Document:

Document

Exhibit 10.1

March 24, 2020

RREEF Property Trust, Inc. 875 Third Avenue, 26th Floor New York, NY 10022

RREEF Property Operating Partnership, LP 875 Third Avenue, 26th Floor
New York, NY 10022

RREEF America L.L.C.
875 Third Avenue, 26th Floor New York, NY 10022

Re: Second Letter Regarding Reimbursement of Expenses

Ladies and Gentlemen:

This letter agreement (the “Second Letter Agreement”) sets forth the understanding and agreement of (I) RREEF Property Trust, Inc., a Maryland corporation (the “Company”), RREEF Property Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”) and RREEF America L.L.C., a Delaware limited liability company (the “Advisor,” each of the Company, the Operating Partnership and the Advisor, a “Party” and collectively, the “Parties”), with respect to certain organizational and offering expense reimbursements payable pursuant to the Amended and Restated Advisory Agreement dated as of January 20, 2016 (as may be amended from time to time, the “Advisory Agreement”) and (II) the Company and the Advisor with respect to certain expense support reimbursements payable as described in the Third Amended and Restated Expense Support Agreement dated as of December 16, 2014 and the First Amendment to the Third Amended and Restated Expense Support Agreement dated as of January 20, 2016 (as may be amended from time to time, the “ESA”). This Second Letter Agreement supersedes in its entirety that certain side letter dated April 20, 2016 entered into by and among the Company, the Operating Partnership and the Advisor (the “First Letter Agreement”) and as a result the First Letter Agreement is terminated and of no force or effect. Capitalized terms used and not defined herein shall have the meanings set forth in the Advisory Agreement and the ESA.

Pursuant to the Advisory Agreement and the ESA, the Advisor agreed to render services to the Company and the Operating Partnership with respect to the continuous public offering (the “Public Offering”) of shares of the Company’s common stock, including the Class A Shares, Class I Shares and Class T Shares, and the continuous private offering of the Company’s Class D Shares (the “Private Offering”). The Advisor also agreed to pay certain Organizational and Offering Expenses on behalf of the Company and the Operating Partnership, as described in the Advisory Agreement, and to pay certain Organizational and Offering Expenses and Total Operating Expenses, as described in the ESA, subject to reimbursement by the Company pursuant to the terms in the Advisory Agreement and the ESA, respectively.

In furtherance of the objectives contemplated by the Advisory Agreement and the ESA, the Parties hereby agree as follows:

1.Waiver of Certain Organizational and Offering Expenses and Contribution. The Advisor hereby permanently waives the reimbursement of $3,567,214 of Organizational and Offering Expenses owed to it by the Company and the Operating Partnership under the ESA and hereby contributes such amount to the paid-in capital of the Company. It is the intention of the Parties that such contribution to the Company’s paid-in capital will be treated as additional cost basis in the Class I shares of common stock of the Company owned by the Advisor. For the avoidance of doubt, the Advisor will not receive additional shares of the Company’s common stock in connection with this contribution.

2.Reimbursement Payments to the Advisor Pursuant to the ESA. The description of Reimbursement Payments provided in Section 3(b)-(d) of the ESA is superseded by this Section 2.

(a) Reimbursement Payments pursuant to Section 3 of the ESA are hereby suspended and will not recommence unless and until the first calendar month immediately following the month in which the Company reaches $500 million in any combination of proceeds from the Public Offering and the Private Offering (the “Commencement Date”). The amount currently owed to the Advisor pursuant to the ESA is $5,382,786.

(b) Beginning in the first calendar month immediately following the month in which the Commencement Date occurs and within the first 15 calendar days of such first calendar month and within the first 15 days of each of the 11 subsequent calendar months, the Company will pay the Advisor a Reimbursement Payment equal to $250,595.25 (the “First Year Reimbursement Payments”).

(c) Beginning in the first calendar month immediately following the month in which the First Year Reimbursement Payments are complete and within the first 15 calendar days of such first calendar month and within the first 15 days of each of the 11 subsequent calendar months, the Company will pay the Advisor a Reimbursement Payment equal to $197,970.25 (the “Second Year Reimbursement Payments,” together with the First Year Reimbursement Payments the “Monthly Reimbursement Payments”).

(d) To the extent any unreimbursed Expense Payments exceeded the amount permissible under the 2%/25% Guidelines in the periods that such Expense Payments were incurred by the Company, the Company’s independent directors previously approved the reimbursement of such amount with respect to such periods. As a result, the Parties agree that for the purposes of compliance with the 2%/25% Guidelines, any Monthly Reimbursement Payment will not be aggregated with the Company’s cumulative Total Operating Expenses for the period in which such Monthly Reimbursement Payment is paid.

(e) In the event that RREEF America L.L.C. is the Company’s advisor at the time the Company or the Operating Partnership undertakes a Liquidation, the obligation of the Company to make the remaining Monthly Reimbursement Payments pursuant to this Second Letter Agreement and any Reimbursement Payments pursuant to the ESA shall terminate. A Liquidation shall be deemed to be undertaken upon the receipt of the affirmative vote of the Stockholders to dissolve or liquidate the Company in accordance with the requirements of the MGCL.

3.Miscellaneous.

(a) Notwithstanding the place where this Second Letter Agreement may be executed by any of the Parties hereto, this Second Letter Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to the principles of choice of the law thereof.

(b) This Second Letter Agreement may not be amended or modified except by an instrument in writing signed by each Party.

(c) This Second Letter Agreement, together with the Advisory Agreement and the ESA, contains the entire agreement of the Parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

(d) If any provision of this Second Letter Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Second Letter Agreement shall not be affected thereby and, to this extent, the provisions of this Second Letter Agreement shall be deemed to be severable.

(e) This Second Letter Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Second Letter Agreement shall become binding when the counterparts hereof, taken together, bear the signatures of all of the parties reflected hereon as the signatories.

[Signatures on Next Page]

Agreed to and accepted as of the date first written above.

						
	RREEF Property Trust, Inc.
	
	By:
	/s/ Anne-Marie Vandenberg

	Name:
	Anne-Marie Vandenberg

	Title:
	President

						
	RREEF Property Operating Partnership, LP
	
	By:
	/s/ Eric Russell

	Name:
	Eric Russell

	Title:
	Chief Financial Officer

						
	RREEF America L.L.C.
	
	By:
	/s/ W. Todd Henderson

	Name:
	W. Todd Henderson

	Title:
	Managing Director

		
	By:
	/s/ Vikram Mehra

	Name:
	Vikram Mehra

	Title:
	Director

Signature Page to Second Letter Agreement to the Advisory Agreement and the ESAExhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES REGISTERED PURSUANT TO

SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of December 31, 2019, Diamond S Shipping
Inc. (the “Company’) only had common stock registered under Section 12 of the Securities Exchange Act of 1934, as amended.

 

The following description
sets forth certain material terms and provisions of the Company’s common stock. The following summary does not purport to
be complete and is subject to, and is qualified in its entirety by reference to, the applicable provisions of the Company’s
Amended and Restated Articles of Incorporation (the “Articles of Incorporation”) and Amended and Restated Bylaws (the
 “Bylaws”), each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this
Exhibit is a part. We encourage you to refer to our Articles of Incorporation and Bylaws for additional information.

 

DESCRIPTION OF COMMON STOCK

 

Subject to the rights
of the holders of any series of preferred shares, the holders of the Company’s shares of common stock, par value $0.001 per
share (the “Common Shares”) are entitled to one vote on each matter submitted to a vote at a meeting of shareholders
for each Common Share held of record by such holder as of the record date for such meeting. The Company’s Articles of Incorporation
prohibit cumulative voting. Subject to preferences that may be applicable to any outstanding preferred shares, holders of Common
Shares are entitled to receive ratably all dividends, if any, declared by the Company’s board of directors out of funds legally
available for dividends. Upon the Company’s dissolution or liquidation or the sale of all or substantially all of the Company’s
assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred shares having liquidation
preferences, if any, the holders of Common Shares are entitled to receive pro rata the Company’s remaining assets available
for distribution. Except as otherwise provided in a preferred share designation made by the Company’s board of directors,
no holder of shares of the Company of any class, now or hereafter authorized, will have any preferential or preemptive rights to
subscribe for, purchase or receive any shares of the Company of any class, now or hereafter authorized or any options or warrants
for such shares, or any rights to subscribe to or purchase such shares, or any securities convertible into or exchangeable for
such shares, which may at any time be issued, sold or offered for sale by the Company.

 

Under the Company’s
Articles of Incorporation, its authorized capital stock consists of 100,000,000 common shares, par value $0.001 per share, of which
39,890,699 shares were issued and outstanding as of December 31, 2019, and 10,000,000 preferred shares, par value $0.001 per share,
of which no shares were issued or outstanding as of December 31, 2019.

 

Anti-Takeover Effect of Certain Provisions of the Company’s
Articles of Incorporation and Bylaws 

 

Several provisions
of the Company’s Articles of Incorporation and Bylaws, which are summarized herein, may have anti-takeover effects. These
provisions are intended to avoid costly takeover battles, lessen the Company’s vulnerability to a hostile change of control
and enhance the ability of the Company’s board of directors to maximize shareholder value in connection with any unsolicited
offer to acquire us. However, these anti-takeover provisions could also discourage, delay or prevent (1) the merger or acquisition
of us by means of a tender offer, a proxy contest or otherwise that a shareholder may consider in its best interests and (2) the
removal of incumbent officers and directors.

 

     

     

    

 

Blank Check Preferred
Shares 

 

Under the terms of
the Company’s Articles of Incorporation, the Company’s board of directors
has authority, without any further vote or action by the Company’s shareholders, to issue up to 10,000,000 blank check preferred
shares. The Company’s board of directors may issue preferred shares on terms calculated to discourage, delay or prevent a
change of control of the Company or the removal of the Company’s management.

 

Election and Removal
of Directors 

 

The Company’s
Articles of Incorporation prohibit cumulative voting in the election of directors. The Company’s Bylaws require parties other
than the board of directors to give advance written notice of nominations for the election of directors. The Company’s Articles
of Incorporation also provide that the Company’s directors may be removed by the shareholders only for cause or pursuant
to a plan of merger, consolidation or reorganization approved by the shareholders. These provisions may discourage, delay or prevent
the removal of incumbent officers and directors.

 

Limited Actions
by Shareholders 

 

As described above,
the Company’s Articles of Incorporation and Bylaws provide that any action required or permitted to be taken by the Company’s
shareholders must be effected at an annual or special meeting of shareholders. The Company’s Articles of Incorporation and
Bylaws provide that, unless otherwise prescribed by law, special meetings of the Company’s shareholders may only be called
by the chairman of board of directors, the chief executive officer or the secretary at the written request of a majority of the
number of directors that the Company would have if there were no vacancies on the board of directors. The business transacted at
the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may be prevented from calling a
special meeting for shareholder consideration of a proposal over the opposition of the Company’s board of directors and shareholder
consideration of a proposal may be delayed until the next annual meeting.

 

Advance Notice Requirements
for Shareholder Proposals and Director Nominations 

 

The Company’s
Bylaws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual
meeting of shareholders must provide timely notice of their proposal in writing to the corporate secretary. Generally, to be timely,
a shareholder’s notice must be delivered to or mailed and received by the Company’s Secretary at the Company’s
principal executive offices not less than 90 days nor more than 120 calendar days prior to the one-year anniversary of the date
on which the Company held the preceding year’s annual meeting of shareholders. The Company’s Bylaws also specify requirements
as to the form and content of a shareholder’s notice. These provisions may impede shareholders’ ability to bring matters
before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.

 

Limitations on Ownership

 

Under our Articles
of Incorporation and Marshall Islands law generally, there are no limitations on the right of non-residents of the Marshall Islands
or owners who are not citizens of the Marshall Islands to hold or vote our Common Shares.

 

     

     

    

 

Marshall Islands Tax Considerations

 

Under current Marshall
Islands law, there are no capital gains, income, estate or withholding taxes imposed by the Marshall Islands on shareholders of
our Common Shares with respect to (i) gains from the sale of our Common Shares or (ii) dividends in respect of our Common Shares.
Currently there is no income tax treaty between the Marshall Islands and the United States.

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