMT and its Affiliates Beneficially Own at least 10.0% of the outstanding Common Stock (assuming all outstanding
Common Units and LTIP Units are exchanged for shares of Common Stock in accordance with the terms of the Partnership Agreement),
NYMT will have the right to designate one Director nominee to the Board;

 

(ii)              
if NYMT and its Affiliates Beneficially Own at least 20.0% of the outstanding Common Stock (assuming all outstanding Common
Units and LTIP Units are exchanged for shares of Common Stock in accordance with the terms of the Partnership Agreement) as of
the one-year anniversary of the completion of the IPO, NYMT will have the right to designate the Independent Director that will
fill the Additional Director Seat;

 

    	3

    	 

    

 

(iii)            
from and after the date on which the Independent Director that fills the Additional Director Seat takes office:

 

(A)            
for so long as NYMT and its Affiliates Beneficially Own at least 20.0% of the outstanding Common Stock (assuming all outstanding
Common Units and LTIP Units are exchanged for shares of Common Stock in accordance with the terms of the Partnership Agreement),
NYMT will have the right to designate two (2) Director nominees to the Board (including the Independent Director nominee that fills
the Additional Director Seat (if any));

 

(B)             
for so long as that NYMT and its Affiliates Beneficially Own less than 20% but at least 10% of the Company’s outstanding
shares of Common Stock (assuming all outstanding Common Units and LTIP Units are exchanged for shares of Common Stock in accordance
with the terms of the Partnership Agreement), the number of individuals that NYMT shall have the right to designate for nomination
to the Board shall be reduced to one (1); and

 

(b)              
Notwithstanding anything to the contrary set forth in, from and after the time that NYMT and its Affiliates Beneficially
Own less than 10.0% of the outstanding Common Stock (assuming all outstanding Common Units and LTIP Units are exchanged for shares
of Common Stock in accordance with the terms of the Partnership Agreement), NYMT’s right to designate individuals for nomination
to the Board shall terminate and be of no further force and effect.

 

(c)               
Subject to the provisions of Section 3.1(a) and Section 3.1(b), at each annual meeting of the stockholders
of the Company (or special meeting in lieu of an annual meeting at which Directors are to be elected), the Board shall nominate
NYMT Designees for election at such meeting, solicit proxies (or cause the Company to solicit proxies) in favor of the election
of the NYMT Designees in a manner consistent with its solicitation of proxies for the election of all other Director candidates
nominated by the Board and recommend that the stockholders of the Company elect to the Board each of the NYMT Designees. Neither
the Board nor the Company shall take any action to oppose the election of any NYMT Designee, including, without limitation, nominating
for election to the Board more individuals than the number of Director seats available or recommending that stockholders vote in
favor of any nominee opposing a NYMT Designee.

 

ARTICLE IV

MISCELLANEOUS

 

Section 4.1.         
Representations and Warranties of the Company.  Each party hereto represents and warrants to each other
party as of the date hereof that it is not bound by any aggregate or commitment that conflicts with or could interfere with the
performance of its obligations under this Agreement.

 

    	4

    	 

    

 

Section 4.2.         
Termination.  This Agreement shall automatically terminate at such time as NYMT no longer has the right
to nominate a Director to the Board pursuant to Section 3.1. Upon such termination, no party shall have any further obligations
or liabilities hereunder; provided that such termination shall not relieve any party from liability for any breach of this
Agreement prior to such termination.

 

Section 4.3.         
Amendments and Waivers.  Except as otherwise provided herein and subject to the approval of a majority
of the Independent Directors, this Agreement may not be amended except by an instrument in writing signed by each party that is
at the time of such amendment still a party to this Agreement; provided, that NYMT may waive (in writing) the benefit of
any provision of this Agreement with respect to itself for any purpose. No waiver of any breach of any of the terms of this Agreement
shall be effective unless such waiver is expressly in writing and executed and delivered by the party against whom such waiver
is claimed. A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person
of its obligations with respect to this Agreement is not a consent or waiver to or of any other breach or default in the performance
by that Person of the same or any other obligations of that Person with respect to this Agreement. Failure on the part of a Person
to complain of any act of any Person or to declare any Person in default, irrespective of how long that failure continues, does
not constitute a waiver by that Person of its rights with respect to that default until the applicable statute-of-limitations period
has run.

 

Section 4.4.         
Successors and Assigns.  Except as specifically provided herein, this Agreement may not be assigned by
the Company without the express prior written consent of NYMT, and any attempted assignment, without such consent, shall be null
and void. Except as specifically provided herein, this Agreement may not be assigned by NYMT without the express written consent
of a majority of the Board not affiliated with NYMT, and any attempted assignment, without such consent, shall be null and void.

 

Section 4.5.         
Notices.

 

(a)               
Except as expressly set forth to the contrary in this Agreement, all notices, requests or consents provided for or required
to be given hereunder shall be in writing and shall be deemed to be duly given if personally delivered, sent via facsimile and
confirmed, or mailed by certified mail, return receipt requested, or sent by nationally recognized overnight delivery service with
proof of receipt maintained, at the following addresses (or any other address that any such party may designate by written notice
to the other parties):

 

if to the Company, to:

 

RiverBanc Multifamily Investors, Inc.

227 West Trade Street

Suite 900 

Charlotte, North Carolina 28202 

Attn: Kevin Donlon

Fax: (855) 826-1639 

Email: kdonlon@riverbanc.com

 

    	5

    	 

    

 

if to NYMT, to:

 

New York Mortgage Trust, Inc. 

275
Madison Avenue

New York, New York 10016

Attention: Steven R. Mumma

Facsimile: (732) 559-8250 

Email:  smumma@nymtrust.com

 

(b)              
Any such notice shall, if delivered personally, be deemed received upon delivery; shall, if delivered by facsimile, be deemed
received on the first Business Day following confirmation; shall, if delivered by nationally recognized overnight delivery service,
be deemed received the first Business Day after being sent; and shall, if delivered by mail, be deemed received upon the earlier
of actual receipt thereof or five Business Days after the date of deposit in the mail.

 

(c)               
To the extent permitted by law, whenever any notice is required to be given by law or this Agreement, a written waiver thereof,
signed by the Person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to the giving
of such notice.

 

Section 4.6.         
Entire Agreement.  Except as otherwise expressly set forth herein, this Agreement embodies the complete
agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any
prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject
matter hereof in any way.

 

Section 4.7.         
Delays or Omissions.  It is agreed that no delay or omission to exercise any right, power or remedy accruing
to any party, upon any breach, default or noncompliance by another party under this Agreement, shall impair any such right, power
or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein,
or of or in any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent
or approval of any kind or character on the part of any party hereto of any breach, default or noncompliance under this Agreement
or any waiver on such party’s part of any provisions or conditions of this Agreement, must be in writing and shall be effective
only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded
to any party, shall be cumulative and not alternative.

 

Section 4.8.         
Governing Law; Limitation of Scope of Agreement. This Agreement and the rights and obligations of the parties hereunder
shall be governed by and interpreted, construed and enforced in accordance with the internal laws of the State of Maryland, without
regard to its choice of law principles. Wherever possible, each provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision hereof shall be prohibited by or invalid under any such
law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating or nullifying the
remainder of such provision or any other provisions of this Agreement.

 

    	6

    	 

    

 

Section 4.9.         
 Aggregation of Shares.  Notwithstanding anything to the contrary herein, all Shares Beneficially Owned
by NYMT and its Affiliates shall be aggregated together for purposes of determining the rights or obligations of NYMT, or application
of any restrictions to NYMT, or reference to its Shares under this Agreement, in each instance in which such right, obligation
or restriction is determined by any ownership threshold.

 

Section 4.10.     
No Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable
by any Person not a party to this Agreement.

 

Section 4.11.     
Severability of Provisions.

 

(a)               
If any provision or any portion of any provision of this Agreement shall be held invalid or unenforceable, the remaining
portion of such provision and the remaining provisions of this Agreement shall not be affected thereby.

 

(b)              
If the application of any provision or any portion of any provision of this Agreement to any Person or circumstance shall
be held invalid or unenforceable, the applicable provision or portion of such provision to Persons or circumstances other than
those as to which it is held invalid or unenforceable shall not be affected thereby.

 

Section 4.12.     
Table of Contents, Headings and Captions.  The table of contents, headings, subheadings and captions contained
in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement
or the intent of any provision hereof.

 

Section 4.13.     
Counterparts.  This Agreement and any amendment hereto may be signed in any number of separate counterparts,
each of which shall be deemed an original, but all of which taken together shall constitute one agreement (or amendment, as applicable).
This Agreement may be validly executed and delivered by facsimile or other electronic transmission.

 

[Signature Pages Follow]

 

    	7

    	 

    

 

IN WITNESS WHEREOF, each
of the undersigned duly executed this Agreement (or caused this Agreement to be executed on its behalf by its officer or representative
thereto duly authorized) as of the day and year first written above.

 

 

	 	riverbanc multifamily invEstors, inc.
	 	 	 	 
	 	 	 	 
	 	By:  	 
	 	 	Name:  	Kevin
M. Donlon
	 	 	Title:  	Chief
Executive Officer
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	NEW YORK MORTGAGE TRUST, INC.
	 	 	 	 
	 	 	 	 
	 	By:  	 
	 	 	Name:  	Steven
R. Mumma
	 	 	Title:  	Chief Executive Officer and President

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Stockholders Agreement]

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