Document:

Exhibit 10.12

 

FREEHOLD
PROPERTIES, INC. 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”), dated as of [●], 2021 (the “A&R Effective Date”),
by and among Freehold Properties, Inc., a Maryland corporation (“Freehold Properties”), and Freehold Properties
Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership” and, together with Freehold
Properties, the “Company”), each with its principal place of business in Las Vegas, Nevada, and Louis Yi residing
at the address on file with the Company (the “Employee”) is an amendment and restatement of the Employment Agreement, dated
October 30, 2019 (the “Original Agreement”), by and among the Company and the Employee.

 

W I T N E S S E T H

 

WHEREAS, Freehold
Properties is the sole member of the general partner of the Operating Partnership;

 

WHEREAS, the parties
originally entered into the Original Agreement, which was effective as of July 1, 2019, to reflect the Employee’s executive
capacities in the Company’s business and to provide for the Company’s employment of the Employee; and

 

WHEREAS, the parties
wish to change certain terms in the Original Agreement and to memorialize those changes by entering into this Agreement, which will supersede,
in its entirety, the Original Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

 1.              POSITION AND DUTIES.

 

(a)            During
the Employment Term (as defined in Section 2 hereof), the Employee shall serve as the Chief Financial Officer of the Company.
In this capacity, the Employee shall have the duties, authorities and responsibilities as are required by the Employee’s position
commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies, and such
other duties, authorities and responsibilities that are included in the bylaws of Freehold Properties and the limited partnership agreement
of the Operating Partnership as they may be further amended from time to time, including, but not limited to, managing the affairs of
the Company. Employee’s duties shall further include those that the board of directors of Freehold Properties (the “Board”)
shall from time to time reasonably assign that are not inconsistent with the Employee’s position with the Company and that are
consistent with the bylaws of Freehold Properties and the limited partnership agreement of the Operating Partnership. The Employee’s
principal place of employment with the Company shall be in New York, New York, provided that the Employee understands and agrees
that the Employee may be required to travel from time to time for business purposes. The Employee shall report directly to the Chief
Executive Officer of the Company.

 

(b)            During
the Employment Term, the Employee shall devote substantially all of the Employee’s business time, energy, business judgment, knowledge
and skill and the Employee’s best efforts to the performance of the Employee’s duties with the Company, provided that
the foregoing shall not prevent the Employee from (i) serving on the boards of directors of non-profit organizations, (ii) participating
in charitable, civic, educational, professional, community or industry affairs, and (iii) managing the Employee’s personal
investments and/or personal business as necessary, so long as such activities in the aggregate do not interfere or conflict with the
Employee’s duties hereunder or create a potential business or fiduciary conflict.

 

     

     

    

 

2.              EMPLOYMENT
TERM. The Company agrees to employ the Employee pursuant to the terms of this Agreement, and the Employee agrees to be so employed,
for a term of three years (the “Initial Term”) commencing as of the A&R Effective Date. Commencing with the last
day of the Initial Term, and on each subsequent anniversary of such date, the term of this Agreement shall be automatically extended
for successive one-year periods, provided, however, that either party hereto may elect not to extend this Agreement by giving
written notice to the other party at least 60 days prior to any such anniversary date. Notwithstanding the foregoing, the Employee’s
employment hereunder may be earlier terminated in accordance with Section 7 hereof, subject to Section 8 hereof.
The period of time between the A&R Effective Date and the end of the Initial Term and any successor terms (or earlier upon a termination
of the Employee’s employment hereunder) shall be referred to herein as the “Employment Term.”

 

3.              BASE
SALARY. The Company agrees to pay the Employee a base salary of $300,000 annually. The base salary may be reviewed annually by the
Board and may be increased (but not decreased) by the Board in its sole discretion. The Board may delegate any or all of its authority
and responsibilities to a committee of the Board. Base salary shall be payable in accordance with the regular payroll practices of the
Company, but not less frequently than monthly. The base salary as adjusted by the Board from time to time shall constitute “Base
Salary” for purposes of this Agreement.

 

4.              ANNUAL
BONUS. During the Employment Term, the Employee shall be eligible to receive an annual discretionary incentive payment under the
Company’s Officer Incentive Program or any other annual bonus plan as may be in effect from time to time (the “Annual
Bonus”). The Employee’s target Annual Bonus opportunity will be not less than 100% of the Employee’s Base Salary
(the “Target Bonus”). The Annual Bonus, if earned, shall be paid no later than March 15th of the calendar
year following the calendar year to which the Annual Bonus relates.

 

5.              EQUITY
AWARDS. The Employee shall receive consideration for equity and other long-term incentive awards under any applicable equity incentive
plan adopted by the Company during the Employment Term.

 

 6.              EMPLOYEE BENEFITS.

 

(a)            BENEFIT
PLANS. During the Employment Term, the Employee shall be entitled to participate in any employee benefit plan that the Company
has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable
eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided hereunder. The Employee’s
participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding
the foregoing, the Company may modify or terminate any employee benefit plan at any time, according to the terms of such employee benefit
plan.

 

(b)            PAID
Time Off. The Employee may take a reasonable period of paid time off from time to time but not to the detriment of performance
of his duties as described in Section 1(b). The Employee shall not be entitled to or accrue a fixed amount of paid time off.

 

(c)            EXPENSES.
Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Employee shall be
reimbursed in accordance with the Company’s expense reimbursement policy, for all reasonable out-of-pocket business and entertainment
expenses incurred and paid by the Employee during the Employment Term and in connection with the performance of the Employee’s
duties hereunder. The Company shall also reimburse Employee’s expenses for legal or other advisors incurred in the review and finalization
of this Agreement.

 

7.              TERMINATION.
The Employee’s employment and the Employment Term shall terminate on the first of the following to occur:

 

(a)            DISABILITY.
Upon ten days’ prior written notice by the Company to the Employee of termination due to Disability. For purposes of this Agreement,
 “Disability” shall be defined as the inability of the Employee to have performed the Employee’s material duties
hereunder due to a physical or mental injury, infirmity or incapacity, which is determined to be permanent by a physician selected by
the Company or its insurers and reasonably acceptable to the Employee, for 180 days (including weekends and holidays) in any 365-day
period.

 

(b)            DEATH.
Automatically upon the date of death of the Employee.

 

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(c)            CAUSE.
Immediately upon written notice by the Company to the Employee of a termination for Cause. “Cause” shall mean:

 

(i)               Employee’s
refusal to substantially perform, following notice by the Company to the Employee, Employee’s duties to the Company, or gross negligence
or willful misconduct in connection with the performance of the Employee’s duties to the Company;

 

(ii)              Employee’s
conviction or plea of guilty or nolo contendere of a felony;

 

(iii)             Employee’s
conviction of any other criminal offense involving an act of dishonesty intended to result in personal enrichment of Employee at the
expense of the Company or an affiliate of the Company; or

 

(iv)             Employee’s
breach of any material Company policy or term of this Agreement or any other employment, consulting or other services, confidentiality,
intellectual property or non-competition agreements, if any, between the Employee and the Company or an affiliate of the Company.

 

Any determination of Cause by the Company will
be made by a resolution approved by a majority of the members of the Board, provided that no such determination may be made until
the Employee has been given written notice detailing the specific Cause event, an opportunity to appear before the full Board with legal
counsel, and a period of 30 days following receipt of such notice to cure such event (if susceptible to cure) to the satisfaction of
the Board. Notwithstanding anything to the contrary contained herein, the Employee’s right to cure as set forth in the preceding
sentence shall not apply if there are habitually repeated breaches by the Employee.

 

(d)            WITHOUT
CAUSE. Immediately upon written notice by the Company to the Employee of an involuntary termination without Cause (other than
for death or Disability).

 

(e)            GOOD
REASON. Upon written notice by the Employee to the Company of a termination for Good Reason. “Good Reason”
shall mean the occurrence of any of the following events, without the express written consent of the Employee, unless such events are
not habitually repeated and are fully corrected in all material respects by the Company within 30 days following written notification
by the Employee to the Company of the occurrence of one of the following:

 

(i)               a
material reduction in the Employee’s aggregate Base Salary or Target Bonus opportunity;

 

(ii)              a
material adverse change in the reporting structure applicable to the Employee, the assignment to the Employee of substantial duties or
responsibilities inconsistent with the Employee’s position at the Company, or any other action by the Company which results in
a substantial diminution of the Employee’s duties, authorities or responsibilities (other than temporarily while physically or
mentally incapacitated or as required by applicable law);

 

(iii)             a
requirement that the Employee work principally from a location that is 30 miles further from the principal places of employment specified
in Section 1(a) and from the Employee’s residence; or

 

(iv)             the
Company’s material breach of the terms of this Agreement or any other agreement or document which grants or gives the Employee
the right to receive equity in the Company.

 

The Employee shall provide the Company with a
written notice detailing the specific circumstances alleged to constitute Good Reason within 90 days after the first occurrence of such
circumstances that the Employee knows or reasonably should have known to constitute Good Reason, and actually terminate employment within
30 days following the expiration of the Company’s 30-day cure period described above (it being understood that each instance of
any such circumstances shall constitute a separate basis for such termination and a separate event or condition occurring on the date
of such instance for purposes of calculating the 90-day period). The failure by the Employee to provide written notice in detail of the
circumstances constituting “Good Reason” within the time period set forth in the preceding sentence shall result in
the Employee being deemed not to have terminated employment for Good Reason and to have irrevocably waived any claim of such circumstances
constituting Good Reason under this Agreement.

 

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(f)             WITHOUT
GOOD REASON. Upon 30 days’ prior written notice by the Employee to the Company of the Employee’s voluntary termination
of employment without Good Reason (which the Company may, in its sole discretion, make effective earlier than any notice date).

 

(g)            EXPIRATION
of employment term. The Employee’s employment hereunder shall automatically
terminate at the end of the Employment Term if either party elects not to extend the Employment Term by delivery of a non-extension notice
contemplated by Section 2.

 

 8.              CONSEQUENCES OF TERMINATION.

 

(a)            DEATH.
In the event that the Employee’s employment and the Employment Term end on account of the Employee’s death, all outstanding
equity-based awards held by the Employee on the date of death shall immediately become fully vested and, to the extent applicable, exercisable,
and the Employee or the Employee’s estate, as the case may be, shall be entitled to a lump sum payment of the following within
60 days following termination of employment, or such earlier date as may be required by applicable law:

 

(i)              any
unpaid Base Salary through the termination date;

 

(ii)             any
Annual Bonus relating to the prior year that was earned but unpaid as of the date of termination; and

 

(iii)            reimbursement
for any unreimbursed business expenses incurred through the termination date (collectively, Sections 8(a)(i) through 8(a)(iii) hereof
shall be hereafter referred to as the “Accrued Benefits”).

 

(b)            DISABILITY.
In the event that the Employee’s employment and/or Employment Term ends on account of the Employee’s Disability, all outstanding
equity-based awards held by the Employee on the date of termination of employment due to Disability shall immediately become fully vested
and, to the extent applicable, exercisable, and the Company shall pay or provide the Employee with the following:

 

(i)              the
Accrued Benefits; and

 

(ii)             subject
to (A) the Employee’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended (“COBRA”) and (B) the Employee’s continued compliance with the obligations in Sections
9 and 10 hereof, Employee shall be eligible to participate in COBRA continuation coverage at the premium rate that is paid
by active employees for coverage of the Employee (and/or his eligible dependents) under the Company’s major medical group health
plan, for a period of 18 months, or, if less, until the Employee or his eligible dependents are no longer entitled to such COBRA coverage;
provided, that if the Company determines that the provision of this benefit would result in a violation of applicable law (including,
but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation
Act) or penalties or adverse tax consequences to the Employee or the Company, then in lieu of providing such benefit, the Company shall
pay the Employee on the last day of each remaining month in which the benefit would have been provided a fully taxable cash payment equal
to the portion of the COBRA premium the Company otherwise would have paid for such month.

 

(c)             TERMINATION
FOR CAUSE OR WITHOUT GOOD REASON. If the Employee’s employment and the Employment Term are terminated by the Company
for Cause or by the Employee without Good Reason, the Company shall pay to the Employee the Accrued Benefits (other than, in the case
of a termination for Cause, payment of any unpaid Annual Bonus).

 

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(d)            TERMINATION
WITHOUT CAUSE OR FOR GOOD REASON. If the Employee’s employment and the Employment Term are terminated by the Company
other than for Cause (and other than due to the Employee’s death or Disability) or by the Employee for Good Reason, the Company
shall pay or provide the Employee with the following:

 

(i)              the
Accrued Benefits;

 

(ii)             subject
to the Employee’s continued compliance with the obligations in Sections 9 and 10 hereof, an amount equal to two times
the sum of (A) the Base Salary in effect on the termination date, and (B) the average Annual Bonus earned by the Employee for
the two Company fiscal years ending during the Employment Period and immediately preceding the Company fiscal year in which such termination
occurs (regardless of whether such amount was paid out on a current basis or deferred). Such amount shall be paid monthly in equal installments
for a period of 12 months; provided that the commencement of such installments is subject to restrictions in Section 24(b)(iii) if
Employee is a “specified employee” as described therein;

 

(iii)            subject
to (A) the Employee’s timely election of continuation coverage under COBRA and (B) the Employee’s continued compliance
with the obligations in Sections 9 and 10 hereof, Employee may participate in COBRA continuation coverage at the premium
rate that is paid by active employees for coverage of the Employee (or his eligible dependents) under the Company’s major medical
group health plan, for a period of 18 months (or up to 24 months if eligibility is extended under COBRA), or such period of time that
the Employee and his eligible dependents are eligible for COBRA continuation coverage; provided, that if the Company determines that
the provision of this benefit would result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection
and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act) or penalties or adverse tax consequences
to the Employee or the Company, then in lieu of providing such benefit, the Company shall pay the Employee on the last day of each remaining
month in which the benefit would have been provided a fully taxable cash payment equal to the portion of the COBRA premium the Company
otherwise would have paid for such month. Upon the Employee and his dependents becoming ineligible for COBRA continuation coverage, Employee
shall be reimbursed for the premiums paid by Employee for medical insurance for himself and his dependents for a period of time extending
to 24 months following termination of employment; provided, however, that Company’s obligation to make additional payments under
this paragraph will cease during any period that Employee is employed by a third party that provides comparable coverage to Employee;
and

 

(iv)            all
of the Employee’s equity-based awards that are outstanding on the termination date shall immediately become fully vested and, as
applicable, exercisable, without any action by the Board.

 

Payments and benefits provided in this Section 8(d) shall
be in lieu of any termination or severance payments or benefits for which the Employee may be eligible under any of the plans, policies
or programs of the Company or under the Worker Adjustment Retraining Notification Act of 1988 or any similar state statute or regulation.

 

For purposes of Section 8(d)(ii)(B),
in the event that the Employee’s termination occurs prior to the end of the completion of two Company fiscal years during the Employment
Term, then the amount in Section 8(d)(ii)(B) shall be determined by using the Employee’s Target Bonus for any
such fiscal year not yet completed, together with the Annual Bonus actually earned by the Employee for the fiscal year completed during
the Employment Term (if any), annualized for any such partial fiscal year. For purposes of Sections 8(a), 8(b) and
8(d)(iv), performance-based equity awards will vest (x) at target levels or (y) if the Board or a committee thereof
determines in its sole discretion that actual performance is measurable through the date of termination, at the greater of target levels
or at the levels achieved based on actual performance through the date of termination (as determined by the Board or a committee thereof)).

 

(e)             Termination
due to non-renewal of employment term. If the Employee’s employment and the Employment Term are terminated pursuant
to Section 7(g) as a result of the Employee providing notice of non-renewal of the Employment Term, the termination shall be
considered a termination by the Employee without Good Reason for purposes of this Agreement and the Employee’s entitlements shall
be as described in Section 7(c). If the Employee’s employment and the Employment Term are terminated pursuant to Section 7(g) as
a result of the Company providing notice of non-renewal of the Employment Term, the termination shall be considered a termination by
the Company without Cause for purposes of this Agreement and the Employee’s entitlements shall be as described in Section 7(d),
except that (i) the severance multiple (of Base Salary and Annual Bonus) in Section 8(d)(ii) shall be reduced from two
times to one times and (ii) the period of continued COBRA coverage in Section 8(d)(iii) shall be reduced to 12 months
or such shorter period of time that the Employee and his eligible dependents are eligible for COBRA continuation coverage.

 

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(f)            SECTION 280G.
If the Employee is a “disqualified individual,” as defined in Section 280G(c) of the Internal Revenue Code
of 1986, as amended (the “Code”), then, notwithstanding any other provision of this Agreement or of any other agreement,
contract, or understanding heretofore or hereafter entered into by the Employee with the Company (an “Other Agreement”),
and notwithstanding any formal or informal plan or other arrangement for the direct or indirect provision of compensation to the Employee
(including groups or classes of employees or beneficiaries of which the Employee is a member), whether or not such compensation is deferred,
is in cash, or is in the form of a benefit to or for the Employee (a “Benefit Arrangement”), any right to exercise,
vesting, payment or benefit to the Employee under this Agreement, any Other Agreement and/or any Benefit Arrangement shall be reduced
or eliminated to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights, payments,
or benefits to or for the Employee under this Agreement, all Other Agreements, and all Benefit Arrangements, would cause any exercise,
vesting, payment or benefit to the Employee under this Agreement to be considered a “parachute payment” within the meaning
of Section 280G(b)(2) of the Code as then in effect (a “Parachute Payment”) if, as a result of receiving
such Parachute Payment, the aggregate after-tax amounts received by the Employee from the Company under this Agreement, all Other Agreements,
and all Benefit Arrangements would be less than the maximum after-tax amount that could be received by the Employee without causing any
such payment or benefit to be considered a Parachute Payment.

 

(i)              Such
reduction or elimination will be calculated so that the amount received by Employee that is subject to Section 280G of the Code
will be reduced to an amount that is three times Employee’s “base amount” (defined in Section 280G(b)(3) of
the Code), less one dollar.

 

(ii)             The
Company shall accomplish such reduction by first reducing or eliminating any cash payments (with the payments to be made furthest in
the future being reduced first), then by reducing or eliminating any accelerated vesting of performance awards, then by reducing or eliminating
any accelerated vesting of options or stock appreciation rights, then by reducing or eliminating any accelerated vesting of restricted
stock or stock units, then by reducing or eliminating any other remaining Parachute Payments.

 

(iii)            Notwithstanding
the foregoing, if any amount payable to the Employee could be deemed a Parachute Payment, the Company will use its best efforts to obtain
shareholder approval of the payments to Employee under this Agreement, any Other Agreement or any Benefit Arrangement that is described
in Section 280G(5)(B) of the Code in a manner intended to satisfy all applicable requirements of Section 280G(b)(5)(B) of
the Code and the Treasury Regulations thereunder, including Q&A-7 of Section 1.280G-1 of the Treasury Regulations.

 

(g)            OTHER
OBLIGATIONS. Upon any termination of the Employee’s employment with the Company, unless otherwise specified in a written
agreement between the Company and the Employee and, unless the Company shall be in breach of any of its payment obligations in this Section 8,
the Employee shall be deemed to have resigned from the Board and any other position as an officer, director or fiduciary of the Company
and its affiliates, and shall take any and all actions reasonably requested by the Company to effectuate the foregoing.

 

(h)            EXCLUSIVE
REMEDY. The amounts payable to the Employee following termination of employment and the Employment Term hereunder pursuant
to Sections 7 and 8 hereof shall be in full and complete satisfaction of the Employee’s rights under this Agreement
and any other claims that the Employee may have in respect of the Employee’s employment with the Company or any of its affiliates,
and the Employee acknowledges that such amounts are fair and reasonable, and are the Employee’s sole and exclusive remedy, in lieu
of all other remedies at law or in equity, with respect to the termination of the Employee’s employment hereunder or any breach
of this Agreement.

 

9.               RELEASE.
Any and all amounts payable and benefits or additional rights provided pursuant to this Agreement beyond the Accrued Benefits shall only
be payable if the Employee delivers to the Company and does not revoke a general release of claims in favor of the Company in substantially
the form attached on Exhibit A hereto. Such release shall be executed and delivered (and no longer subject to revocation,
if applicable) within 60 days following termination.

 

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 10.            RESTRICTIVE COVENANTS.

 

(a)            CONFIDENTIALITY.
During the course of the Employee’s employment with the Company, the Employee will have access to Confidential Information. For
purposes of this Agreement, “Confidential Information” means all data, information, ideas, concepts, discoveries,
trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments, techniques,
methods, processes, treatments, drawings, sketches, specifications, designs, plans, patterns, models, plans and strategies, and all other
confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or
intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities
and/or operations of the Company or any of its affiliates, including, without limitation, any such information relating to or concerning
finances, sales, marketing, advertising, transition, promotions, pricing, personnel, customers, suppliers, vendors, raw partners and/or
competitors. The Employee agrees that the Employee shall not, directly or indirectly, use, make available, sell, disclose or otherwise
communicate to any person, other than in the course of the Employee’s assigned duties and for the benefit of the Company, either
during the period of the Employee’s employment or at any time thereafter, any Confidential Information or other confidential or
proprietary information received from third parties subject to a duty on the Company’s and its affiliates’ part to maintain
the confidentiality of such information, and to use such information only for certain limited purposes, in each case, which shall have
been obtained by the Employee during the Employee’s employment by the Company (or any predecessor). The foregoing shall not apply
to information that (i) was known to the Employee or the public prior to its disclosure to the Employee; (ii) becomes generally
known to the public subsequent to disclosure to the Employee through no wrongful act of the Employee or any representative of the Employee;
or (iii) the Employee is required to disclose by applicable law, regulation or legal process (provided that the Employee provides
the Company with prior notice of the contemplated disclosure and cooperates with the Company at its expense in seeking a protective order
or other appropriate protection of such information).

 

(b)            NONCOMPETITION.
The Employee acknowledges that (i) the Employee performs services of a unique nature for the Company that are irreplaceable, and
that the Employee’s performance of such services to a competing business will result in irreparable harm to the Company, (ii) the
Employee has had and will continue to have access to Confidential Information which, if disclosed, would unfairly and inappropriately
assist in competition against the Company or any of its affiliates, (iii) in the course of the Employee’s employment by a
competitor, the Employee would inevitably use or disclose such Confidential Information, (iv) the Company and its affiliates have
substantial relationships with their customers and the Employee has had and will continue to have access to these customers, (v) the
Employee has received and will receive specialized training from the Company and its affiliates, and (vi) the Employee is expected
to generate goodwill for the Company and its affiliates in the course of the Employee’s employment. Accordingly, during the Employee’s
employment and for a period of one year thereafter, the Employee agrees that the Employee will not, whether on the Employee’s own
behalf or on behalf or in conjunction with any person, firm, partnership, joint venture, association corporation or other business organization,
directly or indirectly, perform or attempt to perform Prohibited Services (as defined below) for any Competitive Business (as defined
below) anywhere within the Restricted Territory (as defined below). For purposes of this Agreement, “Prohibited Services”
are any services that are the same or substantially similar to the services Employee provided to the Company during the last twenty-four
(24) months of Employee’s employment with the Company, including, without limitation, brokerage or advisory services, or services
that require Employee to use or disclose Confidential Information. For purposes of this Agreement, “Competitive Business”
means any person or entity engaged in the business of acquiring, owning, leasing, and/or financing cannabis properties or any other business
in which the Company has engaged or have active plans to engage during the last twenty-four (24) months of Employee’s employment
with the Company. Notwithstanding the foregoing, nothing herein shall prohibit the Employee from (i) being a passive owner of not
more than five percent (5%) of the equity securities of a publicly traded corporation engaged in a business that is in competition with
the Company or any of its affiliates, so long as the Employee provides no Prohibited Services to such corporation or (ii) owning,
managing, operating, controlling, or being employed by any firm, corporation or other entity in the same capacity in which the Employee
was engaged immediately prior to the Termination of the Employee’s employment hereunder, as long as (a) the Board has been
apprised of the identity of, and the Employee’s role with, such firm, corporation or other entity and (b) the Board has previously
approved in writing the Employee’s role with such firm, corporation or other entity, in the case of both (a) and (b), prior
to the Employee’s termination of employment. In addition, the provisions of this Section 10(b) shall not be violated
by the Employee commencing employment with a subsidiary, division or unit of any entity that engages in a business in competition with
the Company or any of its affiliates so long as: (i) the Employee and such subsidiary, division or unit does not engage in a business
in competition with the Company or any of its affiliates; and (ii) the Employee informs such entity of the restrictions contained
in this Section 10.

 

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For the purposes of this
Agreement, the “Restricted Territory” shall mean any county, parish, or similar political subdivision within the United
States of America where the Company conducted business or had active plans to conduct business during the last twenty-four (24) months
of Employee’s employment with the Company.

 

(c)            NON-SOLICITATION;
NONINTERFERENCE.

 

(i)               During
the Employee’s employment with the Company and for a period of one year thereafter, the Employee agrees that the Employee shall
not, except in the furtherance of the Employee’s duties hereunder, directly or indirectly, individually or on behalf of any other
person, firm, corporation or other entity, solicit, aid or induce any Tenant of the Company or any of its affiliates to solicit Tenants
(as defined below) of the Company and its affiliates or to aid in such solicitation. For purposes of this Agreement, “Tenant”
means any person or entity that during the last twenty-four (24) months of Employee’s employment with the Company that: (i) 
contracted for, was billed for, or received from the Company any product, service or process and Employee had direct or indirect contact
with or acquired Confidential Information about such person or entity; (ii) was in contact with Employee concerning the sale or
purchase of, or contract for, any product, service or process with the Company; or (iii) was solicited by Employee on behalf of
the Company.

 

(ii)              During
the Employee’s employment with the Company and for a period of one year thereafter, the Employee agrees that the Employee shall
not, except in the furtherance of the Employee’s duties hereunder, directly or indirectly, individually or on behalf of any other
person, firm, corporation or other entity, (A) solicit, aid or induce any employee, representative or agent of the Company or any
of its affiliates to leave such employment or retention or to accept employment with or render services to or with any other person,
firm, corporation or other entity unaffiliated with the Company or hire or retain any such employee, representative or agent, or take
any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such
employee, representative or agent (provided that this restriction shall not apply to professional service firms), or (B) interfere,
or aid or induce any other person or entity in interfering, with the relationship between the Company or any of its affiliates and any
of their respective vendors, joint venturers, licensors or Tenants. An employee, representative or agent shall be deemed covered by this
Section 10(c)(ii) while so employed or retained and for a period of six months thereafter.

 

(iii)             Notwithstanding
the foregoing, the provisions of this Section 10(c) shall not be violated by (A) general advertising or solicitation
not specifically targeted at Company-related persons or entities or hiring a respondent to such advertising or solicitation, (B) the
Employee serving as a reference, upon request, for any employee of the Company or any of its affiliates so long as such reference is
not for an entity that is employing or retaining the Employee, or (C) actions taken by any person or entity with which the Employee
is associated if the Employee is not personally involved in any manner in the matter and has not identified such Company-related person
or entity for soliciting or hiring.

 

(d)            NON-DISPARAGEMENT.
The Employee agrees not to make negative comments or otherwise disparage the Company or its officers, directors, employees, shareholders,
agents or products other than in the good faith performance of the Employee’s duties to the Company while the Employee is employed
by the Company. The Company hereby covenants and agrees that it shall not, directly or indirectly, make or solicit or encourage others
to make or solicit any negative comments or otherwise disparaging remarks concerning the Employee. The foregoing shall not be violated
by truthful statements in response to legal process, required governmental testimony or filings (including, without limitation, filings
or submissions to the Securities and Exchange Commission), or administrative or arbitral proceedings (including, without limitation,
depositions in connection with such proceedings).

 

(e)            RETURN
OF COMPANY PROPERTY. On the date of the Employee’s termination of employment with the Company for any reason (or at
any time prior thereto at the Company’s request), the Employee shall return all property belonging to the Company or its affiliates
(including, but not limited to, any Company-provided laptops, computers, software, cell phones, wireless electronic mail devices or other
equipment, or documents, records and property belonging to the Company). The Employee may retain the Employee’s rolodex and similar
address books provided that such items only include contact information.

 

    8 

     

    

 

(f)             REASONABLENESS
OF COVENANTS. In signing this Agreement, the Employee gives the Company assurance that the Employee has carefully read and
considered all of the terms and conditions of this Agreement, including the restraints imposed under this Section 10. The
Employee agrees that these restraints are necessary for the reasonable and proper protection of the Company and its affiliates and their
Confidential Information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and
geographic area, and that these restraints, individually or in the aggregate, will not prevent the Employee from obtaining other suitable
employment during the period in which the Employee is bound by the restraints. The Employee acknowledges that each of these covenants
has a unique, very substantial and immeasurable value to the Company and its affiliates and that the Employee has sufficient assets and
skills to provide a livelihood while such covenants remain in force. The Employee further covenants that the Employee will not challenge
the reasonableness or enforceability of any of the covenants set forth in this Section 10. It is also agreed that each of
the Company’s affiliates will have the right to enforce all of the Employee’s obligations to that affiliate under this Agreement,
including without limitation pursuant to this Section 10.

 

(g)            REFORMATION.
If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 10 is excessive
in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction
may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

 

(h)            TOLLING.
In the event of any violation of the provisions of this Section 10 by the Employee, the Employee acknowledges and agrees
that the post-termination restrictions contained in this Section 10 shall be extended by a period of time equal to the period
of such violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction period
shall be tolled during any period of such violation.

 

(i)             SURVIVAL
OF PROVISIONS. The obligations contained in this Section 10 shall survive the termination in the event of the termination
of the Employee’s employment with the Company during the Employment Term and shall be fully enforceable thereafter.

 

(j)             COOPERATION.
Upon the receipt of reasonable notice from the Company (including outside counsel), the Employee agrees that while employed by the Company,
the Employee will respond and provide information with regard to matters in which the Employee has knowledge as a result of the Employee’s
employment with the Company, and will provide reasonable assistance to the Company, its affiliates and their respective representatives
in defense of any claims that may be made against the Company or its affiliates, and will assist the Company and its affiliates in the
prosecution of any claims that may be made by the Company or its affiliates, to the extent that such claims may relate to the period
of the Employee’s employment with the Company.

 

(k)            PARTICIPATION
IN AGENCY PROCEEDINGS. Nothing contained in this Agreement limits Employee’s ability to file a charge or complaint with any
federal, state or local governmental agency or commission (each a “Governmental Agency”) concerning a violation by
the Company or its officers and directors, of applicable law. Employee acknowledges and understands that this Agreement does not limit
his ability to communicate with any Governmental Agency or otherwise participate in any investigation or proceeding that may be conducted
by any Government Agency, including providing documents or other information. The Company will take no enforcement action against Employee
described in this Agreement in the event that Employee validly engages in conduct that is described herein.

 

11.            EQUITABLE
RELIEF AND OTHER REMEDIES. The Employee acknowledges and agrees that the Company’s remedies at law for a breach or threatened
breach of any of the provisions of Section 10 hereof would be inadequate and, in recognition of this fact, the Employee agrees
that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond or
other security, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary
or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages.
In the event of a violation by the Employee of Section 10 hereof, any severance being paid to the Employee pursuant to this
Agreement or otherwise shall immediately cease. If the Company adopts a “clawback” or recoupment policy, payments
under this Agreement will be subject to repayment to the Company but only to the extent required by applicable law, regulation, listing
requirement and as so provided under the terms of such policy.

 

    9 

     

    

 

12.            INTELLECTUAL
PROPERTY

 

(a)            COMPANY
USE. If during the term of employment Employee produces, develops, creates, invents, conceives or reduces to practice, inventions
and intellectual property (as such terms are defined herein) in the Company’s business, Employee shall maintain and furnish to
the Company complete and current records of all such inventions and intellectual property. Employee agrees that all such inventions and
intellectual property are and shall be the exclusive property of the Company, and that the Company may use or pursue them without restriction
or additional compensation to the Employee.

 

(b)            work
made for hire. Employee: (i) hereby assigns, sets over and transfers to the Company all of his right, title and interest
in and to such inventions and intellectual property; (ii) to the extent consistent with the Copyright act of 1976 (the “Copyright
Act”), each such invention or intellectual property shall be a “work made for hire” as that term is defined in section
101 of the Copyright Act, and shall be the sole property of the Company and the Company shall be the sole author thereof within the meaning
of the Copyright Act, and if any such invention, intellectual property or any portion thereof is not deemed to be a “work made
for hire,” this Agreement shall operate as an irrevocable assignment of the copyright to the invention or intellectual property
throughout the world, and (iii) agrees that Employee and his agents shall, during and after the period Employee is retained by the
Company, cooperate fully in obtaining patent, trademark, service mark, copyright, mask work or other proprietary protection for such
inventions and intellectual property, which action may be initiated in the Company’s sole and absolute discretion, all in the name
of the Company at its own expense, and, without limitation, shall execute all requested applications, assignments and other documents
in furtherance of obtaining such protection or registration and confirming full ownership by the Company of such inventions and intellectual
property.

 

(c)            power
of attorney. Employee hereby designates the Company as its agent, and grants to the Company a power of attorney with full
substitution, which power of attorney shall be deemed coupled with an interest, for the purposes of effecting the foregoing assignments
from the Employee to the Company. Employee shall, upon leaving the Company, provide to the Company in writing a full, signed statement
of all inventions and intellectual property in which Employee participated prior to termination of Employee’s employment.

 

(d)            Definitions.
The term “inventions” includes ideas, discoveries, inventions, developments and improvements, whether or not reduced
to practice and whether or not patentable or otherwise protected or protectable under state, federal, or foreign patent, trade mark,
copyright or similar laws. The term “intellectual property” means all inventions, writing, trade name, trademark, service
mark or any other material registered or otherwise protected or protectable under state, federal, or foreign patent, trademark, copyright,
or similar laws.

 

13.            NO
ASSIGNMENTS. This Agreement is personal to each of the parties hereto. Except as provided in this Section 13 hereof,
no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto.
The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, provided
that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company”
shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations
of the Company under this Agreement by operation of law or otherwise.

 

14.            NOTICE.
For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered
by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed
overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered
or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to the Employee:

 

At the address (or to the facsimile number) shown 

in the books and records of the Company.

 

    10 

     

    

 

If to the Company:

 

Freehold Properties, Inc. 

232 3rd Avenue N. 

Franklin, TN 37064 

Attention: Chief Operating Officer

 

or to such other address as either party may
have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon
receipt.

 

15.            SECTION HEADINGS;
INCONSISTENCY. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in
connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any
form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

 

16.            SEVERABILITY.
The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in
any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or
the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights
and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

 

17.            COUNTERPARTS.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

 

18.            INDEMNIFICATION.
In addition to any rights to indemnification to which the Employee is entitled under the bylaws of Freehold Properties or the limited
partnership agreement of the Operating Partnership as they may be further amended from time to time, the Company hereby agrees to indemnify
the Employee and hold the Employee harmless to the maximum extent permitted under the applicable laws of the Maryland General Corporation
Law and the Delaware Revised Uniform Limited Partnership Act or any successor provisions thereof and any other applicable state laws,
in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney’s
fees), losses, and damages resulting from the Employee’s good faith performance of the Employee’s duties and obligations
with the Company. Costs and expenses incurred by the Employee in defense of such actions, suits or proceedings (including attorneys’
fees) shall be paid by the Company in advance of the final disposition of such litigation upon receipt by the Company of: (i) a
written request for payment; (ii) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses
for which payment is being sought; and (iii) an undertaking adequate under applicable law made by or on behalf of the Employee to
repay the amounts so paid if it shall ultimately be determined that the Employee is not entitled to be indemnified by the Company under
this Agreement. This obligation shall survive the termination of the Employee’s employment with the Company.

 

19.            LIABILITY
INSURANCE. The Company shall cover the Employee under directors’ and officers’ liability insurance both during and, while
potential liability exists, after the term of this Agreement in the same amount and to the same extent as the Company covers its other
officers and directors.

 

20.            GOVERNING
LAW. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed
by and construed in accordance with the laws of the State of Maryland (without regard to its choice of law provisions). The parties acknowledge
and agree that in connection with any dispute hereunder, each party shall pay all of its own costs and expenses, including, without limitation,
its own legal fees and expenses.

 

21.            MISCELLANEOUS.
No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing
and signed by the Employee and such officer or director as may be designated by the Board. No waiver by either party hereto at any time
of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.
This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter
contained herein and supersedes any and all prior agreements or understandings between the Employee and the Company with respect to the
subject matter hereof, including, without limitation, the Original Agreement. No agreements or representations, oral or otherwise, express
or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.
The payment or provision to the Employee by the Company of any remuneration, benefits or other financial obligations pursuant to this
Agreement and any indemnification obligations, shall be allocated between the Company and the Operating Partnership by the Board based
on any reasonable method, so long as such allocation does not unduly burden the Employee.

 

    11 

     

    

 

22.           REPRESENTATIONS.
The Employee represents and warrants to the Company that (a) the Employee has the legal right to enter into this Agreement and to
perform all of the obligations on the Employee’s part to be performed hereunder in accordance with its terms, and (b) the
Employee is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case,
could prevent the Employee from entering into this Agreement or performing all of the Employee’s duties and obligations hereunder.
In addition, the Employee acknowledges that the Employee is aware of Section 304 (Forfeiture of Certain Bonuses and Profits) of
the Sarbanes-Oxley Act of 2002 and the right of the Company thereunder to be reimbursed for certain payments to the Employee in compliance
therewith.

 

23.           TRUST.
Notwithstanding anything contained herein or in any other agreement, the Company shall, at the direction of Employee, pay over any
benefit (whether cash, equity, or equity-based award) that would otherwise be due to Employee to a trust designated by Employee. Any
equity or equity-based award paid over to a trust pursuant to this Section 23 shall be registered in the name of the trust, and
shall remain subject to the same restrictions or forfeiture conditions that would otherwise apply.

 

24.           TAX
MATTERS.

 

(a)            WITHHOLDING.
The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may
be required to be withheld pursuant to any applicable law or regulation.

 

(b)            SECTION 409A
COMPLIANCE. Notwithstanding anything in this Agreement to the contrary, this Section 24(b) shall control
with respect to any payment or benefit payable by the Company to Employee that is subject to Section 409A of the Code. The intent
of the parties is that payments and benefits under this Agreement comply with (or qualify for an exemption from) Section 409A of
the Code and the regulations and guidance promulgated thereunder (collectively “Section 409A”) and, accordingly,
to the maximum extent permitted, this Agreement shall be interpreted accordingly. To the extent that any provision hereof is modified
in order to comply with Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably
possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating
the restrictions on nonqualified deferred compensation in Section 409A.

 

(i)              A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment
of “deferred compensation” (as such term is defined in Section 409A) upon or following termination of employment
unless such termination of employment is also a “separation from service” from Employer within the meaning of Section 409A
and Treasury Regulation § 1.409A-1(h) and, for purposes of any such provision of this Agreement, references to a “termination
of employment” or any similar term or phrase shall mean “separation from service.”

 

(ii)             For
purposes of Section 409A, the Employee’s right to receive any installment payments pursuant to this Agreement shall be treated
as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period
with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the
Company.

 

(iii)            Notwithstanding
anything to the contrary in this Agreement, if the Employee is deemed on the termination date to be a “specified employee”
within the meaning of that term under Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that
is considered deferred compensation under Section 409A payable on account of a “separation from service,” such
payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six-month period
measured from the date of such “separation from service” of the Employee, and (B) the date of the Employee’s
death, to the extent required under Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed
pursuant to this Section 24(b)(iii) (whether they would have otherwise been payable in a single sum or in installments
in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum, and any remaining payments and benefits due
under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

 

    12 

     

    

 

(iv)            For
purposes of Section 409A, (A) Employee may not, directly or indirectly, designate the calendar year of any payment; (B) no
acceleration of the time and form of payment of any nonqualified deferred compensation to Employee or any portion thereof, shall be permitted,
and (C) any payment to be made after receipt of an executed and irrevocable release within any specified period, in which such period
begins in one taxable year of Employee and ends in a second taxable year of Employee, will be made in the second taxable year.

 

(v)             Notwithstanding
any other provision herein to the contrary, in no event shall any payment under this Agreement that constitutes “deferred compensation”
for purposes of Section 409A be subject to offset by any other amount unless otherwise permitted by Section 409A.

 

(vi)            To
the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement may constitute nonqualified
deferred compensation (within the meaning of Section 409A), (A) any such expense reimbursement shall be made by the Company
no later than the last day of the taxable year following the taxable year in which such expense was incurred by Employee, (B) the
right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) the amount
of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for
reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated
with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses
are subject to a limit related to the period the arrangement is in effect.

 

[Execution Page Follows]

 

    13 

     

    

 

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

 

	 	 	FREEHOLD PROPERTIES, INC.
	 	 	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	Donald C. Brain
	 	 	 	 	Chief Executive Officer
	 	 	 
	 	 	FREEHOLD PROPERTIES OPERATING PARTNERSHIP, LP
	 	 	 
	 	 	By:	 	Freehold OP GP, LLC

 

	 	 	By:	 
	 	 	 	 	Donald C. Brain
	 	 	 	 	Manager

 

	 	 	EMPLOYEE
	 	 	 
	 	 	 
	 	 	Louis
    Yi 

 

Signature Page to Amended and Restated
Employment Agreement

 

    

     

    

 

EXHIBIT A

 

GENERAL
RELEASE

 

I,               Louis Yi, in consideration
of and subject to the performance by Freehold Properties, Inc., a Maryland corporation (“Freehold Properties”),
and Freehold Properties Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership” and,
together with Freehold Properties and its subsidiaries, the “Company”), of its obligations under the Amended and Restated
Employment Agreement, dated [●], 2021 (the “Agreement”), do hereby release and forever discharge as of the date
hereof the Company and its respective affiliates and all present, former and future managers, directors, officers, employees, attorneys,
advisors, successors and assigns of the Company and its affiliates and direct or indirect owners (collectively, the “Released
Parties”) to the extent provided below (this “General Release”). The Released Parties are intended to be
third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms
hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the
meanings given to them in the Agreement.

 

1.              I
understand that any payments or benefits paid or granted to me under Section 8 of the Agreement represent, in part, consideration
for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I
will not receive certain of the payments and benefits specified in Section 8 of the Agreement unless I execute this General
Release and do not revoke this General Release within the time period permitted hereafter. Such payments and benefits will not be considered
compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company
or its affiliates.

 

2.              Except
as provided in paragraphs 4 and 5 below and except for the provisions of the Agreement which expressly survive the termination of my
employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and
forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action,
cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages,
claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through
the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the
Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which
arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited
to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of
1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay
Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment
Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; or their
state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or
federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies,
practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation;
or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively
referred to herein as the “Claims”).

 

3.              I
represent that I have made no assignment or transfer of any right, claim, demand, cause of action or other matters covered by paragraph
2 above.

 

4.              I
agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment
Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with
the Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without limitation,
any claim under the Age Discrimination in Employment Act of 1967).

 

    

     

    

 

5.              I
agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any
kind whatsoever in respect of any Claims, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive
relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that
cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or
proceeding with any governmental agency, including the U.S. Equal Employment Opportunity Commission and similar state agencies; provided,
however, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge
or investigation or proceeding. Additionally, I am not waiving (i) any right to the Accrued Benefits or any severance benefits
to which I am entitled under the Agreement, (ii) any claim relating to directors’ and officers’ liability insurance
coverage or any right of indemnification under the Company’s organizational documents or otherwise, or (iii) my rights as
an equity or security holder in the Company or its affiliates.

 

6.              In
signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove
mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of
its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state or local statute
that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those
relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an essential and material
term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further
agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against
the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such
Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in paragraph
2 above as of the execution of this General Release.

 

7.              I
agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed
at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

 

8.              I
agree that if I violate this General Release by suing the Company or the other Released Parties, and the Company or the Released Parties
are successful in whole or part in any legal or equitable action against me under this Agreement, I agree to pay all costs and expenses
of defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees.

 

9.              I
agree that this General Release and the Agreement are confidential and agree not to disclose any information regarding the terms of this
General Release or the Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning
or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone.

 

10.            Any
non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about
this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry
Regulatory Authority (FINRA), any other self-regulatory organization or any governmental entity (“Government Agencies”).
While this General Release does not limit my right to receive an award for information provided to the Government Agencies, I understand
and agree that, I am otherwise waiving, to the fullest extent permitted by law, any and all rights I may have to individual relief
based on any Claims that I have released and any rights I have waived by signing this General Release. If any Claim is not subject to
release, to the extent permitted by law, I hereby waive any right or ability to be a class or collective action representative or
to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a Claim in
which any of the Released Parties is a party. This General Release does not abrogate my existing rights under any Company benefit plan,
but it does waive, release and forever discharge Claims existing as of the date I execute this General Release pursuant to any such plan
or agreement.

 

11.            I
hereby acknowledge that Sections 8 through 13, and 17 through 22 of the Agreement shall survive my execution of this General Release.
I acknowledge and agree to comply with my ongoing obligations under Section 10 of the Agreement, “Restrictive Covenants”,
including my obligations to refrain from competing with the Company or engaging in prohibited solicitation, interference, or disparagement.

 

    

     

    

 

12.            I
represent that I am not aware of any claim by me other than the Claims that are released by this General Release. I acknowledge that
I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to
the subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of entering into this General
Release, may have materially affected this General Release and my decision to enter into it.

 

13.            Notwithstanding
anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights
or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof.

 

14.            This
General Release constitutes the complete, final and exclusive embodiment of the entire agreement between me and the Company with regard
to this subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly
contained herein, and it supersedes any other such promises, warranties or representations. This General Release may not be modified
or amended except in a writing signed by both me and a duly authorized officer of the Company. This General Release will bind the heirs,
personal representatives, successors and assigns of both me and the Company, and inure to the benefit of both me and the Company, their
heirs, successors and assigns. Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be
effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable
in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision had never been contained herein.

 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT
AND AGREE THAT:

 

		1.	I HAVE READ IT CAREFULLY;

 

		2.	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING
                                            BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED,
                                            TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS
                                            WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
                                            AMENDED;

 

		3.	I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

 

		4.	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND
                                            I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO
                                            SO OF MY OWN VOLITION;

 

		5.	I HAVE HAD AT LEAST [21][45] DAYS FROM THE DATE OF MY RECEIPT OF
                                            THIS RELEASE TO CONSIDER IT, AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT
                                            MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY
                                            PERIOD;

 

		6.	I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS
                                            RELEASE TO REVOKE IT BY SENDING WRITTEN NOTICE OF REVOCATION TO [NAME, CONTACT INFORMATION]
                                            AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD
                                            HAS EXPIRED;

 

		7.	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE
                                            ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND

 

		8.	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED,
                                            WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE
                                            OF THE COMPANY AND BY ME.

 

    

     

    

 

	SIGNED:	 	 	DATED:Exhibit 10.14

 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

 

THIS AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT
(this “Agreement”) is dated as of November 24, 2021, by and among Freehold Properties, Inc., a Maryland corporation
(the “Company”), and each of the entities listed on Exhibit A attached hereto (collectively, “Tilden
Park”).

 

WHEREAS, the Company and Tilden Park originally
entered into the Investor Rights Agreement, dated August 28, 2019 (the “Original Agreement”), in connection with
the closing under one or more Subscription Agreements of even date therewith (collectively, the “Subscription Agreement”)
pursuant to which Tilden Park subscribed for shares of common stock, par value $0.0001 per share, of the Company (the “Common
Stock”); and

 

WHEREAS, the Company and Tilden Park now
wish to amended and restate the Original Agreement as set forth herein, which shall amend, restate and supersede the Original Agreement
in its entirety.

 

NOW, THEREFORE, in consideration of the
mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

SECTION 1.1      Definitions.
As used in this Agreement, the following terms (not defined elsewhere in this Agreement) shall have the following meanings:

 

“Affiliate” means, in relation
to the Company or Tilden Park, any Person that controls or is controlled, directly or indirectly, by that party from time to time.

 

“Applicable Laws” shall mean
all state, municipal and local laws, codes, ordinances, rules and regulations of state and municipal governments, committees, associations,
or other regulatory committees, agencies or governing bodies relating to the cultivating, growing, possessing, handling, processing, transporting,
selling, dispensing, distributing, or administering cannabis or cannabis products. Applicable Laws shall also mean, to the extent applicable
to the Company’s operations, the 2018 Agricultural Improvement Act, the Federal Food Drug & Cosmetic Act, and the Bank
Secrecy Act.

 

“Beneficial Owner” of a security
is a Person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares (i) voting
power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the
power to dispose, or to direct the disposition, of such security. The terms “Beneficially Own” and “Beneficial
Ownership” shall have correlative meanings.

 

“Charter” means the Company’s
Articles of Amendment and Restatement, dated August 26, 2019, as amended, supplemented or restated from time to time.

 

“Equity Securities” means
any and all shares of Common Stock and any securities of the Company convertible into, or exchangeable or exercisable for, such shares,
and options, warrants or other rights to acquire such shares.

 

“IPO” means the Company’s
first underwritten public offering of its Common Stock.

 

“Person” means any individual,
company, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, any court, administrative
agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision
thereof or other entity.

 

“REIT” means a real estate investment
trust under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or any successor statute.

 

     

     

    

 

“SEC” means the Securities and
Exchange Commission.

 

“Tenant” shall mean any Person
that leases or otherwise uses real property owned or controlled by the Company or any of its Affiliates.

 

“Trigger Event” means the consummation
of the IPO.

 

SECTION 1.2      Gender.
For the purposes of this Agreement, the words “he,” “his” or “himself” shall be interpreted to include
the masculine, feminine and corporate, other entity or trust form.

 

ARTICLE II

OBSERVER RIGHTS

 

SECTION 2.1      Right
to Appoint. For as long as Tilden Park continues to Beneficially Own at least twenty percent (20%) of the Company’s outstanding
Equity Securities, Tilden Park hereby has the right to appoint one non-voting observer (the “Observer”) to the Board
of Directors of the Company (the “Board”), who shall be entitled to attend and participate in all meetings of the Board
and any and all committees thereof (including executive sessions thereof). Pursuant to the foregoing, Tilden Park hereby appoints David
Busker as the initial Observer. In the event that such appointee (or any subsequent appointee pursuant to this Article II)
shall for any reason cease to serve as the Observer, Tilden Park shall have the right to appoint a replacement thereof; provided,
that in no event shall the Company or the Board have any right to remove the individual appointed by Tilden Park to serve as the Observer.
Tilden Park shall have the right to designate a different person as the Observer at any time upon notice to the Company.

 

SECTION 2.2      Status
of Observer. The Observer shall have all of the rights and privileges of a member of the Board and all committees thereof; provided,
that in no event shall the Observer be deemed to be a member of the Board or such committees or have the right to vote on any matter under
consideration by the Board or such committees. The Observer shall be provided with all notices of meetings, written consents, minutes
and other materials provided to members of the Board and/or any and all committees thereof simultaneously with the provision of such materials
to the members of the Board or such committees, as the case may be; provided, however, that the Observer shall agree to
hold in confidence and trust with respect to all information so provided; and provided further, that the Company reserves the right
to withhold any information and to exclude the Observer from any meeting or portion thereof if access to such information or attendance
at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or if, in the reasonable determination
of the Board, any of Tilden Park or the Observer or their affiliates is a competitor of the Company. All meetings of the Board or committees
thereof shall be held in a manner such that the Observer shall be able to participate therein either in person or telephonically. In the
event that the Observer is unable to attend a meeting of the Board or a committee thereof, Tilden Park shall have the right to send an
alternate in the Observer’s place to attend such meeting.

 

SECTION 2.3.     Addition
of Directors.

 

The Company acknowledges and agrees that:

 

(a)            for
as long as Tilden Park continues to Beneficially Own at least twenty percent (20%) of the Company’s outstanding Equity Securities,
Tilden Park shall have the right, in its sole discretion, to require that the Board increase the size of the Board and convert the Observer
to a voting member of the Board and all committees thereof; and

 

(b)            in
the event that the Company has not completed one or more offerings of Equity Securities following the effective date of the Original Agreement
and prior to December 1, 2019, raising aggregate gross proceeds of no less than $69.2 million at an average offering price of no
less than $10.00 per share, Tilden Park shall have the right, in its sole discretion but only prior to the pricing of the IPO, to require
that the Board increase the size of the Board to a number that results in Tilden Park having the ability to appoint a number of directors
based on its then-current ownership of Equity Securities.

 

    	 	2	 

     

    

 

The Company shall at all times maintain a sufficient
number of available directors of the Company without any requirement to amend the Charter or the Bylaws in the event Tilden Park elects
to exercise the rights provided herein. The Company acknowledges and agrees that any such director, upon his or her appointment to the
Board by Tilden Park will be governed by the same protections and obligations as all other directors of the Company, including, without
limitation, protections and obligations regarding customary liability insurance for directors and officers, indemnification, confidentiality,
conflicts of interests, fiduciary duties, trading and disclosure policies, director evaluation process, director code of ethics, director
stock ownership guidelines and other governance matters, and will be entitled to receive the same compensation and expense reimbursements
to which other independent directors are entitled in their capacities as directors of the Company. The Company agrees that it shall
enter into an indemnification agreement with each such director if and when each such director becomes a member of the Board, which indemnification
agreement shall be substantially identical to the indemnification agreements then in effect with the Company’s directors. Tilden
Park’s rights under Section 2.3(b) are subject to Tilden Park’s reasonable cooperation with the Company in
conducting additional offerings of Equity Securities.

 

ARTICLE III

INFORMATION RIGHTS

 

SECTION 3.1      Delivery
of Financial Statements. Prior to the occurrence of a Trigger Event, the Company shall deliver to Tilden Park, provided that the
Board of Directors has reasonably determined that Tilden Park is not a competitor of the Company:

 

(a)            as
soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company (i) a balance sheet
as of the end of such year, (ii) statements of income and of cash flows for such year, and (iii) a statement of stockholders’
equity as of the end of such year, all such financial statements audited by the Company’s independent public accountants; and

 

(b)            as
soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal
year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet and a statement
of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with generally accepted accounting principles
in the United States as in effect from time to time (“GAAP”) (except that such financial statements may (i) be
subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP).

 

Notwithstanding anything else in this Section 3.1
to the contrary, the Company may cease providing the information set forth in this Section 3.1 during the period starting
with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration statement if it
reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided
that the Company’s covenants under this Section 3.1 shall be reinstated at such time as the Company is no longer actively
employing its commercially reasonable efforts to cause such registration statement to become effective.

 

SECTION 3.2      Inspection.
Prior to the occurrence of a Trigger Event, the Company shall permit Tilden Park (provided that the Board of Directors has reasonably
determined that Tilden Park is not a competitor of the Company), at Tilden Park’s expense, to visit and inspect the Company’s
properties; examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its officers,
during normal business hours of the Company as may be reasonably requested by Tilden Park; provided, however, that the Company
shall not be obligated pursuant to this Section 3.2 to provide access to any information the disclosure of which would adversely
affect the attorney-client privilege between the Company and its counsel. This right of inspection shall include the right of Tilden Park
and its representatives to review and discuss with the Company and its representatives the Company’s compliance program, including,
but not limited to, (a) all due diligence conducted on Tenants and potential Tenants, (b) all Tenants’ licenses, permits,
and authorizations that are required under the Applicable Laws, and (c) the Company’s efforts to ensure satisfaction of the
covenants set forth in Section 5.4 herein.

 

    	 	3	 

     

    

 

SECTION 3.3      Confidentiality.
Tilden Park agrees to keep confidential and not disclose, divulge, or use for any purpose (other than to monitor its investment in the
Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s
intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in
general (other than as a result of a breach of this Section 3.3 by Tilden Park), (b) is or has been independently developed
or conceived by Tilden Park without use of the Company’s confidential information, or (c) is or has been made known or disclosed
to Tilden Park by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided,
however, that Tilden Park may disclose confidential information (i) to its attorneys, accountants, consultants, and other
professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to
any existing or prospective affiliate, partner, member, stockholder, or wholly owned subsidiary of Tilden Park in the ordinary course
of business, provided that Tilden Park informs such Person that such information is confidential and directs such Person to maintain
the confidentiality of such information; or (iii) as may otherwise be required by law, provided that Tilden Park promptly
notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.

 

ARTICLE IV

PREEMPTIVE RIGHTS

 

SECTION 4.1      Sale
of New Securities. Prior to the occurrence of a Trigger Event, Tilden Park shall have the right to purchase up to its pro rata
share (based on its Beneficial Ownership of the Company, on a fully diluted basis) of all issuances of equity or securities convertible
to or exchangeable for equity in the Company, if the Company makes any public or non-public offering of any Equity Securities (any such
security, a “New Security”) for cash, other than (i) pursuant to the granting of equity awards to employees, directors
and advisors of the Company under the Company’s equity incentive plan and as approved by the Board or the Company’s compensation
committee, (ii) issuances of Equity Securities in acquisition transactions as approved by the Board or (iii) Equity Securities
issued in the IPO. Except as otherwise set forth herein, Tilden Park shall be afforded the opportunity to acquire from the Company for
the same price and on the same terms as such New Securities are proposed to be offered to others, up to the amount of New Securities in
the aggregate required to enable it to maintain its then proportionate Common Stock-equivalent interest. The amount of New Securities
that Tilden Park shall be entitled to purchase in the aggregate, shall be determined by multiplying (A) the total number of such
offered New Securities by (B) a fraction, the numerator of which is the number of shares of Common Stock beneficially owned by Tilden
Park, and the denominator of which is the number of shares of Common Stock then outstanding.

 

SECTION 4.2      Notice.
Prior to the occurrence of a Trigger Event, in the event the Company proposes to offer New Securities, it shall give Tilden Park prior
written notice of its intention, describing the price (or range of prices), anticipated amount of securities, timing and other terms upon
which the Company proposes to offer the same, no later than ten (10) business days prior to the commencement of such offer or sale,
as the case may be, or six (6) business days prior the commencement of such offer in the case of an underwritten public offering
of Common Stock or preferred shares on an “overnight” or equivalent expedited offering (an “Expedited Offering”).
Tilden Park shall have seven (7) business days (four (4) business days in the case of an Expedited Offering) from the date of
receipt of such a notice to notify the Company in writing that it intends to exercise such purchase rights and as to the amount of New
Securities Tilden Park desires to purchase. Such notice shall constitute a non-binding indication of interest to purchase the amount of
New Securities so specified at the price and other terms set forth in the Company’s notice to it. The failure of Tilden Park to
respond within such seven (7) business day period (or four (4) business day period in the case of an Expedited Offering) period
shall be deemed to be a waiver of the rights under this Article IV only with respect to the offering described in the applicable
notice.

 

SECTION 4.3      Purchase
Mechanism. If preemptive rights are exercised pursuant to this Article IV, the closing of the purchase of the New
Securities with respect to which such right has been exercised shall take place (i) in the case of any public offering, simultaneously
with the closing of such offering to other purchasers, or (ii) in the case of any private offering, upon the later to occur of the
closing of such offering and thirty (30) days after the giving of notice of such offering. Each of the Company and Tilden Park agrees
to use its commercially reasonable efforts to secure any regulatory or other consents or shareholder approval, and to comply with any
law or regulation necessary in connection with the offer, sale and purchase of, such New Securities.

 

    	 	4	 

     

    

 

SECTION 4.4      Failure
of Purchase. In the event preemptive rights provided in this Article IV are not exercised within the prescribed period
or, if so exercised, Tilden Park is unable to consummate such purchase within the time period specified in Section 4.3 above,
the Company shall thereafter be entitled during the period of ninety (90) days following the conclusion of the applicable period
to sell or enter into an agreement (pursuant to which the sale of the New Securities covered thereby shall be consummated, if at all,
within thirty (30) days from the date of said agreement) to sell the New Securities not elected to be purchased pursuant to this
Article IV or that Tilden Park is unable to purchase because of such failure to obtain any such consent or approval, at a
price and upon terms no more favorable to the purchasers of such securities than were specified in the Company’s notice to Tilden
Park. Notwithstanding the foregoing, if such sale is subject to the receipt of any regulatory or other consents, stockholder approval
or the expiration of any waiting period, the time period during which such sale may be consummated shall be extended until the expiration
of five (5) business days after all such approvals or consents have been obtained or waiting periods expired, but in no event shall
such time period exceed one hundred and eighty (180) days from the date of the applicable agreement with respect to such sale. In the
event the Company has not sold the New Securities or entered into an agreement to sell the New Securities within said ninety (90) day
period (or sold and issued New Securities in accordance with the foregoing within thirty (30) days from the date of said agreement
(as such period may be extended in the manner described above for a period not to exceed one hundred and eighty (180) days from the date
of said agreement)), the Company shall not thereafter offer, issue or sell such New Securities without first offering such securities
to Tilden Park in the manner provided above.

 

ARTICLE V

COVENANTS

 

SECTION 5.1      REIT
Qualification. Notwithstanding anything in the Charter to the contrary, the Company shall use best efforts to be taxed as a REIT
for U.S. federal income tax purposes, and to preserve the Company’s REIT status once qualified.

 

SECTION 5.2      Determinations
by the Board. In fulfilling the covenants included in the Charter or Bylaws of the Company that require determinations of the
Board, the Board shall act in good faith.

 

SECTION 5.3      Compliance
with Laws. The Company shall conduct its business in compliance with the Applicable Laws and hereby agrees to use its best efforts
to work only with businesses that are compliant with the Applicable Laws.

 

SECTION 5.4      Cannabis
Compliance. The Company shall:

 

(a)  take reasonable measures to
ensure that each Tenant keeps in force all licenses, permits, and authorizations that are required under the Applicable Laws;

 

(b)  create and maintain internal
policies, procedures, and controls that are sufficient to ensure both the Company’s and the Tenants’ compliance with the Applicable
Laws and with the items referenced in paragraph (e) of Section 6.3;

 

(c) conduct ongoing monitoring of
each Tenant's compliance with the Applicable Laws and with the items referenced in paragraph (e) of Section 6.3;

 

(d) obtain from each Tenant reasonable
representations, warranties, and covenants relating to the Tenant’s compliance with Applicable Laws and any representations, warranties,
and covenants that the Company believes necessary in order to satisfy its obligations to Tilden Park under paragraph (e) of Section 6.3;

 

(e)  promptly notify Tilden Park
of any violation(s) of the Applicable Laws or of the items referenced in paragraph (e) of Section 6.3 on the part
of the Company or on the part of any Tenant of which it becomes aware; and

 

(f)  promptly notify Tilden Park
upon becoming aware that the Company or any Tenant is under or is threatened with any governmental inquiry, investigation or enforcement
action for possible violation(s) of the Applicable Laws or of the items referenced in paragraph (e) of Section 6.3.

 

    	 	5	 

     

    

 

SECTION 5.5      Covenants
of Stockholders. All Stockholders party to this Agreement hereby agree that, in the event that the Board proposes to consummate
an IPO, each such Stockholder will take all action to approve of the IPO, if required, and execute any documents as reasonably may be
required to facilitate the completion of the IPO by the Company.

 

SECTION 5.6      Most-Favored
Nation. The Company hereby represents and warrants as of the date hereof and covenants and agrees from and after the date hereof
until the occurrence of a Trigger Event that none of the terms or rights offered to any other holder of Equity Securities are or will
be more favorable to such other holder than those of offered to Tilden Park pursuant to the Subscription Agreement or under this Agreement.
If, and whenever on or after the date hereof until the occurrence of a Trigger Event, the Company desires to enter into any arrangement
with any other holder of Equity Securities including any more favorable terms, then (i) the Company shall provide prior written notice
thereof to Tilden Park and (ii) upon execution by the Company and such other holder of the applicable arrangement, the terms and
conditions of this Agreement shall be, without any further action by Tilden Park or the Company, automatically amended and modified in
an economically and legally equivalent manner such that Tilden Park shall receive the benefit of the more favorable terms and/or conditions
(as the case may be) set forth in such other arrangement, provided that upon written notice to the Company at any time Tilden Park may
elect not to accept the benefit of any such amended or modified term or condition, in which event the term or condition contained in this
Agreement shall apply to Tilden Park as it was in effect immediately prior to such amendment or modification as if such amendment or modification
never occurred with respect to Tilden Park.

 

SECTION 5.7      Certain
Consent Rights. Prior to the occurrence of a Trigger Event and provided that Tilden Park continues to Beneficially Own at least
twenty percent (20%) of the Company’s outstanding Equity Securities, notwithstanding anything to the contrary herein, the Charter
or the Bylaws, the Company shall not, and shall cause its subsidiaries not to, without the prior written consent of Tilden Park, either
directly or indirectly by merger, consolidation or otherwise: (a) make any changes to the Charter or the Bylaws; (b) increase
or decrease the Company’s authorized capital or create any new shares of stock; (c) issue or sell any Equity Securities, other
than the issuance or sale of Equity Securities for purposes of (i) awards to employees, directors and advisors of the Company (only
to the extent as currently contemplated and specifically disclosed prior to the date hereof to Tilden Park, including with respect to
Tilden Park’s proportionate dilution), (ii) acquisition transactions (only to the extent as currently contemplated and specifically
disclosed prior to the date hereof to Tilden Park, including with respect to Tilden Park’s proportionate dilution), and (iii) the
IPO, provided, however, that, for purposes of clause (iii), Tilden Park’s prior written consent shall be required for the Company
to agree with the underwriters on the public offering price per share for the IPO; (d) redeem or repurchase any shares of stock;
(e) merge into or consolidate with any Person, or dissolve, terminate, liquidate in whole or in part, transfer or otherwise dispose
of all or substantially all of its assets or effect any other transaction resulting in a change of control; (f) revoke the Company’s
REIT status; (g) other than any dividends required to maintain the Company’s REIT status, make any dividends or other distributions
to the stockholders; (h) approve or amend any transaction by and between the Company or any of its subsidiaries, on the one hand,
and any of its stockholders or such stockholder’s affiliates or family members, on the other hand; or (i) commence or enter
into business other than in respect of the Company’s business as currently contemplated.

 

SECTION 5.8      Change
in Law. In the event of a significant change in federal law or policy with respect to cannabis, both Tilden Park and the Company
agree to review whether such change warrants any revision of this Agreement including, but not limited to, the compliance provisions of
this Agreement and, if they deem that revisions are warranted, to negotiate such revisions in good faith.

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

 

SECTION 6.1      Representations
and Warranties of Tilden Park. Tilden Park represents and warrants to the Company that (a) Tilden Park is duly authorized
to execute, deliver and perform this Agreement; (b) this Agreement has been duly executed by Tilden Park and is a valid and binding
agreement of Tilden Park, enforceable against Tilden Park in accordance with its terms; and (c) the execution, delivery and performance
by Tilden Park of this Agreement does not violate or conflict with or result in a breach of or constitute (or with notice or lapse of
time or both would constitute) a default under any agreement to which Tilden Park is a party or the organizational documents of Tilden
Park.

 

    	 	6	 

     

    

 

SECTION 6.2      Representations
and Warranties of the Company. The Company represents and warrants to Tilden Park that (a) it is duly authorized to execute,
deliver and perform this Agreement; (b) this Agreement has been duly authorized, executed and delivered by the Company and is a valid
and binding agreement of such party, enforceable against the Company in accordance with its terms; and (c) the execution, delivery
and performance by the Company of this Agreement does not violate or conflict with or result in a breach by the Company of or constitute
(or with notice or lapse of time or both would constitute) a default under any agreement to which the Company is a party or the organizational
documents of the Company.

 

SECTION 6.3      Cannabis
Representations and Warranties of the Company. The Company represents and warrants that:

 

(a) the Company and its Affiliates
have read, are familiar with, understand, and are in compliance with the Applicable Laws;

 

(b)  to the best of the Company’s
knowledge, neither the Company nor any of its Affiliates have been nor are currently under, nor have been threatened with nor are currently
under threat of, any investigation or inquiry by a government agency or regulatory or judicial body in connection with any of the Applicable
Laws;

 

(c)  to the best of the Company’s
knowledge, neither the Company nor any of its Affiliates have been nor are currently under, nor have been threatened with nor are currently
under threat of, an enforcement action by a government agency or regulatory or judicial body in connection with any of the Applicable
Laws;

 

(d)  the Company has received reasonable
representations and warranties from each Tenant that such Tenant is in compliance with the Applicable Laws;

 

(e)  the Company has conducted due
diligence on each Tenant sufficient to determine whether each Tenant is in compliance with the Applicable Laws and paragraphs (a) through
(c) of this Section 6.3, and whether each Tenant has in place adequate policies, procedures, and controls sufficient
to:

 

(i) prevent the distribution of cannabis
to minors;

 

(ii) prevent revenue from the sale
of cannabis from going to criminal enterprises, gangs, and cartels;

 

(iii) prevent the diversion of cannabis
from states where it is legal under state law in some form to other states where it is not;

 

(iv) prevent state-authorized cannabis
activity from being used as a cover or pretext for the trafficking of other illegal drugs or other illegal activity;

 

(v) prevent violence and the use of
firearms in the cultivating, growing, possessing, handling, processing, transporting, selling, dispensing, distributing, or administering
of cannabis;

 

(vi) prevent drugged driving and the
exacerbation of other adverse public health consequences associated with cannabis use;

 

(vii) prevent the growing of cannabis
on public lands and the attendant public safety and environmental dangers posed by cannabis production on public lands; and

 

(viii) prevent the possession or use
of cannabis on federal property.

 

(f)  based on the due diligence
conducted by the Company on each Tenant and to the best of the Company’s knowledge, each Tenant is in compliance with the Applicable
Laws and the items referenced in paragraph (e) of this Section 6.3; and

 

    	 	7	 

     

    

 

(g)  based on the due diligence
conducted by the Company and to the best of the Company’s knowledge, each Tenant has all licenses, permits, and authorizations that
are required under the Applicable Laws.

 

ARTICLE VII

TERMINATION

 

SECTION 7.1      Term.
This Agreement and all rights and obligations set forth herein shall automatically terminate upon Tilden Park ceasing to Beneficially
Own five percent (5%) of the Company’s outstanding Equity Securities.

 

SECTION 7.2      Survival.
If this Agreement is terminated pursuant to Section 7.1, this Agreement shall become void and of no further force and effect.

 

ARTICLE VIII

MISCELLANEOUS

 

SECTION 8.1      Notices.
All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written
instrument delivered in person or sent by electronic communication (with confirmation of receipt) or nationally recognized overnight courier,
addressed to such party at the address or facsimile number set forth below or such other address or facsimile number as may hereafter
be designated in writing by such party to the other parties:

 

(a) if to the Company to:

 

Freehold Properties, Inc.

232 3rd Avenue N.

Franklin, Tennessee 37064

Attention: Jeffery C. Walraven, Chief Operating Officer

Email: jeff@freeholdprop.com

 

with a copy to:

 

Morrison & Foerster LLP

2100 L Street, NW

Suite 900

Washington, DC 20037

Attention: Andrew P. Campbell

Email: andycampbell@mofo.com

 

(b) if to Tilden Park, to:

 

at the address set forth on the signature page hereto,
or the most current address on file with the Company.

 

SECTION 8.2      Interpretation.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. Whenever the words “included”, “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation.”

 

SECTION 8.3      Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person
or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be
substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable
provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not
be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability
of such provision, or the application thereof, in any other jurisdiction.

 

    	 	8	 

     

    

 

SECTION 8.4      Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall, taken together,
be considered one and the same agreement, it being understood that all parties need not sign the same counterpart.

 

SECTION 8.5      Entire
Agreement; No Third Party Beneficiaries. This Agreement (a) constitutes the entire agreement and supersedes all other prior
agreements (including the Original Agreement), both written and oral, among the parties with respect to the subject matter hereof and
(b) is not intended to confer upon any Person, other than the parties hereto, any rights or remedies hereunder.

 

SECTION 8.6      Further
Assurances. Each party shall execute, deliver, acknowledge and file such other documents and take such further actions as may
be reasonably requested from time to time by the other party hereto to give effect to and carry out the transactions contemplated herein.

 

SECTION 8.7      Governing
Law; Jurisdiction. This Agreement shall be governed, construed and enforced in accordance with the internal laws of the State
of New York (without giving effect to conflict of laws principles thereof, and any action or proceeding arising out of or related to this
Agreement shall be brought exclusively in the state or federal courts of the State of New York of the United States.

 

SECTION 8.8      Amendments;
Waivers.

 

(a)          No
provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed, in the case of an amendment,
by the parties hereto, or in the case of a waiver, by the party against whom the waiver is to be effective.

 

(b)          No
failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any single
or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 

SECTION 8.9      Assignment.
Neither this Agreement nor any of the rights or obligations hereunder shall be assigned by any of the parties hereto without the prior
written consent of the other parties. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of
and be enforceable by the parties and their respective successors and assigns.

 

[signature page follows]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the parties have caused this
Agreement to be duly executed and delivered, all as of the date first set forth above.

 

	 	FREEHOLD PROPERTIES, INC.
	 	 
	 	By:	/s/ Jeffery C. Walraven
	 	 	Jeffery C. Walraven
	 	 	Chief Operating Officer
	 	 
	 	TILDEN PARK INVESTMENT
	 	MASTER FUND LP
	 	 
	 	By: 	/s/ Samuel Alcoff
	 	Name: 	Samuel Alcoff
	 	Title: 	Authorized Signatory
	 	 
	 	Address:
	 	Tilden Park Investment Master Fund LP
	 	C/o Tilden Park Capital Management LP
	 	452 Fifth Avenue, 28th Floor
	 	New York, NY 10018

 

[Signature Page to Amended and Restated
Investor Rights Agreement]

 

     

     

    

 

Exhibit A

 

Tilden Park Entities Party to this Agreement

 

Tilden Park Investment Master Fund LP

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