Document:

Exhibit 10.5

 

CONTRIBUTION
AGREEMENT

 

This
CONTRIBUTION AGREEMENT (this “Agreement”) is made as of May 14, 2019 by and among Nationwide Postal Management
Holdings, Inc., a Delaware corporation (“Contributor”) and Postal Realty LP, a Delaware limited partnership
(the “Operating Partnership”).

 

RECITALS

 

WHEREAS,
Contributor is the record and beneficial owner of equity interests in the amount or percentage described on Exhibit A hereto
(the “Contributed Interests”) in each of the entities described in Exhibit A hereto (each, a “Contributed
Entity” and collectively, the “Contributed Entities”);

 

WHEREAS,
Contributor desires to contribute the Contributed Interests to the Operating Partnership, and the Operating Partnership desires
to acquire the Contributed Interests from Contributor, on the terms and subject to the conditions hereinafter set forth.

 

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

 

ARTICLE
I

 

THE
CONTRIBUTION

 

1.1Contribution
of Contributed Interests.Contributor irrevocably agrees to contribute, transfer and assign at the Closing (as defined
herein) the Contributed Interests, together with any other interests such Contributor may have in any of the Contributed
Entities, and the Operating Partnership agrees to accept transfer of the Contributed Interests and any such other interests
pursuant to the terms and subject to the conditions set forth in this Agreement. Contributor shall transfer the Contributed
Interests to the Operating Partnership free and clear of all liens, encumbrances, security interests, pledges, voting
agreements, prior assignments or conveyances, conditions, restrictions, claims, and any other matters affecting title
thereto.

 

1.2
Consideration.

 

(a) Consideration
Amount. The total consideration (the “Consideration”) for which Contributor agrees to contribute, transfer
and assign the Contributed Interests to the Operating Partnership, and for which the Operating Partnership agrees to pay, issue
or deliver to Contributor, subject to the terms of this Agreement, at Closing shall be the amount of cash and number of common
units of limited partnership interests of the Operating Partnership (“OP Units”) set forth on Exhibit A as
“Total Consideration.” The Consideration may be adjusted, upward or downward, by the amount of any adjustments arising
from the Prorations (as defined herein). Any decrease in the Consideration as a result of the Prorations will be deducted first
from the cash portion of the Consideration, if any, and the balance will be deducted from the OP Units. Any increase in the Consideration
as a result of the Prorations will adjust the Consideration payable hereunder in the form of OP Units based on the IPO Price.

 

     

     

    

 

 

(b) OP
Units. Any portion of the Consideration payable hereunder to be in the form of OP Units shall be registered in the name of
Contributor. OP Units will not be delivered to Contributor unless Section 2.2(j) hereof is true and correct as of the Closing
Date (as defined herein). No fractional OP Units will be issued and OP Units will be rounded to the nearest whole number. The
Consideration, whether in cash, in OP Units or a combination thereof, may be reduced by the amount the Operating Partnership reasonably
determines must be withheld for tax purposes. The rights and obligations of holders of OP Units as of the Closing will be as set
forth in the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Partnership
Agreement”), the form of which was filed as Exhibit 10.1 to the Postal Realty Trust, Inc.’s, a Maryland corporation
(the “REIT”) Registration Statement on Form S-11 (File No. 333- 230684), which the REIT filed with the U.S.
Securities and Exchange Commission (the “SEC”) on April 2, 2019. Although initially the OP Units will not be
certificated, certificates, if any, subsequently evidencing the OP Units will bear appropriate legends (i) indicating that the
OP Units have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), (ii)
indicating that the Partnership Agreement will restrict the transfer of the OP Units, and (iii) describing the ownership limitations
and transfer restrictions imposed by the charter of the REIT with respect to shares of the REIT’s capital stock.

 

1.3 No
Further Interest. Contributor acknowledges and agrees that effective upon the Closing, and without any further action by
Contributor, the Contributed Interests shall be transferred, assigned and conveyed to the Operating Partnership, or a
subsidiary thereof, and Contributor shall no longer be an equity holder of any of the Contributed Entities, shall no longer
be entitled to receive any distributions from any of the Contributed Entities, and shall have no further right, title or
interest in any of the Contributed Interests or the Contributed Entities, other than indirectly through the ownership of any
OP Units.

 

1.4 Tax
Consequences to Contributor. Notwithstanding anything to the contrary contained in this Agreement, including without
limitation the use of words and phrases such as “sell,” “sale,” “purchase,” and
“pay,” the parties hereto acknowledge and agree that the Contribution be treated as a nontaxable contribution by
the Contributor of the Contributed Interests or Contributed Entity to the Operating Partnership under Section 721(a) of the
Code, with no gain required to be recognized by the Contributor or any partner in the Contributor as a result thereof. The
Parties further intend that any liabilities of the Operating Partnership be allocated to its partners in a manner consistent
with the guarantees contemplated by the Tax Protection Agreement. Except as otherwise provided in the Tax Protection
Agreement, no Party shall take any position on any tax return that is inconsistent with the foregoing treatment except as
required by law.

 

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

 

“Contributor’s
Percentage Interest” means, with respect to each Contributed Entity, the percentage set forth on Exhibit A hereto
under the heading “Contributed Interest”, which reflects the Contributor’s percentage ownership interest in
each Contributed Entity pursuant to and in accordance with the applicable Governing Agreement (as defined herein) of the Contributed
Entity.

 

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“IPO”
means the underwritten initial public offering of shares of Class A common stock, par value $0.01 per share, of the REIT.

 

“IPO
Price” means the public offering price set forth on the front cover of the final prospectus for the IPO (the “Prospectus”),
to be filed by the REIT with the SEC.

 

“Post-Closing
Tax Period” means any taxable period that begins after the Closing Date and, in the case of a Straddle Period, the portion
of the Straddle Period beginning after the Closing Date.

 

“Pre-Closing
Tax Period” means any taxable period (or portion thereof) ending on or before the end of the Closing Date and, in the
case of a Straddle Period, the portion of the Straddle Period ending on the Closing Date.

 

“Representation,
Warranty and Indemnity Agreement” means the Representation, Warranty and Indemnity Agreement dated May 14, 2019 by and
among the REIT, the Operating Partnership and Andrew Spodek.

 

“Straddle
Period” means a taxable period beginning before and ending after the Closing Date.

 

ARTICLE
II

 

REPRESENTATIONS
AND WARRANTIES

 

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

 

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

 

(b) 
OP Units Validly Issued. The OP Units, when issued in accordance with the terms of this Agreement and the Partnership Agreement,
will be duly and validly authorized and issued, free of any preemptive or similar rights, and will be without any obligation to
restore capital, except as required by the Delaware Revised Uniform Limited Partnership Act (the “Limited Partnership
Act”).

 

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

 

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

 

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

 

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

 

(d) 
[Reserved]

 

(e) 
Contributed Interests. There are no rights to purchase, subscriptions, warrants, options, conversion rights or preemptive
rights relating to the Contributed Interests or any equity interest in any Contributed Entity that will be in effect as of the
Closing.

 

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

 

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

 

(h) 
Governing Agreements. Contributor has performed all of its obligations under the partnership agreement, limited liability
company agreement, operating agreement, charter and bylaws, as such may have been amended from time to time, as applicable, of
each Contributed Entity (each, a “Governing Agreement” and collectively, the “Governing Agreements”).

 

(i) 
Securities Law Matters.

 

(1) 
In deciding to engage in the transactions contemplated by this Agreement, including, if applicable, acquiring OP Units, neither
Contributor nor any equity holder thereof is relying upon any representations made to it by the Operating Partnership, or any of
its partners, officers, employees, or agents that are not contained herein. Contributor is aware of the risks involved in investing
in the OP Units and in the securities issuable upon redemption of the OP Units. Contributor is knowledgeable, sophisticated and
experienced in business and financial matters and fully understands the limitations on transfer imposed by the federal securities
laws and as described in this Agreement and related materials, including the Partnership Agreement. Contributor has received the
Partnership Agreement and related materials, including the registration statement filed by the REIT with the Securities and Exchange
Commission in connection with the IPO, has reviewed all documents and has had an opportunity to ask questions of, and to receive
answers from, the Operating Partnership and the REIT or a person or persons authorized to act on their behalf, concerning the terms
and conditions of an investment in the OP Units and the financial condition, affairs, and business of the Operating Partnership
and the REIT. Contributor confirms that all documents, records, and information pertaining to its investment in OP Units that have
been requested by Contributor have been made available or delivered to Contributor prior to the date hereof.

 

(2) 
Contributor and each equity holder thereof understands that the offer and sale of OP Units have not been registered under any state
or federal securities laws and are instead being offered and sold in reliance on an exemption from such registration requirements
and that the Operating Partnership’s reliance on such exemption is predicated in part on the accuracy and completeness of
the representations and warranties of Contributor contained herein. The OP Units issuable to Contributor are being acquired by
Contributor solely for its own account, for investment, and are not being acquired with a view to, or for resale in connection
with, any distribution, subdivision, or fractionalization thereof, in violation of such laws, and Contributor does not have any
present intention to enter into any contract, undertaking, agreement, or arrangement with respect to any such resale.

 

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(3) 
Contributor is able to bear the economic risk of holding the OP Units for an indefinite period and is able to afford the complete
loss of its investment in the OP Units.

 

(4) 
Contributor understands that no federal agency (including the SEC) or state agency has made or will make any finding or determination
as to the fairness of an investment in the OP Units (including as to the value of the Consideration payable in OP Units).

 

(5) 
Contributor understands that there is no established public, private or other market for the OP Units to be issued to Contributor
hereunder and it is not anticipated that there will be any public, private or other market for such OP Units in the foreseeable
future.

 

(6) 
Contributor understands that Rule 144 promulgated under the Securities Act is not currently available with respect to the sale
of OP Units.

 

(j) 
Accredited Investor. If Contributor has elected to receive OP Units as some or all of the Consideration as set forth on
Exhibit A, Contributor is an “accredited investor,” as that term is defined in Rule 501 of Regulation D under
the Securities Act, and has previously provided the Operating Partnership and the REIT with a duly executed questionnaire confirming
Contributor’s accredited investor status. No event or circumstance has occurred since delivery of such questionnaire to make
the statements therein false or misleading.

 

(k) 
Tax Matters. Contributor represents and warrants that it has obtained from its own tax advisors advice regarding the tax
consequences of (i) the transfer of the Contributed Interests to the Operating Partnership and the receipt of OP Units and/or cash
or deemed assumption of debt as the Consideration therefor, (ii) its admission as a limited partner of the Operating Partnership,
if applicable, (iii) any other transaction contemplated by this Agreement and (iv) ownership of OP Units, including the effect
of Section 704(c) of the Code. Neither the Operating Partnership nor the REIT has made any representation to Contributor regarding
the tax treatment of the transactions contemplated by this Agreement, and Contributor further represents and warrants that it has
not relied on the Operating Partnership or the Operating Partnership’s representatives or counsel for any tax advice.

 

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

 

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

 

ARTICLE III

 

INDEMNIFICATION

 

3.1 Survival
of Representations and Warranties; Remedy for Breach.

 

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

 

(b) 
Subject to the limitations set forth in Section 3.4 hereof, following the Closing, Contributor shall be liable under this Agreement
for monetary damages (or otherwise) for breach of any of its representations, warranties, covenants and obligations contained in
this Agreement or in any Schedule, Exhibit, certificate or affidavit delivered by Contributor pursuant thereto.

 

3.2 General
Indemnification.

 

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

 

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

 

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

 

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

 

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3.4 Limitations
on Indemnification Under Section 3.2(a).

 

(a) 
Contributor shall not be liable under Section 3.2(a) hereof unless and until the total amount recoverable by the Indemnified Parties
under Section 3.2(a) exceeds one percent (1%) of the value of the aggregate Consideration (valuing OP Units at the IPO Price) and
then only to the extent of such excess. Contributor’s total liability for indemnification shall not exceed the Consideration.

 

(b) 
Notwithstanding anything contained herein to the contrary, before taking recourse against any assets of Contributor and subject
to the limitations set forth in the following sentence, the Indemnified Parties shall look, first to available insurance proceeds
(including without limitation any title insurance proceeds, if applicable) in accordance with Section 3.2(c) above, and then to
indemnification under this Article III, (and agree to treat any return of OP Units in satisfaction of indemnification obligations
hereunder as an adjustment to the Consideration delivered to Contributor hereunder). Notwithstanding anything to the contrary in
this Agreement, except in the case of fraud or in the event of Losses relating to a third-party claim, Contributor shall not be
liable to the Indemnified Parties for any indirect, special or consequential damages, loss of profits, taxes relating to tax years
beginning on or after the Closing, loss of value or other similar speculative damages asserted or claimed by the Indemnified Parties.

 

3.5 Limitation
Period.

 

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

 

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

 

3.6 Delivery
of Indemnity Amounts. Indemnity payments may be made by Contributor in the form of cash or OP Units. To the extent indemnification
is made through delivery by Contributor of OP Units, such OP Units shall be valued at an amount per OP Unit equal to the IPO Price.
Contributor hereby authorizes the REIT, as general partner of the Operating Partnership, to take all such action as may be necessary
to amend the Partnership Agreement, and any exhibits or schedules thereto, to reflect the delivery of any OP Units by Contributor
to the Operating Partnership as an indemnification payment hereunder and to reflect that Contributor has no further right, title
or interest with respect to any such OP Units.

 

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ARTICLE IV

 

COVENANTS

 

4.1 Covenants
of Contributor.

 

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

 

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

 

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

 

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

 

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4.2 Tax
Matters.

 

(a) Tax
Returns.

 

		(A)	Pre-Closing
Tax Periods. Contributor shall prepare and timely file all Tax Returns (other than amended Tax Returns) of the Contributed
Entities for any Pre-Closing Tax Periods, and Contributor shall remit or cause to be remitted any Taxes due in respect of such
Pre-Closing Tax Periods. Such Tax Returns shall be prepared in a manner consistent with past practice, except as otherwise required
by law, and on such Tax Returns, no position shall be taken, election made or method adopted that is inconsistent with positions
taken, elections made or methods used in preparing and filing similar Tax Returns in prior periods (including positions, elections
or methods that would have the effect of deferring income to periods ending after the Closing Date or accelerating deductions
to periods ending on or before the Closing Date). For the avoidance of doubt, the Operating Partnership will have authority to
sign any Tax Returns relating to the Contributed Entities that are filed after the Closing Date.

 

		(B)	Straddle
Periods and Post-Closing Periods. The Operating Partnership shall prepare and timely file all Tax Returns of the Contributed
Entities for all taxable periods other than the Pre-Closing Tax Periods, and the Operating Partnership shall remit or cause to
be remitted any Taxes due in respect of such taxable periods. At least 45 days prior to the deadline for the filing of any Tax
Return for a Straddle Period (and before the Operating Partnership files such Tax Return), the Operating Partnership shall furnish
to Contributor a draft of such Tax Return and Contributor shall have the right to review, provide written comments on, and approve
the portion of such draft Tax Return that relates to Taxes allocable to the portion of the Straddle Period for which Contributor
is responsible.

 

(b) Tax
Matters. Contributor shall pay and indemnify, without duplication, the Operating Partnership for the following Taxes (and all
related Adverse Consequences, including all out-of-pocket expenses incurred in defending an audit or other claim relating to such
Taxes):

 

	 	(A)	all such Taxes resulting from a breach of any representation in Section 1.14 of the Representations, Warranty and Indemnity Agreement or a breach of any provision of this Section 4.2;

 

	 	(B)	with respect to such Taxes attributable to any Pre-Closing Tax Period: (i) all such Taxes of the Contributed Entities; (ii) all such Taxes of any other Person that the Contributed Entities are liable for as a result of transferee liability, successor liability, or a contractual obligation, in each case, that is attributable to, or arose as a result of actions or breaches, incurred in such Pre-Closing Tax Period; and (iii) all Taxes resulting from a Contributed Entity being a member of, or leaving, during a Pre-Closing Tax Period, an affiliated group of corporations that files a consolidated, combined or unitary Tax Return for federal, state, local or foreign Tax purposes; and

 

    11

     

    

 

		(C)	with respect to such Taxes attributable to any Straddle
Period: (i) the Taxes of a Contributed Entity attributable to the portion of such Straddle Period that ends on the Closing Date,
as determined under Section 4.2(c); and (ii) the Taxes of any other person that a Contributed Entity is liable for as a
result of transferee liability, successor liability, or a contractual obligation, in each case, that is attributable to, or arose
as a result of actions or breaches, incurred on or before the Closing Date, as determined under Section 4.2(c).

 

For the avoidance of doubt, the indemnification
obligations of the Contributor under this Section 4.2 shall not be subject to the amount limitations set forth in Article
III.

 

(c) Allocation
of Taxes. For purposes of determining the amount of Taxes that relate to Pre-Closing Tax Periods and Straddle Periods for
purposes of any obligation to indemnify for Taxes under Section 4.2(b) the parties agree to use the following
conventions:

 

		(A)	Taxes in the form of interest, penalties, additions
to tax or other additional amounts that are actually incurred, accrued, assessed or similarly charged on or after the Closing
Date but that relate to Taxes that accrued on or before the Closing Date shall be treated as occurring prior to the Closing Date;

 

		(B)	Except for Taxes for which the Operating Partnership
is responsible hereunder and for real estate taxes (apportioned pursuant to Section 1.5), for all Taxes that are payable
with respect to any Straddle Period, the portion of such Tax that is attributable to the portion of the Straddle Period ending
on the Closing Date shall be allocated between the portion of the period ending on the Closing Date and the portion of the period
beginning after the Closing Date using the following conventions:

 

(1) 
in the case of such Taxes resulting from, or imposed on, net or gross income, Taxes resulting from, or imposed on, any sale, receipt,
use, transfer or assignments of property or other asset, or Taxes resulting from, or imposed on, any payment or accrual of any
amounts (including, without limitation, dividends, interest, or wages), the amount allocated to the portion of the period ending
on the Closing Date shall be the amount of Tax that would be payable for such portion of the Straddle Period if such person filed
a separate Tax Return with respect to such Taxes or Taxes solely for the portion of the Straddle Period ending on the Closing Date
using a “closing of the books” methodology for allocating items of such Tax Return; and

 

(2) 
in the case of all other such Taxes, the amount allocated to the portion of the period ending on the Closing Date shall equal to
the amount of Taxes for the entire Straddle Period multiplied by a fraction the numerator of which is the number of calendar days
in the portion of the period ending on the Closing Date and the denominator of which is the number of calendar days in the entire
Straddle Period.

 

    12

     

    

 

For purposes of clause (i),
any item determined on an annual or periodic basis (including amortization and depreciation deductions and the effects of graduated
rates) shall be allocated to the portion of the Straddle Period ending on the Closing Date based on the relative number of days
in such portion of the Straddle Period as compared to the number of days in the entire Straddle Period.

 

(d) 
Survival. The obligations of Contributor to pay or indemnify for a Tax under this Section 4.2 shall expire upon the
expiration of the applicable statute of limitations (after taking into account any waiver, extension, tolling, or mitigation thereof)
of the underlying Tax; provided, however, to the extent that Contributor’s obligation to pay a Tax arises under a contract
or other agreement or arrangement, Contributor’s obligations under this Section 4.2 shall not expire until sixty (60)
days after the expiration of such Contributor’s obligation to pay such Tax under the contract or other agreement or arrangement.
All other obligations of Contributor under this Section 4.2 shall survive until fully performed.

 

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

 

    13

     

    

 

(f) 
For purposes of allocating items of income, gain, loss and deduction with respect to the Contributed Interests in the manner required
by Section 704(c) of the Code, the Operating Partnership shall employ, and shall cause any entity controlled by the Operating Partnership
which holds title to the Contributed Interests to employ, the “traditional method” (without curative allocations) as
set forth in Treasury Regulations section 1.704-3(b)(1).

 

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

 

ARTICLE V

 

CONDITIONS PRECEDENT TO THE
CLOSING

 

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

 

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

 

(b) 
Formation Transactions. The formation transactions described in the Prospectus shall have occurred or be scheduled to occur
contemporaneously with the Closing hereunder.

 

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

 

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

 

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

 

    14

     

    

 

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

 

(g) 
Reliance on Regulation D. If Contributor has elected to receive OP Units, the Operating Partnership shall, based on the
advice of its counsel and the representations made by Contributor in Contributor’s Investor Questionnaire, be reasonably
satisfied that the issuance of OP Units to Contributor may be made without registration under the Securities Act in reliance on
Regulation D under the Securities Act.

 

(h) 
Representation, Warranty and Indemnity Agreement. Each of the parties thereto shall have entered into the Representation,
Warranty and Indemnity Agreement.

 

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

 

(j) 
Tenant and Lender Estoppels. The Operating Partnership shall have received tenant and lender estoppels in form and substance
satisfactory to the Operating Partnership and its counsel.

 

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

 

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

 

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

 

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

 

    15

     

    

 

ARTICLE VI

 

CLOSING AND CLOSING DOCUMENTS

 

6.1 Closing.
The consummation and closing of the transactions contemplated pursuant to this Agreement (the “Closing”)
shall take place at the offices of Hunton Andrews Kurth LLP in New York, New York, or such other place as the Operating Partnership
may designate, promptly following satisfaction of the conditions to the Closing set forth herein (the “Closing Date”),
or as otherwise set by agreement of the parties.

 

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

 

(a) 
Assignment of Contributed Interests. An Assignment, in substantially the form of Exhibit B attached hereto.

 

(b) 
Execution of Partnership Agreement. If Contributor has elected to receive OP Units, signature pages of the Partnership Agreement
duly executed by Contributor, as limited partner.

 

(c) 
FIRPTA Certificate. An affidavit from Contributor certifying pursuant to Section 1445 and Section 1446(f) of the Code that
Contributor is not a foreign corporation, foreign partnership, foreign trust, foreign estate or foreign person (as those terms
are defined in the Code and the Treasury Regulations promulgated thereunder).

 

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

 

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

 

    16

     

    

 

ARTICLE VII

 

MISCELLANEOUS

 

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

 

Operating Partnership:

 

Postal Realty LP

75 Columbia Avenue

Cedarhurst, NY 11516

Attention: Andrew
Spodek

 

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

 

Hunton Andrews Kurth LLP

Riverfront Plaza, East Tower

951 E. Byrd Street 

Richmond, Virginia 23219

Attention: James V. Davidson

Fax No.: 804-787-8035

 

Contributor:

 

NPM Holdings, Inc.

75 Columbia Avenue C

edarhurst, NY 11516

Attention: Andrew Spodek

 

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

 

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

 

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

 

    17

     

    

 

7.4 Governing
Law.

 

(a) This Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law
rules thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be, except to the extent otherwise required by applicable law, commenced exclusively
in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any provision of this Agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper
or is an inconvenient venue for such proceeding.

 

(b) 
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any other manner permitted by law.

 

(c) 
If one or more parties shall commence an action, suit or proceeding to enforce any provision of this Agreement, the prevailing
party or parties in such action, suit or proceeding shall be reimbursed by the other party or parties to such action, suit or proceeding
for the reasonable attorneys’ fees and other costs and expenses incurred by the prevailing party or parties with the investigation,
preparation and prosecution of such action, suit or proceeding.

 

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

 

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

 

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

 

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

 

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

 

[Signature Page Follows.]

 

    18

     

    

 

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

 

	 	CONTRIBUTOR:
	 	 	 
	 	NATIONWIDE POSTAL MANAGEMENT
	 	HOLDINGS, INC., a Delware coporation

 

	 	By:	/s/ Andrew Spodek
	 	 	Name: Andrew Spodek
	 	 	Title:  Member 

 

	 	OPERATING PARTNERSHIP:
	 	 	 
	 	POSTAL REALTY LP, a Delaware limited partnership
	 	 	 
	 	By:	Postal Realty Trust Inc.
	 	 	its general partner

 

	 	By:	/s/ Andrew Spodek
	 	 	Name: Andrew Spodek
	 	 	Title:  Chief Executive Officer

 

    

     

    

 

Exhibit A

 

Contributed Entities, Contributed Interests

 

	Contributed Entity	 	Contributed Interest (%)
	NPM Merger Sub, LLC	 	100%

  

Total Consideration

 

	 	Total

Consideration

	 
	 	250,000 OP

Units	 

 

 

 

 

Exhibit B

 

    

     

    

 

Exhibit B

 

Assignment

 

The undersigned (“Assignor”),
for good and valuable consideration paid to the Assignor by Postal Realty LP, a Delaware limited partnership (“Assignee”),
pursuant to the Contribution Agreement dated as of                        ,
2019, by and among Assignor, Assignee and Postal Realty Trust, Inc. (the “Agreement”), and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, does hereby sell, assign, transfer, convey
and deliver to the Assignee, its successors and assigns, good and indefeasible right, title and interest to the [partnership
or limited liability company interests/shares of common stock] described on Schedule A attached hereto, including,
without limitation, all right, title and interest, if any, of the undersigned in and to the assets of each such [partnership/limited
liability company/corporation] and the right to receive distributions of money, profits and other assets from each such entity,
presently existing or hereafter at any time arising or accruing, free and clear of all liens, encumbrances, security interests,
pledges, voting agreements, prior assignments or conveyances, conditions, restrictions, claims, and any other matters affecting
title thereto.

 

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

 

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

 

IN WITNESS WHEREOF,
the parties hereto have caused this Assignment to be signed by a duly authorized officer this ___ day of _____, 2019.

 

	 	                        , a
	 	                                                         
	 	 	 
	 	By:	                             
	 	 	Name:
	 	 	Title:

 

 

Exhibit C

    

     

    

  

Schedule A

 

	 	 	 
		 	Contributed Interest
	Contributed Entity	 	(%)Exhibit 10.6

 

CONTRIBUTION AGREEMENT

 

This Contribution Agreement
(“Agreement”), effective as of May 14, 2019 (the “Effective Date”), is made and entered into
by and between Postal Realty LP, a Delaware limited partnership (the “Contributor”), and Postal Realty Management
TRS, LLC a Delaware limited liability company (“Transferee”).

 

RECITALS

 

WHEREAS, the Contributor is
the legal and beneficial owner of the assets listed on Schedule A attached hereto (the “Contributed Property”);
and

 

WHEREAS, the Contributor now
desires to contribute, assign and transfer the Contributed Property to Transferee; and

 

WHEREAS, Transferee desires
to acquire and assume the Contributed Property from the Contributor, on the terms and conditions hereinafter set forth.

 

AGREEMENT

 

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

 

1. 
Sale, Contribution and Assignment of Contributed Property. The Contributor hereby contributes, assigns and transfers
the Contributed Property to Transferee, and Transferee hereby accepts transfer of and assumes the Contributed Property from the
Contributor, pursuant to the terms and conditions set forth in this Agreement. For the avoidance of doubt, beneficial ownership
of the Contributed Property shall be contributed, assigned and transferred (the “Contribution”) on the Effective
Date.

 

2. 
Representations. Each party hereto hereby represents and warrants that, with respect to itself, each and every one
of the following statements is true, correct and complete in every material respect as of the date of this Agreement:

 

(a) 
Such party is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation or incorporation,
and has full right, power and authority to enter into this Agreement and to assume and perform all of its obligations under this
Agreement. The execution and delivery of this Agreement and the performance by such party of its obligations under this Agreement
require no further action or approval of its members, of its board of managers, its board of directors or of any other individuals,
entities or governing bodies in order to constitute this Agreement as a binding and enforceable obligation of such party.

 

(b)  Neither
the entry into nor the performance of, or compliance with, this Agreement by such party has resulted, or will result, in any
violation of, or default under, or has resulted, or will result, in the acceleration of, any obligation under any
existing articles of incorporation, bylaws, operating agreements, organizational documents, mortgages, indentures, lien
agreements, notes, contracts, permits, judgments, decrees, orders, restrictive covenants, statutes, rules or regulations
applicable to such party. With regard to the representations and warranties of Contributor only, Contributor has clear title
to the Contributed Property.

 

     

     

    

 

(c) 
No authorization, consent, approval, permit or license of, or filing with, any governmental or public body or authority,
or any other person or entity is required to authorize, or is required in connection with, the execution, delivery and performance
of this Agreement or the agreements contemplated hereby on the part of such party.

 

3. 
Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto and may not be modified
or amended except by instrument in writing signed by the parties hereto.

 

4. 
Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware.

 

5. 
Severability. If any term, covenant or condition of this Agreement shall to any extent be deemed invalid or unenforceable,
then the remainder of this Agreement, and the application of such term, covenant or condition, shall not be affected thereby, and
shall be valid and enforceable to the fullest extent permitted by law.

 

6. 
Further Acts and Assurances. The Contributor and Transferee each covenant that they will take all necessary action
to confirm the transactions contemplated hereby, including securing any necessary records of transfer and executing and delivering
(or cause to be executed and delivered) all such agreements, instruments, certificates and other documents, and shall take (or
cause to be taken) and do (or cause to be done) all things necessary, proper or advisable to consummate and make effective this
Agreement.

 

7. 
Tax Treatment. The parties to this Agreement intend that, for United States federal income tax purposes, the contribution
and assignment of the Contributed Property shall be treated as a contribution under Internal Revenue Code section 351.

 

 

[Signatures on following
page]

 

     

     

    

 

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

  

	 	POSTAL REALTY LP,
	 	 	 	 	 
	 	By:	Postal Realty Trust, Inc.
	 	 	its general partner
	 	 	 	 	 
	 	 	By:	/s/ Andrew Spodek
	 	 	 	Name:	Andrew Spodek
	 	 	 	Title:	Chief Executive Officer

 

	 	POSTAL REALTY MANAGEMENT TRS LLC
	 	 	 	 	                  
	 	By:	/s/ Andrew Spodek
	 	Name:	Andrew Spodek
	 	Title:	Memeber

 

 

[Signature page to Postal Realty LP Contribution
Agreement}

 

     

     

    

 

Schedule A

 

		1.	All management contracts contributed to the Contributor
by Nationwide Postal Management Holdings, Inc. that relate to real property that is not owned, directly or indirectly, by the
Contributor

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